Neuberger Berman
Equity Funds
Investor Class Shares
Trust Class Shares
Advisor Class Shares
Institutional Class Shares
All Cap Core Fund
Dividend Growth Fund
Emerging Markets Equity Fund
Equity Income Fund
Focus Fund
Genesis Fund
Global Equity Fund
Global Real Estate Fund
Greater China Equity Fund
Guardian Fund
International Equity Fund
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
Semi-Annual Report
February 29, 2016
Contents
THE FUNDS
President's Letter | 1 | ||||||
PORTFOLIO COMMENTARY | |||||||
All Cap Core Fund | 2 | ||||||
Dividend Growth Fund | 4 | ||||||
Emerging Markets Equity Fund | 6 | ||||||
Equity Income Fund | 8 | ||||||
Focus Fund | 11 | ||||||
Genesis Fund | 13 | ||||||
Global Equity Fund | 15 | ||||||
Global Real Estate Fund | 17 | ||||||
Greater China Equity Fund | 19 | ||||||
Guardian Fund | 21 | ||||||
International Equity Fund | 23 | ||||||
International Select Fund | 25 | ||||||
Intrinsic Value Fund | 27 | ||||||
Large Cap Disciplined Growth Fund | 29 | ||||||
Large Cap Value Fund | 31 | ||||||
Mid Cap Growth Fund | 33 | ||||||
Mid Cap Intrinsic Value Fund | 35 | ||||||
Multi-Cap Opportunities Fund | 37 | ||||||
Real Estate Fund | 39 | ||||||
Small Cap Growth Fund | 41 | ||||||
Socially Responsive Fund | 43 | ||||||
Value Fund | 45 | ||||||
World Equity Fund | 47 | ||||||
FUND EXPENSE INFORMATION | 55 | ||||||
SCHEDULE OF INVESTMENTS | |||||||
All Cap Core Fund | 59 | ||||||
Dividend Growth Fund | 60 |
Emerging Markets Equity Fund | 61 | ||||||
Positions by Industry | 63 | ||||||
Equity Income Fund | 64 | ||||||
Focus Fund | 66 | ||||||
Genesis Fund | 67 | ||||||
Global Equity Fund | 70 | ||||||
Positions by Industry | 72 | ||||||
Global Real Estate Fund | 73 | ||||||
Positions by Sector | 74 | ||||||
Greater China Equity Fund | 75 | ||||||
Guardian Fund | 77 | ||||||
International Equity Fund | 79 | ||||||
Positions by Industry | 81 | ||||||
International Select Fund | 82 | ||||||
Positions by Industry | 84 | ||||||
Intrinsic Value Fund | 85 | ||||||
Large Cap Disciplined Growth Fund | 87 | ||||||
Large Cap Value Fund | 88 | ||||||
Mid Cap Growth Fund | 89 | ||||||
Mid Cap Intrinsic Value Fund | 91 | ||||||
Multi-Cap Opportunities Fund | 92 | ||||||
Real Estate Fund | 93 | ||||||
Small Cap Growth Fund | 94 | ||||||
Socially Responsive Fund | 96 | ||||||
Value Fund | 97 | ||||||
World Equity Fund | 98 | ||||||
Positions by Industry | 100 | ||||||
FINANCIAL STATEMENTS | 113 | ||||||
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA | |||||||
All Cap Core Fund | 183 | ||||||
Dividend Growth Fund | 183 | ||||||
Emerging Markets Equity Fund | 185 | ||||||
Equity Income Fund | 187 | ||||||
Focus Fund | 189 |
Genesis Fund | 193 | ||||||
Global Equity Fund | 195 | ||||||
Global Real Estate Fund | 195 | ||||||
Greater China Equity Fund | 197 | ||||||
Guardian Fund | 197 | ||||||
International Equity Fund | 201 | ||||||
International Select Fund | 203 | ||||||
Intrinsic Value Fund | 205 | ||||||
Large Cap Disciplined Growth Fund | 207 | ||||||
Large Cap Value Fund | 209 | ||||||
Mid Cap Growth Fund | 213 | ||||||
Mid Cap Intrinsic Value Fund | 217 | ||||||
Multi-Cap Opportunities Fund | 219 | ||||||
Real Estate Fund | 221 | ||||||
Small Cap Growth Fund | 223 | ||||||
Socially Responsive Fund | 227 | ||||||
Value Fund | 229 | ||||||
World Equity Fund | 231 | ||||||
Directory | 237 | ||||||
Proxy Voting Policies and Procedures | 238 | ||||||
Quarterly Portfolio Schedule | 238 | ||||||
Board Consideration of the Management and Sub-Advisory Agreements | 239 |
The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Investment Advisers LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2016 Neuberger Berman Management LLC, distributor. All rights reserved.
President's Letter
Dear Shareholder,
For the six months ended February 29, 2016, the equity markets saw a continuation of volatility, with investor sentiment dominated by tepid global economic growth (including fears of a slip towards global recession), continued pressure on energy and materials prices, and geopolitical issues ranging from conflict in the Middle East, to attacks by militants in Paris and western Africa, to campaign rhetoric in the U.S. Pressure was evident in all major markets, with the U.S. equity market, as represented by the S&P 500® Index, down 0.92%, while both emerging and developed international markets fared worse, according to their respective indices.
Central bank activity was another macroeconomic factor that weighed on investors this period. The U.S. Federal Reserve (Fed) raised interest rates a quarter-point in December, in its first upward move since 2006. This action (and the long anticipation of it) maintained pressure on the currencies of emerging markets. It also marked the first shift in direction between the major central banks since the global financial crisis, with investors and pundits speculating on effects of the divergence. While the Fed began to tighten, the Bank of Japan in January adopted a negative interest rate policy aimed at stimulating the Japanese economy by encouraging spending and lending rather than saving. In Europe, the European Central Bank reiterated its accommodative stance amidst stagnating growth.
From an economic point of view, actions by the foreign central banks, along with signs of growth in the U.S. (strong housing and construction data, improved employment numbers, and a small uptick in inflation), helped to calm investors' concerns somewhat toward the end of the reporting period. Combined with a small increase in oil prices, this fueled a February rally that reduced losses for the full period.
Sector rotation was another feature of the market over the six-month period, as macro concerns sent investors vacillating between a preference for aggressive growth over economically sensitive stocks, a preference for defensive sectors like Consumer Staples and Utilities, and most recently, a preference for stocks with lower valuations.
We believe that while volatile markets with unclear signals generate headlines and feed on fears, they also create opportunity for disciplined, long-term, active managers to add value. For example, our portfolio managers have used this period's volatility to buy into positions they couldn't justify at higher prices, and to focus on what they consider the best opportunities among current holdings.
As 2016 continues, we anticipate the environment will continue to favor actively managed strategies over index and ETF investments. We believe that in shifting markets, strategic buy and sell decisions based on informed judgments about risk/reward potential, fundamentals and valuations, management direction and the competitive landscape can deliver a clear advantage over passive investments.
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
1
All Cap Core Fund Commentary
Neuberger Berman All Cap Core Fund Institutional Class posted a total return of –5.56% for the six months ended February 29, 2016, trailing its benchmark, the S&P 500® Index, which returned –0.92% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The market was both narrow and volatile during much of the six-month period, as investors weighed ongoing macro concerns. Global economic growth remained at the forefront throughout the period, with the growth trajectories of China, Europe and the U.S. in question to varying degrees. Commodity prices, which began their decline in 2014, remained depressed, leaving impacts on both Materials and Energy companies, and American multinationals saw repatriated profits limited by a strong dollar. In addition, geopolitical tensions remained elevated throughout the period.
With this as a backdrop, four of 10 sectors in the S&P 500 reported negative returns—with Energy and Materials joined by Financials (lagging both on European banking concerns and from the lack of a second upward rate move by the U.S. Federal Reserve), and Health Care, which came under pressure given relatively high valuations and political campaign rhetoric. Telecommunication Services, Consumer Staples and Utilities led the S&P 500 during the period, benefiting from their relatively stable, defensive characteristics.
Stock selection within Energy was the cause of most of the portfolio's relative underperformance this reporting period. Our underweight to the sector had a moderating effect, however, as we had significantly reduced our Energy exposure throughout 2015. Consumer Discretionary holdings also underperformed. On the positive side, our Financials and Information Technology holdings significantly outperformed the benchmark.
During the past six months, in addition to continuing to unwind our Energy position, we reduced our exposure to Industrials and latter-stage cyclical stocks. We also reduced our exposure to equities as a whole, doubling the portfolio's cash position from an average of approximately 10% to approximately 20% of assets at the end of February. We increased our Consumer Staples holdings and are now significantly overweighted to Information Technology. Further, we have repositioned the portfolio with a more domestic, less global emphasis.
We think we are positioned properly and appropriately for the environment we see ahead. We believe the increase in our cash levels and other portfolio changes are warranted given that we are somewhat pessimistic about the global economy and anticipate continued market volatility.
Even as concerns continue, we remain confident that opportunities will present themselves, as they always have. While we felt that the market was trading at the high end of its range as this period closed, we anticipate deploying our cash over the next couple of months, taking advantage of any dislocations ongoing volatility presents.
Active management of risk and opportunity can be a vital tool, especially in uncertain and volatile markets, where active managers have an opportunity to prove their value. This year may continue to feel unpleasant, but with a well-positioned portfolio and a long-term view, we believe we're in a position to add value over time.
Sincerely,
MICHAEL KAMINSKY, RICHARD WERMAN, JAMES GARTLAND AND MINDY SCHWARTZAPFEL
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.
2
All Cap Core Fund
TICKER SYMBOLS
Institutional Class | NBEIX | ||
Class A | NBEAX |
| |
Class C | NBECX |
|
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 6.9 | % | |||
Consumer Staples | 8.0 | ||||
Energy | 2.5 | ||||
Financials | 16.8 | ||||
Health Care | 11.7 | ||||
Industrials | 4.8 | ||||
Information Technology | 26.7 | ||||
Utilities | 2.6 | ||||
Short-Term Investments | 20.0 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS26
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Year | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 12/20/2007 | –5.56 | % | –10.17 | % | 5.64 | % | 3.68 | % | ||||||||||||||
Class A | 12/20/2007 | –5.93 | % | –10.71 | % | 5.15 | % | 3.27 | % | ||||||||||||||
Class C | 12/20/2007 | –6.27 | % | –11.39 | % | 4.36 | % | 2.50 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –11.30 | % | –15.83 | % | 3.90 | % | 2.53 | % | |||||||||||||||
Class C | –7.16 | % | –12.23 | % | 4.36 | % | 2.50 | % | |||||||||||||||
Index | |||||||||||||||||||||||
S&P 500® Index1,16 | –0.92 | % | –6.19 | % | 10.13 | % | 5.82 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.12%, 1.50% and 2.24% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.20% and 1.95% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
3
Dividend Growth Fund Commentary
We are pleased to provide the first semi-annual report for Neuberger Berman Dividend Growth Fund, which was launched on December 15, 2015. For the period since its inception through February 29, 2016, the Fund's Institutional Class generated a –3.50% total return but outperformed its benchmark, the S&P 500® Index, which provided a –3.98% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
During the fiscal six-month reporting period, the U.S. Federal Reserve (Fed) raised its target funds rate by 0.25% from a zero to 0.25% target range on December 16, representing its first hike in nine years. This signaled the Fed's view that conditions in the world's largest economy had vastly improved since the financial crisis, driven by low unemployment, benign inflation and moderate wage growth. While there were several positives in the economy, market volatility crept higher for most of the period with only three of the 10 sectors within the S&P 500 Index showing gains, including Telecommunication Services, Utilities and Consumer Staples. Among the worst performing sectors were Financials, Health Care and Energy.
There were several positives for the Fund during the reporting period as the portfolio benefitted from its exposure to names in Materials, Utilities and Telecommunication Services. Our overweight to Materials helped drive returns and within that sector, Newmont Mining was a top overall contributor. We believe Newmont's management team can deliver strong results as it appears well positioned to gain from the rising price of gold. Within Utilities, Exelon was another top contributor and continues to trade at compelling valuations relative to its peers. Among our Telecommunication Services holdings, Frontier Communications stood out as a strong performer as management received regulatory approval to purchase Verizon's wireline business.
From a stock selection perspective, Financials, Health Care, and Energy exposure dampened returns. During the period, the selloff across banking stocks was largely attributed to negative interest rate policies from global central banks, which impacted names such as Switzerland's UBS Group, which sold off in sympathy with European Financials. Elsewhere, Health Care-related names were subject to profit taking, as was the case with Teva Pharmaceuticals Industries. Within Energy, our slight overweight position hindered results as the commodity continued to slide based on excess global supplies. Among the laggards was Devon Energy, one of the more leveraged exploration and production (E&P) companies with what we believe are some of the most attractive assets among its peers.
Looking forward, we believe the recent market volatility has created opportunities for disciplined investors such as ourselves, and we remain positive on the global recovery narrative that is underway. In our view, fears of a U.S.-led recession are largely overblown. While lower energy prices have been a windfall for consumers, we are beginning to see what we believe are encouraging signs of modest inflation. Should these conditions persist, we think the Fed will continue down its path towards "normalization"—raising interest rates in lockstep with improving fundamentals across the economy.
The Fund strives to own financially healthy companies with a history of growing their businesses in both weak and strong economic environments. The portfolio is diversified among dividend-paying companies we believe are capable of sustaining and growing their dividends to shareholders. Going forward, we will continue to strive to provide equity-like returns while focusing on companies that exhibit the potential to meaningfully increase their dividend distributions.
Sincerely,
RICHARD S. LEVINE, DAVID A. KIEFER AND WILLIAM D. HUNTER
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
4
Dividend Growth Fund
TICKER SYMBOLS
Institutional Class | NDGIX | ||
Class A | NDGAX | ||
Class C | NDGCX | ||
Class R6 | NRDGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 5.6 | % | |||
Consumer Staples | 11.8 | ||||
Energy | 7.7 | ||||
Financials | 13.7 | ||||
Health Care | 4.9 | ||||
Industrials | 9.5 | ||||
Information Technology | 15.9 | ||||
Materials | 7.8 | ||||
Telecommunication Services | 4.0 | ||||
Utilities | 2.2 | ||||
Short-Term Investments | 16.9 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Inception Date | Cumulative Total Return Ended 02/29/2016 Life of Fund | ||||
At NAV | |||||
Institutional Class | 12/15/2015 | –3.50 | % | ||
Class A | 12/15/2015 | –3.50 | % | ||
Class C | 12/15/2015 | –3.70 | % | ||
Class R6 | 12/15/2015 | –3.40 | % | ||
With Sales Charge | |||||
Class A | –9.05 | % | |||
Class C | –4.66 | % | |||
Index | |||||
S&P 500® Index1,16 | –3.98 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2016 are 1.01%, 1.37%, 2.12% and 0.94% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated expense ratios are 0.69%, 1.05%, 1.80% and 0.62% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the period from December 15, 2015 through February 29, 2016 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.
5
Emerging Markets Equity Fund Commentary
Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a –6.02% total return for the six months ended February 29, 2016, outperforming its benchmark, the MSCI Emerging Markets Index (the Index), which posted a –8.74% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Volatility continued to impact emerging markets (EM) equities during the six-month period, as macro concerns, including slower global and local economic growth, the impact of low commodities prices on producers, currency concerns and geopolitical issues continued to weigh on investor sentiment. From mid-January forward, however, EM began a rebound following positive news from major central banks and a slight rebound in oil prices.
Within the Index, every sector posted negative results over this period, with many, including Telecommunication Services, Health Care, Industrials, Financials and Energy, being down by double digits. By country, Greece, the Czech Republic and South Africa performed the worst. Indonesia, Hungary and Malaysia were the only up markets.
In terms of Fund performance, though absolute returns were negative, the Fund outperformed the benchmark during the reporting period. Stock selection was the primary driver, particularly notable within the Consumer Discretionary and Information Technology sectors. Sector allocation was also advantageous, with the portfolio generally being overweighted to the stronger sectors and underweighted the weaker sectors. From a country perspective, stock selection within China and Korea, in addition to stock selection and an underweight to South Africa, added the most to relative results.
Top individual contributors included China's Sunny Optical Technology Group, a smartphone and auto-safety device lens specialist, which benefited from a strong earnings and revenue outlook. Korea's SFA Engineering jumped as investors grew optimistic about its role as a supplier to the growing OLED TV industry. New Oriental Education & Technology, a Chinese tutoring firm, rallied on better-than-expected earnings and a robust growth outlook. With the stock reaching our target price, we sold out of the name.
The portfolio saw weaker relative results within the Industrials and Health Care sectors, a combination of stock underperformance and sector allocation in each case. By country, India, Russia and Malaysia were weak performers.
Individual detractors included Cummins India, a generator manufacturer, which was sold off on concerns that foreign end-market demand was slowing. Hermes Microvision, a Taiwanese e-beam semiconductor inspection firm, was hurt by news of order delays. News that the U.S. Food and Drug Administration had sent notice to a peer regarding manufacturing standards hurt Glenmark Pharmaceuticals, an Indian generics and drug discovery company. The company's exposure to certain struggling economies added to concerns.
Although China's economy has slowed and other global macro risks remain, it appears to us that emerging markets now seem to be benefiting from positive sentiment. We believe several factors have contributed to this, including news that subsequent near-term interest rate increases in the U.S. are unlikely (giving breathing room to EM currencies), positive policy announcements from China, and equity valuations having reached levels not seen since 2008's global financial crisis. We will continue using low valuations and volatility to add to current positions and to initiate new positions in names that we think have indiscriminately sold off.
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.
6
Emerging Markets Equity Fund
TICKER SYMBOLS
Institutional Class | NEMIX | ||
Class A | NEMAX | ||
Class C | NEMCX | ||
Class R3 | NEMRX | ||
Class R6 | NREMX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 10/08/2008 | –6.02 | % | –20.17 | % | –4.73 | % | 5.76 | % | ||||||||||||||
Class A | 10/08/2008 | –6.20 | % | –20.38 | % | –4.97 | % | 5.50 | % | ||||||||||||||
Class C | 10/08/2008 | –6.48 | % | –20.92 | % | –5.67 | % | 4.72 | % | ||||||||||||||
Class R310 | 06/21/2010 | –6.35 | % | –20.69 | % | –5.36 | % | 5.22 | % | ||||||||||||||
Class R623 | 03/15/2013 | –6.08 | % | –20.15 | % | –4.69 | % | 5.79 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –11.62 | % | –24.97 | % | –6.09 | % | 4.66 | % | |||||||||||||||
Class C | –7.42 | % | –21.71 | % | –5.67 | % | 4.72 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI Emerging Markets Index1,16 | –8.74 | % | –23.13 | % | –5.08 | % | 4.35 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.43%, 1.79%, 2.53%, 2.09% and 1.34% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.25%, 1.50%, 2.25%, 1.91% and 1.18% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
7
Equity Income Fund Commentary
Neuberger Berman Equity Income Fund Institutional Class generated a 0.15% total return for the six months ended February 29, 2016, outperforming its benchmark, the S&P 500® Index, which posted a –0.92% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
There were several positives in the economy during the six-month period as the U.S. Federal Reserve (Fed) initiated its first interest rate hike in nine years of 0.25% on December 16, 2015. This signaled the Fed's view that conditions in the world's largest economy had vastly improved since the financial crisis, driven by low unemployment, benign inflation and moderate wage growth. However, the start of 2016 saw increased volatility as equities were weighed down by concerns over the health of the global economy, driven by a slowdown in China and sliding energy prices. Risk aversion was widespread as equities became increasingly correlated to the price of oil as a proxy for global growth. This "risk off" sentiment favored the Utilities and Consumer Staples sectors while impacting shares of Financials and Energy stocks, both of which declined the most through the end of February.
