Neuberger Berman Sustainable Equity Fund NCSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on October 29, 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Management LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

(Address of Principal Executive Offices – Zip Code)

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

Robert Conti

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Management LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: August 31

Date of reporting period: August 31, 2015

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

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

Neuberger Berman
Equity Funds

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

All Cap Core Fund

Emerging Markets Equity Fund

Equity Income Fund

Focus Fund

Genesis Fund

Global Equity Fund

Global Real Estate Fund

Greater China Equity Fund

Guardian Fund

International Equity Fund

International Select Fund

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

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

World Equity Fund

Annual Report

August 31, 2015

Contents

THE FUNDS

President's Letter					1
PORTFOLIO COMMENTARY
All Cap Core Fund					2
Emerging Markets Equity Fund					5
Equity Income Fund					8
Focus Fund					11
Genesis Fund					14
Global Equity Fund					17
Global Real Estate Fund					20
Greater China Equity Fund					23
Guardian Fund					27
International Equity Fund					30
International Select Fund					33
Intrinsic Value Fund					36
Large Cap Disciplined Growth Fund					39
Large Cap Value Fund					42
Mid Cap Growth Fund					46
Mid Cap Intrinsic Value Fund					49
Multi-Cap Opportunities Fund					52
Real Estate Fund					55
Small Cap Growth Fund					58
Socially Responsive Fund					61
Value Fund					64
World Equity Fund					67
FUND EXPENSE INFORMATION					76
SCHEDULE OF INVESTMENTS/TOP TEN EQUITY HOLDINGS
All Cap Core Fund					80
Emerging Markets Equity Fund					81
Positions by Industry					83
Equity Income Fund					84

Focus Fund					86
Genesis Fund					87
Global Equity Fund					90
Positions by Industry					92
Global Real Estate Fund					93
Positions by Sector					95
Greater China Equity Fund					96
Guardian Fund					98
International Equity Fund					99
Positions by Industry					101
International Select Fund					102
Positions by Industry					104
Intrinsic Value Fund					105
Large Cap Disciplined Growth Fund					107
Large Cap Value Fund					109
Mid Cap Growth Fund					110
Mid Cap Intrinsic Value Fund					112
Multi-Cap Opportunities Fund					114
Real Estate Fund					115
Small Cap Growth Fund					116
Socially Responsive Fund					118
Value Fund					120
World Equity Fund					121
Positions by Industry					123
FINANCIAL STATEMENTS					135
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA
All Cap Core Fund					203
Emerging Markets Equity Fund					203
Equity Income Fund					205
Focus Fund					207
Genesis Fund					209
Global Equity Fund					211
Global Real Estate Fund					213
Greater China Equity Fund					213

Guardian Fund					215
International Equity Fund					217
International Select Fund					219
Intrinsic Value Fund					221
Large Cap Disciplined Growth Fund					223
Large Cap Value Fund					225
Mid Cap Growth Fund					227
Mid Cap Intrinsic Value Fund					231
Multi-Cap Opportunities Fund					233
Real Estate Fund					235
Small Cap Growth Fund					237
Socially Responsive Fund					239
Value Fund					243
World Equity Fund					243
Reports of Independent Registered Public Accounting Firms					250
Directory					253
Trustees and Officers					254
Proxy Voting Policies and Procedures					262
Quarterly Portfolio Schedule					262
Board Consideration of the Management and Sub-Advisory Agreements					263
Notice to Shareholders					265

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,

This report covers a period of contrasts between headlines and realities, at what in our view is likely the start of a return to more historically normal equity market conditions, both in terms of returns and investor behavior.

The S&P 500® Index closed the 12 months ended August 31, 2015 up 0.48%. For most of the period, the market was range-bound with a volatile but positive trend; in August, sentiment shifted sharply and the market gave back most of its gains.

Although the S&P 500 has enjoyed multiple years of above-average returns since 2008's financial crisis, given the combination of a global debt overhang and memories of the crisis, investor sentiment has been unusually susceptible to headline news. This reporting period was no exception. From the Ebola crisis, to the possibility of a "Grexit" from the eurozone, to falling oil and commodities prices and a strengthening U.S. dollar, to the consensus around U.S. Federal Reserve action this year, to August's slower growth, market correction, and currency revaluation in China, investors had no shortage of macro distractions.

What did not make dramatic headlines was continuing healthy corporate and economic news, particularly in the U.S., but also in Europe and Japan. Corporate earnings, profits and cash flows were generally strong this period, outside of the headwinds facing energy- and materials-related companies as well as U.S.-based multinationals from commodity pricing and the strong dollar.

Looking at the U.S. economy, both residential and non-residential construction data have been healthy (the latter being especially significant given the contraction in energy-infrastructure spending amid plunging oil prices), labor markets have continued to tighten, and auto sales have set post-crisis records. Consumer confidence is elevated, and consumer spending has been steady—with real purchasing power likely in our view to improve as wages rise and American households benefit from lower gas prices. Several weeks ago, the U.S. Bureau of Economic Analysis updated its second quarter 2015 GDP growth estimate to 3.7%, from the first quarter's increase of 0.6%. Across Europe and in Japan, GDP growth is now solidly positive, although estimates for 2015 remain behind that of the U.S.

Looking ahead, while macro events still have the potential to shock the system—including China (though the official growth rate of the world's second largest economy remains around 7%), and Federal Reserve policy (which seems likely to remain supportive of economic growth even after its eventual rise)—we believe much of this risk may play out in index-type investments, where crowds move in unison. After a period in which unprecedented global policy stimulus created a macro-driven market, we now see evidence of what we believe is a shift back to a focus on fundamentals. We believe talented stock pickers have the advantage in a more typical market, where those able to identify unique opportunities via deep research and solid, tested disciplines, are positioned to outperform.

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

Sincerely,

Robert Conti
President and CEO
Neuberger Berman Mutual Funds

All Cap Core Fund Commentary (Unaudited)

Neuberger Berman All Cap Core Fund Institutional Class generated a total return of –8.91% for the fiscal year ended August 31, 2015, trailing its benchmark, the S&P 500^® Index, which returned 0.48% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Although macro headlines such as the Greek and Puerto Rican debt crises, and slowing growth and a currency devaluation in China roiled the markets as this fiscal period was closing, markets were mildly positive for most of the fiscal year. As investors weighed these issues along with expectations for economic growth, the likelihood of the Federal Reserve's first rate increase since the financial crisis, and the impacts of falling commodity prices and a strengthening dollar, sectors such as Energy and Materials saw negative results, while areas including Consumer Discretionary, Consumer Staples and Health Care stocks outperformed.

Early in the fiscal year, we made a conscious decision to reconfigure the composition of the portfolio. We reduced our exposure to the more cyclical, capital-intensive businesses such as Energy and Industrials, replacing them with select Information Technology, Health Care and Consumer Discretionary names. Our Energy holdings, overweight versus the benchmark at 13% of the portfolio as the period began, are now underweight at 7%. Industrials holdings were also reduced from 21% to an underweight. Health Care, at around 4% of the portfolio as the fiscal year began, was just at 9% as the period closed, Information Technology holdings moved from around 12% to around 26%, and Consumer Discretionary was reduced from 17.4% to 16.2%.

Even though we had reduced our exposure to Energy this period, our overweight in late 2014 played a large role in our relative underperformance for the full fiscal year, as oil's 50% price decline weighed heavily on energy-related stocks. Our Consumer Discretionary holdings also underperformed the benchmark. Information Technology was our strongest sector, with our holdings significantly outperforming. Our underweight to Materials, where oversupply has kept commodity prices low, was another relative benefit.

Anticipating the possibility of a period of heightened volatility this summer, we had increased the amount of cash equivalents in the portfolio—from a low of 5.5% at the end of May to roughly 16% today. Cash was a cushion in August when the market stumbled, and it also allowed us to use volatility to our advantage. We selectively added companies we believe will benefit from long-term secular trends, or that are undergoing significant changes we think are underappreciated by the market, at discounted valuations.

We continue to emphasize U.S.-centric positioning within the portfolio, based on our belief that growth in Europe is likely to be moderate at best, and possibly stagnant. Our exposure to China is also quite limited, given our awareness of the slowing that is happening there, and the opaqueness of the information about it.

While volatility may continue given the crowd behavior of passive funds, between the quality of the companies that comprise our repositioned portfolio and our focus on the U.S., where the economy appears to us to remain on a positive if subpar growth trend, we are confident that we are well positioned moving forward.

Sincerely,

Michael K. Kaminsky, Richard Werman, James Gartland and Mindy Schwartzapeel
Portfolio Managers

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

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

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

All Cap Core Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NBEIX
Class A				NBEAX
Class C				NBECX

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	16.2	%
Energy	6.7
Financials	14.5
Health Care	9.0
Industrials	6.5
Information Technology	25.8
Utilities	2.7
Other	2.6
Short-Term Investments	16.0
Total	100.0	%

PERFORMANCE HIGHLIGHTS²⁶

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Year			Life of Fund
At NAV
Institutional Class	12/20/2007		–8.91	%		11.88	%		4.70	%
Class A	12/20/2007		–9.26	%		11.39	%		4.31	%
Class C	12/20/2007		–9.97	%		10.55	%		3.53	%
With Sales Charge
Class A			–14.51	%		10.08	%		3.51	%
Class C			–10.72	%		10.55	%		3.53	%
Index
S&P 500^® Index^1,16			0.48	%		15.87	%		6.34	%

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 annual period ended August 31, 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.

All Cap Core Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

This graph shows the change in value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Institutional Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph 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. Results represent past performance and do not indicate future results.

Emerging Markets Equity Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a –21.22% total return for the fiscal year ended August 31, 2015, outperforming its benchmark, the MSCI Emerging Markets Index, which posted a –22.67% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Several factors conspired to erode the performance of emerging markets equities this fiscal period. Pressures included falling commodities prices, currencies, increased risk aversion as investors considered likely tightening by the Federal Reserve, slower GDP growth rates in emerging economies including China, and in recent months, a correction in that country's domestic stock market and an unexpected currency devaluation, which we believe damaged the government's credibility.

Nine of 10 index sectors reported double-digit negative returns for the fiscal year, with Energy and Materials being the weakest. The most resilient sector was Health Care, which was down 2.3%. By country, Greece, Colombia and Brazil were the weakest index markets. Hungary outperformed, up 6.6%, followed by the Philippines and India, although both countries posted negative results.

The Fund's Institutional Class outperformed the index as a result of stock selection and an underweight versus the benchmark to Energy, and stock selection and an overweight to Industrials and Information Technology. By country, overweight allocations to India and China, and an underweight to Brazil were advantageous.

Our top contributors were three Indian holdings, Cummins India, Glenmark Pharmaceuticals and Yes Bank. Cummins India, the industrial engine manufacturer, saw growth in both domestic and export businesses, with the potential for more gains should domestic construction and mining activity continue to pick up. Glenmark's stock rose as the company enjoyed strong earnings and profit margins driven by a healthy pipeline of new drugs. Private-sector lender Yes Bank (sold prior to period end) announced better-than-expected earnings as loan growth accelerated and non-interest income was strong.

Although the Fund as a whole outperformed, stock selection within Financials, Materials and Consumer Discretionary (as well as an overweight to the latter underperforming sector), detracted from results relative to the benchmark. By country, South African and Russian holdings detracted, as did our underweight to the outperforming Taiwanese market.

Key individual detractors included Korea-based global automaker Hyundai Motor, which underperformed as domestic sales declined and on fears that a weakening Japanese yen could hurt its global cost competitiveness in the near term. MediaTek, a Taiwanese semiconductor name, corrected on concerns about a growth deceleration in its smart phone and tablet end markets. Brazilian bank Itau Unibanco was hurt by a weakening real and higher interest rates, which constricted loan demand.

With a longer-term view, we believe the recent indiscriminate selling offers attractive opportunities in domestically focused companies in a variety of geographies, both among our current holdings and potentially in new names. We remain broadly cautious about natural resource sectors, however, as we believe that even though their valuations are even cheaper, this speaks to the uncertainty in underlying commodity prices.

We continue to search for opportunities within what we believe are the more favorable markets, targeting the companies we believe are best positioned for growth, and seeking to use near-term volatility to our longer-term advantage.

Sincerely,

Conrad Saldanha
Portfolio Manager

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

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

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

Emerging Markets Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	10/08/2008		–21.22	%		–1.30	%		7.15	%
Class A	10/08/2008		–21.42	%		–1.55	%		6.89	%
Class C	10/08/2008		–22.02	%		–2.28	%		6.09	%
Class R3¹⁰	06/21/2010		–21.70	%		–1.96	%		6.61	%
Class R6²³	03/15/2013		–21.14	%		–1.25	%		7.19	%
With Sales Charge
Class A			–25.95	%		–2.71	%		5.98	%
Class C			–22.80	%		–2.28	%		6.09	%
Index
MSCI Emerging Markets Index^1,16			–22.67	%		–0.59	%		6.07	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Emerging Markets Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated a -4.60% total return for the fiscal year ended August 31, 2015, compared to the 0.48% return of its benchmark, the S&P 500^® Index. (Performance for all share classes is provided in the table immediately following this letter.)

Several factors contributed to the loss, including a severe dislocation in the Energy, Utilities and Materials sectors. In more normal markets and historically since the inception of the strategy, the Fund's defensive characteristics and its focus on both yield and growth have allowed it to provide equity-like returns with less volatility than the broader S&P 500 Index.

This period reflected investor uncertainty surrounding the direction of U.S. interest rates, the path of global economic growth, and the imbalance between supply and demand for oil. In the fall of 2014, the Federal Reserve (Fed) announced that the U.S. economy would no longer need further economic stimulus to maintain its upward trajectory, thus ending its quantitative easing program. At the same time, the European Central Bank (ECB) launched its fiscal stimulus program. The Chinese stock market intitially hit extreme highs only to tumble sharply downward as news pointed to the country's declining economic growth rate—and since China is tied to the success of so many commodity exporters, equity markets in Brazil, Australia and even Canada were dramatically affected. Weaker demand for oil, coupled with high oil production in the U.S., fueled a sharp price correction, with West Texas Intermediate crude oil tumbling 50% during this 12-month period.

On the positive side, higher interest rates and low oil prices have typically been favorable for companies in the Financials and Consumer sectors, as was the case this year. Among Financials, three of our top contributors were REITs. On the Consumer Discretionary front, Hasbro and Home Depot (sold prior to period end) were among our top contributors.

We believe that the ECB's monetary stimulus, designed to weaken the euro, should provide further tailwinds to certain European exporters, including Royal Philips, an Industrials company that underperformed during the period.

Weak energy prices impacted several of our oil producers and midstream company holdings. ONEOK, a gas gathering and pipeline company, was hurt by the drastic decline in natural gas liquids prices. Our outlook for natural gas prices is favorable due to what we anticipate will be normalized weather-related demand, the shutdown of coal-fired power plants and LNG export facilities coming on line. A visible decline in U.S. oil production this coming winter could provide support to companies levered to oil prices. The Fund holds an overweight to Energy, with an emphasis on producers with the strongest balance sheets and which we think will be able to maintain their dividends until a pricing recovery ensues.

Looking ahead, with many positive factors driving the U.S. economy in the near term, we do not believe that modest Fed rate increases would either slow momentum in housing or choke off continued growth. Dividend-paying equities can be more attractive than bonds during economic expansions and rising rate environments because earnings often grow, leading to higher dividend payouts for shareholders. We believe the Fund is favorably positioned to benefit from these trends in the months ahead.

Sincerely,

Richard Levine, Tony Gleason and Sandy Pomeroy
Portfolio Managers

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

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

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

Equity Income Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	5.5	%
Consumer Staples	4.6
Energy	8.5
Financials	37.8
Health Care	10.0
Industrials	5.4
Information Technology	3.8
Materials	2.5
Telecommunication Services	2.1
Utilities	14.4
Other	3.7
Short-Term Investments	1.7
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2015
	Inception Date*	1 Year			5 Years			Life of Fund
At NAV
Institutional Class¹⁴	06/09/2008		–4.60	%		8.92	%		6.70	%
Class A¹⁴	06/09/2008		–5.02	%		8.50	%		6.35	%
Class C¹⁴	06/09/2008		–5.65	%		7.71	%		5.73	%
Class R3¹⁴	06/21/2010		–5.22	%		8.19	%		6.28	%
With Sales Charge
Class A¹⁴			–10.47	%		7.22	%		5.64	%
Class C¹⁴			–6.54	%		7.71	%		5.73	%
Index
S&P 500^® Index^1,16			0.48	%		15.87	%		6.49	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Equity Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁴

(000's Omitted)

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a 0.49% total return for the fiscal year ended August 31, 2015, compared to its benchmark, the S&P 500^® Index, which provided a 0.48% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the 12-month reporting period, the equity market withstood some major macro challenges, yet as issues mounted, investor apprehension turned into panic and led to a steep market sell-off by period-end. In the earlier months, anxiety over the Federal Reserve's (Fed) interest rate tightening plan and a sharp decline in crude oil prices caused some tumult in the market. Greece's credit issues and possible exit from the eurozone also drove equities downward at times, as did signs of economic weakness in China and Japan. Still, the market remained resilient for much of the period as focus turned to the improving U.S. economy, signs of progress in Europe and various policy actions taken around the world to provide economic stimulus. But as the September U.S. Fed meeting neared, concerns began to grow about the health of our financial market in a rising rate environment. On top of this, economic data from China appeared to worsen; an unexpected move by the Chinese central bank to devalue the nation's currency sounded an alarm to investors that the global economy could be on shaky ground, which sent the equity market reeling in the final month of the period.

Performance within the S&P 500 Index varied greatly among sectors. Health Care and Consumer Discretionary generated double-digit positive returns, while the Energy sector suffered a decline of over 30% and Materials fell by over 12%. In calmer territory were Consumer Staples, Information Technology and Financials, which eked out modest rises during the fiscal year, and Industrials and Telecommunication Services, which experienced fairly minor losses. The greatest contribution to overall performance within the Fund came from Health Care. Strong stock selection in this segment gave a large boost to returns relative to the benchmark as well. This was mainly driven by our Pharmaceuticals holdings, including Eli Lilly (LLY), which soared over 30% during the year. LLY shares appreciated rather steadily amid many positive developments for the company such as the release of constructive data from its oncology drug trial as well as for trials relating to its diabetes and Alzheimer's treatments. In our view, LLY has a very promising drug pipeline that we believe creates a path of solid earnings and revenue growth for the company going forward. On the downside, our Energy sector holdings were the greatest drag on Fund performance, both in absolute terms and on a relative basis. The segment as a whole was weak during the period but we held a few names, including Antero Resources, that experienced outsized declines. We believe the near-term picture for oil will likely remain difficult for a while, as global supplies remain elevated and demand continues to wane with consumption from China and other emerging markets slowing in response to milder economic growth.

Looking ahead, despite recent market movements, we believe the domestic stock market could recover alongside a steadily improving U.S. economy. Yet the possibility of a worse-than-expected economic slowdown in China and weakness in other emerging markets, combined with the unknown impact of rising interest rates in the U.S., keep us wary that we may see further volatility in equities. Nonetheless, we believe that our strategy of conducting in-depth research to find individual stocks with strong businesses and healthy fundamentals should enable the Fund to endure global macro risks and generate positive returns over an economic cycle.

Sincerely,

Timothy Creedon and David Levine
Portfolio Managers

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

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

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

Focus Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	21.1	%
Consumer Staples	9.6
Energy	9.5
Financials	16.0
Health Care	10.0
Industrials	9.6
Information Technology	20.4
Materials	2.4
Short-Term Investments	1.4
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁸

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		0.49	%		15.98	%		5.93	%		10.45	%
Trust Class³	08/30/1993		0.26	%		15.74	%		5.71	%		10.44	%
Advisor Class⁴	09/03/1996		0.15	%		15.57	%		5.51	%		10.38	%
Institutional Class⁵	06/21/2010		0.65	%		16.20	%		6.04	%		10.47	%
Class A²⁰	06/21/2010		0.24	%		15.77	%		5.83	%		10.44	%
Class C²⁰	06/21/2010		–0.50	%		14.93	%		5.43	%		10.36	%
With Sales Charge
Class A²⁰			–5.52	%		14.40	%		5.21	%		10.33	%
Class C²⁰			–1.14	%		14.93	%		5.43	%		10.36	%
Index
S&P 500^® Index^1,16			0.48	%		15.87	%		7.15	%		10.04	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Focus Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Investor Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph 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. Results represent past performance and do not indicate future results.

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class posted a 1.52% total return for the fiscal year ended August 31, 2015, outperforming its benchmark, the Russell 2000^® Index, which provided a 0.03% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market was volatile and generated a modest gain during the reporting period. The market was supported at times by signs of improving economic growth in the U.S. and solid demand. However, the market was periodically challenged—especially late in the period—by heightened investor risk aversion, some of which was triggered by geopolitical issues and signs of moderating growth in China. The overall U.S. stock market, as measured by the S&P 500^® Index, gained 0.48% for the 12 months ended August 31, 2015. Small-cap stocks were also relatively flat, as the Russell 2000 Index returned 0.03% for the period. However, there was a significant dispersion between small-cap growth and value stocks, as the Russell 2000^® Growth and Value Indexes returned 5.11% and –4.95%, respectively. This disparity was partially due to the strong performance from the biotechnology and technology industries, which make up a meaningful portion of the Russell 2000 Growth Index.

The Fund's outperformance during the reporting period was due to stock selection. In particular, the Fund's holdings in the Materials, Industrials and Information Technology sectors were the largest contributors to relative performance. In terms of individual holdings, Manhattan Associates and Constellation Software, added the most value. Manhattan Associates provides information technology solutions designed to enable efficient movement of goods through the supply chain. Constellation Software is a software holding company that acquires mission-critical vertical market software companies. On the downside, stock selection in the Financials sector was negative for performance. This was largely driven by the weak results from two mortgage service-related companies, Altisource Portfolio Solutions and Altisource Asset Management Corp. We eliminated our position on Altisource Portfolio Solutions and the Fund now has only a small allocation to Altisource Asset Management Corp.

Sector allocation, overall, detracted from performance during the reporting period. In particular, a lack of exposure to biotechnology companies detracted from results. We do not typically own these companies as they do not meet our investment criteria given their speculative nature, a general lack of earnings and their need to access the capital markets. Overweights relative to the index in the Materials and Industrials sectors were also drags on results. In contrast, overweights to the Consumer Staples and Information Technology sectors were modestly positive for performance.

Looking ahead, we have a cautiously optimistic outlook for the Fund. In a world rife with geopolitical issues and the anticipation of future Fed interest rate hikes, we feel that investors' interest in less risky/higher quality stocks could increase. This portion of the small-cap market has lagged lower quality stocks. However, in our view, the tide may turn as lower quality/higher leverage companies experience higher borrowing costs, some of which is already occurring in the marketplace. We believe this environment aligns with our investment approach. To be sure, valuations across the equity market appear to be full given where we currently are in the interest rate cycle. In addition, periods of continued heightened volatility cannot be ruled out. Regardless, we maintain our focus on stock-specific analysis and a long-term perspective, which have always been the foundation of our investment process. Furthermore, we believe the portfolio is favorably positioned given the relatively benign economic environment in the U.S.

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 without notice.

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

Genesis Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	13.0	%
Consumer Staples	6.1
Energy	2.8
Financials	11.0
Health Care	15.6
Industrials	20.6
Information Technology	19.4
Materials	9.6
Short-Term Investments	1.9
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
Investor Class	09/27/1988		1.52	%		14.53	%		7.98	%		12.20	%
Trust Class³	08/26/1993		1.41	%		14.43	%		7.91	%		12.18	%
Advisor Class⁴	04/02/1997		1.11	%		14.11	%		7.62	%		11.97	%
Institutional Class⁵	07/01/1999		1.68	%		14.72	%		8.19	%		12.35	%
Class R6²⁴	03/15/2013		1.75	%		14.66	%		8.04	%		12.22	%
Index
Russell 2000^® Index^1,16			0.03	%		15.55	%		7.12	%		9.54	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Genesis Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Investor Class shares only; the performance of the Fund's share classes will differ primarily due to different class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph 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. Results represent past performance and do not indicate future results.

Global Equity Fund Commentary (Unaudited)

Neuberger Berman Global Equity Fund Institutional Class generated a –3.16% total return for the fiscal year ended August 31, 2015, outperforming the –5.79% return of its benchmark, the MSCI All Country World Index, for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market (as represented by the S&P 500^® Index), while volatile, closed this period relatively flat, outperforming developed international and emerging markets equities (represented by the MSCI EAFE^® and MSCI Emerging Markets indices, respectively). Outside of multinationals, hurt by dollar strength, and energy-related companies, hurt by falling oil prices, U.S. companies saw positive earnings within a generally positive environment. However, this was overshadowed by concerns that troubled international markets. Globally, markets struggled with central bank policy uncertainty, commodity prices, economic weakness, geopolitical issues, and risk aversion—especially toward the end of this period, as focus shifted from Greece's debt crisis to China's slowdown, correction and currency revaluation.

By sector, within the index, Energy and Materials reported large losses, as oil and commodities prices declined. Health Care performed best, followed by Consumer Discretionary and Consumer Staples stocks—the only sectors reporting positive results. By country, Greece, Colombia and Brazil were weakest, while Israel, Ireland and Denmark led the index.

The Fund's outperformance versus the benchmark was due to a combination of strong stock selection and advantageous sector positioning, particularly within Financials, Materials and Industrials. By country, UK and U.S. holdings outperformed. An overweight to Israel was another benefit.

Top contributors included U.S. stocks Pall Corp. (sold before period end), Sealed Air and Amazon.com. Pall, a filtration and purification specialist, accepted a takeover approach by Danaher. Sealed Air, a global leader in food safety and security, saw strong results despite the strong dollar. Amazon.com outperformed on positive news including growth in Prime subscriptions and growing profitability at Amazon Web Services.

By sector, the portfolio underperformed versus the benchmark within Health Care, Consumer Discretionary and Information Technology. By country, Switzerland, China and an underweight to Japan limited relative performance.

Detractors included SanDisk, ShawCor and Haier Electronics. U.S.-based SanDisk, the leading supplier of NAND flash technologies, struggled to set short-term earnings expectations as it transitions from a commodity supplier to a higher-margin tech solutions provider. ShawCor, the Canada-based pipeline services firm, fell on fears that lower oil prices would continue to hurt pipeline development, and was sold. Haier, the Chinese white-goods distributor, disappointed investors with lighter-than-expected earnings and committed to additional investments that hurt near-term margins.

As we look ahead, we do not believe the downward revaluation of the Chinese currency has addressed the underlying challenges China is perceived to face: excessive debt, high manufacturing costs relative to its emerging markets competitors, and muted private-sector spending. While China and emerging markets have outpaced the developed world in recent years, we believe this outperformance has come to an end and remain focused on companies with underlying exposure to Europe and North America. In Europe, earnings are improving and economies appear to have troughed. We are seeing opportunities to add to Japanese exporters—which has long been our preferred segment of this market—as we believe the yen will likely continue its slide. We remain slightly underweight U.S. stocks, with holdings concentrated among domestically oriented companies with scale in their operating niches.

We continue to believe that the cash-generative businesses with the stable demand profiles we favor offer the most value in the current environment, with a lower downside risk profile in the event of sharp market declines.

Sincerely,

Benjamin Segal and Saurin D. Shah
Portfolio Managers

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

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

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

Global Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGQIX
Class A				NGQAX
Class C				NGQCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	06/30/2011		–3.16	%		4.68	%
Class A	06/30/2011		–3.47	%		4.30	%
Class C	06/30/2011		–4.21	%		3.54	%
With Sales Charge
Class A			–9.02	%		2.83	%
Class C			–4.76	%		3.54	%
Index
MSCI All Country World Index^1,16			–5.79	%		6.75	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Global Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Global Real Estate Fund Commentary (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a –5.92% total return for the period from its inception on December 30, 2014 through August 31, 2015, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index, which generated a –6.41% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The global stock market was volatile and generated a negative return during the period since the Fund's launch. The market was supported at times by signs of improving economic growth in the U.S. and the eurozone and solid demand. However, the market was periodically challenged—especially late in the period—by heightened investor risk aversion, some of which was triggered by geopolitical issues and signs of moderating growth in China. Global real estate investment trusts (REITs) posted weak results during the reporting period, partially due to concerns over rising interest rates.

While it produced a negative absolute return, as noted the Fund's Institutional Class outperformed the benchmark during the reporting period. From a regional perspective, an overweight to Europe relative to the benchmark was the most beneficial for results, whereas an overweight to Japan was a small negative for relative performance. Country allocation, overall, was also positive for performance, largely driven by an overweight to the UK. In contrast, our lack of exposure to Switzerland and Spain was a drag on results. Stock selection was beneficial to the Fund's performance as well. In particular, our holdings in the Industrial & Office, Real Estate Holding & Development and Retail sectors were the most additive to results. These positives were partially offset by stock selection in the Hotel & Lodging and Specialty sectors. Finally, sector allocation, overall, was additive for performance. The Fund's cash position, along with an overweight to Real Estate Holding & Development, were the largest contributors to results. Conversely, underweights to the Retail and Residential sectors were the largest negatives for performance.

Looking ahead, economic activity in the U.S. has continued to expand at a moderate pace and in our view the Federal Reserve (Fed) is likely to continue moving toward policy normalization. We believe these two factors, an improving economy and a less accommodative Fed, should they occur, will be important drivers for real estate values over the next 12-24 months. While higher interest rates could be a headwind for REITs in the near term, we believe the benefits of a sustainable improvement in the economy and job market on real estate demand trends could outweigh this concern in the longer term. In the European real estate markets, we believe the key theme will continue to be interest rate movements. In particular, we will closely monitor how the listed real estate markets react to what we anticipate will be a rising rate environment in the UK and continued monetary easing on the Continent. Elsewhere, it is projected that Asia-Pacific countries such as Australia and China will continue to aggressively loosen monetary policies and Japan will remain committed to recreate an inflationary mindset. While such lowering of interest rates continue to lend support to real estate markets, we believe the anticipated normalization of U.S. interest rates may undermine this support during the second half of 2015 and cause the compressed cap rates to expand, particularly in Hong Kong and Singapore.

Sincerely,

Steve S. Shigekawa, Brian Jones, Gillian Tiltman and Anton Kwang
Portfolio Managers

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

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

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

Global Real Estate Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

	Inception Date	Cumulative Total Return Ended 08/31/2015 Life of Fund
At NAV
Institutional Class	12/30/2014		–5.92	%
Class A	12/30/2014		–6.19	%
Class C	12/30/2014		–6.64	%
With Sales Charge
Class A			–11.58	%
Class C			–7.57	%
Index
FTSE EPRA/NAREIT Developed Index^1,16			–6.41	%

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

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 are 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 period from December 30, 2014 through August 31, 2015 can be found in the Financial Highlights section of this report.

Global Real Estate Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Greater China Equity Fund Commentary (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a 2.15% total return for the fiscal year ended August 31, 2015, outperforming its benchmark, the MSCI China Index, which provided a –9.15% total return over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The China equity markets experienced high volatility over the past 12 months. Following a weak month in September 2014, affected by the protests in Hong Kong, China equity markets entered into a seven-month rally. Going into the fourth quarter of last year, markets outperformed primarily due to stabilizing earnings and positive investor sentiment tied to expectations of further policy easing. The Shanghai-Hong Kong Stock Connect program launched in November, coupled with the People's Bank of China (PBoC) unexpectedly cutting interest rates for the first time in close to three years, supported both the onshore China A-shares market and the offshore Hong Kong market. In January, positive momentum continued as expectations of the easing of monetary policy and home purchase restrictions continued to boost investor sentiment. At the beginning of February, the PBoC lowered the reserve requirement ratio by 50 basis points, and investors looked to the government's announcement of supportive policies at the National People's Congress (NPC) and Chinese People's Political Consultative Conference in March.

Despite the Chinese government setting its lowest GDP growth target in 15 years at the NPC, the China equity markets expanded trading volume on the back of a further 25-basis-point benchmark interest rate cut, Premier Li's positive comments on monetary policy easing, the PBoC's extension of its RMB 500 billion mid-term lending facility, and the announcement of "One Belt, One Road" and "Made in China 2025" plans. Going into April, markets maintained strong momentum as the PBoC unexpectedly cut the reserve requirement ratio by 1% and state-owned enterprise and resource tax reform developments led to a broad based rally and significant expansion in turnover. In May, the offshore Hong Kong market experienced a correction due to liquidity concerns resulting from initial public offerings, although the domestic market was supported by another 25-basis-point interest rate cut, the State Council's unveiling of the "China Manufacturing 2025" plan and the announcement of the China-Hong Kong Mutual Recognition of Funds program. Markets corrected sharply in June, primarily due to tightening of margin financing and Greece's debt situation. Heavy deleveraging, voluntary suspension of trading for a large number of domestic listed companies, and uncertainty regarding the U.S. Federal Reserve's potential interest rate hike contributed to negative investor sentiment, which led the China equity markets to further decline in July. The devaluation of the renminbi resulted in significant volatility across global asset classes in August. Toward the end of the month, a further market correction and capital outflow pressure prompted the PBoC to cut the reserve requirement ratio by 50 basis points and benchmark interest rates by 25 basis points, which stabilized the markets and pared losses at month-end.

For the 12-month period, the Fund's overweight versus the benchmark in Utilities and underweight in Energy contributed to performance. In contrast, the Fund's overweight position in Consumer Discretionary detracted from relative returns. Stock selection had a positive impact in Financials and Utilities and a negative impact in Information Technology and Telecommunication Services relative to the benchmark.

The Fund continues to focus on companies that appear to have sustainable top- and bottom-line growth by looking at the companies' operating cash flow from their recurring core businesses. As of August 31, 2015, the Fund's largest sector overweight relative to the benchmark was Consumer Discretionary, and the largest sector underweight was Financials. The Fund also held overweight positions in Utilities and Health Care, and underweight positions in Telecommunication Services and Energy. The Fund's top 10 positions comprised almost 48% of total portfolio assets at the end of August.

Looking ahead, we anticipate that the markets could remain volatile over the short to medium-term as China continues to press ahead with its economic rebalancing, resulting in potential growth headwinds. At the same time, equity valuations have come off the high levels observed earlier in the year, potentially indicating that some of these growth concerns have been discounted in markets. Longer-term, we think the growth outlook should stabilize towards a more sustainable, quality trajectory if various economic reforms come to fruition.

Sincerely,

Lihui Tang and Frank Yao
Portfolio Managers

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

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

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

Greater China Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	14.0	%
Consumer Staples	5.4
Energy	1.2
Financials	20.0
Health Care	9.6
Industrials	10.3
Information Technology	18.1
Telecommunication Services	3.8
Utilities	13.6
Short-Term Investments	4.0
Total	100.0	%

EXCHANGE ALLOCATION

(as a % of Long Term Investments)
Mainland China	19.5	%
Hong Kong	65.1
United States	15.4
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	07/17/2013		2.15	%		11.46	%
Class A	07/17/2013		1.68	%		11.10	%
Class C	07/17/2013		0.93	%		10.24	%
With Sales Charge
Class A			–4.16	%		8.05	%
Class C			–0.02	%		10.24	%
Index
MSCI China Index^1,16			–9.15	%		5.59	%

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

As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Greater China Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class generated a –3.03% total return for the fiscal year ended August 31, 2015, trailing the 0.48% return of its benchmark, the S&P 500^® Index. (Performance for all share classes is provided in the table immediately following this letter.)

Flat equity returns belie extreme volatility in the currency and commodity markets over this period. For instance, the U.S. dollar appreciated over 15% versus the currencies of major trading partners and over 20% versus those of many commodity-producing nations, with supply in chronic excess for many basic goods. Oil prices declined over 50% this period. While these forces were a headwind for U.S. multinationals and commodity producers, earnings growth for U.S. equities absent these pressures has been good, helped by a recovering domestic economy. Solid earnings supported equity markets for much of this period, with volatility increasing sharply in August as headline fears of a China slowdown had global reverberations. While Chinese economic growth remains positive, feedback from U.S. companies operating in China suggests it has been decelerating for some time.

For the Fund, top contributors included eBay and long-term holdings Progressive and Newell Rubbermaid. eBay outperformed after the company split its online retail business from PayPal, its payments unit. Shares of both benefited from investors' clearer view of business fundamentals. Low-cost insurer Progressive continued to innovate and increase its market share, and Newell Rubbermaid appears to have engineered a successful turnaround.

Detractors included Keurig Green Mountain, underperforming on challenges in transitioning to its next generation brewing technology; NOW Inc., among the Industrials names to suffer in sympathy with oil; and American Express, whose stock declined as investors digested the near-term impact of the loss of its Costco business. We continue to own each of these names.

We were opportunistic buyers and sellers this fiscal year, adding NetScout, a communications technology company. We received shares as a spinout from long-term holding Danaher, which merged its communication businesses with NetScout. We believe the core business is well positioned to capitalize on the growing need for bandwidth, with greater potential upside from network analytics, optimization and security tools. We also bought Adobe, which we believe should benefit from the convergence of digital media, marketing and payments facilitated by consumers' growing on-line presence. We sold holdings including FMC, Praxair, Costco and Sanofi, primarily on valuation concerns.

Looking ahead, while extreme financial market volatility can precipitate real world pressures, especially for an over-leveraged global economy, absent some external shock we do not foresee a return to global recession. We believe China's economy, while slower, is still growing, and that even if the Fed acts this fall, U.S. rates are likely to remain low and supportive of growth for some time.

Beyond the headlines, the U.S. economy appears to be moving forward. Auto sales have been setting post-crisis records, non-residential construction has been growing, and the labor market continued to tighten. While deflationary pressures weigh on commodity-producing nations, lower costs benefit purchasing power for consumers here and abroad. Clearly global risks remain, but we believe U.S. fundamentals appear firm and supportive for equities.

We remain pleased with our portfolio companies, believing they are positioned to outperform peers—with strong cash flow and balance sheets ready to weather a storm should one arise.

We look forward to continuing to serve your investment needs.

Sincerely,

Arthur Moretti*
Portfolio Manager

* As previously disclosed in the supplement to prospectus, Arthur Moretti recently announced he intends to retire in February 2016 after a 28-year career and 14 years at Neuberger Berman. Charles Kantor became Portfolio Manager of Neuberger Berman Guardian Fund effective October 15, 2015.

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

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

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

Guardian Fund (Unaudited)

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	13.8	%
Consumer Staples	5.5
Energy	6.0
Financials	22.5
Health Care	9.2
Industrials	15.0
Information Technology	21.6
Telecommunication Services	1.4
Utilities	4.0
Short-Term Investments	1.0
Total	100.0	%

PERFORMANCE HIGHLIGHTS^7,12

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		–3.03	%		14.06	%		6.46	%		11.01	%
Trust Class³	08/03/1993		–3.22	%		13.85	%		6.28	%		10.96	%
Advisor Class⁴	09/03/1996		–3.66	%		13.40	%		5.84	%		10.82	%
Institutional Class⁵	05/27/2009		–2.84	%		14.25	%		6.58	%		11.03	%
Class A²⁰	05/27/2009		–3.23	%		13.84	%		6.34	%		10.99	%
Class C²⁰	05/27/2009		–4.01	%		12.96	%		5.83	%		10.91	%
Class R3¹⁷	05/27/2009		–3.53	%		13.54	%		6.17	%		10.96	%
With Sales Charge
Class A²⁰			–8.79	%		12.50	%		5.71	%		10.89	%
Class C²⁰			–4.82	%		12.96	%		5.83	%		10.91	%
Index
S&P 500^® Index^1,16			0.48	%		15.87	%		7.15	%		11.04	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Guardian Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a –3.51% total return for the fiscal year ended August 31, 2015, outperforming its benchmark, the MSCI EAFE^® Index, which posted a –7.08% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equity markets ended this period with a loss as news of China's economic slowdown, market correction and currency devaluation impacted equity markets globally. China-related worries built on stresses that had been weighing on investor sentiment and contributing to volatility all year—including slow growth globally, falling commodities prices, a resurgence of the Greek debt crisis, and the strength of the U.S. dollar.

By sector, Health Care, Telecommunication Services and Consumer Discretionary outperformed, while Energy, Materials and Utilities lagged. By country, Israel, Ireland and Denmark—driven by locally listed large-cap multinationals—outperformed, while oil and commodities-driven Norway and Australia, along with Portugal, lagged.

The Fund's outperformance relative to the benchmark was due primarily to stock selection, notably within Financials, Consumer Staples and Materials. Sector allocations were also beneficial. By country, UK, Australian and French holdings were advantageous,

Top contributors included Euronext, PIGEON Corp. and Alimentation Couche-Tard. Euronext, the European financial exchange operator, delivered solid earnings, and set expectations for greater cost efficiencies and free cash flows plus a potential dividend. Japan's Pigeon, a maternity and elder-care products firm, announced strong earnings and improved governance measures. Alimentation Couche-Tard, a Canadian-headquartered gas retailer, announced an acquisition that was positively received as investors believe the target company's stores have the potential for substantial margin improvement.

The portfolio lagged the index within the Consumer Discretionary, Health Care and Telecommunication Services sectors. By country, allocations to Canada and Brazil were a drag on performance, as was an underweight to Japan.

Detractors included Canada-based ShawCor and Corus Entertainment, and Brazil's SLC Agricola. Pipeline services firm ShawCor fell on fears that lower oil prices would continue to hurt pipeline development, and was sold. Corus, a media and entertainment group, declined following a regulatory decision allowing consumers to buy small basic cable packages for a low, capped fee, with the option of adding services a la carte. Agricultural name SLC Agricola sold off on lower corn and soybean prices along with the weakening real.

As we look ahead, we do not believe the recent downward revaluation of the Chinese currency has addressed the underlying challenges that we believe China faces: excessive debt, high costs relative to its emerging markets manufacturing competitors, and muted private-sector spending. While China and emerging markets have outpaced the developed world in recent years, we believe this outperformance has come to an end, and we remain focused on companies with underlying exposure to Europe and North America. In Europe, earnings are improving and economies appear to have troughed. We are seeing opportunities to add to Japanese exporters—which has long been our preferred segment of this market—as we believe the yen will likely continue its slide.

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 without notice.

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

International Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹³	01/28/2013		–3.71	%		7.41	%		3.63	%		4.48	%
Trust Class¹³	01/28/2013		–3.82	%		7.36	%		3.60	%		4.45	%
Institutional Class	06/17/2005		–3.51	%		7.54	%		3.69	%		4.54	%
Class A¹³	01/28/2013		–3.90	%		7.32	%		3.59	%		4.43	%
Class C¹³	01/28/2013		–4.61	%		6.89	%		3.38	%		4.23	%
Class R6²³	09/03/2013		–3.49	%		7.56	%		3.70	%		4.54	%
With Sales Charge
Class A¹³			–9.41	%		6.06	%		2.97	%		3.83	%
Class C¹³			–5.56	%		6.89	%		3.38	%		4.23	%
Index
MSCI EAFE^® Index^1,16			–7.08	%		7.53	%		4.43	%		4.94	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

International Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class generated a –4.47% total return for the fiscal year ended August 31, 2015, outperforming its benchmark, the MSCI EAFE^® Index, which posted a –7.08% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equity markets ended the period with a loss as news of China's economic slowdown, market correction and currency devaluation impacted equity markets globally. China-related worries built on stresses that had been weighing on investor sentiment and contributing to volatility all year—including slow growth globally, falling commodities prices, a resurgence of the Greek debt crisis, and the strength of the U.S. dollar.

By sector, Health Care, Telecommunication Services, Information Technology (IT), and Consumer Discretionary outperformed, while Energy, Materials and Utilities lagged. By country, Israel, Ireland and Denmark—driven by locally listed large-cap multinationals—outperformed, while oil and commodities-driven Norway and Australia, along with Portugal, lagged.

Top contributors included Alimentation Couche-Tard, Santen Pharmaceutical, and PICC Property & Casualty. Alimentation Couche-Tard, a Canadian-headquartered gas retailer, announced an acquisition that was positively received, as investors believe the target company's stores have the potential for substantial margin improvement. Santen, a Japanese eye-care company, reported robust sales and raised guidance for 2015. PICC, a Chinese property and casualty insurer, rallied earlier in the reporting period as the domestic Chinese market soared. We sold our position, capturing gains.

The portfolio lagged the index within the Telecommunication Services, IT and Health Care sectors. By country, an allocation to Canada and an underweight to Japan hurt relative performance, as did French holdings.

Detractors included ShawCor, Home Capital Group and Sika. ShawCor, a Canadian-based pipeline services firm, fell on fears that lower oil prices would continue to hurt pipeline development, and was sold. Shares of Home Capital, a Canadian subprime mortgage lender, were weak as investors contemplated a softening local economy. We sold shares of Sika, a Swiss-based construction materials firm, capturing long-term gains; this followed an unexpected sale by the controlling family.

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 without notice.

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

International Select Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Trust Class	08/01/2006		–4.47	%		5.99	%		2.30	%
Institutional Class⁶	10/06/2006		–4.18	%		6.35	%		2.65	%
Class A¹⁵	12/20/2007		–4.62	%		5.98	%		2.30	%
Class C¹⁵	12/20/2007		–5.23	%		5.20	%		1.66	%
Class R3¹⁵	05/27/2009		–4.71	%		5.72	%		2.12	%
With Sales Charge
Class A¹⁵			–10.10	%		4.74	%		1.63	%
Class C¹⁵			–6.18	%		5.20	%		1.66	%
Index
MSCI EAFE^® Index^1,16			–7.08	%		7.53	%		2.67	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

International Select Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Trust Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph 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. Results represent past performance and do not indicate future results.

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a 1.36% total return for the fiscal year ended August 31, 2015, outperforming its benchmark, the Russell 2000^® Value Index, which returned -4.95% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

A time of market stability which began after the 2012 Presidential election has seemingly ended. Economic growth in the emerging markets, primarily China and Latin America, is decelerating rapidly. Commodity markets have been signaling weakness for nearly a year but it took a violent correction in Chinese stock markets to raise the issue of global growth front and center.

Historically, during periods of increasing market stress, small-cap strategies such as ours typically come under pressure as investors seek the stability of larger, less cyclical companies, many of which provide attractive dividends. We have often noted the Fund's challenge in dealing with markets when growth comes into question. When risk aversion increases, overweightings in the Technology and Producer Durables sectors render the strategy vulnerable to underperformance. In spite of the Fund's commitment to these sectors, results for the year were favorable on a relative basis but modest when viewed from an absolute perspective.

Approximately one-third of the Fund's holdings are in the Technology sector. Strong operational results as well as acquisitions drove share prices higher. Digital River was acquired by a private equity firm, Spansion and Cypress Semiconductor merged as did Freescale and NXP Semiconductor. We believe the acceleration of the speed and capacity of the Internet as well as the services that can be offered through hosted applications is a positive long-term trend for many companies in the Fund. It is our opinion that ARRIS, Gigamon, Infinera, Ciena, Viavi and Lumentum all stand to gain if investments in the Internet infrastructure by Telecom companies and large enterprises grow.

We believe that as consumers spend an increasing amount of time on the Internet and more commerce is conducted on websites, the needs for data and security grow hand in hand. In an attempt to meet these needs, companies like NeuStar and Acxiom enable digital media marketing campaigns to be more precise in their advertising. Verint, KEYW and Rambus are introducing products intended to prevent hacking and data theft. Over the near term, many of these companies are prone to profit taking as investors seek less cyclical companies, but we believe that the superior growth attributes of the markets they are addressing will justify the shorter term risks.

We continue to seek new investments for the Fund. Over the 12-month period, we introduced 17 new ideas while eliminating 17 positions. Given our large presence in the Technology and Producer Durables sectors, our preference is to increase our consumer exposure in addition to finding new ideas in Health Care. Energy is a sector we receive many questions about, and to date we have yet to muster any convincing analysis that would cause us to increase our presence in the sector.

We are ending the year on a very mixed note. Good news on the domestic front from employment and consumption is taking a back seat to concerns emanating from abroad. The Federal Reserve, in its recent decision not to increase interest rates a meager 25 basis points, focused mostly on global events and barely commented in its official statement on domestic economic conditions. And so, the stock picker and active manager's challenge remains. As much as we are enamored of our individual companies' managements and products over the shorter term, our performance remains captive to perceptions about the global economy.

We look forward to our next communication and thank you for your commitment to our Fund.

Sincerely,

Benjamin H. Nahum, James F. McAree and Amit Solomon
Portfolio Co-Managers

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

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

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

Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NINLX
Class A				NINAX
Class C				NINCX

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	5.4	%
Consumer Staples	0.3
Energy	1.3
Financial Services	11.2
Health Care	5.5
Materials & Processing	5.7
Producer Durables	19.8
Technology	34.9
Utilities	5.9
Short-Term Investments	10.0
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2015
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁹	05/10/2010		1.36	%		14.73	%		8.89	%		11.41	%
Class A¹⁹	05/10/2010		0.96	%		14.30	%		8.68	%		11.29	%
Class C¹⁹	05/10/2010		0.19	%		13.46	%		8.25	%		11.05	%
With Sales Charge
Class A¹⁹			–4.84	%		12.97	%		8.03	%		10.93	%
Class C¹⁹			–0.75	%		13.46	%		8.25	%		11.05	%
Index
Russell 2000^® Value Index^1,16			–4.95	%		13.23	%		5.70	%		8.27	%
Russell 2000^® Index^1,16			0.03	%		15.55	%		7.12	%		7.48	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Intrinsic Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁹

(000's Omitted)

Large Cap Disciplined Growth Fund Commentary (Unaudited)

Neuberger Berman Large Cap Disciplined Growth Fund Investor Class generated a total return of –1.92% for the fiscal year ended August 31, 2015, trailing its benchmark, the Russell 1000^® Growth Index, which provided a return of 4.26% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Following several years of a considerable run-up in stocks, returns were more muted over the past 12 months, with several periods of heightened volatility, notably in December and August. We began the year with a slightly defensive bent in the portfolio and continued to move in that direction over the course of the year, eliminating our exposure to the volatile Energy sector and reducing our Industrial holdings. Our largest increases on a sector basis were in Health Care, Consumer Discretionary and Information Technology (IT).

From a sector perspective, our greatest areas of strength this period came from stock selection in Consumer Discretionary and Health Care, and from our underweight in Industrials. The top three contributors were Apple, Amazon.com and Visa.

The Fund benefited from an overweight in Apple throughout late 2014 and early 2015 as the stock, a fantastic long-term performer, continued to outperform. In our opinion, Apple continues to be an amazing company making great products, but in early 2015 we began to reduce our exposure after the stock's strong run-up, as our expectations for the next round of products and services (such as the Apple Watch) were lower. Amazon.com continued to outperform as the theme of rising profitability and productivity continued, coupled with acceleration in both the core North American non-media business and Amazon Web Services. Visa's outperformance was driven by its affirmation, despite global GDP deceleration, of the secular conversion from paper to plastic. Enhancing the trend this year were the return of currency volatility (good for cross-border profit margins), and the company's participation in electronic payment platforms such as Square and ApplePay.

The largest drags on performance came from IT, Materials and Energy. Within IT, our exposure to semiconductors through positions in SanDisk and Micron was the largest detractor, followed by Yelp, an online local business review company.

Both SanDisk and Micron underperformed as the companies faced a weakening global PC market. We believe the stocks may recover later this year based on PC demand improving and the ironing out of several technology challenges. We believe Yelp's management made a series of missteps in 2015 that caused us to lose confidence in their ability to capitalize on the large local advertising opportunity, and we sold the position.

We continue to believe cautious optimism is appropriate as year-over-year domestic earnings and GDP growth remain relatively modest, while the risk of slowing overseas growth, particularly in China, has increased. As we enter the new fiscal year, we remain pleased with the quality of our portfolio, making conviction allocations where we believe the greatest opportunities lie. In our view, the market appears to be returning to a focus on individual fundamentals rather than the unusual macro events driving returns the past several years. Should this trend continue, we believe our high active share and increasing number of stock-specific bets should be an advantage.

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 without notice.

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

Large Cap Disciplined Growth Fund (Unaudited)

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	19.7	%
Consumer Staples	7.1
Financials	6.1
Health Care	20.4
Industrials	6.7
Information Technology	31.3
Materials	6.4
Telecommunication Services	1.9
Short-Term Investments	0.4
Total	100.0	%

PERFORMANCE HIGHLIGHTS¹¹

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	12/06/1999		–1.92	%		11.41	%		5.50	%		0.39	%
Institutional Class⁵	04/06/2009		–1.65	%		11.77	%		5.73	%		0.52	%
Class A²⁰	04/06/2009		–2.04	%		11.36	%		5.47	%		0.37	%
Class C²⁰	04/06/2009		–2.79	%		10.55	%		4.98	%		0.07	%
Class R3¹⁷	05/27/2009		–2.05	%		11.15	%		5.35	%		0.30	%
With Sales Charge
Class A²⁰			–7.69	%		10.04	%		4.85	%		–0.01	%
Class C²⁰			–3.23	%		10.55	%		4.98	%		0.07	%
Index
Russell 1000^® Growth Index^1,16			4.26	%		17.40	%		8.41	%		2.53	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Large Cap Disciplined Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Large Cap Value Fund Commentary (Unaudited)

Neuberger Berman Large Cap Value Fund Investor Class generated a –7.19% total return for the fiscal year ended August 31, 2015, underperforming its benchmark, the Russell 1000^® Value Index, which returned –3.48% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the fiscal year, we saw an extended period of relative calm and modest equity gains promote a sense of complacency, which was shattered when underlying macro concerns escalated into a steep market correction. Stocks were somewhat choppy early in the year amid growing apprehension about the state of the global economy, the potential for a rate hike by the U.S. Federal Reserve (Fed) and the free-fall in crude oil prices. Yet, the market swiftly recovered time and again despite continued downward pressures. Issues such as the Greek sovereign debt crisis, signs of economic weakness in China and the negative impact of a rising U.S. dollar and deflated crude oil prices remained hot topics for investors throughout the period, but an improving U.S. economy and words of assurance from the Fed and other global policymakers kept the equity market in a fairly narrow trading band for several months. Tensions began to rise, however, as the September deadline for a Fed rate decision drew closer. Anxiety over China then reached a tipping point in August when the People's Bank of China unexpectedly devalued the nation's currency to prop up its economy. The move ignited a sell-off in equities that led to a double-digit drop in U.S. stocks. The market recouped some of its losses, but large-cap value stocks still ended the period with an overall decline.

There was a wide spread between the best and worst performing sectors within the Russell 1000 Value Index over the period. Health Care was at one end of the spectrum, with a double-digit positive return owed in part to robust mergers and acquisitions activity within the segment, while Energy and Materials suffered overall losses of over 30% and 18%, respectively, due largely to weak oil prices and a macro slowdown in China. In the middle, Financials, Consumer Discretionary and Consumer Staples eked out modestly positive returns while Information Technology, Industrials and Telecommunication Services produced moderate losses.

In the Fund, our strategic decision to underweight the Energy sector versus the index resulted in a large benefit to relative returns as this was by far the worst performing area of the market over the fiscal year. Oil prices fell off a cliff in December and continued to test these lows throughout the period as crude production levels remained robust in the face of weaker than expected demand, primarily from China. Health Care provided the largest lift to performance on an absolute basis, and our selection of stocks fared better than their index sector counterparts. However our lighter weighting in this area versus the index was a negative. The largest detractor from both absolute and relative performance during the period was the Materials sector. Our overweight in this segment versus the index, particularly in the Metals & Mining industry, was the main source of the loss as these companies suffered from slower demand from China and expectations of depressed future growth in that region. The second largest detractor from overall total returns was Energy.

We remain generally positive on the overall equity market, as we believe that U.S. stocks should continue to benefit from the slowly improving domestic economy. Still, we continue to be wary of the global macro picture and other external factors. Corporate profits are largely expected to grow next year as the U.S. labor market improves and consumers reap the benefits of low fuel costs; however, the latest earnings season was muted given weakness in Energy and lackluster results among large multinationals, a situation that could persist if oil prices decline further or the U.S. dollar continues to advance. The risk of a more severe economic downturn in China and other emerging markets is also a source of concern, particularly as the U.S. appears to be embarking on a path of interest rate tightening, which could leave the domestic economy more vulnerable to external shocks. While we are cognizant of these concerns, we feel the global economy is on the mend and that there are attractive opportunities in some of the most affected areas of the most recent downturn. The best way to navigate such an environment, in our view, is to take a bottom-up investment approach in looking for underappreciated stocks carrying hidden value that could be realized if 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 without notice.

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

Large Cap Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	16.6	%
Consumer Staples	1.6
Energy	8.8
Financials	28.2
Health Care	7.1
Industrials	20.2
Information Technology	6.2
Materials	8.4
Short-Term Investments	2.9
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		–7.19	%		11.44	%		4.35	%		12.45	%
Trust Class³	08/30/1993		–7.40	%		11.23	%		4.15	%		12.37	%
Advisor Class⁴	08/16/1996		–7.55	%		11.05	%		3.99	%		12.24	%
Institutional Class⁵	06/07/2006		–7.03	%		11.62	%		4.50	%		12.49	%
Class A²⁰	06/21/2010		–7.44	%		11.17	%		4.21	%		12.41	%
Class C²⁰	06/21/2010		–8.11	%		10.34	%		3.81	%		12.31	%
Class R3¹⁷	06/21/2010		–7.64	%		10.90	%		4.08	%		12.38	%
With Sales Charge
Class A²⁰			–12.77	%		9.86	%		3.60	%		12.25	%
Class C²⁰			–8.83	%		10.34	%		3.81	%		12.31	%
Index
Russell 1000^® Value Index^1,16			–3.48	%		14.68	%		6.18	%		N/A

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Large Cap Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Growth Fund Investor Class generated a 10.74% total return for the fiscal year ended August 31, 2015, outpacing its benchmark, the Russell Midcap^® Growth Index, which returned 2.46% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing 12 months have provided a positive environment for our style of investing. Shrugging off global macro noise, stubbornly lethargic GDP growth and currency headwinds, the market rewarded active management and stocks offering positive differentiation versus their peers, "paying up" for compelling catalysts, strong execution and the higher qualitative characteristics and fundamentals that we typically prize. The Fund also benefited from the reemergence of business capital spending as mergers and acquisitions (M&A) activity remained strong, especially within the Health Care and Information Technology (IT) segments. Finally, incremental net positives around inflation, employment and wage growth continued to build a foundation for a potential rebound in both consumer confidence and retail spending.

During the period, the Fund was materially overweight versus the benchmark in IT, Health Care and Telecommunication Services and underweight Consumer Staples, Materials, Financials, Energy, Industrials and Consumer Discretionary. Sector positioning was generally additive to performance, with our underweight to Energy and overweight to Health Care and IT providing strong contributions.

Stock selection was the primary driver of alpha over the fiscal year, with positive contributions across the portfolio, led by our Consumer Discretionary, IT and Industrial names. Drilling down to our holdings, Avago Technologies was the top contributor to performance, while Antero Resources (sold before period end) was the leading detractor. Avago, a semiconductor company, continued to execute at a high level, with strong participation in leading "smart" devices and a well-received acquisition of Broadcom. Antero, an independent exploration and production company focused on unconventional oil and natural gas resources, in the Appalachian Basin in West Virginia, Ohio and Pennsylvania, was negatively impacted by the precipitous drop in oil prices.

From our perspective, despite recent volatility the positives continue to outweigh any negatives and/or angst around the longevity of the current "bull" market. We believe the balance of 2015 should continue to benefit broadly from accommodative central banks, appealing interest rate levels and generally positive inflationary trends. In the U.S., we think incremental gains in housing, employment and wage growth, coupled with moderating currency headwinds and improving business and consumer confidence, should continue to provide a positive counterbalance to the seemingly never ending global wall of worry as well as legitimate concerns around sluggish GDP growth and extended market valuations across numerous industry groups. China-induced volatility has clouded the interest rate hike debate, but we remain confident that a rate increase, whenever it does occur, would be reasonably digested by the market and ultimately prove to be a positive for stocks. Given the aforementioned positive trends and what we see as an absence of reckless excess, we also don't believe that a more substantial and prolonged market reset is looming near-term. We believe the market should continue to seek positive differentiation through companies characterized by strong execution and fundamentals, and we would view any additional short-term volatility, should it occur, as an investment opportunity.

Sincerely,

Kenneth J. Turek
Portfolio Manager

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

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

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

Mid Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	22.1	%
Consumer Staples	3.2
Energy	1.4
Financials	6.6
Health Care	17.9
Industrials	11.9
Information Technology	23.8
Materials	1.7
Telecommunication Services	2.9
Utilities	0.6
Other	0.8
Short-Term Investments	7.1
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		10.74	%		16.95	%		9.49	%		11.98	%
Trust Class³	08/30/1993		10.73	%		16.87	%		9.34	%		11.89	%
Advisor Class⁴	09/03/1996		10.39	%		16.51	%		9.03	%		11.69	%
Institutional Class⁵	04/19/2007		10.98	%		17.21	%		9.75	%		12.05	%
Class A²⁰	05/27/2009		10.55	%		16.79	%		9.41	%		11.96	%
Class C²⁰	05/27/2009		9.72	%		15.91	%		8.90	%		11.82	%
Class R3¹⁷	05/27/2009		10.29	%		16.49	%		9.24	%		11.91	%
Class R6²⁴	03/15/2013		11.04	%		17.11	%		9.56	%		12.00	%
With Sales Charge
Class A²⁰			4.21	%		15.42	%		8.77	%		11.78	%
Class C²⁰			8.72	%		15.91	%		8.90	%		11.82	%
Index
Russell Midcap^® Growth Index^1,16			2.46	%		17.13	%		8.66	%		N/A
Russell Midcap^® Index^1,16			0.02	%		16.56	%		8.40	%		13.38	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a –1.09% total return for the fiscal year ended August 31, 2015 and outperformed its benchmark, the Russell Midcap^® Value Index, which returned –2.54% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

While domestic economic growth remained sluggish in calendar-year 2014, it seemed to be accelerating, with many key economic indicators showing improvement. Most central banks including the Federal Reserve (Fed) continued to be accommodative. In 2015, falling oil prices, the situation in Greece, the devaluation of the Chinese currency and mixed signals regarding the timing of an interest rate hike by the Fed all contributed to investor uncertainty and led to much more volatility in the market.

During the reporting period, relative performance benefited from the Fund's overweight and stock selection in the Consumer Discretionary, Technology and Producer Durables sectors. In the Consumer Discretionary sector, Office Depot (sold prior to period end) was the strongest performer, as it received a merger offer from Staples at a significant premium to its market value. Darden Restaurant Group appointed a new CEO following the replacement of its Board of Directors by an activist shareholder and announced plans to spin off some of its real estate assets into a REIT. In the Consumer Staples sector, CVS (sold prior to period end) announced two deals that were well received by investors—the purchase of Omnicare (which we also owned) and the acquisition of Target's pharmacy and clinic business. In the Technology sector, Skyworks Solutions was the largest contributor 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, reported better-than-expected fourth-quarter earnings per share, and provided strong 2015 guidance.

On the negative side, we have been (in recent quarters) and continue to be underweight the Health Care sector. In our opinion, the recent mergers and acquisitions frenzy in this sector has driven valuations way too high for the value buyer. In addition, underweights and stock selection in the Financial Services sector and stock selection in Utilities hurt. Also detracting from performance during the period were our Energy holdings, including Devon Energy (sold prior to period end), Cabot Oil & Gas, Cameron International (sold prior to period end), Southwestern Energy (sold prior to period end) and ONEOK. 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 period included Hertz (sold prior to period end), a global car and equipment rental company, Teradata, a provider of analytic data services, and Harsco, a multinational provider of industrial services.

We are into the sixth year of a bull market and have just experienced the first meaningful correction in over three years. However, valuation levels remain at or above what we consider fair value. As a result, we believe the market is very sensitive to macro events. With the domestic economy improving, the Fed is likely to raise rates sometime in 2015, in our opinion. As inflation appears under control, we believe that any Fed hikes would be slow and moderate. Additionally, investors may start to move their focus to next year's earnings, which should benefit from the combination of the drop in oil prices and the strength of the U.S. dollar. Under this scenario, we think the market can move up during the coming year, but finding the right stocks will be the key to outperformance. We believe that our focus on quality companies undergoing change should fare well in such an environment.

Sincerely,

Michael C. Greene
Portfolio Manager

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

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

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

Mid Cap Intrinsic Value Fund (Unaudited)

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	13.7	%
Consumer Staples	1.0
Energy	7.5
Financial Services	18.1
Health Care	2.6
Materials & Processing	4.1
Producer Durables	20.1
Technology	17.0
Utilities	7.4
Short-Term Investments	8.5
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		–1.09	%		15.30	%		6.62	%		9.39	%
Trust Class³	06/10/1999		–1.31	%		15.10	%		6.49	%		9.30	%
Institutional Class⁵	03/08/2010		–0.90	%		15.59	%		6.77	%		9.49	%
Class A²⁰	06/21/2010		–1.25	%		15.15	%		6.56	%		9.36	%
Class C²⁰	06/21/2010		–2.02	%		14.31	%		6.15	%		9.10	%
Class R3¹⁷	06/21/2010		–1.49	%		14.88	%		6.42	%		9.27	%
With Sales Charge
Class A²⁰			–6.91	%		13.80	%		5.93	%		8.96	%
Class C²⁰			–2.89	%		14.31	%		6.15	%		9.10	%
Index
Russell Midcap^® Value Index^1,16			–2.54	%		15.96	%		7.93	%		9.15	%
Russell Midcap^® Index^1,16			0.02	%		16.56	%		8.40	%		8.72	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Multi-Cap Opportunities Fund Commentary (Unaudited)

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a –1.80% total return for the fiscal year ended August 31, 2015 versus a 0.48% total return for its benchmark, the S&P 500^® Index. (Performance for all share classes is provided in the table immediately following this letter.)

Within the index, six of 10 sectors generated a positive return for the period. Consumer Discretionary, Consumer Staples, Financials, Health Care, Information Technology and Utilities outperformed relative to the overall benchmark. Cyclical sectors generally underperformed, as Energy, Industrials, Materials and Telecommunication Services lagged the overall benchmark. We believe heightened market volatility over the course of the year contributed to the dispersion in performance across sectors.

Within the Fund, stock selection in Information Technology and Financials benefitted performance relative to the benchmark. Stock selection in Consumer Discretionary and Energy detracted from relative performance during the period. The Fund ended the fiscal year with an overweight, relative to the benchmark, in the Financials, Industrials, Information Technology and Materials sectors. The Fund ended the fiscal year with an underweight, relative to the benchmark, in the Consumer Discretionary, Consumer Staples, Energy, Health Care, and Utilities sectors. We do not hold positions in Telecommunication Services.

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

We believe the current environment remains attractive for free cash flow-oriented investing as free cash flow yields for equities relative to fixed income yields remain near historical highs. Companies with high free cash flow and prudent management teams can potentially do very well in a moderate growth environment. Dividend increases, share repurchase programs, cash accumulation, debt retirement, organic growth initiatives and selective acquisitions can all accrue to the benefit of equity holders. These positive developments have been taking place at many of the companies owned by the Fund.

Our style of investing is based on rigorous fundamental research. The analysis centers on the business model and a company's ability to generate and effectively utilize free cash flow. As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our shareholders' assets through the disciplined application of our investment philosophy and process.

Sincerely,

RICHARD S. NACKENSON
PORTFOLIO MANAGER

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

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

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

Multi-Cap Opportunities Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	6.6	%
Consumer Staples	3.1
Energy	3.6
Financials	23.4
Health Care	14.0
Industrials	17.7
Information Technology	21.7
Materials	7.4
Utilities	1.4
Short-Term Investments	1.1
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2015
	Inception Date*	1 Year			5 Years			Life of Fund
At NAV
Institutional Class¹⁸	12/21/2009		–1.80	%		16.53	%		7.40	%
Class A¹⁸	12/21/2009		–2.16	%		16.09	%		7.15	%
Class C¹⁸	12/21/2009		–2.84	%		15.22	%		6.64	%
With Sales Charge
Class A¹⁸			–7.77	%		14.72	%		6.44	%
Class C¹⁸			–3.78	%		15.22	%		6.64	%
Index
S&P 500^® Index^1,16			0.48	%		15.87	%		6.49	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁸

(000's Omitted)

Real Estate Fund Commentary (Unaudited)

Neuberger Berman Real Estate Fund Trust Class generated a –1.54% total return for the fiscal year ended August 31, 2015, underperforming its benchmark, the FTSE NAREIT All Equity REITs Index, which generated a –0.33% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's underperformance versus the benchmark was due to sector positioning. In particular, an overweight to Mortgage Home Financing and an underweight to Manufactured Homes were negative for results. On the upside, an overweight to Self Storage and an underweight to Mixed were the largest contributors to performance. Stock selection, overall, was a positive for performance. Contributing the most to results was stock selection in the Free Standing, Health Care and Diversified sectors. Simon Property Group, a leading commercial real estate company with both regional malls and discount outlet centers, was the largest contributor to performance. Other holdings that were additive for results were Public Storage, a self-storage REIT, and Equity Residential, an apartment REIT.

The sectors that detracted the most from the Fund's performance from a stock selection perspective were Regional Malls, Self Storage and Lodging/Resorts. Several individual holdings were also negative for results, including Host Hotels and Resorts, a lodging/resort REIT, Weyerhaeuser Co., a timber REIT, and American Tower Corp., an infrastructure REIT.

Looking ahead, it appears to us that economic activity in the U.S. continues to expand at a moderate pace and in our view the Federal Reserve (Fed) is likely to continue moving toward policy normalization. We believe these two factors, an improving economy and a less accommodative Fed, should they occur, will be important drivers for real estate values over the next 12-24 months. While higher interest rates could be a headwind for REITs in the near term, we believe the benefits of a sustainable improvement in the economy and job market on real estate demand trends could outweigh this concern in the longer term. We also believe that REIT fundamentals should show further improvement as the year progresses, which would support cash flow and dividend growth. Many REITs are currently trading at discounts to their underlying stated net asset values (NAV). If these apparent NAV discounts persist, we may experience an increase in mergers and acquisitions (M&A), additional share repurchase activity and other value realization strategies.

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 without notice.

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

Real Estate Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Apartments	14.7	%
Diversified	8.3
Free Standing	1.9
Health Care	9.4
Industrial	4.0
Infrastructure	10.1
Lodging/Resorts	5.5
Office	11.2
Real Estate Operating Companies	3.5
Regional Malls	12.6
Self Storage	7.8
Shopping Centers	6.5
Timber	3.3
Short-Term Investments	1.2
Total	100.0	%

PERFORMANCE HIGHLIGHTS^7,22

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		–1.54	%		10.52	%		7.49	%		11.19	%
Institutional Class⁶	06/04/2008		–1.34	%		10.72	%		7.64	%		11.31	%
Class A¹⁵	06/21/2010		–1.65	%		10.33	%		7.39	%		11.12	%
Class C¹⁵	06/21/2010		–2.38	%		9.50	%		6.98	%		10.80	%
Class R3¹⁵	06/21/2010		–1.94	%		10.05	%		7.25	%		11.01	%
Class R6²⁵	03/15/2013		–1.26	%		10.67	%		7.57	%		11.25	%
With Sales Charge
Class A¹⁵			–7.32	%		9.04	%		6.76	%		10.63	%
Class C¹⁵			–3.31	%		9.50	%		6.98	%		10.80	%
Index
FTSE NAREIT All Equity REITs Index^1,16			–0.33	%		12.36	%		6.59	%		10.00	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Real Estate Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Trust Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph 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. Results represent past performance and do not indicate future results.

Small Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Small Cap Growth Fund Investor Class generated a 7.51% total return for the fiscal year ended August 31, 2015, ahead of its benchmark, the Russell 2000^® Growth Index, which returned 5.11% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing 12 months have generally provided a positive environment for our style of investing. Shrugging off global macro noise, stubbornly lethargic GDP growth and currency headwinds, the market rewarded active management and stocks offering positive differentiation versus their peers, "paying-up" for compelling catalysts, strong execution and the higher qualitative characteristics and fundamentals that we typically prize. Finally, incremental net positives around inflation, employment and wage growth continued to build a foundation for a potential rebound in both consumer confidence and retail spending.

During the period, the portfolio was overweight, versus the benchmark, in Consumer Discretionary, Information Technology (IT) and Health Care, and underweight Industrials, Materials, Energy, Consumer Staples and Telecommunication Services, and essentially in line with the benchmark in Financials. The Fund's sector positioning was generally additive to performance, with our underweight to Materials, Industrials and Consumer Staples and overweight to Health Care leading the way.

With respect to stock selection, positive contributions from IT, Health Care, Consumer Discretionary and Energy offset weakness from our Industrial and Consumer Staple names. Drilling down to our holdings, Bluebird Bio was the top contributor to performance, while Carrizo Oil & Gas (sold before period end) was the leading detractor. Bluebird, a biotechnology company using gene therapy to introduce a functional copy of a defective gene into patient's own cells, was boosted by encouraging data around a molecule aimed at treating blood diseases. Carrizo, an oil and natural gas exploration and production company in the U.S. and UK was negatively impacted by the precipitous drop in oil prices.

From our perspective, despite recent volatility the positives continue to outweigh any negatives and/or angst around the longevity of the current "bull" market. The balance of 2015 should, in our view, continue to benefit broadly from accommodative central banks, appealing interest rate levels and generally positive inflationary trends. In the U.S., we think incremental gains in housing, employment and wage growth coupled with moderating currency headwinds and improving business and consumer confidence, should they continue, could provide a positive counterbalance to the seemingly never-ending global wall of worry as well as legitimate concerns around sluggish GDP growth and extended market valuations across numerous industry groups. China-induced volatility has clouded the interest rate hike debate, but we remain confident that a rate increase, whenever it does occur, would be reasonably digested by the market and ultimately prove to be a positive for stocks. Given the aforementioned positive trends and what we see as an absence of reckless excess, we also don't believe that a more substantial and prolonged market reset is looming, near term. We believe the market should continue to seek positive differentiation through companies characterized by strong execution and fundamentals, and we would view any additional short-term volatility, should it occur, as an investing opportunity.

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 without notice.

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

Small Cap Growth Fund (Unaudited)

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	21.2	%
Financials	8.8
Health Care	26.7
Industrials	10.7
Information Technology	24.8
Materials	3.6
Short-Term Investments	4.2
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		7.51	%		16.61	%		7.59	%		8.69	%
Trust Class³	11/03/1998		7.30	%		16.39	%		7.40	%		8.54	%
Advisor Class⁴	05/03/2002		7.13	%		16.22	%		7.20	%		8.45	%
Institutional Class⁵	04/01/2008		7.84	%		16.97	%		7.81	%		8.82	%
Class A²⁰	05/27/2009		7.45	%		16.55	%		7.52	%		8.65	%
Class C²⁰	05/27/2009		6.68	%		15.70	%		7.02	%		8.34	%
Class R3¹⁷	05/27/2009		7.22	%		16.26	%		7.35	%		8.54	%
With Sales Charge
Class A²⁰			1.26	%		15.18	%		6.89	%		8.27	%
Class C²⁰			5.68	%		15.70	%		7.02	%		8.34	%
Index
Russell 2000^® Growth Index^1,16			5.11	%		17.83	%		8.46	%		7.69	%
Russell 2000^® Index^1,16			0.03	%		15.55	%		7.12	%		8.73	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Small Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Socially Responsive Fund Commentary (Unaudited)

Neuberger Berman Socially Responsive Fund Investor Class generated a 0.29% total return for the fiscal year ended August 31, 2015, trailing the 0.48% return of its benchmark, the S&P 500^® Index. (Performance for all share classes is provided in the table immediately following this letter.)

For the Fund, top contributors included long-term holdings Newell Rubbermaid, Progressive and Intercontinental Exchange. Newell Rubbermaid appears to have engineered a successful turnaround, low-cost insurer Progressive continued to innovate and take market share; and Intercontinental Exchange has benefited from the greater transparency and safety in trading and clearing required in the post-crisis regulatory environment.

Detractors included Noble Energy, a victim of the drop in energy prices, and NOW Inc., among the Industrials names to suffer in sympathy with oil. Elsewhere, Keurig Green Mountain underperformed due to challenges in transitioning to its next-generation brewing technology. We continue to own each of these names.

We were opportunistic buyers and sellers this fiscal year, adding NetScout, a communications technology company. We received shares as a spinout from long-term holding Danaher, which merged its communication businesses with NetScout. We believe the core business is well positioned to capitalize on the growing need for bandwidth, with greater potential upside from network analytics, optimization and security tools. We also bought Adobe, which we believe should benefit from the convergence of digital media, marketing and payments facilitated by consumers' growing on-line presence. We sold holdings including Praxair, Costco, Novozymes and Sanofi, primarily on valuation concerns.

Looking ahead, while extreme financial market volatility can precipitate real world pressures, especially for an over-leveraged global economy, absent some significant shock we do not foresee a return to global recession. We believe China's economy, while slower, is still growing, and that even if the Fed acts this fall, U.S. rates are likely to remain low and supportive of growth for some time.

Beyond the headlines, the U.S. economy appears to be moving forward. Auto sales have been setting post-crisis records, non-residential construction has been growing, and the labor market has continued tightening. While deflationary pressures weigh on commodity-producing nations, lower costs benefit purchasing power for consumers here and abroad. Clearly global risks remain, but U.S. fundamentals appear to us firm and supportive for equities.

We remain pleased with our portfolio companies, believing they are positioned to outperform peers—with strong cash flow and balance sheets ready to weather a storm should one arise.

We look forward to continuing to serve your investment needs.

Sincerely,

Arthur Moretti* and Ingrid S. Dyott
Portfolio Co-Managers

* As previously disclosed in the supplement to prospectus, Arthur Moretti recently announced he intends to retire in February 2016 after a 28-year career and 14 years at Neuberger Berman. Effective February 5, 2016, Ingrid Dyott and Sajjad Ladiwala will be Portfolio Co-Managers. Mamundi Subhas will remain Associate Portfolio Manager.

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

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

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

Socially Responsive Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	13.7	%
Consumer Staples	6.1
Energy	6.8
Financials	16.7
Health Care	9.4
Industrials	18.7
Information Technology	20.8
Telecommunication Services	1.4
Utilities	3.9
Short-Term Investments	2.5
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2015
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		0.29	%		14.41	%		6.98	%		8.98	%
Trust Class³	03/03/1997		0.12	%		14.21	%		6.79	%		8.80	%
Institutional Class⁵	11/28/2007		0.46	%		14.61	%		7.13	%		9.05	%
Class A²⁰	05/27/2009		0.11	%		14.17	%		6.85	%		8.92	%
Class C²⁰	05/27/2009		–0.67	%		13.32	%		6.35	%		8.68	%
Class R3¹⁷	05/27/2009		–0.12	%		13.91	%		6.70	%		8.84	%
Class R6²⁴	03/15/2013		0.51	%		14.55	%		7.04	%		9.01	%
With Sales Charge
Class A²⁰			–5.66	%		12.83	%		6.22	%		8.62	%
Class C²⁰			–1.50	%		13.32	%		6.35	%		8.68	%
Index
S&P 500^® Index^1,16			0.48	%		15.87	%		7.15	%		9.03	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Socially Responsive Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Value Fund Commentary (Unaudited)

Neuberger Berman Value Fund Institutional Class generated a –7.42% total return for the fiscal year ended August 31, 2015, underperforming its benchmark, the Russell 1000^® Value Index, which returned –3.48% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the fiscal year, we saw an extended period of relative calm and modest equity gains promote a sense of complacency, which was shattered when underlying macro concerns escalated into a steep market correction. Stocks were somewhat choppy early in the year amid growing apprehension about the state of the global economy, the potential for a rate hike by the U.S. Federal Reserve (Fed) and the free-fall in crude oil prices. Yet, the market swiftly recovered time and again despite continued downward pressures. Issues such as the Greek sovereign debt crisis, signs of economic weakness in China and the negative impact of a rising U.S. dollar and deflated crude oil prices remained hot topics for investors throughout the period, but an improving U.S. economy and words of assurance from the Fed and other global policymakers kept the equity market in a fairly narrow trading band for several months. Tensions began to rise, however, as the September deadline for a Fed rate decision drew closer. Anxiety over China then reached a tipping point in August when the People's Bank of China unexpectedly devalued the nation's currency to prop up its economy. The move ignited a sell-off in equities that led to a double-digit drop in U.S. stocks. The market recouped some of its losses but large-cap value stocks still ended the period with an overall decline.

We remain generally positive on the overall equity market, as we believe that U.S. stocks should continue to benefit from the slowly improving domestic economy. Still, we continue to be wary of the global macro picture and other external factors. Corporate profits are largely expected to grow next year if the U.S. labor market continues to improve and consumers continue to reap the benefits of low fuel costs; however, the latest earnings season was muted given weakness in Energy and lackluster results among large multinationals, a situation that could persist if oil prices decline further or the U.S. dollar continues to advance. The risk of a more severe economic downturn in China and other emerging markets is also a source of concern, particularly as the U.S. appears to be embarking on a path of interest rate tightening, which could leave the domestic economy more vulnerable to external shocks. While we are cognizant of these concerns, we feel the global economy is on the mend and that there are attractive opportunities in some of the most affected areas of the most recent downturn. The best way to navigate such an environment, in our view, is to take a bottom-up investment approach in looking for underappreciated stocks carrying hidden value that could be realized if 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 without notice.

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

Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLRLX
Class A				NVAAX
Class C				NVACX

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	17.3	%
Consumer Staples	1.0
Energy	9.0
Financials	29.2
Health Care	7.3
Industrials	20.9
Information Technology	6.5
Materials	8.8
Short-Term Investments	0.0
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2015
	Inception Date*	1 Year			5 Years			Life of Fund
At NAV
Institutional Class²¹	04/19/2010		–7.42	%		13.94	%		6.68	%
Class A²¹	03/02/2011		–7.71	%		13.56	%		6.48	%
Class C²¹	03/02/2011		–8.44	%		12.79	%		6.07	%
With Sales Charge
Class A²¹			–13.01	%		12.22	%		5.77	%
Class C²¹			–9.30	%		12.79	%		6.07	%
Index
Russell 1000^® Value Index^1,16			–3.48	%		14.68	%		4.91	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2015 can be found in the Financial Highlights section of this report.

Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT²¹

(000's Omitted)

World Equity Fund Commentary (Unaudited)

We are pleased to provide the first annual report for Neuberger Berman World Equity Fund, which was launched on June 30, 2015. The Fund seeks long-term capital appreciation by investing primarily in equity securities of companies located around the world, including companies in both developed and emerging markets. We combine both a top-down, thematic framework and fundamental bottom-up stock analyses to identify and select what we believe are attractive equity investment opportunities.

For the two-month period since its inception through August 31, 2015, the Fund's Institutional Class generated a –4.70% total return but outperformed its benchmark, the MSCI All Country World Index, which provided a –5.93% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

From a stock perspective, the top contributors to performance during the reporting period included a French industrial company, a Japanese construction company and an Internet retailer based in the U.S. The top detractors included a Taiwanese semiconductor equipment company, a U.S. technology hardware company and a Korean cosmetics company. From a sector perspective, the top contributors during the period were Industrials, Telecommunication Services and Utilities. The top detractors were Information Technology, Financials and Health Care. The Fund's use of financial futures contracts contributed positively to the Fund's performance while equity swaps and forward foreign currency contracts detracted from performance.

We are broadly constructive on global equity markets for the remainder of 2015. In particular, we are positive on European equity markets, where we anticipate continued economic healing as suggested by a number of leading economic indicators. A weaker euro, highly accommodative monetary policy and an apparent resolution of the Greek crisis could provide further support, in our view. We are also constructive on investment opportunities in Japan, where earnings momentum has been strong and continued improvement in corporate governance is anticipated. We believe the U.S. equity market may face some uncertainties as relating to its response to a widely anticipated cycle of interest rate increases.

Sincerely,

Daniel Geber
Portfolio Manager

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

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

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

World Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NWTIX
Class A				NWTAX
Class C				NWTCX

PERFORMANCE HIGHLIGHTS⁹

	Inception Date	Cumulative Total Return Ended 08/31/2015 Life of Fund
At NAV
Institutional Class	06/30/2015		–4.70	%
Class A	06/30/2015		–4.80	%
Class C	06/30/2015		–4.90	%
With Sales Charge
Class A			–10.27	%
Class C			–5.85	%
Index
MSCI All Country World Index^1,16			–5.93	%

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 are 1.40%, 1.76% and 2.51% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the period from June 30, 2015 through August 31, 2015 can be found in the Financial Highlights section of this report.

World Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Endnotes

1 Please see "Glossary of Indices" on page 74 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 those other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

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

9 Neuberger Berman Global Real Estate Fund and Neuberger Berman World Equity Fund are relatively small. Each of Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Multi-Cap Opportunities Fund and Neuberger Berman Value Fund 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.

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

Endnotes (cont'd)

11 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 only one investor, which could have impacted Fund performance. The performance information for the TrustClass 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

Endnotes (cont'd)

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.

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.

Endnotes (cont'd)

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 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

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.
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 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 indices comprising 23 developed and 23 emerging market country indices. The developed market country indices 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 indices 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 nondomestic investors. The index includes equity securities issued by companies incorporated in the People's Republic of China ("PRC"), and listed in the form of China B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or China H shares on the Hong Kong Stock Exchange (in HK$) and other foreign exchanges. It also includes Red-Chips and P-Chips, which are not incorporated in the PRC and are listed on the Hong Kong Stock Exchange. Red-Chips include companies that are directly or indirectly controlled by organizations or enterprises that are owned by the state, provinces, or municipalities of the PRC. P-Chips include non-state-owned Chinese companies incorporated outside the mainland and traded in Hong Kong. The index does not include China A-shares or securities of U.S. 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.)
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 indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
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 indices: 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.

Glossary of Indices (cont'd)

Russell 1000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap segment of the U.S. equity market. It includes approximately 1,000 of the largest securities in the Russell 3000^® Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.
Russell 1000^® 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 (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.
Russell 2000^® Growth Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap growth segment of the U.S. equity market. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.
Russell 2000^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The index is rebalanced annually in June.
Russell Midcap^® Growth Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
S&P 500^® Index:				The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

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

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended August 31, 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 8/31/15 (Unaudited)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽³⁾
	Beginning Account Value 3/1/15		Ending Account Value 8/31/15		Expenses Paid During the Period⁽¹⁾3/1/15 - 8/31/15		Expense Ratio			Beginning Account Value 3/1/15		Ending Account Value 8/31/15		Expenses Paid During the Period⁽¹⁾3/1/15 - 8/31/15		Expense Ratio
All Cap Core Fund
Institutional Class	$	1,000.00	$	951.20	$	3.69		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	949.10	$	5.90		1.20	%	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Class C	$	1,000.00	$	945.40	$	9.61		1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	849.50	$	5.83		1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class A	$	1,000.00	$	848.80	$	6.99		1.50	%	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class C	$	1,000.00	$	845.60	$	10.47		2.25	%	$	1,000.00	$	1,013.86	$	11.42		2.25	%
Class R3	$	1,000.00	$	846.80	$	8.89		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6	$	1,000.00	$	850.20	$	5.50		1.18	%	$	1,000.00	$	1,019.26	$	6.01		1.18	%
Equity Income Fund
Institutional Class	$	1,000.00	$	934.90	$	3.32		0.68	%	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Class A	$	1,000.00	$	932.10	$	5.11		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class C	$	1,000.00	$	929.00	$	8.70		1.79	%	$	1,000.00	$	1,016.18	$	9.10		1.79	%
Class R3	$	1,000.00	$	931.70	$	6.38		1.31	%	$	1,000.00	$	1,018.60	$	6.67		1.31	%
Focus Fund
Investor Class	$	1,000.00	$	967.30	$	4.51		0.91	%	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Trust Class	$	1,000.00	$	966.10	$	5.45		1.10	%	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Advisor Class	$	1,000.00	$	965.20	$	6.34		1.28	%	$	1,000.00	$	1,018.75	$	6.51		1.28	%
Institutional Class	$	1,000.00	$	968.10	$	3.72		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	966.40	$	5.50		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C	$	1,000.00	$	962.60	$	9.20		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Genesis Fund
Investor Class	$	1,000.00	$	968.30	$	5.01		1.01	%	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Trust Class	$	1,000.00	$	967.50	$	5.50		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Advisor Class	$	1,000.00	$	965.90	$	6.89		1.39	%	$	1,000.00	$	1,018.20	$	7.07		1.39	%
Institutional Class	$	1,000.00	$	968.80	$	4.22		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class R6	$	1,000.00	$	969.30	$	3.87		0.78	%	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Global Equity Fund
Institutional Class	$	1,000.00	$	936.10	$	5.61		1.15	%	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Class A	$	1,000.00	$	934.00	$	7.36		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Class C	$	1,000.00	$	930.30	$	11.00		2.26	%	$	1,000.00	$	1,013.81	$	11.47		2.26	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	912.50	$	4.82		1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class A	$	1,000.00	$	909.90	$	6.55		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class C	$	1,000.00	$	906.40	$	10.14		2.11	%	$	1,000.00	$	1,014.57	$	10.71		2.11	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	919.40	$	7.26		1.50	%	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class A	$	1,000.00	$	917.50	$	8.99		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class C	$	1,000.00	$	913.80	$	12.59		2.61	%	$	1,000.00	$	1,012.05	$	13.24		2.61	%
Guardian Fund
Investor Class	$	1,000.00	$	918.00	$	4.21		0.87	%	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Trust Class	$	1,000.00	$	917.00	$	5.12		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Advisor Class	$	1,000.00	$	913.90	$	8.06		1.67	%	$	1,000.00	$	1,016.79	$	8.49		1.67	%
Institutional Class	$	1,000.00	$	918.70	$	3.43		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class A	$	1,000.00	$	916.90	$	5.17		1.07	%	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C	$	1,000.00	$	913.10	$	8.82		1.83	%	$	1,000.00	$	1,015.98	$	9.30		1.83	%
Class R3	$	1,000.00	$	915.00	$	6.56		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%

Expense Information as of 8/31/15 (Unaudited) (cont'd)

	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽³⁾
	Beginning Account Value 3/1/15		Ending Account Value 8/31/15		Expenses Paid During the Period⁽¹⁾3/1/15 - 8/31/15		Expense Ratio			Beginning Account Value 3/1/15		Ending Account Value 8/31/15		Expenses Paid During the Period⁽¹⁾3/1/15 - 8/31/15		Expense Ratio
International Equity Fund
Investor Class	$	1,000.00	$	939.20	$	5.08		1.04	%	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Trust Class	$	1,000.00	$	938.70	$	5.62		1.15	%	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Institutional Class	$	1,000.00	$	940.40	$	4.16		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	938.60	$	5.91		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	934.80	$	9.56		1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R6	$	1,000.00	$	940.00	$	3.81		0.78	%	$	1,000.00	$	1,021.27	$	3.97		0.78	%
International Select Fund
Trust Class	$	1,000.00	$	930.60	$	6.08		1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Institutional Class	$	1,000.00	$	932.20	$	4.38		0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class A	$	1,000.00	$	930.10	$	6.03		1.24	%	$	1,000.00	$	1,018.95	$	6.31		1.24	%
Class C	$	1,000.00	$	926.70	$	9.71		2.00	%	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class R3	$	1,000.00	$	929.60	$	7.34		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	957.90	$	4.93		1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class A	$	1,000.00	$	956.50	$	6.71		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class C	$	1,000.00	$	952.70	$	10.39		2.11	%	$	1,000.00	$	1,014.57	$	10.71		2.11	%
Large Cap Disciplined Growth Fund
Investor Class	$	1,000.00	$	941.30	$	5.43		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Institutional Class	$	1,000.00	$	942.00	$	3.67		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	941.20	$	5.43		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C	$	1,000.00	$	938.50	$	9.09		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R3	$	1,000.00	$	942.60	$	6.66		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	914.10	$	4.15		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Trust Class	$	1,000.00	$	912.80	$	5.11		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Advisor Class	$	1,000.00	$	912.10	$	5.83		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Institutional Class	$	1,000.00	$	914.90	$	3.43		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class A	$	1,000.00	$	912.80	$	5.21		1.08	%	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class C	$	1,000.00	$	909.90	$	8.76		1.82	%	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R3	$	1,000.00	$	912.00	$	6.55		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	1,002.80	$	4.59		0.91	%	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Trust Class	$	1,000.00	$	1,002.50	$	4.95		0.98	%	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Advisor Class	$	1,000.00	$	1,001.20	$	6.25		1.24	%	$	1,000.00	$	1,018.95	$	6.31		1.24	%
Institutional Class	$	1,000.00	$	1,003.40	$	3.79		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	1,002.10	$	5.60		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C	$	1,000.00	$	997.90	$	9.37		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R3	$	1,000.00	$	1,000.40	$	6.86		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class R6	$	1,000.00	$	1,004.10	$	3.38		0.67	%	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	930.40	$	5.11		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Trust Class	$	1,000.00	$	929.20	$	6.08		1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Institutional Class	$	1,000.00	$	930.90	$	4.14		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	929.60	$	5.89		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	925.70	$	9.51		1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R3	$	1,000.00	$	928.60	$	7.10		1.46	%	$	1,000.00	$	1,017.85	$	7.43		1.46	%
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	956.90	$	3.60		0.73	%	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class A	$	1,000.00	$	954.70	$	5.42		1.10	%	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C	$	1,000.00	$	951.60	$	9.05		1.84	%	$	1,000.00	$	1,015.93	$	9.35		1.84	%

Expense Information as of 8/31/15 (Unaudited) (cont'd)

	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽³⁾
	Beginning Account Value 3/1/15		Ending Account Value 8/31/15		Expenses Paid During the Period⁽¹⁾3/1/15 - 8/31/15			Expense Ratio			Beginning Account Value 3/1/15		Ending Account Value 8/31/15		Expenses Paid During the Period⁽¹⁾3/1/15 - 8/31/15		Expense Ratio
Real Estate Fund
Trust Class	$	1,000.00	$	906.90	$	5.00			1.04	%	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Institutional Class	$	1,000.00	$	908.00	$	4.09			0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	906.60	$	5.81			1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	903.40	$	9.40			1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R3	$	1,000.00	$	905.50	$	7.01			1.46	%	$	1,000.00	$	1,017.85	$	7.43		1.46	%
Class R6	$	1,000.00	$	908.30	$	3.75			0.78	%	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	963.70	$	5.99			1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Trust Class	$	1,000.00	$	962.60	$	6.93			1.40	%	$	1,000.00	$	1,018.15	$	7.12		1.40	%
Advisor Class	$	1,000.00	$	962.00	$	7.47			1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Institutional Class	$	1,000.00	$	965.10	$	4.46			0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class A	$	1,000.00	$	963.40	$	6.24			1.26	%	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C	$	1,000.00	$	960.10	$	9.93			2.01	%	$	1,000.00	$	1,015.07	$	10.21		2.01	%
Class R3	$	1,000.00	$	962.10	$	7.47			1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Socially Responsive Fund
Investor Class	$	1,000.00	$	940.00	$	4.16			0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Trust Class	$	1,000.00	$	939.00	$	5.03			1.03	%	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Institutional Class	$	1,000.00	$	940.60	$	3.28			0.67	%	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Class A	$	1,000.00	$	938.90	$	5.13			1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class C	$	1,000.00	$	935.50	$	8.73			1.79	%	$	1,000.00	$	1,016.18	$	9.10		1.79	%
Class R3	$	1,000.00	$	937.90	$	6.30			1.29	%	$	1,000.00	$	1,018.70	$	6.56		1.29	%
Class R6	$	1,000.00	$	940.90	$	2.94			0.60	%	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Value Fund
Institutional Class	$	1,000.00	$	916.30	$	3.33			0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class A	$	1,000.00	$	915.20	$	5.26			1.09	%	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class C	$	1,000.00	$	911.60	$	8.77			1.82	%	$	1,000.00	$	1,016.03	$	9.25		1.82	%
World Equity Fund
Institutional Class	$	1,000.00	$	953.00	$	1.69	⁽²⁾		1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class A	$	1,000.00	$	952.00	$	2.29	⁽²⁾		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class C	$	1,000.00	$	951.00	$	3.55	⁽²⁾		2.11	%	$	1,000.00	$	1,014.57	$	10.71		2.11	%

(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 184/365 (to reflect the one-half year period shown), unless otherwise indicated.

(2) 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 63/365 (to reflect the period June 30, 2015 (Commencement of Operations) to August 31, 2015).

(3) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 184/365 (to reflect the one-half year period shown).

Schedule of Investments All Cap Core Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	BlackRock, Inc.	5.6	%
2	American Tower Corp.	5.2	%
3	Google, Inc. Class C	4.5	%
4	Allergan PLC	4.0	%
5	Walt Disney Co.	3.9	%

6	JPMorgan Chase & Co.	3.6	%
7	Delphi Automotive PLC	3.6	%
8	Plains All American Pipeline LP	3.5	%
9	Verisk Analytics, Inc.	3.4	%
10	SS&C Technologies Holdings, Inc.	3.3	%

	Number of Shares		Value† (000's)^z
Common Stocks (78.3%)
Auto Components (6.5%)
BorgWarner, Inc.		33,472	$	1,461
Delphi Automotive PLC		23,564		1,779
				3,240
Banks (3.6%)
JPMorgan Chase & Co.		28,208		1,808
Capital Markets (5.6%)
BlackRock, Inc.		9,340		2,825
Health Care Equipment & Supplies (2.8%)
Cooper Cos., Inc.		8,790		1,428
Internet & Catalog Retail (5.8%)
Liberty Interactive Corp. QVC Group Class A*		53,454		1,445
Priceline Group, Inc.*		1,165		1,455
				2,900
Internet Software & Services (9.7%)
eBay, Inc.*		59,189		1,605
Facebook, Inc. Class A*		11,350		1,015
Google, Inc. Class C*		3,648		2,255
				4,875
IT Services (5.0%)
PayPal Holdings, Inc.*		26,716		935
Visa, Inc. Class A		22,163		1,580
				2,515
Media (3.9%)
Walt Disney Co.		18,992		1,935
Oil, Gas & Consumable Fuels (6.6%)
Enbridge Energy Management LLC*		56,113		1,580
Plains All American Pipeline LP		48,285		1,741
				3,321
Pharmaceuticals (6.1%)
Allergan PLC*		6,676		2,028
Teva Pharmaceutical Industries Ltd. ADR		16,002		1,031
				3,059

	Number of Shares		Value† (000's)^z
Professional Services (6.5%)
Nielsen Holdings PLC		34,426	$	1,557
Verisk Analytics, Inc.*		23,006		1,681
				3,238
Real Estate Investment Trusts (5.2%)
American Tower Corp.		28,223		2,602
Software (11.0%)
Activision Blizzard, Inc.		42,955		1,230
Adobe Systems, Inc.*		12,837		1,008
Intuit, Inc.		18,857		1,617
SS&C Technologies Holdings, Inc.		24,121		1,634
				5,489
Total Common Stocks (Cost $35,514)				39,235
Exchange Traded Funds (5.3%)
SPDR S&P 500 ETF Trust		6,476		1,280
Utilities Select Sector SPDR Fund		32,125		1,364
Total Exchange Traded Funds (Cost $2,636)				2,644
Short-Term Investments (15.9%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $7,981)		7,980,672		7,981
Total Investments^## (99.5%) (Cost $46,131)				49,860
Cash, receivables and other assets, less liabilities (0.5%)				240
Total Net Assets (100.0%)			$	50,100

See Notes to Schedule of Investments

Schedule of Investments Emerging Markets Equity Fund 8/31/15

TOP TEN EQUITY HOLDINGS

		Country	Industry
1	Samsung Electronics Co. Ltd.	Korea	Technology Hardware, Storage & Peripherals	3.4	%
2	Tencent Holdings Ltd.	China	Internet Software & Services	3.4	%
3	Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan, Province of China	Semiconductors & Semiconductor Equipment	2.3	%
4	Cummins India Ltd.	India	Machinery	2.0	%
5	China Mobile Ltd.	China	Wireless Telecommunication Services	1.9	%
6	Coway Co. Ltd.	Korea	Household Durables	1.9	%
7	Sunny Optical Technology Group Co. Ltd.	China	Electronic Equipment, Instruments & Components	1.8	%
8	China Everbright International Ltd.	China	Commercial Services & Supplies	1.7	%
9	Magnit PJSC	Russia	Food & Staples Retailing	1.7	%
10	NCSoft Corp.	Korea	Software	1.6	%

	Number of Shares		Value† (000's)^z
Common Stocks (98.0%)
Brazil (7.0%)
AMBEV SA ADR		865,800	$	4,563
BB Seguridade Participacoes SA		526,900		4,170
CCR SA		973,800		3,995
Cielo SA		352,040		3,723
Embraer SA		184,000		1,166
Embraer SA ADR		120,600		3,049
FPC Par Corretora de Seguros SA*		543,000		1,960
Itau Unibanco Holding SA, Preference Shares		753,470		5,516
Qualicorp SA		187,500		882
				29,024
Chile (0.6%)
SACI Falabella		444,465		2,726
China (26.9%)
AAC Technologies Holdings, Inc.		1,089,200		6,135
Anhui Conch Cement Co. Ltd., H Shares		643,300		1,946
Baidu, Inc. ADR*		26,500		3,902
Bolina Holding Co. Ltd.		719,600		205
Changyou.com Ltd. ADR*		187,500		3,936
China Child Care Corp. Ltd.		6,035,700		553
China Everbright International Ltd.		5,440,000		7,160
China Medical System Holdings Ltd.		2,932,800		3,182
China Mengniu Dairy Co. Ltd.		1,470,240		5,141
China Mobile Ltd.		653,400		8,056

	Number of Shares		Value† (000's)^z
China State Construction International Holdings Ltd.		3,243,400	$	4,336
China Vanke Co. Ltd., H Shares		2,571,623		5,847
CNOOC Ltd.		4,535,200		5,623
Country Garden Holdings Co. Ltd.		7,221,600		2,534
Galaxy Entertainment Group Ltd.		623,600		2,003
Haier Electronics Group Co. Ltd.		3,046,800		5,433
Hua Hong Semiconductor Ltd.^ñ*		2,826,000		2,527
Industrial & Commercial Bank of China Ltd., H Shares		11,037,900		6,523
New Oriental Education & Technology Group, Inc. ADR*		180,900		3,707
PICC Property & Casualty Co. Ltd., H Shares		2,421,200		4,599
Ping An Insurance Group Co. of China Ltd., H Shares		1,227,900		6,013
Sunny Optical Technology Group Co. Ltd.		4,363,200		7,296
Tencent Holdings Ltd.		821,500		13,971
Zhuzhou CSR Times Electric Co. Ltd., H Shares		196,400		1,305
				111,933

	Number of Shares		Value† (000's)^z
Czech Republic (1.0%)
Komercni Banka A/S		17,855	$	4,069
Hong Kong (0.6%)
AIA Group Ltd.		471,800		2,606
India (10.3%)
Cummins India Ltd.		496,900		8,125
Dabur India Ltd.		1,300,284		5,358
Dewan Housing Finance Corp. Ltd.		324,400		2,249
Glenmark Pharmaceuticals Ltd.*		307,200		5,255
HDFC Bank Ltd. ADR		61,900		3,528
Hero MotoCorp Ltd.		101,120		3,672
ICICI Bank Ltd.		747,080		3,124
Larsen & Toubro Ltd.*		120,900		2,919
Power Grid Corp. of India Ltd.		2,060,454		4,042
Prestige Estates Projects Ltd.		866,630		2,637
Tata Motors Ltd. Class A		601,034		2,152
				43,061
Indonesia (4.5%)
PT AKR Corporindo Tbk		8,091,900		3,499
PT Bank Rakyat Indonesia Persero Tbk		2,438,800		1,844
PT Gudang Garam Tbk		969,300		3,070
PT Link Net Tbk*		5,809,200		1,995
PT Matahari Department Store Tbk		3,370,800		4,205

See Notes to Schedule of Investments

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

	Number of Shares		Value† (000's)^z
PT Semen Indonesia (Persero) Tbk		3,140,600	$	2,068
PT Sumber Alfaria Trijaya Tbk		48,893,300		2,018
				18,699
Jordan (1.0%)
Hikma Pharmaceuticals PLC		118,435		4,105
Korea (12.2%)
Coway Co. Ltd.		108,370		7,733
Hyundai Motor Co.		52,835		6,656
NAVER Corp.		10,535		4,414
NCSoft Corp.		36,865		6,810
Samsung Electronics Co. Ltd.		15,465		14,239
Samsung Engineering Co. Ltd.*		82,373		1,839
SFA Engineering Corp.		95,992		3,534
SK Hynix, Inc.		149,730		4,532
Sung Kwang Bend Co. Ltd.		107,400		940
				50,697
Malaysia (0.8%)
Axiata Group Berhad		2,187,000		3,199
Mexico (5.9%)
Arca Continental SAB de CV		675,200		3,907
Corp. Inmobiliaria Vesta SAB de CV		2,546,500		3,954
Grupo Financiero Banorte SAB de CV, O Shares		1,054,500		5,048
Grupo GICSA SA de CV*		2,930,500		2,578
Grupo Mexico SAB de CV Series B		1,245,800		3,160
Infraestructura Energetica Nova SAB de CV		704,100		3,130
Unifin Financiera SAPI de CV*		1,355,400		2,969
				24,746
Peru (1.4%)
Credicorp Ltd.		53,100		5,840

	Number of Shares		Value† (000's)^z
Philippines (3.6%)
Ayala Corp.		278,550	$	4,391
International Container Terminal Services, Inc.		1,880,920		3,731
RFM Corp.		9,214,500		804
SM Investments Corp.		111,600		2,093
Universal Robina Corp.		957,300		3,965
				14,984
Qatar (1.3%)
Industries Qatar QSC		144,823		5,290
Russia (3.7%)
LUKOIL PJSC ADR		82,935		3,137
Magnit PJSC		37,165		7,105
QIWI PLC ADR		125,900		3,292
Yandex NV Class A*		146,000		1,781
				15,315
Singapore (0.9%)
Asian Pay Television Trust		6,421,602		3,709
South Africa (5.4%)
Alexander Forbes Group Holdings Ltd.		6,384,911		4,276
Bidvest Group Ltd.		193,979		4,665
Life Healthcare Group Holdings Ltd.		1,660,660		4,767
MTN Group Ltd.		214,394		2,861
Sasol Ltd.		86,565		2,774
Standard Bank Group Ltd.		274,465		3,024
				22,367
Taiwan, Province of China (6.3%)
China Steel Chemical Corp.		481,400		1,480
eMemory Technology, Inc.		328,200		3,067
Hermes Microvision, Inc.		96,640		4,099
Hu Lane Associate, Inc.		590,600		2,024
MediaTek, Inc.		555,200		4,283

	Number of Shares		Value† (000's)^z
Taiwan Semiconductor Manufacturing Co. Ltd.		2,373,739	$	9,411
Tung Thih Electronic Co. Ltd.		333,400		1,870
				26,234
Thailand (1.9%)
Bangkok Dusit Medical Services PCL		4,411,200		2,400
CP ALL PCL		3,849,700		5,477
				7,877
Turkey (1.5%)
Arcelik A/S		611,040		2,866
Turkiye Garanti Bankasi A/S		1,053,810		2,672
Ulker Biskuvi Sanayi A/S		108,100		665
				6,203
United Kingdom (1.2%)
SABMiller PLC		105,845		4,913
Total Common Stocks (Cost $450,034)				407,597
Short-Term Investments (1.3%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $5,401)		5,401,394		5,401
Total Investments^## (99.3%) (Cost $455,435)				412,998
Cash, receivables and other assets, less liabilities (0.7%)				2,983
Total Net Assets (100.0%)			$	415,981

See Notes to Schedule of Investments

POSITIONS BY INDUSTRY EMERGING MARKETS EQUITY FUND

Industry	Investments at Value^†(000's omitted)		Percentage of Net Assets
Banks	$	41,188		9.9	%
Semiconductors & Semiconductor Equipment		27,919		6.7	%
Internet Software & Services		24,068		5.8	%
Insurance		19,348		4.7	%
Real Estate Management & Development		17,550		4.2	%
Electronic Equipment, Instruments & Components		16,965		4.1	%
Household Durables		16,032		3.9	%
Food & Staples Retailing		14,600		3.5	%
Technology Hardware, Storage & Peripherals		14,239		3.4	%
Wireless Telecommunication Services		14,116		3.4	%
Beverages		13,383		3.2	%
Pharmaceuticals		12,542		3.0	%
Automobiles		12,480		3.0	%
Industrial Conglomerates		12,048		2.9	%
Oil, Gas & Consumable Fuels		11,534		2.8	%
Software		10,746		2.6	%
Food Products		10,575		2.5	%
Construction & Engineering		9,094		2.1	%
Diversified Financial Services		8,667		2.1	%
Machinery		8,125		2.0	%
Health Care Providers & Services		8,049		1.9	%
Transportation Infrastructure		7,726		1.9	%
Commercial Services & Supplies		7,160		1.7	%
IT Services		7,015		1.7	%
Multiline Retail		6,931		1.6	%
Personal Products		5,911		1.4	%
Aerospace & Defense		4,215		1.0	%
Electric Utilities		4,042		1.0	%
Construction Materials		4,014		1.0	%
Auto Components		3,894		0.9	%
Media		3,709		0.9	%
Diversified Consumer Services		3,707		0.9	%
Trading Companies & Distributors		3,499		0.8	%
Metals & Mining		3,160		0.8	%
Gas Utilities		3,130		0.8	%
Tobacco		3,070		0.7	%
Consumer Finance		2,969		0.7	%
Thrifts & Mortgage Finance		2,249		0.5	%
Hotels, Restaurants & Leisure		2,003		0.5	%
Diversified Telecommunication Services		1,995		0.5	%
Chemicals		1,480		0.4	%
Electrical Equipment		1,305		0.3	%
Building Products		1,145		0.3	%
Short-Term Investments and Other Assets—Net		8,384		2.0	%
	$	415,981		100.0	%

See Notes to Schedule of Investments

Schedule of Investments Equity Income Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	NextEra Energy, Inc.	2.8	%
2	JPMorgan Chase & Co.	2.4	%
3	Eli Lilly & Co.	2.4	%
4	Johnson & Johnson	2.3	%
5	PNC Financial Services Group, Inc.	2.2	%

6	CME Group, Inc.	2.2	%
7	MetLife, Inc.	2.2	%
8	Prologis, Inc.	2.1	%
9	Dominion Resources, Inc.	2.1	%
10	Koninklijke Philips NV	2.1	%