During the reporting period, the portfolio benefitted from its allocation to defensive sectors, which were key contributors during the period. Within Utilities, the portfolio's overweight position drove returns. Our bias toward electric/gas companies exhibiting higher than average dividend growth was rewarded as Florida's NextEra Energy was our overall top performer. Stock selection within consumer names was strong, driven primarily by large U.S. multinational businesses such as Kimberly-Clark, which advanced the most within the group. Elsewhere, Information Technology, which tends to be more cyclical, was another bright spot. Historically, this sector has paid little to no dividends, but recently, well-capitalized industry giants such as Microsoft have embraced shareholder friendly dividend policies and was among our top performers. At Microsoft, management has grown the company's cloud computing business into a formidable player in this high growth market.
Elsewhere, Financials and Energy exposure hindered results. The selloff across the Financials was largely attributed to loans linked to energy companies, and negative interest rate policies from global central banks impacted names such as MetLife and JPMorgan Chase. In response, JPMorgan Chase CEO & Chairman Jamie Dimon purchased an additional $26 million in JPMorgan Chase stock, signifying his belief in the company's growth prospects. Here, we remain focused on the highest quality names and feel valuations remain compelling. From a portfolio construction standpoint, Financials remain a crucial element to counterbalance interest rate sensitive asset classes such as real estate investment trusts and utilities. Financials tend to have a negative correlation to rising US Treasury yields since higher rates allow these companies to earn attractive margins on lending and insurance related activities.
The Energy sector was home to a number of our laggards as the commodity continued to slide based on excess global supplies. Among the hardest hit were infrastructure names tied to oil/gas such as Kinder Morgan and Golar LNG, which were ultimately sold in favor of opportunities elsewhere. Overall, we remain constructive on the trajectory of energy prices and are focused on stocks characterized by strong balance sheets where management has been sustaining current dividend policies. More recently, oil prices have showed signs of stabilization, which we see as a positive. Interestingly, consumption across the United States has seen an uptick, which we feel could lend further support in the second half of 2016.
During the reporting period, the Fund's use of written options positively contributed to performance.
We believe the recent market volatility has created opportunities for disciplined investors like ourselves, and remain positive on the global recovery narrative underway. In our view, fears of a U.S.-led recession are largely overblown and believe China does not pose a systemic risk to financial markets. While lower energy prices have been a windfall for consumers, we are beginning to see encouraging signs of modest inflation. Should these conditions persist, we think the Fed will continue down its path towards "normalization"—raising interest rates in lockstep with improving fundamentals across the economy. Across the Atlantic, we continue to favor large-cap, multinational European equities that to us appear poised to benefit from accommodative central bank polices and a depreciating currency, which we believe is likely to provide a tailwind for exporters across the region.
8
The Fund strives to own financially healthy companies with a history of growing their businesses in both weak and strong economic environments. The portfolio is diversified among dividend-paying companies that we believe are capable of sustaining and growing their dividends to shareholders. Going forward, we will continue to strive to provide equity-like returns with less volatility than the S&P 500 Index.
Sincerely,
RICHARD LEVINE 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.
9
Equity Income Fund
TICKER SYMBOLS
Institutional Class | NBHIX | ||
Class A | NBHAX | ||
Class C | NBHCX | ||
Class R3 | NBHRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 6.4 | % | |||
Consumer Staples | 6.2 | ||||
Energy | 7.1 | ||||
Financials | 32.3 | ||||
Health Care | 7.6 | ||||
Industrials | 6.7 | ||||
Information Technology | 10.9 | ||||
Materials | 2.3 | ||||
Telecommunication Services | 3.7 | ||||
Utilities | 16.8 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||
Inception Date* | Period Ended 02/29/2016 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class14 | 06/09/2008 | 0.15 | % | –6.37 | % | 5.54 | % | 6.35 | % | ||||||||||||||
Class A14 | 06/09/2008 | 0.03 | % | –6.76 | % | 5.15 | % | 6.01 | % | ||||||||||||||
Class C14 | 06/09/2008 | –0.36 | % | –7.43 | % | 4.37 | % | 5.38 | % | ||||||||||||||
Class R314 | 06/21/2010 | –0.12 | % | –6.94 | % | 4.85 | % | 5.92 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A14 | –5.70 | % | –12.09 | % | 3.91 | % | 5.34 | % | |||||||||||||||
Class C14 | –1.31 | % | –8.31 | % | 4.37 | % | 5.38 | % | |||||||||||||||
Index | |||||||||||||||||||||||
S&P 500® Index1,16 | –0.92 | % | –6.19 | % | 10.13 | % | 6.03 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through June 9, 2008. The performance data for Class R3 also includes the performance of the Fund's Institutional Class from June 9, 2008 through June 21, 2010. See endnote 14 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.74%, 1.12%, 1.85% and 1.37% for Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 29, 2016 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.
10
Focus Fund Commentary
Neuberger Berman Focus Fund Investor Class generated a –7.45% total return for the six months ended February 29, 2016, underperforming its benchmark, the S&P 500® Index (the Index), which provided a –0.92% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Over the six-month reporting period, global macro issues weighed heavily on the U.S. stock market. A sharp drop in oil prices and broader commodity weakness roiled the market and investors fretted over softer growth in China and its potential impact on other vulnerable regions. The U.S. economy overall remained on a relatively healthy uptrend, yet corporate earnings suffered from a rising U.S. dollar and weak oil prices, while uncertainty surrounding interest rate tightening, particularly amidst a faltering global backdrop, caused some upheaval for equities as well. However, the market was resilient at times, with stocks regaining some lost ground in response to a turnaround in oil prices and as monetary authorities in China, Japan and Europe reasserted their commitments to promoting growth in their respective regions. Equities were further bolstered by the U.S. Federal Reserve (Fed), which after raising rates once, began to take a more moderate tone in light of falling stock prices. Still, these supporting factors were not enough to bring the market out of the red for the period as a whole.
A flight to safety propped up the defensive areas of the market over the reporting period, giving the Telecommunication Services, Utilities and Consumer Staples sectors the leading spots in the Index for the period. The weakest segment of the Index was Energy, which was dragged down by falling oil prices, followed by Financials, which was hampered in large part by low interest rates. The Fund gained some ground relative to the Index in Information Technology, where our exposure to SanDisk was a large driver of performance. SanDisk shares rallied on rumors that the company was considering putting its business up for sale, and soon thereafter the story proved true as SanDisk (sold during the period) announced that it received a bid and agreed to be acquired by Western Digital, a hard drive manufacturer. The Consumer Discretionary sector was the greatest drag on Fund performance due in part to specialty retailer Bed Bath & Beyond. The stock tumbled as concerns rose that the softer retail environment and a broad shift toward online shopping were taking a toll on the company's bottom line. Still, in our view, the company is making a prudent effort to foster growth by expanding its store base and enhancing its merchandise selection, while also being committed to returning value to shareholders.
We believe that equity market volatility will likely persist as the macro environment continues to meaningfully sway stocks. Oil prices have been a strong market driver and we believe the commodity will eventually recover as demand rises and producers begin to curb production. Global economic growth should also improve over time, in our view, as monetary authorities continue to prop up their economies and support their financial markets. Moreover, it is our opinion that in light of global macro conditions, expectations are growing that the Fed may implement a slower path of interest rate tightening than previously thought. With so many peripheral unknowns, however, we believe that focusing on individual stocks is the prudent strategy for long-term success. We therefore use extensive fundamental research to uncover solid investment opportunities in an attempt to create a portfolio that can sustain the ups and downs in the overall market 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.
11
Focus Fund
TICKER SYMBOLS
Investor Class | NBSSX | ||
Trust Class | NBFCX | ||
Advisor Class | NBFAX | ||
Institutional Class | NFALX | ||
Class A | NFAAX | ||
Class C | NFACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 9.6 | % | |||
Consumer Staples | 10.3 | ||||
Energy | 9.8 | ||||
Financials | 15.0 | ||||
Health Care | 11.9 | ||||
Industrials | 14.6 | ||||
Information Technology | 19.8 | ||||
Materials | 2.5 | ||||
Telecommunication Services | 5.0 | ||||
Short-Term Investments | 1.5 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS8
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/19/1955 | –7.45 | % | –10.48 | % | 8.21 | % | 4.33 | % | 10.22 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | –7.56 | % | –10.69 | % | 7.99 | % | 4.11 | % | 10.21 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | –7.57 | % | –10.79 | % | 7.84 | % | 3.92 | % | 10.15 | % | ||||||||||||||||
Institutional Class5 | 06/21/2010 | –7.39 | % | –10.35 | % | 8.40 | % | 4.44 | % | 10.24 | % | ||||||||||||||||
Class A20 | 06/21/2010 | –7.56 | % | –10.66 | % | 8.00 | % | 4.23 | % | 10.20 | % | ||||||||||||||||
Class C20 | 06/21/2010 | –7.81 | % | –11.26 | % | 7.23 | % | 3.80 | % | 10.13 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –12.86 | % | –15.82 | % | 6.73 | % | 3.61 | % | 10.09 | % | |||||||||||||||||
Class C20 | –8.60 | % | –12.01 | % | 7.23 | % | 3.80 | % | 10.13 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,16 | –0.92 | % | –6.19 | % | 10.13 | % | 6.44 | % | 9.93 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.91%, 1.10%, 1.27%, 0.76%, 1.14%, and 1.89% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.11%, and 1.86% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
12
Genesis Fund Commentary
Neuberger Berman Genesis Fund Investor Class posted a –4.04% total return for the six months ended February 29, 2016, outperforming its benchmark, the Russell 2000® Index, which provided a –10.16% 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 generated weak results during the reporting period. The market was negatively impacted at times given concerns over moderating global growth, uncertainties regarding future monetary policy, geopolitical issues and investor risk aversion. The overall U.S. stock market, as measured by the S&P 500® Index, returned –0.92% for the six-month period. Small-cap stocks produced even weaker results as the Russell 2000 Index returned –10.16% for the same period. There was a significant dispersion between small-cap growth and value stocks, as the Russell 2000® Growth and Value Indexes returned –13.47% and –6.73%, respectively.
The Fund's outperformance relative to the benchmark was due to stock selection. After a prolonged period of lower quality/more speculative stocks generating superior performance, we saw this trend reverse course during the reporting period. This played into our long held strategy of emphasizing higher-quality companies that are profitable, have low leverage and often generate meaningful free cash flow. Our holdings performed relatively well in most sectors, and this was particularly evident in the Health Care, Consumer Discretionary, Industrials and Materials sectors. In terms of individual holdings, Henry Schein, Inc. and Pool Corp. added value. Henry Schein is a value-added distributor of dental, medical and veterinarian products. Pool Corp. is the country's largest wholesale distributor of swimming pool supplies and equipment. On the downside, stock selection in the Financials sector was a modest negative for performance. This was largely driven by the weak results from our regional bank holdings, some of which are located in energy-related regions. Individual detractors from results included Wabtec and NetScout Systems.Wabtec provides value-added, technology-based equipment and services to lower costs and improve efficiency, productivity and safety of the global rail industry. NetScout Systems designs, develops and manufactures network performance management tools for enterprises and service providers.
Sector allocation, overall, detracted from performance during the reporting period. In particular, having no exposure to real estate investment trusts (REITs) was negative for results. We do not typically own REITs, as they do not meet our investment criteria. Having no allocation to the utilities sector was also a drag on performance. On the upside, having no exposure to biotechnology stocks contributed to results given their sharp decline. We do not typically own biotechnology 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. An underweight to pharmaceutical companies was also beneficial.
Looking ahead, we anticipate additional periods of elevated market volatility. While global growth has decelerated, we believe the U.S. economy remains on relatively solid footing. Smaller-cap companies tend to be less exposed to foreign economies than their larger-cap/multinational counterparts. We believe investors will again gravitate to higher-quality businesses given the many uncertainties around the world, which, in our opinion, could temper investor risk appetite. Furthermore, we anticipate that lower-quality/higher-leveraged companies could experience headwinds from higher borrowing costs, some of which has already occurred in the marketplace as corporate spreads have widened. We believe this environment aligns favorably with our investment approach. Our cautious overall optimism is buoyed by our opinion of the quality of and company-specific long-term prospects for the Fund's portfolio holdings. Bottom-up analysis, coupled with a long-term perspective, has always been the foundation of our investment process.
Sincerely,
JUDITH M. VALE AND ROBERT D'ALELIO
PORTFOLIO CO-MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change 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.
13
Genesis Fund
TICKER SYMBOLS
Investor Class | NBGNX | ||
Trust Class | NBGEX | ||
Advisor Class | NBGAX | ||
Institutional Class | NBGIX | ||
Class R6 | NRGSX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.0 | % | |||
Consumer Staples | 6.6 | ||||
Energy | 1.9 | ||||
Financials | 11.9 | ||||
Health Care | 16.2 | ||||
Industrials | 19.7 | ||||
Information Technology | 19.6 | ||||
Materials | 8.7 | ||||
Short-Term Investments | 2.4 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
Investor Class | 09/27/1988 | –4.04 | % | –7.09 | % | 7.29 | % | 7.02 | % | 11.80 | % | ||||||||||||||||
Trust Class3 | 08/26/1993 | –4.06 | % | –7.18 | % | 7.20 | % | 6.95 | % | 11.78 | % | ||||||||||||||||
Advisor Class4 | 04/02/1997 | –4.20 | % | –7.47 | % | 6.90 | % | 6.66 | % | 11.56 | % | ||||||||||||||||
Institutional Class5 | 07/01/1999 | –3.95 | % | –6.95 | % | 7.47 | % | 7.23 | % | 11.94 | % | ||||||||||||||||
Class R624 | 03/15/2013 | –3.93 | % | –6.88 | % | 7.44 | % | 7.10 | % | 11.83 | % | ||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Index1,16 | –10.16 | % | –14.97 | % | 6.11 | % | 4.95 | % | 8.93 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.01%, 1.10%, 1.39%, 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 expense ratios for the semi-annual period ended February 29, 2016 can be found in the Financial Highlights section of this report.
14
Global Equity Fund Commentary
Neuberger Berman Global Equity Fund Institutional Class generated a –4.26% total return for the six months ended February 29, 2016, outperforming the –5.31% return of its benchmark, the MSCI All Country World Index (the Index). (Performance for all share classes is provided in the table immediately following this letter.)
Global equity markets remained volatile during the six-month reporting period as investors grappled with ongoing lackluster economic growth, low commodity prices and heightened geopolitical risk. All major markets posted negative results, with the U.S. nearly flat, followed by emerging markets, which saw something of a relief rebound late in the period. International developed markets fared worst.
Most sectors posted negative results for the period, with defensive Consumer Staples and Utilities stocks being the exceptions. Financials, under pressure from moves by the European Central Bank, the Bank of Japan and the U.S. Federal Reserve were weakest, in addition to Energy stocks, as a result of low commodity prices. Within the Index, Indonesia, New Zealand and Malaysia outperformed, while troubled economies like Greece, Czech Republic and Italy lagged.
The portfolio's outperformance was primarily due to strong stock selection, with sector allocations being a secondary benefit. Outperformance was most significant within Information Technology, Health Care and Financials, and by country, Israel, Canada and the U.S.
Top contributors this period included SanDisk, Waste Connections, and Bezeq Israeli Telecommunication. U.S.-based SanDisk, the leading supplier of NAND flash technologies, received a bid from and agreed to be acquired by Western Digital. The announced merger between U.S.-based Waste Connections, a garbage collection provider, and Progressive Waste was well received by investors. Bezeq, the Israeli telecom, delivered solid quarterly results.
The portfolio slightly lagged the Index within Industrials and Telecommunication Services, and due to having no exposure to Utilities. An overweight and stock selection within the UK was the largest relative headwind by country, followed by France and Norway.
Individual detractors included Barclays, Prudential plc, and TalkTalk. Barclays, the UK bank, disappointed after third quarter earnings fell victim to the difficult trading environment during the reporting period. Prudential plc fell as the UK-based international financial services group has exposure to Asian end markets, that investors fear will suffer due to China's economic slowdown. TalkTalk, a UK Telecom/TV/Internet service provider, was the victim of a cyber-attack. However, significantly fewer customers were affected than initially feared and we think the impact is manageable.
Despite 2016's difficult start, we believe the fundamentals for global equity markets are not significantly different than they were at the end of 2015. We continue to believe that economic growth will remain lackluster globally, with a slow recovery in Europe and a steady U.S. likely offsetting disappointments in Japan and the emerging markets.
As such, we continue to favor larger capitalization global companies with secular growth tailwinds, businesses that have had steady, recurring revenue streams, and smaller local companies in the U.S. and elsewhere that serve niche market segments or provide differentiated offerings. Such cash-generative businesses with stable or growing client demand offer the most value in our view, and could also offer a lower risk profile should markets remain volatile.
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.
15
Global Equity Fund
TICKER SYMBOLS
Institutional Class | NGQIX | ||
Class A | NGQAX | ||
Class C | NGQCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 06/30/2011 | –4.26 | % | –10.37 | % | 3.21 | % | ||||||||||||
Class A | 06/30/2011 | –4.33 | % | –10.64 | % | 2.85 | % | ||||||||||||
Class C | 06/30/2011 | –4.66 | % | –11.30 | % | 2.11 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –9.83 | % | –15.82 | % | 1.56 | % | |||||||||||||
Class C | –5.61 | % | –12.19 | % | 2.11 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI All Country World Index1,16 | –5.31 | % | –11.83 | % | 4.78 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 4.77%, 5.24% and 6.00% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.16%, 1.51% and 2.26% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
16
Global Real Estate Fund Commentary
Neuberger Berman Global Real Estate Fund Institutional Class generated a 1.00% total return for the six months ended February 29, 2016, underperforming its benchmark, the FTSE EPRA/NAREIT Developed Index, which generated a 1.70% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The global stock market generated weak results during the reporting period. The market was negatively impacted at times given concerns over moderating global growth, uncertainties regarding future monetary policy, geopolitical issues and investor risk aversion. Comparatively, global real estate investment trusts (REITs) posted solid results during the period, partially due to overall positive investor demand and generally declining interest rates.
While it produced a positive absolute return, the Fund modestly underperformed the benchmark during the reporting period. The Fund's positioning from a regional/country perspective detracted from results during the reporting period. An overweight to the UK was the largest negative for returns as it significantly lagged the benchmark. An underweight to the U.S. was also a headwind for performance. On the upside, an underweight to Hong Kong in the Asia Pacific ex-Japan region was the most beneficial for results given its sharp decline during the period. Having no exposure to Spain was also rewarded.
Sector allocation, overall, was negative for performance. An overweight to the Real Estate Holding & Development sector was the largest detractor from results. Conversely, an underweight to Hotel & Lodging REITs was the largest contributor to returns.
Finally, stock selection was beneficial for the Fund's performance. In particular, our holdings in the Specialty REITs and Diversified REITs sectors were the most additive for results. On the downside, the largest detractors were the Fund's holdings in the Industrial & Office REITs and Hotel & Lodging REITs sectors.
Looking ahead, we believe sustained U.S. economic improvement could lead to gradual interest rate increases in 2016. We also believe concerns regarding global growth and flights to quality should keep longer-term interest rates contained. In our view, we will see continued improvement in the U.S. economy, paired with gradual interest rate increases, which should be supportive of the U.S. commercial property market as the year progresses. Consistent with our previous view, we believe that real estate fundamentals, not interest rates, will be the long-term driver of performance in the REIT market. Overseas, we believe UK real estate companies have seen the majority of the yield tightening. We think the focus will turn to rental growth and the prospects for superior earnings growth. We believe supportive monetary policy, in addition to the opportunity for net asset values (NAVs) to "catch up" on the Continent, should make those companies attractive as well. Elsewhere, in Asia Pacific, we think real estate markets in Singapore and Hong Kong will likely experience a continued correction as investment and upgrading demand dwindle. In our opinion, the Australia market is more stable, especially in the cities Sydney and Melbourne. Finally, we believe Japan's real estate outlook remains positive, underpinned by proactive fiscal/monetary policies and good short-term supply/demand dynamics.