	Number of Shares		Value† (000's)^z
Common Stocks (91.9%)
Aerospace & Defense (0.5%)
Honeywell International, Inc.		108,000	$	10,721
Banks (6.7%)
JPMorgan Chase & Co.^@		800,000		51,280
PNC Financial Services Group, Inc.^@		520,000		47,382
Wells Fargo & Co.		800,000		42,664
				141,326
Beverages (1.1%)
Coca-Cola Co.		600,000		23,592
Capital Markets (4.5%)
BlackRock, Inc.		52,000		15,728
Blackstone Group LP		1,145,000		39,216
Carlyle Group LP		1,240,000		26,238
UBS Group AG*		783,000		16,225
				97,407
Chemicals (2.5%)
E.I. du Pont de Nemours & Co.		634,000		32,651
LyondellBasell Industries NV Class A		240,000		20,491
				53,142
Communications Equipment (1.9%)
Cisco Systems, Inc.		1,563,000		40,450
Diversified Financial Services (2.2%)
CME Group, Inc.^@		500,000		47,220
Diversified Telecommunication Services (2.1%)
BT Group PLC		3,177,000		21,194
Frontier Communications Corp.		4,450,000		22,562
				43,756
Electric Utilities (5.4%)
Edison International		367,000		21,462
Exelon Corp.		1,045,000		32,145

	Number of Shares		Value† (000's)^z
NextEra Energy, Inc.^@		615,000	$	60,522
				114,129
Energy Equipment & Services (1.5%)
Schlumberger Ltd.		399,000		30,871
Hotels, Restaurants & Leisure (1.3%)
Las Vegas Sands Corp.		602,000		27,831
Household Products (1.5%)
Kimberly-Clark Corp.		300,000		31,959
Independent Power and Renewable Electricity Producers (0.8%)
8Point3 Energy Partners LP*		61,400		912
TerraForm Power, Inc. Class A*		735,000		16,537
				17,449
Industrial Conglomerates (4.9%)
General Electric Co.		1,532,000		38,024
Koninklijke Philips NV		1,700,000		43,724
Siemens AG		220,000		21,838
				103,586
Insurance (2.2%)
MetLife, Inc.		933,000		46,743
Leisure Products (1.1%)
Hasbro, Inc.^@		322,600		24,063
Media (3.0%)
Lagardere SCA		1,590,000		43,267
Regal Entertainment Group Class A		1,129,000		21,474
				64,741
Multi-Utilities (8.0%)
CenterPoint Energy, Inc.		1,492,000		27,781
Dominion Resources, Inc.		635,000		44,291
DTE Energy Co.		465,000		36,298
Sempra Energy		280,000		26,558
WEC Energy Group, Inc.		759,000		36,167
				171,095

	Number of Shares		Value† (000's)^z
Oil, Gas & Consumable Fuels (6.9%)
Columbia Pipeline Group, Inc.		1,253,000	$	31,776
Exxon Mobil Corp.		240,000		18,058
Golar LNG Ltd.^@		750,000		29,205
Kinder Morgan, Inc.		767,000		24,858
Occidental Petroleum Corp.		248,000		18,106
ONEOK, Inc.		170,000		6,122
Royal Dutch Shell PLC ADR Class A		361,000		19,104
				147,229
Personal Products (1.1%)
Unilever NV		577,000		23,149
Pharmaceuticals (9.4%)
Bristol-Myers Squibb Co.		391,100		23,259
Eli Lilly & Co.^@		615,000		50,645
GlaxoSmithKline PLC ADR		819,000		33,522
Johnson & Johnson		520,000		48,870
Roche Holding AG ADR		1,268,000		43,308
				199,604
Real Estate Investment Trusts (20.7%)
AvalonBay Communities, Inc.		143,000		23,604
Blackstone Mortgage Trust, Inc. Class A		1,096,000		30,348
Care Capital Properties, Inc.*		93,950		2,987
Crown Castle International Corp.		433,000		36,108
Equinix, Inc.^@		121,000		32,642
Equity Residential		489,000		34,841
Extra Space Storage, Inc.^@		500,000		36,740
Mapletree Logistics Trust		12,280,000		8,529
Outfront Media, Inc.		1,030,327		23,316

See Notes to Schedule of Investments

Schedule of Investments Equity Income Fund (cont'd)

	Number of Shares		Value† (000's)^z
Parkway Life Real Estate Investment Trust		5,973,000	$	9,651
PLA Administradora Industrial S de RL de CV*		5,700,000		10,781
Prologis, Inc.		1,203,000		45,714
Public Storage^@		60,000		12,076
Simon Property Group, Inc.		225,000		40,347
Starwood Property Trust, Inc.		2,050,000		43,624
Ventas, Inc.		375,800		20,676
Weyerhaeuser Co.		1,000,000		27,940
				439,924
Software (1.8%)
Microsoft Corp.^@		884,000		38,472
Tobacco (0.8%)
Imperial Tobacco Group PLC		356,000		17,136
Total Common Stocks (Cost $1,833,161)				1,955,595
Business Development Companies (1.1%)
Apollo Investment Corp.		1,610,000		10,481
FS Investment Corp.		1,180,000		11,942
Total Business Development Companies (Cost $24,674)				22,423
Preferred Stocks (0.5%)
Allergan PLC, Ser. A, 5.50% (Cost $10,865)		10,865		11,158
	Principal Amount
Convertible Bonds (3.6%)
HomeAway, Inc., Senior Unsecured Notes, 0.13%, due 4/1/19	$	4,500,000		4,185

	Principal Amount		Value† (000's)^z
Live Nation Entertainment, Inc., Senior Unsecured Notes, 2.50%, due 5/15/19	$	3,260,000	$	3,378
Priceline Group, Inc., Senior Unsecured Notes, 0.90%, due 9/15/21^ñ		12,900,000		12,642
SINA Corp., Senior Unsecured Notes, 1.00%, due 12/1/18		25,100,000		23,453
TiVo, Inc., Senior Unsecured Notes, 2.00%, due 10/1/21^ñ		10,500,000		9,299
WebMD Health Corp., Senior Unsecured Notes, 2.25%, due 3/31/16		10,000,000		9,981
WebMD Health Corp., Senior Unsecured Notes, 2.50%, due 1/31/18		13,965,000		14,000
Total Convertible Bonds (Cost $75,917)				76,938
	Number of Shares
Short-Term Investments (1.7%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $35,830)		35,829,859		35,830
Total Investments^## (98.8%) (Cost $1,980,447)				2,101,944
Cash, receivables and other assets, less liabilities^‡‡k (1.2%)				24,942
Total Net Assets (100.0%)			$	2,126,886

See Notes to Schedule of Investments

Schedule of Investments Focus Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	JPMorgan Chase & Co.	5.5	%
2	Teva Pharmaceutical Industries Ltd. ADR	5.0	%
3	Eli Lilly & Co.	5.0	%
4	Stanley Black & Decker, Inc.	4.4	%
5	Willis Group Holdings PLC	4.4	%

6	Cisco Systems, Inc.	4.0	%
7	Comcast Corp. Class A Special	3.7	%
8	Newell Rubbermaid, Inc.	3.5	%
9	CVS Health Corp.	3.3	%
10	Delta Air Lines, Inc.	3.3	%

	Number of Shares		Value† (000's)^z
Common Stocks (98.8%)
Airlines (3.3%)
Delta Air Lines, Inc.		590,000	$	25,830
Banks (5.5%)
JPMorgan Chase & Co.		665,000		42,626
Beverages (3.1%)
Coca-Cola Co.		605,000		23,789
Capital Markets (2.1%)
UBS Group AG*		800,000		16,552
Chemicals (1.9%)
FMC Corp.		340,000		14,385
Communications Equipment (4.0%)
Cisco Systems, Inc.		1,200,000		31,056
Consumer Finance (3.0%)
American Express Co.		304,000		23,323
Diversified Consumer Services (2.2%)
Service Corp. International		575,000		17,049
Electronic Equipment, Instruments & Components (3.0%)
CDW Corp.		578,950		23,013
Food & Staples Retailing (3.3%)
CVS Health Corp.		253,000		25,907
Food Products (1.2%)
Diamond Foods, Inc.*		304,300		9,181
Hotels, Restaurants & Leisure (2.1%)
Starwood Hotels & Resorts Worldwide, Inc.		225,000		16,081
Household Durables (5.0%)
Newell Rubbermaid, Inc.		643,000		27,089
Whirlpool Corp.		69,000		11,599
				38,688

	Number of Shares		Value† (000's)^z
Insurance (4.4%)
Willis Group Holdings PLC		785,000	$	33,826
Internet Software & Services (4.6%)
Google, Inc. Class A*		28,000		18,139
Google, Inc. Class C*		28,076		17,358
				35,497
Machinery (4.4%)
Stanley Black & Decker, Inc.		338,000		34,314
Media (7.0%)
Comcast Corp. Class A Special		500,000		28,620
Markit Ltd.*		261,600		7,476
Time Warner, Inc.		257,000		18,273
				54,369
Metals & Mining (0.6%)
Steel Dynamics, Inc.		230,000		4,480
Oil, Gas & Consumable Fuels (9.5%)
Columbia Pipeline Group, Inc.		870,000		22,063
Concho Resources, Inc.*		90,000		9,735
Devon Energy Corp.		280,000		11,945
EOG Resources, Inc.		217,000		16,993
Royal Dutch Shell PLC ADR Class A		242,100		12,812
				73,548
Personal Products (2.0%)
Edgewell Personal Care Co.		175,000		15,410
Pharmaceuticals (10.0%)
Eli Lilly & Co.		470,000		38,705
Teva Pharmaceutical Industries Ltd. ADR		605,000		38,968
				77,673

	Number of Shares		Value† (000's)^z
Real Estate Investment Trusts (1.1%)
Weyerhaeuser Co.		290,000	$	8,103
Road & Rail (1.1%)
Avis Budget Group, Inc.*		200,000		8,826
Semiconductors & Semiconductor Equipment (2.0%)
Freescale Semiconductor Ltd.*		430,000		15,364
Software (2.9%)
Activision Blizzard, Inc.		770,000		22,045
Specialty Retail (3.3%)
Bed Bath & Beyond, Inc.*		415,000		25,776
Technology Hardware, Storage & Peripherals (4.0%)
EMC Corp.		660,000		16,414
SanDisk Corp.		270,000		14,731
				31,145
Textiles, Apparel & Luxury Goods (1.5%)
Ralph Lauren Corp.		107,000		11,897
Trading Companies & Distributors (0.7%)
AerCap Holdings NV*		125,505		5,276
Total Common Stocks (Cost $650,342)				765,029
Short-Term Investments (1.4%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $11,016)		11,015,602		11,016
Total Investments^## (100.2%) (Cost $661,358)				776,045
Liabilities, less cash, receivables and other assets [(0.2%)]				(1,346	)
Total Net Assets (100.0%)			$	774,699

See Notes to Schedule of Investments

Schedule of Investments Genesis Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Church & Dwight Co., Inc.	2.7	%
2	Wabtec Corp.	2.6	%
3	ICON PLC	2.4	%
4	West Pharmaceutical Services, Inc.	2.0	%
5	Sensient Technologies Corp.	2.0	%

6	AptarGroup, Inc.	1.9	%
7	Tyler Technologies, Inc.	1.8	%
8	Manhattan Associates, Inc.	1.7	%
9	Rollins, Inc.	1.6	%
10	Constellation Software, Inc.	1.6	%

	Number of Shares		Value† (000's)^z
Common Stocks (98.2%)
Aerospace & Defense (0.3%)
Astronics Corp.*		637,100	$	32,913
Air Freight & Logistics (0.7%)
Forward Air Corp.^{^}		1,783,468		80,292
Airlines (0.4%)
Allegiant Travel Co.		192,600		39,148
Auto Components (0.7%)
Drew Industries, Inc.		834,799		46,131
Gentex Corp.		2,210,098		34,256
				80,387
Banks (8.8%)
Bank of Hawaii Corp.^{^}		2,290,312		142,137
Bank of the Ozarks, Inc.		2,407,600		100,638
BankUnited, Inc.		2,218,730		79,075
BOK Financial Corp.		1,371,876		86,812
Community Bank System, Inc.		1,197,358		42,698
Cullen/Frost Bankers, Inc.		1,721,925		111,340
CVB Financial Corp.		4,300,272		69,879
First Financial Bankshares, Inc.^{^}		3,321,547		103,433
FNB Corp.		4,672,246		58,683
LegacyTexas Financial Group, Inc.		2,204,368		62,428
PacWest Bancorp		1,619,751		69,066
Westamerica Bancorporation		907,103		40,947
				967,136
Beverages (0.7%)
Boston Beer Co., Inc. Class A*		385,019		78,956
Building Products (1.3%)
AAON, Inc.		1,921,581		39,738

	Number of Shares		Value† (000's)^z
Advanced Drainage Systems, Inc.		875,800	$	24,881
AO Smith Corp.		1,216,348		78,467
				143,086
Capital Markets (0.1%)
OM Asset Management PLC		536,600		8,865
Chemicals (4.4%)
Balchem Corp.^{^}		1,597,909		93,526
Innophos Holdings, Inc.^{^}		1,154,142		55,480
NewMarket Corp.		88,512		33,921
Quaker Chemical Corp.		269,860		21,416
RPM International, Inc.		1,306,044		57,270
Sensient Technologies Corp.^{^}		3,306,945		215,447
				477,060
Commercial Services & Supplies (4.2%)
Essendant, Inc.		1,451,121		50,064
G&K Services, Inc. Class A		436,500		29,512
Healthcare Services Group, Inc.^{^}		3,715,881		124,259
Rollins, Inc.		6,340,230		177,019
Team, Inc.*		801,006		33,514
UniFirst Corp.		393,650		42,675
				457,043
Communications Equipment (1.1%)
NETGEAR, Inc.*		469,620		14,267
NetScout Systems, Inc.*		3,032,784		110,848
				125,115
Construction Materials (0.5%)
Eagle Materials, Inc.		634,000		51,880
Containers & Packaging (2.6%)
AptarGroup, Inc.		3,124,500		210,466

	Number of Shares		Value† (000's)^z
Silgan Holdings, Inc.		1,376,783	$	72,089
				282,555
Distributors (1.6%)
Pool Corp.^{^}		2,475,598		172,500
Diversified Financial Services (0.6%)
MarketAxess Holdings, Inc.		767,151		69,366
Electrical Equipment (0.5%)
Franklin Electric Co., Inc.		1,309,472		38,354
Thermon Group Holdings, Inc.*		927,531		21,222
				59,576
Electronic Equipment, Instruments & Components (5.3%)
Badger Meter, Inc.		605,201		35,277
Cognex Corp.		1,296,208		46,093
FARO Technologies, Inc.*		600,700		23,337
FEI Co.		1,823,342		137,626
Littelfuse, Inc.		688,653		61,807
MTS Systems Corp.		490,887		29,227
Rogers Corp.*^{^}		1,363,251		75,879
Zebra Technologies Corp. Class A*		2,019,724		167,395
				576,641
Energy Equipment & Services (1.8%)
CARBO Ceramics, Inc.		743,157		20,377
Dril-Quip, Inc.*		315,700		21,764
Natural Gas Services Group, Inc.*		594,200		12,888
Oceaneering International, Inc.		1,850,128		81,073
Pason Systems, Inc.^{^}		4,262,257		65,701
				201,803

See Notes to Schedule of Investments

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value† (000's)^z
Food & Staples Retailing (0.2%)
North West Co., Inc.		1,041,600	$	21,448
Food Products (2.6%)
B&G Foods, Inc.		1,477,400		44,898
Calavo Growers, Inc.		38,800		2,260
Flowers Foods, Inc.		2,826,000		65,592
J & J Snack Foods Corp.		890,246		101,452
Lancaster Colony Corp.		741,156		70,284
				284,486
Health Care Equipment & Supplies (7.7%)
Abaxis, Inc.^{^}		1,378,600		64,822
Cantel Medical Corp.		427,800		21,232
Cyberonics, Inc.*		1,097,495		71,710
Haemonetics Corp.*^{^}		2,903,300		104,838
IDEXX Laboratories, Inc.*		2,000,024		142,942
Meridian Bioscience, Inc.		1,779,297		34,038
Natus Medical, Inc.*		371,700		15,121
Neogen Corp.*		288,800		14,913
Sirona Dental Systems, Inc.*		1,679,026		160,145
West Pharmaceutical Services, Inc.^{^}		3,917,758		218,807
				848,568
Health Care Providers & Services (3.6%)
AmSurg Corp.*		1,455,150		114,113
Chemed Corp.		811,100		110,593
Henry Schein, Inc.*		1,105,840		151,290
U.S. Physical Therapy, Inc.		396,900		18,238
				394,234
Hotels, Restaurants & Leisure (3.9%)
Brinker International, Inc.		2,184,500		116,062
Cheesecake Factory, Inc.		1,153,800		62,617
Cracker Barrel Old Country Store, Inc.		625,827		90,232

	Number of Shares		Value† (000's)^z
Papa John's International, Inc.		1,111,745	$	74,765
Texas Roadhouse, Inc.		2,165,400		77,933
				421,609
Household Products (2.7%)
Church & Dwight Co., Inc.		3,364,856		290,320
Industrial Conglomerates (0.4%)
Raven Industries, Inc.^{^}		2,568,452		46,540
Insurance (1.4%)
RLI Corp.		2,134,814		111,245
Safety Insurance Group, Inc.^{^}		790,949		41,588
				152,833
Internet Software & Services (0.6%)
j2 Global, Inc.		864,201		60,131
IT Services (1.0%)
Jack Henry & Associates, Inc.		1,542,903		104,856
Leisure Products (1.2%)
Polaris Industries, Inc.		1,035,820		134,522
Life Sciences Tools & Services (4.0%)
Bio-Techne Corp.		978,000		92,401
ICON PLC*^{^}		3,451,300		265,750
PAREXEL International Corp.*		1,216,855		79,972
				438,123
Machinery (10.1%)
CLARCOR, Inc.^{^}		2,511,788		141,590
Donaldson Co., Inc.		1,509,400		47,259
Graco, Inc.		629,617		43,437
Lindsay Corp.^{^}		729,350		55,598
Middleby Corp.*		1,190,118		129,187
Milacron Holdings Corp.*		1,112,800		22,134
Nordson Corp.		1,390,608		92,503
RBC Bearings, Inc.*		838,551		51,873
Tennant Co.		917,602		52,597
Toro Co.		1,567,188		111,741

	Number of Shares		Value† (000's)^z
Valmont Industries, Inc.		769,004	$	81,737
Wabtec Corp.		2,928,400		280,424
				1,110,080
Media (1.9%)
Gray Television, Inc.*		2,323,150		26,925
Media General, Inc.*		6,110,519		71,799
Nexstar Broadcasting Group, Inc. Class A^{^}		2,395,521		111,344
				210,068
Metals & Mining (1.4%)
Compass Minerals International, Inc.^{^}		1,875,573		151,921
Oil, Gas & Consumable Fuels (0.9%)
Gulfport Energy Corp.*		1,673,200		59,951
Painted Pony Petroleum Ltd.*		2,246,350		11,584
Synergy Resources Corp.*		2,861,966		30,737
				102,272
Paper & Forest Products (0.8%)
Stella-Jones, Inc.		2,563,100		87,086
Pharmaceuticals (0.3%)
Phibro Animal Health Corp. Class A^{^}		1,048,000		36,994
Professional Services (0.9%)
Exponent, Inc.^{^}		2,269,970		97,041
Real Estate Management & Development (0.0%)
Altisource Asset Management Corp.*^{^}		125,617		4,835
Road & Rail (0.1%)
Genesee & Wyoming, Inc. Class A*		205,500		14,052

See Notes to Schedule of Investments

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value† (000's)^z
Semiconductors & Semiconductor Equipment (0.9%)
Power Integrations, Inc.^{^}		2,458,400	$	96,492
Software (9.8%)
Aspen Technology, Inc.*		1,153,100		43,668
Computer Modelling Group Ltd.^{^}		5,512,600		50,910
Constellation Software, Inc.		409,942		173,262
Descartes Systems Group, Inc.*		2,442,050		42,174
Enghouse Systems Ltd.		1,249,300		48,848
FactSet Research Systems, Inc.		618,600		97,689
Fair Isaac Corp.		1,067,758		91,368
Manhattan Associates, Inc.*		3,186,728		186,360
Monotype Imaging Holdings, Inc.^{^}		3,344,806		70,843
NICE-Systems Ltd. ADR		537,700		33,101
Progress Software Corp.*		728,600		19,738
Qualys, Inc.*		491,900		14,294
Tyler Technologies, Inc.*		1,429,232		197,291
				1,069,546
Specialty Retail (3.7%)
Asbury Automotive Group, Inc.*		564,600		45,490
Hibbett Sports, Inc.*^{^}		1,569,369		61,990
Lithia Motors, Inc. Class A		495,200		52,788
Monro Muffler Brake, Inc.		459,400		29,121
Sally Beauty Holdings, Inc.*		3,285,293		85,878
Tractor Supply Co.		1,535,482		130,992
				406,259

	Number of Shares		Value† (000's)^z
Technology Hardware, Storage & Peripherals (0.8%)
Electronics For Imaging, Inc.*		2,107,300	$	92,237
Trading Companies & Distributors (1.7%)
Applied Industrial Technologies, Inc.		1,829,744		77,471
NOW, Inc.*		1,034,500		17,649
Watsco, Inc.		702,504		86,029
				181,149
Total Common Stocks (Cost $5,952,934)				10,762,024
Short-Term Investments (1.9%)
State Street Institutional Treasury Money Market Fund Premier Class		74,998,542		74,999
State Street Institutional Treasury Plus Fund Premier Class*^{^}		131,910,217		131,910
Total Short-Term Investments (Cost $206,909)				206,909
Total Investments^## (100.1%) (Cost $6,159,843)				10,968,933
Liabilities, less cash, receivables and other assets [(0.1%)]				(7,489)
Total Net Assets (100.0%)			$	10,961,444

See Notes to Schedule of Investments

Schedule of Investments Global Equity Fund 8/31/15

TOP TEN EQUITY HOLDINGS

		Country	Industry
1	Apple, Inc.	United States	Technology Hardware, Storage & Peripherals	2.3	%
2	Sealed Air Corp.	United States	Containers & Packaging	2.3	%
3	Cardinal Health, Inc.	United States	Health Care Providers & Services	1.9	%
4	Alimentation Couche-Tard, Inc. Class B	Canada	Food & Staples Retailing	1.8	%
5	Check Point Software Technologies Ltd.	Israel	Software	1.8	%
6	Wabtec Corp.	United States	Machinery	1.8	%
7	CVS Health Corp.	United States	Food & Staples Retailing	1.8	%
8	First Republic Bank	United States	Banks	1.8	%
9	JPMorgan Chase & Co.	United States	Banks	1.7	%
10	Givaudan SA	Switzerland	Chemicals	1.7	%

	Number of Shares		Value† (000's)^z
Common Stocks (97.1%)
Australia (1.4%)
Insurance Australia Group Ltd.		14,565	$	52
Brazil (0.6%)
SLC Agricola SA		5,550		25
Canada (3.4%)
Alimentation Couche-Tard, Inc. Class B		1,680		71
Home Capital Group, Inc.		850		18
Kinaxis, Inc.*		500		14
Suncor Energy, Inc.		965		27
				130
China (1.6%)
Alibaba Group Holding Ltd. ADR*		350		23
Haier Electronics Group Co. Ltd.		20,800		37
				60
France (5.2%)
BNP Paribas SA		635		40
Rexel SA		2,376		36
Sanofi		525		52
Sodexo SA		530		47
Virbac SA		100		23
				198
Germany (3.6%)
Continental AG		245		52
Henkel AG & Co. KGaA, Preference Shares		470		49
Linde AG		217		38
				139

	Number of Shares		Value† (000's)^z
Israel (3.6%)
Bezeq Israeli Telecommunication Corp. Ltd.		25,285	$	46
Check Point Software Technologies Ltd.*		915		71
Teva Pharmaceutical Industries Ltd. ADR		325		21
				138
Japan (5.9%)
FANUC Corp.		300		49
Nihon Kohden Corp.		1,700		34
SoftBank Group Corp.		600		35
Sundrug Co. Ltd.		950		53
TOYOTA MOTOR Corp.		950		56
				227
Korea (1.0%)
Samsung Electronics Co. Ltd.		43		40
Netherlands (2.7%)
ASML Holding NV		690		63
Sensata Technologies Holding NV*		885		42
				105
Norway (0.7%)
DNB ASA		1,850		26
Spain (0.8%)
Banco Bilbao Vizcaya Argentaria SA		3,093		29
Sweden (0.8%)
Telefonaktiebolaget LM Ericsson, B Shares		3,070		30

	Number of Shares		Value† (000's)^z
Switzerland (7.2%)
Cie Financiere Richemont SA		450	$	34
Givaudan SA*		38		65
Julius Baer Group Ltd.*		1,220		59
Roche Holding AG		196		54
SGS SA		21		37
Sonova Holding AG		220		29
				278
United Kingdom (13.8%)
Aon PLC		540		51
Barclays PLC		13,250		53
Howden Joinery Group PLC		6,870		50
Lloyds Banking Group PLC		25,840		30
Pentair PLC		510		28
Prudential PLC		2,960		64
SABMiller PLC		880		41
Spectris PLC		963		27
St. James's Place PLC		3,875		54
TalkTalk Telecom Group PLC		12,035		55
Travis Perkins PLC		1,770		55
Virgin Money Holdings UK PLC		3,490		23
				531
United States (44.8%)
Amazon.com, Inc.*		103		53
American Tower Corp.		410		38
Amphenol Corp. Class A		550		29
Apple, Inc.		798		90
BlackRock, Inc.		163		49
Cabot Oil & Gas Corp.		585		14
Cardinal Health, Inc.		885		73
CDW Corp.		600		24
CVS Health Corp.		675		69
eBay, Inc.*		715		19
EMC Corp.		1,550		39
EOG Resources, Inc.		489		38

See Notes to Schedule of Investments

Schedule of Investments Global Equity Fund (cont'd)

	Number of Shares		Value† (000's)^z
Estee Lauder Cos., Inc. Class A		500	$	40
First Republic Bank		1,120		68
Google, Inc. Class A*		45		29
Google, Inc. Class C*		45		28
Graco, Inc.		685		47
Henry Schein, Inc.*		435		60
Intercontinental Exchange, Inc.		240		55
JPMorgan Chase & Co.		1,025		66
Medtronic PLC		517		37
Milacron Holdings Corp.*		1,000		20
Motorola Solutions, Inc.		770		50
Nielsen Holdings PLC		1,355		61
Nordstrom, Inc.		525		38
PayPal Holdings, Inc.*		715		25
Pioneer Natural Resources Co.		260		32
Range Resources Corp.		555		21
RPM International, Inc.		1,340		59
Samsonite International SA		9,350		29
SanDisk Corp.		1,170		64
Schlumberger Ltd.		470		36
Sealed Air Corp.		1,695		87
Sirona Dental Systems, Inc.*		600		57
Visa, Inc. Class A		745		53
Wabtec Corp.		735		70
Waste Connections, Inc.		1,105		53
				1,720
Total Common Stocks (Cost $3,610)				3,728
Short-Term Investments (4.1%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $156)		155,705		156
Total Investments^## (101.2%) (Cost $3,766)				3,884
Liabilities, less cash, receivables and other assets [(1.2%)]				(44)
Total Net Assets (100.0%)			$	3,840

See Notes to Schedule of Investments

POSITIONS BY INDUSTRY GLOBAL EQUITY FUND

Industry	Investments at Value^†(000's omitted)		Percentage of Net Assets
Banks	$	335		8.7	%
Technology Hardware, Storage & Peripherals		233		6.1	%
Insurance		221		5.8	%
Machinery		214		5.6	%
Food & Staples Retailing		193		5.0	%
Chemicals		162		4.2	%
Health Care Equipment & Supplies		157		4.1	%
Pharmaceuticals		150		3.9	%
Health Care Providers & Services		133		3.5	%
Oil, Gas & Consumable Fuels		132		3.4	%
Capital Markets		108		2.8	%
Diversified Telecommunication Services		101		2.6	%
Internet Software & Services		99		2.6	%
Professional Services		98		2.6	%
Trading Companies & Distributors		91		2.4	%
Containers & Packaging		87		2.3	%
Software		85		2.2	%
Communications Equipment		80		2.1	%
Electronic Equipment, Instruments & Components		80		2.1	%
IT Services		78		2.0	%
Semiconductors & Semiconductor Equipment		63		1.6	%
Textiles, Apparel & Luxury Goods		63		1.6	%
Automobiles		56		1.5	%
Diversified Financial Services		55		1.4	%
Commercial Services & Supplies		53		1.4	%
Internet & Catalog Retail		53		1.4	%
Auto Components		52		1.3	%
Specialty Retail		50		1.3	%
Household Products		49		1.3	%
Hotels, Restaurants & Leisure		47		1.2	%
Electrical Equipment		42		1.1	%
Beverages		41		1.1	%
Personal Products		40		1.0	%
Real Estate Investment Trusts		38		1.0	%
Multiline Retail		38		1.0	%
Household Durables		37		1.0	%
Energy Equipment & Services		36		0.9	%
Wireless Telecommunication Services		35		0.9	%
Food Products		25		0.6	%
Thrifts & Mortgage Finance		18		0.5	%
Short-Term Investments and Other Assets—Net		112		2.9	%
	$	3,840		100.0	%

See Notes to Schedule of Investments

Schedule of Investments Global Real Estate Fund 8/31/15

TOP TEN EQUITY HOLDINGS

		Country	Sector
1	Simon Property Group, Inc.	United States	Retail REITs	4.8	%
2	Public Storage	United States	Specialty REITs	3.7	%
3	Mitsui Fudosan Co. Ltd.	Japan	Real Estate Holding & Development	3.5	%
4	Sun Hung Kai Properties Ltd.	Hong Kong	Real Estate Holding & Development	3.5	%
5	Equity Residential	United States	Residential REITs	3.3	%
6	AvalonBay Communities, Inc.	United States	Residential REITs	2.9	%
7	Unibail-Rodamco SE	France	Retail REITs	2.9	%
8	Mitsubishi Estate Co. Ltd.	Japan	Real Estate Holding & Development	2.9	%
9	Boston Properties, Inc.	United States	Industrial & Office REITs	2.5	%
10	Essex Property Trust, Inc.	United States	Residential REITs	2.4	%

	Number of Shares		Value† (000's)^z
Common Stocks (100.0%)
Australia (6.1%)
Goodman Group		7,517	$	33
Investa Office Fund		7,987		22
Mirvac Group		18,313		23
Scentre Group		16,450		44
Westfield Corp.		6,411		44
				166
Canada (3.3%)
Allied Properties Real Estate Investment Trust		1,035		28
Brookfield Asset Management, Inc. Class A		1,120		35
RioCan Real Estate Investment Trust		1,422		26
				89
France (4.2%)
ICADE		516		37
Unibail-Rodamco SE		303		79
				116
Germany (3.3%)
Deutsche Annington Immobilien SE		1,099		36
Deutsche Wohnen AG		2,034		53
				89
Hong Kong (6.5%)
Henderson Land Development Co. Ltd.		6,683		41
Hongkong Land Holdings Ltd.		5,826		40
Sun Hung Kai Properties Ltd.		7,500		95
				176

	Number of Shares		Value† (000's)^z
Japan (12.0%)
Industrial & Infrastructure Fund Investment Corp.		7	$	29
Kenedix Retail REIT Corp.*		13		27
Mitsubishi Estate Co. Ltd.		3,612		78
Mitsui Fudosan Co. Ltd.		3,459		96
Mori Hills REIT Investment Corp.		22		25
Nippon Building Fund, Inc.		8		34
Sumitomo Realty & Development Co. Ltd.		1,147		39
				328
Singapore (2.5%)
CapitaLand Ltd.		13,033		26
City Developments Ltd.		2,431		15
Mapletree Commercial Trust		27,306		26
				67
Sweden (1.5%)
Hufvudstaden AB, A Shares		3,096		40
United Kingdom (9.3%)
Capital & Counties Properties PLC		9,365		63
Great Portland Estates PLC		4,434		56
Land Securities Group PLC		3,293		63
Segro PLC		5,210		33
Shaftesbury PLC		2,810		39
				254

	Number of Shares		Value† (000's)^z
United States (51.3%)
Alexandria Real Estate Equities, Inc.		392	$	34
American Homes 4 Rent Class A		1,656		27
American Tower Corp.		612		57
AvalonBay Communities, Inc.		481		79
Boston Properties, Inc.		592		67
Care Capital Properties, Inc.*		252		8
CBL & Associates Properties, Inc.		1,086		16
DCT Industrial Trust, Inc.		787		25
Douglas Emmett, Inc.		1,325		37
Equinix, Inc.		198		53
Equity Residential		1,265		90
Essex Property Trust, Inc.		297		64
Extra Space Storage, Inc.		314		23
Federal Realty Investment Trust		313		40
Forest City Enterprises, Inc. Class A*		891		19
General Growth Properties, Inc.		1,806		46
Health Care REIT, Inc.		759		48
Host Hotels & Resorts, Inc.		1,917		34
Kimco Realty Corp.		2,121		49
LaSalle Hotel Properties		833		26
National Retail Properties, Inc.		1,290		45
OMEGA Healthcare Investors, Inc.		838		28

See Notes to Schedule of Investments

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

	Number of Shares		Value† (000's)^z
Prologis, Inc.		1,320	$	50
Public Storage		494		100
Regency Centers Corp.		464		28
Simon Property Group, Inc.		733		132
SL Green Realty Corp.		373		39
Starwood Hotels & Resorts Worldwide, Inc.		352		25
Ventas, Inc.		1,007		55
Vornado Realty Trust		324		28
Weyerhaeuser Co.		941		26
				1,398
Total Common Stocks (Cost $2,921)				2,723
Short-Term Investments (1.9%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $52)		51,919		52
Total Investments^## (101.9%) (Cost $2,973)				2,775
Liabilities, less cash, receivables and other assets [(1.9%)]				(52	)
Total Net Assets (100.0%)			$	2,723

See Notes to Schedule of Investments

POSITIONS BY SECTOR GLOBAL REAL ESTATE FUND

Sector	Investments at Value^†(000's omitted)			Percentage of Net Assets
Real Estate Holding & Development	$	676			24.8	%
Industrial & Office REITs		609			22.4	%
Retail REITs		588			21.6	%
Specialty REITs		288			10.6	%
Residential REITs		283			10.4	%
Diversified REITs		194			7.1	%
Hotel & Lodging REITs		85			3.1	%
Short-Term Investments and Other Assets—Net		0	^z		0.0	%
	$	2,723			100.0	%

See Notes to Schedule of Investments

Schedule of Investments Greater China Equity Fund 8/31/15

TOP TEN HOLDINGS

1	Tencent Holdings Ltd.	5.8	%
2	Midea Group Co. Ltd., Class A	5.3	%
3	NetEase, Inc. ADR	5.3	%
4	Zhengzhou Yutong Bus Co. Ltd. Class A	5.3	%
5	Ping An Insurance Group Co. of China Ltd., H Shares	5.2	%

6	China Power International Development Ltd.	4.5	%
7	Brilliance China Automotive Holdings Ltd.	4.5	%
8	Inner Mongolia Yili Industrial Group Co. Ltd. Class A	4.3	%
9	China Mobile Ltd.	3.9	%
10	CSPC Pharmaceutical Group Ltd.	3.8	%

	Number of Shares		Value† (000's)^z
Common Stocks (81.5%)
Automobiles (6.5%)
Brilliance China Automotive Holdings Ltd.		3,942,000	$	4,796
Great Wall Motor Co. Ltd., H Shares		829,500		2,216
				7,012
Banks (3.5%)
Industrial & Commercial Bank of China Ltd., H Shares		6,307,000		3,727
Beverages (0.0%)
Kweichow Moutai Co. Ltd. Class A		1,500		46
Capital Markets (1.0%)
China Cinda Asset Management Co. Ltd., H Shares		2,855,000		1,065
Commercial Services & Supplies (3.4%)
China Everbright International Ltd.		2,820,000		3,711
Food Products (0.3%)
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		147,740		373
Independent Power and Renewable Electricity Producers (11.1%)
China Power International Development Ltd.		7,157,000		4,811
China Resources Power Holdings Co. Ltd.		1,004,000		2,480
Huadian Fuxin Energy Corp. Ltd., H Shares		3,978,000		1,401
Huadian Power International Corp. Ltd., H Shares		3,352,000		2,734

	Number of Shares		Value† (000's)^z
Huaneng Renewables Corp. Ltd., H Shares		1,356,000	$	486
				11,912
Insurance (13.4%)
China Taiping Insurance Holdings Co. Ltd.*		1,128,800		3,204
New China Life Insurance Co. Ltd., H Shares		599,700		2,345
PICC Property & Casualty Co. Ltd., H Shares		1,676,000		3,183
Ping An Insurance Group Co. of China Ltd., H Shares		1,150,000		5,631
				14,363
Internet & Catalog Retail (2.6%)
JD.com, Inc. ADR*		106,168		2,748
Internet Software & Services (18.6%)
Alibaba Group Holding Ltd. ADR*		43,737		2,892
Baidu, Inc. ADR*		17,458		2,571
NetEase, Inc. ADR		51,081		5,679
Qihoo 360 Technology Co. Ltd. ADR*		49,510		2,617
Tencent Holdings Ltd.		367,200		6,245
				20,004
Machinery (1.6%)
Zhengzhou Yutong Bus Co. Ltd. Class A		585,031		1,716
Oil, Gas & Consumable Fuels (1.2%)
CNOOC Ltd.		1,017,000		1,261
Pharmaceuticals (6.9%)
China Medical System Holdings Ltd.		3,039,000		3,298

	Number of Shares		Value† (000's)^z
CSPC Pharmaceutical Group Ltd.		4,464,000		$ 4,107
				7,405
Real Estate Management & Development (2.7%)
Red Star Macalline Group Corp. Ltd., H Shares^ñ*		625,400		838
Sunac China Holdings Ltd.		3,851,000		2,087
				2,925
Transportation Infrastructure (1.9%)
Shenzhen International Holdings Ltd.		1,448,500		2,011
Water Utilities (2.9%)
Beijing Enterprises Water Group Ltd.*		2,886,000		2,071
Kangda International Environmental Co. Ltd.^ñ*		4,096,000		1,078
				3,149
Wireless Telecommunication Services (3.9%)
China Mobile Ltd.		341,000		4,204
Total Common Stocks (Cost $106,363)				87,632
Participatory Notes (17.1%)
Beverages (1.1%)
Kweichow Moutai Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 8/17/2018		39,100		1,198
Food Products (4.0%)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Macquarie Bank, Ltd.), Expiration Date 2/17/2017		1,423,014		3,595

See Notes to Schedule of Investments

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

	Number of Shares		Value† (000's)^z
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 12/2/2015		149,000	$	376
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016^ñ		133,200		337
				4,308
Health Care Providers & Services (3.0%)
Huadong Medicine Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/19/2023		74,807		856
Huadong Medicine Co. Ltd., Class A (issuer UBS AG), Expiration Date 6/16/2016		18,433		211
Huadong Medicine Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/12/2018		30,290		347
Huadong Medicine Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016^ñ		142,018		1,626
Huadong Medicine Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 3/30/2016^ñ		12,230		140
				3,180

	Number of Shares		Value† (000's)^z
Household Durables (5.3%)
Midea Group Co. Ltd., Class A (issuer UBS AG), Expiration Date 6/8/2016		280,245	$	1,265
Midea Group Co. Ltd., Class A (issuer Credit Suisse AG), Expiration Date 6/29/2020^ñ		66,600		301
Midea Group Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 3/13/2016		133,145		601
Midea Group Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016^ñ		297,787		1,344
Midea Group Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 1/6/2016^ñ		490,800		2,216
				5,727
Machinery (3.7%)
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 1/13/2017^ñ		927,155		2,730
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/21/2016		110,006		324
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 1/13/2025		219,150		645

	Number of Shares		Value† (000's)^z
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 12/30/2015		83,400	$	246
				3,945
Total Participatory Notes (Cost $19,249)				18,358
Short-Term Investments (4.1%)
State Street Institutional Government Money Market Fund Premier Class (Cost $4,463)		4,463,442		4,463
Total Investments^## (102.7%) (Cost $130,075)				110,453
Liabilities, less cash, receivables and other assets [(2.7%)]				(2,876	)
Total Net Assets (100.0%)			$	107,577

See Notes to Schedule of Investments

Schedule of Investments Guardian Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Berkshire Hathaway, Inc. Class B	5.5	%
2	American Express Co.	5.3	%
3	Texas Instruments, Inc.	5.2	%
4	Progressive Corp.	5.1	%
5	Newell Rubbermaid, Inc.	5.1	%

6	Danaher Corp.	4.2	%
7	WEC Energy Group, Inc.	4.0	%
8	Schlumberger Ltd.	4.0	%
9	Intuit, Inc.	3.7	%
10	W.W. Grainger, Inc.	3.6	%

	Number of Shares		Value† (000's)^z
Common Stocks (97.9%)
Auto Components (2.5%)
BorgWarner, Inc.		740,996	$	32,337
Banks (3.6%)
U.S. Bancorp		1,105,820		46,832
Beverages (2.8%)
Anheuser-Busch InBev NV ADR		340,824		37,119
Communications Equipment (1.6%)
NetScout Systems, Inc.*		593,878		21,706
Consumer Finance (5.3%)
American Express Co.		903,838		69,342
Diversified Financial Services (8.3%)
Berkshire Hathaway, Inc. Class B*		537,308		72,021
Intercontinental Exchange, Inc.		160,613		36,685
				108,706
Diversified Telecommunication Services (1.4%)
Level 3 Communications, Inc.*		412,615		18,456
Energy Equipment & Services (4.0%)
Schlumberger Ltd.		676,110		52,311
Food Products (2.6%)
Keurig Green Mountain, Inc.		612,006		34,640
Health Care Equipment & Supplies (5.8%)
Abbott Laboratories		720,319		32,623
Becton, Dickinson & Co.		311,069		43,867
				76,490
Health Care Providers & Services (1.3%)
Premier, Inc. Class A*		474,481		16,915
Household Durables (5.1%)
Newell Rubbermaid, Inc.		1,586,260		66,829

	Number of Shares		Value† (000's)^z
Industrial Conglomerates (6.1%)
3M Co.		182,460	$	25,935
Danaher Corp.		629,483		54,778
				80,713
Insurance (5.1%)
Progressive Corp.		2,264,743		67,852
Internet Software & Services (1.9%)
eBay, Inc.*		915,534		24,820
IT Services (7.0%)
Alliance Data Systems Corp.*		155,038		39,874
MasterCard, Inc. Class A		225,256		20,807
PayPal Holdings, Inc.*		903,304		31,616
				92,297
Leisure Products (3.0%)
Polaris Industries, Inc.		301,347		39,136
Machinery (3.2%)
Lincoln Electric Holdings, Inc.		711,743		41,744
Multi-Utilities (4.0%)
WEC Energy Group, Inc.		1,104,467		52,628
Oil, Gas & Consumable Fuels (1.9%)
Noble Energy, Inc.		757,300		25,301
Pharmaceuticals (2.0%)
Roche Holding AG		98,148		26,805
Semiconductors & Semiconductor Equipment (5.2%)
Texas Instruments, Inc.		1,429,054		68,366
Software (5.6%)
Adobe Systems, Inc.*		304,065		23,890
Intuit, Inc.		574,170		49,235
				73,125
Specialty Retail (3.1%)
TJX Cos., Inc.		589,381		41,445

	Number of Shares		Value† (000's)^z
Trading Companies & Distributors (5.5%)
NOW, Inc.*		1,425,419	$	24,318
W.W. Grainger, Inc.		214,067		47,831
				72,149
Total Common Stocks (Cost $1,049,376)				1,288,064
Short-Term Investments (1.0%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $12,350)		12,349,677		12,350
Total Investments^## (98.9%) (Cost $1,061,726)				1,300,414
Cash, receivables and other assets, less liabilities (1.1%)				14,937
Total Net Assets (100.0%)			$	1,315,351

See Notes to Schedule of Investments

Schedule of Investments International Equity Fund 8/31/15

TOP TEN EQUITY HOLDINGS

		Country	Industry
1	Check Point Software Technologies Ltd.	Israel	Software	2.2	%
2	Sundrug Co. Ltd.	Japan	Food & Staples Retailing	1.9	%
3	TOYOTA MOTOR Corp.	Japan	Automobiles	1.7	%
4	Lloyds Banking Group PLC	United Kingdom	Banks	1.6	%
5	Prudential PLC	United Kingdom	Insurance	1.6	%
6	Bunzl PLC	United Kingdom	Trading Companies & Distributors	1.6	%
7	Nielsen Holdings PLC	United States	Professional Services	1.6	%
8	Sodexo SA	France	Hotels, Restaurants & Leisure	1.5	%
9	Alimentation Couche-Tard, Inc. Class B	Canada	Food & Staples Retailing	1.5	%
10	Givaudan SA	Switzerland	Chemicals	1.5	%

	Number of Shares		Value† (000's)^z
Common Stocks (95.4%)
Australia (2.8%)
Brambles Ltd.		1,382,645	$	9,682
Insurance Australia Group Ltd.		4,421,410		15,953
Spotless Group Holdings Ltd.		5,623,303		7,963
				33,598
Austria (1.0%)
Andritz AG		244,280		11,710
Belgium (1.2%)
Colruyt SA		283,725		13,851
Brazil (0.6%)
SLC Agricola SA		1,702,600		7,554
Canada (5.5%)
Alimentation Couche-Tard, Inc. Class B		433,900		18,387
ATS Automation Tooling Systems, Inc.*		921,100		9,529
Corus Entertainment, Inc., B Shares		677,501		7,359
Home Capital Group, Inc.		387,400		8,098
Kinaxis, Inc.*		166,900		4,624
MacDonald, Dettwiler & Associates Ltd.		191,233		11,264
Suncor Energy, Inc.		214,500		6,075
				65,336
China (0.6%)
Alibaba Group Holding Ltd. ADR*		107,300		7,095
Denmark (1.2%)
Sydbank A/S		366,766		13,962

	Number of Shares		Value† (000's)^z
France (10.8%)
Arkema SA		136,901	$	9,664
BNP Paribas SA		238,740		15,075
Elis SA		401,370		6,378
Euronext NV^ñ		308,848		14,135
Pernod-Ricard SA		101,035		10,603
Publicis Groupe SA		153,130		10,915
Rexel SA		790,142		12,125
Sanofi		164,700		16,295
Sodexo SA		209,405		18,430
SPIE SA*		452,597		8,641
Virbac SA		26,677		6,134
				128,395
Germany (9.2%)
Bayer AG		109,340		14,840
Brenntag AG		298,950		16,633
Continental AG		64,355		13,681
Deutsche Boerse AG		104,474		9,354
Gerresheimer AG		147,538		10,700
Henkel AG & Co. KGaA, Preference Shares		133,560		13,983
Linde AG		87,196		15,157
SAP SE ADR		229,100		15,409
				109,757
Hong Kong (0.3%)
HKBN Ltd.*		3,701,500		3,811
Ireland (1.4%)
DCC PLC		224,628		16,661
Israel (4.1%)
Bezeq Israeli Telecommunication Corp. Ltd.		8,259,979		14,841
Check Point Software Technologies Ltd.*		343,200		26,773
Teva Pharmaceutical Industries Ltd. ADR		103,800		6,686
				48,300

	Number of Shares		Value† (000's)^z
Italy (0.8%)
Azimut Holding SpA		430,435	$	9,496
Japan (12.1%)
FANUC Corp.		78,000		12,684
KANSAI PAINT Co. Ltd.		996,600		15,569
KEYENCE Corp.		33,650		15,652
Nihon Kohden Corp.		636,700		12,715
PIGEON Corp.		326,400		8,656
SANTEN PHARMACEUTICAL Co. Ltd.		830,400		12,980
SMC Corp.		47,700		11,593
SoftBank Group Corp.		200,700		11,693
Sundrug Co. Ltd.		401,400		22,580
TOYOTA MOTOR Corp.		339,100		20,116
				144,238
Korea (1.1%)
Samsung Electronics Co. Ltd.		14,111		12,992
Netherlands (3.5%)
Akzo Nobel NV		189,749		12,848
ASML Holding NV		183,386		16,809
Flow Traders^ñ		74,616		3,181
Koninklijke Ahold NV		470,014		9,291
				42,129
Norway (0.8%)
DNB ASA		685,169		9,807
Singapore (0.5%)
United Overseas Bank Ltd.		470,700		6,465

See Notes to Schedule of Investments

Schedule of Investments International Equity Fund (cont'd)

	Number of Shares		Value† (000's)^z
Spain (1.5%)
Banco Bilbao Vizcaya Argentaria SA		1,245,175	$	11,545
Euskaltel SA^ñ*		582,000		6,861
				18,406
Sweden (1.0%)
Telefonaktiebolaget LM Ericsson, B Shares		1,259,465		12,281
Switzerland (12.1%)
Bucher Industries AG		50,380		11,450
Cie Financiere Richemont SA		139,785		10,462
Givaudan SA*		10,495		18,077
Julius Baer Group Ltd.*		324,555		15,804
Partners Group Holding AG		44,290		14,307
Roche Holding AG		61,729		16,859
SGS SA		7,195		12,698
Sonova Holding AG		67,125		8,743
TE Connectivity Ltd.		100,000		5,929
Tecan Group AG		135,633		17,469
UBS Group AG*		608,970		12,618
				144,416
United Kingdom (21.0%)
Amlin PLC		2,130,017		16,767
Aon PLC		168,900		15,782
Barclays PLC		3,986,000		15,840
Bunzl PLC		717,285		18,980
Clinigen Group PLC		490,900		5,310
Diploma PLC		1,077,465		11,833
Lloyds Banking Group PLC		16,597,930		19,564
Mitie Group PLC		3,511,963		15,915
Pentair PLC		138,400		7,652
Prudential PLC		899,885		19,422
RELX PLC		950,136		15,149
RPS Group PLC		3,014,273		10,743
SABMiller PLC		190,305		8,852
Spectris PLC		280,682		7,803
St. James's Place PLC		1,014,769		14,127
Synergy Health PLC*		573,624		14,304
TalkTalk Telecom Group PLC		3,765,245		17,253
Travis Perkins PLC		531,330		16,571
				251,867

	Number of Shares		Value† (000's)^z
United States (2.3%)
Nielsen Holdings PLC		410,402	$	18,562
Samsonite International SA		2,821,000		8,809
				27,371
Total Common Stocks (Cost $1,074,672)				1,139,498
Short-Term Investments (4.3%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $50,726)		50,725,706		50,726
Total Investments^## (99.7%) (Cost $1,125,398)				1,190,224
Cash, receivables and other assets, less liabilities (0.3%)				4,160
Total Net Assets (100.0%)			$	1,194,384

See Notes to Schedule of Investments

100

POSITIONS BY INDUSTRY INTERNATIONAL EQUITY FUND

Industry	Investments at Value^†(000's omitted)		Percentage of Net Assets
Banks	$	92,258		7.7	%
Insurance		82,051		6.9	%
Trading Companies & Distributors		76,142		6.4	%
Pharmaceuticals		73,794		6.2	%
Chemicals		71,315		6.0	%
Machinery		64,618		5.4	%
Food & Staples Retailing		64,109		5.4	%
Capital Markets		55,406		4.6	%
Commercial Services & Supplies		50,681		4.2	%
Software		46,806		3.9	%
Diversified Telecommunication Services		42,766		3.6	%
Life Sciences Tools & Services		33,479		2.8	%
Media		33,423		2.8	%
Professional Services		31,260		2.6	%
Electronic Equipment, Instruments & Components		29,384		2.5	%
Diversified Financial Services		23,489		2.0	%
Household Products		22,639		1.9	%
Health Care Equipment & Supplies		21,458		1.8	%
Automobiles		20,116		1.7	%
Beverages		19,455		1.6	%
Textiles, Apparel & Luxury Goods		19,271		1.6	%
Hotels, Restaurants & Leisure		18,430		1.5	%
Semiconductors & Semiconductor Equipment		16,809		1.4	%
Industrial Conglomerates		16,661		1.4	%
Health Care Providers & Services		14,304		1.2	%
Auto Components		13,681		1.1	%
Technology Hardware, Storage & Peripherals		12,992		1.1	%
Communications Equipment		12,281		1.0	%
Wireless Telecommunication Services		11,693		1.0	%
Aerospace & Defense		11,264		1.0	%
Construction & Engineering		8,641		0.7	%
Thrifts & Mortgage Finance		8,098		0.7	%
Food Products		7,554		0.6	%
Internet Software & Services		7,095		0.6	%
Oil, Gas & Consumable Fuels		6,075		0.5	%
Short-Term Investments and Other Assets—Net		54,886		4.6	%
	$	1,194,384		100.0	%

See Notes to Schedule of Investments

101

Schedule of Investments International Select Fund 8/31/15

TOP TEN EQUITY HOLDINGS

		Country	Industry
1	Check Point Software Technologies Ltd.	Israel	Software	2.6	%
2	Roche Holding AG	Switzerland	Pharmaceuticals	2.5	%
3	Novartis AG	Switzerland	Pharmaceuticals	2.1	%
4	KANSAI PAINT Co. Ltd.	Japan	Chemicals	2.1	%
5	Lloyds Banking Group PLC	United Kingdom	Banks	2.0	%
6	TOYOTA MOTOR Corp.	Japan	Automobiles	2.0	%
7	Bunzl PLC	United Kingdom	Trading Companies & Distributors	2.0	%
8	Alimentation Couche-Tard, Inc. Class B	Canada	Food & Staples Retailing	1.9	%
9	Amlin PLC	United Kingdom	Insurance	1.8	%
10	Givaudan SA	Switzerland	Chemicals	1.8	%

	Number of Shares		Value† (000's)^z
Common Stocks (96.6%)
Australia (2.2%)
Brambles Ltd.		302,055	$	2,115
Insurance Australia Group Ltd.		881,765		3,182
				5,297
Austria (1.0%)
Andritz AG		49,710		2,383
Belgium (1.2%)
Colruyt SA		58,280		2,845
Canada (3.2%)
Alimentation Couche-Tard, Inc. Class B		109,100		4,624
Home Capital Group, Inc.		87,700		1,833
Suncor Energy, Inc.		44,000		1,246
				7,703
China (0.6%)
Alibaba Group Holding Ltd. ADR*		21,700		1,435
Denmark (1.3%)
Jyske Bank A/S*		56,080		3,135
France (10.7%)
Arkema SA		31,085		2,195
BNP Paribas SA		57,125		3,607
Pernod-Ricard SA		20,860		2,189
Publicis Groupe SA		39,203		2,794
Rexel SA		185,418		2,845
Sanofi		41,835		4,139
Schneider Electric SE		43,379		2,742
Sodexo SA		42,465		3,738
SPIE SA*		63,800		1,218
				25,467
Germany (9.3%)
Bayer AG		22,505		3,054
Brenntag AG		61,045		3,396