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.
17
Global Real Estate Fund
TICKER SYMBOLS
Institutional Class | NGRIX | ||
Class A | NGRAX | ||
Class C | NGRCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/30/2014 | 1.00 | % | –7.84 | % | –4.27 | % | ||||||||||||
Class A | 12/30/2014 | 0.82 | % | –8.26 | % | –4.65 | % | ||||||||||||
Class C | 12/30/2014 | 0.43 | % | –8.97 | % | –5.36 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –5.00 | % | –13.54 | % | –9.36 | % | |||||||||||||
Class C | –0.57 | % | –9.87 | % | –5.36 | % | |||||||||||||
Index | |||||||||||||||||||
FTSE EPRA/NAREIT Developed Index1,16 | 1.70 | % | –7.75 | % | –4.13 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 10.18%, 10.80% and 12.12% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.00%, 1.36% and 2.11% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
18
Greater China Equity Fund Commentary
Neuberger Berman Greater China Equity Fund Institutional Class generated a –9.64% total return for the six months ended February 29, 2016, but outperformed its benchmark, the MSCI China Index, which provided a –13.18% total return over the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Over the past six months, the China equity markets have exhibited weak performance as investor sentiment remained largely negative. In September, the onshore China A-shares market underperformed due to weaker-than-expected macroeconomic data that was released for August. The China equity markets rebounded after the China National Day holidays, primarily due to the U.S. Federal Open Market Committee's delay on interest rate hikes, a stabilizing China Purchasing Managers Index (PMI), and further supportive policies and reform measures such as purchase tax cuts for automobiles and the reduction of down payment requirements for first time home buyers. The rebound was further supported later in the month by published third quarter GDP growth of 6.9% and another round of interest rate and reserve requirement ratio cuts by 25 basis points and 50 basis points, respectively. In November, China's Fifth Plenum led to the abolishment of its One Child Policy and anticipation of the Shenzhen-Hong Kong Stock Connect scheme. Towards year-end, the performance of the offshore and onshore China equity markets diverged, with the former being impacted by disappointing macroeconomic data and a continued decrease in oil prices. Meanwhile, the onshore market was buoyed by the International Monetary Fund's inclusion of the renminbi in the special drawing rights basket, coupled with prospects around further reforms to state-owned enterprises. Going into 2016, the market continued to decline due to negative investor sentiment over depreciation of the renminbi, global oil prices and the announcement of weaker-than-expected fourth quarter GDP growth. A rebound in January PMI led to market stabilization ahead of the Chinese New Year holidays, and expectations of supply side reform guidelines and rising oil prices boosted markets further. However, the rebound was short-lived as market concerns over liquidity conditions prompted profit taking towards month-end.
Over the past six months, the Fund's overweight positions in the Information Technology (IT) and Health Care sectors contributed to performance relative to the benchmark. Conversely, the Fund's overweight in Utilities and Consumer Discretionary detracted from performance relative to benchmark. Stock selection in Industrials and IT positively impacted performance, while stock selection in Consumer Discretionary and Utilities had a negative impact to performance relative to the benchmark.
The Fund continues to focus on companies that have sustainable top and bottom line growth, which we identify by looking at operating cash flow from recurring core businesses. As of February 29, 2016, the Fund's largest sector overweight relative to the benchmark was Health Care and the largest sector underweight was Financials. The Fund also held overweight positions in Industrials and Consumer Discretionary and underweight positions in Energy and Telecommunication Services. The Fund's top 10 positions comprised more than 47% of total portfolio assets at the end of February.
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.
19
Greater China Equity Fund
TICKER SYMBOLS
Institutional Class | NCEIX | ||
Class A | NCEAX | ||
Class C | NCECX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 11.7 | % | |||
Consumer Staples | 5.4 | ||||
Energy | 0.4 | ||||
Financials | 19.1 | ||||
Health Care | 11.5 | ||||
Industrials | 15.0 | ||||
Information Technology | 22.2 | ||||
Telecommunication Services | 5.3 | ||||
Utilities | 8.8 | ||||
Short-Term Investments | 0.6 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
EXCHANGE ALLOCATION
(as a % of Long Term Investments) | |||||
Mainland China | 31.6 | % | |||
Hong Kong | 55.7 | ||||
United States | 12.7 | ||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 07/17/2013 | –9.64 | % | –16.92 | % | 5.05 | % | ||||||||||||
Class A | 07/17/2013 | –9.37 | % | –16.85 | % | 4.89 | % | ||||||||||||
Class C | 07/17/2013 | –10.04 | % | –17.79 | % | 3.94 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –14.62 | % | –21.64 | % | 2.55 | % | |||||||||||||
Class C | –10.84 | % | –18.52 | % | 3.94 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI China Index1,16 | –13.18 | % | –25.56 | % | –0.97 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.61%, 2.01% and 2.81% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51%, 1.87% and 2.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
20
Guardian Fund Commentary
Neuberger Berman Guardian Fund Investor Class generated a –3.15% total return for the six months ended February 29, 2016, underperforming the –0.92% return of its benchmark, the S&P 500® Index. (Performance for all share classes is provided in the table immediately following this letter.)
The U.S. stock market generated weak results during the six-month reporting period. The market was negatively impacted at times given concerns over moderating global growth, uncertainties regarding future monetary policy, geopolitical issues and investor risk aversion.
The Fund's investments fall into three buckets: Growth, Total Return and Opportunistic. Growth companies are those companies that are growing their revenues and, as they do so, generate free cash flow that is reinvested in the business at what we identify as attractive risk-adjusted returns. Total Return investments demonstrate sustainable and/or growing streams of income that are underpinned by asset value and which may result in growing cash returns to shareholders (e.g., increased dividends, share repurchases, return of capital). Finally, Opportunistic investments are those with identifiable catalysts. This bucket may include companies with management changes, company reorganizations, merger and acquisition activity, "hidden assets," or other market dislocations that have the potential to unlock intrinsic value.
The Fund's underperformance relative to the benchmark during the reporting period was due to stock selection. In particular, holdings in the Consumer Discretionary, Industrials and Materials sectors were among the largest detractors from results. On the upside, stock selection in the Financials, Utilities and Energy sectors was the most beneficial for performance. Sector allocation, overall, contributed to results during the reporting period. An overweight to Utilities and underweights to Health Care and Information Technology added the most value. Conversely, an overweight to Industrials and underweights to Consumer Staples and Energy were the largest headwinds for results.
With modest but still positive earnings growth forecasted for the S&P 500 Index in 2016, our outlook for U.S. equities remains constructive but requires increasing selectivity. The corporate environment continues to be supported by solid cash flow generation, strong balance sheets and attractive returns on capital. In our view, these results are a reflection of the ingenuity of corporate leaders to adapt to the impressive and continuous advances in scientific knowledge, while harnessing highly innovative technology to improve the performance of their increasingly global businesses. Importantly, in our view, equity valuations are not overly demanding. Specifically, equity valuations in the U.S. already appear to us valued for very slow growth, tilting closer to the stagnation view of the world rather than a view for long-term normalization. Thus, it is our opinion that any sense that the global economy is not heading toward either a recession or secular stagnation could be very well received by risk assets.
We remain mindful that our constructive view on risk assets is not without risks. Despite generally positive U.S. economic data, markets remain jittery because of the potential for the U.S. Federal Reserve (Fed) to raise interest rates further in a slowing economy, thereby pulling liquidity from the system at what we believe to be exactly the wrong time. While we believe the Fed will be extremely cautious in its approach, it is our opinion that the risk of an unexpected regime change from the past few years may bring about unintended consequences if not properly timed. We also continue to monitor a weakening Chinese economy as it pivots from a manufacturing to a service based economy. Lastly, a depressed oil price further destabilizes an already unpredictable Russian state and Middle East region. Ultimately, we remain vigilant and continue to monitor key data points—particularly global fixed income market dynamics—as we assess whether any geopolitical disruption, however small, could spill over into global markets.
Sincerely,
CHARLES KANTOR
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.
21
Guardian Fund
TICKER SYMBOLS
Investor Class | NGUAX | ||
Trust Class | NBGTX | ||
Advisor Class | NBGUX | ||
Institutional Class | NGDLX | ||
Class A | NGDAX | ||
Class C | NGDCX | ||
Class R3 | NGDRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 16.7 | % | |||
Consumer Staples | 7.5 | ||||
Energy | 5.7 | ||||
Financials | 15.0 | ||||
Health Care | 11.6 | ||||
Industrials | 6.2 | ||||
Information Technology | 17.5 | ||||
Materials | 1.0 | ||||
Telecommunication Services | 4.3 | ||||
Utilities | 7.1 | ||||
Short-Term Investments | 7.4 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,12
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1950 | –3.15 | % | –11.09 | % | 7.10 | % | 5.67 | % | 10.87 | % | ||||||||||||||||
Trust Class3 | 08/03/1993 | –3.15 | % | –11.18 | % | 6.93 | % | 5.49 | % | 10.82 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | –3.36 | % | –11.68 | % | 6.51 | % | 5.07 | % | 10.68 | % | ||||||||||||||||
Institutional Class5 | 05/27/2009 | –3.04 | % | –10.93 | % | 7.30 | % | 5.80 | % | 10.89 | % | ||||||||||||||||
Class A20 | 05/27/2009 | –3.19 | % | –11.23 | % | 6.90 | % | 5.54 | % | 10.84 | % | ||||||||||||||||
Class C20 | 05/27/2009 | –3.50 | % | –11.89 | % | 6.10 | % | 5.01 | % | 10.76 | % | ||||||||||||||||
Class R317 | 05/27/2009 | –3.35 | % | –11.57 | % | 6.61 | % | 5.36 | % | 10.82 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –8.78 | % | –16.32 | % | 5.65 | % | 4.92 | % | 10.75 | % | |||||||||||||||||
Class C20 | –4.34 | % | –12.65 | % | 6.10 | % | 5.01 | % | 10.76 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,16 | –0.92 | % | –6.19 | % | 10.13 | % | 6.44 | % | 10.94 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.87%, 1.06%, 1.54%, 0.71%, 1.07%, 1.83% and 1.37% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.50% and 1.36% for Advisor Class and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
22
International Equity Fund Commentary
Neuberger Berman International Equity Fund Institutional Class generated a –4.10% total return for the six months ended February 29, 2016, outperforming its benchmark, the MSCI EAFE® Index, which provided a –9.38% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Volatility continued in international developed equity markets during the six-month reporting period, as concerns about weak global growth and commodity prices were joined by geopolitical risk, including November's horrific attacks in Paris. News from central banks, including the U.S. Federal Reserve, which raised interest rates in December but seems to us unlikely to raise them again soon, and a renewal of accommodative policies by the European Central Bank and the Bank of Japan, helped moderate concerns. A recovery began in mid-February, but was not enough to erase earlier losses.
By sector, Consumer Staples stocks reported mildly positive results for the period. All others lost ground, with Financials and Materials faring the worst. By country, New Zealand and Belgium outperformed, while markets including Italy and Spain lagged, with both posting double-digit losses.
In terms of the portfolio, the majority of its outperformance resulted from stock selection, with the most significant advantages coming from Financials and Consumer Discretionary stocks. By country, holdings based in Israel, Switzerland and Japan were additive.
On an individual basis, Synergy Health, Amlin and Bezeq Israeli Telecommunication were among the top contributors. The takeover of Synergy Health, a UK-based health care services name, was approved, leading to a significant rise in its stock price. Amlin, a UK re-insurer, received a bid in September at a significant premium. After evaluating the offer, we sold our position. Bezeq, an Israeli telecom, delivered solid quarterly results.
Weaker areas within the portfolio included Energy holdings and our zero weighting in Utilities. By country, Danish, French and Australian holdings lagged. Individual detractors included Barclays, TalkTalk and BNP Paribas. Barclays, the UK bank, disappointed after third quarter earnings fell victim to the difficult trading environment during the reporting period. TalkTalk, a UK Telecom/TV/Internet service provider, was the victim of a cyber-attack. However, significantly fewer customers were affected than initially feared and we think the impact is manageable. French global banking firm, BNP Paribas, sold off with other European banks on fears of low interest rates, despite posting decent quarterly results.
Despite 2016's difficult start, it is our opinion that the fundamentals for global equity markets are not significantly different than they were at the end of 2015. We continue to believe that global economic growth will remain lackluster, while a slow recovery in Europe and a steady U.S. should offset likely disappointments from Japan and the emerging markets.
As such, we continue to favor larger capitalization global companies with secular growth tailwinds, businesses that have had steady, recurring revenue streams, and smaller local companies with the opportunity to globalize. Such cash-generative businesses with stable or growing client demand offer the most value in our view, and we also believe they could offer a lower risk profile should markets remain volatile.
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.
23
International Equity Fund
TICKER SYMBOLS
Investor Class | NIQVX | ||
Trust Class | NIQTX | ||
Institutional Class | NBIIX | ||
Class A | NIQAX | ||
Class C | NIQCX | ||
Class R6 | NRIQX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class13 | 01/28/2013 | –4.13 | % | –9.96 | % | 2.14 | % | 1.91 | % | 3.85 | % | ||||||||||||||||
Trust Class13 | 01/28/2013 | –4.18 | % | –10.05 | % | 2.08 | % | 1.88 | % | 3.83 | % | ||||||||||||||||
Institutional Class | 06/17/2005 | –4.10 | % | –9.82 | % | 2.27 | % | 1.97 | % | 3.91 | % | ||||||||||||||||
Class A13 | 01/28/2013 | –4.18 | % | –10.07 | % | 2.05 | % | 1.86 | % | 3.81 | % | ||||||||||||||||
Class C13 | 01/28/2013 | –4.53 | % | –10.75 | % | 1.57 | % | 1.62 | % | 3.58 | % | ||||||||||||||||
Class R623 | 09/03/2013 | –3.99 | % | –9.75 | % | 2.31 | % | 1.99 | % | 3.93 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A13 | –9.68 | % | –15.24 | % | 0.85 | % | 1.26 | % | 3.24 | % | |||||||||||||||||
Class C13 | –5.48 | % | –11.64 | % | 1.57 | % | 1.62 | % | 3.58 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index1,16 | –9.38 | % | –14.80 | % | 1.01 | % | 1.95 | % | 3.74 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.25%, 1.36%, 1.07%, 1.43%, 2.18% and 0.99% 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 0.78% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class, Class A and Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 29, 2016 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.
24
International Select Fund Commentary
Neuberger Berman International Select Fund Trust Class generated a –4.92% total return for the six months ended February 29, 2016, outperforming its benchmark, the MSCI EAFE® Index, which provided a –9.38% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Volatility continued in international developed equity markets during the six-month reporting period, as concerns about weak global growth and commodity prices were joined by geopolitical risk, including November's horrific attacks in Paris. News from central banks, including the U.S. Federal Reserve, which raised interest rates in December but seems to us unlikely to raise them again soon, and a renewal of accommodative policies by the European Central Bank and the Bank of Japan, helped moderate concerns. A recovery began in mid-February, but was not enough to erase earlier losses.
By sector, Consumer Staples stocks reported mildly positive results for the period. All others lost ground, with Financials and Materials faring the worst. By country, New Zealand and Belgium outperformed, while markets including Italy and Spain lagged, with both posting double-digit losses.
In terms of the portfolio, that majority of its outperformance resulted from stock selection, with significant advantages coming from Consumer Discretionary and Financials stocks. Stock selection, plus an overweight to Information Technology, was another positive. By country, holdings based in Israel, Switzerland and Japan were additive.
On an individual basis, Amlin, Bezeq Israeli Telecommunication and SGS were among the top contributors. Amlin, a UK re-insurer, received a bid in September at a significant premium. After evaluating the offer, we sold our position. Bezeq, an Israeli telecom, delivered solid quarterly results. SGS, a Swiss-based inspection and certification specialist, bounced back as investors returned to the name after an overdone sell off in early 2015 that was driven by the weakness in its commodity-related business.
Weaker areas within the portfolio included Energy holdings, along with our zero weighting in Utilities and, by country, Danish, French and Swedish holdings. Individual detractors included Barclays, Novartis and TalkTalk. Barclays, the UK bank, disappointed after third quarter earnings fell victim to the difficult trading environment during the reporting period. Novartis, the Swiss-based global pharmaceuticals firm, posted recent quarterly results that disappointed investors. TalkTalk, a UK Telecom/TV/Internet service provider, was the victim of a cyber-attack. However, significantly fewer customers were affected than initially feared and we think the impact is manageable.
Despite 2016's difficult start, it is our opinion that the fundamentals for global equity markets are not significantly different than they were at the end of 2015. We continue to believe that global economic growth will remain lackluster, while a slow recovery in Europe and a steady U.S. should offset likely disappointments from Japan and the emerging markets.
As such, we continue to favor larger capitalization global companies that have had secular growth tailwinds, businesses with steady, recurring revenue streams, and smaller local companies with the opportunity to globalize. Such cash-generative businesses with stable or growing client demand offer the most value in our view, and could also offer a lower risk profile should markets remain volatile.
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.
25
International Select Fund
TICKER SYMBOLS
Trust Class | NILTX | ||
Institutional Class | NILIX | ||
Class A | NBNAX | ||
Class C | NBNCX | ||
Class R3 | NBNRX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Trust Class | 08/01/2006 | –4.92 | % | –11.52 | % | 0.85 | % | 1.64 | % | ||||||||||||||
Institutional Class6 | 10/06/2006 | –4.77 | % | –11.23 | % | 1.19 | % | 1.99 | % | ||||||||||||||
Class A15 | 12/20/2007 | –4.85 | % | –11.50 | % | 0.85 | % | 1.65 | % | ||||||||||||||
Class C15 | 12/20/2007 | –5.23 | % | –12.18 | % | 0.10 | % | 1.00 | % | ||||||||||||||
Class R315 | 05/27/2009 | –5.06 | % | –11.75 | % | 0.58 | % | 1.45 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A15 | –10.31 | % | –16.60 | % | –0.33 | % | 1.02 | % | |||||||||||||||
Class C15 | –6.18 | % | –13.06 | % | 0.10 | % | 1.00 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI EAFE® Index1,16 | –9.38 | % | –14.80 | % | 1.01 | % | 1.48 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.33%, 0.93%, 1.31%, 2.05% and 1.55% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.25%, 0.90%, 1.30%, 2.00% and 1.51% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
26
Intrinsic Value Fund Commentary
Neuberger Berman Intrinsic Value Fund Institutional Class generated a –8.86% total return for the six months ended February 29, 2016, underperforming its benchmark, the Russell 2000® Value Index, which returned –6.73% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
One can point to a litany of reasons for the market's poor performance, from the plunge in crude oil prices to volatile foreign currency markets and surprise actions from central banks. We think that after three years of vibrant profit growth, markets are re-pricing to more a conservative economic view of the future.
Given the uncertain outlook, our strategy is to stay the course with companies that we often refer to as being in "blossom" mode—those whose businesses we believe are improving and whose valuations seem to us reasonable, while slowing down the pace of new investments in out-of-favor stocks. In fact, we introduced the smallest number of new ideas to the portfolio in recent history—four (Avis Budget, Deckers Outdoor, GNC and Luminex) versus a semi-annual average of more than 10.