	Number of Shares		Value† (000's)^z
Continental AG		15,650	$	3,327
Deutsche Boerse AG		30,557		2,736
Henkel AG & Co. KGaA, Preference Shares		32,360		3,388
Linde AG		17,395		3,024
SAP SE ADR		46,485		3,127
				22,052
Ireland (1.1%)
DCC PLC		34,270		2,542
Israel (4.8%)
Bezeq Israeli Telecommunication Corp. Ltd.		2,128,940		3,825
Check Point Software Technologies Ltd.*		78,900		6,155
Teva Pharmaceutical Industries Ltd. ADR		20,400		1,314
				11,294
Italy (0.8%)
Azimut Holding SpA		85,740		1,892
Japan (13.5%)
FANUC Corp.		17,100		2,781
KANSAI PAINT Co. Ltd.		313,800		4,902
KEYENCE Corp.		6,900		3,209
MIRACA HOLDINGS, Inc.		56,100		2,411
Nihon Kohden Corp.		95,300		1,903
SANTEN PHARMACEUTICAL Co. Ltd.		222,800		3,483
SMC Corp.		11,900		2,892
SoftBank Group Corp.		49,200		2,866
Sundrug Co. Ltd.		50,500		2,841

	Number of Shares		Value† (000's)^z
TOYOTA MOTOR Corp.		78,900	$	4,681
				31,969
Korea (1.4%)
Samsung Electronics Co. Ltd.		3,666		3,375
Netherlands (4.2%)
Akzo Nobel NV		50,161		3,397
ASML Holding NV		45,050		4,129
Koninklijke Ahold NV		127,190		2,514
				10,040
Norway (0.6%)
DNB ASA		105,243		1,506
Singapore (0.4%)
United Overseas Bank Ltd.		71,100		976
Spain (1.0%)
Banco Bilbao Vizcaya Argentaria SA		249,343		2,312
Sweden (2.5%)
Nordea Bank AB		257,975		3,053
Telefonaktiebolaget LM Ericsson, B Shares		307,395		2,998
				6,051
Switzerland (14.3%)
Cie Financiere Richemont SA		28,225		2,113
Givaudan SA*		2,416		4,161
Julius Baer Group Ltd.*		52,740		2,568
Novartis AG		51,991		5,093
Partners Group Holding AG		9,320		3,011
Roche Holding AG		21,571		5,891
SGS SA		2,192		3,869
Sonova Holding AG		13,375		1,742

See Notes to Schedule of Investments

102

Schedule of Investments International Select Fund (cont'd)

	Number of Shares		Value† (000's)^z
TE Connectivity Ltd.		29,900	$	1,773
UBS Group AG*		177,180		3,671
				33,892
United Kingdom (20.1%)
Amlin PLC		530,224		4,174
Aon PLC		43,300		4,046
Barclays PLC		966,365		3,840
Bunzl PLC		175,230		4,637
Howden Joinery Group PLC		445,355		3,266
Lloyds Banking Group PLC		3,997,330		4,712
Pentair PLC		28,600		1,581
Prudential PLC		179,450		3,873
RELX PLC		229,709		3,662
SABMiller PLC		44,825		2,085
Spectris PLC		57,834		1,608
St. James's Place PLC		206,455		2,874
TalkTalk Telecom Group PLC		880,350		4,034
Travis Perkins PLC		106,910		3,334
				47,726
United States (2.4%)
Nielsen Holdings PLC		82,900		3,750
Samsonite International SA		569,700		1,779
				5,529
Total Common Stocks (Cost $208,302)				229,421
Short-Term Investments (3.3%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $7,788)		7,788,223		7,788
Total Investments^## (99.9%) (Cost $216,090)				237,209
Cash, receivables and other assets, less liabilities (0.1%)				338
Total Net Assets (100.0%)			$	237,547

See Notes to Schedule of Investments

103

POSITIONS BY INDUSTRY INTERNATIONAL SELECT FUND

Industry	Investments at Value^†(000's omitted)		Percentage of Net Assets
Banks	$	23,141		9.7	%
Pharmaceuticals		22,974		9.7	%
Insurance		18,149		7.6	%
Chemicals		17,679		7.4	%
Trading Companies & Distributors		14,212		6.0	%
Food & Staples Retailing		12,824		5.4	%
Capital Markets		11,142		4.7	%
Machinery		9,637		4.1	%
Software		9,282		3.9	%
Diversified Telecommunication Services		7,859		3.3	%
Professional Services		7,619		3.2	%
Electronic Equipment, Instruments & Components		6,590		2.8	%
Media		6,456		2.7	%
Automobiles		4,681		2.0	%
Beverages		4,274		1.8	%
Semiconductors & Semiconductor Equipment		4,129		1.7	%
Textiles, Apparel & Luxury Goods		3,892		1.6	%
Hotels, Restaurants & Leisure		3,738		1.6	%
Health Care Equipment & Supplies		3,645		1.5	%
Household Products		3,388		1.4	%
Technology Hardware, Storage & Peripherals		3,375		1.4	%
Auto Components		3,327		1.4	%
Specialty Retail		3,266		1.4	%
Communications Equipment		2,998		1.3	%
Wireless Telecommunication Services		2,866		1.2	%
Electrical Equipment		2,742		1.2	%
Diversified Financial Services		2,736		1.2	%
Industrial Conglomerates		2,542		1.1	%
Health Care Providers & Services		2,411		1.0	%
Commercial Services & Supplies		2,115		0.9	%
Thrifts & Mortgage Finance		1,833		0.8	%
Internet Software & Services		1,435		0.6	%
Oil, Gas & Consumable Fuels		1,246		0.5	%
Construction & Engineering		1,218		0.5	%
Short-Term Investments and Other Assets—Net		8,126		3.4	%
	$	237,547		100.0	%

See Notes to Schedule of Investments

104

Schedule of Investments Intrinsic Value Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Verint Systems, Inc.	2.2	%
2	Spirit AeroSystems Holdings, Inc. Class A	2.2	%
3	Charles River Laboratories International, Inc.	2.2	%
4	CoreLogic, Inc.	2.2	%
5	Rambus, Inc.	2.1	%

6	Acxiom Corp.	2.0	%
7	Avery Dennison Corp.	1.8	%
8	Crown Holdings, Inc.	1.8	%
9	NRG Energy, Inc.	1.7	%
10	Dynegy, Inc.	1.7	%

	Number of Shares		Value† (000's)^z
Common Stocks (90.1%)
Aerospace & Defense (6.1%)
Aerovironment, Inc.*		135,859	$	3,267
KEYW Holding Corp.*		675,650		5,676
Spirit AeroSystems Holdings, Inc. Class A*		209,690		10,717
Teledyne Technologies, Inc.*		47,352		4,636
Textron, Inc.		138,339		5,368
				29,664
Auto Components (0.9%)
Dana Holding Corp.		239,700		4,204
Banks (7.7%)
BankUnited, Inc.		146,604		5,225
Comerica, Inc.		99,874		4,394
First Niagara Financial Group, Inc.		545,500		5,046
Huntington Bancshares, Inc.		700,630		7,644
TCF Financial Corp.		376,100		5,837
Texas Capital Bancshares, Inc.*		84,700		4,562
Umpqua Holdings Corp.		311,900		5,212
				37,920
Building Products (1.4%)
Owens Corning		153,100		6,781
Chemicals (1.4%)
Chemtura Corp.*		249,500		6,786
Commercial Services & Supplies (2.8%)
Clean Harbors, Inc.*		124,014		6,092
Covanta Holding Corp.		389,000		7,702
				13,794
Communications Equipment (6.5%)
ARRIS Group, Inc.*		304,269		8,039

	Number of Shares		Value† (000's)^z
Brocade Communications Systems, Inc.		394,159	$	4,198
Ciena Corp.*		320,183		7,159
Infinera Corp.*		323,500		7,059
Lumentum Holdings, Inc.*		72,720		1,435
Sonus Networks, Inc.*		308,700		2,173
Viavi Solutions, Inc.*		363,600		1,953
				32,016
Construction & Engineering (1.5%)
KBR, Inc.		412,800		7,199
Containers & Packaging (3.6%)
Avery Dennison Corp.		153,836		8,935
Crown Holdings, Inc.*		179,600		8,903
				17,838
Electrical Equipment (0.5%)
Regal Beloit Corp.		39,500		2,633
Electronic Equipment, Instruments & Components (5.2%)
Dolby Laboratories, Inc. Class A		97,700		3,181
II-VI, Inc.*		256,330		4,329
Itron, Inc.*		184,731		5,542
Maxwell Technologies, Inc.*		451,600		2,412
Mercury Systems, Inc.*		370,360		5,866
OSI Systems, Inc.*		55,200		4,032
				25,362
Energy Equipment & Services (1.3%)
ION Geophysical Corp.*		707,717		368
McDermott International, Inc.*		280,600		1,426
TETRA Technologies, Inc.*		575,192		4,423
				6,217

	Number of Shares		Value† (000's)^z
Food & Staples Retailing (0.3%)
Fresh Market, Inc.*		69,800	$	1,503
Health Care Equipment & Supplies (0.8%)
Accuray, Inc.*		594,770		4,098
Health Care Technology (1.4%)
Allscripts Healthcare Solutions, Inc.*		508,900		7,008
Household Durables (0.3%)
iRobot Corp.*		51,700		1,515
Independent Power and Renewable Electricity Producers (5.0%)
Atlantic Power Corp.		1,017,558		2,391
Dynegy, Inc.*		321,600		8,281
NRG Energy, Inc.		426,700		8,500
Ormat Technologies, Inc.		155,941		5,489
				24,661
Internet Software & Services (0.7%)
Bankrate, Inc.*		341,900		3,371
IT Services (8.8%)
Acxiom Corp.*		464,000		9,725
Convergys Corp.		143,800		3,250
CoreLogic, Inc.*		281,025		10,665
DST Systems, Inc.		47,619		4,877
MoneyGram International, Inc.*		376,200		3,288
NeuStar, Inc. Class A*		272,909		7,628
VeriFone Systems, Inc.*		112,990		3,530
				42,963
Life Sciences Tools & Services (3.2%)
Affymetrix, Inc.*		421,800		3,935
Charles River Laboratories International, Inc.*		155,071		10,683
Fluidigm Corp.*		103,100		1,257
				15,875
Machinery (4.6%)
Harsco Corp.		380,400		4,397
ITT Corp.		93,500		3,498

See Notes to Schedule of Investments

105

Schedule of Investments Intrinsic Value Fund (cont'd)

	Number of Shares		Value† (000's)^z
Manitowoc Co., Inc.		360,900	$	6,164
Meritor, Inc.*		295,050		3,732
Twin Disc, Inc.		122,205		1,710
Valmont Industries, Inc.		29,200		3,104
				22,605
Marine (0.5%)
Danaos Corp.*		389,683		2,295
Media (0.2%)
Crown Media Holdings, Inc. Class A*		218,615		1,170
Metals & Mining (0.5%)
Cliffs Natural Resources, Inc.		572,200		2,272
Personal Products (0.4%)
Elizabeth Arden, Inc.*		192,620		2,125
Real Estate Investment Trusts (0.7%)
Communications Sales & Leasing, Inc.		159,300		3,202
Road & Rail (1.5%)
Ryder System, Inc.		88,604		7,263
Semiconductors & Semiconductor Equipment (8.4%)
Alliance Semiconductor Corp.*		82,370		59
CEVA, Inc.*		108,600		2,091
Cypress Semiconductor Corp.*		393,135		3,931
FormFactor, Inc.*		462,100		3,073
M/A-COM Technology Solutions Holdings, Inc.*		142,463		4,204
Mellanox Technologies Ltd.*		102,550		4,147
Rambus, Inc.*		783,544		10,523
Rudolph Technologies, Inc.*		128,000		1,633
Ultratech, Inc.*		440,000		7,568
Veeco Instruments, Inc.*		170,800		3,941
				41,170
Software (9.5%)
Cadence Design Systems, Inc.*		236,307		4,731
Comverse, Inc.*		368,756		6,947

	Number of Shares		Value† (000's)^z
Covisint Corp.*		741,705	$	2,003
Gigamon, Inc.*		73,500		1,674
Nuance Communications, Inc.*		492,200		8,107
Rovi Corp.*		481,130		5,326
Seachange International, Inc.*		482,967		2,917
Silver Spring Networks, Inc.*		364,676		4,230
Verint Systems, Inc.*		201,861		10,765
				46,700
Specialty Retail (2.6%)
Express, Inc.*		252,100		5,143
New York & Co., Inc.*		222,600		585
Office Depot, Inc.*		441,867		3,504
Select Comfort Corp.*		132,700		3,231
				12,463
Technology Hardware, Storage & Peripherals (0.3%)
Quantum Corp.*		1,317,900		1,542
Textiles, Apparel & Luxury Goods (0.6%)
Crocs, Inc.*		207,000		3,049
Wireless Telecommunication Services (0.9%)
Telephone & Data Systems, Inc.		78,600		2,235
United States Cellular Corp.*		57,000		2,105
				4,340
Total Common Stocks (Cost $404,584)				441,604
Short-Term Investments (10.0%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $49,135)		49,134,887		49,135
Total Investments^## (100.1%) (Cost $453,719)				490,739
Liabilities, less cash, receivables and other assets [(0.1%)]				(286	)
Total Net Assets (100.0%)			$	490,453

See Notes to Schedule of Investments

106

Schedule of Investments Large Cap Disciplined Growth Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Apple, Inc.	4.6	%
2	Amazon.com, Inc.	4.4	%
3	Google, Inc. Class A	3.5	%
4	Costco Wholesale Corp.	2.7	%
5	Visa, Inc. Class A	2.6	%

6	Intuit, Inc.	2.5	%
7	Sherwin-Williams Co.	2.4	%
8	HCA Holdings, Inc.	2.3	%
9	Vertex Pharmaceuticals, Inc.	2.3	%
10	Microsoft Corp.	2.3	%

	Number of Shares		Value† (000's)^z
Common Stocks (98.7%)
Aerospace & Defense (1.0%)
General Dynamics Corp.		4,122	$	585
Air Freight & Logistics (1.8%)
FedEx Corp.		7,083		1,067
Automobiles (1.7%)
General Motors Co.		34,637		1,020
Banks (4.6%)
CIT Group, Inc.		17,135		744
Comerica, Inc.		16,613		731
JPMorgan Chase & Co.		19,413		1,245
				2,720
Beverages (2.2%)
PepsiCo, Inc.		14,321		1,331
Biotechnology (4.5%)
Gilead Sciences, Inc.		12,638		1,328
Vertex Pharmaceuticals, Inc.*		10,639		1,356
				2,684
Chemicals (3.9%)
PPG Industries, Inc.		9,692		924
Sherwin-Williams Co.		5,533		1,415
				2,339
Construction Materials (1.3%)
Martin Marietta Materials, Inc.		4,644		779
Consumer Finance (1.5%)
American Express Co.		11,808		906
Diversified Telecommunication Services (1.9%)
Level 3 Communications, Inc.*		25,261		1,130
Food & Staples Retailing (4.7%)
Costco Wholesale Corp.		11,683		1,636
CVS Health Corp.		11,742		1,203
				2,839
Health Care Equipment & Supplies (5.2%)
Abbott Laboratories		27,892		1,263

	Number of Shares		Value† (000's)^z
Cooper Cos., Inc.		4,982	$	809
IDEXX Laboratories, Inc.*		14,541		1,040
				3,112
Health Care Providers & Services (3.3%)
HCA Holdings, Inc.*		15,944		1,381
UnitedHealth Group, Inc.		5,158		597
				1,978
Hotels, Restaurants & Leisure (3.3%)
Starbucks Corp.		12,462		682
Starwood Hotels & Resorts Worldwide, Inc.		18,391		1,314
				1,996
Industrial Conglomerates (2.3%)
Danaher Corp.		15,467		1,346
Internet & Catalog Retail (5.5%)
Amazon.com, Inc.*		5,092		2,611
Netflix, Inc.*		5,658		651
				3,262
Internet Software & Services (7.3%)
Akamai Technologies, Inc.*		9,133		651
eBay, Inc.*		10,419		283
Facebook, Inc. Class A*		7,781		696
Google, Inc. Class A*		3,233		2,094
LinkedIn Corp. Class A*		3,571		645
				4,369
IT Services (7.5%)
Alliance Data Systems Corp.*		4,989		1,283
FleetCor Technologies, Inc.*		8,354		1,246
PayPal Holdings, Inc.*		10,419		365
Visa, Inc. Class A		22,190		1,582
				4,476
Media (3.6%)
Comcast Corp. Class A		23,314		1,313

	Number of Shares		Value† (000's)^z
Walt Disney Co.		8,296	$	845
				2,158
Metals & Mining (1.1%)
Alcoa, Inc.		71,706		678
Multiline Retail (1.1%)
Target Corp.		8,156		634
Pharmaceuticals (7.2%)
Allergan PLC*		3,740		1,136
Bristol-Myers Squibb Co.		18,237		1,084
Pfizer, Inc.		39,810		1,283
Teva Pharmaceutical Industries Ltd. ADR		12,462		803
				4,306
Road & Rail (1.6%)
Union Pacific Corp.		10,985		942
Semiconductors & Semiconductor Equipment (3.2%)
ASML Holding NV		10,794		982
Micron Technology, Inc.*		54,894		901
				1,883
Software (6.7%)
Activision Blizzard, Inc.		21,220		608
Intuit, Inc.		17,282		1,482
Microsoft Corp.		31,169		1,356
Ultimate Software Group, Inc.*		3,306		582
				4,028
Specialty Retail (4.4%)
AutoZone, Inc.*		1,881		1,347
Home Depot, Inc.		10,977		1,278
				2,625
Technology Hardware, Storage & Peripherals (6.3%)
Apple, Inc.		24,152		2,724
SanDisk Corp.		19,471		1,062
				3,786
Total Common Stocks (Cost $55,227)				58,979

See Notes to Schedule of Investments

107

Schedule of Investments Large Cap Disciplined Growth Fund (cont'd)

	Number of Shares		Value† (000's)^z
Short-Term Investments (0.4%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $265)		265,033	$	265
Total Investments^## (99.1%) (Cost $55,492)				59,244
Cash, receivables and other assets, less liabilities (0.9%)				525
Total Net Assets (100.0%)			$	59,769

See Notes to Schedule of Investments

108

Schedule of Investments Large Cap Value Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Carnival Corp.	7.3	%
2	Exxon Mobil Corp.	5.1	%
3	Citigroup, Inc.	4.7	%
4	JPMorgan Chase & Co.	4.5	%
5	JC Penney Co., Inc.	4.1	%

6	Eaton Corp. PLC	4.0	%
7	General Electric Co.	4.0	%
8	Delta Air Lines, Inc.	3.9	%
9	Wells Fargo & Co.	3.9	%
10	Bank of New York Mellon Corp.	3.2	%

	Number of Shares		Value† (000's)^z
Common Stocks (95.3%)
Airlines (8.8%)
American Airlines Group, Inc.		730,377	$	28,470
Delta Air Lines, Inc.		1,268,962		55,555
United Continental Holdings, Inc.*		702,075		39,997
				124,022
Auto Components (3.4%)
Delphi Automotive PLC		229,929		17,364
Johnson Controls, Inc.		747,530		30,754
				48,118
Banks (15.4%)
Citigroup, Inc.		1,244,305		66,545
JPMorgan Chase & Co.		994,132		63,724
M&T Bank Corp.		56,270		6,653
Wells Fargo & Co.		1,018,462		54,315
Zions Bancorporation		882,653		25,597
				216,834
Biotechnology (2.0%)
Celgene Corp.*		118,347		13,974
Gilead Sciences, Inc.		133,309		14,007
				27,981
Capital Markets (6.8%)
Bank of New York Mellon Corp.		1,149,888		45,766
Goldman Sachs Group, Inc.		141,975		26,776
Morgan Stanley		669,453		23,063
				95,605
Communications Equipment (2.7%)
Cisco Systems, Inc.		716,207		18,535
Juniper Networks, Inc.		734,955		18,896
				37,431
Construction Materials (2.0%)
Vulcan Materials Co.		298,782		27,972

	Number of Shares		Value† (000's)^z
Diversified Financial Services (2.4%)
CME Group, Inc.		355,844	$	33,606
Electrical Equipment (4.0%)
Eaton Corp. PLC		994,180		56,728
Energy Equipment & Services (0.3%)
Schlumberger Ltd.		52,301		4,046
Food & Staples Retailing (1.5%)
Wal-Mart Stores, Inc.		335,279		21,703
Health Care Providers & Services (2.2%)
HCA Holdings, Inc.*		270,400		23,422
Tenet Healthcare Corp.*		152,041		7,485
				30,907
Hotels, Restaurants & Leisure (7.3%)
Carnival Corp.		2,084,065		102,598
Industrial Conglomerates (4.0%)
General Electric Co.		2,280,356		56,598
Insurance (3.1%)
Lincoln National Corp.		857,484		43,552
Machinery (3.0%)
Cummins, Inc.		124,696		15,182
Joy Global, Inc.		1,087,495		26,339
				41,521
Metals & Mining (6.3%)
BHP Billiton Ltd. ADR		625,459		23,036
Newmont Mining Corp.		2,417,268		41,263
United States Steel Corp.		1,504,067		24,636
				88,935
Multiline Retail (4.1%)
JC Penney Co., Inc.*		6,292,541		57,325
Oil, Gas & Consumable Fuels (8.3%)
Devon Energy Corp.		492,902		21,027
Exxon Mobil Corp.		960,744		72,287
Pioneer Natural Resources Co.		193,817		23,851
				117,165

	Number of Shares		Value† (000's)^z
Pharmaceuticals (2.8%)
Teva Pharmaceutical Industries Ltd. ADR		608,563	$	39,198
Specialty Retail (1.5%)
Staples, Inc.		1,524,854		21,668
Technology Hardware, Storage & Peripherals (3.4%)
EMC Corp.		950,975		23,651
SanDisk Corp.		452,747		24,702
				48,353
Total Common Stocks (Cost $1,362,877)				1,341,866
Short-Term Investments (2.8%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $39,698)		39,698,351		39,698
Total Investments^## (98.1%) (Cost $1,402,575)				1,381,564
Cash, receivables and other assets, less liabilities (1.9%)				26,664
Total Net Assets (100.0%)			$	1,408,228

See Notes to Schedule of Investments

109

Schedule of Investments Mid Cap Growth Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	O'Reilly Automotive, Inc.	1.8	%
2	Alaska Air Group, Inc.	1.7	%
3	SBA Communications Corp. Class A	1.7	%
4	Under Armour, Inc. Class A	1.6	%
5	Acadia Healthcare Co., Inc.	1.6	%

6	Stericycle, Inc.	1.6	%
7	Envision Healthcare Holdings, Inc.	1.4	%
8	Hanesbrands, Inc.	1.4	%
9	Roper Technologies, Inc.	1.4	%
10	Alliance Data Systems Corp.	1.4	%

	Number of Shares		Value† (000's)^z
Common Stocks (92.7%)
Airlines (1.7%)
Alaska Air Group, Inc.		275,000	$	20,586
Banks (1.0%)
SVB Financial Group*		92,500		11,570
Biotechnology (4.9%)
Alkermes PLC*		170,000		10,125
AMAG Pharmaceuticals, Inc.*		165,000		10,319
BioMarin Pharmaceutical, Inc.*		90,000		11,632
Cepheid, Inc.*		150,000		7,311
Clovis Oncology, Inc.*		66,000		5,139
Incyte Corp.*		110,000		12,781
				57,307
Capital Markets (2.9%)
Affiliated Managers Group, Inc.*		80,000		14,915
ETRADE Financial Corp.		325,000		8,544
Raymond James Financial, Inc.		205,000		10,863
				34,322
Chemicals (0.6%)
Sensient Technologies Corp.		110,000		7,166
Commercial Services & Supplies (1.6%)
Stericycle, Inc.*		130,000		18,348
Communications Equipment (2.9%)
F5 Networks, Inc.*		80,000		9,713
Infinera Corp.*		475,000		10,364
Palo Alto Networks, Inc.*		85,000		13,959
				34,036
Containers & Packaging (1.1%)
Packaging Corp. of America		185,000		12,415
Distributors (1.1%)
LKQ Corp.*		425,000		12,746

	Number of Shares		Value† (000's)^z
Diversified Consumer Services (0.8%)
Service Corp. International		330,000	$	9,784
Diversified Financial Services (0.9%)
CBOE Holdings, Inc.		170,000		10,754
Electrical Equipment (2.4%)
Acuity Brands, Inc.		67,500		13,154
AMETEK, Inc.		270,000		14,531
				27,685
Electronic Equipment, Instruments & Components (2.9%)
Amphenol Corp. Class A		200,000		10,472
CDW Corp.		300,000		11,925
Zebra Technologies Corp. Class A*		145,000		12,018
				34,415
Food & Staples Retailing (0.8%)
Rite Aid Corp.*		1,200,000		9,900
Food Products (2.4%)
Mead Johnson Nutrition Co.		70,000		5,484
Pinnacle Foods, Inc.		200,000		8,968
WhiteWave Foods Co.*		300,000		13,842
				28,294
Health Care Equipment & Supplies (3.6%)
DENTSPLY International, Inc.		175,000		9,172
DexCom, Inc.*		100,000		9,414
NuVasive, Inc.*		100,000		5,272
Teleflex, Inc.		95,000		12,426
Wright Medical Group, Inc.*		270,300		6,236
				42,520
Health Care Providers & Services (5.0%)
Acadia Healthcare Co., Inc.*		255,000		18,623

	Number of Shares		Value† (000's)^z
Envision Healthcare Holdings, Inc.*		400,000	$	16,388
Quest Diagnostics, Inc.		125,000		8,475
Universal Health Services, Inc. Class B		110,000		15,085
				58,571
Hotels, Restaurants & Leisure (2.3%)
Bloomin' Brands, Inc.		300,000		6,210
Buffalo Wild Wings, Inc.*		50,000		9,484
Norwegian Cruise Line Holdings Ltd.*		200,000		11,520
				27,214
Household Durables (0.8%)
Jarden Corp.*		175,000		8,984
Independent Power and Renewable Electricity Producers (0.7%)
Dynegy, Inc.*		300,000		7,725
Industrial Conglomerates (1.4%)
Roper Technologies, Inc.		100,000		16,209
Insurance (0.8%)
Assurant, Inc.		125,000		9,294
Internet & Catalog Retail (1.5%)
Liberty Interactive Corp. QVC Group Class A*		275,000		7,436
Netflix, Inc.*		87,500		10,065
				17,501
Internet Software & Services (2.7%)
Akamai Technologies, Inc.*		150,000		10,696
CoStar Group, Inc.*		70,000		12,393
Demandware, Inc.*		150,000		8,369
				31,458

See Notes to Schedule of Investments

110

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

	Number of Shares		Value† (000's)^z
IT Services (3.0%)
Alliance Data Systems Corp.*		62,500	$	16,074
Fiserv, Inc.*		107,500		9,167
FleetCor Technologies, Inc.*		70,000		10,441
				35,682
Leisure Products (0.9%)
Polaris Industries, Inc.		80,000		10,390
Life Sciences Tools & Services (1.0%)
Illumina, Inc.*		60,000		11,857
Machinery (2.0%)
Milacron Holdings Corp.*		262,200		5,215
PACCAR, Inc.		115,000		6,782
Wabtec Corp.		125,000		11,970
				23,967
Media (1.4%)
Charter Communications, Inc. Class A*		45,000		8,173
Starz Class A*		225,000		8,462
				16,635
Multiline Retail (2.1%)
Burlington Stores, Inc.*		225,000		11,945
Dollar Tree, Inc.*		172,000		13,117
				25,062
Oil, Gas & Consumable Fuels (1.4%)
Cabot Oil & Gas Corp.		250,000		5,918
Concho Resources, Inc.*		95,000		10,275
				16,193
Pharmaceuticals (3.5%)
Endo International PLC*		155,000		11,935
Jazz Pharmaceuticals PLC*		75,000		12,662
Pacira Pharmaceuticals, Inc.*		100,000		5,755
Zoetis, Inc.		245,000		10,993
				41,345
Professional Services (1.2%)
Nielsen Holdings PLC		175,000		7,915
WageWorks, Inc.*		150,000		6,722
				14,637

	Number of Shares		Value† (000's)^z
Real Estate Management & Development (1.0%)
Jones Lang LaSalle, Inc.		80,000	$	11,910
Road & Rail (1.7%)
J.B. Hunt Transport Services, Inc.		110,000		8,006
Old Dominion Freight Line, Inc.*		175,000		11,635
				19,641
Semiconductors & Semiconductor Equipment (5.2%)
Avago Technologies Ltd.		87,500		11,023
Cavium, Inc.*		230,000		15,645
Lam Research Corp.		130,000		9,460
Monolithic Power Systems, Inc.		225,000		10,820
NXP Semiconductors NV*		165,000		13,967
				60,915
Software (7.3%)
Activision Blizzard, Inc.		300,000		8,589
Electronic Arts, Inc.*		155,000		10,253
Fortinet, Inc.*		182,500		7,691
Mobileye NV*		125,000		7,070
ServiceNow, Inc.*		195,000		13,837
Splunk, Inc.*		87,600		5,429
Synchronoss Technologies, Inc.*		275,000		11,107
Tableau Software, Inc. Class A*		95,000		8,946
Tyler Technologies, Inc.*		37,500		5,176
Ultimate Software Group, Inc.*		42,500		7,488
				85,586
Specialty Retail (6.8%)
Lithia Motors, Inc. Class A		110,000		11,726
O'Reilly Automotive, Inc.*		89,500		21,486
Ross Stores, Inc.		258,000		12,544
Signet Jewelers Ltd.		60,000		8,280

	Number of Shares		Value† (000's)^z
Tractor Supply Co.		170,000	$	14,503
Williams-Sonoma, Inc.		149,500		11,366
				79,905
Textiles, Apparel & Luxury Goods (4.5%)
Carter's, Inc.		125,000		12,289
Hanesbrands, Inc.		540,000		16,259
lululemon athletica, Inc.*		85,000		5,441
Under Armour, Inc. Class A*		200,000		19,106
				53,095
Wireless Telecommunication Services (2.9%)
SBA Communications Corp. Class A*		172,500		20,389
T-Mobile US, Inc.*		350,000		13,864
				34,253
Total Common Stocks (Cost $806,243)				1,089,877
Exchange Traded Funds (0.8%)
iShares Russell Mid-Cap Growth ETF (Cost $9,278)		100,000		9,242
Short-Term Investments (7.1%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $83,557)		83,557,029		83,557
Total Investments^## (100.6%) (Cost $899,078)				1,182,676
Liabilities, less cash, receivables and other assets [(0.6%)]				(7,474	)
Total Net Assets (100.0%)			$	1,175,202

See Notes to Schedule of Investments

111

Schedule of Investments Mid Cap Intrinsic Value Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	ADT Corp.	4.1	%
2	ONEOK, Inc.	3.4	%
3	Nuance Communications, Inc.	3.4	%
4	Cabot Oil & Gas Corp.	2.9	%
5	BankUnited, Inc.	2.7	%

6	Zimmer Biomet Holdings, Inc.	2.6	%
7	Avis Budget Group, Inc.	2.5	%
8	Covanta Holding Corp.	2.5	%
9	Best Buy Co., Inc.	2.4	%
10	Amdocs Ltd.	2.4	%

	Number of Shares		Value† (000's)^z
Common Stocks (91.4%)
Aerospace & Defense (4.0%)
General Dynamics Corp.		15,950	$	2,265
Spirit AeroSystems Holdings, Inc. Class A*		40,500		2,070
				4,335
Airlines (0.6%)
United Continental Holdings, Inc.*		10,900		621
Banks (7.9%)
BankUnited, Inc.		82,600		2,944
BB&T Corp.		31,100		1,148
Comerica, Inc.		47,900		2,107
Huntington Bancshares, Inc.		86,500		944
M&T Bank Corp.		11,500		1,360
				8,503
Building Products (1.0%)
Owens Corning		23,900		1,058
Capital Markets (0.9%)
State Street Corp.		14,100		1,014
Chemicals (1.3%)
Ashland, Inc.		13,600		1,428
Commercial Services & Supplies (8.2%)
ADT Corp.		135,300		4,435
Covanta Holding Corp.		136,300		2,699
Tyco International PLC		44,700		1,622
				8,756
Construction & Engineering (1.2%)
KBR, Inc.		72,300		1,261
Containers & Packaging (1.6%)
Avery Dennison Corp.		29,300		1,702
Electric Utilities (2.3%)
Edison International		42,200		2,468
Electronic Equipment, Instruments & Components (2.3%)
Flextronics International Ltd.*		91,500		962
Itron, Inc.*		51,900		1,557
				2,519

	Number of Shares		Value† (000's)^z
Food & Staples Retailing (1.0%)
Whole Foods Market, Inc.		32,100	$	1,052
Health Care Equipment & Supplies (2.6%)
Zimmer Biomet Holdings, Inc.		27,000		2,796
Hotels, Restaurants & Leisure (1.2%)
Darden Restaurants, Inc.		19,100		1,299
Independent Power and Renewable Electricity Producers (3.6%)
AES Corp.		193,600		2,323
NRG Energy, Inc.		74,700		1,488
				3,811
Insurance (1.4%)
Lincoln National Corp.		30,100		1,529
IT Services (4.6%)
Amdocs Ltd.		44,200		2,529
Teradata Corp.*		81,300		2,376
				4,905
Leisure Products (1.0%)
Mattel, Inc.		46,900		1,099
Machinery (5.0%)
Harsco Corp.		99,900		1,155
Manitowoc Co., Inc.		131,700		2,250
Valmont Industries, Inc.		18,500		1,966
				5,371
Media (1.0%)
CBS Corp. Class B		24,400		1,104
Multi-Utilities (1.6%)
CenterPoint Energy, Inc.		90,900		1,693
Multiline Retail (1.9%)
Kohl's Corp.		40,700		2,077
Oil, Gas & Consumable Fuels (7.5%)
Cabot Oil & Gas Corp.		129,700		3,070
Energy Transfer Partners LP		26,125		1,284
ONEOK, Inc.		101,700		3,662
				8,016

	Number of Shares		Value† (000's)^z
Real Estate Investment Trusts (5.6%)
Corrections Corporation of America		71,104	$	2,089
Starwood Property Trust, Inc.		87,600		1,864
Starwood Waypoint Residential Trust		84,560		2,037
				5,990
Road & Rail (2.5%)
Avis Budget Group, Inc.*		61,600		2,718
Semiconductors & Semiconductor Equipment (2.9%)
ON Semiconductor Corp.*		174,200		1,664
Skyworks Solutions, Inc.		16,400		1,433
				3,097
Software (6.3%)
Cadence Design Systems, Inc.*		63,100		1,263
Check Point Software Technologies Ltd.*		24,200		1,888
Nuance Communications, Inc.*		221,000		3,640
				6,791
Specialty Retail (4.0%)
Best Buy Co., Inc.		69,300		2,546
Staples, Inc.		123,000		1,748
				4,294
Technology Hardware, Storage & Peripherals (2.3%)
SanDisk Corp.		45,700		2,493
Textiles, Apparel & Luxury Goods (1.9%)
Deckers Outdoor Corp.*		32,300		2,080

See Notes to Schedule of Investments

112

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

	Number of Shares		Value† (000's)^z
Trading Companies & Distributors (2.2%)
AerCap Holdings NV*		56,100	$	2,358
Total Common Stocks (Cost $94,849)				98,238
Rights (0.0%)
Food & Staples Retailing (0.0%)
Safeway, Inc. (Casa Ley)^Ñ*		21,100		7
Safeway, Inc. (Property Development Centers)^Ñf*		21,100		1
Total Rights (Cost $22)				8
Short-Term Investments (8.5%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $9,201)		9,200,667		9,201
Total Investments^## (99.9%) (Cost $104,072)				107,447
Cash, receivables and other assets, less liabilities (0.1%)				58
Total Net Assets (100.0%)			$	107,505

See Notes to Schedule of Investments

113

Schedule of Investments Multi-Cap Opportunities Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	JPMorgan Chase & Co.	4.5	%
2	Goldman Sachs Group, Inc.	4.4	%
3	Intercontinental Exchange, Inc.	4.4	%
4	Berkshire Hathaway, Inc. Class B	3.8	%
5	Pfizer, Inc.	3.5	%

6	Google, Inc. Class C	3.4	%
7	Cardinal Health, Inc.	3.4	%
8	Sealed Air Corp.	3.3	%
9	American Express Co.	3.2	%
10	Stanley Black & Decker, Inc.	3.2	%

	Number of Shares		Value† (000's)^z
Common Stocks (98.6%)
Aerospace & Defense (4.5%)
Boeing Co.		468,000	$	61,158
Raytheon Co.		440,000		45,127
				106,285
Banks (7.5%)
JPMorgan Chase & Co.		1,635,000		104,803
Wells Fargo & Co.		1,345,000		71,729
				176,532
Capital Markets (4.4%)
Goldman Sachs Group, Inc.		545,000		102,787
Chemicals (2.7%)
Methanex Corp.		600,000		24,456
Scotts Miracle-Gro Co. Class A		640,000		39,802
				64,258
Commercial Services & Supplies (3.1%)
Covanta Holding Corp.		1,070,000		21,186
Pitney Bowes, Inc.		2,625,000		52,001
				73,187
Communications Equipment (4.8%)
Cisco Systems, Inc.		1,900,000		49,172
Motorola Solutions, Inc.		970,000		62,875
				112,047
Consumer Finance (3.2%)
American Express Co.		975,000		74,802
Containers & Packaging (3.3%)
Sealed Air Corp.		1,492,000		76,763
Diversified Financial Services (8.1%)
Berkshire Hathaway, Inc. Class B*		655,000		87,796
Intercontinental Exchange, Inc.		450,000		102,785
				190,581
Electrical Equipment (0.8%)
Rockwell Automation, Inc.		175,000		19,570

	Number of Shares		Value† (000's)^z
Energy Equipment & Services (2.0%)
Schlumberger Ltd.		615,000	$	47,582
Food Products (1.7%)
Mondelez International, Inc. Class A		930,000		39,395
Gas Utilities (1.4%)
National Fuel Gas Co.		620,000		33,455
Health Care Equipment & Supplies (1.9%)
Hill-Rom Holdings, Inc.		850,000		44,914
Health Care Providers & Services (8.6%)
Aetna, Inc.		305,000		34,929
Cardinal Health, Inc.		960,000		78,979
HCA Holdings, Inc.*		607,000		52,578
Henry Schein, Inc.*		245,000		33,519
				200,005
Hotels, Restaurants & Leisure (2.0%)
Hyatt Hotels Corp. Class A*		920,000		47,132
Household Products (1.4%)
Procter & Gamble Co.		450,000		31,801
Industrial Conglomerates (2.8%)
3M Co.		455,000		64,674
Internet Software & Services (5.5%)
eBay, Inc.*		1,765,000		47,849
Google, Inc. Class C*		130,000		80,373
				128,222
IT Services (2.6%)
PayPal Holdings, Inc.*		1,765,000		61,775
Machinery (3.2%)
Stanley Black & Decker, Inc.		735,000		74,617
Media (4.5%)
Omnicom Group, Inc.		680,000		45,546

	Number of Shares		Value† (000's)^z
Twenty-First Century Fox, Inc. Class A		2,210,000	$	60,532
				106,078
Metals & Mining (1.4%)
Carpenter Technology Corp.		830,000		32,370
Oil, Gas & Consumable Fuels (1.6%)
Cabot Oil & Gas Corp.		1,540,000		36,452
Pharmaceuticals (3.5%)
Pfizer, Inc.		2,540,000		81,839
Professional Services (1.7%)
Nielsen Holdings PLC		855,000		38,672
Road & Rail (1.6%)
CSX Corp.		1,350,000		36,963
Software (3.8%)
Activision Blizzard, Inc.		1,865,000		53,395
Microsoft Corp.		815,000		35,469
				88,864
Technology Hardware, Storage & Peripherals (5.0%)
Apple, Inc.		398,000		44,878
EMC Corp.		1,600,000		39,792
NCR Corp.*		1,275,000		31,990
				116,660
Total Common Stocks (Cost $1,925,904)				2,308,282
Short-Term Investments (1.1%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $25,965)		25,965,461		25,965
Total Investments^## (99.7%) (Cost $1,951,869)				2,334,247
Cash, receivables and other assets, less liabilities (0.3%)				6,051
Total Net Assets (100.0%)			$	2,340,298

See Notes to Schedule of Investments

114

Schedule of Investments Real Estate Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Simon Property Group, Inc.	9.1	%
2	American Tower Corp.	6.4	%
3	Equity Residential	5.9	%
4	Public Storage	5.4	%
5	AvalonBay Communities, Inc.	5.1	%

6	Boston Properties, Inc.	4.6	%
7	Crown Castle International Corp.	3.7	%
8	Essex Property Trust, Inc.	3.7	%
9	Ventas, Inc.	3.6	%
10	Prologis, Inc.	3.0	%

	Number of Shares		Value† (000's)^z
Common Stocks (99.2%)
Apartments (14.7%)
AvalonBay Communities, Inc.		248,992	$	41,099
Equity Residential		668,100		47,602
Essex Property Trust, Inc.		139,500		29,939
				118,640
Diversified (8.3%)
American Homes 4 Rent Class A		1,047,800		16,744
CoreSite Realty Corp.		233,421		11,365
Digital Realty Trust, Inc.		137,400		8,700
Equinix, Inc.		71,000		19,154
Vornado Realty Trust		129,923		11,328
				67,291
Free Standing (1.9%)
National Retail Properties, Inc.		224,000		7,784
Spirit Realty Capital, Inc.		812,903		7,804
				15,588
Health Care (9.5%)
Care Capital Properties, Inc.*		132,358		4,208
HCP, Inc.		337,900		12,522
Health Care REIT, Inc.		285,940		18,114
OMEGA Healthcare Investors, Inc.		372,375		12,579
Ventas, Inc.		525,330		28,904
				76,327
Hotels, Restaurants & Leisure (0.9%)
Starwood Hotels & Resorts Worldwide, Inc.		103,500		7,397
Industrial (4.0%)
DCT Industrial Trust, Inc.		255,400		8,201
Prologis, Inc.		638,638		24,268
				32,469

	Number of Shares		Value† (000's)^z
Infrastructure (10.2%)
American Tower Corp.		561,400	$	51,756
Crown Castle International Corp.		360,600		30,070
				81,826
Lodging/Resorts (4.6%)
Host Hotels & Resorts, Inc.		1,069,443		18,961
LaSalle Hotel Properties		350,100		11,014
Sunstone Hotel Investors, Inc.		535,628		7,408
				37,383
Office (11.2%)
Alexandria Real Estate Equities, Inc.		146,300		12,580
Boston Properties, Inc.		326,784		37,051
Douglas Emmett, Inc.		467,625		12,921
Hudson Pacific Properties, Inc.		286,400		8,131
SL Green Realty Corp.		190,715		19,741
				90,424
Real Estate Management & Development (3.5%)
Brookfield Asset Management, Inc. Class A		465,415		14,637
Forest City Enterprises, Inc. Class A*		647,884		13,949
				28,586
Regional Malls (12.7%)
CBL & Associates Properties, Inc.		581,297		8,650
General Growth Properties, Inc.		790,632		20,066
Simon Property Group, Inc.		408,948		73,333
				102,049
Self Storage (7.8%)
Extra Space Storage, Inc.		121,740		8,945

	Number of Shares		Value† (000's)^z
Public Storage		214,800	$	43,233
Sovran Self Storage, Inc.		118,000		10,588
				62,766
Shopping Centers (6.6%)
Federal Realty Investment Trust		160,800		20,756
Kimco Realty Corp.		799,200		18,421
Regency Centers Corp.		230,057		13,645
				52,822
Timber (3.3%)
Plum Creek Timber Co., Inc.		273,100		10,512
Weyerhaeuser Co.		563,296		15,738
				26,250
Total Common Stocks (Cost $758,679)				799,818
Short-Term Investments (1.2%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $9,563)		9,563,033		9,563
Total Investments^## (100.4%) (Cost $768,242)				809,381
Liabilities, less cash, receivables and other assets [(0.4%)]				(3,023	)
Total Net Assets (100.0%)			$	806,358

See Notes to Schedule of Investments

115

Schedule of Investments Small Cap Growth Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	AMAG Pharmaceuticals, Inc.	2.6	%
2	Barnes & Noble Education, Inc.	2.5	%
3	Acadia Healthcare Co., Inc.	2.0	%
4	EPAM Systems, Inc.	2.0	%
5	Cavium, Inc.	2.0	%

6	AmSurg Corp.	1.9	%
7	Bright Horizons Family Solutions, Inc.	1.9	%
8	Opus Bank	1.8	%
9	Qlik Technologies, Inc.	1.7	%
10	FCB Financial Holdings, Inc. Class A	1.7	%

	Number of Shares		Value† (000's)^z
Common Stocks (95.9%)
Aerospace & Defense (1.2%)
Aerojet Rocketdyne Holdings, Inc.*		50,000	$	1,028
Air Freight & Logistics (1.0%)
Hub Group, Inc. Class A*		22,600		852
Banks (7.6%)
FCB Financial Holdings, Inc. Class A*		44,200		1,458
Hanmi Financial Corp.		47,100		1,141
Opus Bank		43,200		1,589
Seacoast Banking Corp. of Florida*		71,400		1,111
Simmons First National Corp. Class A		28,100		1,233
				6,532
Biotechnology (9.5%)
AMAG Pharmaceuticals, Inc.*		36,500		2,283
Amicus Therapeutics, Inc.*		31,000		446
Bluebird Bio, Inc.*		2,600		346
Cepheid, Inc.*		22,200		1,082
Clovis Oncology, Inc.*		11,500		895
Dynavax Technologies Corp.*		35,200		998
Insys Therapeutics, Inc.*		13,400		434
Prothena Corp. PLC*		7,400		426
PTC Therapeutics, Inc.*		8,700		332
Radius Health, Inc.*		7,600		463
Retrophin, Inc.*		19,200		527
				8,232
Chemicals (1.4%)
Sensient Technologies Corp.		18,400		1,199
Commercial Services & Supplies (5.0%)
Interface, Inc.		45,400		1,100

	Number of Shares		Value† (000's)^z
Multi-Color Corp.		15,800	$	1,041
SP Plus Corp.*		49,700		1,142
Team, Inc.*		25,300		1,059
				4,342
Communications Equipment (1.6%)
Infinera Corp.*		62,000		1,353
Construction Materials (2.2%)
Headwaters, Inc.*		44,500		898
Summit Materials, Inc. Class A*		43,400		1,018
				1,916
Diversified Consumer Services (1.9%)
Bright Horizons Family Solutions, Inc.*		27,000		1,650
Health Care Equipment & Supplies (5.5%)
DexCom, Inc.*		9,700		913
Globus Medical, Inc. Class A*		43,900		1,072
Insulet Corp.*		27,900		829
K2M Group Holdings, Inc.*		45,800		973
NuVasive, Inc.*		19,200		1,012
				4,799
Health Care Providers & Services (8.9%)
Acadia Healthcare Co., Inc.*		24,195		1,767
AMN Healthcare Services, Inc.*		35,600		1,196
AmSurg Corp.*		21,400		1,678
HealthEquity, Inc.*		38,300		1,123
Molina Healthcare, Inc.*		10,400		776
WellCare Health Plans, Inc.*		12,300		1,115
				7,655
Hotels, Restaurants & Leisure (5.4%)
Boyd Gaming Corp.*		69,800		1,124
Cheesecake Factory, Inc.		15,900		863
Penn National Gaming, Inc.*		72,400		1,315
Vail Resorts, Inc.		12,700		1,370
				4,672

	Number of Shares		Value† (000's)^z
Household Durables (1.0%)
WCI Communities, Inc.*		35,100	$	875
Internet & Catalog Retail (0.8%)
HSN, Inc.		11,500		699
Internet Software & Services (5.2%)
Benefitfocus, Inc.*		34,600		1,269
comScore, Inc.*		17,200		898
Marketo, Inc.*		45,200		1,266
Q2 Holdings, Inc.*		39,200		1,026
				4,459
IT Services (2.9%)
EPAM Systems, Inc.*		24,700		1,744
Euronet Worldwide, Inc.*		11,400		735
				2,479
Leisure Products (1.4%)
Brunswick Corp.		24,100		1,198
Multiline Retail (1.3%)
Burlington Stores, Inc.*		20,500		1,088
Pharmaceuticals (2.7%)
Foamix Pharmaceuticals Ltd.*		75,600		768
Intersect ENT, Inc.*		31,700		807
Pacira Pharmaceuticals, Inc.*		13,900		800
				2,375
Professional Services (2.1%)
Huron Consulting Group, Inc.*		14,000		1,014
On Assignment, Inc.*		23,600		849
				1,863
Road & Rail (1.3%)
Old Dominion Freight Line, Inc.*		17,271		1,148
Semiconductors & Semiconductor Equipment (4.2%)
Cavium, Inc.*		25,600		1,741
M/A-COM Technology Solutions Holdings, Inc.*		32,000		944

See Notes to Schedule of Investments

116

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

	Number of Shares		Value† (000's)^z
Monolithic Power Systems, Inc.		19,600	$	943
				3,628
Software (11.0%)
BroadSoft Inc.*		19,900		628
FleetMatics Group PLC*		26,400		1,182
Fortinet, Inc.*		25,700		1,083
Gigamon, Inc.*		19,900		453
Paylocity Holding Corp.*		35,900		1,185
Proofpoint, Inc.*		18,900		1,065
Qlik Technologies, Inc.*		39,700		1,503
Tyler Technologies, Inc.*		9,700		1,339
Ultimate Software Group, Inc.*		6,300		1,110
				9,548
Specialty Retail (8.2%)
Barnes & Noble Education, Inc.*		168,904		2,179
Lithia Motors, Inc. Class A		12,500		1,333
Men's Wearhouse, Inc.		19,300		1,089
Monro Muffler Brake, Inc.		19,800		1,255
Restoration Hardware Holdings, Inc.*		13,400		1,239
				7,095
Textiles, Apparel & Luxury Goods (1.3%)
G-III Apparel Group Ltd.*		15,900		1,102
Thrifts & Mortgage Finance (1.3%)
EverBank Financial Corp.		55,200		1,092
Total Common Stocks (Cost $83,198)				82,879
Short-Term Investments (4.2%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $3,644)		3,643,518		3,644
Total Investments^## (100.1%) (Cost $86,842)				86,523
Liabilities, less cash, receivables and other assets [(0.1%)]				(112	)
Total Net Assets (100.0%)			$	86,411

See Notes to Schedule of Investments

117

Schedule of Investments Socially Responsive Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	American Express Co.	5.3	%
2	Texas Instruments, Inc.	5.1	%
3	Newell Rubbermaid, Inc.	5.1	%
4	Progressive Corp.	5.1	%
5	Danaher Corp.	4.0	%

6	Schlumberger Ltd.	4.0	%
7	Eversource Energy	3.9	%
8	Intuit, Inc.	3.7	%
9	W.W. Grainger, Inc.	3.7	%
10	U.S. Bancorp	3.6	%

	Number of Shares		Value† (000's)^z
Common Stocks (97.9%)
Airlines (2.3%)
Ryanair Holdings PLC ADR		696,282	$	50,794
Auto Components (2.4%)
BorgWarner, Inc.		1,239,989		54,113
Banks (3.6%)
U.S. Bancorp		1,907,782		80,795
Commercial Services & Supplies (0.9%)
Herman Miller, Inc.		790,473		21,430
Communications Equipment (1.6%)
NetScout Systems, Inc.*		983,441		35,945
Consumer Finance (5.3%)
American Express Co.		1,536,243		117,861
Diversified Financial Services (2.8%)
Intercontinental Exchange, Inc.		277,794		63,451
Diversified Telecommunication Services (1.4%)
Level 3 Communications, Inc.*		690,133		30,870
Electric Utilities (3.9%)
Eversource Energy		1,855,967		87,676
Energy Equipment & Services (4.0%)
Schlumberger Ltd.		1,152,977		89,206
Food Products (2.6%)
Keurig Green Mountain, Inc.		1,031,420		58,378
Health Care Equipment & Supplies (6.0%)
Abbott Laboratories		1,246,456		56,452
Becton, Dickinson & Co.		557,050		78,555
				135,007
Health Care Providers & Services (1.3%)
Premier, Inc. Class A*		810,431		28,892

	Number of Shares		Value† (000's)^z
Household Durables (5.1%)
Newell Rubbermaid, Inc.		2,709,575	$	114,154
Industrial Conglomerates (6.0%)
3M Co.		304,953		43,346
Danaher Corp.		1,037,176		90,255
				133,601
Insurance (5.1%)
Progressive Corp.		3,809,054		114,119
Internet Software & Services (1.8%)
eBay, Inc.*		1,528,017		41,424
IT Services (6.9%)
Alliance Data Systems Corp.*		250,941		64,539
MasterCard, Inc. Class A		385,476		35,606
PayPal Holdings, Inc.*		1,528,017		53,481
				153,626
Oil, Gas & Consumable Fuels (2.9%)
Cimarex Energy Co.		186,045		20,560
Noble Energy, Inc.		1,299,112		43,403
				63,963
Personal Products (3.5%)
Unilever NV		1,942,705		77,941
Pharmaceuticals (2.1%)
Roche Holding AG		169,607		46,321
Professional Services (4.1%)
ManpowerGroup, Inc.		385,537		33,503
Robert Half International, Inc.		1,151,410		58,757
				92,260
Semiconductors & Semiconductor Equipment (5.1%)
Texas Instruments, Inc.		2,391,184		114,394

	Number of Shares		Value† (000's)^z
Software (5.5%)
Adobe Systems, Inc.*		500,310	$	39,309
Intuit, Inc.		977,561		83,826
				123,135
Specialty Retail (5.0%)
O'Reilly Automotive, Inc.*		161,632		38,803
TJX Cos., Inc.		1,052,402		74,005
				112,808
Textiles, Apparel & Luxury Goods (1.2%)
Gildan Activewear, Inc.		827,600		25,970
Trading Companies & Distributors (5.5%)
NOW, Inc.*		2,412,742		41,161
W.W. Grainger, Inc.		365,998		81,779
				122,940
Total Common Stocks (Cost $1,793,785)				2,191,074
	Principal Amount
Short-Term Investments (2.5%)
Certificates of Deposit (0.0%)
Carver Federal Savings Bank Self Help Credit Union, 0.20%, due 9/22/15	$	100,000		100
Self Help Credit Union, 0.25%, due 10/13/15		250,000		250
Self Help Credit Union, 0.25%, due 11/16/15		250,000		250
				600	^#

See Notes to Schedule of Investments

118

Schedule of Investments Socially Responsive Fund (cont'd)

	Number of Shares		Value† (000's)^z
Money Market Fund (2.5%)
State Street Institutional Treasury Money Market Fund Premier Class		55,103,763	$	55,104
Total Short-Term Investments (Cost $55,704)				55,704
Total Investments^## (100.4%) (Cost $1,849,489)				2,246,778
Liabilities, less cash, receivables and other assets [(0.4%)]				(9,767	)
Total Net Assets (100.0%)			$	2,237,011

See Notes to Schedule of Investments

119

Schedule of Investments Value Fund 8/31/15

TOP TEN EQUITY HOLDINGS

1	Carnival Corp.	7.7	%
2	Exxon Mobil Corp.	5.4	%
3	Citigroup, Inc.	5.0	%
4	JPMorgan Chase & Co.	4.8	%
5	JC Penney Co., Inc.	4.3	%