Approximately 40% of our strategy is invested in the Technology sector. Connectivity, or networking, is a large commitment of ours. For example, holdings such as Infinera, Ciena, Brocade, Lumentum, M/A-COM and Mellanox make the Internet faster and more capable of handling cutting edge services. Optimizing the use of Internet bandwidth and providing cyber security are also critical functions. Gigamon, Viavi, Verint, and KEYW Holding all offer products to assist and secure networks and websites. As technology becomes more sophisticated, many manufacturers rely in part on the intellectual property of others to solve specific problems. Rambus, CEVA, Dolby and Cadence each has a license and royalty stream from technology companies who incorporate their solutions to introduce faster, more energy efficient and higher quality products.
Producer Durables companies constitute approximately 20% of the portfolio. We think the companies in this sector are often undervalued by virtue of their cyclicality and complexity. At times, we are able to capture an intriguing growth opportunity. For example, Aerovironment is a cash rich manufacturer of military drones and electric car charging stations. OSI Systems has a leading position in baggage security screening systems and Maxwell Technologies is a pioneer in developing ultra-capacitors for automotive and industrial applications.
Looking at the sectors and individual companies that detracted from returns, there was a common thread—basic industrial and commodity exposure led to poor performance. The most pain came from our investments in independent power producers. These companies are wholesalers of electric power. Dynegy, NRG Energy and Covanta declined between 25% and 60% during the period. Our investment premise is that power markets in the U.S. will likely tighten, driving up wholesale electricity prices. With the benefit of hindsight, even though these companies are utilities, they are levered, complex, and at their core, commodity plays. We don't have many other commodity producers or basic industry investments, but companies in these sectors spend a lot on capital goods. Our investments in Clean Harbors, Manitowoc, Harsco, Meritor and Dana Holding have all felt the impact of weak commodity markets and reduced spending by their customers.
We entered 2016 with a portfolio that we believed was attractively valued and well positioned in faster growing businesses but at the mercy of global economic fundamentals that are mixed. Encouragingly, our intrinsic value1 measure is more attractive now than it was a year ago. Nevertheless, there are strains in certain industries and geographies that are weighing on corporate profits and growth. This leads many to predict continued market volatility. We do not disagree, but our belief is that the market could ultimately finish 2016 higher.
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
1 Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
27
Intrinsic Value Fund
TICKER SYMBOLS
Institutional Class | NINLX | ||
Class A | NINAX | ||
Class C | NINCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 5.9 | % | |||
Consumer Staples | 1.1 | ||||
Energy | 0.9 | ||||
Financial Services | 9.5 | ||||
Health Care | 5.4 | ||||
Materials & Processing | 5.8 | ||||
Producer Durables | 18.9 | ||||
Technology | 41.5 | ||||
Utilities | 4.2 | ||||
Short-Term Investments | 6.8 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class19 | 05/10/2010 | –8.86 | % | –12.70 | % | 5.44 | % | 7.09 | % | 10.54 | % | ||||||||||||||||
Class A19 | 05/10/2010 | –8.97 | % | –12.93 | % | 5.08 | % | 6.87 | % | 10.42 | % | ||||||||||||||||
Class C19 | 05/10/2010 | –9.29 | % | –13.58 | % | 4.30 | % | 6.41 | % | 10.16 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –14.21 | % | –17.95 | % | 3.84 | % | 6.24 | % | 10.07 | % | |||||||||||||||||
Class C19 | –10.15 | % | –14.40 | % | 4.30 | % | 6.41 | % | 10.16 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Value Index1,16 | –6.73 | % | –13.35 | % | 5.27 | % | 4.08 | % | 7.64 | % | |||||||||||||||||
Russell 2000® Index1,16 | –10.16 | % | –14.97 | % | 6.11 | % | 4.95 | % | 6.66 | % |
*The inception date for Neuberger Berman Intrinsic Value Fund Institutional Class, Class A, and Class C shares is May 10, 2010. Performance prior to that date is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund"); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"), which had similar investment goals, strategies, and portfolio management team. See endnote 19 for more information.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.10%, 1.51% and 2.22% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.00%, 1.36% and 2.11% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
28
Large Cap Disciplined Growth Fund Commentary
Neuberger Berman Large Cap Disciplined Growth Fund Investor Class generated a –3.64% total return for the six months ended February 29, 2016, trailing its benchmark, the Russell 1000® Growth Index, which provided a return of –1.22% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The market has been volatile over the six-month reporting period as investors struggled with tepid U.S. and global economic growth, low commodity prices, geopolitical risk and, in the U.S., political rhetoric. During the first four months of the period, given relatively weak economic conditions, investors favored companies growing faster than, and uncorrelated with, economic growth (such as health care, biotech and well known hyper-growth stocks). Our investments were rewarded and the portfolio performed in line with or ahead of the benchmark from September through year-end. Our underperformance versus the benchmark this period results from the first two months of 2016, when despite ongoing economic weakness and other macro concerns, sentiment shifted away from 2015's aggressive growth winners in favor of value-like growth names.
Within the portfolio, Consumer Discretionary holdings made the largest contribution to relative returns by sector, on strong stock selection. A zero weighting to Energy was another advantage. Consumer Staples and Health Care stocks detracted the most, both on individual holdings and on an allocation basis.
Many of our top contributors this period came from within the Information Technology sector. SanDisk (which was sold) recovered from its cyclical lows and from a takeout; Intuit performed well largely on the success of QuickBooks online, an offering that is gaining traction in ancillary services to small businesses; and Microsoft benefited as it successfully morphed from a desktop computing company to one with a meaningfully competitive presence in cloud computing.
Stocks with aggressive multiples after last year's run-up in sectors such as Health Care became vulnerable early this year, with even a slight disappointment capable of causing a significant pullback. This was the case for Vertex Pharmaceuticals, our largest detractor. Vertex has what we believe is an exciting portfolio of Cystic Fibrosis treatments, with powerful products in development, suggesting a significant market share growth opportunity over time. Though management talked to analysts about right-sizing aggressive expectations for 2016, Wall Street reacted poorly to guidance. We remain long-term believers in the stock.
Similarly, lower-than-expected guidance hurt LinkedIn. The reduction was based on slowing in premium subscriptions (approximately 30% of the business), while LinkedIn's core Talent Solutions business, the key to our thesis, continues to grow. We believe LinkedIn remains a strong longer-term opportunity.
The only detractor we sold in recent months was Alliance Data Systems, on concerns about developing credit risk at the private label credit card company.
As we look ahead, our confidence isn't shaken by the market activity over the past two months. Despite the fact that the market has compressed some of the more aggressive growth names, we plan to keep concentration up and turnover down—working to create alpha by betting on our highest conviction names regardless of the market or economic backdrop. We will also continue our search for new opportunities for strong growth with catalysts for acceleration, working to use temporary price disruptions to our 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.
29
Large Cap Disciplined Growth Fund
TICKER SYMBOLS
Investor Class | NBCIX | ||
Institutional Class | NLDLX | ||
Class A | NLDAX | ||
Class C | NLDCX | ||
Class R3 | NLDRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 21.5 | % | |||
Consumer Staples | 7.5 | ||||
Financials | 4.1 | ||||
Health Care | 18.5 | ||||
Industrials | 6.0 | ||||
Information Technology | 35.7 | ||||
Materials | 4.5 | ||||
Telecommunication Services | 1.1 | ||||
Short-Term Investments | 1.1 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS11
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 12/06/1999 | –3.64 | % | –9.29 | % | 5.05 | % | 4.51 | % | 0.15 | % | ||||||||||||||||
Institutional Class5 | 04/06/2009 | –3.33 | % | –8.94 | % | 5.42 | % | 4.77 | % | 0.30 | % | ||||||||||||||||
Class A20 | 04/06/2009 | –3.39 | % | –9.07 | % | 5.08 | % | 4.51 | % | 0.14 | % | ||||||||||||||||
Class C20 | 04/06/2009 | –3.99 | % | –9.89 | % | 4.25 | % | 3.96 | % | –0.18 | % | ||||||||||||||||
Class R317 | 05/27/2009 | –3.70 | % | –9.23 | % | 4.82 | % | 4.36 | % | 0.06 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –8.85 | % | –14.32 | % | 3.83 | % | 3.89 | % | –0.22 | % | |||||||||||||||||
Class C20 | –4.95 | % | –10.79 | % | 4.25 | % | 3.96 | % | –0.18 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Growth Index1,16 | –1.22 | % | –5.05 | % | 10.95 | % | 7.74 | % | 2.38 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.36%, 1.03%, 1.44%, 2.17% and 1.84% 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 1.13%, 0.77%, 1.13%, 1.88%, and 1.38% for Investor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
30
Large Cap Value Fund Commentary
Neuberger Berman Large Cap Value Fund Investor Class generated a –8.27% total return for the six months ended February 29, 2016, underperforming its benchmark, the Russell 1000® Value Index (the Index), which returned –2.87% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Over the six-month reporting period, the market endured some forceful swings as equities were swayed by a handful of macro issues. Economic weakness in China, which had been weighing on commodities and dragging down other emerging markets, caused a large dip in stocks as fears mounted that global softness could begin to pressure the U.S. economy. The market soon recovered, however, as investors were quieted when the U.S. Federal Reserve (Fed) continued to delay interest rate tightening and policymakers in China, Europe and Japan reasserted their commitments to fostering economic growth. A short period of relative calm then gave way to a sharp market sell-off in January amidst rising anxiety over China and other emerging markets, as well as a plunge in oil prices. Moreover, a recent increase in the federal funds rate caused the U.S. dollar to soar while the currencies in China and other countries fell. Stocks dropped further in February to a two-year low but regained significant ground by the end of the reporting period as oil prices rebounded and the Fed seemed to take a more moderate stance on future rate increases.
The defensive segments of the market led performance within the Index over the period, with the Utilities and Telecommunication Services being the highest returning sectors, followed by Consumer Staples. Sectors that trailed the overall market for the period include Energy, Financials and Consumer Discretionary.
For the Fund, the Materials sector gave the largest lift to performance relative to the Index during the period. We were overweighted to this sector, which held up better than the overall market, and our Materials holdings on the whole outperformed due mainly to strength in the Metals & Mining area, which did well as gold prices soared towards the end of the period. Consumer Discretionary was the largest drag on Fund performance versus the Index. Our heavier allocation to this comparatively weak segment of the market was a negative and our holdings in aggregate underperformed those in the Index sector. Within this area, some luxury brand and specialty retailers were hurt by an unseasonably warm winter in much of the U.S, a rising U.S. dollar and softer-than-expected consumer demand.
Looking forward, we believe there are many external factors that will likely continue to influence the direction of the equity markets. The global arena presents a challenge as growth prospects in China remain opaque and other emerging markets grapple with heavy debt loads. The Chinese government has expressed a commitment to supporting its economy and Europe and Japan are taking aggressive measures with negative interest rates. In the U.S., we believe corporate earnings are exhibiting the pressures of low oil prices, a flat yield curve, the lofty U.S. dollar and sluggish global demand. Additionally, uncertainty surrounding U.S. interest rate tightening is causing some upheaval. Still, in our opinion, the U.S. economy continues to exhibit signs of strength and we believe the oil price environment should recover over time. Within this context, we believe there is value within the Industrials and Energy sectors as well as other select areas of the market. Our portfolio construction strategy entails finding underappreciated stocks with hidden value that can be realized as specific catalysts play out over time. Within this environment, we believe that our approach can be key to generating favorable returns over the long term.
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.
31
Large Cap Value Fund
TICKER SYMBOLS
Investor Class | NPRTX | ||
Trust Class | NBPTX | ||
Advisor Class | NBPBX | ||
Institutional Class | NBPIX | ||
Class A | NPNAX | ||
Class C | NPNCX | ||
Class R3 | NPNRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 17.1 | % | |||
Consumer Staples | 0.6 | ||||
Energy | 21.1 | ||||
Financials | 17.6 | ||||
Industrials | 25.0 | ||||
Information Technology | 3.4 | ||||
Materials | 11.9 | ||||
Utilities | 1.2 | ||||
Short-Term Investments | 2.1 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 01/20/19752 | –8.27 | % | –16.15 | % | 3.38 | % | 2.77 | % | 12.05 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | –8.35 | % | –16.35 | % | 3.17 | % | 2.58 | % | 11.97 | % | ||||||||||||||||
Advisor Class4 | 08/16/1996 | –8.40 | % | –16.46 | % | 3.02 | % | 2.42 | % | 11.84 | % | ||||||||||||||||
Institutional Class5 | 06/07/2006 | –8.20 | % | –16.01 | % | 3.54 | % | 2.93 | % | 12.10 | % | ||||||||||||||||
Class A20 | 06/21/2010 | –8.34 | % | –16.33 | % | 3.13 | % | 2.63 | % | 12.02 | % | ||||||||||||||||
Class C20 | 06/21/2010 | –8.71 | % | –16.93 | % | 2.37 | % | 2.19 | % | 11.90 | % | ||||||||||||||||
Class R317 | 06/21/2010 | –8.51 | % | –16.56 | % | 2.87 | % | 2.48 | % | 11.98 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –13.60 | % | –21.14 | % | 1.92 | % | 2.02 | % | 11.86 | % | |||||||||||||||||
Class C20 | –9.47 | % | –17.62 | % | 2.37 | % | 2.19 | % | 11.90 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,16 | –2.87 | % | –9.41 | % | 8.81 | % | 5.13 | % | N/A |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.87%, 1.06%, 1.21%, 0.71%, 1.10%, 1.83% and 1.52% 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 1.37% for Class R3 shares, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 29, 2016 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.
32
Mid Cap Growth Fund Commentary
The Neuberger Berman Mid Cap Growth Fund Investor Class generated a –13.99% total return for the six months ended February 29, 2016, underperforming its benchmark, the Russell Midcap® Growth Index, which returned –6.03% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The six-month reporting period, which served to both close out 2015 and usher in 2016, offered up a roller-coaster of volatility. September signaled the end of nearly four years of uninterrupted market gains as a politically induced correction in Health Care broadly spread to the rest of the market, especially the higher growth sectors, such as Information Technology (IT) and Consumer Discretionary. December ushered in the one thing that wasn't surprising, the U.S. Federal Reserve's (Fed) long-awaited and oft-debated interest rate hike, with the market generally appreciating the removal of uncertainty. 2016, however, started on a negative note as the continued decline in the price of oil, a strengthening dollar and disappointing economic news out of China roiled global markets. Subsequently, we continued to trade up and down on those three key indicators, finishing with an oil-driven rally that quieted, for the time being, any talk of a renewed recession. Ultimately, the markets over the last six months proved to be increasingly intertwined and unpredictable with respect to embracing or avoiding risk.
During the reporting period, the portfolio was materially overweighted to IT, Health Care, Telecommunication Services and Energy, and underweighted to Consumer Staples, Financials, Materials, Consumer Discretionary and Industrials. Led by our IT and Health Care decisions, stock selection was unfortunately broadly negative during the period as the portfolio struggled to adjust to new post-correction realities from an anxious market that continued to rotate sharply away from higher volatility and higher expectation growth segments.
Drilling down to our holdings, Monolithic Power Systems was a top contributor to performance, while Tableau Software was a leading detractor. Monolithic, a semiconductor company that provides integrated power solutions, continued to successfully introduce new products and achieved favorable market penetration. Tableau delivered a poor quarter, which was further compounded by a surprisingly underwhelming outlook that highlighted increased spending and slowing top-line growth. Given the disappointment and uncertainty, we exited our position in Tableau.
As we look ahead, we believe we will see plenty of economic positives, most notably with respect to employment and inflation/deflation, to rally around, but it is also becoming clear that superior earnings growth will be harder to come by. Under-appreciated catalysts, compelling fundamentals, balance sheet strength and execution will continue to be prized attributes central to our process, but given the market's tough sentiment towards companies with elevated expectations, it will also be more incumbent upon us than ever to strike the proper risk/reward balance in what may likely continue to be a volatile environment.
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.
33
Mid Cap Growth Fund
TICKER SYMBOLS
Investor Class | NMANX | ||
Trust Class | NBMTX | ||
Advisor Class | NBMBX | ||
Institutional Class | NBMLX | ||
Class A | NMGAX | ||
Class C | NMGCX | ||
Class R3 | NMGRX | ||
Class R6 | NRMGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 22.7 | % | |||
Consumer Staples | 3.5 | ||||
Energy | 1.2 | ||||
Financials | 7.4 | ||||
Health Care | 17.4 | ||||
Industrials | 15.8 | ||||
Information Technology | 22.8 | ||||
Materials | 2.7 | ||||
Telecommunication Services | 1.9 | ||||
Other | 0.8 | ||||
Short-Term Investments | 3.8 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/01/19792 | –13.99 | % | –13.75 | % | 7.30 | % | 6.51 | % | 11.36 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | –14.05 | % | –13.84 | % | 7.24 | % | 6.38 | % | 11.27 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | –14.15 | % | –14.04 | % | 6.91 | % | 6.09 | % | 11.07 | % | ||||||||||||||||
Institutional Class5 | 04/19/2007 | –13.98 | % | –13.68 | % | 7.52 | % | 6.77 | % | 11.43 | % | ||||||||||||||||
Class A20 | 05/27/2009 | –14.13 | % | –13.95 | % | 7.14 | % | 6.42 | % | 11.33 | % | ||||||||||||||||
Class C20 | 05/27/2009 | –14.43 | % | –14.61 | % | 6.34 | % | 5.89 | % | 11.18 | % | ||||||||||||||||
Class R317 | 05/27/2009 | –14.19 | % | –14.16 | % | 6.88 | % | 6.25 | % | 11.28 | % | ||||||||||||||||
Class R624 | 03/15/2013 | –13.95 | % | –13.59 | % | 7.47 | % | 6.59 | % | 11.38 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –19.08 | % | –18.89 | % | 5.87 | % | 5.80 | % | 11.15 | % | |||||||||||||||||
Class C20 | –15.25 | % | –15.43 | % | 6.34 | % | 5.89 | % | 11.18 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Growth Index1,16 | –6.03 | % | –10.84 | % | 8.84 | % | 6.99 | % | N/A | ||||||||||||||||||
Russell Midcap® Index1,16 | –5.60 | % | –11.25 | % | 8.91 | % | 6.87 | % | 13.01 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.93%, 1.00%, 1.26%, 0.76%, 1.12%, 1.89%, 1.38% and 0.68% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.87% and 1.37% for Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class, Class A and Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 29, 2016 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.
34
Mid Cap Intrinsic Value Fund Commentary
Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a –7.74% total return for the six months ended February 29, 2016, underperforming its benchmark, the Russell Midcap® Value Index, which returned –5.17% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Markets were very volatile and sensitive to changes in the economic backdrop during the last several months of 2015. Contrarian and complex companies, the focus of our intrinsic value1 strategy, were at best ignored by the market and in several cases stock prices were severely punished if fundamentals showed any deterioration. 2016 kicked off with one of the worst performing Januarys in U.S equity history and most asset classes ended the month markedly lower. Following January's sharp decline and a shaky start to February, equities rebounded by the end of the month. Mid caps led the rally, posting modest gains and outperforming most other equity asset classes. While investor sentiment regarding global economies improved as China's central bank upped stimulus efforts to jump start growth, macro valuations and underwhelming earnings kept investor risk appetite down.
During the reporting period, performance benefitted from the Fund's overweight and stock selection in the Technology and Producer Durables sectors. Merger and acquisition activity also helped. In Producer Durables, ADT, the Fund's largest position and its strongest performer, agreed to be acquired by Apollo for $42 per share in an all cash transaction. Tyco International agreed to merge with Johnson Controls in a $14 billion deal that creates a new giant provider of commercial-building systems and investors reacted positively to the news. Itron benefitted from improved operational performance, backlog growth and increased RFP activity in some key markets. In the Technology sector, SanDisk agreed to be acquired by Western Digital and Nuance announced a solid quarter that beat estimates and raised full-year guidance.
On the negative side, stock selection in the Financial Services and Utilities sectors hurt performance. In Utilities, NRG Energy (which was sold) continued to be impacted by low power price expectations. Also detracting from performance during the period were our Energy holdings, including Devon Energy and ONEOK. Devon shares fell due to continued commodity price declines, poor timing of acquisitions, a dividend cut and a dilutive stock offering. ONEOK, despite beating estimates and reaffirming guidance, lagged as investors remained skeptical about the company's long-term growth prospects as oil prices continued to decline. Other lagging investments in the portfolio during the period included Hertz, a global car and equipment rental company, and Covanta, a holding company that owns and operates infrastructure for the conversion of waste to energy.
In our view, volatility is likely to continue this year and China remains a key risk. However, it is our opinion that investor confidence with respect to the U.S. economy appears to be improving, despite global economic instability, and several domestic economic indicators have been favorable. Manufacturing activity nationwide contracted less than anticipated in February and employment data confirmed that the overall economy is continuing to grow. Assuming continued U.S. economic growth, the market can move up during the remainder of the 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
1 Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
35
Mid Cap Intrinsic Value Fund
TICKER SYMBOLS
Investor Class | NBRVX | ||
Trust Class | NBREX | ||
Institutional Class | NBRTX | ||
Class A | NBRAX | ||
Class C | NBRCX | ||
Class R3 | NBRRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.5 | % | |||
Consumer Staples | 3.7 | ||||
Energy | 4.9 | ||||
Financial Services | 19.8 | ||||
Health Care | 3.0 | ||||
Materials & Processing | 5.9 | ||||
Producer Durables | 22.1 | ||||
Technology | 19.4 | ||||
Utilities | 6.3 | ||||
Short-Term Investments | 1.4 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1999 | –7.74 | % | –14.16 | % | 6.78 | % | 5.23 | % | 8.58 | % | ||||||||||||||||
Trust Class3 | 06/10/1999 | –7.75 | % | –14.28 | % | 6.59 | % | 5.12 | % | 8.49 | % | ||||||||||||||||
Institutional Class5 | 03/08/2010 | –7.58 | % | –13.97 | % | 7.03 | % | 5.40 | % | 8.68 | % | ||||||||||||||||
Class A20 | 06/21/2010 | –7.74 | % | –14.24 | % | 6.65 | % | 5.17 | % | 8.54 | % | ||||||||||||||||
Class C20 | 06/21/2010 | –8.08 | % | –14.91 | % | 5.85 | % | 4.73 | % | 8.27 | % | ||||||||||||||||
Class R317 | 06/21/2010 | –7.89 | % | –14.46 | % | 6.37 | % | 5.02 | % | 8.45 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –13.05 | % | –19.16 | % | 5.40 | % | 4.55 | % | 8.16 | % | |||||||||||||||||
Class C20 | –8.88 | % | –15.65 | % | 5.85 | % | 4.73 | % | 8.27 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap®Value Index1,16 | –5.17 | % | –11.72 | % | 8.89 | % | 6.52 | % | 8.52 | % | |||||||||||||||||
Russell Midcap® Index1,16 | –5.60 | % | –11.25 | % | 8.91 | % | 6.87 | % | 8.08 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.25%, 1.49%, 1.08%, 1.48%, 2.21% and 1.74% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 0.86%, 1.22%, 1.97% and 1.47% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
36
Multi-Cap Opportunities Fund Commentary
Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a –3.86% total return for the six months ended February 29, 2016 versus a –0.92% total return for its benchmark, the S&P 500® Index (the 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, Industrials, Information Technology, Telecommunication Services and Utilities outperformed relative to the benchmark. Energy, Financials, Health Care and Materials underperformed relative to the benchmark. We believe heightened market volatility during the period contributed to the dispersion in performance across sectors.
Within the portfolio, stock selection in Health Care and Information Technology benefitted performance relative to the benchmark, while stock selection in Industrials and Utilities detracted from relative performance. From a sector perspective, the underweight in Consumer Staples and overweight in Financials detracted from performance relative to the benchmark, while the underweight in Energy and overweight in Information Technology benefitted relative performance. The portfolio finished the period with an overweight, relative to the benchmark, in the Financials, Health Care, Industrials, Information Technology and Materials sectors. The portfolio completed the period with an underweight in the Consumer Discretionary, Consumer Staples, Energy, and Utilities sectors.
Portfolio construction is an important component of our investment process and consists of three distinct investment categories: Special Situations, Opportunistic and Classic. Special Situations have unique attributes (e.g., restructurings, 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 historic highs. It is our opinion that 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 all accrue to the benefit of equity holders. These positive developments are 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.
37
Multi-Cap Opportunities Fund
TICKER SYMBOLS
Institutional Class | NMULX | ||
Class A | NMUAX | ||
Class C | NMUCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 5.2 | % | |||
Consumer Staples | 3.2 | ||||
Energy | 2.3 | ||||
Financials | 25.0 | ||||
Health Care | 16.0 | ||||
Industrials | 17.5 | ||||
Information Technology | 23.5 | ||||
Materials | 5.9 | ||||
Utilities | 1.2 | ||||
Short-Term Investments | 0.2 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||
Inception Date* | Period Ended 02/29/2016 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class18 | 12/21/2009 | –3.86 | % | –8.01 | % | 10.16 | % | 6.54 | % | ||||||||||||||
Class A18 | 12/21/2009 | –4.06 | % | –8.40 | % | 9.76 | % | 6.29 | % | ||||||||||||||
Class C18 | 12/21/2009 | –4.42 | % | –9.05 | % | 8.94 | % | 5.76 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A18 | –9.60 | % | –13.67 | % | 8.47 | % | 5.61 | % | |||||||||||||||
Class C18 | –5.35 | % | –9.94 | % | 8.94 | % | 5.76 | % | |||||||||||||||
Index | |||||||||||||||||||||||
S&P 500® Index1,16 | –0.92 | % | –6.19 | % | 10.13 | % | 6.03 | % |
*Prior to December 14, 2009, the Fund had different investment goals, strategies, and portfolio management team. The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through December 21, 2009. See endnote 18 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.73%, 1.10% and 1.84% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 29, 2016 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.
38
Real Estate Fund Commentary
Neuberger Berman Real Estate Fund Trust Class generated a 5.15% total return for the six months ended February 29, 2016, underperforming its benchmark, the FTSE NAREIT All Equity REITs Index, which generated a 5.65% 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 generated weak results during the reporting period. The market was negatively impacted at times given concerns over moderating global growth, uncertainties regarding future monetary policy, geopolitical issues and investor risk aversion. The overall U.S. stock market, as measured by the S&P 500® Index, returned –0.92% for the six-month period. Comparatively, real estate investment trusts (REITs) posted strong results during the period, partially due to overall solid investor demand and generally declining interest rates.
Sector positioning, overall, detracted from the Fund's performance versus the benchmark during the reporting period. In particular, an overweight to the Real Estate Operating Companies sector and an underweight to the Free Standing sector were negative for results. On the upside, an overweight to Self Storage and an underweight to Lodging/Resorts were the largest contributors to performance. Stock selection, overall, was a positive for performance. Contributing the most to results was stock selection in the Diversified, Shopping Centers and Data Centers sectors. Public Storage, a self-storage REIT, was the largest contributor to performance. Other holdings that were additive for results were Simon Property Group, a leading commercial real estate company with both regional malls and discount outlet centers, and National Retail Properties, a free standing REIT.
The sectors that detracted the most from the Fund's performance from a stock selection perspective were Office, Apartments and Free Standing. Several individual holdings were also negative for results, including HCP, Inc., a health care REIT, Host Hotels & Resorts, Inc., a lodging/resort REIT and Forest City Realty Trust, Inc., a real estate operating company.
After much anticipation, in December 2015 the U.S. Federal Reserve initiated its first rate hike in nearly a decade. Attention has now shifted to the pace of future rate hikes. Sustained U.S. economic improvement could lead to gradual interest rate increases in 2016, in our view. We also believe that concerns regarding global growth and the flight to quality should keep longer-term interest rates contained. We think continued improvement in the economy, paired with gradual interest rate increases, could continue to be supportive of the U.S. commercial property market as the year progresses. Consistent with our previous view, we believe that real estate fundamentals, not interest rates, will be the long-term driver of performance in the REIT market. We believe real estate companies with sustainable cash flow and dividend growth have the potential to perform well. Strong, flexible balance sheets that can withstand capital markets volatility will likely also be important. We are focused on companies with management teams that can capitalize on pricing differences between the public and private real estate markets.
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.
39
Real Estate Fund
TICKER SYMBOLS
Trust Class | NBRFX | ||
Institutional Class | NBRIX | ||
Class A | NREAX | ||
Class C | NRECX | ||
Class R3 | NRERX | ||
Class R6 | NRREX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Apartments | 14.6 | % | |||
Data Centers | 6.3 | ||||
Diversified | 2.3 | ||||
Free Standing | 3.5 | ||||
Health Care | 8.9 | ||||
Industrial | 4.3 | ||||
Infrastructure | 9.4 | ||||
Lodging/Resorts | 3.9 | ||||
Manufactured Homes | 1.5 | ||||
Office | 8.1 | ||||
Real Estate Operating Companies | 1.8 | ||||
Regional Malls | 11.4 | ||||
Self Storage | 9.5 | ||||
Shopping Centers | 9.3 | ||||
Single Family Homes | 1.1 | ||||
Timber | 2.8 | ||||
Short-Term Investments | 1.3 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,22
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 05/01/2002 | 5.15 | % | –4.64 | % | 7.53 | % | 6.71 | % | 11.17 | % | ||||||||||||||||
Institutional Class6 | 06/04/2008 | 5.24 | % | –4.44 | % | 7.75 | % | 6.87 | % | 11.29 | % | ||||||||||||||||
Class A15 | 06/21/2010 | 5.05 | % | –4.76 | % | 7.37 | % | 6.60 | % | 11.09 | % | ||||||||||||||||
Class C15 | 06/21/2010 | 4.64 | % | –5.47 | % | 6.55 | % | 6.15 | % | 10.75 | % | ||||||||||||||||
Class R315 | 06/21/2010 | 4.93 | % | –4.99 | % | 7.09 | % | 6.45 | % | 10.98 | % | ||||||||||||||||
Class R625 | 03/15/2013 | 5.28 | % | –4.37 | % | 7.72 | % | 6.80 | % | 11.24 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A15 | –0.99 | % | –10.21 | % | 6.11 | % | 5.97 | % | 10.62 | % | |||||||||||||||||
Class C15 | 3.67 | % | –6.35 | % | 6.55 | % | 6.15 | % | 10.75 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
FTSE NAREIT All Equity REITs Index1,16 | 5.65 | % | –4.04 | % | 9.14 | % | 6.01 | % | 10.06 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.39%, 1.04%, 1.41%, 2.17%, 1.66% and 0.97% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.85%, 1.21%, 1.96%, 1.46% and 0.78% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
40
Small Cap Growth Fund Commentary
Neuberger Berman Small Cap Growth Fund Investor Class generated a –20.79% total return for the six months ended February 29, 2016, underperforming its benchmark, the Russell 2000® Growth Index, which returned –13.47% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The six-month reporting period, which served to both close out 2015 and usher in 2016, offered up a roller-coaster of volatility. September signaled the end of nearly four years of uninterrupted market gains as a politically induced correction in Health Care broadly spread to the rest of the market, especially the higher growth sectors, such as Information Technology (IT) and Consumer Discretionary. December ushered in the one thing that wasn't surprising, the U.S. Federal Reserve's (Fed) long-awaited and oft-debated interest rate hike, with the market generally appreciating the removal of uncertainty. 2016, however, started on a negative note as the continued decline in the price of oil, a strengthening dollar and disappointing economic news out of China roiled global markets. Subsequently, we continued to trade up and down on those three key indicators, finishing with an oil-driven rally that quieted, for the time being, any talk of a renewed recession. Ultimately, the markets over the last six months proved to be increasingly intertwined and unpredictable with respect to embracing or avoiding risk.
During the period, the portfolio was materially overweighted to IT and underweighted to Industrials, Materials, Consumer Staples and Consumer Discretionary. The portfolio was essentially market weight in Energy. Led by our Health Care and IT decisions, stock selection was the primary driver of our underperformance as the portfolio struggled to adjust to new post-correction realities from an anxious market that continued to rotate sharply away from higher volatility and higher expectation growth segments.
Drilling down to our holdings, John Bean Technologies was the top contributor to performance, while AMAG Pharmaceuticals was the leading detractor. John Bean Technologies, a technology solutions provider for the food processing and air transportation industries, delivered strong results across its various business lines and boosted its bottom-line though compelling internal cost controls. AMAG Pharmaceuticals, a specialty pharmaceutical company, was primarily pressured by the sharp and broad pull-back in therapeutics, as well as an FDA request for additional data around a new single dose indication for an existing approved therapy. Given those headwinds, we exited this position.
As we look ahead, we believe we will see plenty of economic positives, most notably with respect to employment and inflation/deflation, to rally around, but it is also becoming clear that superior earnings growth will be harder to come by. Under-appreciated catalysts, compelling fundamentals, balance sheet strength and execution will continue to be prized attributes central to our process, but given the market's tough sentiment towards companies with elevated expectations, it will also be more incumbent upon us than ever to strike the proper risk/reward balance in what may likely continue to be a volatile environment.
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.
41
Small Cap Growth Fund
TICKER SYMBOLS
Investor Class | NBMIX | ||
Trust Class | NBMOX | ||
Advisor Class | NBMVX | ||
Institutional Class | NBSMX | ||
Class A | NSNAX | ||
Class C | NSNCX | ||
Class R3 | NSNRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 17.1 | % | |||
Consumer Staples | 3.5 | ||||
Energy | 1.0 | ||||
Financials | 7.9 | ||||
Health Care | 24.0 | ||||
Industrials | 12.0 | ||||
Information Technology | 27.0 | ||||
Materials | 1.8 | ||||
Short-Term Investments | 5.7 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/20/1998 | –20.79 | % | –23.66 | % | 4.49 | % | 3.71 | % | 6.98 | % | ||||||||||||||||
Trust Class3 | 11/03/1998 | –20.86 | % | –23.83 | % | 4.29 | % | 3.52 | % | 6.84 | % | ||||||||||||||||
Advisor Class4 | 05/03/2002 | –20.89 | % | –23.90 | % | 4.14 | % | 3.34 | % | 6.75 | % | ||||||||||||||||
Institutional Class5 | 04/01/2008 | –20.67 | % | –23.44 | % | 4.81 | % | 3.94 | % | 7.12 | % | ||||||||||||||||
Class A20 | 05/27/2009 | –20.82 | % | –23.71 | % | 4.43 | % | 3.64 | % | 6.94 | % | ||||||||||||||||
Class C20 | 05/27/2009 | –21.11 | % | –24.26 | % | 3.65 | % | 3.11 | % | 6.63 | % | ||||||||||||||||
Class R317 | 05/27/2009 | –20.93 | % | –23.92 | % | 4.16 | % | 3.46 | % | 6.84 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –25.37 | % | –28.11 | % | 3.20 | % | 3.03 | % | 6.58 | % | |||||||||||||||||
Class C20 | –21.84 | % | –24.96 | % | 3.65 | % | 3.11 | % | 6.63 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Growth Index1,16 | –13.47 | % | –16.65 | % | 6.90 | % | 5.72 | % | 6.57 | % | |||||||||||||||||
Russell 2000® Index1,16 | –10.16 | % | –14.97 | % | 6.11 | % | 4.95 | % | 7.80 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.68%, 1.86%, 2.00%, 1.45%, 1.83%, 2.58% and 2.15% 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 1.31%, 1.40%, 1.60%, 0.91%, 1.26%, 2.01% and 1.51% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
42
Socially Responsive Fund Commentary
Neuberger Berman Socially Responsive Fund Investor Class generated a –2.45% total return for the six months ended February 29, 2016, trailing the –0.92% return of its benchmark, the S&P 500® Index, for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Global macroeconomic factors—including China's slowing GDP growth rate, the resulting weaker demand for commodities, monetary policy actions in China and Japan aimed at managing currency exchange and interest rates, and heightened geopolitical risk—were fears that resulted in volatile equity markets during the reporting period. These factors and weakness in U.S. businesses dependent on energy/commodity-related markets, have led to fears of a U.S. economic downturn. However, in our view, the U.S. economy has the potential for continued slow growth. The recent decline in the unemployment rate and improving wage growth, along with an improved balance sheet, if they continue, suggest to us that U.S. consumer spending, which accounts for two-thirds of GDP, should continue to grow. This, coupled with the recent stabilization of the dollar and oil prices, should be supportive of broader U.S. economic growth, in our view.
Looking at performance for the period, contributions relative to the benchmark were led by the Financials, Utilities and Health Care sectors, while Consumer Discretionary, Information Technology and Consumer Staples led the detractors.
For the six-month period, top contributors included Eversource Energy, Texas Instruments, Progressive Corp., Keurig Green Mountain and Unilever, while American Express, NetScout Systems, Alliance Data Systems, BorgWarner and Newell Rubbermaid led the detractors.
During the period, we sold Keurig Green Mountain, Herman Miller, Adobe, PayPal and O'Reilly largely on valuation. Consistent with our investment approach, we also used market volatility to add high-quality companies at attractive valuations to the portfolio. During the period, we added Alphabet (the parent company of Google), JP Morgan Chase, Medtronic and JB Hunt to the portfolio.
Google is a market share leader in the digital advertising industry, which is expected to continue to see double digit growth as it takes share from traditional media.
Following the financial crisis, we had opted to stay away from large banks due to capital constraints and the evolving regulatory framework. Now, with much of the regulatory landscape clarified, we added JP Morgan, which we view as being well capitalized and able to grow in a slow growth environment.
In the cost and reimbursement challenged health care sector, Medtronic, with a portfolio of life-saving devices and equipment, in our opinion, is at the forefront of integrating clinical outcomes in delivering quality care at economic costs.
JB Hunt, the sale of which we discussed a year ago, was re-introduced to the portfolio. Rail capacity constraints have eased on commodity weakness and, from our perspective, JB Hunt's leading position in intermodal transport positions it to benefit from the movement of containers from West Coast ports to the rest of the country. Rail transport also has fuel efficiency benefits over long haul truck.
Overall, within the portfolio, we believe our companies are positioned to do well in a variety of environments. Given the operating leverage inherent in the businesses we own, we believe the portfolio's holdings can translate top line growth in the low- to mid-single digits into stronger, advantaged bottom line growth.
Our primary concerns continue to be geopolitical in nature, focused around the volatile environment in the Middle East and the widening foreign policy gulf between Russia and the West, along with a lack of transparency into growth prospects in China.