6	General Electric Co.	4.2	%
7	Eaton Corp. PLC	4.2	%
8	Delta Air Lines, Inc.	4.2	%
9	Wells Fargo & Co.	4.0	%
10	Bank of New York Mellon Corp.	3.4	%

	Number of Shares		Value† (000's)^z
Common Stocks (99.5%)
Airlines (9.3%)
American Airlines Group, Inc.		11,413	$	445
Delta Air Lines, Inc.		19,854		869
United Continental Holdings, Inc.*		10,847		618
				1,932
Auto Components (3.6%)
Delphi Automotive PLC		3,604		272
Johnson Controls, Inc.		11,393		469
				741
Banks (16.2%)
Citigroup, Inc.		19,468		1,041
JPMorgan Chase & Co.		15,484		993
M&T Bank Corp.		879		104
Wells Fargo & Co.		15,742		839
Zions Bancorporation		13,821		401
				3,378
Biotechnology (2.1%)
Celgene Corp.*		1,853		219
Gilead Sciences, Inc.		2,087		219
				438
Capital Markets (7.1%)
Bank of New York Mellon Corp.		18,003		717
Goldman Sachs Group, Inc.		2,204		416
Morgan Stanley		10,404		358
				1,491
Communications Equipment (2.9%)
Cisco Systems, Inc.		11,728		303
Juniper Networks, Inc.		11,508		296
				599
Construction Materials (2.1%)
Vulcan Materials Co.		4,676		438
Diversified Financial Services (2.5%)
CME Group, Inc.		5,564		525

	Number of Shares		Value† (000's)^z
Electrical Equipment (4.2%)
Eaton Corp. PLC		15,249	$	870
Energy Equipment & Services (0.3%)
Schlumberger Ltd.		783		61
Food & Staples Retailing (1.0%)
Wal-Mart Stores, Inc.		3,258		211
Health Care Providers & Services (2.2%)
HCA Holdings, Inc.*		4,050		351
Tenet Healthcare Corp.*		2,381		117
				468
Hotels, Restaurants & Leisure (7.7%)
Carnival Corp.		32,665		1,608
Industrial Conglomerates (4.2%)
General Electric Co.		35,702		886
Insurance (3.3%)
Lincoln National Corp.		13,425		682
Machinery (3.1%)
Cummins, Inc.		1,955		238
Joy Global, Inc.		17,041		413
				651
Metals & Mining (6.7%)
BHP Billiton Ltd. ADR		9,793		361
Newmont Mining Corp.		38,451		656
United States Steel Corp.		23,089		378
				1,395
Multiline Retail (4.3%)
JC Penney Co., Inc.*		98,556		898
Oil, Gas & Consumable Fuels (8.6%)
Devon Energy Corp.		7,383		315
Exxon Mobil Corp.		15,021		1,130
Pioneer Natural Resources Co.		2,903		357
				1,802

	Number of Shares		Value† (000's)^z
Pharmaceuticals (2.9%)
Teva Pharmaceutical Industries Ltd. ADR		9,485	$	611
Specialty Retail (1.6%)
Staples, Inc.		23,874		339
Technology Hardware, Storage & Peripherals (3.6%)
EMC Corp.		14,889		370
SanDisk Corp.		6,944		379
				749
Total Common Stocks (Cost $21,530)				20,773
Short-Term Investments (0.0%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $0)		1		0
Total Investments^## (99.5%) (Cost $21,530)				20,773
Cash, receivables and other assets, less liabilities (0.5%)				96
Total Net Assets (100.0%)			$	20,869

See Notes to Schedule of Investments

120

Schedule of Investments World Equity Fund 8/31/15

TOP TEN EQUITY HOLDINGS

		Country	Industry
1	Energy Select Sector SPDR Fund	United States	Exchange Traded Funds	2.7	%
2	SPDR S&P Oil & Gas Exploration & Production ETF	United States	Exchange Traded Funds	2.5	%
3	iShares MSCI Emerging Markets ETF	United States	Exchange Traded Funds	2.5	%
4	Thales SA	France	Aerospace & Defense	2.0	%
5	Apple, Inc.	United States	Technology Hardware, Storage & Peripherals	1.7	%
6	NIKE, Inc. Class B	United States	Textiles, Apparel & Luxury Goods	1.6	%
7	Fiserv, Inc.	United States	IT Services	1.6	%
8	HCA Holdings, Inc.	United States	Health Care Providers & Services	1.5	%
9	Walt Disney Co.	United States	Media	1.4	%
10	Foot Locker, Inc.	United States	Specialty Retail	1.4	%

	Number of Shares		Value† (000's)^z
Common Stocks (78.7%)
Austria (0.4%)
ams AG		551	$	20
Belgium (2.5%)
Ackermans & van Haaren NV		175		26
Anheuser-Busch InBev NV		204		22
Ion Beam Applications^ØØ		1,381		43
KBC Groep NV^ØØ		466		31
				122
China (0.4%)
Tencent Holdings Ltd.		1,033		18
France (5.1%)
Cap Gemini SA		138		12
Ingenico Group		195		24
L'Oreal SA		138		24
Legrand SA		435		25
Orpea		352		27
SCOR SE		1,038		37
Thales SA^ØØ		1,393		96
				245
Germany (6.1%)
Bayer AG		262		36
Daimler AG		242		19
Deutsche Annington Immobilien SE		1,562		51
Deutsche Wohnen AG		1,379		36
Dialog Semiconductor PLC*^ØØ		273		13
Fresenius SE & Co. KGaA		677		48
Hella KGaA Hueck & Co.*		416		18
KUKA AG		448		36
ProSiebenSat.1 Media SE		748		36
				293

	Number of Shares		Value† (000's)^z
Hong Kong (0.6%)
AIA Group Ltd.		1,669	$	9
Bank of China Ltd., H Shares		19,696		9
China Construction Bank Corp., H Shares		13,984		10
				28
Israel (1.2%)
Teva Pharmaceutical Industries Ltd. ADR^ØØ		846		55
Italy (3.1%)
Brembo SpA		585		24
Enel SpA		2,806		13
Intesa Sanpaolo SpA^ØØ		13,287		48
Mediobanca SpA^ØØ		6,237		63
				148
Japan (11.5%)
Daicel Corp.		1,951		26
Don Quijote Holdings Co. Ltd.		600		23
East Japan Railway Co.		381		35
Fuji Heavy Industries Ltd.		694		24
Hiroshima Bank Ltd.		2,093		12
Japan Airlines Co. Ltd.		1,000		36
Kirin Holdings Co. Ltd.		1,822		27
Mitsubishi UFJ Financial Group, Inc.		3,459		23
Mizuho Financial Group, Inc.		11,557		24
Nomura Holdings, Inc.		5,357		34
Nomura Research Institute Ltd.		600		24
NTT Data Corp.^ØØ		1,267		61

	Number of Shares		Value† (000's)^z
NTT DOCOMO, Inc.^ØØ		1,966	$	41
Seibu Holdings, Inc.		1,100		24
Sumitomo Mitsui Financial Group, Inc.		566		23
Sumitomo Mitsui Trust Holdings, Inc.		5,000		21
Taisei Corp.		4,358		29
Takeda Pharmaceutical Co. Ltd.		525		26
West Japan Railway Co.^ØØ		594		40
				553
Netherlands (1.6%)
ASML Holding NV		111		10
ING Groep NV^ØØ		1,943		30
NXP Semiconductors NV*		200		17
Royal Dutch Shell PLC ADR Class A		400		21
				78
South Africa (0.5%)
Brait SE*		2,170		24
Spain (0.8%)
Industria de Diseno Textil SA		1,131		38
Sweden (0.8%)
Assa Abloy AB Class B		1,937		37
Switzerland (1.3%)
Novartis AG		251		25
UBS Group AG*		1,715		36
				61
Taiwan (0.2%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		568		11

See Notes to Schedule of Investments

121

Schedule of Investments World Equity Fund (cont'd)

	Number of Shares		Value† (000's)^z
United States (42.6%)
Accenture PLC Class A^ØØ		515	$	49
Aetna, Inc.		293		34
Allegion PLC^ØØ		705		42
Allergan PLC*		100		30
Amazon.com, Inc.*		58		30
Apple, Inc.^ØØ		727		82
Bank of America Corp.^ØØ		1,480		24
Bristol-Myers Squibb Co.^ØØ		727		43
Celgene Corp.*^ØØ		327		39
Centene Corp.*		466		29
Charles Schwab Corp.^ØØ		2,149		65
Cigna Corp.		152		21
CVS Health Corp.^ØØ		592		61
Eli Lilly & Co.^ØØ		582		48
Express Scripts Holding Co.*		421		35
Facebook, Inc. Class A*^ØØ		579		52
Fiserv, Inc.*^ØØ		902		77
Foot Locker, Inc.^ØØ		937		66
Goldman Sachs Group, Inc.^ØØ		172		32
HCA Holdings, Inc.*^ØØ		824		71
Health Net, Inc.*		586		38
Home Depot, Inc.^ØØ		450		52
JPMorgan Chase & Co.^ØØ		921		59
Lockheed Martin Corp.^ØØ		254		51
Morgan Stanley		971		33
Newell Rubbermaid, Inc.		914		39
NextEra Energy, Inc.		253		25
NIKE, Inc. Class B^ØØ		694		78
Northrop Grumman Corp.		236		39
Raytheon Co.		354		36
Reinsurance Group of America, Inc.		394		36
salesforce.com, inc.*		532		37
SBA Communications Corp. Class A*^ØØ		323		38
Service Corp. International^ØØ		2,132		63
Sherwin-Williams Co.^ØØ		180		46
Stanley Black & Decker, Inc.		356		36
Starbucks Corp.		700		38
SVB Financial Group*^ØØ		164		21
T-Mobile US, Inc.*^ØØ		1,601		63
Time Warner, Inc.		291		21

	Number of Shares		Value† (000's)^z
UnitedHealth Group, Inc.		308	$	36
Valero Energy Corp.^ØØ		788		47
Visa, Inc. Class A^ØØ		930		66
Walt Disney Co.^ØØ		659		67
Wells Fargo & Co.^ØØ		888		47
				2,042
Total Common Stocks (Cost $3,865)				3,773
Exchange Traded Funds (8.7%)
United States (8.7%)
Energy Select Sector SPDR Fund		1,947		129
iShares MSCI Emerging Markets ETF		3,568		121
iShares MSCI India ETF^ØØ		1,600		45
SPDR S&P Oil & Gas Exploration & Production ETF		3,200		122
Total Exchange Traded Funds (Cost $421)				417
Short-Term Investments (16.5%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $789)		789,085		789
Total Investments^## (103.9%) (Cost $5,075)				4,979
Liabilities, less cash, receivables and other assets^k [(3.9%)]				(187	)
Total Net Assets (100.0%)			$	4,792

See Notes to Schedule of Investments

122

POSITIONS BY INDUSTRY WORLD EQUITY FUND

Industry	Investments at Value^†(000's omitted)		Percentage of Net Assets
Exchange Traded Funds	$	417		8.7	%
Banks		382		8.0	%
Health Care Providers & Services		339		7.1	%
IT Services		289		6.0	%
Capital Markets		287		6.0	%
Pharmaceuticals		263		5.5	%
Aerospace & Defense		222		4.6	%
Specialty Retail		156		3.3	%
Wireless Telecommunication Services		142		3.0	%
Media		124		2.6	%
Real Estate Management & Development		87		1.8	%
Technology Hardware, Storage & Peripherals		82		1.7	%
Insurance		82		1.7	%
Building Products		79		1.6	%
Textiles, Apparel & Luxury Goods		78		1.6	%
Road & Rail		75		1.6	%
Chemicals		72		1.5	%
Machinery		72		1.5	%
Semiconductors & Semiconductor Equipment		71		1.5	%
Internet Software & Services		70		1.5	%
Oil, Gas & Consumable Fuels		68		1.4	%
Diversified Consumer Services		63		1.3	%
Food & Staples Retailing		61		1.3	%
Beverages		49		1.0	%
Automobiles		43		0.9	%
Health Care Equipment & Supplies		43		0.9	%
Auto Components		42		0.9	%
Biotechnology		39		0.8	%
Household Durables		39		0.8	%
Electric Utilities		38		0.8	%
Hotels, Restaurants & Leisure		38		0.8	%
Software		37		0.8	%
Airlines		36		0.7	%
Internet & Catalog Retail		30		0.6	%
Construction & Engineering		29		0.6	%
Diversified Financial Services		26		0.5	%
Electrical Equipment		25		0.5	%
Electronic Equipment, Instruments & Components		24		0.5	%
Industrial Conglomerates		24		0.5	%
Personal Products		24		0.5	%
Multiline Retail		23		0.5	%
Short-Term Investments and Other Assets—Net		602		12.6	%
	$	4,792		100.0	%

See Notes to Schedule of Investments

123

Notes to Schedule of Investments

† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman All Cap Core Fund ("All Cap Core"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman 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"), Neuberger Berman Value Fund ("Value") and Neuberger Berman World Equity Fund ("World Equity") (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, rights and written option contracts, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no reported sale of a security on a particular day, the independent pricing services 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

124

Notes to Schedule of Investments(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 independent pricing services 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 independent pricing services based on the underlying equity security and applicable exchange rate (Level 1 inputs).

The value of financial futures contracts ("financial futures") is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of forward foreign currency contracts ("forward contracts") is determined by Management by obtaining valuations from independent pricing services based on actual traded currency rates on independent pricing services' networks, along with other traded and quoted currency rates provided to the pricing services by leading market participants (Level 2 inputs).

The value of equity swap contracts ("equity swaps") is determined by Management by obtaining valuations from independent pricing services using the underlying security and stated London Interbank Offered Rate ("LIBOR") or Federal Funds floating rate (Level 2 inputs).

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 non-exchange traded 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 financial 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

See Notes to Financial Statements

125

Notes to Schedule of Investments(cont'd)

prices adjusted in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of August 31, 2015:

Asset Valuation Inputs

(000's omitted)	Level 1		Level 2		Level 3^§§		Total
All Cap Core
Investments:
Common Stocks§	$	39,235	$	—	$	—	$	39,235
Exchange Traded Funds		2,644		—		—		2,644
Short-Term Investments		—		7,981		—		7,981
Total Investments		41,879		7,981		—		49,860
Emerging Markets Equity
Investments:
Common Stocks§
Jordan		—		4,105		—		4,105
Malaysia		—		3,199		—		3,199
Philippines		—		14,984		—		14,984
Russia		5,073		10,242		—		15,315
Thailand		—		7,877		—		7,877
Other Common Stocksß		362,117		—		—		362,117
Total Common Stocks		367,190		40,407		—		407,597
Short-Term Investments		—		5,401		—		5,401
Total Investments		367,190		45,808		—		412,998
Equity Income
Investments:
Common Stocks
Diversified Telecommunication Services		22,562		21,194		—		43,756
Tobacco		—		17,136		—		17,136
Other Common Stocks§		1,894,703		—		—		1,894,703
Total Common Stocks		1,917,265		38,330		—		1,955,595
Business Development Companies		22,423		—		—		22,423
Preferred Stocks		11,158		—		—		11,158
Convertible Bonds		—		76,938		—		76,938
Short-Term Investments		—		35,830		—		35,830
Total Investments		1,950,846		151,098		—		2,101,944

See Notes to Financial Statements

126

Notes to Schedule of Investments(cont'd)

(000's omitted)	Level 1		Level 2		Level 3^§§		Total
Focus
Investments:
Common Stocks§	$	765,029	$	—	$	—	$	765,029
Short-Term Investments		—		11,016		—		11,016
Total Investments		765,029		11,016		—		776,045
Genesis
Investments:
Common Stocks
Food & Staples Retailing		—		21,448		—		21,448
Paper & Forest Products		—		87,086		—		87,086
Other Common Stocks§		10,653,490		—		—		10,653,490
Total Common Stocks		10,653,490		108,534		—		10,762,024
Short-Term Investments		—		206,909		—		206,909
Total Investments		10,653,490		315,443		—		10,968,933
Global Equity
Investments:
Common Stocks§
United Kingdom		79		452		—		531
Other Common Stocksß		3,197		—		—		3,197
Total Common Stocks		3,276		452		—		3,728
Short-Term Investments		—		156		—		156
Total Investments		3,276		608		—		3,884
Global Real Estate
Investments:
Common Stocks§
United Kingdom		—		254		—		254
Other Common Stocksß		2,469		—		—		2,469
Total Common Stocks		2,469		254		—		2,723
Short-Term Investments		—		52		—		52
Total Investments		2,469		306		—		2,775
Greater China Equity
Investments:
Common Stocks§		87,632		—		—		87,632
Participatory Notes§		18,358		—		—		18,358
Short-Term Investments		—		4,463		—		4,463
Total Investments		105,990		4,463		—		110,453

See Notes to Financial Statements

127

Notes to Schedule of Investments(cont'd)

(000's omitted)	Level 1		Level 2		Level 3^§§		Total
Guardian
Investments:
Common Stocks§	$	1,288,064	$	—	$	—	$	1,288,064
Short-Term Investments		—		12,350		—		12,350
Total Investments		1,288,064		12,350		—		1,300,414
International Equity
Investments:
Common Stocks§
Ireland		—		16,661		—		16,661
United Kingdom		37,738		214,129		—		251,867
Other Common Stocksß		870,970		—		—		870,970
Total Common Stocks		908,708		230,790		—		1,139,498
Short-Term Investments		—		50,726		—		50,726
Total Investments		908,708		281,516		—		1,190,224
International Select
Investments:
Common Stocks§
Ireland		—		2,542		—		2,542
United Kingdom		5,627		42,099		—		47,726
Other Common Stocksß		179,153		—		—		179,153
Total Common Stocks		184,780		44,641		—		229,421
Short-Term Investments		—		7,788		—		7,788
Total Investments		184,780		52,429		—		237,209
Intrinsic Value
Investments:
Common Stocks§		441,604		—		—		441,604
Short-Term Investments		—		49,135		—		49,135
Total Investments		441,604		49,135		—		490,739
Large Cap Disciplined Growth
Investments:
Common Stocks§		58,979		—		—		58,979
Short-Term Investments		—		265		—		265
Total Investments		58,979		265		—		59,244
Large Cap Value
Investments:
Common Stocks§		1,341,866		—		—		1,341,866
Short-Term Investments		—		39,698		—		39,698
Total Investments		1,341,866		39,698		—		1,381,564

See Notes to Financial Statements

128

Notes to Schedule of Investments(cont'd)

(000's omitted)	Level 1		Level 2			Level 3^§§		Total
Mid Cap Growth
Investments:
Common Stocks§	$	1,089,877	$	—		$	—	$	1,089,877
Exchange Traded Funds		9,242		—			—		9,242
Short-Term Investments		—		83,557			—		83,557
Total Investments		1,099,119		83,557			—		1,182,676
Mid Cap Intrinsic Value
Investments:
Common Stocks§		98,238		—			—		98,238
Rights		—		—			8		8
Short-Term Investments		—		9,201			—		9,201
Total Investments		98,238		9,201			8		107,447
Multi-Cap Opportunities
Investments:
Common Stocks§		2,308,282		—			—		2,308,282
Short-Term Investments		—		25,965			—		25,965
Total Investments		2,308,282		25,965			—		2,334,247
Real Estate
Investments:
Common Stocks§		799,818		—			—		799,818
Short-Term Investments		—		9,563			—		9,563
Total Investments		799,818		9,563			—		809,381
Small Cap Growth
Investments:
Common Stocks§		82,879		—			—		82,879
Short-Term Investments		—		3,644			—		3,644
Total Investments		82,879		3,644			—		86,523
Socially Responsive
Investments:
Common Stocks§		2,191,074		—			—		2,191,074
Short-Term Investments§		—		55,704			—		55,704
Total Investments		2,191,074		55,704			—		2,246,778
Value
Investments:
Common Stocks§		20,773		—			—		20,773
Short-Term Investments		—		0	^z		—		0	^z
Total Investments		20,773		0	^z		—		20,773

See Notes to Financial Statements

129

Notes to Schedule of Investments(cont'd)

(000's omitted)	Level 1		Level 2		Level 3^§§		Total
World Equity
Investments:
Common Stocks§	$	3,773	$	—	$	—	$	3,773
Exchange Traded Funds		417		—		—		417
Short-Term Investments		—		789		—		789
Total Investments		4,190		789		—		4,979

§ The Schedule of Investments (or Positions by Industry or Sector for the global/international funds) provides information on the industry or sector categorization for the portfolio.

ß All Level 1 securities that represent multiple geographic locations and/or industries. Please refer to the Schedule of Investments for additional information.

§§ 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 8/31/15		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/15
(000's omitted) Investments in Securities:
Rights^‡
Food & Staples Retailing	$	—	$	—	$	—	$	(14	)	$	22	$	—	$	—	$	—	$	8	$	(14	)
Total	$	—	$	—	$	—	$	(14	)	$	22	$	—	$	—	$	—	$	8	$	(14	)

‡ For the year ended August 31, 2015, Mid Cap Intrinsic Value's Level 3 investments were valued based on a single quotation obtained from a dealer or, where such a quotation was not readily available, using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The investments did not have a material impact on the Fund's net assets; therefore, unobservable inputs used in formulating such valuations are not presented.

As of the year ended August 31, 2015, certain securities were transferred from one level (as of August 31, 2014) to another. Based on beginning of period market values as of September 1, 2014, approximately $30,996,000, $91,092,000, $2,745,000, $172,214,000 and $31,546,000 was transferred from Level 1 to Level 2 for Emerging Markets Equity, Genesis, Global Equity, International Equity and International Select, respectively. Interactive provided adjusted prices for these securities as of August 31, 2015, as stated in the description of the valuation methods of foreign equity securities in footnote † above. In addition, approximately $44,561,000, $491,000, $14,956,000 and $3,970,000 was transferred from Level 2 to Level 1 for Emerging Markets Equity, Global Equity, International Equity and International Select, respectively, due to active market activity on recognized exchanges as of August 31, 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.

See Notes to Financial Statements

130

Notes to Schedule of Investments(cont'd)

The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of August 31, 2015:

Asset Valuation Inputs

(000's omitted)	Level 1		Level 2		Level 3		Total
World Equity
Equity swaps	$	—	$	6	$	—	$	6
Total	$	—	$	6	$	—	$	6

The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of August 31, 2015:

Liability Valuation Inputs

(000's omitted)	Level 1			Level 2			Level 3		Total
Equity Income
Option Contracts	$	(1,965	)	$	—		$	—	$	(1,965	)
Total	$	(1,965	)	$	—		$	—	$	(1,965	)
World Equity
Equity swaps	$	—		$	(35	)	$	—	$	(35	)
Forward contracts (unrealized depreciation)		—			(3	)		—		(3	)
Total	$	—		$	(38	)	$	—	$	(38	)

## At August 31, 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	$	46,131	$	4,001	$	272	$	3,729
Emerging Markets Equity		456,267		40,204		83,473		(43,269	)
Equity Income		1,977,673		223,907		99,636		124,271
Focus		663,019		137,666		24,640		113,026
Genesis		6,169,882		4,974,429		175,378		4,799,051
Global Equity		3,769		419		304		115
Global Real Estate		2,976		41		242		(201	)
Greater China Equity		132,029		1,691		23,267		(21,576	)
Guardian		1,062,121		301,833		63,540		238,293
International Equity		1,126,118		139,524		75,418		64,106
International Select		216,194		32,635		11,620		21,015
Intrinsic Value		454,725		70,786		34,772		36,014
Large Cap Disciplined Growth		56,140		6,120		3,016		3,104
Large Cap Value		1,408,667		78,669		105,772		(27,103	)
Mid Cap Growth		899,179		297,749		14,252		283,497
Mid Cap Intrinsic Value		103,858		11,072		7,483		3,589
Multi-Cap Opportunities		1,952,651		446,960		65,364		381,596
Real Estate		768,658		66,009		25,286		40,723
Small Cap Growth		87,299		3,122		3,898		(776	)

See Notes to Financial Statements

131

Notes to Schedule of Investments(cont'd)

(000's omitted)	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Socially Responsive	$	1,849,632	$	483,118	$	85,972	$	397,146
Value		21,664		841		1,732		(891	)
World Equity		5,098		83		202		(119	)

‡‡	At August 31, 2015, Equity Income had outstanding call and put options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options^µ
Best Buy Co., Inc., Put		250		30	December 2015	$	(19,000	)
CME Group, Inc., Call		150		105	December 2015		(17,000	)
CME Group, Inc., Call		13		110	January 2016		(0	)^z
Eli Lilly & Co, Call		250		90	January 2016		(57,000	)
Eli Lilly & Co, Call		250		95	January 2016		(30,000	)
Equinix, Inc., Call		125		320	March 2016		(40,000	)
Equinix, Inc., Call		50		330	March 2016		(10,000	)
Equinix, Inc., Call		4		340	March 2016		(0	)^z
Extra Space Storage, Inc., Call		250		80	March 2016		(48,000	)^f
Golar LNG Ltd., Call		250		75	January 2016		(5,000	)
Hasbro, Inc., Call		300		70	January 2016		(228,000	)
Hasbro, Inc., Call		200		80	January 2016		(49,000	)
Hasbro, Inc., Call		200		82.5	January 2016		(33,000	)
Hasbro, Inc., Call		200		85	January 2016		(23,000	)
Honeywell International, Inc., Put		250		85	January 2016		(47,000	)
JPMorgan Chase & Co., Call		228		72.5	December 2015		(12,000	)
JPMorgan Chase & Co., Call		250		72.5	January 2016		(20,000	)
JPMorgan Chase & Co., Call		250		75	January 2016		(10,000	)
Linear Technology Corp., Put		250		34	February 2016		(31,000	)
Linear Technology Corp., Put		250		35	February 2016		(37,000	)
Lockheed Martin Corp., Put		2		165	January 2016		(0	)^z
McDonald's Corp., Put		250		87.5	January 2016		(62,000	)
McDonald's Corp., Put		250		90	January 2016		(80,000	)
McDonald's Corp., Put		250		85	March 2016		(67,000	)
Microsoft Corp., Call		250		52.5	April 2016		(15,000	)
NextEra Energy, Inc., Call		300		115	December 2015		(20,000	)
NextEra Energy, Inc., Call		152		120	March 2016		(4,000	)
PNC Financial Services Group, Inc., Call		7		105	January 2016		(0	)^z
Procter & Gamble Co., Put		250		72.5	October 2015		(79,000	)
Public Storage, Call		150		220	March 2016		(66,000	)
Public Storage, Call		150		230	March 2016		(26,000	)
SanDisk Corp., Put		250		55	October 2015		(99,000	)
SanDisk Corp., Put		250		47.5	January 2016		(78,000	)
SanDisk Corp., Put		250		50	January 2016		(98,000	)
SanDisk Corp., Put		250		52.5	January 2016		(139,000	)

See Notes to Financial Statements

132

Notes to Schedule of Investments(cont'd)

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options^µ
Union Pacific Corp., Put		250		85	November 2015	$	(104,000	)
Union Pacific Corp., Put		250		82.5	January 2016		(110,000	)
Union Pacific Corp., Put		5		87.5	January 2016		(3,000	)
Union Pacific Corp., Put		200		80	February 2016		(80,000	)
Union Pacific Corp., Put		200		85	February 2016		(119,000	)
					Total	$	(1,965,000	)

µ Rounded to the nearest thousand.

z A zero balance, if any, may reflect actual amounts rounding to less than $1,000.

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.

At August 31, 2015, Equity Income had deposited $22,450,313 in a segregated account to cover requirements on put options written.

#	At cost, which approximates market value.

*	Security did not produce income during the last twelve months.

@	All or a portion of this security is pledged in connection with outstanding call options written.

ØØ	All or a portion of this security is segregated in connection with obligations for equity swaps and/or forward contracts.

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 August 31, 2015, these securities amounted to approximately $2,527,000 or 0.6% of net assets for Emerging Markets Equity, approximately $21,941,000 or 1.0% of net assets for Equity Income, approximately $10,610,000 or 9.9% of net assets for Greater China Equity and approximately $24,177,000 or 2.0% of net assets for International Equity.

Ñ	These securities have been deemed by the investment manager to be illiquid. At August 31, 2015, these securities amounted to approximately $8,000 or 0.0% of net assets for Mid Cap Intrinsic Value.

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 in the Notes to Financial Statements for the Fund's open positions in derivatives at August 31, 2015.

See Notes to Financial Statements

133

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134

Statements of Assets and Liabilities

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			GREATER CHINA EQUITY FUND			GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	August 31, 2015			August 31, 2015			August 31, 2015			August 31, 2015		August 31, 2015		August 31, 2015			August 31, 2015			August 31, 2015			August 31, 2015		August 31, 2015
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	49,860		$	412,998		$	2,101,944		$	776,045	$	8,086,466	$	3,884		$	2,775		$	110,453		$	1,300,414	$	1,190,224
Affiliated issuers		—			—			—			—		2,882,467		—			—			—			—		—
		49,860			412,998			2,101,944			776,045		10,968,933		3,884			2,775			110,453			1,300,414		1,190,224
Cash		—			48			—			—		—		—			—			—			—		—
Foreign currency*		—			4,393			270			—		—		—			—			143			—		—
Cash collateral segregated for open option contracts		—			—			22,450			—		—		—			—			—			—		—
Dividends and interest receivable		54			199			9,265			901		13,113		19			4			58			2,447		3,515
Receivable for securities sold		2,895			3,597			5,900			20,058		15,355		—			—			2,063			21,167		—
Receivable for Fund shares sold		4			85			1,213			40		5,063		—			—			885			304		3,181
Receivable from Management—net (Note B)		2			—			—			—		—		22			15			29			—		—
Open swap contracts, at value (Note A)		—			—			—			—		—		—			—			—			—		—
Prepaid expenses and other assets		10			45			74			55		238		21			27			25			112		63
Total Assets		52,825			421,365			2,141,116			797,099		11,002,702		3,946			2,821			113,656			1,324,444		1,196,983
Liabilities
Options contracts written, at value** (Note A)		—			—			1,965			—		—		—			—			—			—		—
Open swap contracts, at value (Note A)		—			—			—			—		—		—			—			—			—		—
Payable for open forward foreign currency contracts (Note A)		—			—			—			—		—		—			—			—			—		—
Due to custodian		—			—			—			—		77		—			10			—			—		327
Payable for securities purchased		2,578			1,562			7,490			21,210		10,308		—			—			1,902			7,199		131
Payable for Fund shares redeemed		14			3,040			2,742			404		20,990		—			—			3,867			657		965
Payable to investment manager—net (Note B)		25			373			896			357		6,431		3			2			117			577		652
Payable to administrator—net (Note B)		—			102			770			201		2,092		—			—			—			335		236
Payable to trustees		4			4			4			4		4		4			3			4			4		4
Payable for organization costs		—			—			—			—		—		—			—			—			—		—
Interest payable		—			—			—			—		—		—			—			2			—		—
Accrued capital gains taxes		—			—			—			—		—		—			—			35			—		—
Accrued expenses and other payables		104			303			363			224		1,356		99			83			152			321		284
Total Liabilities		2,725			5,384			14,230			22,400		41,258		106			98			6,079			9,093		2,599
Net Assets	$	50,100		$	415,981		$	2,126,886		$	774,699	$	10,961,444	$	3,840		$	2,723		$	107,577		$	1,315,351	$	1,194,384
Net Assets consist of:
Paid-in capital	$	45,651		$	494,863		$	1,937,778		$	635,824	$	5,200,824	$	3,745		$	2,924		$	116,402		$	1,000,832	$	1,355,159
Undistributed net investment income (loss)		(144	)		2,273			—			3,830		19,793		—			—			837			5,845		7,983
Distributions in excess of net investment income		—			—			(1,857	)		—		—		(2	)		(2	)		—			—		—
Accumulated net realized gains (losses) on investments		864			(38,648	)		70,117			20,358		931,737		(19	)		(1	)		9,960			70,015		(233,398	)
Net unrealized appreciation (depreciation) in value of investments		3,729			(42,507	)		120,848			114,687		4,809,090		116			(198	)		(19,622	)		238,659		64,640
Net Assets	$	50,100		$	415,981		$	2,126,886		$	774,699	$	10,961,444	$	3,840		$	2,723		$	107,577		$	1,315,351	$	1,194,384
Net Assets
Investor Class	$	—		$	—		$	—		$	639,829	$	2,023,644	$	—		$	—		$	—		$	1,034,879	$	117,749
Trust Class		—			—			—			92,727		2,003,422		—			—			—			103,822		55,279
Advisor Class		—			—			—			6,105		451,319		—			—			—			296		—
Institutional Class		34,527			307,536			1,443,678			28,714		3,685,027		3,204			1,874			103,430			94,146		886,477
Class A		7,383			13,384			289,473			4,390		—		410			616			3,985			79,276		90,976
Class C		8,190			6,182			389,961			2,934		—		226			233			162			2,416		11,191
Class R3		—			764			3,774			—		—		—			—			—			516		—
Class R6		—			88,115			—			—		2,798,032		—			—			—			—		32,712

See Notes to Financial Statements

135

136

Statements of Assets and Liabilities (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		GREATER CHINA EQUITY FUND		GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		25,143		55,738		—		—		—		60,423		5,952
Trust Class		—		—		—		5,709		33,949		—		—		—		8,615		2,506
Advisor Class		—		—		—		710		16,440		—		—		—		21		—
Institutional Class		3,935		22,054		123,004		1,126		65,246		509		201		8,889		5,484		82,726
Class A		861		965		24,754		273		—		66		66		345		6,652		4,136
Class C		1,029		461		33,567		356		—		38		25		14		173		517
Class R3		—		56		323		—		—		—		—		—		36		—
Class R6		—		6,313		—		—		49,526		—		—		—		—		3,025
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	25.45	$	36.31	$	—	$	—	$	—	$	17.13	$	19.78
Trust Class		—		—		—		16.24		59.01		—		—		—		12.05	��	22.06
Advisor Class		—		—		—		8.60		27.45		—		—		—		14.33		—
Institutional Class		8.77		13.94		11.74		25.50		56.48		6.30		9.32		11.64		17.17		10.72
Class R3		—		13.60		11.67		—		—		—		—		—		14.31		—
Class R6		—		13.96		—		—		56.50		—		—		—		—		10.81
Net Asset Value and redemption price per share
Class A	$	8.58	$	13.87	$	11.69	$	16.10	$	—	$	6.23	$	9.31	$	11.56	$	11.92	$	22.00
Offering Price per share
Class A‡	$	9.10	$	14.72	$	12.40	$	17.08	$	—	$	6.61	$	9.88	$	12.27	$	12.65	$	23.34
Net Asset Value and offering price per share
Class C^	$	7.96	$	13.42	$	11.62	$	8.24	$	—	$	6.01	$	9.30	$	11.45	$	13.97	$	21.65
*Cost of Investments:
Unaffiliated issuers	$	46,131	$	455,435	$	1,980,447	$	661,358	$	4,409,312	$	3,766	$	2,973	$	130,075	$	1,061,726	$	1,125,398
Affiliated issuers		—		—		—		—		1,750,531		—		—		—		—		—
Total cost of investments	$	46,131	$	455,435	$	1,980,447	$	661,358	$	6,159,843	$	3,766	$	2,973	$	130,075	$	1,061,726	$	1,125,398
Total cost of foreign currency	$	—	$	4,460	$	271	$	—	$	—	$	—	$	—	$	143	$	—	$	—
**Premium received from option contracts written	$	—	$	—	$	1,325	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

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

See Notes to Financial Statements

137

138

Statements of Assets and Liabilities (cont'd)

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

	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			SOCIALLY RESPONSIVE FUND
	August 31, 2015			August 31, 2015			August 31, 2015			August 31, 2015			August 31, 2015			August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015			August 31, 2015
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	237,209		$	490,739		$	59,244		$	1,381,564		$	1,182,676		$	107,447	$	2,334,247	$	809,381	$	86,523		$	2,246,778
Affiliated issuers		—			—			—			—			—			—		—		—		—			—
		237,209			490,739			59,244			1,381,564			1,182,676			107,447		2,334,247		809,381		86,523			2,246,778
Cash		—			—			—			—			—			—		—		—		—			—
Foreign currency*		—			—			—			—			—			—		—		—		—			—
Cash collateral segregated for open option contracts		—			—			—			—			—			—		—		—		—			—
Dividends and interest receivable		736			181			48			2,553			441			74		4,414		282		13			4,399
Receivable for securities sold		—			—			675			58,441			5,007			—		12,953		—		3,672			—
Receivable for Fund shares sold		202			2,359			9			146			1,964			262		2,667		406		142			4,047
Receivable from Management—net (Note B)		—			—			—			—			—			—		—		—		11			—
Open swap contracts, at value (Note A)		—			—			—			—			—			—		—		—		—			—
Prepaid expenses and other assets		38			38			18			93			58			35		35		60		35			77
Total Assets		238,185			493,317			59,994			1,442,797			1,190,146			107,818		2,354,316		810,129		90,396			2,255,301
Liabilities
Options contracts written, at value** (Note A)		—			—			—			—			—			—		—		—		—			—
Open swap contracts, at value (Note A)		—			—			—			—			—			—		—		—		—			—
Payable for open forward foreign currency contracts (Note A)		—			—			—			—			—			—		—		—		—			—
Due to custodian		85			—			—			—			—			—		—		—		—			—
Payable for securities purchased		—			2,118			—			32,644			13,175			—		10,960		—		3,802			13,681
Payable for Fund shares redeemed		239			239			99			594			735			160		1,276		2,842		16			2,733
Payable to investment manager—net (Note B)		115			340			30			612			514			36		1,070		593		66			923
Payable to administrator—net (Note B)		35			52			3			397			271			24		389		97		—			566
Payable to trustees		4			4			4			4			4			4		4		4		4			4
Payable for organization costs		—			—			—			—			—			—		—		—		—			—
Interest payable		—			—			—			—			—			—		—		—		—			—
Accrued capital gains taxes		—			—			—			—			—			—		—		—		—			—
Accrued expenses and other payables		160			111			89			318			245			89		319		235		97			383
Total Liabilities		638			2,864			225			34,569			14,944			313		14,018		3,771		3,985			18,290
Net Assets	$	237,547		$	490,453		$	59,769		$	1,408,228		$	1,175,202		$	107,505	$	2,340,298	$	806,358	$	86,411		$	2,237,011
Net Assets consist of:
Paid-in capital	$	250,135		$	430,851		$	57,814		$	1,309,778		$	820,886		$	93,216	$	1,897,774	$	719,846	$	82,671		$	1,701,733
Undistributed net investment income (loss)		1,580			(127	)		(11	)		14,004			(3,669	)		—		12,040		—		—			13,587
Distributions in excess of net investment income		—			—			—			—			—			—		—		—		—			—
Accumulated net realized gains (losses) on investments		(35,252	)		22,709			(1,786	)		105,457			74,387			10,914		48,106		45,373		4,059			124,449
Net unrealized appreciation (depreciation) in value of investments		21,084			37,020			3,752			(21,011	)		283,598			3,375		382,378		41,139		(319	)		397,242
Net Assets	$	237,547		$	490,453		$	59,769		$	1,408,228		$	1,175,202		$	107,505	$	2,340,298	$	806,358	$	86,411		$	2,237,011
Net Assets
Investor Class	$	—		$	—		$	9,506		$	1,045,631		$	437,488		$	42,114	$	—	$	—	$	49,296		$	757,989
Trust Class		10,206			—			—			108,215			91,724			11,923		—		250,792		5,290			318,316
Advisor Class		—			—			—			162,321			10,664			—		—		—		2,746			—
Institutional Class		216,430			420,302			36,414			86,403			423,294			33,976		2,191,387		336,462		20,654			714,760
Class A		3,816			44,321			3,813			2,923			102,304			14,811		102,781		137,022		5,103			140,907
Class C		3,697			25,830			9,850			2,659			8,449			3,501		46,130		29,850		2,274			52,245
Class R3		3,398			—			186			76			12,689			1,180		—		22,352		1,048			30,384
Class R6		—			—			—			—			88,590			—		—		29,880		—			222,410

See Notes to Financial Statements

139

140

Statements of Assets and Liabilities (cont'd)

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

	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		SOCIALLY RESPONSIVE FUND
	August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015		August 31, 2015
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		2,468		38,081		30,610		2,007		—		—		1,671		22,812
Trust Class		964		—		—		5,774		3,838		673		—		18,435		166		15,550
Advisor Class		—		—		—		11,092		439		—		—		—		131		—
Institutional Class		20,451		29,318		9,329		3,127		29,018		1,616		143,115		24,664		686		21,475
Class A		363		3,153		992		156		4,290		837		6,769		10,076		159		6,948
Class C		357		1,916		2,804		191		357		201		3,132		2,195		111		2,647
Class R3		326		—		49		5		522		67		—		1,646		50		1,514
Class R6		—		—		—		—		6,060		—		—		2,191		—		6,678
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	3.85	$	27.46	$	14.29	$	20.99	$	—	$	—	$	29.50	$	33.23
Trust Class		10.59		—		—		18.74		23.90		17.71		—		13.60		31.89		20.47
Advisor Class		—		—		—		14.63		24.31		—		—		—		21.03		—
Institutional Class		10.58		14.34		3.90		27.64		14.59		21.02		15.31		13.64		30.11		33.28
Class R3		10.43		—		3.78		14.82		24.31		17.70		—		13.58		21.09		20.07
Class R6		—		—		—		—		14.62		—		—		13.64		—		33.30
Net Asset Value and redemption price per share
Class A	$	10.51	$	14.06	$	3.84	$	18.74	$	23.85	$	17.70	$	15.18	$	13.60	$	32.15	$	20.28
Offering Price per share
Class A‡	$	11.15	$	14.92	$	4.07	$	19.88	$	25.31	$	18.78	$	16.11	$	14.43	$	34.11	$	21.52
Net Asset Value and offering price per share
Class C^	$	10.36	$	13.48	$	3.51	$	13.94	$	23.70	$	17.45	$	14.73	$	13.60	$	20.44	$	19.74
*Cost of Investments:
Unaffiliated issuers	$	216,090	$	453,719	$	55,492	$	1,402,575	$	899,078	$	104,072	$	1,951,869	$	768,242	$	86,842	$	1,849,489
Affiliated issuers		—		—		—		—		—		—		—		—		—		—
Total cost of investments	$	216,090	$	453,719	$	55,492	$	1,402,575	$	899,078	$	104,072	$	1,951,869	$	768,242	$	86,842	$	1,849,489
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

141

142

Statements of Assets and Liabilities (cont'd)

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

	VALUE FUND			WORLD EQUITY FUND
	August 31, 2015			August 31, 2015
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	20,773		$	4,979
Affiliated issuers		—			—
		20,773			4,979
Cash		—			1
Foreign currency*		—			38
Cash collateral segregated for open option contracts		—			—
Dividends and interest receivable		40			3
Receivable for securities sold		1,080			193
Receivable for Fund shares sold		1			—
Receivable from Management—net (Note B)		21			28
Open swap contracts, at value (Note A)		—			6
Prepaid expenses and other assets		13			46
Total Assets		21,928			5,294
Liabilities
Options contracts written, at value** (Note A)		—			—
Open swap contracts, at value (Note A)		—			35
Payable for open forward foreign currency contracts (Note A)		—			3
Due to custodian		484			—
Payable for securities purchased		454			338
Payable for Fund shares redeemed		6			—
Payable to investment manager—net (Note B)		11			3
Payable to administrator—net (Note B)		—			—
Payable to trustees		4			4
Payable for organization costs		—			55
Interest payable		—			—
Accrued capital gains taxes		—			—
Accrued expenses and other payables		100			64
Total Liabilities		1,059			502
Net Assets	$	20,869		$	4,792
Net Assets consist of:
Paid-in capital	$	21,360		$	4,990
Undistributed net investment income (loss)		203			29
Distributions in excess of net investment income		—			—
Accumulated net realized gains (losses) on investments		63			(99	)
Net unrealized appreciation (depreciation) in value of investments		(757	)		(128	)
Net Assets	$	20,869		$	4,792
Net Assets
Investor Class	$	—		$	—
Trust Class		—			—
Advisor Class		—			—
Institutional Class		13,082			3,811
Class A		7,257			476
Class C		530			505
Class R3		—			—
Class R6		—			—

See Notes to Financial Statements

143

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Equity Funds (cont'd) (000's omitted except per share amounts)
	VALUE FUND		WORLD EQUITY FUND
	August 31, 2015		August 31, 2015
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—
Trust Class		—		—
Advisor Class		—		—
Institutional Class		911		400
Class A		509		50
Class C		38		53
Class R3		—		—
Class R6		—		—
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—
Trust Class		—		—
Advisor Class		—		—
Institutional Class		14.35		9.53
Class R3		—		—
Class R6		—		—
Net Asset Value and redemption price per share
Class A	$	14.25	$	9.52
Offering Price per share
Class A‡	$	15.12	$	10.10
Net Asset Value and offering price per share
Class C^	$	14.02	$	9.51
*Cost of Investments:
Unaffiliated issuers	$	21,530	$	5,075
Affiliated issuers		—		—
Total cost of investments	$	21,530	$	5,075
Total cost of foreign currency	$	—	$	38
**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

144

Statements of Operations

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			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Period from December 30, 2014 (Commencement of Operations) to August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	813		$	11,769		$	79,583		$	14,165		$	92,752		$	127		$	46		$	2,912		$	23,146		$	25,413
Dividend income—affiliated issuers (Note F)		—			—			—			—			71,820			—			—			—			—			—
Interest income—unaffiliated issuers		—			1			2,136			—			3			—			—			—			—			6
Foreign taxes withheld (Note A)		(17	)		(1,113	)		(1,270	)		(241	)		(1,640	)		(14	)		(2	)		(173	)		(522	)		(2,577	)
Total income	$	796		$	10,657		$	80,449		$	13,924		$	162,935		$	113		$	44		$	2,739		$	22,624		$	22,842
Expenses:
Investment management fees (Note B)		427			5,263			11,249			4,329			82,941			56			16			1,340			7,296			9,285
Administration fees (Note B)		47			321			1,447			499			7,541			5			1			73			890			693
Administration fees (Note B):
Investor Class		—			—			—			1,362			4,500			—			—			—			2,298			246
Trust Class		—			—			—			400			8,470			—			—			—			427			209
Advisor Class		—			—			—			22			1,783			—			—			—			1			—
Institutional Class		48			380			1,451			18			3,954			6			1			106			110			793
Class A		26			34			715			10			—			1			1			8			164			110
Class C		23			14			876			5			—			—			—			—			6			16
Class R3		—			1			8			—			—			—			—			—			1			—
Class R6		—			18			—			—			582			—			—			—			—			5
Distribution fees (Note B):
Trust Class		—			—			—			118			—			—			—			—			125			—
Advisor Class		—			—			—			16			1,311			—			—			—			1			—
Class A		32			42			894			12			—			1			1			10			205			137
Class C		117			69			4,381			24			—			2			2			2			29			79
Class R3		—			4			19			—			—			—			—			—			4			—
Shareholder servicing agent fees:
Investor Class		—			—			—			351			1,254			—			—			—			722			113
Trust Class		—			—			—			12			209			—			—			—			12			38
Advisor Class		—			—			—			2			229			—			—			—			1			—
Institutional Class		6			93			136			2			331			1			2			18			10			68
Class A		5			5			85			2			—			1			2			2			10			13
Class C		3			1			55			1			—			—			1			—			1			2
Class R3		—			1			1			—			—			—			—			—			—			—
Class R6		—			6			—			—			205			—			—			—			—			2
Organization expense (Note A)		—			—			—			—			—			—			87			—			—			—
Audit fees		60			60			62			62			70			57			26			56			62			64
Custodian and accounting fees		50			974			508			218			1,655			56			30			111			325			548
Insurance expense		2			13			60			20			343			1			—			2			36			28
Legal fees		96			108			95			89			217			87			56			153			93			92
Registration and filing fees		52			94			105			94			267			43			32			46			110			116
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—			—			—			—			—			—			—			186
Shareholder reports		10			28			212			58			1,231			1			20			3			110			81
Trustees' fees and expenses		35			35			35			35			35			35			12			35			35			35
Interest expense		1			—			15			—			11			—			—			3	(Note E)		—			—
Miscellaneous		9			130			148			46			632			7			2			11			78			85
Total expenses		1,049			7,694			22,557			7,807			117,771			360			292			1,979			13,162			13,044

See Notes to Financial Statements

145

146

Statements of Operations (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			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Period from December 30, 2014 (Commencement of Operations) to August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015
Expenses reimbursed by Management (Note B)		(266	)		(950	)		—			(3	)		(213	)		(271	)		(269	)		(134	)		—			—
Investment management fees waived (Note B)		—			—			—			—			—			—			—			—			—			(2,298	)
Net expenses prior to reimbursement of insurance proceeds		783			6,744			22,557			7,804			117,558			89			23			1,845			13,162			10,746
Reimbursement from insurance proceeds (Note G for International Equity Fund)		—			—			—			—			—			—			—			—			—			(280	)
Total net expenses		783			6,744			22,557			7,804			117,558			89			23			1,845			13,162			10,466
Net investment income (loss)	$	13		$	3,913		$	57,892		$	6,120		$	45,377		$	24		$	21		$	894		$	9,462		$	12,376
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		5,719			(12,926	)		84,210			30,551			981,464			3,152			1			18,841	*		109,267			44,379
Sales of investment securities of affiliated issuers		—			—			—			—			366,253			—			—			—			—			—
Foreign currency		—			(540	)		(302	)		—			(89	)		(13	)		(1	)		(28	)		(39	)		(400	)
Financial futures contracts		—			—			—			—			—			—			—			—			—			—
Forward foreign currency contracts		—			—			—			—			—			—			—			—			—			—
Option contracts written		—			—			2,442			—			—			—			—			—			—			—
Swap contracts		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(13,191	)		(110,696	)**		(252,211	)		(31,019	)		(702,792	)		(4,659	)		(198	)		(26,428	)**		(155,106	)		(108,624	)
Affiliated investment securities		—			—			—			—			(438,201	)		—			—			—			—			—
Forward foreign currency contracts		—			—			—			—			—			—			—			—			—			—
Foreign currency		—			(59	)		(10	)		—			—			(2	)		—			—			(23	)		(131	)
Option contracts written		—			—			(103	)		—			—			—			—			—			—			—
Swap contracts		—			—			—			—			—			—			—			—			—			—
Net gain (loss) on investments		(7,472	)		(124,221	)		(165,974	)		(468	)		206,635			(1,522	)		(198	)		(7,615	)		(45,901	)		(64,776	)
Net increase (decrease) in net assets resulting from operations	$	(7,459	)	$	(120,308	)	$	(108,082	)	$	5,652		$	252,012		$	(1,498	)	$	(177	)	$	(6,721	)	$	(36,439	)	$	(52,400	)

*	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

147

148

Statements of Operations (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	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			SOCIALLY RESPONSIVE FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015		For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	5,665		$	2,216		$	1,411		$	31,563		$	4,495		$	1,382	$	41,055		$	23,024		$	221		$	39,760
Dividend income—affiliated issuers (Note F)		—			—			—			—			—			—		—			—			—			—
Interest income—unaffiliated issuers		2			—			2			49			44			8		29			8			2			2
Foreign taxes withheld (Note A)		(591	)		(8	)		(7	)		(168	)		(18	)		—		(327	)		(36	)		(2	)		(878	)
Total income	$	5,076		$	2,208		$	1,406		$	31,444		$	4,521		$	1,390	$	40,757		$	22,996		$	221		$	38,884
Expenses:
Investment management fees (Note B)		1,357			3,109			616			7,918			5,541			538		13,356			8,111			749			11,265
Administration fees (Note B)		148			224			67			977			655			59		1,561			609			53			1,449
Administration fees (Note B):
Investor Class		—			—			21			2,359			870			89		—			—			103			1,631
Trust Class		40			—			—			441			269			47		—			1,029			19			1,292
Advisor Class		—			—			—			670			38			—		—			—			10			—
Institutional Class		198			297			72			104			366			25		2,184			398			18			666
Class A		15			50			11			7			193			17		249			345			9			289
Class C		9			36			31			6			14			5		101			79			4			102
Class R3		6			—			—			—			19			1		—			51			2			65
Class R6		—			—			—			—			10			—		—			6			—			50
Distribution fees (Note B):
Trust Class		12			—			—			130			—			14		—			303			5			380
Advisor Class		—			—			—			493			28			—		—			—			8			—
Class A		18			63			14			8			242			21		311			431			12			362
Class C		42			179			154			31			69			25		503			396			19			508
Class R3		16			—			1			1			48			3		—			127			4			163
Shareholder servicing agent fees:
Investor Class		—			—			20			628			357			30		—			—			68			631
Trust Class		7			—			—			14			9			10		—			55			4			42
Advisor Class		—			—			—			20			2			—		—			—			2			—
Institutional Class		16			30			5			8			33			3		603			42			2			63
Class A		2			13			3			1			18			4		45			43			2			29
Class C		1			4			2			—			3			1		13			13			1			9
Class R3		1			—			—			—			3			—		—			5			1			4
Class R6		—			—			—			—			4			—		—			3			—			18
Organization expense (Note A)		—			—			—			—			—			—		—			—			—			—
Audit fees		62			26			26			62			26			26		26			64			26			26
Custodian and accounting fees		204			127			103			339			275			90		401			251			102			477
Insurance expense		6			7			6			42			24			2		60			25			2			58
Legal fees		108			99			88			100			90			89		93			89			88			92
Registration and filing fees		86			69			80			124			125			86		84			126			101			145
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—			2			68			—		—			—			—			—
Shareholder reports		10			28			—			123			129			14		127			117			16			239
Trustees' fees and expenses		35			35			35			35			35			35		35			35			35			35
Interest expense		—			—			18			5			—			—		5			2			—			—
Miscellaneous		33			20			10			88			57			10		128			55			11			124
Total expenses		2,432			4,416			1,383			14,736			9,620			1,244		19,885			12,810			1,476			20,214

See Notes to Financial Statements

149

150

Statements of Operations (cont'd)

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

	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			SOCIALLY RESPONSIVE FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015			For the Year Ended August 31, 2015
Expenses reimbursed by Management (Note B)		(77	)		(397	)		(295	)		—			(3	)		(23	)		—			(2,421	)		(434	)		—
Investment management fees waived (Note B)		—			—			—			—			—			(183	)		—			—			—			—
Net expenses prior to reimbursement of insurance proceeds		2,355			4,019			1,088			14,736			9,617			1,038			19,885			10,389			1,042			20,214
Reimbursement from insurance proceeds (Note G for International Equity Fund)		—			—			—			—			—			—			—			—			—			—
Total net expenses		2,355			4,019			1,088			14,736			9,617			1,038			19,885			10,389			1,042			20,214
Net investment income (loss)	$	2,721		$	(1,811	)	$	318		$	16,708		$	(5,096	)	$	352		$	20,872		$	12,607		$	(821	)	$	18,670
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		7,658			28,680			37,436			158,090			97,490			12,634			69,930			80,044			13,201			181,312
Sales of investment securities of affiliated issuers		—			—			—			—			—			—			—			—			—			—
Foreign currency		(91	)		—			—			—			—			—			(5	)		—			—			(83	)
Financial futures contracts		—			—			—			—			—			—			—			—			—			—
Forward foreign currency contracts		—			—			—			—			—			—			—			—			—			—
Option contracts written		—			—			—			—			—			—			—			—			—			—
Swap contracts		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(20,287	)		(31,465	)		(38,893	)		(285,678	)		13,126			(15,395	)		(130,767	)		(99,105	)		(6,370	)		(184,828	)
Affiliated investment securities		—			—			—			—			—			—			—			—			—			—
Forward foreign currency contracts		—			—			—			—			—			—			—			—			—			—
Foreign currency		(28	)		—			—			—			—			—			—			—			—			(37	)
Option contracts written		—			—			—			—			—			—			—			—			—			—
Swap contracts		—			—			—			—			—			—			—			—			—			—
Net gain (loss) on investments		(12,748	)		(2,785	)		(1,457	)		(127,588	)		110,616			(2,761	)		(60,842	)		(19,061	)		6,831			(3,636	)
Net increase (decrease) in net assets resulting from operations	$	(10,027	)	$	(4,596	)	$	(1,139	)	$	(110,880	)	$	105,520		$	(2,409	)	$	(39,970	)	$	(6,454	)	$	6,010		$	15,034