Sincerely,
INGRID S. DYOTT AND SAJJAD S. LADIWALA
CO-PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
43
Socially Responsive Fund
TICKER SYMBOLS
Investor Class | NBSRX | ||
Trust Class | NBSTX | ||
Institutional Class | NBSLX | ||
Class A | NRAAX | ||
Class C | NRACX | ||
Class R3 | NRARX | ||
Class R6 | NRSRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 10.2 | % | |||
Consumer Staples | 4.0 | ||||
Energy | 8.0 | ||||
Financials | 15.3 | ||||
Health Care | 12.6 | ||||
Industrials | 19.5 | ||||
Information Technology | 19.8 | ||||
Telecommunication Services | 3.3 | ||||
Utilities | 4.7 | ||||
Short-Term Investments | 2.6 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/29/2016 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/16/1994 | –2.45 | % | –8.30 | % | 7.71 | % | 6.27 | % | 8.64 | % | ||||||||||||||||
Trust Class3 | 03/03/1997 | –2.49 | % | –8.44 | % | 7.52 | % | 6.08 | % | 8.47 | % | ||||||||||||||||
Institutional Class5 | 11/28/2007 | –2.34 | % | –8.13 | % | 7.89 | % | 6.43 | % | 8.72 | % | ||||||||||||||||
Class A20 | 05/27/2009 | –2.53 | % | –8.49 | % | 7.48 | % | 6.14 | % | 8.58 | % | ||||||||||||||||
Class C20 | 05/27/2009 | –2.87 | % | –9.13 | % | 6.68 | % | 5.60 | % | 8.33 | % | ||||||||||||||||
Class R317 | 05/27/2009 | –2.64 | % | –8.69 | % | 7.24 | % | 5.97 | % | 8.50 | % | ||||||||||||||||
Class R624 | 03/15/2013 | –2.30 | % | –8.07 | % | 7.86 | % | 6.35 | % | 8.68 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –8.15 | % | –13.76 | % | 6.22 | % | 5.51 | % | 8.29 | % | |||||||||||||||||
Class C20 | –3.74 | % | –9.95 | % | 6.68 | % | 5.60 | % | 8.33 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,16 | –0.92 | % | –6.19 | % | 10.13 | % | 6.44 | % | 8.74 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 0.85%, 1.03%, 0.68%, 1.05%, 1.79%, 1.29% and 0.60% for Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 29, 2016 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.
44
Value Fund Commentary
Neuberger Berman Value Fund Institutional Class generated a –8.45% total return for the six months ended February 29, 2016, underperforming its benchmark, the Russell 1000® Value Index (the Index), which returned –2.87% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Over the six-month reporting period, the market endured some forceful swings as equities were swayed by a handful of macro issues. Economic weakness in China, which had been weighing on commodities and dragging down other emerging markets, caused a large dip in stocks as fears mounted that global softness could begin to pressure the domestic economy. The market soon recovered, however, as investors were quieted when the U.S. Federal Reserve (Fed) continued to delay interest rate tightening and policymakers in China, Europe and Japan reasserted their commitments to fostering economic growth. A short period of relative calm then gave way to a sharp market sell-off in January amidst rising anxiety over China and other emerging markets, as well as a plunge in oil prices. Moreover, a recent increase in the federal funds rate caused the U.S. dollar to soar while the currencies in China and other countries fell. Stocks dropped further in February to a two-year low but regained significant ground by the end of the reporting period as oil prices rebounded and the Fed seemed to take a more moderate stance on future rate increases.
The defensive segments of the market led performance within the Index over the period, with the Utilities and Telecommunication Services being the highest returning sectors, followed by Consumer Staples. Sectors that trailed the overall market for the period include Energy, Financials and Consumer Discretionary.
For the Fund, the Materials sector gave the largest lift to performance relative to the Index during the period. We were overweighted to this sector, which held up better than the overall market, and our Materials holdings on the whole outperformed due mainly to strength in the Metals & Mining area, which did well as gold prices soared towards the end of the period. Consumer Discretionary was the largest drag on Fund performance versus the Index. Our heavier allocation to this comparatively weak segment of the market was a negative and our holdings in aggregate underperformed those in the Index sector. Within this area, some luxury brand and specialty retailers were hurt by an unseasonably warm winter in much of the U.S, a rising U.S. dollar and softer-than-expected consumer demand.
Looking forward, we believe there are many external factors that will likely continue to influence the direction of the equity markets. The global arena presents a challenge as growth prospects in China remain opaque and other emerging markets grapple with heavy debt loads. The Chinese government has expressed a commitment to supporting its economy and Europe and Japan are taking aggressive measures with negative interest rates. In the U.S., we believe corporate earnings are exhibiting the pressures of low oil prices, a flat yield curve, the lofty U.S. dollar and sluggish global demand. Additionally, uncertainty surrounding U.S. interest rate tightening is causing some upheaval. Still, in our opinion, the U.S. economy continues to exhibit signs of strength and we believe the oil price environment should recover over time. Within this context, we believe there is value within the Industrials and Energy sectors as well as other select areas of the market. Our portfolio construction strategy entails finding underappreciated stocks with hidden value that can be realized as specific catalysts play out over time. Within this environment, we believe that our approach can be key to generating favorable returns over the long term.
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.
45
Value Fund
TICKER SYMBOLS
Institutional Class | NLRLX | ||
Class A | NVAAX | ||
Class C | NVACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 17.0 | % | |||
Consumer Staples | 0.6 | ||||
Energy | 21.1 | ||||
Financials | 17.6 | ||||
Industrials | 25.0 | ||||
Information Technology | 3.3 | ||||
Materials | 11.9 | ||||
Utilities | 1.2 | ||||
Short-Term Investments | 2.3 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/29/2016 | ||||||||||||||||||||||
Inception Date* | Period Ended 02/29/2016 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class21 | 04/19/2010 | –8.45 | % | –16.11 | % | 6.77 | % | 5.32 | % | ||||||||||||||
Class A21 | 03/02/2011 | –8.65 | % | –16.40 | % | 6.36 | % | 5.10 | % | ||||||||||||||
Class C21 | 03/02/2011 | –9.03 | % | –17.07 | % | 5.56 | % | 4.67 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A21 | –13.91 | % | –21.21 | % | 5.11 | % | 4.43 | % | |||||||||||||||
Class C21 | –9.92 | % | –17.88 | % | 5.56 | % | 4.67 | % | |||||||||||||||
Index | |||||||||||||||||||||||
Russell 1000® Value Index1,16 | –2.87 | % | –9.41 | % | 8.81 | % | 4.31 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through April 19, 2010. The performance data for Class A and Class C also includes the performance of the Fund's Institutional Class from April 19, 2010 through March 2, 2011. See endnote 21 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.83%, 2.22% and 2.99% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
46
World Equity Fund Commentary
Neuberger Berman World Equity Fund Institutional Class generated a –9.34% total return for the six months ended February 29, 2016, underperforming its benchmark, the MSCI All Country World Index, which returned –5.31% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The six-month reporting period was volatile for financial markets, which experienced a global sell-off in September followed by a sharp rally in October. Markets declined again in November and December and into the first two months of 2016 over concerns regarding global growth as a number of leading economic indicators were suggestive of potential further economic weakness. Fluctuating market expectations regarding monetary policies around the world were an important factor behind the aforementioned volatility. Ultimately, the actions of central banks in Europe, the U.S. and Japan ended up adding to that volatility. In early December, the European Central Bank disappointed markets when its plans were viewed by some as not decisive enough. Then, in mid-December, after months of delaying, the U.S. Federal Reserve raised interest rates while signaling its intent to pursue a very gradual pace of tightening—a message that the market took a few days to process and interpret. In January, the Bank of Japan implemented a negative deposit rate policy in a surprise move to try to address deflationary pressures and stubbornly low growth. This action was viewed with skepticism by currency, fixed income and equity markets. Furthermore, markets watched China with trepidation due to the country's economic growth path and potential pressures to devalue its currency. Throughout the reporting period, we saw significant gyrations in foreign exchange markets, up and down moves in oil and commodities, a number of dramatic sector rotations, and shifting preferences for quality versus value investing styles.
Given this backdrop, we believe we have positioned the Fund to capture fundamental and policy-related opportunities, particularly in Europe and Japan. We increased our overweight to Europe, prompted by what we view as positive economic momentum and supportive monetary policies, while identifying reflation beneficiaries, such as German real estate. We also invested in companies that cater to the aging demographic, particularly businesses that improve the efficiency of health care products and services delivery. In Japan, we invested in businesses benefiting from increased tourism, primarily from China. Our positioning was more defensive in the U.S., where we invested in companies that we believe have resilient business models such as off-price discounters or more sustainable revenue streams in areas such as defense.
Over the six-month period, investments in the Industrials and Consumer Staples sectors contributed to performance while investments in Financials and Consumer Discretionary detracted. The Fund's aggregate use of financial futures contracts, forward foreign currency contracts and swap contracts detracted from performance.
Looking ahead to the remainder of 2016, we have a generally balanced outlook on global equity markets. We believe we are in the midst of one of the longest U.S. bull markets in history and equity valuations around the globe have risen. We anticipate continued accommodative monetary policies around the world. We also believe continued uncertainty regarding economic and corporate fundamentals could continue to foster volatility and market rotations. Finally, one cannot lose sight of potential risks that could result from geopolitical events. Still, we believe there is a good global backdrop for our unique investment approach. By combining top-down research with bottom-up stock analysis, we believe we can identify exciting global investment themes.
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.
47
World Equity Fund
TICKER SYMBOLS
Institutional Class | NWTIX | ||
Class A | NWTAX | ||
Class C | NWTCX |
PERFORMANCE HIGHLIGHTS9
Inception Date | Six Month Period Ended 02/29/2016 | Cumulative Total Return Ended 02/29/2016 Life of Fund | |||||||||||||
At NAV | |||||||||||||||
Institutional Class | 06/30/2015 | –9.34 | % | –13.60 | % | ||||||||||
Class A | 06/30/2015 | –9.45 | % | –13.80 | % | ||||||||||
Class C | 06/30/2015 | –9.78 | % | –14.20 | % | ||||||||||
With Sales Charge | |||||||||||||||
Class A | –14.65 | % | –18.76 | % | |||||||||||
Class C | –10.68 | % | –15.06 | % | |||||||||||
Index | |||||||||||||||
MSCI All Country World Index1,16 | –5.31 | % | –10.92 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2016 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 are 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 29, 2016 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.
48
Endnotes
1 Please see "Glossary of Indices" on page 53 for a description of indices. Please note that individuals cannot invest directly in any index. The indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers 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
49
Endnotes (cont'd)
differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class R3.
11 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 Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but
50
Endnotes (cont'd)
has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). Management had previously capped Trust Class expenses; absent this arrangement, the returns would have been lower. The Trust Class had lower capped expenses and typically higher returns than Class A and Class C. The Trust Class had equivalent capped expenses and typically similar returns to the Institutional Class.
19 The performance information for Institutional Class, Class A and Class C prior to the classes' inception date is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund"); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"). The performance from July 8, 1997 (the commencement of operations) to September 11, 2008 is that of DJG Account, and the performance from September 12, 2008 to May 10, 2010 is that of DJG Fund. On May 10, 2010, the DJG Fund transferred its assets to the Fund in exchange for the Fund's Institutional Class shares. The investment policies, objectives, guidelines and restrictions of the Fund are in all material respects equivalent to those of DJG Fund and DJG Account (the "Predecessors"). As a mutual fund registered under the 1940 Act, the Fund is subject to certain restrictions under the 1940 Act and the Internal Revenue Code ("Code") to which the Predecessors were not subject. Had the Predecessors been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, their investment performance may have been adversely affected. The performance information reflects the actual expenses of the Predecessors, which were generally lower than those of the Fund.
20 The performance information for Class A and Class C prior to the classes' inception date is that of the Fund's Investor Class. The performance information for the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class A and Class C.
21 The performance information for Institutional Class, Class A and Class C prior to April 19, 2010 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on April 19, 2010. During the period from November 2, 2006 through April 19, 2010, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for Class A and Class C from April 19, 2010 to the classes' inception date is that of the Fund's Institutional Class. During the period from April 19, 2010 through March 2, 2011, the Institutional Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class and the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class had higher expenses and typically lower returns than the Institutional Class. The Trust Class had lower expenses and typically higher returns than Class A and Class C. The Institutional Class has lower expenses and typically higher returns than Class A and Class C.
22 As of June 19, 2012, the Fund changed its investment policy to become "non-diversified" under the 1940 Act. A non-diversified fund is able to invest larger percentages of its assets in the securities of a single issuer, which could increase the fund's risk of loss. Performance prior to this change might have been different if current policies had been in effect.
23 The performance information for Class R6 prior to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses. The Institutional Class has higher expenses and typically lower returns than Class R6.
51
Endnotes (cont'd)
24 The performance information for Class R6 prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has higher expenses and typically lower returns than Class R6.
25 The performance information for Class R6 prior to the class's inception date is that of the Fund's Trust Class. The performance information for the Trust Class has not been adjusted to take into account differences in class specific operating expenses. The Trust Class has higher expenses and typically lower returns than Class R6.
26 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.
* On January 1, 2016, Neuberger Berman Management LLC (NBM) and Neuberger Berman LLC (NB LLC) transferred to Neuberger Berman Fixed Income LLC (NBFI) their rights and obligations pertaining to all services they provided to any Fund under any investment management, investment sub-advisory, and/or administration agreement, as applicable (the "Agreements"). Following such transfer, NBFI was renamed Neuberger Berman Investment Advisers LLC (NBIA).
As of December 31, 2015, NBM served as the investment manager and administrator for each fund, and NB LLC served as the sub-adviser for each fund, except for Neuberger Berman Greater China Equity Fund ("Greater China Equity") whose sub-adviser was, and remains, Neuberger Berman Asia Limited ("NB Asia"). Following the consolidation, the investment professionals of NBM and NB LLC who provided services to the Funds under the Agreements continue to provide the same services, except that they provide those services in their new capacities as investment professionals of NBIA. Further, the consolidation did not result in any change in the investment processes currently employed by the Funds, the nature or level of services provided to the Funds, or the fees any Fund pays under its Agreements.