See Notes to Financial Statements

151

152

Statements of Operations (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	VALUE FUND			WORLD EQUITY FUND
	For the Year Ended August 31, 2015			For the Period from June 30, 2015 (Commencement of Operations) to August 31, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	486		$	7
Dividend income—affiliated issuers (Note F)		—			—
Interest income—unaffiliated issuers		—			—
Foreign taxes withheld (Note A)		(2	)		—
Total income	$	484		$	7
Expenses:
Investment management fees (Note B)		138			6
Administration fees (Note B)		15			1
Administration fees (Note B):
Investor Class		—			—
Trust Class		—			—
Advisor Class		—			—
Institutional Class		14			—
Class A		18			—
Class C		1			—
Class R3		—			—
Class R6		—			—
Distribution fees (Note B):
Trust Class		—			—
Advisor Class		—			—
Class A		23			—
Class C		6			1
Class R3		—			—
Shareholder servicing agent fees:
Investor Class		—			—
Trust Class		—			—
Advisor Class		—			—
Institutional Class		2			2
Class A		3			2
Class C		—			1
Class R3		—			—
Class R6		—			—
Organization expense (Note A)		—			62
Audit fees		62			23
Custodian and accounting fees		41			11
Insurance expense		—			—
Legal fees		88			14
Registration and filing fees		46			6
Repayment to Management of expenses previously assumed by Management (Note B)		—			—
Shareholder reports		2			10
Trustees' fees and expenses		35			4
Interest expense		—			—
Miscellaneous		5			1
Total expenses		499			144

See Notes to Financial Statements

153

Statements of Operations (cont'd)

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

	VALUE FUND			WORLD EQUITY FUND
	For the Year Ended August 31, 2015			For the Period from June 30, 2015 (Commencement of Operations) to August 31, 2015
Expenses reimbursed by Management (Note B)		(283	)		(134	)
Investment management fees waived (Note B)		—			—
Net expenses prior to reimbursement of insurance proceeds		216			10
Reimbursement from insurance proceeds (Note G for International Equity Fund)		—			—
Total net expenses		216			10
Net investment income (loss)	$	268		$	(3	)
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		430			(93	)
Sales of investment securities of affiliated issuers		—			—
Foreign currency		—			(1	)
Financial futures contracts		—			4
Forward foreign currency contracts		—			(9	)
Option contracts written		—			—
Swap contracts		—			(10	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(2,389	)		(96	)
Affiliated investment securities		—			—
Forward foreign currency contracts		—			(3	)
Foreign currency		—			—
Option contracts written		—			—
Swap contracts		—			(29	)
Net gain (loss) on investments		(1,959	)		(237	)
Net increase (decrease) in net assets resulting from operations	$	(1,691	)	$	(240	)

See Notes to Financial Statements

154

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
	Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015				Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	13		$	(218	)	$	3,913		$	5,142		$	57,892		$	59,668		$	6,120			$	4,837		$	45,377		$	38,400
Net realized gain (loss) on investments (Note A)		5,719			15,486			(13,466	)		(278	)		86,350			168,735			30,551				139,112			1,347,628			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)		(13,191	)		4,262			(110,755	)		76,492			(252,324	)		245,013			(31,019	)			14,347			(1,140,993	)		387,327
Net increase (decrease) in net assets resulting from operations		(7,459	)		19,542			(120,308	)		81,364			(108,082	)		473,488			5,652				158,311			252,012			1,796,811
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			—			(3,689	)			(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	)		(38,126	)		(34,499	)		(76	)			(63	)		(14,769	)		(29,067	)
Class A		—			—			(148	)		(44	)		(6,984	)		(17,649	)		(30	)			(26	)		—			—
Class C		—			—			(18	)		—			(5,457	)		(6,745	)		(15	)			(8	)		—			—
Class R3		—			—			(4	)		(0	)		(66	)		(58	)		—				—			—			—
Class R6		—			—			(901	)		(322	)		—			—			—				—			(10,902	)		(11,801	)
Net realized gain on investments:
Investor Class		—			—			—			—			—			—			(97,070	)			(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	)		—			—			(72,214	)		(54,106	)		(1,506	)			(687	)		(386,062	)		(405,133	)
Class A		(2,289	)		(2,810	)		—			—			(16,802	)		(32,919	)		(845	)			(346	)		—			—
Class C		(2,258	)		(1,393	)		—			—			(19,379	)		(19,266	)		(532	)			(156	)		—			—
Class R3		—			—			—			—			(166	)		(121	)		—				—			—			—
Class R6		—			—			—			—			—			—			—				—			(224,407	)		(148,025	)
Total distributions to shareholders		(14,582	)		(8,829	)		(5,732	)		(2,577	)		(159,194	)		(165,363	)		(133,599	)	��		(78,601	)		(1,213,060	)		(1,203,626	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			—			8,055				7,131			208,626			326,973
Trust Class		—			—			—			—			—			—			18,496				80,497			169,016			326,902
Advisor Class		—			—			—			—			—			—			1,767				2,124			95,330			152,697
Institutional Class		20,777			24,829			87,329			187,999			381,003			532,610			24,211				2,677			679,324			1,138,280
Class A		2,229			5,449			7,072			16,283			59,143			124,552			5,983				2,686			—			—
Class C		815			2,667			2,549			3,307			53,763			44,793			2,437				699			—			—
Class R3		—			—			669			591			1,504			1,334			—				—			—			—
Class R6		—			—			27,239			45,242			—			—			—				—			681,153			1,881,331

See Notes to Financial Statements

155

156

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
	Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
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			88,651			65,965			1,390			686			370,058			417,802
Class A		1,946			2,561			100			24			20,683			46,131			791			337			—			—
Class C		1,897			1,139			5			—			16,915			17,727			468			143			—			—
Class R3		—			—			2			—			153			116			—			—			—			—
Class R6		—			—			901			322			—			—			—			—			235,309			159,826
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(61,339	)		(74,233	)		(655,995	)		(671,817	)
Trust Class		—			—			—			—			—			—			(52,974	)		(28,246	)		(1,146,512	)		(997,456	)
Advisor Class		—			—			—			—			—			—			(2,734	)		(2,419	)		(234,491	)		(251,670	)
Institutional Class		(39,639	)		(23,483	)		(199,441	)		(115,052	)		(424,474	)		(618,006	)		(4,552	)		(17,988	)		(2,116,517	)		(2,820,340	)
Class A		(18,968	)		(16,557	)		(9,601	)		(6,143	)		(214,296	)		(840,833	)		(5,617	)		(1,132	)		—			—
Class C		(6,533	)		(3,385	)		(1,616	)		(1,261	)		(82,624	)		(131,062	)		(830	)		(6	)		—			—
Class R3		—			—			(351	)		(197	)		(862	)		(969	)		—			—			—			—
Class R6		—			—			(1,867	)		(1,841	)		—			—			—			—			(634,879	)		(357,000	)
Net increase (decrease) from Fund share transactions		(28,392	)		(2,814	)		(84,195	)		130,650			(100,441	)		(757,642	)		55,681			42,963			(1,801,315	)		(111,683	)
Net Increase (Decrease) in Net Assets		(50,433	)		7,899			(210,235	)		209,437			(367,717	)		(449,517	)		(72,266	)		122,673			(2,762,363	)		481,502
Net Assets:
Beginning of year		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 year	$	50,100		$	100,533		$	415,981		$	626,216		$	2,126,886		$	2,494,603		$	774,699		$	846,965		$	10,961,444		$	13,723,807
Undistributed net investment income (loss) at end of year	$	(144	)	$	—		$	2,273		$	4,627		$	—		$	—		$	3,830		$	3,504		$	19,793		$	12,211
Distributions in excess of net investment income at end of year	$	—		$	(8	)	$	—		$	—		$	(1,857	)	$	(2,844	)	$	—		$	—		$	—		$	—

See Notes to Financial Statements

157

158

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	GLOBAL EQUITY FUND						GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Period from December 30, 2014 (Commencement of Operations) to August 31, 2015			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	24		$	201		$	21		$	894		$	534		$	9,462		$	11,713		$	12,376		$	16,304
Net realized gain (loss) on investments (Note A)		3,139			1,112			—			18,813			4,596			109,228			205,016			43,979			57,808
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			31			—			24
Change in net unrealized appreciation (depreciation) of investments (Note A)		(4,661	)		5,186			(198	)		(26,428	)		6,762			(155,129	)		61,936			(108,755	)		53,082
Net increase (decrease) in net assets resulting from operations		(1,498	)		6,499			(177	)		(6,721	)		11,892			(36,439	)		278,696			(52,400	)		127,218
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			(8,219	)		(5,725	)		(885	)		(1,141	)
Trust Class		—			—			—			—			—			(1,086	)		(769	)		(220	)		(881	)
Advisor Class		—			—			—			—			—			(1	)		(8	)		—			—
Institutional Class		(226	)		(124	)		(19	)		(634	)		—			(1,123	)		(704	)		(15,333	)		(15,790	)
Class A		(24	)		(0	)		(5	)		(21	)		—			(735	)		(297	)		(133	)		(155	)
Class C		(7	)		—			(1	)		—			—			—			(0	)		(6	)		(8	)
Class R3		—			—			—			—			—			(4	)		(2	)		—			—
Class R6		—			—			—			—			—			—			—			(387	)		(1	)
Net realized gain on investments:
Investor Class		—			—			—			—			—			(147,601	)		(104,953	)		—			—
Trust Class		—			—			—			—			—			(22,148	)		(17,108	)		—			—
Advisor Class		—			—			—			—			—			(53	)		(197	)		—			—
Institutional Class		(1,193	)		(308	)		—			(4,747	)		(798	)		(16,294	)		(9,818	)		—			—
Class A		(130	)		(2	)		—			(165	)		(4	)		(13,689	)		(5,882	)		—			—
Class C		(41	)		(1	)		—			(7	)		(1	)		(454	)		(363	)		—			—
Class R3		—			—			—			—			—			(110	)		(58	)		—			—
Class R6		—			—			—			—			—			—			—			—			—
Total distributions to shareholders		(1,621	)		(435	)		(25	)		(5,574	)		(803	)		(211,517	)		(145,884	)		(16,964	)		(17,976	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			18,391			20,340			12,561			6,504
Trust Class		—			—			—			—			—			9,083			11,693			8,341			15,396
Advisor Class		—			—			—			—			—			43			1,420			—			—
Institutional Class		105			51			2,003			121,023			21,058			25,421			44,468			231,021			283,123
Class A		183			281			660			7,076			1,495			28,946			40,412			83,310			23,348
Class C		129			88			250			61			—			566			1,032			7,899			4,449
Class R3		—			—			—			—			—			348			298			—			—
Class R6		—			—			—			—			—			—			—			19,021			21,390

See Notes to Financial Statements

159

160

Statements of Changes in Net Assets (cont'd)

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

	GLOBAL EQUITY FUND						GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Period from December 30, 2014 (Commencement of Operations) to August 31, 2015			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			—			147,253			104,346			848			1,057
Trust Class		—			—			—			—			—			22,602			17,409			210			851
Advisor Class		—			—			—			—			—			45			195			—			—
Institutional Class		1,419			431			8			1,518			70			15,531			9,698			14,223			14,839
Class A		152			2			4			186			4			14,308			6,099			123			142
Class C		48			1			—			7			1			290			219			4			5
Class R3		—			—			—			—			—			73			37			—			—
Class R6		—			—			—			—			—			—			—			387			1
Payments for shares redeemed:
Investor Class		—			—			—			—			—			(110,151	)		(109,604	)		(14,441	)		(22,722	)
Trust Class		—			—			—			—			—			(38,509	)		(30,736	)		(18,488	)		(73,369	)
Advisor Class		—			—			—			—			—			(101	)		(1,803	)		—			—
Institutional Class		(34,371	)		(1,015	)		—			(79,281	)		(16,343	)		(57,871	)		(24,298	)		(193,534	)		(260,918	)
Class A		(138	)		(89	)		—			(4,668	)		(21	)		(20,575	)		(10,790	)		(12,714	)		(11,803	)
Class C		(52	)		(8	)		—			(9	)		—			(792	)		(1,116	)		(2,101	)		(530	)
Class R3		—			—			—			—			—			(474	)		(89	)		—			—
Class R6		—			—			—			—			—			—			—			(6,445	)		(97	)
Net increase (decrease) from Fund share transactions		(32,525	)		(258	)		2,925			45,913			6,264			54,427			79,230			130,225			1,666
Net Increase (Decrease) in Net Assets		(35,644	)		5,806			2,723			33,618			17,353			(193,529	)		212,042			60,861			110,908
Net Assets:
Beginning of year		39,484			33,678			—			73,959			56,606			1,508,880			1,296,838			1,133,523			1,022,615
End of year	$	3,840		$	39,484		$	2,723		$	107,577		$	73,959		$	1,315,351		$	1,508,880		$	1,194,384		$	1,133,523
Undistributed net investment income (loss) at end of year	$	—		$	226		$	—		$	837		$	627		$	5,845		$	8,457		$	7,983		$	12,034
Distributions in excess of net investment income at end of year	$	(2	)	$	—		$	(2	)	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

161

162

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTERNATIONAL SELECT FUND						INTRINSIC VALUE FUND						LARGE CAP DISCIPLINED GROWTH FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	2,721		$	3,849		$	(1,811	)	$	(1,235	)	$	318		$	2,137		$	16,708		$	16,693		$	(5,096	)	$	(4,179	)
Net realized gain (loss) on investments (Note A)		7,567			11,612			28,680			18,710			37,436			101,237			158,090			252,529			97,490			115,249
Net increase from payments by affiliates (Note B)		—			8			—			5			—			26			—			101			—			39
Change in net unrealized appreciation (depreciation) of investments (Note A)		(20,315	)		12,587			(31,465	)		29,545			(38,893	)		(34,548	)		(285,678	)		87,513			13,126			35,520
Net increase (decrease) in net assets resulting from operations		(10,027	)		28,056			(4,596	)		47,025			(1,139	)		68,852			(110,880	)		356,836			105,520			146,629
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			(27	)		(10,234	)		(14,083	)		—			—
Trust Class		(131	)		(129	)		—			—			—			—			(1,405	)		(2,047	)		—			—
Advisor Class		—			—			—			—			—			—			(2,553	)		(3,265	)		—			—
Institutional Class		(3,070	)		(2,764	)		—			(425	)		(166	)		(2,087	)		(1,391	)		(1,523	)		—			—
Class A		(92	)		(101	)		—			(4	)		—			—			(28	)		(30	)		—			—
Class C		(14	)		(13	)		—			—			—			—			(29	)		(22	)		—			—
Class R3		(27	)		(23	)		—			—			—			—			(1	)		(2	)		—			—
Class R6		—			—			—			—			—			—			—			—			—			—
Net realized gain on investments:
Investor Class		—			—			—			—			(5,509	)		(2,434	)		(141,939	)		(168,785	)		(49,241	)		(27,005	)
Trust Class		—			—			—			—			—			—			(21,949	)		(27,921	)		(5,201	)		(2,672	)
Advisor Class		—			—			—			—			—			—			(41,088	)		(46,194	)		(701	)		(469	)
Institutional Class		—			—			(14,661	)		(8,209	)		(48,281	)		(60,585	)		(16,389	)		(16,225	)		(45,198	)		(23,431	)
Class A		—			—			(923	)		(723	)		(3,492	)		(5,333	)		(433	)		(394	)		(7,034	)		(3,978	)
Class C		—			—			(765	)		(448	)		(10,313	)		(3,776	)		(675	)		(350	)		(470	)		(195	)
Class R3		—			—			—			—			(96	)		(20	)		(26	)		(25	)		(602	)		(289	)
Class R6		—			—			—			—			—			—			—			—			(3,588	)		(391	)
Total distributions to shareholders		(3,334	)		(3,030	)		(16,349	)		(9,809	)		(67,857	)		(74,262	)		(238,140	)		(280,866	)		(112,035	)		(58,430	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			1,045			1,319			16,941			15,524			15,922			7,315
Trust Class		435			797			—			—			—			—			6,232			7,321			29,016			17,099
Advisor Class		—			—			—			—			—			—			12,640			16,068			5,341			3,095
Institutional Class		34,971			26,904			213,263			60,529			28,223			71,898			15,926			28,473			108,137			156,573
Class A		1,652			2,698			40,847			10,596			2,197			4,517			5,905			2,414			30,607			27,567
Class C		640			1,133			16,290			3,170			7,070			3,648			1,014			2,187			3,088			1,931
Class R3		2,161			814			—			—			91			21			85			20			8,331			3,691
Class R6		—			—			—			—			—			—			—			—			70,359			23,439

See Notes to Financial Statements

163

164

Statements of Changes in Net Assets (cont'd)

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

	INTERNATIONAL SELECT FUND						INTRINSIC VALUE FUND						LARGE CAP DISCIPLINED GROWTH FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			5,470			2,438			144,740			174,745			46,576			25,390
Trust Class		127			124			—			—			—			—			23,101			29,591			5,194			2,663
Advisor Class		—			—			—			—			—			—			42,453			48,458			638			419
Institutional Class		3,011			2,645			11,950			7,037			37,610			50,883			17,318			17,308			45,062			23,283
Class A		84			94			869			702			1,578			4,387			430			360			6,930			3,886
Class C		3			2			504			236			3,331			1,066			438			201			448			182
Class R3		25			23			—			—			46			10			10			10			551			276
Class R6		—			—			—			—			—			—			—			—			3,408			291
Payments for shares redeemed:
Investor Class		—			—			—			—			(2,540	)		(8,922	)		(120,876	)		(172,279	)		(34,928	)		(32,660	)
Trust Class		(2,752	)		(3,347	)		—			—			—			—			(30,149	)		(54,387	)		(13,956	)		(12,340	)
Advisor Class		—			—			—			—			—			—			(51,994	)		(48,961	)		(6,069	)		(6,226	)
Institutional Class		(20,857	)		(40,351	)		(39,704	)		(31,282	)		(165,272	)		(340,441	)		(65,347	)		(23,652	)		(108,212	)		(84,259	)
Class A		(7,197	)		(3,809	)		(8,740	)		(14,163	)		(9,131	)		(34,983	)		(5,449	)		(1,706	)		(37,969	)		(30,915	)
Class C		(1,340	)		(927	)		(2,095	)		(2,667	)		(12,964	)		(6,948	)		(826	)		(600	)		(1,213	)		(1,026	)
Class R3		(754	)		(1,555	)		—			—			(6	)		(269	)		(119	)		—			(4,615	)		(2,052	)
Class R6		—			—			—			—			—			—			—			—			(6,463	)		(2,288	)
Net increase (decrease) from Fund share transactions		10,209			(14,755	)		233,184			34,158			(103,252	)		(251,376	)		12,473			41,095			166,183			125,334
Net Increase (Decrease) in Net Assets		(3,152	)		10,271			212,239			71,374			(172,248	)		(256,786	)		(336,547	)		117,065			159,668			213,533
Net Assets:
Beginning of year		240,699			230,428			278,214			206,840			232,017			488,803			1,744,775			1,627,710			1,015,534			802,001
End of year	$	237,547		$	240,699		$	490,453		$	278,214		$	59,769		$	232,017		$	1,408,228		$	1,744,775		$	1,175,202		$	1,015,534
Undistributed net investment income (loss) at end of year	$	1,580		$	2,273		$	(127	)	$	—		$	(11	)	$	—		$	14,004		$	13,641		$	(3,669	)	$	(2,889	)
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	(124	)	$	—		$	(13	)	$	—		$	—		$	—		$	—

See Notes to Financial Statements

165

166

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND						SMALL CAP GROWTH FUND						SOCIALLY RESPONSIVE FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	352		$	905		$	20,872		$	22,465		$	12,607		$	11,456		$	(821	)	$	(731	)	$	18,670		$	20,990
Net realized gain (loss) on investments (Note A)		12,634			8,719			69,925			87,642			80,044			50,573			13,201			14,211			181,229			339,559
Net increase from payments by affiliates (Note B)		—			6			—			19			—			16			—			4			—			52
Change in net unrealized appreciation (depreciation) of investments (Note A)		(15,395	)		5,887			(130,767	)		300,270			(99,105	)		132,321			(6,370	)		(3,502	)		(184,865	)		95,312
Net increase (decrease) in net assets resulting from operations		(2,409	)		15,517			(39,970	)		410,396			(6,454	)		194,366			6,010			9,982			15,034			455,913
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		(385	)		(578	)		—			—			—			—			—			—			(5,556	)		(6,812	)
Trust Class		(112	)		(208	)		—			—			(3,770	)		(3,764	)		—			—			(3,953	)		(4,600	)
Advisor Class		—			—			—			—			—			—			—			—			—			—
Institutional Class		(259	)		(266	)		(23,005	)		(12,809	)		(6,372	)		(5,763	)		—			—			(6,267	)		(6,382	)
Class A		(48	)		(67	)		(682	)		(571	)		(1,812	)		(1,768	)		—			—			(1,493	)		(1,231	)
Class C		(6	)		(16	)		(62	)		(80	)		(107	)		(117	)		—			—			(271	)		(86	)
Class R3		(2	)		(5	)		—			—			(216	)		(153	)		—			—			(272	)		(204	)
Class R6		—			—			—			—			(451	)		(194	)		—			—			(2,421	)		(2,006	)
Net realized gain on investments:
Investor Class		(3,860	)		(1,556	)		—			—			—			—			—			—			(78,302	)		(50,122	)
Trust Class		(1,421	)		(618	)		—			—			(15,179	)		(18,399	)		—			—			(58,788	)		(40,943	)
Advisor Class		—			—			—			—			—			—			—			—			—			—
Institutional Class		(2,170	)		(633	)		(80,461	)		(26,066	)		(21,811	)		(23,729	)		—			—			(69,181	)		(40,032	)
Class A		(544	)		(195	)		(4,187	)		(1,431	)		(8,468	)		(9,795	)		—			—			(21,497	)		(11,439	)
Class C		(214	)		(69	)		(1,736	)		(322	)		(2,008	)		(2,421	)		—			—			(7,205	)		(3,098	)
Class R3		(40	)		(18	)		—			—			(1,276	)		(1,051	)		—			—			(4,908	)		(2,602	)
Class R6		—			—			—			—			(1,405	)		(564	)		—			—			(24,850	)		(11,964	)
Total distributions to shareholders		(9,061	)		(4,229	)		(110,133	)		(41,279	)		(62,875	)		(67,718	)		—			—			(284,964	)		(181,521	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		4,599			3,859			—			—			—			—			1,497			2,997			69,572			71,171
Trust Class		1,581			1,326			—			—			52,339			71,310			406			542			54,071			71,994
Advisor Class		—			—			—			—			—			—			830			914			—			—
Institutional Class		25,010			14,710			210,581			1,018,161			123,794			181,199			6,147			4,881			206,662			224,677
Class A		12,692			3,992			36,459			129,361			63,436			72,692			3,145			7,810			47,761			52,427
Class C		2,123			449			15,280			40,707			5,220			5,321			786			1,059			16,166			15,201
Class R3		992			50			—			—			12,721			11,166			791			261			8,582			8,898
Class R6		—			—			—			—			11,285			17,458			—			—			67,738			193,825

See Notes to Financial Statements

167

168

Statements of Changes in Net Assets (cont'd)

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

	MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND						SMALL CAP GROWTH FUND						SOCIALLY RESPONSIVE FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2015			Year Ended August 31, 2014
Proceeds from reinvestment of dividends and distributions:
Investor Class		4,040			2,010			—			—			—			—			—			—			80,661			54,086
Trust Class		1,451			780			—			—			18,790			21,915			—			—			62,288			45,143
Advisor Class		—			—			—			—			—			—			—			—			—			—
Institutional Class		2,366			872			14,388			3,824			22,144			21,360			—			—			68,496			42,684
Class A		576			236			4,327			1,823			9,562			10,171			—			—			21,325			11,025
Class C		55			15			1,493			344			1,794			2,086			—			—			6,180			2,585
Class R3		42			23			—			—			1,371			1,041			—			—			5,038			2,739
Class R6		—			—			—			—			1,856			758			—			—			27,271			13,970
Payments for shares redeemed:
Investor Class		(5,217	)		(15,323	)		—			—			—			—			(6,649	)		(7,503	)		(133,905	)		(231,387	)
Trust Class		(3,866	)		(2,676	)		—			—			(114,518	)		(138,623	)		(971	)		(3,068	)		(158,470	)		(170,160	)
Advisor Class		—			—			—			—			—			—			(1,773	)		(1,497	)		—			—
Institutional Class		(7,888	)		(3,821	)		(459,676	)		(233,691	)		(243,059	)		(160,265	)		(5,784	)		(2,873	)		(194,272	)		(196,402	)
Class A		(2,444	)		(2,174	)		(74,313	)		(57,088	)		(95,912	)		(97,375	)		(2,692	)		(5,795	)		(39,136	)		(50,967	)
Class C		(175	)		(132	)		(18,122	)		(3,127	)		(14,886	)		(11,829	)		(407	)		(482	)		(6,487	)		(3,965	)
Class R3		(120	)		(567	)		—			—			(13,178	)		(6,639	)		(262	)		(223	)		(10,264	)		(7,268	)
Class R6		—			—			—			—			(6,947	)		(2,582	)		—			—			(128,504	)		(214,722	)
Net increase (decrease) from Fund share transactions		35,817			3,629			(269,583	)		900,314			(164,188	)		(836	)		(4,936	)		(2,977	)		70,773			(64,446	)
Net Increase (Decrease) in Net Assets		24,347			14,917			(419,686	)		1,269,431			(233,517	)		125,812			1,074			7,005			(199,157	)		209,946
Net Assets:
Beginning of year		83,158			68,241			2,759,984			1,490,553			1,039,875			914,063			85,337			78,332			2,436,168			2,226,222
End of year	$	107,505		$	83,158		$	2,340,298		$	2,759,984		$	806,358		$	1,039,875		$	86,411		$	85,337		$	2,237,011		$	2,436,168
Undistributed net investment income (loss) at end of year	$	—		$	593		$	12,040		$	16,877		$	—		$	—		$	—		$	(445	)	$	13,587		$	17,453
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

169

170

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	VALUE FUND						WORLD EQUITY FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Period from June 30, 2015 (Commencement of Operations) to August 31, 2015
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	268		$	147		$	(3	)
Net realized gain (loss) on investments (Note A)		430			1,387			(109	)
Net increase from payments by affiliates (Note B)		—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		(2,389	)		1,452			(128	)
Net increase (decrease) in net assets resulting from operations		(1,691	)		2,986			(240	)
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—
Trust Class		—			—			—
Advisor Class		—			—			—
Institutional Class		(130	)		(57	)		—
Class A		(49	)		(17	)		—
Class C		(0	)		—			—
Class R3		—			—			—
Class R6		—			—			—
Net realized gain on investments:
Investor Class		—			—			—
Trust Class		—			—			—
Advisor Class		—			—			—
Institutional Class		(748	)		—			—
Class A		(433	)		—			—
Class C		(32	)		—			—
Class R3		—			—			—
Class R6		—			—			—
Total distributions to shareholders		(1,392	)		(74	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—
Trust Class		—			—			—
Advisor Class		—			—			—
Institutional Class		8,079			8,780			4,000
Class A		3,543			4,764			500
Class C		213			230			532
Class R3		—			—			—
Class R6		—			—			—

See Notes to Financial Statements

171

Statements of Changes in Net Assets (cont'd)

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

	VALUE FUND						WORLD EQUITY FUND
	Year Ended August 31, 2015			Year Ended August 31, 2014			Period from June 30, 2015 (Commencement of Operations) to August 31, 2015
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—
Trust Class		—			—			—
Advisor Class		—			—			—
Institutional Class		878			29			—
Class A		435			15			—
Class C		31			—			—
Class R3		—			—			—
Class R6		—			—			—
Payments for shares redeemed:
Investor Class		—			—			—
Trust Class		—			—			—
Advisor Class		—			—			—
Institutional Class		(6,637	)		(4,951	)		—
Class A		(3,554	)		(1,463	)		—
Class C		(195	)		(55	)		—
Class R3		—			—			—
Class R6		—			—			—
Net increase (decrease) from Fund share transactions		2,793			7,349			5,032
Net Increase (Decrease) in Net Assets		(290	)		10,261			4,792
Net Assets:
Beginning of year		21,159			10,898			—
End of year	$	20,869		$	21,159		$	4,792
Undistributed net investment income (loss) at end of year	$	203		$	121		$	29
Distributions in excess of net investment income at end of year	$	—		$	—		$	—

See Notes to Financial Statements

172

Notes to Financial Statements Equity Funds

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. World Equity had no operations until June 30, 2015, 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. 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 year ended August 31, 2015 were $7,495, $354,526, $191,067, $14,011, $4,703, $5,709, $872,438, $35,676, $19,979, $434, $359,031 and $151,170, for Focus, Genesis, Guardian, International Equity, International Select, Large Cap

173

	Disciplined Growth, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Small Cap Growth 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 and World Equity, to continue to, and the intention of Global Real Estate and World Equity 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 August 31, 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, 2015, 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 loss netted against short term capital gains or written-off, non-taxable distributions from real estate investment trusts ("REITs") and other underlying investments, gains and losses on equity swap contracts, foreign currency gains and losses, gains and losses from passive foreign investment companies (PFICs), non-deductible stock issuance fees and deemed distributions on shareholder redemptions. For the year ended August 31, 2015, 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	$	2,475,936		$	(148,445	)	$	(2,327,491	)
Emerging Markets Equity		—			(535,097	)		535,097
Equity Income		18,700,410			(6,272,238	)		(12,428,172	)
Focus		6,973,837			(927,712	)		(6,046,125	)
Genesis		201,340,347			(2,206,326	)		(199,134,021	)
Global Equity		2,527,964			4,853			(2,532,817	)
Global Real Estate		(1,010	)		2,462			(1,452	)
Greater China Equity		7,846,085			(28,371	)		(7,817,714	)
Guardian		12,454,993			(906,084	)		(11,548,909	)
International Equity		—			537,597			(537,597	)
International Select		—			(79,874	)		79,874
Intrinsic Value		1,707,152			1,808,333			(3,515,485	)
Large Cap Disciplined Growth		33,596,988			(150,228	)		(33,446,760	)
Large Cap Value		22,069,159			(705,119	)		(21,364,040	)

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	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses) on Investments
Mid Cap Growth	$	(3,016,582	)	$	4,315,459		$	(1,298,877	)
Mid Cap Intrinsic Value		1,258,190			(132,745	)		(1,125,445	)
Multi-Cap Opportunities		13,718,785			(1,959,889	)		(11,758,896	)
Real Estate		12,543,004			121,641			(12,664,645	)
Small Cap Growth		315,742			1,266,295			(1,582,037	)
Socially Responsive		30,170,352			(2,302,381	)		(27,867,971	)
Value		337,824			(6,808	)		(331,016	)
World Equity		(41,556	)		31,980			9,576

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 were as follows:

	Distributions Paid From:
	Ordinary Income					Long-Term Capital Gain					Return of Capital					Total
	2015			2014		2015			2014		2015			2014		2015			2014
All Cap Core	$	2,189,581		$	392,027	$	12,392,546		$	8,437,994	$	—		$	—	$	14,582,127		$	8,830,021
Emerging Markets Equity		5,731,674			2,577,895		—			—		—			—		5,731,674			2,577,895
Equity Income		65,720,431			62,522,140		93,473,349			102,840,935		—			—		159,193,780			165,363,075
Focus		19,619,019			14,850,876		113,979,974			63,750,537		—			—		133,598,993			78,601,413
Genesis		35,589,396			66,351,341		1,177,470,479			1,137,274,077		—			—		1,213,059,875			1,203,625,418
Global Equity		827,724			191,068		793,061			243,211		—			—		1,620,785			434,279
Global Real Estate		24,956	⁽¹⁾		—		—	⁽¹⁾		—		—	⁽¹⁾		—		24,956	⁽¹⁾		—
Greater China Equity		4,726,685			803,283		847,483			—		—			—		5,574,168			803,283
Guardian		18,290,813			33,366,130		193,226,409			112,517,878		—			—		211,517,222			145,884,008
International Equity		16,964,183			17,975,975		—			—		—			—		16,964,183			17,975,975
International Select		3,333,956			3,029,765		—			—		—			—		3,333,956			3,029,765
Intrinsic Value		3,457,299			1,071,106		12,891,705			8,738,393		—			—		16,349,004			9,809,499
Large Cap Disciplined Growth		10,825,277			21,926,193		57,031,255			52,335,028		—			—		67,856,532			74,261,221
Large Cap Value		106,665,862			145,323,607		131,474,524			135,542,504		—			—		238,140,386			280,866,111
Mid Cap Growth		—			—		112,035,066			58,429,501		—			—		112,035,066			58,429,501
Mid Cap Intrinsic Value		1,552,865			1,173,749		7,508,109			3,055,247		—			—		9,060,974			4,228,996
Multi-Cap Opportunities		23,749,224			13,459,794		86,383,844			27,819,682		—			—		110,133,068			41,279,476
Real Estate		14,563,346			16,336,584		48,311,493			51,381,659		—			—		62,874,839			67,718,243
Small Cap Growth		—			—		—			—		—			—		—			—
Socially Responsive		29,152,122			31,881,495		255,811,829			149,639,493		—			—		284,963,951			181,520,988
Value		1,232,049			73,519		160,048			—		—			—		1,392,097			73,519
World Equity		—	⁽²⁾		—		—	⁽²⁾		—		—	⁽²⁾		—		—	⁽²⁾		—

(1)	Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.

(2)	Period from June 30, 2015 (Commencement of Operations) to August 31, 2015.

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As of August 31, 2015, 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	$	—	$	864,378	$	3,728,591		$	(136,214	)	$	(7,543	)	$	4,449,212
Emerging Markets Equity		2,327,788		—		(43,355,563	)		(37,815,620	)		(38,793	)		(78,882,188	)
Equity Income		—		65,485,836		123,622,180			—			—			189,108,016
Focus		3,830,625		22,018,934		113,025,836			—			—			138,875,395
Genesis		19,792,727		941,775,682		4,799,050,993			—			1			5,760,619,403
Global Equity		—		—		113,791			(18,498	)		—			95,293
Global Real Estate		2,877		—		(201,164	)		(937	)		(2,475	)		(201,699	)
Greater China Equity		12,867,927		—		(21,575,643	)		—			(117,266	)		(8,824,982	)
Guardian		5,845,457		70,409,073		238,264,632			—			—			314,519,162
International Equity		7,985,185		—		63,919,899			(232,677,834	)		(2,096	)		(160,774,846	)
International Select		1,617,259		—		20,979,788			(35,147,641	)		(36,909	)		(12,587,503	)
Intrinsic Value		730,420		22,984,342		36,014,134			—			(126,575	)		59,602,321
Large Cap Disciplined Growth		��		—		3,104,403			(1,138,464	)		(11,422	)		1,954,517
Large Cap Value		14,003,603		111,549,784		(27,103,133	)		—			1			98,450,255
Mid Cap Growth		—		74,487,845		283,497,126			(3,669,554	)		—			354,315,417
Mid Cap Intrinsic Value		652,068		10,046,909		3,589,105			—			—			14,288,082
Multi-Cap Opportunities		12,040,328		48,888,336		381,596,270			—			1			442,524,935
Real Estate		—		45,789,063		40,723,260			—			1			86,512,324
Small Cap Growth		2,337,131		2,179,059		(776,250	)		—			—			3,739,940
Socially Responsive		15,966,236		122,213,641		397,098,714			—			—			535,278,591
Value		202,950		196,284		(890,838	)		—			—			(491,604	)
World Equity		—		—		(118,042	)		(79,784	)		—			(197,826	)

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, non-deductible foreign capital gain taxes, and tax adjustments related to REITs, PFICs, partnerships, swap contracts 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; December 30, 2014 (Commencement of Operations) for Global Real Estate; and June 30, 2015 (Commencement of Operations) for World 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

176

determined at August 31, 2015, 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⁾	$	4,896,907	$	149,638,006	$	78,142,921
International Select		—		—		35,147,641

	Post-Enactment (No Expiration Date)
	Long-Term		Short-Term
Emerging Markets Equity	$	11,906,360	$	25,909,260
Global Real Estate		—		937
World Equity		—		79,784

(1)

The capital loss carryforwards shown above for International Equity include $4,896,907 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, 2015, International Equity, International Select and Small Cap Growth utilized capital loss carryforwards of $43,094,027, $7,668,960 and $7,030,740, 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, 2015, 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
All Cap Core	$	136,214	$	—	$	—
Global Equity		2,134		—		16,364
Large Cap Disciplined Growth		—		—		1,138,464
Mid Cap Growth		3,669,554		—		—

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 August 31, 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 August 31, 2015 arose due to changes in the tax rules in the People's Republic of China ("PRC") effective November 17, 2014 (the

177

	"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 Statements of Operations. At August 31, 2015, $34,868 of tax attributable to gains realized through the effective date remained payable and is included as accrued capital gains taxes in the Statements 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, Real Estate and Small Cap Growth 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, Real Estate and Small Cap Growth 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, Real Estate and Small Cap Growth until the following calendar year. At August 31, 2015, Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth estimated these amounts for the period January 1, 2015 to August 31, 2015 within the financial statements since the information is not available from the REITs until after each Fund's fiscal year-end. All estimates are based upon REIT information sources available to Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth together with actual IRS Forms 1099-DIV received to date. For the year ended August 31, 2015, the character of distributions paid to shareholders of Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of Equity Income's, Global Real Estate's, Mid Cap Intrinsic Value's, Real Estate's and Small Cap Growth's distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth of the actual breakdown of distributions paid to Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth during its fiscal year, estimates previously recorded are adjusted on the books of Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth 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 and World Equity in connection with their organization, which amounted to $87,044 and $61,840, respectively, 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

178

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

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 year ended August 31, 2015, certain of the Funds' use of derivatives, as described below, was limited to equity swaps, financial futures, forward contracts and 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. Equity swap contracts: During the period ended August 31, 2015, World Equity used equity swaps to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities, to gain exposure to securities, markets, sectors or geographical areas and to hedge risk. Equity swaps are two-party contracts in which counterparties exchange the return on a specified reference security, basket of securities, security index or index component for the return based on a fixed or floating interest rate during the period of the swap. Equity swaps are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile. To the extent that future market trends, the values of assets or economic factors are not accurately analyzed and predicted, the Fund may suffer a loss, which may exceed the related amounts shown in the Statements of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses. At August 31, 2015, the outstanding equity swaps* for World Equity were as follows:

Counterparty	Description	Expiration Date(s)	Value

Goldman Sachs & Co.	The Fund receives the total return on long positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.	12/30/2015- 2/6/2017	$	(9,857	)

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*	The following table represents the individual long positions and related values of the equity swaps as of August 31, 2015.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
United Kingdom
Barclays PLC		3,136	$	12,935	$	(311	)
Barratt Developments PLC		2,573		24,968		367
CRH PLC		342		10,234		(113	)
CRH PLC		1,281		36,308		1,827
Croda International PLC		544		25,303		(1,079	)
Croda International PLC		559		24,385		506
Derwent London PLC		463		24,843		884
Imperial Tobacco Group PLC		246		12,881		(916	)
Imperial Tobacco Group PLC		254		12,373		(181	)
InterContinental Hotels Group PLC		608		24,765		(2,020	)
ITV PLC		6,008		26,332		(3,187	)
ITV PLC		3,371		14,072		(1,086	)
Lloyds Banking Group PLC		18,491		24,913		(2,882	)
Next PLC		212		24,924		1,010
Shire PLC		301		24,238		(950	)
Vodafone Group PLC		6,692		24,436		(1,077	)
Wolseley PLC		188		12,659		(481	)
Wolseley PLC		378		24,366		119
Total Long Positions of Equity Swaps						(9,570	)
Financing Costs and Other Payables						(287	)
Equity Swaps, at Value Goldman Sachs & Co.					$	(9,857	)

Counterparty	Description	Expiration Date(s)	Value

Morgan Stanley	The Fund receives the total return on long positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.	1/2/2017- 2/10/2017	$	(1,052	)

*	The following table represents the individual long positions and related values of the equity swaps as of August 31, 2015.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
Germany
Rheinmetall AG		9	$	500	$	55
Rheinmetall AG		184		10,476		876
Rheinmetall AG		460		27,992		388
						1,319

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Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
United Kingdom
Barclays PLC		8,972	$	36,980	$	(863	)
Land Securities Group PLC		1,239		25,349		(1,464	)
						(2,327	)
Total Long Positions of Equity Swaps						(1,008	)
Financing Costs and Other Payables						(44	)
Equity Swaps, at Value Morgan Stanley						(1,052	)

Counterparty	Description	Expiration Date(s)	Value

Merrill Lynch Pierce Fenner & Smith, Inc.	The Fund receives the total return on long positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.	12/30/2016- 2/6/2017	$	(17,655	)

*	The following table represents the individual long positions and related values of the equity swaps as of August 31, 2015.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
Taiwan
Hermes Microvision, Inc.		450	$	30,151	$	(11,020	)
Largan Precision Co. Ltd.		211		24,167		(4,536	)
						(15,556	)
United Kingdom
British American Tobacco PLC		239		13,695		(893	)
British American Tobacco PLC		209		12,389		(1,194	)
						(2,087	)
Total Long Positions of Equity Swaps						(17,643	)
Financing Costs and Other Payables						(12	)
Equity Swaps, at Value Merrill Lynch Pierce Fenner & Smith, Inc.					$	(17,655	)
Equity Swaps, at Value Total					$	(28,564	)

(a)	Notional value represents the value (including any fees or commissions) of the long positions when they were established.

(b)	For the year ended August 31, 2015, the average notional value of equity swaps was $511,692 for long positions.

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Financial futures contracts: During the period ended August 31, 2015, World Equity used financial futures to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities, to gain exposure to securities, markets, sectors or geographical areas and to hedge risk.

At the time the Fund enters into a financial futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the financial futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the financial futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by the Fund as unrealized gains or losses.

Although some financial futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching financial futures. When the contracts are closed, the Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to the Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, the Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by the Fund may cause the Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, the Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating the Fund's taxable income.

At August 31, 2015, there were no open positions in financial futures for World Equity.

During the year ended August 31, 2015, the average notional value of financial futures for World Equity was $39,702 for long positions.

Forward foreign currency contracts: During the period ended August 31, 2015, World Equity used forward contracts to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities, to gain exposure to securities, markets, sectors or geographical areas and to hedge risk.

A forward contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, and is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward contract fluctuates with changes in forward currency exchange rates. Forward contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain or loss. At the consummation of a forward contract to purchase or sell currency, the Fund may either exchange the currencies specified at the maturity of the forward contract or enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in

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U.S. dollars upon closing a contract is included in "Net realized gain (loss) on forward foreign currency contracts" in the Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Statements of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

At August 31, 2015, open forward contracts for World Equity were as follows:

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
	6,500,000	Japanese Yen	$	52,328	Bank of America, N.A.	9/18/2015	$	(1,300	)
	217,500	Euro Currency		242,062	Bank of America, N.A.	9/18/2015		(2,062	)
							$	(3,362	)

For the year ended August 31, 2015, World Equity's investment in forward contracts had an average notional value of $293,493.

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, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a covered call or a put option that a 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 year ended August 31, 2015. Written option transactions for Equity Income for the year ended August 31, 2015 were:

Equity Income

	Number of Contracts			Premium Received
Outstanding 8/31/2014		11,767		$	1,527,430
Options written		34,467			5,351,581
Options expired		(1,200	)		(176,196	)
Options exercised		(3,427	)		(417,191	)
Options closed		(33,721	)		(4,960,373	)
Outstanding 8/31/2015		7,886		$	1,325,251

For the year ended August 31, 2015, Equity Income had an average market value of $(1,939,567) in written options.

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At August 31, 2015, Equity Income and World Equity had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Equity Risk		Total
World Equity
Swap contracts	Open swap contracts, at value⁽¹⁾	$	—	$	—	$	6,032	$	6,032
Total Value—Assets		$	—	$	—	$	6,032	$	6,032

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk			Equity Risk			Total
Equity Income
Option contracts written	Option contracts written, at value	$	—	$	—		$	(1,964,860	)	$	(1,964,860	)
Total Value—Liabilities		$	—	$	—		$	(1,964,860	)	$	(1,964,860	)
World Equity
Swap contracts	Open swap contracts, at value⁽¹⁾	$	—	$	—		$	(34,596	)	$	(34,596	)
Forward contracts	Payable for open forward foreign currency contracts		—		(3,362	)		—			(3,362	)
Total Value—Liabilities		$	—	$	(3,362	)	$	(34,596	)	$	(37,958	)

(1)

"Swap contracts" reflects the appreciation (depreciation) of the equity swap contracts plus accrued interest as of August 31, 2015, which is reflected in the Statements of Assets and Liabilities under the caption "Open swap contracts, at value (Note A)."

The impact of the use of these derivative instruments on the Statements of Operations during the year ended August 31, 2015, was as follows:

Realized Gain (Loss)

Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk		Equity Risk		Total
Equity Income
Option contracts written	Net realized gain (loss) on: option contracts written	$	—	$	—	$	2,441,713	$	2,441,713
Total Realized Gain (Loss)		$	—	$	—	$	2,441,713	$	2,441,713

184

Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk			Equity Risk			Total
World Equity
Swap contracts	Net realized gain (loss) on: swap contracts	$	—	$	—		$	(9,727	)	$	(9,727	)
Futures contracts	Net realized gain (loss) on: financial futures contracts		—		—			3,637			3,637
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts		—		(8,571	)		—			(8,571	)
Total Realized Gain (Loss)		$	—	$	(8,571	)	$	(6,090	)	$	(14,661	)

Change in Appreciation (Depreciation)

Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk			Equity Risk			Total
Equity Income
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: option contracts written	$	—	$	—		$	(102,797	)	$	(102,797	)
Total Change in Appreciation (Depreciation)		$	—	$	—		$	(102,797	)	$	(102,797	)
World Equity
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: swap contracts	$	—	$	—		$	(28,564	)	$	(28,564	)
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts		—		(3,362	)		—			(3,362	)
Total Change in Appreciation (Depreciation)		$	—	$	(3,362	)	$	(28,564	)	$	(31,926	)

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 and World Equity, did not hold any derivative instruments during the year ended August 31, 2015 that require additional disclosures pursuant to ASC 815.

The Funds adopted the provisions of Accounting Standards Update ("ASU") 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Pursuant to ASU 2011-11, an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. ASU 2011-11 is applicable to only World Equity at August 31, 2015. World Equity's derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present World Equity's derivative assets and liabilities by counterparty, net of

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amounts available for offset under a master netting agreement and net of the related collateral received by World Equity for assets, if any, and pledged by World Equity for liabilities, if any, as of August 31, 2015.

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Swap contracts	$	6,032	$	—	$	6,032
Forward contracts		—		—		—
Total	$	6,032	$	—	$	6,032

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount^(b)
Goldman Sachs & Co.	$	4,713	$	(4,713	)	$	—	$	—
Morgan Stanley		1,319		(1,319	)		—		—
Total	$	6,032	$	(6,032	)	$	—	$	—

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Swap contracts	$	(34,596	)	$	—	$	(34,596	)
Forward contracts		(3,362	)		—		(3,362	)
Total	$	(37,958	)	$	—	$	(37,958	)

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
Bank of America, N.A.	$	(3,362	)	$	—	$	—	$	(3,362	)
Goldman Sachs & Co.		(14,570	)		4,713		—		(9,857	)
Morgan Stanley		(2,371	)		1,319		—		(1,052	)
Merrill Lynch Pierce Fenner & Smith, Inc.		(17,655	)		—				(17,655	)
Total	$	(37,958	)	$	6,032	$	—	$	(31,926	)

(a)	Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

(b)	Net Amount represents amounts subject to loss as of August 31, 2015, in the event of a counterparty failure.

(c)	Net Amount represents amounts under-collateralized by World Equity to each counterparty as of August 31, 2015.

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

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

Each Fund retains Management as its investment manager under an Investment 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 Greater China Equity:
		1.10	%		1.10	%		1.10	%		1.10	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
For World Equity:
		0.70	%		0.675	%		0.65	%		0.625	%		0.60	%		0.575	%		0.575	%		0.575	%		0.50	%

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(1)

Effective May 1, 2015, Management has voluntarily agreed to waive its management fee in the amount of 0.18% of the average daily net assets of International Equity (0.21% effective February 1, 2014, and 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 year ended August 31, 2015, such waived fees amounted to $2,297,851 and $183,271for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.

Accordingly, for the year ended August 31, 2015, the investment management fee pursuant to the Investment 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	%	Intrinsic Value		0.83	%
Emerging Markets Equity		0.98	%	Large Cap Disciplined Growth		0.55	%
Equity Income		0.47	%	Large Cap Value		0.49	%
Focus		0.52	%	Mid Cap Growth		0.51	%
Genesis		0.66	%	Mid Cap Intrinsic Value		0.55	%⁽²⁾
Global Equity		0.75	%	Multi-Cap Opportunities		0.51	%
Global Real Estate		0.80	%	Real Estate		0.80	%
Greater China Equity		1.10	%	Small Cap Growth		0.85	%
Guardian		0.49	%	Socially Responsive		0.47	%
International Equity		0.80	%⁽¹⁾	Value		0.55	%
International Select		0.55	%	World Equity		0.70	%

(1)	0.61% annual effective net rate of the Fund's average daily net assets.

(2)	0.36% 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

188

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 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 relating to 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 year ended August 31, 2015, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
International Equity Fund Institutional Class	$	180,278
International Equity Fund Class A		3,941
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		61,470
Mid Cap Growth Fund Class A		4,864
Mid Cap Growth Fund Class R6		1,815

At August 31, 2015, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Fiscal Period Ending August 31,
					2013		2014		2015
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2016		2017		2018
All Cap Core Fund Institutional Class		0.75	%	8/31/18	$	125,967	$	142,102	$	193,802
All Cap Core Fund Class A		1.20	%	8/31/18		84,083		64,707		38,933
All Cap Core Fund Class C		1.95	%	8/31/18		33,146		30,603		33,756
Emerging Markets Equity Fund Institutional Class		1.25	%	8/31/18		993,712		883,793		744,611
Emerging Markets Equity Fund Class A		1.50	%	8/31/18		30,312		50,749		48,820
Emerging Markets Equity Fund Class C		2.25	%	8/31/18		13,600		17,601		19,352

189

					Expenses Reimbursed in Fiscal Period Ending August 31,
					2013			2014			2015
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2016			2017			2018
Emerging Markets Equity Fund Class R3		1.91	%	8/31/18	$	689		$	937		$	1,334
Emerging Markets Equity Fund Class R6		1.18	%	8/31/18		38,968	⁽⁴⁾		122,359			135,881
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		4,649			521			1,569
Focus Fund Class A		1.11	%	8/31/18		977			726			1,267
Focus Fund Class C		1.86	%	8/31/18		342			435			714
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		117,849			—			114,064
Genesis Fund Class R6		0.78	%	8/31/18		—	⁽⁴⁾		—			98,555
Global Equity Fund Institutional Class		1.15	%	8/31/18		261,844			210,511			250,677
Global Equity Fund Class A		1.51	%	8/31/18		6,060			2,179			14,279
Global Equity Fund Class C		2.26	%	8/31/18		2,623			967			5,804
Global Real Estate Fund Institutional Class		1.00	%	8/31/18		—			—			185,695	⁽⁸⁾
Global Real Estate Fund Class A		1.36	%	8/31/18		—			—			58,618	⁽⁸⁾
Global Real Estate Fund Class C		2.11	%	8/31/18		—			—			24,540	⁽⁸⁾
Greater China Equity Fund Institutional Class		1.50	%	8/31/18		160,702	⁽⁵⁾		193,960			127,913
Greater China Equity Fund Class A		1.86	%	8/31/18		2,385	⁽⁵⁾		1,756			5,520
Greater China Equity Fund Class C		2.61	%	8/31/18		2,350	⁽⁵⁾		264			302
Guardian Fund Trust Class		1.50	%	8/31/18		—			—			—
Guardian Fund Advisor Class		1.50	%	8/31/22		—			—			147
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		134			114			82
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		784,945			213,333			—
International Equity Fund Class A		1.21	%⁽⁶⁾	8/31/18		—	⁽³⁾		8,879			—
International Equity Fund Class C		1.96	%⁽⁶⁾	8/31/18		1,409	⁽³⁾		1,864			280
International Equity Fund Class R6		0.78	%	8/31/18		—			—	⁽⁷⁾		—
International Select Fund Trust Class		1.25	%	8/31/18		17,980			10,697			9,411

190

					Expenses Reimbursed in Fiscal Period Ending August 31,
					2013			2014		2015
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2016			2017		2018
International Select Fund Institutional Class		0.90	%	8/31/18	$	126,756		$	58,414	$	59,370
International Select Fund Class A		1.30	%⁽²⁾	8/31/18		6,163			430		535
International Select Fund Class C		2.00	%	8/31/18		3,613			2,151		1,862
International Select Fund Class R3		1.51	%	8/31/18		1,103			1,076		1,375
Intrinsic Value Fund Institutional Class		1.00	%	8/31/18		289,297			302,070		340,028
Intrinsic Value Fund Class A		1.36	%	8/31/18		20,599			28,539		36,427
Intrinsic Value Fund Class C		2.11	%	8/31/18		16,477			17,391		20,091
Large Cap Disciplined Growth Fund Investor Class		1.11	%	8/31/18		—			—		24,759
Large Cap Disciplined Growth Fund Institutional Class		0.75	%	8/31/18		219,810			239,882		207,321
Large Cap Disciplined Growth Fund Class A		1.11	%	8/31/18		29,500			32,217		17,358
Large Cap Disciplined Growth Fund Class C		1.86	%	8/31/18		15,074			23,600		44,223
Large Cap Disciplined Growth Fund Class R3		1.36	%	8/31/18		327			375		845
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		83			82		150
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		70,962			6,497		—
Mid Cap Growth Fund Class A		1.11	%	8/31/18		51,584			19,819		—
Mid Cap Growth Fund Class C		1.86	%	8/31/18		2,985			2,522		1,417
Mid Cap Growth Fund Class R3		1.36	%	8/31/18		3,079			1,821		1,091
Mid Cap Growth Fund Class R6		0.68	%	8/31/18		—	⁽⁴⁾		—		—
Mid Cap Intrinsic Value Fund Investor Class		1.50	%	8/31/22		—			—		—
Mid Cap Intrinsic Value Fund Trust Class		1.25	%	8/31/22		13,066			—		5,431
Mid Cap Intrinsic Value Fund Institutional Class		0.85	%	8/31/18		3,203			—		9,476
Mid Cap Intrinsic Value Fund Class A		1.21	%	8/31/18		5,190			—		6,502
Mid Cap Intrinsic Value Fund Class C		1.96	%	8/31/18		494			—		1,413
Mid Cap Intrinsic Value Fund Class R3		1.46	%	8/31/18		203			60		515
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		707,517			817,481		815,617
Real Estate Fund Class A		1.21	%	8/31/18		336,286			372,528		344,667

191

					Expenses Reimbursed in Fiscal Period Ending August 31,
					2013			2014		2015
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2016			2017		2018
Real Estate Fund Class C		1.96	%	8/31/18	$	90,654		$	95,712	$	82,791
Real Estate Fund Class R3		1.46	%	8/31/18		24,426			40,953		50,213
Real Estate Fund Class R6		0.78	%	8/31/18		5,033	⁽⁴⁾		29,668		58,233
Small Cap Growth Fund Investor Class		1.30	%⁽²⁾	8/31/22		177,688			192,480		193,142
Small Cap Growth Fund Trust Class		1.40	%	8/31/22		60,615			34,116		25,252
Small Cap Growth Fund Advisor Class		1.60	%⁽²⁾	8/31/22		14,942			14,620		12,127
Small Cap Growth Fund Institutional Class		0.90	%	8/31/18		147,976			95,710		111,321
Small Cap Growth Fund Class A		1.26	%	8/31/18		9,439			28,007		26,944
Small Cap Growth Fund Class C		2.01	%	8/31/18		4,742			9,549		10,735
Small Cap Growth Fund Class R3		1.51	%	8/31/18		1,908			3,116		4,968
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		122,469			156,332		166,457
Value Fund Class A		1.11	%⁽²⁾	8/31/18		141,386			94,806		98,743
Value Fund Class C		1.86	%⁽²⁾	8/31/18		8,538			7,238		7,050
World Equity Fund Institutional Class		1.00	%	8/31/18		—			—		105,110	⁽⁹⁾
World Equity Fund Class A		1.36	%	8/31/18		—			—		14,475	⁽⁹⁾
World Equity Fund Class C		2.11	%	8/31/18		—			—		14,548	⁽⁹⁾

(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 year ended August 31, 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 $4,437, $1,069,784, $46,449, $2,764, $8,233, $2,745 and $168, 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.

192

(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 August 31, 2015.

(9)	Period from June 30, 2015 (Commencement of Operations) to August 31, 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 year ended August 31, 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	$	2,847	$	—	$	—	$	—
All Cap Core Fund Class C		—		1,038		—		—
Emerging Markets Equity Fund Class A		3,375		—		—		—
Emerging Markets Equity Fund Class C		—		4,845		—		—
Equity Income Fund Class A		91,040		—		—		—
Equity Income Fund Class C		—		26,616		—		—
Focus Fund Class A		1,548		—		—		—
Focus Fund Class C		—		5,092		—		—
Global Equity Fund Class A		746		—		—		—
Global Equity Fund Class C		—		16		—		—
Global Real Estate Fund Class A⁽¹⁾		—		—		—		—
Global Real Estate Fund Class C⁽¹⁾		—		—		—		—
Greater China Equity Fund Class A		3,334		—		—		—
Greater China Equity Fund Class C		—		—		—		—
Guardian Fund Class A		3,928		—		—		—
Guardian Fund Class C		—		220		—		—
International Equity Fund Class A		16,839		—		—		—
International Equity Fund Class C		—		6,008		—		—
International Select Fund Class A		791		—		—		—
International Select Fund Class C		—		819		—		—

193

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Intrinsic Value Fund Class A	$	38,000	$	—	$	—	$	—
Intrinsic Value Fund Class C		—		4,234		—		—
Large Cap Disciplined Growth Fund Class A		2,649		—		—		—
Large Cap Disciplined Growth Fund Class C		—		2,129		—		—
Large Cap Value Fund Class A		2,429		—		—		—
Large Cap Value Fund Class C		—		395		—		—
Mid Cap Growth Fund Class A		14,484		—		—		—
Mid Cap Growth Fund Class C		—		1,645		—		—
Mid Cap Intrinsic Value Fund Class A		5,349		—		—		—
Mid Cap Intrinsic Value Fund Class C		—		403		—		—
Multi-Cap Opportunities Fund Class A		31,308		—		—		—
Multi-Cap Opportunities Fund Class C		—		39,028		—		—
Real Estate Fund Class A		9,439		—		—		—
Real Estate Fund Class C		—		3,041		—		—
Small Cap Growth Fund Class A		3,338		—		—		—
Small Cap Growth Fund Class C		—		3,544		—		—
Socially Responsive Fund Class A		53,441		—		—		—
Socially Responsive Fund Class C		—		7,851		—		—
Value Fund Class A		1,301		—		—		—
Value Fund Class C		—		923		—		—
World Equity Fund Class A⁽²⁾		—		—		—		—
World Equity Fund Class C⁽²⁾		—		—		—		—

(1)	Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.

(2)	Period from June 30, 2015 (Commencement of Operations) to August 31, 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	Large Cap Disciplined Growth	$	25,583
Emerging Markets Equity		8,197	Large Cap Value		101,072
Equity Income		72,008	Mid Cap Growth		39,098
Focus		14,932	Mid Cap Intrinsic Value		5,917
Genesis		619,373	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
Intrinsic Value		4,946

194

Note C—Securities Transactions:

During the year ended August 31, 2015, there were purchase and sale transactions of long-term securities (excluding equity swaps, financial futures, forward contracts and option contracts) as follows:

(000's omitted)	Purchases		Sales		(000's omitted)	Purchases		Sales
All Cap Core	$	67,469	$	108,289	Intrinsic Value	$	254,225	$	75,933
Emerging Markets Equity		187,898		263,674	Large Cap Disciplined Growth		86,613		251,864
Equity Income		1,144,456		1,346,315	Large Cap Value		2,407,155		2,570,499
Focus		423,370		479,094	Mid Cap Growth		533,528		518,858
Genesis		1,616,517		4,041,935	Mid Cap Intrinsic Value		67,094		44,726
Global Equity		1,590		34,012	Multi-Cap Opportunities		681,923		1,008,734
Global Real Estate⁽¹⁾		3,375		450	Real Estate		322,924		529,401
Greater China Equity		244,535		202,550	Small Cap Growth		286,672		294,766
Guardian		443,563		583,853	Socially Responsive		648,156		818,021
International Equity		375,427		274,258	Value		42,439		39,301
International Select		63,380		57,770	World Equity⁽²⁾		6,590		1,634

(1)	Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.

(2)	Period from June 30, 2015 (Commencement of Operations) to August 31, 2015.

	During the year ended August 31, 2015, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended August 31, 2015 and August 31, 2014 was as follows:

	For the Year Ended August 31, 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		1,960		1,031			(4,248	)		(1,257	)		2,268		385			(2,201	)		452
Class A		231		225			(1,876	)		(1,420	)		514		252			(1,533	)		(767	)
Class C		94		235			(763	)		(434	)		264		118			(332	)		50
Emerging Markets Equity:
Institutional Class		5,409		180			(12,309	)		(6,720	)		11,289		84			(6,980	)		4,393
Class A		439		6			(601	)		(156	)		1,008		1			(366	)		643
Class C		160		0	^z		(103	)		57			205		—			(79	)		126
Class R3		41		0	^z		(22	)		19			36		0	^z		(11	)		25
Class R6		1,689		58			(115	)		1,632			2,745		20			(108	)		2,657

195

	For the Year Ended August 31, 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
Equity Income:
Institutional Class		29,741		7,206			(33,615	)		3,332			42,043		5,515			(50,330	)		(2,772	)
Class A		4,659		1,689			(16,802	)		(10,454	)		10,109		3,876			(67,276	)		(53,291	)
Class C		4,276		1,391			(6,561	)		(894	)		3,640		1,500			(10,670	)		(5,530	)
Class R3		119		12			(68	)		63			107		10			(78	)		39
Focus:
Investor Class		292		3,621			(2,261	)		1,652			252		2,175			(2,610	)		(183	)
Trust Class		955		1,721			(3,055	)		(379	)		4,036		591			(1,426	)		3,201
Advisor Class		173		267			(272	)		168			165		107			(188	)		84
Institutional Class		925		56			(171	)		810			94		26			(641	)		(521	)
Class A		348		50			(316	)		82			135		18			(58	)		95
Class C		273		58			(91	)		240			56		13			(1	)		68
Genesis:
Investor Class		5,468		7,864			(17,210	)		(3,878	)		7,896		6,750			(16,221	)		(1,575	)
Trust Class		2,766		3,563			(18,819	)		(12,490	)		5,132		3,716			(15,767	)		(6,919	)
Advisor Class		3,289		2,515			(7,977	)		(2,173	)		4,636		2,357			(7,666	)		(673	)
Institutional Class		11,595		6,762			(36,467	)		(18,110	)		18,630		6,939			(46,165	)		(20,596	)
Class R6		11,786		4,300			(10,853	)		5,233			30,589		2,654			(5,884	)		27,359
Global Equity:
Institutional Class		15		225			(3,202	)		(2,962	)		5		42			(103	)		(56	)
Class A		26		24			(19	)		31			27		0	^z		(8	)		19
Class C		20		8			(5	)		23			9		0	^z		(1	)		8
Global Real Estate:
Institutional Class⁽²⁾		200		1			—			201			—		—			—			—
Class A⁽²⁾		66		0	^z		—			66			—		—			—			—
Class C⁽²⁾		25		0	^z		—			25			—		—			—			—
Greater China Equity:
Institutional Class		8,957		129			(6,123	)		2,963			1,890		6			(1,521	)		375
Class A		529		16			(339	)		206			129		0	^z		(2	)		127
Class C		4		1			(1	)		4			—		0	^z		—			0	^z
Guardian:
Investor Class		961		8,305			(5,876	)		3,390			1,051		5,601			(5,605	)		1,047
Trust Class		671		1,810			(2,853	)		(372	)		794		1,254			(2,110	)		(62	)
Advisor Class		3		3			(6	)		0	^z		81		12			(110	)		(17	)
Institutional Class		1,343		875			(3,053	)		(835	)		2,275		520			(1,251	)		1,544
Class A		2,162		1,159			(1,566	)		1,755			2,764		443			(743	)		2,464
Class C		36		20			(52	)		4			62		14			(68	)		8
Class R3		22		5			(31	)		(4	)		18		2			(5	)		15

196

	For the Year Ended August 31, 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 Equity:
Investor Class		603		43			(703	)		(57	)		316		54			(1,112	)		(742	)
Trust Class		360		10			(806	)		(436	)		688		39			(3,189	)		(2,462	)
Institutional Class		20,402		1,346			(17,406	)		4,342			25,238		1,373			(23,305	)		3,306
Class A		3,542		6			(550	)		2,998			1,030		7			(518	)		519
Class C		342		0	^z		(93	)		249			198		0	^z		(23	)		175
Class R6		1,637		36			(562	)		1,111			1,922		0	^z		(8	)		1,914	⁽¹⁾
International Select:
Trust Class		39		12			(243	)		(192	)		72		11			(298	)		(215	)
Institutional Class		3,139		287			(1,855	)		1,571			2,428		245			(3,581	)		(908	)
Class A		148		8			(628	)		(472	)		246		8			(341	)		(87	)
Class C		58		0	^z		(122	)		(64	)		105		0	^z		(86	)		19
Class R3		195		2			(68	)		129			74		2			(138	)		(62	)
Intrinsic Value:
Institutional Class		14,311		887			(2,699	)		12,499			4,235		510			(2,180	)		2,565
Class A		2,767		66			(598	)		2,235			750		52			(984	)		(182	)
Class C		1,140		39			(150	)		1,029			229		17			(192	)		54
Large Cap Disciplined Growth:
Investor Class		222		1,421			(519	)		1,124			161		317			(1,100	)		(622	)
Institutional Class		6,125		9,668			(28,538	)		(12,745	)		8,757		6,591			(43,021	)		(27,673	)
Class A		520		411			(1,466	)		(535	)		561		570			(4,306	)		(3,175	)
Class C		1,946		943			(2,938	)		(49	)		480		143			(893	)		(270	)
Class R3		19		12			(1	)		30			3		1			(31	)		(27	)
Large Cap Value:
Investor Class		561		4,959			(3,948	)		1,572			479		5,792			(5,253	)		1,018
Trust Class		290		1,157			(1,422	)		25			306		1,354			(2,224	)		(564	)
Advisor Class		763		2,721			(3,134	)		350			821		2,701			(2,451	)		1,071
Institutional Class		515		590			(2,183	)		(1,078	)		872		571			(715	)		728
Class A		287		21			(263	)		45			102		16			(71	)		47
Class C		62		29			(53	)		38			114		11			(28	)		97
Class R3		5		1			(8	)		(2	)		2		0	^z		—			2
Mid Cap Growth:
Investor Class		1,103		3,591			(2,454	)		2,240			515		1,861			(2,307	)		69
Trust Class		1,206		239			(588	)		857			766		122			(552	)		336
Advisor Class		224		29			(248	)		5			135		19			(274	)		(120	)
Institutional Class		7,353		3,406			(7,429	)		3,330			10,799		1,681			(5,863	)		6,617
Class A		1,256		320			(1,607	)		(31	)		1,231		179			(1,382	)		28
Class C		129		21			(52	)		98			86		8			(45	)		49
Class R3		338		25			(189	)		174			163		12			(89	)		86
Class R6		4,743		257			(447	)		4,553			1,642		21			(160	)		1,503

197

	For the Year Ended August 31, 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		205		194		(232	)		167			176		97		(696	)		(423	)
Trust Class		83		82		(203	)		(38	)		70		44		(142	)		(28	)
Institutional Class		1,096		114		(355	)		855			667		42		(172	)		537
Class A		673		33		(126	)		580			210		13		(117	)		106
Class C		113		3		(9	)		107			24		1		(7	)		18
Class R3		53		2		(6	)		49			3		1		(31	)		(27	)
Multi-Cap Opportunities:
Institutional Class		13,322		947		(28,934	)		(14,665	)		67,275		258		(15,271	)		52,262
Class A		2,308		286		(4,697	)		(2,103	)		8,625		124		(3,704	)		5,045
Class C		997		101		(1,182	)		(84	)		2,771		24		(207	)		2,588
Real Estate:
Trust Class		3,541		1,310		(7,796	)		(2,945	)		5,241		1,742		(10,294	)		(3,311	)
Institutional Class		8,301		1,540		(16,623	)		(6,782	)		13,294		1,691		(11,747	)		3,238
Class A		4,281		667		(6,573	)		(1,625	)		5,346		809		(7,154	)		(999	)
Class C		350		125		(1,031	)		(556	)		395		167		(878	)		(316	)
Class R3		857		96		(906	)		47			830		83		(492	)		421
Class R6		751		129		(477	)		403			1,282		59		(189	)		1,152
Small Cap Growth:
Investor Class		50		—		(227	)		(177	)		108		—		(279	)		(171	)
Trust Class		13		—		(31	)		(18	)		18		—		(107	)		(89	)
Advisor Class		40		—		(86	)		(46	)		48		—		(78	)		(30	)
Institutional Class		198		—		(192	)		6			178		—		(106	)		72
Class A		96		—		(84	)		12			256		—		(199	)		57
Class C		36		—		(20	)		16			55		—		(25	)		30
Class R3		36		—		(11	)		25			13		—		(12	)		1
Socially Responsive:
Investor Class		1,957		2,406		(3,777	)		586			2,027		1,608		(6,674	)		(3,039	)
Trust Class		2,448		3,011		(7,166	)		(1,707	)		3,087		2,042		(7,296	)		(2,167	)
Institutional Class		5,838		2,041		(5,495	)		2,384			6,348		1,268		(5,577	)		2,039
Class A		2,128		1,040		(1,788	)		1,380			2,274		502		(2,180	)		596
Class C		757		308		(305	)		760			671		119		(174	)		616
Class R3		394		248		(478	)		164			387		126		(320	)		193
Class R6		1,911		813		(3,597	)		(873	)		5,548		415		(6,043	)		(80	)
Value:
Institutional Class		517		58		(427	)		148			560		2		(310	)		252
Class A		228		28		(235	)		21			308		1		(95	)		214
Class C		14		2		(13	)		3			15		—		(3	)		12

198

	For the Year Ended August 31, 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
World Equity:
Institutional Class⁽³⁾		400		—		—		400		—		—		—		—
Class A⁽³⁾		50		—		—		50		—		—		—		—
Class C⁽³⁾		53		—		—		53		—		—		—		—

(1)	Period from September 3, 2013 (Commencement of Operations) to August 31, 2014.

(2)	Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.

(3)	Period from June 30, 2015 (Commencement of Operations) to August 31, 2015.

z	A zero balance, if any, may reflect actual amounts rounding to less than 1,000.

Note E—Lines of Credit:

At August 31, 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 August 31, 2015. During the period from January 9, 2015 (the date of the Credit Facility) through August 31, 2015, Greater China Equity had borrowings under the Credit Facility for a period of four business days with the greatest amount borrowed being $19,900,000. On these borrowings, Greater China Equity paid an interest rate of 1.1890%. The total interest amount Greater China Equity paid was $3,106, which is reflected in the Statements of Operations under the caption "Interest expense (Note E)." The Credit Facility replaced the State Street lines of credit referred to below.

During the reporting period, from September 1, 2014 through January 9, 2015, each Fund other than World Equity, which was not yet operational, 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 year ended August 31, 2015, none of the Funds utilized either line of credit with State Street.

199

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 August 31, 2015		Value August 31, 2015		Distributions from Investments in Affiliated Issuers			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Genesis
Abaxis, Inc.		1,162,400		325,000		108,800		1,378,600	$	64,821,772	$	415,218		$	2,922,292
Altisource Asset Management Corp.		155,717		—		30,100		125,617		4,834,998		—	*		2,761,255
Altisource Portfolio Solutions SA⁽²⁾		1,595,670		122,900		1,718,570		—		—		—	*		(106,102,945	)
Applied Industrial Technologies, Inc.⁽²⁾		2,403,244		—		573,500		1,829,744		77,471,361		2,199,547			520,078
AptarGroup, Inc.²⁾		3,977,400		—		852,900		3,124,500		210,466,320		3,916,444			42,193,697
Badger Meter, Inc.⁽²⁾		727,301		—		122,100		605,201		35,277,166		498,172			1,785,889
Balchem Corp.		1,643,735		167,400		213,226		1,597,909		93,525,614		495,009			1,520,915
Bank of Hawaii Corp.		2,393,212		157,700		260,600		2,290,312		142,136,763		4,049,572			2,763,332
CARBO Ceramics, Inc.⁽²⁾		1,362,257		—		619,100		743,157		20,377,365		953,436			(6,859,896	)
CLARCOR, Inc.		3,492,088		—		980,300		2,511,788		141,589,490		2,451,830			37,351,297
Compass Minerals International, Inc.		2,697,873		—		822,300		1,875,573		151,921,413		5,546,158			57,140,444
Computer Modelling Group Ltd.		5,948,400		34,700		470,500		5,512,600		50,909,964		2,005,273			1,288,255
Essendant, Inc.⁽²⁽³⁾		2,780,741		—		1,329,620		1,451,121		50,063,675		1,418,726			17,941,737
Exponent, Inc.		1,122,035		1,202,335		54,400		2,269,970		97,041,218		1,236,894			1,179,131
First Financial Bankshares, Inc.		3,628,036		189,311		495,800		3,321,547		103,432,974		1,970,781			1,651,094
Forward Air Corp.		1,737,200		214,900		168,632		1,783,468		80,291,729		883,140			1,910,860
Haemonetics Corp.		4,260,500		—		1,357,200		2,903,300		104,838,163		—	*		20,321,882
Healthcare Services Group, Inc.		4,687,081		—		971,200		3,715,881		124,259,061		2,878,021			17,163,505
Hibbett Sports, Inc.		1,778,969		40,000		249,600		1,569,369		61,990,076		—	*		4,344,871
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		62,400		720,600		3,451,300		265,750,100		—	*		20,028,889
Innophos Holdings, Inc.		1,586,542		—		432,400		1,154,142		55,479,606		2,615,121			1,870,887
J & J Snack Foods Corp.⁽²⁾		997,646		60,600		168,000		890,246		101,452,434		1,338,808			13,095,035
Lindsay Corp.		872,250		—		142,900		729,350		55,598,351		852,777			(1,473,479	)
Manhattan Associates, Inc.⁽²⁾		5,217,228		153,500		2,184,000		3,186,728		186,359,853		—	*		75,951,615

200

	Balance of Shares Held August 31, 2014		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held August 31, 2015			Value August 31, 2015		Distributions from Investments in Affiliated Issuers			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Meridian Bioscience, Inc.⁽²⁾		2,537,797		—		758,500		1,779,297		$	34,037,952	$	1,782,758		$	(818,309	)
Monotype Imaging Holdings, Inc.		2,986,745		513,161		155,100		3,344,806			70,842,991		1,153,341			(424,676	)
MWI Veterinary Supply, Inc.⁽²⁾		1,213,705		—		1,213,705		—			—		—	*		166,527,336
Natural Gas Services Group, Inc.⁽²⁾		713,700		—		119,500		594,200	��		12,888,198		—	*		558,110
NETGEAR, Inc.⁽²⁾		2,893,300		152,600		2,576,280		469,620			14,267,056		—	*		(7,753,567	)
Nexstar Broadcasting Group, Inc. Class A		2,748,021		80,100		432,600		2,395,521			111,343,816		1,839,750			2,221,563
Pason Systems, Inc.		4,710,557		183,100		631,400		4,262,257			65,700,561		2,598,850			(1,806,219	)
Phibro Animal Health Corp. Class A		—		1,048,000		—		1,048,000			36,994,400		263,190			—
Pool Corp.		3,049,798		103,400		677,600		2,475,598			172,499,669		2,628,268			11,267,976
Power Integrations, Inc.		2,530,900		216,200		288,700		2,458,400			96,492,200		1,236,564			(1,530,829	)
Raven Industries, Inc.		3,087,352		—		518,900		2,568,452			46,540,350		1,466,752			1,521,222
RLI Corp.⁽²⁾		2,522,414		—		387,600		2,134,814			111,245,158		8,969,967			7,464,382
Rogers Corp.		856,551		545,800		39,100		1,363,251			75,878,551		—	*		(80,115	)
Safety Insurance Group, Inc.		950,949		—		160,000		790,949			41,588,098		2,367,150			1,874,751
Sensient Technologies Corp.		3,975,245		—		668,300		3,306,945			215,447,467		3,644,868			10,462,091
State Street Institutional Treasury Plus Fund Premier Class		255,161,152		1,995,874,417		2,119,125,352		131,910,217			131,910,217		—	*		—
Tennant Co.⁽²⁾		948,802		22,600		53,800		917,602			52,596,947		745,542			(189,202	)
Tyler Technologies⁽²⁾		1,718,232		—		289,000		1,429,232			197,291,185		—	*		5,645,564
West Pharmaceutical Services, Inc.		4,051,158		251,500		384,900		3,917,758			218,806,784		1,841,987			6,346,796
Westamerica Bancorporation⁽²⁾		1,566,743		—		659,640		907,103			40,946,629		1,705,027			699,681
Total										$	4,027,207,695	$	71,820,113		$	366,252,742

(1)	Affiliated issuers, as defined in the Investment Company Act of 1940, as amended.

(2)	At August 31, 2015, the issuers of these securities were no longer affiliated with Genesis.

(3)	Effective June 1, 2015, this security underwent a name change from United Stationers, Inc. to Essendant, Inc.

*	Security did not produce income during the last twelve months.

201

Other: At August 31, 2015, Neuberger Berman Inflation Managed Fund, which is also managed by Management, held 0.36% of the outstanding shares of Emerging Markets Equity. At August 31, 2015, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.59% and 0.30% of the outstanding shares of Emerging Markets Equity and International Equity, respectively.

In addition, at August 31, 2015, affiliated investors owned 1.83%, 0.02%, 3.14%, 85.86%, 0.23%, 0.01%, 0.01%, 0.01%, 0.06%, 1.37%, 0.22% and 99.37% of the outstanding shares of Emerging Markets Equity, Focus, Global Equity, Global Real Estate, Greater China Equity, International Equity, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Real Estate, Value and World Equity, respectively.

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 the 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 year ended August 31, 2015, the litigation, demand investigation and related fees recorded in the Statements of Operations were $0. During the year ended August 31, 2015, the Trust received $279,908 in insurance proceeds. The Trust does not anticipate additional payments from its insurance carrier.

Note H—Recent Accounting Pronouncement:

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. At this time, Management is evaluating the impact, if any, of this guidance on the Funds' financial statement disclosures. ASU 2014-11 is effective for World Equity as of August 31, 2015; however, no additional disclosure was necessary.

Note I—Other (Unaudited):

In addition, at August 31, 2015, one investor owned 30.51% of the outstanding shares of Emerging Markets Equity, and one investor owned 9.97% of the outstanding shares of Mid Cap Intrinsic Value.

202

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%) 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 Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
8/31/2015	$	11.42	$	0.03		$	(1.04	)	$	(1.01	)	$	—		$	(1.64	)	$	—	$	(1.64	)	$	—	$	—	$	8.77		(8.91	%)	$	34.5		1.12	%		0.75	%		0.28	%		95	%
8/31/2014	$	10.18	$	0.01		$	2.18		$	2.19		$	(0.01	)	$	(0.94	)	$	—	$	(0.95	)	$	0.00	$	—	$	11.42		22.55	%^g	$	59.3		1.03	%		0.75	%		0.12	%		62	%
8/31/2013	$	9.34	$	0.04		$	1.54		$	1.58		$	—		$	(0.74	)	$	—	$	(0.74	)	$	—	$	—	$	10.18		17.97	%	$	48.3		1.10	%		0.75	%		0.40	%		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	%		0.75	%		0.26	%		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	%		0.75	%		0.67	%		150	%
Class A
8/31/2015	$	11.25	$	(0.02	)	$	(1.01	)	$	(1.03	)	$	—		$	(1.64	)	$	—	$	(1.64	)	$	—	$	—	$	8.58		(9.26	%)	$	7.4		1.50	%		1.20	%		(0.19	%)		95	%
8/31/2014	$	10.08	$	(0.04	)	$	2.15		$	2.11		$	—		$	(0.94	)	$	—	$	(0.94	)	$	0.00	$	—	$	11.25		21.95	%^g	$	25.7		1.40	%		1.20	%		(0.34	%)		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	%		(0.02	%)		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	%		(0.20	%)		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	%		0.23	%		150	%
Class C
8/31/2015	$	10.64	$	(0.08	)	$	(0.96	)	$	(1.04	)	$	—		$	(1.64	)	$	—	$	(1.64	)	$	—	$	—	$	7.96		(9.97	%)	$	8.2		2.24	%		1.95	%		(0.93	%)		95	%
8/31/2014	$	9.64	$	(0.11	)	$	2.05		$	1.94		$	—		$	(0.94	)	$	—	$	(0.94	)	$	0.00	$	—	$	10.64		21.13	%^g	$	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	%		(0.78	%)		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	%		(0.96	%)		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	%		(0.53	%)		150	%
Emerging Markets Equity Fund
Institutional Class
8/31/2015	$	17.89	$	0.12		$	(3.90	)	$	(3.78	)	$	(0.17	)	$	—		$	—	$	(0.17	)	$	—	$	—	$	13.94		(21.22	%)	$	307.5		1.43	%		1.25	%		0.73	%		36	%
8/31/2014	$	15.34	$	0.16		$	2.48		$	2.64		$	(0.09	)	$	—		$	—	$	(0.09	)	$	0.00	$	—	$	17.89		17.24	%^g	$	514.8		1.45	%		1.25	%		0.96	%		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	%		0.89	%		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	%

See Notes to Financial Highlights

203

204

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
8/31/2015	$	17.80	$	0.08		$	(3.88	)	$	(3.80	)	$	(0.13	)	$	—		$	—	$	(0.13	)	$	—	$	—	$	13.87		(21.42	%)	$	13.4		1.79	%		1.50	%		0.49	%		36	%
8/31/2014	$	15.27	$	0.15		$	2.44		$	2.59		$	(0.06	)	$	—		$	—	$	(0.06	)	$	0.00	$	—	$	17.80		16.99	%^g	$	19.9		1.82	%		1.50	%		0.88	%		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	%		0.69	%		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	%		0.53	%		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	%		0.19	%		71	%
Class C
8/31/2015	$	17.26	$	(0.03	)	$	(3.77	)	$	(3.80	)	$	(0.04	)	$	—		$	—	$	(0.04	)	$	—	$	—	$	13.42		(22.02	%)	$	6.2		2.53	%		2.25	%		(0.20	%)		36	%
8/31/2014	$	14.87	$	0.00		$	2.39		$	2.39		$	—		$	—		$	—	$	—		$	0.00	$	—	$	17.26		16.07	%^g	$	7.0		2.56	%		2.25	%		0.01	%		36	%
8/31/2013	$	14.61	$	0.02		$	0.24		$	0.26		$	—		$	—		$	—	$	—		$	—	$	—	$	14.87		1.78	%	$	4.1		2.73	%		2.25	%		0.13	%		36	%
8/31/2012	$	15.46	$	(0.02	)	$	(0.83	)	$	(0.85	)	$	—		$	—		$	—	$	—		$	—	$	—	$	14.61		(5.50	%)	$	1.4		2.93	%		2.25	%		(0.17	%)		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	%		(0.12	%)		71	%
Class R3
8/31/2015	$	17.47	$	0.02		$	(3.80	)	$	(3.78	)	$	(0.09	)	$	—		$	—	$	(0.09	)	$	—	$	—	$	13.60		(21.70	%)	$	0.8		2.09	%		1.91	%		0.14	%		36	%
8/31/2014	$	15.02	$	0.07		$	2.39		$	2.46		$	(0.01	)	$	—		$	—	$	(0.01	)	$	0.00	$	—	$	17.47		16.42	%^g	$	0.6		2.13	%		1.91	%		0.45	%		36	%
8/31/2013	$	14.71	$	0.03		$	0.28		$	0.31		$	—		$	—		$	—	$	—		$	—	$	—	$	15.02		2.11	%	$	0.2		2.31	%		1.91	%		0.22	%		36	%
8/31/2012	$	15.52	$	0.04		$	(0.85	)	$	(0.81	)	$	—		$	—		$	—	$	—		$	—	$	—	$	14.71		(5.22	%)	$	0.3		2.49	%		1.92	%		0.28	%		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	%		(0.04	%)		71	%
Class R6
8/31/2015	$	17.91	$	0.14		$	(3.91	)	$	(3.77	)	$	(0.18	)	$	—		$	—	$	(0.18	)	$	—	$	—	$	13.96		(21.14	%)	$	88.1		1.34	%		1.18	%		0.88	%		36	%
8/31/2014	$	15.35	$	0.18		$	2.47		$	2.65		$	(0.09	)	$	—		$	—	$	(0.09	)	$	0.00	$	—	$	17.91		17.35	%^g	$	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
8/31/2015	$	13.19	$	0.34		$	(0.92	)	$	(0.58	)	$	(0.30	)	$	(0.57	)	$	—	$	(0.87	)	$	—	$	—	$	11.74		(4.60	%)	$	1,443.7		0.68	%		0.68	%		2.66	%		48	%
8/31/2014	$	11.76	$	0.33		$	1.94		$	2.27		$	(0.33	)	$	(0.51	)	$	—	$	(0.84	)	$	0.00	$	—	$	13.19		20.11	%^g	$	1,578.5		0.68	%		0.68	%		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		0.68	%		0.68	%		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		0.71	%		0.71	%^§		3.10	%		42	%
8/31/2011	$	10.02	$	0.33		$	1.41		$	1.74		$	(0.48	)	$	—		$	—	$	(0.48	)	$	—	$	—	$	11.28		17.70	%	$	701.7		0.80	%		0.80	%^§		2.93	%		22	%

See Notes to Financial Highlights

205

206

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
8/31/2015	$	13.14	$	0.29	$	(0.93	)	$	(0.64	)	$	(0.24	)	$	(0.57	)	$	—	$	(0.81	)	$	—	$	—	$	11.69		(5.02	%)	$	289.5		1.05	%		1.05	%		2.26	%		48	%
8/31/2014	$	11.71	$	0.27	$	1.95		$	2.22		$	(0.28	)	$	(0.51	)	$	—	$	(0.79	)	$	0.00	$	—	$	13.14		19.72	%^g	$	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	%
Class C
8/31/2015	$	13.06	$	0.20	$	(0.92	)	$	(0.72	)	$	(0.15	)	$	(0.57	)	$	—	$	(0.72	)	$	—	$	—	$	11.62		(5.65	%)	$	390.0		1.79	%		1.79	%		1.55	%		48	%
8/31/2014	$	11.65	$	0.19	$	1.92		$	2.11		$	(0.19	)	$	(0.51	)	$	—	$	(0.70	)	$	0.00	$	—	$	13.06		18.77	%^g	$	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	%
Class R3
8/31/2015	$	13.12	$	0.26	$	(0.92	)	$	(0.66	)	$	(0.22	)	$	(0.57	)	$	—	$	(0.79	)	$	—	$	—	$	11.67		(5.22	%)	$	3.8		1.31	%		1.31	%		2.05	%		48	%
8/31/2014	$	11.69	$	0.25	$	1.93		$	2.18		$	(0.24	)	$	(0.51	)	$	—	$	(0.75	)	$	0.00	$	—	$	13.12		19.42	%^g	$	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	%
Focus Fund
Investor Class
8/31/2015	$	29.77	$	0.21	$	(0.15	)	$	0.06		$	(0.16	)	$	(4.22	)	$	—	$	(4.38	)	$	—	$	—	$	25.45		0.49	%	$	639.8		0.91	%		0.91	%		0.77	%		52	%
8/31/2014	$	26.90	$	0.18	$	5.57		$	5.75		$	(0.20	)	$	(2.68	)	$	—	$	(2.88	)	$	0.00	$	—	$	29.77		22.65	%^g	$	699.4		0.91	%		0.91	%		0.64	%		84	%
8/31/2013	$	21.71	$	0.18	$	5.15		$	5.33		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	—	$	26.90		24.69	%	$	636.9		0.94	%		0.94	%		0.72	%		79	%
8/31/2012	$	18.80	$	0.14	$	2.87		$	3.01		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	—	$	21.71		16.10	%	$	534.3		0.97	%		0.97	%		0.72	%		96	%
8/31/2011	$	16.07	$	0.13	$	2.70		$	2.83		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	—	$	18.80		17.61	%	$	503.8		0.97	%		0.97	%		0.65	%		113	%
Trust Class
8/31/2015	$	20.64	$	0.10	$	(0.13	)	$	(0.03	)	$	(0.15	)	$	(4.22	)	$	—	$	(4.37	)	$	—	$	—	$	16.24		0.26	%	$	92.7		1.10	%		1.10	%		0.57	%		52	%
8/31/2014	$	19.50	$	0.09	$	3.94		$	4.03		$	(0.21	)	$	(2.68	)	$	—	$	(2.89	)	$	0.00	$	—	$	20.64		22.40	%^g	$	125.7		1.11	%		1.11	%		0.47	%		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	%		0.53	%		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	%		0.52	%		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	%		0.45	%		113	%

See Notes to Financial Highlights

207

208

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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)
Advisor Class
8/31/2015	$	13.03	$	0.04		$	(0.09	)	$	(0.05	)	$	(0.16	)	$	(4.22	)	$	—	$	(4.38	)	$	—	$	—	$	8.60		0.15	%	$	6.1		1.27	%		1.27	%		0.39	%		52	%
8/31/2014	$	13.27	$	0.04		$	2.57		$	2.61		$	(0.17	)	$	(2.68	)	$	—	$	(2.85	)	$	0.00	$	—	$	13.03		22.21	%^g	$	7.1		1.27	%		1.27	%		0.28	%		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	%		0.37	%		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	%		0.37	%		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	%		0.30	%		113	%
Institutional Class
8/31/2015	$	29.83	$	0.26		$	(0.16	)	$	0.10		$	(0.21	)	$	(4.22	)	$	—	$	(4.43	)	$	—	$	—	$	25.50		0.65	%	$	28.7		0.76	%		0.75	%		0.96	%		52	%
8/31/2014	$	26.95	$	0.21		$	5.60		$	5.81		$	(0.25	)	$	(2.68	)	$	—	$	(2.93	)	$	0.00	$	—	$	29.83		22.86	%^g	$	9.4		0.76	%		0.75	%		0.72	%		84	%
8/31/2013	$	21.76	$	0.24		$	5.14		$	5.38		$	(0.19	)	$	—		$	—	$	(0.19	)	$	—	$	—	$	26.95		24.89	%	$	22.6		0.77	%		0.75	%		0.96	%		79	%
8/31/2012	$	18.84	$	0.19		$	2.87		$	3.06		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	—	$	21.76		16.39	%	$	6.9		0.80	%		0.75	%		0.97	%		96	%
8/31/2011	$	16.08	$	0.21		$	2.66		$	2.87		$	(0.11	)	$	—		$	—	$	(0.11	)	$	—	$	—	$	18.84		17.85	%	$	4.9		0.85	%		0.75	%		1.03	%		113	%
Class A
8/31/2015	$	20.50	$	0.10		$	(0.13	)	$	(0.03	)	$	(0.15	)	$	(4.22	)	$	—	$	(4.37	)	$	—	$	—	$	16.10		0.24	%	$	4.4		1.14	%		1.11	%		0.58	%		52	%
8/31/2014	$	19.38	$	0.09		$	3.91		$	4.00		$	(0.20	)	$	(2.68	)	$	—	$	(2.88	)	$	0.00	$	—	$	20.50		22.40	%^g	$	3.9		1.13	%		1.11	%		0.47	%		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	%		0.56	%		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	%		0.61	%		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	%		0.66	%		113	%
Class C
8/31/2015	$	12.70	$	(0.02	)	$	(0.10	)	$	(0.12	)	$	(0.12	)	$	(4.22	)	$	—	$	(4.34	)	$	—	$	—	$	8.24		(0.50	%)	$	2.9		1.89	%		1.86	%		(0.18	%)		52	%
8/31/2014	$	13.03	$	(0.03	)	$	2.52		$	2.49		$	(0.14	)	$	(2.68	)	$	—	$	(2.82	)	$	0.00	$	—	$	12.70		21.52	%^g	$	1.5		1.91	%		1.86	%		(0.27	%)		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	%		(0.20	%)		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	%		(0.17	%)		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	%		(0.16	%)		113	%
Genesis Fund
Investor Class
8/31/2015	$	40.89	$	0.11		$	0.36		$	0.47		$	(0.14	)	$	(4.91	)	$	—	$	(5.05	)	$	—	$	—	$	36.31		1.52	%	$	2,023.6		1.01	%		1.01	%		0.29	%		13	%
8/31/2014	$	40.18	$	0.08		$	5.37		$	5.45		$	(0.24	)	$	(4.50	)	$	—	$	(4.74	)	$	0.00	$	—	$	40.89		13.65	%^g	$	2,437.6		1.01	%		1.01	%		0.20	%		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	%		0.71	%		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	%		0.31	%		15	%
8/31/2011	$	26.44	$	0.27		$	7.57		$	7.84		$	—		$	—		$	—	$	—		$	—	$	—	$	34.28		29.65	%	$	2,157.7		1.05	%		1.05	%		0.81	%		18	%

See Notes to Financial Highlights

209

210

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Genesis Fund (cont'd)
Trust Class
8/31/2015	$	63.21	$	0.12		$	0.63		$	0.75		$	(0.04	)	$	(4.91	)	$	—		$	(4.95	)	$	—	$	—	$	59.01		1.41	%	$	2,003.4		1.10	%		1.10	%		0.19	%		13	%
8/31/2014	$	59.83	$	0.07		$	8.00		$	8.07		$	(0.19	)	$	(4.50	)	$	—		$	(4.69	)	$	0.00	$	—	$	63.21		13.55	%^g	$	2,935.3		1.10	%		1.10	%		0.11	%		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	%		0.63	%		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	%		0.23	%		15	%
8/31/2011	$	37.92	$	0.35		$	10.86		$	11.21		$	—		$	—		$	—		$	—		$	—	$	—	$	49.13		29.56	%	$	3,436.5		1.13	%		1.13	%		0.74	%		18	%
Advisor Class
8/31/2015	$	32.18	$	(0.03	)	$	0.25		$	0.22		$	(0.04	)	$	(4.91	)	$	—		$	(4.95	)	$	—	$	—	$	27.45		1.11	%	$	451.3		1.39	%		1.39	%		(0.09	%)		13	%
8/31/2014	$	32.46	$	(0.05	)	$	4.32		$	4.27		$	(0.05	)	$	(4.50	)	$	—		$	(4.55	)	$	0.00	$	—	$	32.18		13.24	%^g	$	598.9		1.37	%		1.37	%		(0.16	%)		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	%		0.35	%		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	%		(0.04	%)		15	%
8/31/2011	$	22.00	$	0.12		$	6.31		$	6.43		$	—		$	—		$	—		$	—		$	—	$	—	$	28.43		29.23	%	$	601.3		1.40	%		1.40	%		0.43	%		18	%
Institutional Class
8/31/2015	$	60.72	$	0.26		$	0.60		$	0.86		$	(0.19	)	$	(4.91	)	$	—		$	(5.10	)	$	—	$	—	$	56.48		1.68	%	$	3,685.0		0.85	%		0.85	%		0.45	%		13	%
8/31/2014	$	57.62	$	0.22		$	7.70		$	7.92		$	(0.32	)	$	(4.50	)	$	—		$	(4.82	)	$	0.00	$	—	$	60.72		13.82	%^g	$	5,061.4		0.85	%		0.85	%^§		0.36	%		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		0.85	%		0.85	%		0.87	%		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		0.86	%		0.85	%		0.49	%		15	%
8/31/2011	$	36.56	$	0.45		$	10.47		$	10.92		$	—		$	—		$	—		$	—		$	—	$	—	$	47.48		29.87	%	$	4,975.0		0.89	%		0.87	%		0.97	%		18	%
Class R6
8/31/2015	$	60.75	$	0.30		$	0.60		$	0.90		$	(0.24	)	$	(4.91	)	$	—		$	(5.15	)	$	—	$	—	$	56.50		1.75	%	$	2,798.0		0.78	%		0.78	%		0.52	%		13	%
8/31/2014	$	57.63	$	0.28		$	7.70		$	7.98		$	(0.36	)	$	(4.50	)	$	—		$	(4.86	)	$	0.00	$	—	$	60.75		13.92	%^g	$	2,690.7		0.78	%		0.78	%^§		0.45	%		14	%
Period from 3/15/2013^{^} to 8/31/2013	$	53.91	$	0.18		$	3.54		$	3.72		$	—		$	—		$	—		$	—		$	—	$	—	$	57.63		6.90	%**	$	975.9		0.80	%*		0.78	%*		0.67	%*		20	%^Ø
Global Equity Fund
Institutional Class
8/31/2015	$	11.22	$	0.03		$	(0.38	)	$	(0.35	)	$	(0.73	)	$	(3.84	)	$	—		$	(4.57	)	$	—	$	—	$	6.30		(3.16	%)	$	3.2		4.76	%		1.15	%		0.35	%		18	%
8/31/2014	$	9.49	$	0.06		$	1.80		$	1.86		$	(0.04	)	$	(0.09	)	$	—		$	(0.13	)	$	—	$	—	$	11.22		19.67	%	$	38.9		1.72	%		1.15	%		0.54	%		39	%
8/31/2013	$	8.50	$	0.06		$	0.93		$	0.99		$	—		$	—		$	—		$	—		$	—	$	—	$	9.49		11.65	%	$	33.5		5.16	%		1.15	%		0.63	%		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	%*		(0.20	%)*		8	%**

See Notes to Financial Highlights

211

212

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Equity Fund (cont'd)
Class A
8/31/2015	$	11.14	$	0.01		$	(0.38	)	$	(0.37	)	$	(0.70	)	$	(3.84	)	$	—		$	(4.54	)	$	—	$	—	$	6.23		(3.47	%)	$	0.4		5.24	%		1.51	%		0.09	%		18	%
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	%		0.28	%		39	%
8/31/2013	$	8.48	$	0.03		$	0.92		$	0.95		$	—		$	—		$	—		$	—		$	—	$	—	$	9.43		11.20	%	$	0.1		5.67	%		1.51	%		0.34	%		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	%		0.54	%		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	%*		(0.53	%)*		8	%**
Class C
8/31/2015	$	10.89	$	(0.05	)	$	(0.37	)	$	(0.42	)	$	(0.62	)	$	(3.84	)	$	—		$	(4.46	)	$	—	$	—	$	6.01		(4.21	%)	$	0.2		6.00	%		2.26	%		(0.68	%)		18	%
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	%		(0.54	%)		39	%
8/31/2013	$	8.41	$	(0.03	)	$	0.90		$	0.87		$	—		$	—		$	—		$	—		$	—	$	—	$	9.28		10.34	%	$	0.1		6.50	%		2.26	%		(0.36	%)		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	%		(0.30	%)		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	%**
Global Real Estate Fund
Institutional Class
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.08		$	(0.67	)	$	(0.59	)	$	(0.09	)	$	—		$	—		$	(0.09	)	$	—	$	—	$	9.32		(5.92	%)**	$	1.9		13.21	%^b*		1.00	%^b*		1.22	%^b*		16	%**
Class A
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.06		$	(0.67	)	$	(0.61	)	$	(0.08	)	$	—		$	—		$	(0.08	)	$	—	$	—	$	9.31		(6.19	%)**	$	0.6		13.62	%^b*		1.36	%^b*		0.94	%^b*		16	%**
Class C
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.01		$	(0.67	)	$	(0.66	)	$	(0.04	)	$	—		$	—		$	(0.04	)	$	—	$	—	$	9.30		(6.64	%)**	$	0.2		15.16	%^b*		2.11	%^b*		0.11	%^b*		16	%**
Greater China Equity Fund
Institutional Class
8/31/2015	$	12.17	$	0.10		$	0.17		$	0.27		$	(0.09	)	$	(0.71	)	$	—		$	(0.80	)	$	—	$	—	$	11.64		2.15	%	$	103.4		1.61	%		1.50	%^{^^}		0.75	%		176	%
8/31/2014	$	10.16	$	0.10		$	2.06		$	2.16		$	—		$	(0.15	)	$	—		$	(0.15	)	$	—	$	—	$	12.17		21.37	%	$	72.1		1.83	%		1.50	%		0.90	%		171	%
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	%**

See Notes to Financial Highlights

213

214

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater China Equity Fund (cont'd)
Class A
8/31/2015	$	12.14	$	0.05		$	0.17		$	0.22		$	(0.09	)	$	(0.71	)	$	—	$	(0.80	)	$	—	$	—	$	11.56		1.68	%	$	4.0		2.00	%		1.86	%^{^^}		0.34	%		176	%
8/31/2014	$	10.16	$	0.13		$	2.00		$	2.13		$	—		$	(0.15	)	$	—	$	(0.15	)	$	—	$	—	$	12.14		21.07	%	$	1.7		2.30	%		1.86	%		1.19	%		171	%
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
8/31/2015	$	12.03	$	(0.07	)	$	0.20		$	0.13		$	—		$	(0.71	)	$	—	$	(0.71	)	$	—	$	—	$	11.45		0.93	%	$	0.2		2.80	%		2.61	%^{^^}		(0.52	%)		176	%
8/31/2014	$	10.15	$	(0.02	)	$	2.05		$	2.03		$	—		$	(0.15	)	$	—	$	(0.15	)	$	—	$	—	$	12.03		20.09	%	$	0.1		2.85	%		2.61	%		(0.20	%)		171	%
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
8/31/2015	$	20.43	$	0.12		$	(0.64	)	$	(0.52	)	$	(0.15	)	$	(2.63	)	$	—	$	(2.78	)	$	—	$	—	$	17.13		(3.03	%)	$	1,034.9		0.87	%		0.87	%		0.65	%		31	%
8/31/2014	$	18.58	$	0.16		$	3.70		$	3.86		$	(0.10	)	$	(1.91	)	$	—	$	(2.01	)	$	0.00	$	—	$	20.43		21.87	%^g	$	1,165.1		0.88	%		0.88	%		0.83	%		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		0.90	%		0.90	%		0.85	%		36	%
8/31/2012	$	14.49	$	0.12		$	1.29		$	1.41		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	—	$	15.80		9.84	%	$	939.6		0.92	%		0.92	%		0.79	%		26	%
8/31/2011	$	11.98	$	0.11		$	2.45		$	2.56		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	—	$	14.49		21.35	%	$	962.6		0.92	%		0.92	%		0.74	%		32	%
Trust Class
8/31/2015	$	15.20	$	0.06		$	(0.45	)	$	(0.39	)	$	(0.13	)	$	(2.63	)	$	—	$	(2.76	)	$	—	$	—	$	12.05		(3.22	%)	$	103.8		1.06	%		1.06	%		0.46	%		31	%
8/31/2014	$	14.30	$	0.09		$	2.81		$	2.90		$	(0.09	)	$	(1.91	)	$	—	$	(2.00	)	$	0.00	$	—	$	15.20		21.61	%^g	$	136.6		1.06	%		1.06	%		0.64	%		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	%		0.66	%		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	%		0.64	%		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	%		0.55	%		32	%
Advisor Class
8/31/2015	$	17.55	$	0.00		$	(0.54	)	$	(0.54	)	$	(0.05	)	$	(2.63	)	$	—	$	(2.68	)	$	—	$	—	$	14.33		(3.66	%)	$	0.3		1.54	%		1.50	%		0.03	%		31	%
8/31/2014	$	16.27	$	0.04		$	3.24		$	3.28		$	(0.09	)	$	(1.91	)	$	—	$	(2.00	)	$	0.00	$	—	$	17.55		21.27	%^g	$	0.4		1.28	%		1.28	%		0.25	%		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	%^§		0.23	%		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	%^§		0.19	%		26	%
8/31/2011	$	10.59	$	0.02		$	2.16		$	2.18		$	—		$	—		$	—	$	—		$	—	$	—	$	12.77		20.59	%	$	0.6		1.50	%		1.50	%^§		0.15	%		32	%

See Notes to Financial Highlights

215

216

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Guardian Fund (cont'd)
Institutional Class
8/31/2015	$	20.47	$	0.16		$	(0.65	)	$	(0.49	)	$	(0.18	)	$	(2.63	)	$	—	$	(2.81	)	$	—	$	—	$	17.17		(2.84	%)	$	94.1		0.71	%		0.71	%		0.82	%		31	%
8/31/2014	$	18.62	$	0.20		$	3.70		$	3.90		$	(0.14	)	$	(1.91	)	$	—	$	(2.05	)	$	0.00	$	—	$	20.47		22.03	%^g	$	129.4		0.71	%		0.71	%		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		0.73	%		0.73	%		1.00	%		36	%
8/31/2012	$	14.52	$	0.15		$	1.29		$	1.44		$	(0.13	)	$	—		$	—	$	(0.13	)	$	—	$	—	$	15.83		10.03	%	$	60.0		0.74	%		0.74	%^§		1.01	%		26	%
8/31/2011	$	12.01	$	0.12		$	2.47		$	2.59		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	—	$	14.52		21.51	%	$	33.5		0.75	%		0.75	%^§		0.77	%		32	%
Class A
8/31/2015	$	15.08	$	0.06		$	(0.45	)	$	(0.39	)	$	(0.14	)	$	(2.63	)	$	—	$	(2.77	)	$	—	$	—	$	11.92		(3.23	%)	$	79.3		1.07	%		1.07	%		0.46	%		31	%
8/31/2014	$	14.21	$	0.09		$	2.79		$	2.88		$	(0.10	)	$	(1.91	)	$	—	$	(2.01	)	$	0.00	$	—	$	15.08		21.62	%^g	$	73.8		1.09	%		1.09	%^§		0.64	%		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	%^§		0.62	%		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	%		0.64	%		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	%		0.51	%		32	%
Class C
8/31/2015	$	17.18	$	(0.05	)	$	(0.53	)	$	(0.58	)	$	—		$	(2.63	)	$	—	$	(2.63	)	$	—	$	—	$	13.97		(4.01	%)	$	2.4		1.83	%		1.83	%		(0.30	%)		31	%
8/31/2014	$	15.96	$	(0.03	)	$	3.16		$	3.13		$	(0.00	)	$	(1.91	)	$	—	$	(1.91	)	$	0.00	$	—	$	17.18		20.71	%^g	$	2.9		1.86	%		1.86	%^§		(0.15	%)		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	%		(0.15	%)		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	%		(0.13	%)		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	%		(0.28	%)		32	%
Class R3
8/31/2015	$	17.54	$	0.02		$	(0.54	)	$	(0.52	)	$	(0.08	)	$	(2.63	)	$	—	$	(2.71	)	$	—	$	—	$	14.31		(3.53	%)	$	0.5		1.37	%		1.36	%		0.15	%		31	%
8/31/2014	$	16.25	$	0.06		$	3.21		$	3.27		$	(0.07	)	$	(1.91	)	$	—	$	(1.98	)	$	0.00	$	—	$	17.54		21.29	%^g	$	0.7		1.38	%		1.36	%		0.37	%		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	%		0.24	%		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	%		0.36	%		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	%		0.28	%		32	%
International Equity Fund
Investor Class
8/31/2015	$	20.70	$	0.19		$	(0.96	)	$	(0.77	)	$	(0.15	)	$	—		$	—	$	(0.15	)	$	—	$	—	$	19.78		(3.71	%)	$	117.7		1.25	%		1.02	%		0.93	%		25	%
8/31/2014	$	18.62	$	0.26		$	1.99		$	2.25		$	(0.17	)	$	—		$	—	$	(0.17	)	$	0.00	$	—	$	20.70		12.14	%^g	$	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