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.
52
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 of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. | ||
MSCI All Country World Index: | 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. Starting December 1, 2015, MSCI began including U.S.-listed China stocks in the index. The index does not include China A-shares. (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. | ||
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. |
53
Glossary of Indices (cont'd)
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. |
54
Information About Your Fund's Expenses (Unaudited)
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.
This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended February 29, 2016 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.
55
Expense Information As of 2/29/16 (Unaudited)
Neuberger Berman Equity Funds | ||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(3) | |||||||||||||||||||||||
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During the Period(1) 9/1/15 - 2/29/16 | Expense Ratio | Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During the Period(1) 9/1/15 - 2/29/16 | Expense Ratio | |||||||||||||||||
All Cap Core Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $944.40 | $3.63 | 0.75 | % | $1,000.00 | $1,021.13 | $3.77 | 0.75 | % | ||||||||||||||
Class A | $1,000.00 | $940.70 | $5.79 | 1.20 | % | $1,000.00 | $1,018.90 | $6.02 | 1.20 | % | ||||||||||||||
Class C | $1,000.00 | $937.30 | $9.39 | 1.95 | % | $1,000.00 | $1,015.17 | $9.77 | 1.95 | % | ||||||||||||||
Dividend Growth Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $965.00 | $1.43 | (2) | 0.69 | % | $1,000.00 | $1,021.43 | $3.47 | 0.69 | % | |||||||||||||
Class A | $1,000.00 | $965.00 | $2.17 | (2) | 1.05 | % | $1,000.00 | $1,019.64 | $5.27 | 1.05 | % | |||||||||||||
Class C | $1,000.00 | $963.00 | $3.72 | (2) | 1.80 | % | $1,000.00 | $1,015.91 | $9.02 | 1.80 | % | |||||||||||||
Class R6 | $1,000.00 | $966.00 | $1.28 | (2) | 0.62 | % | $1,000.00 | $1,021.78 | $3.12 | 0.62 | % | |||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $939.80 | $6.03 | 1.25 | % | $1,000.00 | $1,018.65 | $6.27 | 1.25 | % | ||||||||||||||
Class A | $1,000.00 | $938.00 | $7.23 | 1.50 | % | $1,000.00 | $1,017.40 | $7.52 | 1.50 | % | ||||||||||||||
Class C | $1,000.00 | $935.20 | $10.83 | 2.25 | % | $1,000.00 | $1,013.67 | $11.27 | 2.25 | % | ||||||||||||||
Class R3 | $1,000.00 | $936.50 | $9.20 | 1.91 | % | $1,000.00 | $1,015.37 | $9.57 | 1.91 | % | ||||||||||||||
Class R6 | $1,000.00 | $939.20 | $5.69 | 1.18 | % | $1,000.00 | $1,019.00 | $5.92 | 1.18 | % | ||||||||||||||
Equity Income Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $1,001.50 | $3.43 | 0.69 | % | $1,000.00 | $1,021.43 | $3.47 | 0.69 | % | ||||||||||||||
Class A | $1,000.00 | $1,000.30 | $5.32 | 1.07 | % | $1,000.00 | $1,019.54 | $5.37 | 1.07 | % | ||||||||||||||
Class C | $1,000.00 | $996.40 | $8.98 | 1.81 | % | $1,000.00 | $1,015.86 | $9.07 | 1.81 | % | ||||||||||||||
Class R3 | $1,000.00 | $998.80 | $6.56 | 1.32 | % | $1,000.00 | $1,018.30 | $6.62 | 1.32 | % | ||||||||||||||
Focus Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $925.50 | $4.45 | 0.93 | % | $1,000.00 | $1,020.24 | $4.67 | 0.93 | % | ||||||||||||||
Trust Class | $1,000.00 | $924.40 | $5.31 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Advisor Class | $1,000.00 | $924.30 | $6.12 | 1.28 | % | $1,000.00 | $1,018.50 | $6.42 | 1.28 | % | ||||||||||||||
Institutional Class | $1,000.00 | $926.10 | $3.59 | 0.75 | % | $1,000.00 | $1,021.13 | $3.77 | 0.75 | % | ||||||||||||||
Class A | $1,000.00 | $924.40 | $5.31 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Class C | $1,000.00 | $921.90 | $8.89 | 1.86 | % | $1,000.00 | $1,015.61 | $9.32 | 1.86 | % | ||||||||||||||
Genesis Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $959.60 | $5.02 | 1.03 | % | $1,000.00 | $1,019.74 | $5.17 | 1.03 | % | ||||||||||||||
Trust Class | $1,000.00 | $959.40 | $5.36 | 1.10 | % | $1,000.00 | $1,019.39 | $5.52 | 1.10 | % | ||||||||||||||
Advisor Class | $1,000.00 | $958.00 | $6.86 | 1.41 | % | $1,000.00 | $1,017.85 | $7.07 | 1.41 | % | ||||||||||||||
Institutional Class | $1,000.00 | $960.50 | $4.14 | 0.85 | % | $1,000.00 | $1,020.64 | $4.27 | 0.85 | % | ||||||||||||||
Class R6 | $1,000.00 | $960.70 | $3.80 | 0.78 | % | $1,000.00 | $1,020.98 | $3.92 | 0.78 | % | ||||||||||||||
Global Equity Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $957.40 | $5.60 | 1.15 | % | $1,000.00 | $1,019.14 | $5.77 | 1.15 | % | ||||||||||||||
Class A | $1,000.00 | $956.70 | $7.35 | 1.51 | % | $1,000.00 | $1,017.35 | $7.57 | 1.51 | % | ||||||||||||||
Class C | $1,000.00 | $953.40 | $10.98 | 2.26 | % | $1,000.00 | $1,013.63 | $11.31 | 2.26 | % | ||||||||||||||
Global Real Estate Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $1,010.00 | $5.00 | 1.00 | % | $1,000.00 | $1,019.89 | $5.02 | 1.00 | % | ||||||||||||||
Class A | $1,000.00 | $1,008.20 | $6.79 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
Class C | $1,000.00 | $1,004.30 | $10.51 | 2.11 | % | $1,000.00 | $1,014.37 | $10.57 | 2.11 | % | ||||||||||||||
Greater China Equity Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $903.60 | $7.19 | 1.52 | % | $1,000.00 | $1,017.30 | $7.62 | 1.52 | % | ||||||||||||||
Class A | $1,000.00 | $906.30 | $8.91 | 1.88 | % | $1,000.00 | $1,015.51 | $9.42 | 1.88 | % | ||||||||||||||
Class C | $1,000.00 | $899.60 | $12.42 | 2.63 | % | $1,000.00 | $1,011.79 | $13.16 | 2.63 | % |
56
Expense Information As of 2/29/16 (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(3) | |||||||||||||||||||||||
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During the Period(1) 9/1/15 - 2/29/16 | Expense Ratio | Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During the Period(1) 9/1/15 - 2/29/16 | Expense Ratio | |||||||||||||||||
Guardian Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $968.50 | $4.50 | 0.92 | % | $1,000.00 | $1,020.29 | $4.62 | 0.92 | % | ||||||||||||||
Trust Class | $1,000.00 | $968.50 | $5.29 | 1.08 | % | $1,000.00 | $1,019.49 | $5.42 | 1.08 | % | ||||||||||||||
Advisor Class | $1,000.00 | $966.40 | $7.33 | 1.50 | % | $1,000.00 | $1,017.40 | $7.52 | 1.50 | % | ||||||||||||||
Institutional Class | $1,000.00 | $969.60 | $3.53 | 0.72 | % | $1,000.00 | $1,021.28 | $3.62 | 0.72 | % | ||||||||||||||
Class A | $1,000.00 | $968.10 | $5.28 | 1.08 | % | $1,000.00 | $1,019.49 | $5.42 | 1.08 | % | ||||||||||||||
Class C | $1,000.00 | $965.00 | $9.04 | 1.85 | % | $1,000.00 | $1,015.66 | $9.27 | 1.85 | % | ||||||||||||||
Class R3 | $1,000.00 | $966.50 | $6.65 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
International Equity Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $958.70 | $5.21 | 1.07 | % | $1,000.00 | $1,019.54 | $5.37 | 1.07 | % | ||||||||||||||
Trust Class | $1,000.00 | $958.20 | $5.60 | 1.15 | % | $1,000.00 | $1,019.14 | $5.77 | 1.15 | % | ||||||||||||||
Institutional Class | $1,000.00 | $959.00 | $4.14 | 0.85 | % | $1,000.00 | $1,020.64 | $4.27 | 0.85 | % | ||||||||||||||
Class A | $1,000.00 | $958.20 | $5.89 | 1.21 | % | $1,000.00 | $1,018.85 | $6.07 | 1.21 | % | ||||||||||||||
Class C | $1,000.00 | $954.70 | $9.53 | 1.96 | % | $1,000.00 | $1,015.12 | $9.82 | 1.96 | % | ||||||||||||||
Class R6 | $1,000.00 | $960.10 | $3.80 | 0.78 | % | $1,000.00 | $1,020.98 | $3.92 | 0.78 | % | ||||||||||||||
International Select Fund | ||||||||||||||||||||||||
Trust Class | $1,000.00 | $950.80 | $6.06 | 1.25 | % | $1,000.00 | $1,018.65 | $6.27 | 1.25 | % | ||||||||||||||
Institutional Class | $1,000.00 | $952.30 | $4.37 | 0.90 | % | $1,000.00 | $1,020.39 | $4.52 | 0.90 | % | ||||||||||||||
Class A | $1,000.00 | $951.50 | $6.02 | 1.24 | % | $1,000.00 | $1,018.70 | $6.22 | 1.24 | % | ||||||||||||||
Class C | $1,000.00 | $947.70 | $9.69 | 2.00 | % | $1,000.00 | $1,014.92 | $10.02 | 2.00 | % | ||||||||||||||
Class R3 | $1,000.00 | $949.40 | $7.32 | 1.51 | % | $1,000.00 | $1,017.35 | $7.57 | 1.51 | % | ||||||||||||||
Intrinsic Value Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $911.40 | $4.75 | 1.00 | % | $1,000.00 | $1,019.89 | $5.02 | 1.00 | % | ||||||||||||||
Class A | $1,000.00 | $910.30 | $6.46 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
Class C | $1,000.00 | $907.10 | $10.00 | 2.11 | % | $1,000.00 | $1,014.37 | $10.57 | 2.11 | % | ||||||||||||||
Large Cap Disciplined Growth Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $963.60 | $5.42 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Institutional Class | $1,000.00 | $966.70 | $3.67 | 0.75 | % | $1,000.00 | $1,021.13 | $3.77 | 0.75 | % | ||||||||||||||
Class A | $1,000.00 | $966.10 | $5.43 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Class C | $1,000.00 | $960.10 | $9.06 | 1.86 | % | $1,000.00 | $1,015.61 | $9.32 | 1.86 | % | ||||||||||||||
Class R3 | $1,000.00 | $963.00 | $6.64 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
Large Cap Value Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $917.30 | $4.29 | 0.90 | % | $1,000.00 | $1,020.39 | $4.52 | 0.90 | % | ||||||||||||||
Trust Class | $1,000.00 | $916.50 | $5.10 | 1.07 | % | $1,000.00 | $1,019.54 | $5.37 | 1.07 | % | ||||||||||||||
Advisor Class | $1,000.00 | $916.00 | $5.81 | 1.22 | % | $1,000.00 | $1,018.80 | $6.12 | 1.22 | % | ||||||||||||||
Institutional Class | $1,000.00 | $918.00 | $3.34 | 0.70 | % | $1,000.00 | $1,021.38 | $3.52 | 0.70 | % | ||||||||||||||
Class A | $1,000.00 | $916.60 | $5.19 | 1.09 | % | $1,000.00 | $1,019.44 | $5.47 | 1.09 | % | ||||||||||||||
Class C | $1,000.00 | $912.90 | $8.70 | 1.83 | % | $1,000.00 | $1,015.76 | $9.17 | 1.83 | % | ||||||||||||||
Class R3 | $1,000.00 | $914.90 | $6.48 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $860.10 | $4.30 | 0.93 | % | $1,000.00 | $1,020.24 | $4.67 | 0.93 | % | ||||||||||||||
Trust Class | $1,000.00 | $859.50 | $4.53 | 0.98 | % | $1,000.00 | $1,019.99 | $4.92 | 0.98 | % | ||||||||||||||
Advisor Class | $1,000.00 | $858.50 | $5.73 | 1.24 | % | $1,000.00 | $1,018.70 | $6.22 | 1.24 | % | ||||||||||||||
Institutional Class | $1,000.00 | $860.20 | $3.47 | 0.75 | % | $1,000.00 | $1,021.13 | $3.77 | 0.75 | % | ||||||||||||||
Class A | $1,000.00 | $858.70 | $5.13 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Class C | $1,000.00 | $855.70 | $8.58 | 1.86 | % | $1,000.00 | $1,015.61 | $9.32 | 1.86 | % | ||||||||||||||
Class R3 | $1,000.00 | $858.10 | $6.28 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
Class R6 | $1,000.00 | $860.50 | $3.05 | 0.66 | % | $1,000.00 | $1,021.58 | $3.32 | 0.66 | % |
57
Expense Information As of 2/29/16 (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(3) | |||||||||||||||||||||||
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During the Period(1) 9/1/15 - 2/29/16 | Expense Ratio | Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During the Period(1) 9/1/15 - 2/29/16 | Expense Ratio | |||||||||||||||||
Mid Cap Intrinsic Value Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $922.60 | $5.40 | 1.13 | % | $1,000.00 | $1,019.24 | $5.67 | 1.13 | % | ||||||||||||||
Trust Class | $1,000.00 | $922.50 | $5.97 | 1.25 | % | $1,000.00 | $1,018.65 | $6.27 | 1.25 | % | ||||||||||||||
Institutional Class | $1,000.00 | $924.20 | $4.07 | 0.85 | % | $1,000.00 | $1,020.64 | $4.27 | 0.85 | % | ||||||||||||||
Class A | $1,000.00 | $922.60 | $5.78 | 1.21 | % | $1,000.00 | $1,018.85 | $6.07 | 1.21 | % | ||||||||||||||
Class C | $1,000.00 | $919.20 | $9.35 | 1.96 | % | $1,000.00 | $1,015.12 | $9.82 | 1.96 | % | ||||||||||||||
Class R3 | $1,000.00 | $921.10 | $6.97 | 1.46 | % | $1,000.00 | $1,017.60 | $7.32 | 1.46 | % | ||||||||||||||
Multi-Cap Opportunities Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $961.40 | $3.66 | 0.75 | % | $1,000.00 | $1,021.13 | $3.77 | 0.75 | % | ||||||||||||||
Class A | $1,000.00 | $959.40 | $5.41 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Class C | $1,000.00 | $955.80 | $8.95 | 1.84 | % | $1,000.00 | $1,015.71 | $9.22 | 1.84 | % | ||||||||||||||
Real Estate Fund | ||||||||||||||||||||||||
Trust Class | $1,000.00 | $1,051.50 | $5.30 | 1.04 | % | $1,000.00 | $1,019.69 | $5.22 | 1.04 | % | ||||||||||||||
Institutional Class | $1,000.00 | $1,052.40 | $4.34 | 0.85 | % | $1,000.00 | $1,020.64 | $4.27 | 0.85 | % | ||||||||||||||
Class A | $1,000.00 | $1,050.50 | $6.17 | 1.21 | % | $1,000.00 | $1,018.85 | $6.07 | 1.21 | % | ||||||||||||||
Class C | $1,000.00 | $1,046.40 | $9.97 | 1.96 | % | $1,000.00 | $1,015.12 | $9.82 | 1.96 | % | ||||||||||||||
Class R3 | $1,000.00 | $1,049.30 | $7.44 | 1.46 | % | $1,000.00 | $1,017.60 | $7.32 | 1.46 | % | ||||||||||||||
Class R6 | $1,000.00 | $1,052.80 | $3.98 | 0.78 | % | $1,000.00 | $1,020.98 | $3.92 | 0.78 | % | ||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $792.10 | $5.39 | 1.21 | % | $1,000.00 | $1,018.85 | $6.07 | 1.21 | % | ||||||||||||||
Trust Class | $1,000.00 | $791.40 | $6.24 | 1.40 | % | $1,000.00 | $1,017.90 | $7.02 | 1.40 | % | ||||||||||||||
Advisor Class | $1,000.00 | $791.10 | $6.72 | 1.51 | % | $1,000.00 | $1,017.35 | $7.57 | 1.51 | % | ||||||||||||||
Institutional Class | $1,000.00 | $793.30 | $4.01 | 0.90 | % | $1,000.00 | $1,020.39 | $4.52 | 0.90 | % | ||||||||||||||
Class A | $1,000.00 | $791.80 | $5.61 | 1.26 | % | $1,000.00 | $1,018.60 | $6.32 | 1.26 | % | ||||||||||||||
Class C | $1,000.00 | $788.90 | $8.94 | 2.01 | % | $1,000.00 | $1,014.87 | $10.07 | 2.01 | % | ||||||||||||||
Class R3 | $1,000.00 | $790.70 | $6.72 | 1.51 | % | $1,000.00 | $1,017.35 | $7.57 | 1.51 | % | ||||||||||||||
Socially Responsive Fund | ||||||||||||||||||||||||
Investor Class | $1,000.00 | $975.50 | $4.22 | 0.86 | % | $1,000.00 | $1,020.59 | $4.32 | 0.86 | % | ||||||||||||||
Trust Class | $1,000.00 | $975.10 | $5.06 | 1.03 | % | $1,000.00 | $1,019.74 | $5.17 | 1.03 | % | ||||||||||||||
Institutional Class | $1,000.00 | $976.60 | $3.34 | 0.68 | % | $1,000.00 | $1,021.48 | $3.42 | 0.68 | % | ||||||||||||||
Class A | $1,000.00 | $974.70 | $5.16 | 1.05 | % | $1,000.00 | $1,019.64 | $5.27 | 1.05 | % | ||||||||||||||
Class C | $1,000.00 | $971.30 | $8.77 | 1.79 | % | $1,000.00 | $1,015.96 | $8.97 | 1.79 | % | ||||||||||||||
Class R3 | $1,000.00 | $973.60 | $6.33 | 1.29 | % | $1,000.00 | $1,018.45 | $6.47 | 1.29 | % | ||||||||||||||
Class R6 | $1,000.00 | $977.00 | $3.00 | 0.61 | % | $1,000.00 | $1,021.83 | $3.07 | 0.61 | % | ||||||||||||||
Value Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $915.50 | $3.43 | 0.72 | % | $1,000.00 | $1,021.28 | $3.62 | 0.72 | % | ||||||||||||||
Class A | $1,000.00 | $913.50 | $5.28 | 1.11 | % | $1,000.00 | $1,019.34 | $5.57 | 1.11 | % | ||||||||||||||
Class C | $1,000.00 | $909.70 | $8.78 | 1.85 | % | $1,000.00 | $1,015.66 | $9.27 | 1.85 | % | ||||||||||||||
World Equity Fund | ||||||||||||||||||||||||
Institutional Class | $1,000.00 | $906.60 | $4.74 | 1.00 | % | $1,000.00 | $1,019.89 | $5.02 | 1.00 | % | ||||||||||||||
Class A | $1,000.00 | $905.50 | $6.44 | 1.36 | % | $1,000.00 | $1,018.10 | $6.82 | 1.36 | % | ||||||||||||||
Class C | $1,000.00 | $902.20 | $9.98 | 2.11 | % | $1,000.00 | $1,014.37 | $10.57 | 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 182/366 (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 77/366 (to reflect the period of December 15, 2015 (Commencement of Operations) to February 29, 2016).
(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 182/366 (to reflect the one-half year period shown).
58
Schedule of Investments All Cap Core Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (81.1%) | |||||||||||
Banks (3.3%) | |||||||||||
JPMorgan Chase & Co. | 20,707 | $ | 1,166 | ||||||||
Biotechnology (2.2%) | |||||||||||
Celgene Corp.* | 7,595 | 766 | |||||||||
Capital Markets (4.7%) | |||||||||||
BlackRock, Inc. | 3,585 | 1,118 | |||||||||
Goldman Sachs Group, Inc. | 3,551 | 531 | |||||||||
1,649 | |||||||||||
Chemicals (2.6%) | |||||||||||
PPG Industries, Inc. | 9,643 | 931 | |||||||||
Consumer Finance (3.5%) | |||||||||||
Synchrony Financial* | 45,281 | 1,220 | |||||||||
Diversified Consumer Services (2.0%) | |||||||||||
Service Corp. International | 30,682 | 722 | |||||||||
Food & Staples Retailing (5.1%) | |||||||||||
CVS Health Corp. | 18,321 | 1,780 | |||||||||
Household Products (3.1%) | |||||||||||
Procter & Gamble Co. | 13,475 | 1,082 | |||||||||
Internet & Catalog Retail (2.4%) | |||||||||||
Priceline Group, Inc.* | 657 | 831 | |||||||||
Internet Software & Services (4.5%) | |||||||||||
Alphabet, Inc. Class C* | 1,522 | 1,062 | |||||||||
Facebook, Inc. Class A* | 4,925 | 527 | |||||||||
1,589 | |||||||||||
IT Services (7.2%) | |||||||||||
PayPal Holdings, Inc.* | 34,743 | 1,325 | |||||||||
Visa, Inc. Class A | 16,592 | 1,201 | |||||||||
2,526 | |||||||||||
Media (2.5%) | |||||||||||
Comcast Corp. Class A | 15,372 | 887 | |||||||||
Oil, Gas & Consumable Fuels (2.5%) | |||||||||||
Enbridge Energy Management LLC* | 53,257 | 889 | |||||||||
Pharmaceuticals (9.7%) | |||||||||||
Allergan PLC* | 4,485 | 1,301 | |||||||||
Perrigo Co. PLC | 5,624 | 710 | |||||||||
Zoetis, Inc. | 33,818 | 1,389 | |||||||||
3,400 |
Number of Shares | Value† (000's)z | ||||||||
Professional Services (4.9%) | |||||||||
Nielsen Holdings PLC | 17,862 | $ | 899 | ||||||
Verisk Analytics, Inc.* | 11,300 | 823 | |||||||
1,722 | |||||||||
Real Estate Investment Trusts (5.6%) | |||||||||
American Tower Corp. | 21,172 | 1,952 | |||||||
Software (15.3%) | |||||||||
Activision Blizzard, Inc. | 31,234 | 989 | |||||||