See Notes to Financial Highlights

217

218

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund (cont'd)
Trust Class
8/31/2015	$	23.02	$	0.19	$	(1.07	)	$	(0.88	)	$	(0.08	)	$	—	$	—	$	(0.08	)	$	—	$	—	$	22.06		(3.82	%)	$	55.3		1.36	%		1.13	%		0.81	%		25	%
8/31/2014	$	20.70	$	0.28	$	2.20		$	2.48		$	(0.16	)	$	—	$	—	$	(0.16	)	$	0.00	$	—	$	23.02		12.02	%^g	$	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
8/31/2015	$	11.32	$	0.13	$	(0.53	)	$	(0.40	)	$	(0.20	)	$	—	$	—	$	(0.20	)	$	—	$	—	$	10.72		(3.51	%)	$	886.5		1.07	%		0.85	%^§		1.11	%		25	%
8/31/2014	$	10.26	$	0.17	$	1.09		$	1.26		$	(0.20	)	$	—	$	—	$	(0.20	)	$	0.00	$	—	$	11.32		12.38	%^g	$	887.3		1.07	%		0.85	%		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	%		0.85	%		1.54	%		44	%^a
8/31/2012	$	9.20	$	0.16	$	(0.10	)	$	0.06		$	(0.11	)	$	—	$	—	$	(0.11	)	$	—	$	—	$	9.15		0.78	%	$	491.6		1.16	%		0.84	%		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	%		0.80	%		1.67	%		46	%
Class A
8/31/2015	$	23.01	$	0.25	$	(1.15	)	$	(0.90	)	$	(0.11	)	$	—	$	—	$	(0.11	)	$	—	$	—	$	22.00		(3.90	%)	$	91.0		1.43	%		1.21	%^§		1.09	%		25	%
8/31/2014	$	20.69	$	0.28	$	2.19		$	2.47		$	(0.15	)	$	—	$	—	$	(0.15	)	$	0.00	$	—	$	23.01		11.98	%^g	$	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
8/31/2015	$	22.72	$	0.00	$	(1.05	)	$	(1.05	)	$	(0.02	)	$	—	$	—	$	(0.02	)	$	—	$	—	$	21.65		(4.61	%)	$	11.2		2.18	%		1.96	%		0.02	%		25	%
8/31/2014	$	20.50	$	0.13	$	2.15		$	2.28		$	(0.06	)	$	—	$	—	$	(0.06	)	$	0.00	$	—	$	22.72		11.16	%^g	$	6.1		2.21	%		1.96	%		0.59	%		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	%*		0.74	%*		44	%^Øa
Class R6
8/31/2015	$	11.42	$	0.14	$	(0.54	)	$	(0.40	)	$	(0.21	)	$	—	$	—	$	(0.21	)	$	—	$	—	$	10.81		(3.49	%)	$	32.7		0.99	%		0.77	%^§		1.24	%		25	%
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	%**^g	$	21.9		1.12	%*		0.79	%*		0.73	%*		34	%^Ø
International Select Fund
Trust Class
8/31/2015	$	11.21	$	0.09	$	(0.59	)	$	(0.50	)	$	(0.12	)	$	—	$	—	$	(0.12	)	$	—	$	—	$	10.59		(4.47	%)	$	10.2		1.33	%		1.25	%		0.76	%		24	%
8/31/2014	$	10.14	$	0.13	$	1.04		$	1.17		$	(0.10	)	$	—	$	—	$	(0.10	)	$	0.00	$	—	$	11.21		11.56	%^g	$	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	%		0.97	%		54	%

See Notes to Financial Highlights

219

220

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Select Fund (cont'd)
Institutional Class
8/31/2015	$	11.21	$	0.13		$	(0.60	)	$	(0.47	)	$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	—	$	10.58		(4.18	%)	$	216.4		0.93	%		0.90	%		1.16	%		24	%
8/31/2014	$	10.14	$	0.18		$	1.03		$	1.21		$	(0.14	)	$	—		$	—	$	(0.14	)	$	0.00	$	—	$	11.21		11.98	%^g	$	211.6		0.93	%		0.90	%		1.58	%		27	%
8/31/2013	$	9.14	$	0.14		$	1.00		$	1.14		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	—	$	10.14		12.56	%	$	200.6		0.97	%		0.90	%		1.44	%		50	%
8/31/2012	$	9.36	$	0.15		$	(0.23	)	$	(0.08	)	$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	—	$	9.14		(0.65	%)	$	172.0		0.99	%		0.90	%		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	%		0.90	%		1.60	%		54	%
Class A
8/31/2015	$	11.14	$	0.08		$	(0.59	)	$	(0.51	)	$	(0.12	)	$	—		$	—	$	(0.12	)	$	—	$	—	$	10.51		(4.62	%)	$	3.8		1.31	%		1.24	%		0.71	%		24	%
8/31/2014	$	10.07	$	0.14		$	1.03		$	1.17		$	(0.10	)	$	—		$	—	$	(0.10	)	$	0.00	$	—	$	11.14		11.69	%^g	$	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		(0.96	%)	$	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	%		0.81	%		54	%
Class C
8/31/2015	$	10.97	$	0.01		$	(0.58	)	$	(0.57	)	$	(0.04	)	$	—		$	—	$	(0.04	)	$	—	$	—	$	10.36		(5.23	%)	$	3.7		2.04	%		2.00	%		0.06	%		24	%
8/31/2014	$	9.93	$	0.05		$	1.02		$	1.07		$	(0.03	)	$	—		$	—	$	(0.03	)	$	0.00	$	—	$	10.97		10.79	%^g	$	4.6		2.05	%		2.00	%		0.42	%		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	%		0.36	%		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	%		0.65	%		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	%		0.57	%		54	%
Class R3
8/31/2015	$	11.05	$	0.06		$	(0.58	)	$	(0.52	)	$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	—	$	10.43		(4.71	%)	$	3.4		1.55	%		1.51	%		0.56	%		24	%
8/31/2014	$	10.01	$	0.11		$	1.02		$	1.13		$	(0.09	)	$	—		$	—	$	(0.09	)	$	0.00	$	—	$	11.05		11.35	%^g	$	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	%		0.74	%		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	%
Intrinsic Value Fund
Institutional Class
8/31/2015	$	14.98	$	(0.06	)	$	0.21		$	0.15		$	—		$	(0.79	)	$	—	$	(0.79	)	$	—	$	—	$	14.34		1.36	%	$	420.3		1.10	%		1.00	%		(0.41	%)		22	%
8/31/2014	$	12.81	$	(0.06	)	$	2.80		$	2.74		$	(0.03	)	$	(0.54	)	$	—	$	(0.57	)	$	0.00	$	—	$	14.98		21.74	%^g	$	252.0		1.13	%		1.00	%		(0.40	%)		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	%		0.42	%		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	%		(0.14	%)		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	%		(0.35	%)		44	%

See Notes to Financial Highlights

221

222

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Intrinsic Value Fund (cont'd)
Class A
8/31/2015	$	14.76	$	(0.11	)	$	0.20		$	0.09		$	—		$	(0.79	)	$	—	$	(0.79	)	$	—	$	—	$	14.06		0.96	%	$	44.3		1.50	%		1.36	%		(0.77	%)		22	%
8/31/2014	$	12.65	$	(0.11	)	$	2.76		$	2.65		$	(0.00	)	$	(0.54	)	$	—	$	(0.54	)	$	0.00	$	—	$	14.76		21.31	%^g	$	13.5		1.51	%		1.36	%		(0.77	%)		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	%		0.01	%		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	%		(0.51	%)		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	%		(0.73	%)		44	%
Class C
8/31/2015	$	14.29	$	(0.21	)	$	0.19		$	(0.02	)	$	—		$	(0.79	)	$	—	$	(0.79	)	$	—	$	—	$	13.48		0.19	%	$	25.8		2.22	%		2.11	%		(1.52	%)		22	%
8/31/2014	$	12.35	$	(0.21	)	$	2.69		$	2.48		$	—		$	(0.54	)	$	—	$	(0.54	)	$	0.00	$	—	$	14.29		20.40	%^g	$	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	%		(0.70	%)		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	%
Large Cap Disciplined Growth Fund
Investor Class
8/31/2015	$	8.33	$	0.01		$	(0.17	)	$	(0.16	)	$	—		$	(4.32	)	$	—	$	(4.32	)	$	—	$	—	$	3.85		(1.92	%)	$	9.5		1.36	%		1.13	%		0.15	%		77	%
8/31/2014	$	8.18	$	0.04		$	1.41		$	1.45		$	(0.01	)	$	(1.29	)	$	—	$	(1.30	)	$	0.00	$	—	$	8.33		19.09	%^g	$	11.2		1.07	%		1.07	%		0.44	%		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	%^§		0.42	%		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	%^§		0.08	%		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	%^§		(0.08	%)		101	%
Institutional Class
8/31/2015	$	8.38	$	0.03		$	(0.18	)	$	(0.15	)	$	(0.01	)	$	(4.32	)	$	—	$	(4.33	)	$	—	$	—	$	3.90		(1.65	%)	$	36.4		1.02	%		0.77	%		0.48	%		77	%
8/31/2014	$	8.23	$	0.06		$	1.42		$	1.48		$	(0.04	)	$	(1.29	)	$	—	$	(1.33	)	$	0.00	$	—	$	8.38		19.41	%^g	$	185.0		0.83	%		0.75	%		0.71	%		61	%
8/31/2013	$	7.72	$	0.06		$	0.90		$	0.96		$	(0.08	)	$	(0.37	)	$	—	$	(0.45	)	$	—	$	—	$	8.23		13.28	%	$	409.2		0.79	%		0.75	%		0.77	%		66	%
8/31/2012	$	7.41	$	0.03		$	0.62		$	0.65		$	(0.01	)	$	(0.33	)	$	—	$	(0.34	)	$	—	$	—	$	7.72		9.43	%	$	601.6		0.78	%		0.75	%		0.44	%		116	%
8/31/2011	$	6.20	$	0.02		$	1.21		$	1.23		$	(0.02	)	$	—		$	—	$	(0.02	)	$	—	$	—	$	7.41		19.79	%	$	565.4		0.80	%		0.75	%		0.29	%		101	%
Class A
8/31/2015	$	8.33	$	0.01		$	(0.18	)	$	(0.17	)	$	—		$	(4.32	)	$	—	$	(4.32	)	$	—	$	—	$	3.84		(2.04	%)	$	3.8		1.44	%		1.13	%		0.15	%		77	%
8/31/2014	$	8.17	$	0.03		$	1.42		$	1.45		$	—		$	(1.29	)	$	—	$	(1.29	)	$	0.00	$	—	$	8.33		19.05	%^g	$	12.7		1.21	%		1.11	%		0.38	%		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	%		0.42	%		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	%		0.06	%		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	%		(0.09	%)		101	%

See Notes to Financial Highlights

223

224

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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)
Class C
8/31/2015	$	8.03	$	(0.03	)	$	(0.17	)	$	(0.20	)	$	��		$	(4.32	)	$	—	$	(4.32	)	$	—	$	—	$	3.51		(2.79	%)	$	9.9		2.16	%		1.88	%		(0.61	%)		77	%
8/31/2014	$	7.93	$	(0.03	)	$	1.38		$	1.35		$	—		$	(1.25	)	$	—	$	(1.25	)	$	0.00	$	—	$	8.03		18.29	%^g	$	22.9		1.96	%		1.86	%		(0.34	%)		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	%		(0.34	%)		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	%		(0.67	%)		116	%
8/31/2011	$	6.12	$	(0.06	)	$	1.20		$	1.14		$	—		$	—		$	—	$	—		$	—	$	—	$	7.26		18.63	%	$	37.0		1.92	%		1.86	%		(0.83	%)		101	%
Class R3
8/31/2015	$	8.27	$	(0.00	)	$	(0.17	)	$	(0.17	)	$	—		$	(4.32	)	$	—	$	(4.32	)	$	—	$	—	$	3.78		(2.05	%)	$	0.2		1.84	%		1.38	%		(0.10	%)		77	%
8/31/2014	$	8.10	$	0.01		$	1.41		$	1.42		$	—		$	(1.25	)	$	—	$	(1.25	)	$	0.00	$	—	$	8.27		18.82	%^g	$	0.2		1.60	%		1.36	%		0.12	%		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	%		0.17	%		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	%		(0.18	%)		116	%
8/31/2011	$	6.16	$	(0.02	)	$	1.20		$	1.18		$	—		$	—		$	—	$	—		$	—	$	—	$	7.34		19.16	%	$	0.3		1.48	%		1.36	%		(0.29	%)		101	%
Large Cap Value Fund
Investor Class
8/31/2015	$	33.92	$	0.33		$	(2.51	)	$	(2.18	)	$	(0.29	)	$	(3.99	)	$	—	$	(4.28	)	$	—	$	—	$	27.46		(7.19	%)	$	1,045.6		0.86	%		0.86	%		1.08	%		153	%
8/31/2014	$	32.40	$	0.34		$	6.62		$	6.96		$	(0.42	)	$	(5.02	)	$	—	$	(5.44	)	$	0.00	$	—	$	33.92		23.57	%^g	$	1,238.3		0.85	%		0.85	%		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		0.86	%		0.86	%		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		0.87	%		0.87	%		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		0.85	%		0.85	%		0.42	%		41	%
Trust Class
8/31/2015	$	24.54	$	0.19		$	(1.74	)	$	(1.55	)	$	(0.26	)	$	(3.99	)	$	—	$	(4.25	)	$	—	$	—	$	18.74		(7.40	%)	$	108.2		1.05	%		1.05	%		0.88	%		153	%
8/31/2014	$	24.80	$	0.20		$	4.93		$	5.13		$	(0.37	)	$	(5.02	)	$	—	$	(5.39	)	$	0.00	$	—	$	24.54		23.36	%^g	$	141.1		1.05	%		1.05	%		0.83	%		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	%		0.97	%		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	%		0.22	%		41	%
Advisor Class
8/31/2015	$	20.12	$	0.12		$	(1.37	)	$	(1.25	)	$	(0.25	)	$	(3.99	)	$	—	$	(4.24	)	$	—	$	—	$	14.63		(7.55	%)	$	162.3		1.20	%		1.20	%		0.73	%		153	%
8/31/2014	$	21.23	$	0.14		$	4.12		$	4.26		$	(0.35	)	$	(5.02	)	$	—	$	(5.37	)	$	0.00	$	—	$	20.12		23.17	%^g	$	216.1		1.20	%		1.20	%		0.69	%		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	%		0.86	%		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	%		0.84	%		171	%
8/31/2011	$	14.59	$	0.01		$	1.90		$	1.91		$	—		$	—		$	—	$	—		$	—	$	—	$	16.50		13.09	%	$	308.9		1.19	%		1.19	%		0.07	%		41	%

See Notes to Financial Highlights

225

226

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund (cont'd)
Institutional Class
8/31/2015	$	34.11	$	0.37		$	(2.51	)	$	(2.14	)	$	(0.34	)	$	(3.99	)	$	—	$	(4.33	)	$	—	$	—	$	27.64		(7.03	%)	$	86.4		0.70	%		0.70	%^§		1.19	%		153	%
8/31/2014	$	32.56	$	0.39		$	6.65		$	7.04		$	(0.47	)	$	(5.02	)	$	—	$	(5.49	)	$	0.00	$	—	$	34.11		23.74	%^g	$	143.5		0.70	%		0.70	%^§		1.18	%		104	%
8/31/2013	$	26.59	$	0.41		$	5.97		$	6.38		$	(0.41	)	$	—		$	—	$	(0.41	)	$	—	$	—	$	32.56		24.26	%	$	113.2		0.70	%		0.70	%		1.36	%		159	%
8/31/2012	$	25.11	$	0.34		$	1.30		$	1.64		$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	—	$	26.59		6.61	%	$	103.0		0.70	%		0.70	%		1.35	%		171	%
8/31/2011	$	22.15	$	0.17		$	2.87		$	3.04		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	—	$	25.11		13.69	%	$	200.6		0.69	%		0.69	%		0.61	%		41	%
Class A
8/31/2015	$	24.55	$	0.20		$	(1.76	)	$	(1.56	)	$	(0.26	)	$	(3.99	)	$	—	$	(4.25	)	$	—	$	—	$	18.74		(7.44	%)	$	2.9		1.09	%		1.09	%		0.96	%		153	%
8/31/2014	$	24.83	$	0.19		$	4.94		$	5.13		$	(0.39	)	$	(5.02	)	$	—	$	(5.41	)	$	0.00	$	—	$	24.55		23.31	%^g	$	2.7		1.08	%		1.08	%^§		0.78	%		104	%
8/31/2013	$	20.07	$	0.22		$	4.54		$	4.76		$	—		$	—		$	—	$	—		$	—	$	—	$	24.83		23.72	%	$	1.6		1.11	%		1.11	%		0.97	%		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	%		0.30	%		41	%
Class C
8/31/2015	$	19.40	$	0.02		$	(1.32	)	$	(1.30	)	$	(0.17	)	$	(3.99	)	$	—	$	(4.16	)	$	—	$	—	$	13.94		(8.11	%)	$	2.7		1.82	%		1.82	%^§		0.11	%		153	%
8/31/2014	$	20.73	$	0.00		$	4.01		$	4.01		$	(0.32	)	$	(5.02	)	$	—	$	(5.34	)	$	0.00	$	—	$	19.40		22.37	%^g	$	3.0		1.86	%		1.86	%^§		0.03	%		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	%^§		0.10	%		159	%
8/31/2012	$	16.31	$	0.05		$	0.83		$	0.88		$	—		$	—		$	—	$	—		$	—	$	—	$	17.19		5.40	%	$	0.2		2.04	%		1.86	%		0.27	%		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	%		(0.56	%)		41	%
Class R3
8/31/2015	$	20.32	$	0.09		$	(1.38	)	$	(1.29	)	$	(0.22	)	$	(3.99	)	$	—	$	(4.21	)	$	—	$	—	$	14.82		(7.64	%)	$	0.1		1.51	%		1.36	%		0.53	%		153	%
8/31/2014	$	21.41	$	0.11		$	4.16		$	4.27		$	(0.34	)	$	(5.02	)	$	—	$	(5.36	)	$	0.00	$	—	$	20.32		22.94	%^g	$	0.1		1.43	%		1.36	%		0.53	%		104	%
8/31/2013	$	17.34	$	0.09		$	3.98		$	4.07		$	—		$	—		$	—	$	—		$	—	$	—	$	21.41		23.47	%	$	0.1		1.42	%		1.36	%		0.46	%		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	%		0.93	%		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	%		(0.08	%)		41	%
Mid Cap Growth Fund
Investor Class
8/31/2015	$	14.65	$	(0.07	)	$	1.47		$	1.40		$	—		$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	14.29		10.74	%	$	437.5		0.92	%		0.92	%		(0.50	%)		50	%
8/31/2014	$	13.35	$	(0.07	)	$	2.34		$	2.27		$	—		$	(0.97	)	$	—	$	(0.97	)	$	0.00	$	—	$	14.65		17.54	%^g	$	415.6		0.93	%		0.93	%		(0.47	%)		63	%
8/31/2013	$	11.98	$	(0.04	)	$	2.08		$	2.04		$	—		$	(0.67	)	$	—	$	(0.67	)	$	—	$	—	$	13.35		18.03	%	$	377.8		0.98	%		0.98	%		(0.30	%)		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	%		(0.51	%)		40	%
8/31/2011	$	8.43	$	(0.05	)	$	2.46		$	2.41		$	—		$	—		$	—	$	—		$	—	$	—	$	10.84		28.59	%	$	335.5		1.02	%		1.02	%		(0.45	%)		49	%

See Notes to Financial Highlights

227

228

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
8/31/2015	$	23.33	$	(0.14	)	$	2.47	$	2.33	$	—	$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	23.90		10.73	%	$	91.7		0.99	%		0.99	%		(0.58	%)		50	%
8/31/2014	$	20.75	$	(0.12	)	$	3.66	$	3.54	$	—	$	(0.96	)	$	—	$	(0.96	)	$	0.00	$	—	$	23.33		17.40	%^g	$	69.6		1.00	%		1.00	%		(0.54	%)		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	%		(0.38	%)		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	%		(0.55	%)		40	%
8/31/2011	$	12.83	$	(0.08	)	$	3.73	$	3.65	$	—	$	—		$	—	$	—		$	—	$	—	$	16.48		28.45	%	$	28.1		1.07	%		1.07	%		(0.52	%)		49	%
Advisor Class
8/31/2015	$	23.77	$	(0.20	)	$	2.50	$	2.30	$	—	$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	24.31		10.39	%	$	10.7		1.25	%		1.25	%		(0.84	%)		50	%
8/31/2014	$	21.13	$	(0.18	)	$	3.74	$	3.56	$	—	$	(0.92	)	$	—	$	(0.92	)	$	0.00	$	—	$	23.77		17.16	%^g	$	10.3		1.26	%		1.26	%		(0.81	%)		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	%		(0.62	%)		46	%
8/31/2012	$	16.82	$	(0.17	)	$	1.89	$	1.72	$	—	$	—		$	—	$	—		$	—	$	—	$	18.54		10.23	%	$	10.2		1.44	%		1.44	%^§		(0.95	%)		40	%
8/31/2011	$	13.14	$	(0.16	)	$	3.84	$	3.68	$	—	$	—		$	—	$	—		$	—	$	—	$	16.82		28.01	%	$	9.0		1.50	%		1.50	%^§		(0.95	%)		49	%
Institutional Class
8/31/2015	$	14.89	$	(0.05	)	$	1.51	$	1.46	$	—	$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	14.59		10.98	%	$	423.3		0.75	%		0.75	%^§		(0.34	%)		50	%
8/31/2014	$	13.56	$	(0.04	)	$	2.37	$	2.33	$	—	$	(1.00	)	$	—	$	(1.00	)	$	0.00	$	—	$	14.89		17.74	%^g	$	382.5		0.75	%		0.75	%		(0.29	%)		63	%
8/31/2013	$	12.16	$	(0.01	)	$	2.11	$	2.10	$	—	$	(0.70	)	$	—	$	(0.70	)	$	—	$	—	$	13.56		18.32	%	$	258.6		0.79	%		0.75	%		(0.07	%)		46	%
8/31/2012	$	11.01	$	(0.03	)	$	1.23	$	1.20	$	—	$	(0.05	)	$	—	$	(0.05	)	$	—	$	—	$	12.16		10.96	%	$	174.2		0.79	%		0.75	%		(0.26	%)		40	%
8/31/2011	$	8.54	$	(0.02	)	$	2.49	$	2.47	$	—	$	—		$	—	$	—		$	—	$	—	$	11.01		28.92	%	$	113.8		0.81	%		0.75	%		(0.21	%)		49	%
Class A
8/31/2015	$	23.32	$	(0.16	)	$	2.45	$	2.29	$	—	$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	23.85		10.55	%	$	102.3		1.11	%		1.11	%^§		(0.69	%)		50	%
8/31/2014	$	20.74	$	(0.15	)	$	3.67	$	3.52	$	—	$	(0.94	)	$	—	$	(0.94	)	$	0.00	$	—	$	23.32		17.33	%^g	$	100.7		1.13	%		1.11	%		(0.65	%)		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	%		(0.44	%)		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	%		(0.62	%)		40	%
8/31/2011	$	12.84	$	(0.09	)	$	3.74	$	3.65	$	—	$	—		$	—	$	—		$	—	$	—	$	16.49		28.43	%	$	25.2		1.19	%		1.11	%		(0.56	%)		49	%
Class C
8/31/2015	$	23.35	$	(0.34	)	$	2.45	$	2.11	$	—	$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	23.70		9.72	%	$	8.4		1.88	%		1.86	%		(1.45	%)		50	%
8/31/2014	$	20.81	$	(0.31	)	$	3.68	$	3.37	$	—	$	(0.83	)	$	—	$	(0.83	)	$	0.00	$	—	$	23.35		16.46	%^g	$	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	%

See Notes to Financial Highlights

229

230

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
8/31/2015	$	23.79	$	(0.23	)	$	2.51		$	2.28		$	—		$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	24.31		10.29	%	$	12.7		1.37	%		1.36	%		(0.95	%)		50	%
8/31/2014	$	21.16	$	(0.21	)	$	3.75		$	3.54		$	—		$	(0.91	)	$	—	$	(0.91	)	$	0.00	$	—	$	23.79		17.02	%^g	$	8.3		1.38	%		1.36	%		(0.90	%)		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	%		(0.68	%)		46	%
8/31/2012	$	16.87	$	(0.16	)	$	1.90		$	1.74		$	—		$	—		$	—	$	—		$	—	$	—	$	18.61		10.31	%	$	3.0		1.45	%		1.36	%		(0.89	%)		40	%
8/31/2011	$	13.17	$	(0.16	)	$	3.86		$	3.70		$	—		$	—		$	—	$	—		$	—	$	—	$	16.87		28.09	%	$	0.5		1.50	%		1.36	%		(0.91	%)		49	%
Class R6
8/31/2015	$	14.91	$	(0.04	)	$	1.51		$	1.47		$	—		$	(1.76	)	$	—	$	(1.76	)	$	—	$	—	$	14.62		11.04	%	$	88.6		0.67	%		0.67	%^§		(0.26	%)		50	%
8/31/2014	$	13.57	$	(0.03	)	$	2.38		$	2.35		$	—		$	(1.01	)	$	—	$	(1.01	)	$	0.00	$	—	$	14.91		17.89	%^g	$	22.5		0.68	%		0.68	%		(0.21	%)		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	%*		0.68	%*		(0.13	%)*		46	%^Ø
Mid Cap Intrinsic Value Fund
Investor Class
8/31/2015	$	23.56	$	0.08		$	(0.36	)	$	(0.28	)	$	(0.21	)	$	(2.08	)	$	—	$	(2.29	)	$	—	$	—	$	20.99		(1.09	%)	$	42.1		1.24	%		1.05	%		0.37	%		50	%
8/31/2014	$	20.29	$	0.26		$	4.20		$	4.46		$	(0.32	)	$	(0.87	)	$	—	$	(1.19	)	$	0.00	$	—	$	23.56		22.84	%^g	$	43.4		1.31	%		0.98	%		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	%		0.69	%		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	%		0.38	%		27	%
Trust Class
8/31/2015	$	20.24	$	0.03		$	(0.32	)	$	(0.29	)	$	(0.16	)	$	(2.08	)	$	—	$	(2.24	)	$	—	$	—	$	17.71		(1.31	%)	$	11.9		1.48	%		1.25	%		0.17	%		50	%
8/31/2014	$	17.61	$	0.18		$	3.61		$	3.79		$	(0.29	)	$	(0.87	)	$	—	$	(1.16	)	$	0.00	$	—	$	20.24		22.47	%^g	$	14.4		1.57	%		1.25	%^§		0.97	%		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	%		0.61	%		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	%		0.33	%		27	%
Institutional Class
8/31/2015	$	23.59	$	0.13		$	(0.37	)	$	(0.24	)	$	(0.25	)	$	(2.08	)	$	—	$	(2.33	)	$	—	$	—	$	21.02		(0.90	%)	$	34.0		1.07	%		0.85	%		0.59	%		50	%
8/31/2014	$	20.33	$	0.33		$	4.17		$	4.50		$	(0.37	)	$	(0.87	)	$	—	$	(1.24	)	$	0.00	$	—	$	23.59		22.99	%^g	$	18.0		1.17	%		0.85	%^§		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	%		0.85	%		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	%		0.85	%		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	%		0.86	%		0.67	%		27	%

See Notes to Financial Highlights

231

232

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
8/31/2015	$	20.24	$	0.04		$	(0.32	)	$	(0.28	)	$	(0.18	)	$	(2.08	)	$	—	$	(2.26	)	$	—	$	—	$	17.70		(1.25	%)	$	14.8		1.47	%		1.21	%		0.20	%		50	%
8/31/2014	$	17.60	$	0.18		$	3.63		$	3.81		$	(0.30	)	$	(0.87	)	$	—	$	(1.17	)	$	0.00	$	—	$	20.24		22.60	%^g	$	5.2		1.53	%		1.21	%^§		0.96	%		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	%		0.63	%		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	%		0.37	%		27	%
Class C
8/31/2015	$	20.00	$	(0.10	)	$	(0.31	)	$	(0.41	)	$	(0.06	)	$	(2.08	)	$	—	$	(2.14	)	$	—	$	—	$	17.45		(2.02	%)	$	3.5		2.20	%		1.96	%		(0.53	%)		50	%
8/31/2014	$	17.44	$	0.05		$	3.58		$	3.63		$	(0.20	)	$	(0.87	)	$	—	$	(1.07	)	$	0.00	$	—	$	20.00		21.64	%^g	$	1.9		2.28	%		1.96	%^§		0.24	%		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	%		0.54	%		33	%
8/31/2012	$	12.25	$	(0.01	)	$	1.45		$	1.44		$	—		$	—		$	—	$	—		$	—	$	—	$	13.69		11.76	%	$	0.4		2.43	%		1.96	%		(0.09	%)		118	%
8/31/2011	$	10.66	$	(0.04	)	$	1.63		$	1.59		$	—		$	—		$	—	$	—		$	—	$	—	$	12.25		14.92	%	$	0.1		3.97	%		1.97	%		(0.31	%)		27	%
Class R3
8/31/2015	$	20.23	$	0.00		$	(0.32	)	$	(0.32	)	$	(0.13	)	$	(2.08	)	$	—	$	(2.21	)	$	—	$	—	$	17.70		(1.49	%)	$	1.2		1.73	%		1.46	%		0.03	%		50	%
8/31/2014	$	17.59	$	0.15		$	3.61		$	3.76		$	(0.25	)	$	(0.87	)	$	—	$	(1.12	)	$	0.00	$	—	$	20.23		22.23	%^g	$	0.4		1.80	%		1.46	%		0.80	%		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	%		0.85	%		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	%		0.41	%		118	%
8/31/2011	$	10.67	$	0.04		$	1.61		$	1.65		$	—		$	—		$	—	$	—		$	—	$	—	$	12.32		15.46	%	$	0.2		6.06	%		1.47	%		0.32	%		27	%
Multi-Cap Opportunities Fund
Institutional Class
8/31/2015	$	16.27	$	0.13		$	(0.43	)	$	(0.30	)	$	(0.15	)	$	(0.51	)	$	—	$	(0.66	)	$	—	$	—	$	15.31		(1.80	%)	$	2,191.4		0.73	%		0.73	%		0.84	%		27	%
8/31/2014	$	13.56	$	0.16		$	2.88		$	3.04		$	(0.11	)	$	(0.22	)	$	—	$	(0.33	)	$	0.00	$	—	$	16.27		22.65	%^g	$	2,566.4		0.74	%		0.74	%		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		0.85	%		0.85	%^§		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	%^{^^}		0.64	%		105	%
Class A
8/31/2015	$	16.13	$	0.07		$	(0.43	)	$	(0.36	)	$	(0.08	)	$	(0.51	)	$	—	$	(0.59	)	$	—	$	—	$	15.18		(2.16	%)	$	102.8		1.10	%		1.10	%		0.47	%		27	%
8/31/2014	$	13.48	$	0.11		$	2.85		$	2.96		$	(0.09	)	$	(0.22	)	$	—	$	(0.31	)	$	0.00	$	—	$	16.13		22.17	%^g	$	143.1		1.10	%		1.10	%		0.71	%		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	%^§		0.91	%		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	%^{^^}		0.28	%		105	%

See Notes to Financial Highlights

233

234

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Multi-Cap Opportunities Fund (cont'd)
Class C
8/31/2015	$	15.71	$	(0.04	)	$	(0.41	)	$	(0.45	)	$	(0.02	)	$	(0.51	)	$	—	$	(0.53	)	$	—	$	—	$	14.73		(2.84	%)	$	46.1		1.84	%		1.84	%		(0.27	%)		27	%
8/31/2014	$	13.20	$	(0.00	)	$	2.79		$	2.79		$	(0.06	)	$	(0.22	)	$	—	$	(0.28	)	$	0.00	$	—	$	15.71		21.30	%^g	$	50.5		1.85	%		1.85	%		(0.01	%)		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	%^§		0.04	%		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	%		0.70	%		29	%
8/31/2011	$	7.97	$	(0.05	)	$	1.55		$	1.50		$	—		$	—		$	—	$	—		$	—	$	—	$	9.47		18.82	%	$	0.2		2.43	%		2.12	%^{^^}		(0.50	%)		105	%
Real Estate Fund
Trust Class
8/31/2015	$	14.70	$	0.18		$	(0.37	)	$	(0.19	)	$	(0.18	)	$	(0.73	)	$	—	$	(0.91	)	$	—	$	—	$	13.60		(1.54	%)	$	250.8		1.39	%		1.04	%		1.24	%		33	%
8/31/2014	$	12.96	$	0.16		$	2.56		$	2.72		$	(0.17	)	$	(0.81	)	$	—	$	(0.98	)	$	0.00	$	—	$	14.70		22.36	%^g	$	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	%		0.99	%		0.75	%		28	%
Institutional Class
8/31/2015	$	14.74	$	0.21		$	(0.37	)	$	(0.16	)	$	(0.21	)	$	(0.73	)	$	—	$	(0.94	)	$	—	$	—	$	13.64		(1.34	%)	$	336.5		1.03	%		0.85	%		1.42	%		33	%
8/31/2014	$	12.99	$	0.18		$	2.57		$	2.75		$	(0.19	)	$	(0.81	)	$	—	$	(1.00	)	$	0.00	$	—	$	14.74		22.63	%^g	$	463.5		1.05	%		0.85	%		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	%		0.85	%		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	%		0.85	%		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	%		0.85	%		0.81	%		28	%
Class A
8/31/2015	$	14.69	$	0.15		$	(0.35	)	$	(0.20	)	$	(0.16	)	$	(0.73	)	$	—	$	(0.89	)	$	—	$	—	$	13.60		(1.65	%)	$	137.0		1.41	%		1.21	%		1.04	%		33	%
8/31/2014	$	12.95	$	0.14		$	2.55		$	2.69		$	(0.14	)	$	(0.81	)	$	—	$	(0.95	)	$	0.00	$	—	$	14.69		22.17	%^g	$	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	%		0.84	%		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	%		0.86	%		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	%		0.33	%		28	%
Class C
8/31/2015	$	14.68	$	0.04		$	(0.35	)	$	(0.31	)	$	(0.04	)	$	(0.73	)	$	—	$	(0.77	)	$	—	$	—	$	13.60		(2.38	%)	$	29.9		2.17	%		1.96	%		0.30	%		33	%
8/31/2014	$	12.94	$	0.04		$	2.55		$	2.59		$	(0.04	)	$	(0.81	)	$	—	$	(0.85	)	$	0.00	$	—	$	14.68		21.24	%^g	$	40.4		2.20	%		1.96	%		0.26	%		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	%		0.11	%		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	%		0.09	%		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	%		(0.46	%)		28	%

See Notes to Financial Highlights

235

236

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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 R3
8/31/2015	$	14.68	$	0.12		$	(0.37	)	$	(0.25	)	$	(0.12	)	$	(0.73	)	$	—	$	(0.85	)	$	—	$	—	$	13.58		(1.94	%)	$	22.4		1.66	%		1.46	%		0.81	%		33	%
8/31/2014	$	12.94	$	0.10		$	2.56		$	2.66		$	(0.11	)	$	(0.81	)	$	—	$	(0.92	)	$	0.00	$	—	$	14.68		21.89	%^g	$	23.5		1.67	%		1.46	%		0.71	%		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	%		0.56	%		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	%		0.41	%		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	%		(0.06	%)		28	%
Class R6
8/31/2015	$	14.74	$	0.21		$	(0.36	)	$	(0.15	)	$	(0.22	)	$	(0.73	)	$	—	$	(0.95	)	$	—	$	—	$	13.64		(1.26	%)	$	29.9		0.97	%		0.78	%		1.40	%		33	%
8/31/2014	$	12.99	$	0.18		$	2.59		$	2.77		$	(0.21	)	$	(0.81	)	$	—	$	(1.02	)	$	0.00	$	—	$	14.74		22.72	%^g	$	26.3		0.98	%		0.78	%		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	%*		0.78	%*		0.95	%*		33	%^Ø
Small Cap Growth Fund
Investor Class
8/31/2015	$	27.44	$	(0.28	)	$	2.34		$	2.06		$	—		$	—		$	—	$	—		$	—	$	—	$	29.50		7.51	%	$	49.3		1.67	%		1.21	%		(0.96	%)		336	%
8/31/2014	$	24.16	$	(0.23	)	$	3.51		$	3.28		$	—		$	—		$	—	$	—		$	0.00	$	—	$	27.44		13.58	%^g	$	50.7		1.67	%		1.21	%		(0.85	%)		284	%
8/31/2013	$	19.49	$	(0.15	)	$	4.82		$	4.67		$	—		$	—		$	—	$	—		$	—	$	—	$	24.16		23.96	%	$	48.8		1.64	%		1.22	%		(0.72	%)		249	%
8/31/2012	$	17.74	$	(0.17	)	$	1.92		$	1.75		$	—		$	—		$	—	$	—		$	—	$	—	$	19.49		9.86	%	$	60.1		1.58	%		1.21	%		(0.92	%)		294	%
8/31/2011	$	13.68	$	(0.16	)	$	4.22		$	4.06		$	—		$	—		$	—	$	—		$	—	$	—	$	17.74		29.68	%	$	63.6		1.49	%		1.15	%		(0.88	%)		185	%
Trust Class
8/31/2015	$	29.72	$	(0.37	)	$	2.54		$	2.17		$	—		$	—		$	—	$	—		$	—	$	—	$	31.89		7.30	%	$	5.3		1.86	%		1.40	%		(1.15	%)		336	%
8/31/2014	$	26.22	$	(0.30	)	$	3.80		$	3.50		$	—		$	—		$	—	$	—		$	0.00	$	—	$	29.72		13.35	%^g	$	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	%		(0.91	%)		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	%
Advisor Class
8/31/2015	$	19.63	$	(0.26	)	$	1.66		$	1.40		$	—		$	—		$	—	$	—		$	—	$	—	$	21.03		7.13	%	$	2.7		2.00	%		1.51	%		(1.26	%)		336	%
8/31/2014	$	17.33	$	(0.22	)	$	2.52		$	2.30		$	—		$	—		$	—	$	—		$	0.00	$	—	$	19.63		13.27	%^g	$	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	%

See Notes to Financial Highlights

237

238

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Institutional Class
8/31/2015	$	27.92	$	(0.20	)	$	2.39		$	2.19	$	—		$	—		$	—	$	—		$	—	$	—	$	30.11		7.84	%	$	20.7		1.44	%		0.90	%		(0.65	%)		336	%
8/31/2014	$	24.51	$	(0.15	)	$	3.56		$	3.41	$	—		$	—		$	—	$	—		$	0.00	$	—	$	27.92		13.91	%^g	$	19.0		1.48	%		0.90	%		(0.54	%)		284	%
8/31/2013	$	19.71	$	(0.09	)	$	4.89		$	4.80	$	—		$	—		$	—	$	—		$	—	$	—	$	24.51		24.35	%	$	14.9		1.41	%		0.90	%		(0.41	%)		249	%
8/31/2012	$	17.88	$	(0.11	)	$	1.94		$	1.83	$	—		$	—		$	—	$	—		$	—	$	—	$	19.71		10.23	%	$	33.3		1.33	%		0.90	%		(0.58	%)		294	%
8/31/2011	$	13.75	$	(0.11	)	$	4.24		$	4.13	$	—		$	—		$	—	$	—		$	—	$	—	$	17.88		30.04	%	$	103.0		1.26	%		0.90	%		(0.63	%)		185	%
Class A
8/31/2015	$	29.92	$	(0.33	)	$	2.56		$	2.23	$	—		$	—		$	—	$	—		$	—	$	—	$	32.15		7.45	%	$	5.1		1.83	%		1.26	%		(1.01	%)		336	%
8/31/2014	$	26.36	$	(0.28	)	$	3.84		$	3.56	$	—		$	—		$	—	$	—		$	0.00	$	—	$	29.92		13.51	%^g	$	4.4		1.81	%		1.26	%		(0.96	%)		284	%
8/31/2013	$	21.27	$	(0.19	)	$	5.28		$	5.09	$	—		$	—		$	—	$	—		$	—	$	—	$	26.36		23.93	%	$	2.4		1.83	%		1.26	%		(0.81	%)		249	%
8/31/2012	$	19.36	$	(0.19	)	$	2.10		$	1.91	$	—		$	—		$	—	$	—		$	—	$	—	$	21.27		9.87	%	$	1.1		1.79	%		1.26	%		(0.98	%)		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	%
Class C
8/31/2015	$	19.16	$	(0.36	)	$	1.64		$	1.28	$	—		$	—		$	—	$	—		$	—	$	—	$	20.44		6.68	%	$	2.3		2.58	%		2.01	%		(1.76	%)		336	%
8/31/2014	$	17.01	$	(0.32	)	$	2.47		$	2.15	$	—		$	—		$	—	$	—		$	0.00	$	—	$	19.16		12.64	%^g	$	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	%
Class R3
8/31/2015	$	19.67	$	(0.27	)	$	1.69		$	1.42	$	—		$	—		$	—	$	—		$	—	$	—	$	21.09		7.22	%	$	1.0		2.15	%		1.51	%		(1.25	%)		336	%
8/31/2014	$	17.37	$	(0.22	)	$	2.52		$	2.30	$	—		$	—		$	—	$	—		$	0.00	$	—	$	19.67		13.24	%^g	$	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	%
Socially Responsive Fund
Investor Class
8/31/2015	$	36.94	$	0.27		$	(0.12	)	$	0.15	$	(0.26	)	$	(3.60	)	$	—	$	(3.86	)	$	—	$	—	$	33.23		0.29	%	$	758.0		0.85	%		0.85	%		0.76	%		28	%
8/31/2014	$	32.66	$	0.31		$	6.48		$	6.79	$	(0.30	)	$	(2.21	)	$	—	$	(2.51	)	$	0.00	$	—	$	36.94		21.54	%^g	$	821.1		0.86	%		0.86	%		0.87	%		36	%
8/31/2013	$	26.48	$	0.27		$	6.09		$	6.36	$	(0.18	)	$	—		$	—	$	(0.18	)	$	—	$	—	$	32.66		24.18	%	$	825.2		0.87	%		0.87	%		0.91	%		35	%
8/31/2012	$	24.61	$	0.22		$	1.77		$	1.99	$	(0.12	)	$	—		$	—	$	(0.12	)	$	—	$	—	$	26.48		8.13	%	$	724.3		0.89	%		0.89	%		0.86	%		28	%
8/31/2011	$	20.58	$	0.18		$	3.88		$	4.06	$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	—	$	24.61		19.74	%	$	648.1		0.90	%		0.90	%		0.69	%		20	%

See Notes to Financial Highlights

239

240

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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)
Trust Class
8/31/2015	$	24.24	$	0.13		$	(0.06	)	$	0.07		$	(0.24	)	$	(3.60	)	$	—	$	(3.84	)	$	—	$	—	$	20.47		0.12	%	$	318.3		1.03	%		1.03	%		0.58	%		28	%
8/31/2014	$	22.20	$	0.16		$	4.34		$	4.50		$	(0.25	)	$	(2.21	)	$	—	$	(2.46	)	$	0.00	$	—	$	24.24		21.32	%^g	$	418.4		1.03	%		1.03	%		0.70	%		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	%		0.76	%		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	%		0.66	%		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	%		0.50	%		20	%
Institutional Class
8/31/2015	$	37.00	$	0.33		$	(0.12	)	$	0.21		$	(0.33	)	$	(3.60	)	$	—	$	(3.93	)	$	—	$	—	$	33.28		0.46	%	$	714.8		0.67	%		0.67	%		0.94	%		28	%
8/31/2014	$	32.70	$	0.37		$	6.49		$	6.86		$	(0.35	)	$	(2.21	)	$	—	$	(2.56	)	$	0.00	$	—	$	37.00		21.76	%^g	$	706.5		0.68	%		0.68	%		1.06	%		36	%
8/31/2013	$	26.51	$	0.33		$	6.09		$	6.42		$	(0.23	)	$	—		$	—	$	(0.23	)	$	—	$	—	$	32.70		24.41	%	$	557.7		0.69	%		0.69	%		1.10	%		35	%
8/31/2012	$	24.64	$	0.26		$	1.77		$	2.03		$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	—	$	26.51		8.32	%	$	512.4		0.71	%		0.71	%		1.02	%		28	%
8/31/2011	$	20.60	$	0.21		$	3.91		$	4.12		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	—	$	24.64		19.98	%	$	417.7		0.74	%		0.74	%^§		0.82	%		20	%
Class A
8/31/2015	$	24.06	$	0.13		$	(0.06	)	$	0.07		$	(0.25	)	$	(3.60	)	$	—	$	(3.85	)	$	—	$	—	$	20.28		0.11	%	$	140.9		1.05	%		1.05	%		0.57	%		28	%
8/31/2014	$	22.05	$	0.16		$	4.30		$	4.46		$	(0.24	)	$	(2.21	)	$	—	$	(2.45	)	$	0.00	$	—	$	24.06		21.28	%^g	$	134.0		1.05	%		1.05	%		0.68	%		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	%^§		0.67	%		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	%^§		0.61	%		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	%		0.42	%		20	%
Class C
8/31/2015	$	23.57	$	(0.04	)	$	(0.05	)	$	(0.09	)	$	(0.14	)	$	(3.60	)	$	—	$	(3.74	)	$	—	$	—	$	19.74		(0.67	%)	$	52.2		1.79	%		1.79	%		(0.18	%)		28	%
8/31/2014	$	21.63	$	(0.01	)	$	4.22		$	4.21		$	(0.06	)	$	(2.21	)	$	—	$	(2.27	)	$	0.00	$	—	$	23.57		20.42	%^g	$	44.5		1.80	%		1.80	%		(0.05	%)		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	%^§		(0.10	%)		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	%		(0.12	%)		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	%		(0.35	%)		20	%
Class R3
8/31/2015	$	23.85	$	0.07		$	(0.05	)	$	0.02		$	(0.20	)	$	(3.60	)	$	—	$	(3.80	)	$	—	$	—	$	20.07		(0.12	%)	$	30.4		1.29	%		1.29	%		0.31	%		28	%
8/31/2014	$	21.86	$	0.10		$	4.27		$	4.37		$	(0.17	)	$	(2.21	)	$	—	$	(2.38	)	$	0.00	$	—	$	23.85		21.02	%^g	$	32.2		1.29	%		1.29	%		0.45	%		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	%		0.46	%		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	%^§		0.43	%		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	%^§		0.08	%		20	%

See Notes to Financial Highlights

241

242

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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)
Class R6
8/31/2015	$	37.03	$	0.36		$	(0.14	)	$	0.22		$	(0.35	)	$	(3.60	)	$	—	$	(3.95	)	$	—	$	—	$	33.30		0.51	%	$	222.4		0.60	%		0.60	%		1.02	%		28	%
8/31/2014	$	32.71	$	0.39		$	6.51		$	6.90		$	(0.37	)	$	(2.21	)	$	—	$	(2.58	)	$	0.00	$	—	$	37.03		21.88	%^g	$	279.6		0.60	%		0.60	%		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		0.62	%*		0.62	%*		0.94	%*		35	%^Ø
Value Fund
Institutional Class
8/31/2015	$	16.51	$	0.19		$	(1.35	)	$	(1.16	)	$	(0.15	)	$	(0.85	)	$	—	$	(1.00	)	$	—	$	—	$	14.35		(7.42	%)	$	13.1		1.82	%		0.70	%		1.24	%		166	%
8/31/2014	$	13.52	$	0.17		$	2.92		$	3.09		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	—	$	16.51		22.98	%	$	12.6		2.41	%		0.70	%		1.12	%		129	%
8/31/2013	$	11.18	$	0.16		$	2.40		$	2.56		$	(0.22	)	$	—		$	—	$	(0.22	)	$	—	$	—	$	13.52		23.23	%	$	6.9		5.93	%		0.71	%		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	%		0.73	%		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	%		0.75	%^c		1.28	%		191	%
Class A
8/31/2015	$	16.40	$	0.13		$	(1.33	)	$	(1.20	)	$	(0.10	)	$	(0.85	)	$	—	$	(0.95	)	$	—	$	—	$	14.25		(7.71	%)	$	7.3		2.21	%		1.08	%		0.84	%		166	%
8/31/2014	$	13.44	$	0.11		$	2.90		$	3.01		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	—	$	16.40		22.43	%	$	8.0		2.80	%		1.10	%		0.74	%		129	%
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	%		0.82	%		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
8/31/2015	$	16.18	$	0.01		$	(1.32	)	$	(1.31	)	$	(0.00	)	$	(0.85	)	$	—	$	(0.85	)	$	—	$	—	$	14.02		(8.44	%)	$	0.5		2.98	%		1.83	%		0.07	%		166	%
8/31/2014	$	13.31	$	(0.01	)	$	2.88		$	2.87		$	—		$	—		$	—	$	—		$	—	$	—	$	16.18		21.56	%	$	0.6		3.57	%		1.86	%		(0.05	%)		129	%
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	%		0.01	%		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	%		0.30	%		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	%*		0.26	%*		191	%^Ø
World Equity Fund
Institutional Class
Period from 6/30/2015^{^} to 8/31/2015	$	10.00	$	(0.00	)	$	(0.47	)	$	(0.47	)	$	—		$	—		$	—	$	—		$	—	$	—	$	9.53		(4.70	%)**	$	3.8		10.33	%^b*		1.00	%^b*		(0.14	%)^b*		39	%**
Class A
Period from 6/30/2015^{^} to 8/31/2015	$	10.00	$	(0.01	)	$	(0.47	)	$	(0.48	)	$	—		$	—		$	—	$	—		$	—	$	—	$	9.52		(4.80	%)**	$	0.5		12.25	%^b*		1.36	%^b*		(0.50	%)^b*		39	%**

See Notes to Financial Highlights

243

244

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		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 Contributions from Management		Redemption Fees^øø		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (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
World Equity Fund (cont'd)
Class C
Period from 6/30/2015^{^} to 8/31/2015	$	10.00	$	(0.02	)	$	(0.47	)	$	(0.49	)	$	—	$	—	$	—	$	—	$	—	$	—	$	9.51		(4.90	%)**	$	0.5		12.92	%^b*		2.11	%^b*		(1.26	%)^b*		39	%**

See Notes to Financial Highlights

245

246

Notes to Financial Highlights Equity Funds

†	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.

d	Except for the Fund classes listed below, the class action proceeds listed in Note A-4 of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the year ended August 31, 2015. Had the Fund classes listed below not received class action proceeds in 2015, total return based on per share NAV for the year ended August 31, 2015 would have been:

Large Cap Value Fund Investor Class	(7.26	)%
Large Cap Value Fund Trust Class	(7.45	)%
Large Cap Value Fund Institutional Class	(7.09	)%
Large Cap Value Fund Class A	(7.49	)%
Large Cap Value Fund Class R3	(7.71	)%
Small Cap Growth Fund Investor Class	7.07	%
Small Cap Growth Fund Trust Class	6.86	%
Small Cap Growth Fund Advisor Class	6.72	%
Small Cap Growth Fund Institutional Class	7.41	%
Small Cap Growth Fund Class A	7.05	%
Small Cap Growth Fund Class C	6.37	%
Small Cap Growth Fund Class R3	6.81	%

Except for the Fund classes listed below, the class action proceeds received in 2014, 2013 and 2012, if any, had no impact on the Funds' total returns for the years ended August 31, 2014, 2013 and 2012. Had the Fund classes listed below not received class action proceeds in 2014, 2013 and/or 2012, total return based on per share NAV for the years ended August 31, 2014, 2013 and/or 2012 would have been:

	Year Ended August 31,
	2014			2013			2012
Genesis Fund Investor Class		13.62	%		—			—
Genesis Fund Trust Class		13.51	%		—			—
Genesis Fund Advisor Class		13.21	%		—			—
Genesis Fund Institutional Class		13.78	%		—			—
Genesis Fund Class R6		13.90	%		—			—
Large Cap Value Fund Investor Class		—			23.93	%		—
Large Cap Value Fund Trust Class		—			23.61	%		—
Large Cap Value Fund Advisor Class		—			23.46	%		—
Large Cap Value Fund Institutional Class		—			24.11	%		—
Large Cap Value Fund Class A		—			23.57	%		—
Large Cap Value Fund Class R3		—			23.41	%		—
Mid Cap Intrinsic Value Fund Investor Class		22.79	%		—			12.48	%
Mid Cap Intrinsic Value Fund Trust Class		22.41	%		—			12.34	%
Mid Cap Intrinsic Value Fund Institutional Class		—			—			12.86	%
Mid Cap Intrinsic Value Fund Class R3		22.17	%		—			12.16	%

247

Notes to Financial Highlights Equity Funds (cont'd)

	Year Ended August 31,
	2014		2013			2012
Small Cap Growth Fund Investor Class		—		23.81	%		—
Small Cap Growth Fund Trust Class		—		23.45	%		—
Small Cap Growth Fund Advisor Class		—		23.31	%		—
Small Cap Growth Fund Institutional Class		—		24.05	%		—
Small Cap Growth Fund Class A		—		23.84	%		—
Small Cap Growth Fund Class C		—		22.92	%		—
Small Cap Growth Fund Class R3		—		23.47	%		—

# 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 Greater China Equity (2015) and Multi-Cap Opportunities (2011) and/or reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Funds are required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had Greater China Equity and Multi-Cap Opportunities not received expense reductions related to expense offset arrangements, and had Greater China Equity and Multi-Cap Opportunities 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,
	2015			2011
Greater China Equity Fund Institutional Class		1.50	%		—
Greater China Equity Fund Class A		1.86	%		—
Greater China Equity Fund Class C		2.61	%		—
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:

	Year Ended August 31,
	2015			2014			2013			2012			2011
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	%		—
Genesis Fund Institutional Class		—			.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		.83	%		—			—			—			—

248

Notes to Financial Highlights Equity Funds (cont'd)

	Year Ended August 31,
	2015			2014			2013			2012			2011
International Equity Fund Class A		1.20	%		—			—			—			—
International Equity Fund Class R6		.76	%		—			—			—			—
Large Cap Disciplined Growth Fund Investor Class		—			—			1.05	%		1.03	%		1.08	%
Large Cap Value Fund Institutional Class		.70	%		.70	%		—			—			—
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	%
Mid Cap Growth Fund Institutional Class		.73	%		—			—			—			—
Mid Cap Growth Fund Class A		1.10	%		—			—			—			—
Mid Cap Growth Fund Class R6		.67	%		—			—			—			—
Mid Cap Intrinsic Value Fund Trust Class		—			1.23	%		—			—			—
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, 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 This ratio reflects a reduced fee schedule for certain expenses. If this ratio had not been reduced, the ratio would have been higher.

g 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.

249

Report of Independent Registered Public Accounting Firm

To the Board of Trustees
Neuberger Berman Equity Funds and
Shareholders of:
Neuberger Berman All Cap Core Fund,
Neuberger Berman Emerging Markets Equity Fund,
Neuberger Berman Equity Income Fund,
Neuberger Berman Focus Fund,
Neuberger Berman Genesis Fund,
Neuberger Berman Global Equity Fund,
Neuberger Berman Global Real Estate Fund,
Neuberger Berman Greater China Equity Fund,
Neuberger Berman Guardian Fund,
Neuberger Berman International Equity Fund,
Neuberger Berman International Select Fund,
Neuberger Berman Large Cap Value Fund,
Neuberger Berman Real Estate Fund,
Neuberger Berman Value Fund,
Neuberger Berman World Equity Fund

We have audited the accompanying statements of assets and liabilities of Neuberger Berman All Cap Core Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Global Real Estate Fund, Neuberger Berman Greater China Equity Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Real Estate Fund, Neuberger Berman Value Fund and Neuberger Berman World Equity Fund, fifteen of the series constituting Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2015, and the related statements of operations for the period then ended, the statements of changes in net assets for each of the periods indicated therein and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2015, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

250

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above-mentioned series of the Neuberger Berman Equity Funds, at August 31, 2015, the results of their operations for the period then ended, the changes in their net assets for each of the periods indicated therein, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
October 16, 2015

251

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
Neuberger Berman Equity Funds

We have audited the accompanying statements of assets and liabilities of the Neuberger Berman Intrinsic Value Fund, Neuberger Berman Large Cap Disciplined Growth Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Small Cap Growth Fund, and Neuberger Berman Socially Responsive Fund, each a series of Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above mentioned series of the Trust, as of August 31, 2015, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
October 15, 2015

252

Neuberger Berman Sustainable Equity Fund (NBSRX) N-CSRCertified annual shareholder report (management investment company)