Adobe Systems, Inc.* | 14,590 | 1,243 | |||||||
Check Point Software Technologies Ltd.* | 9,328 | 775 | |||||||
Intuit, Inc. | 14,030 | 1,356 | |||||||
SS&C Technologies Holdings, Inc. | 17,435 | 1,015 | |||||||
5,378 | |||||||||
Total Common Stocks (Cost $27,484) | 28,490 | ||||||||
Short-Term Investments (20.2%) | |||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $7,105) | 7,104,592 | 7,105 | |||||||
Total Investments## (101.3%) (Cost $34,589) | 35,595 | ||||||||
Liabilities, less cash, receivables and other assets [(1.3%)] | (446 | ) | |||||||
Total Net Assets (100.0%) | $ | 35,149 |
See Notes to Schedule of Investments
59
Schedule of Investments Dividend Growth Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (85.0%) | |||||||||||
Aerospace & Defense (5.8%) | |||||||||||
Raytheon Co. | 2,250 | $ | 279 | ||||||||
Rockwell Collins, Inc. | 3,000 | 263 | |||||||||
Textron, Inc. | 8,700 | 297 | |||||||||
839 | |||||||||||
Air Freight & Logistics (1.9%) | |||||||||||
United Parcel Service, Inc. Class B | 2,900 | 280 | |||||||||
Banks (6.0%) | |||||||||||
Citigroup, Inc. | 6,400 | 249 | |||||||||
JPMorgan Chase & Co. | 6,750 | 380 | |||||||||
PNC Financial Services Group, Inc. | 2,900 | 236 | |||||||||
865 | |||||||||||
Beverages (1.9%) | |||||||||||
Coca-Cola Co. | 6,450 | 278 | |||||||||
Capital Markets (2.3%) | |||||||||||
UBS Group AG | 21,250 | 324 | |||||||||
Chemicals (1.8%) | |||||||||||
LyondellBasell Industries NV Class A | 3,200 | 257 | |||||||||
Communications Equipment (4.9%) | |||||||||||
Cisco Systems, Inc. | 15,250 | 399 | |||||||||
Motorola Solutions, Inc. | 4,050 | 298 | |||||||||
697 | |||||||||||
Diversified Telecommunication Services (4.1%) | |||||||||||
BT Group PLC ADR | 8,100 | 274 | |||||||||
Frontier Communications Corp. | 58,100 | 314 | |||||||||
588 | |||||||||||
Electric Utilities (2.2%) | |||||||||||
Exelon Corp. | 10,200 | 321 | |||||||||
Electrical Equipment (1.9%) | |||||||||||
Hubbell, Inc. | 2,800 | 278 | |||||||||
Electronic Equipment, Instruments & Components (1.5%) | |||||||||||
TE Connectivity Ltd. | 3,700 | 211 | |||||||||
Energy Equipment & Services (0.5%) | |||||||||||
Schlumberger Ltd. | 1,025 | 74 |
Number of Shares | Value† (000's)z | ||||||||||
Food Products (6.2%) | |||||||||||
Bunge Ltd. | 6,800 | $ | 338 | ||||||||
ConAgra Foods, Inc. | 6,600 | 277 | |||||||||
Mondelez International, Inc. Class A | 6,900 | 280 | |||||||||
895 | |||||||||||
Health Care Providers & Services (1.7%) | |||||||||||
Express Scripts Holding Co.* | 3,400 | 239 | |||||||||
Hotels, Restaurants & Leisure (1.7%) | |||||||||||
Carnival Corp. | 5,200 | 249 | |||||||||
Household Products (2.0%) | |||||||||||
Procter & Gamble Co. | 3,500 | 281 | |||||||||
Insurance (3.9%) | |||||||||||
Lincoln National Corp. | 6,600 | 241 | |||||||||
MetLife, Inc. | 7,900 | 313 | |||||||||
554 | |||||||||||
Media (4.0%) | |||||||||||
Comcast Corp. Class A | 4,900 | 283 | |||||||||
Omnicom Group, Inc. | 3,700 | 288 | |||||||||
571 | |||||||||||
Metals & Mining (6.2%) | |||||||||||
Lundin Mining Corp.* | 48,250 | 134 | |||||||||
Newmont Mining Corp. | 15,700 | 406 | |||||||||
Royal Gold, Inc. | 7,600 | 352 | |||||||||
892 | |||||||||||
Oil, Gas & Consumable Fuels (7.4%) | |||||||||||
California Resources Corp. | 193 | 0 | |||||||||
Devon Energy Corp. | 12,600 | 248 | |||||||||
EOG Resources, Inc. | 5,400 | 349 | |||||||||
Noble Energy, Inc. | 2,100 | 62 | |||||||||
Occidental Petroleum Corp. | 2,050 | 141 | |||||||||
Suncor Energy, Inc. | 10,650 | 261 | |||||||||
1,061 | |||||||||||
Pharmaceuticals (3.4%) | |||||||||||
Bristol-Myers Squibb Co. | 2,050 | 127 | |||||||||
Eli Lilly & Co. | 1,650 | 119 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 4,300 | 239 | |||||||||
485 |
Number of Shares | Value† (000's)z | ||||||||
Real Estate Investment Trusts (1.8%) | |||||||||
American Tower Corp. | 2,875 | $ | 265 | ||||||
Semiconductors & Semiconductor Equipment (3.6%) | |||||||||
Applied Materials, Inc. | 14,600 | 276 | |||||||
Maxim Integrated Products, Inc. | 7,250 | 245 | |||||||
521 | |||||||||
Software (4.6%) | |||||||||
Microsoft Corp. | 7,450 | 379 | |||||||
Oracle Corp. | 7,650 | 281 | |||||||
660 | |||||||||
Technology Hardware, Storage & Peripherals (1.7%) | |||||||||
Apple, Inc. | 2,525 | 244 | |||||||
Tobacco (2.0%) | |||||||||
Philip Morris International, Inc. | 3,100 | 282 | |||||||
Total Common Stocks (Cost $12,698) | 12,211 | ||||||||
Short-Term Investments (17.3%) | |||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $2,486) | 2,486,124 | 2,486 | |||||||
Total Investments## (102.3%) (Cost $15,184) | 14,697 | ||||||||
Liabilities, less cash, receivables and other assets [(2.3%)] | (330 | ) | |||||||
Total Net Assets (100.0%) | $ | 14,367 |
See Notes to Schedule of Investments
60
Schedule of Investments Emerging Markets Equity Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.1%) | |||||||||||
Brazil (5.2%) | |||||||||||
AMBEV SA ADR | 941,600 | $ | 4,086 | ||||||||
BB Seguridade Participacoes SA | 493,400 | 2,964 | |||||||||
Cielo SA | 291,840 | 2,254 | |||||||||
Embraer SA | 31,200 | 234 | |||||||||
Embraer SA ADR | 107,300 | 3,216 | |||||||||
FPC Par Corretora de Seguros SA | 518,700 | 1,253 | |||||||||
Itau Unibanco Holding SA, Preference Shares | 572,770 | 3,623 | |||||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 81,400 | 796 | |||||||||
18,426 | |||||||||||
Chile (1.1%) | |||||||||||
SACI Falabella | 581,145 | 3,728 | |||||||||
China (26.5%) | |||||||||||
AAC Technologies Holdings, Inc. | 158,600 | 1,097 | |||||||||
Alibaba Group Holding Ltd. ADR* | 43,500 | 2,993 | |||||||||
Baidu, Inc. ADR* | 40,300 | 6,989 | |||||||||
Beijing Enterprises Holdings Ltd. | 732,400 | 3,395 | |||||||||
Changyou.com Ltd. ADR* | 167,700 | 2,963 | |||||||||
China Everbright International Ltd. | 5,624,900 | 5,945 | |||||||||
China Medical System Holdings Ltd.f | 2,606,800 | 3,318 | |||||||||
China Mengniu Dairy Co. Ltd. | 1,821,280 | 2,613 | |||||||||
China Mobile Ltd. | 786,000 | 8,327 | |||||||||
China State Construction International Holdings Ltd. | 2,861,400 | 4,378 | |||||||||
China Vanke Co. Ltd., H Shares | 1,518,223 | 3,435 | |||||||||
CNOOC Ltd. | 5,613,200 | 5,737 | |||||||||
Country Garden Holdings Co. Ltd. | 6,431,600 | 2,340 | |||||||||
Galaxy Entertainment Group Ltd. | 866,400 | 2,902 | |||||||||
Haier Electronics Group Co. Ltd. | 2,719,800 | 4,084 | |||||||||
Hua Hong Semiconductor Ltd.ñ* | 1,856,300 | 1,706 |
Number of Shares | Value† (000's)z | ||||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 9,827,900 | $ | 4,839 | ||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,235,200 | 3,380 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 1,075,400 | 4,563 | |||||||||
Sunny Optical Technology Group Co. Ltd. | 2,691,500 | 6,229 | |||||||||
Tencent Holdings Ltd. | 634,900 | 11,591 | |||||||||
Zhuzhou CSR Times Electric Co. Ltd., H Shares | 300,300 | 1,467 | |||||||||
94,291 | |||||||||||
Czech Republic (0.8%) | |||||||||||
Komercni Banka A/S | 15,935 | 2,970 | |||||||||
Hong Kong (1.0%) | |||||||||||
AIA Group Ltd. | 675,200 | 3,433 | |||||||||
India (11.3%) | |||||||||||
Cairn India Ltd. | 1,165,365 | 1,992 | |||||||||
Coal India Ltd. | 570,545 | 2,601 | |||||||||
Cummins India Ltd. | 417,383 | 4,941 | |||||||||
Dabur India Ltd. | 1,139,979 | 3,930 | |||||||||
Dewan Housing Finance Corp. Ltd. | 862,420 | 1,944 | |||||||||
Glenmark Pharmaceuticals Ltd. | 269,725 | 2,905 | |||||||||
HDFC Bank Ltd. ADR | 55,100 | 2,910 | |||||||||
Hero MotoCorp Ltd. | 800 | 29 | |||||||||
Hindustan Unilever Ltd. | 154,530 | 1,866 | |||||||||
IndusInd Bank Ltd. | 286,315 | 3,499 | |||||||||
InterGlobe Aviation Ltd.ñ* | 212,540 | 2,528 | |||||||||
Maruti Suzuki India Ltd. | 47,000 | 2,241 | |||||||||
Power Grid Corp. of India Ltd. | 1,832,929 | 3,485 | |||||||||
Prestige Estates Projects Ltd. | 825,850 | 1,798 | |||||||||
SH Kelkar & Co. Ltd.ñ* | 473,335 | 1,625 |
Number of Shares | Value† (000's)z | ||||||||||
Tata Motors Ltd. Class A* | 555,168 | $ | 1,907 | ||||||||
40,201 | |||||||||||
Indonesia (4.1%) | |||||||||||
PT AKR Corporindo Tbk | 4,007,900 | 2,450 | |||||||||
PT Gudang Garam Tbk | 678,300 | 3,231 | |||||||||
PT Link Net Tbk* | 5,059,200 | 1,374 | |||||||||
PT Matahari Department Store Tbk | 1,812,400 | 2,504 | |||||||||
PT Semen Indonesia (Persero) Tbk | 3,516,600 | 2,696 | |||||||||
PT Sumber Alfaria Trijaya Tbk | 51,076,100 | 2,177 | |||||||||
14,432 | |||||||||||
Jordan (0.8%) | |||||||||||
Hikma Pharmaceuticals PLC | 104,630 | 2,727 | |||||||||
Korea (12.5%) | |||||||||||
Coway Co. Ltd. | 94,270 | 7,432 | |||||||||
Hyundai Motor Co. | 47,170 | 5,626 | |||||||||
KEPCO Plant Service & Engineering Co. Ltd.* | 1,400 | 81 | |||||||||
NAVER Corp. | 9,305 | 4,304 | |||||||||
NCSoft Corp. | 30,405 | 5,900 | |||||||||
Samsung Electronics Co. Ltd. | 14,815 | 14,112 | |||||||||
SFA Engineering Corp. | 81,807 | 4,214 | |||||||||
SK Hynix, Inc. | 123,030 | 2,984 | |||||||||
44,653 | |||||||||||
Malaysia (0.3%) | |||||||||||
Inari Amertron Bhd | 1,602,925 | 1,231 | |||||||||
Mexico (5.9%) | |||||||||||
Arca Continental SAB de CV | 480,900 | 2,934 | |||||||||
Corp. Inmobiliaria Vesta SAB de CV | 2,267,100 | 3,289 | |||||||||
Grupo Financiero Banorte SAB de CV, O Shares | 1,109,100 | 5,598 |
See Notes to Schedule of Investments
61
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Grupo GICSA SA de CV* | 2,597,300 | $ | 2,020 | ||||||||
Grupo Mexico SAB de CV Series B | 1,105,400 | 2,325 | |||||||||
Infraestructura Energetica Nova SAB de CV | 625,100 | 2,448 | |||||||||
Unifin Financiera SAPI de CV* | 871,500 | 2,520 | |||||||||
21,134 | |||||||||||
Netherlands (0.0%) | |||||||||||
X5 Retail Group NV GDR* | 600 | 11 | |||||||||
Peru (1.7%) | |||||||||||
Credicorp Ltd. | 52,500 | 6,155 | |||||||||
Philippines (3.1%) | |||||||||||
Ayala Corp. | 247,070 | 3,580 | |||||||||
International Container Terminal Services, Inc. | 1,679,120 | 2,189 | |||||||||
SM Investments Corp. | 97,660 | 1,684 | |||||||||
Universal Robina Corp. | 887,780 | 3,697 | |||||||||
11,150 | |||||||||||
Russia (3.0%) | |||||||||||
LUKOIL PJSC ADR | 11,690 | 415 | |||||||||
LUKOIL PJSC ADR | 78,985 | 2,790 | |||||||||
Magnit PJSCf | 31,955 | 4,518 | |||||||||
QIWI PLC ADR | 110,800 | 1,232 | |||||||||
Yandex NV Class A* | 134,300 | 1,735 | |||||||||
10,690 | |||||||||||
Singapore (0.6%) | |||||||||||
Asian Pay Television Trust | 4,710,602 | 1,977 | |||||||||
South Africa (5.6%) | |||||||||||
Alexander Forbes Group Holdings Ltd. | 5,419,861 | 2,036 | |||||||||
Bidvest Group Ltd. | 218,974 | 4,917 | |||||||||
FirstRand Ltd. | 1,358,600 | 3,774 | |||||||||
Life Healthcare Group Holdings Ltd. | 1,479,825 | 3,269 | |||||||||
Mr. Price Group Ltd. | 194,200 | 2,024 | |||||||||
Sasol Ltd. | 138,865 | 3,737 | |||||||||
19,757 | |||||||||||
Taiwan, Province of China (7.2%) | |||||||||||
China Steel Chemical Corp. | 431,400 | 1,505 |
Number of Shares | Value† (000's)z | ||||||||||
eMemory Technology, Inc. | 298,200 | $ | 3,105 | ||||||||
Hermes Microvision, Inc. | 120,540 | 2,958 | |||||||||
Hu Lane Associate, Inc. | 524,600 | 2,399 | |||||||||
Kingpak Technology, Inc.* | 236,400 | 1,705 | |||||||||
MediaTek, Inc. | 495,200 | 3,491 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,343,739 | 10,486 | |||||||||
25,649 | |||||||||||
Thailand (1.2%) | |||||||||||
Bangkok Dusit Medical Services PCLf | 3,899,000 | 2,364 | |||||||||
CP ALL PCLf | 1,515,900 | 1,840 | |||||||||
4,204 | |||||||||||
Turkey (1.7%) | |||||||||||
Turkiye Garanti Bankasi A/S | 1,064,540 | 2,633 | |||||||||
Ulker Biskuvi Sanayi A/S | 576,545 | 3,499 | |||||||||
6,132 | |||||||||||
United Kingdom (1.5%) | |||||||||||
SABMiller PLC | 93,705 | 5,402 | |||||||||
Total Common Stocks (Cost $378,791) | 338,353 | ||||||||||
Short-Term Investments (4.2%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $15,121) | 15,121,172 | 15,121 | |||||||||
Total Investments## (99.3%) (Cost $393,912) | 353,474 | ||||||||||
Cash, receivables and other assets, less liabilities (0.7%) | 2,449 | ||||||||||
Total Net Assets (100.0%) | $ | 355,923 |
See Notes to Schedule of Investments
62
POSITIONS BY INDUSTRY EMERGING MARKETS EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||
Banks | $ | 32,227 | 9.1 | % | |||||
Internet Software & Services | 27,612 | 7.8 | % | ||||||
Semiconductors & Semiconductor Equipment | 24,730 | 6.9 | % | ||||||
Oil, Gas & Consumable Fuels | 17,272 | 4.9 | % | ||||||
Insurance | 15,593 | 4.4 | % | ||||||
Electronic Equipment, Instruments & Components | 14,476 | 4.1 | % | ||||||
Technology Hardware, Storage & Peripherals | 14,112 | 4.0 | % | ||||||
Real Estate Management & Development | 12,882 | 3.6 | % | ||||||
Beverages | 12,421 | 3.5 | % | ||||||
Household Durables | 11,516 | 3.2 | % | ||||||
Industrial Conglomerates | 9,996 | 2.8 | % | ||||||
Food Products | 9,809 | 2.8 | % | ||||||
Automobiles | 9,803 | 2.8 | % | ||||||
Diversified Financial Services | 9,390 | 2.6 | % | ||||||
Pharmaceuticals | 8,950 | 2.4 | % | ||||||
Software | 8,863 | 2.4 | % | ||||||
Food & Staples Retailing | 8,546 | 2.4 | % | ||||||
Wireless Telecommunication Services | 8,327 | 2.3 | % | ||||||
Commercial Services & Supplies | 6,822 | 1.9 | % | ||||||
Multiline Retail | 6,232 | 1.8 | % | ||||||
Health Care Providers & Services | 5,633 | 1.6 | % | ||||||
Machinery | 4,941 | 1.4 | % | ||||||
Construction & Engineering | 4,378 | 1.2 | % | ||||||
Personal Products | 3,930 | 1.1 | % | ||||||
IT Services | 3,486 | 1.0 | % | ||||||
Electric Utilities | 3,485 | 1.0 | % | ||||||
Aerospace & Defense | 3,450 | 1.0 | % | ||||||
Tobacco | 3,231 | 0.9 | % | ||||||
Chemicals | 3,130 | 0.9 | % | ||||||
Hotels, Restaurants & Leisure | 2,902 | 0.8 | % | ||||||
Construction Materials | 2,696 | 0.8 | % | ||||||
Airlines | 2,528 | 0.7 | % | ||||||
Consumer Finance | 2,520 | 0.7 | % | ||||||
Trading Companies & Distributors | 2,450 | 0.7 | % | ||||||
Gas Utilities | 2,448 | 0.7 | % | ||||||
Auto Components | 2,399 | 0.7 | % | ||||||
Metals & Mining | 2,325 | 0.6 | % | ||||||
Transportation Infrastructure | 2,189 | 0.6 | % | ||||||
Specialty Retail | 2,024 | 0.6 | % | ||||||
Media | 1,977 | 0.6 | % | ||||||
Thrifts & Mortgage Finance | 1,944 | 0.5 | % | ||||||
Household Products | 1,866 | 0.5 | % | ||||||
Electrical Equipment | 1,467 | 0.4 | % | ||||||
Diversified Telecommunication Services | 1,375 | 0.4 | % | ||||||
Short-Term Investments and Other Assets—Net | 17,570 | 4.9 | % | ||||||
$ | 355,923 | 100.0 | % |
See Notes to Schedule of Investments
63
Schedule of Investments Equity Income Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (91.2%) | |||||||||||
Aerospace & Defense (1.0%) | |||||||||||
Lockheed Martin Corp. | 81,500 | $ | 17,587 | ||||||||
Air Freight & Logistics (1.1%) | |||||||||||
United Parcel Service, Inc. Class B | 198,000 | 19,117 | |||||||||
Banks (5.9%) | |||||||||||
JPMorgan Chase & Co. | 684,000 | 38,509 | |||||||||
PNC Financial Services Group, Inc. | 455,000 | 36,996 | |||||||||
Wells Fargo & Co. | 496,000 | 23,273 | |||||||||
98,778 | |||||||||||
Beverages (1.1%) | |||||||||||
Coca-Cola Co. | 421,000 | 18,158 | |||||||||
Capital Markets (2.0%) | |||||||||||
UBS Group AG | 2,210,000 | 33,762 | |||||||||
Chemicals (1.1%) | |||||||||||
LyondellBasell Industries NV Class A | 240,000 | 19,250 | |||||||||
Communications Equipment (2.5%) | |||||||||||
Cisco Systems, Inc. | 1,600,000 | 41,888 | |||||||||
Containers & Packaging (1.1%) | |||||||||||
International Paper Co. | 520,000 | 18,564 | |||||||||
Diversified Financial Services (1.3%) | |||||||||||
CME Group, Inc. | 245,000 | 22,403 | |||||||||
Diversified Telecommunication Services (3.7%) | |||||||||||
AT&T, Inc. | 450,000 | 16,628 | |||||||||
BT Group PLC | 3,177,000 | 21,394 | |||||||||
Frontier Communications Corp. | 4,450,000 | 24,074 | |||||||||
62,096 | |||||||||||
Electric Utilities (9.5%) | |||||||||||
Edison International | 542,000 | 36,943 | |||||||||
Entergy Corp. | 481,000 | 34,733 | |||||||||
Exelon Corp. | 1,300,000 | 40,937 | |||||||||
NextEra Energy, Inc. | 416,000 | 46,933 | |||||||||
159,546 | |||||||||||
Energy Equipment & Services (1.7%) | |||||||||||
Schlumberger Ltd. | 399,000 | 28,616 |
Number of Shares | Value† (000's)z | ||||||||||
Food Products (2.2%) | |||||||||||
ConAgra Foods, Inc. | 875,000 | $ | 36,803 | ||||||||
Household Products (2.8%) | |||||||||||
Kimberly-Clark Corp.@g | 203,000 | 26,451 | |||||||||
Procter & Gamble Co.@g | 265,000 | 21,277 | |||||||||
47,728 | |||||||||||
Industrial Conglomerates (4.3%) | |||||||||||
General Electric Co. | 1,218,000 | 35,492 | |||||||||
Koninklijke Philips NV | 644,000 | 16,351 | |||||||||
Siemens AG | 220,000 | 20,338 | |||||||||
72,181 | |||||||||||
Insurance (1.9%) | |||||||||||
MetLife, Inc. | 802,000 | 31,727 | |||||||||
Media (3.8%) | |||||||||||
Lagardere SCA | 859,000 | 24,770 | |||||||||
Regal Entertainment Group Class A | 2,008,000 | 39,537 | |||||||||
64,307 | |||||||||||
Multi-Utilities (7.2%) | |||||||||||
Ameren Corp. | 805,000 | 37,795 | |||||||||
DTE Energy Co. | 453,000 | 38,106 | |||||||||
WEC Energy Group, Inc. | 794,100 | 44,748 | |||||||||
120,649 | |||||||||||
Oil, Gas & Consumable Fuels (4.3%) | |||||||||||
California Resources Corp. | 22,936 | 13 | |||||||||
Columbia Pipeline Group, Inc. | 1,253,000 | 22,742 | |||||||||
Exxon Mobil Corp. | 405,000 | 32,461 | |||||||||
Occidental Petroleum Corp. | 244,000 | 16,792 | |||||||||
72,008 | |||||||||||
Pharmaceuticals (6.9%) | |||||||||||
Bristol-Myers Squibb Co. | 300,000 | 18,579 | |||||||||
Eli Lilly & Co. | 350,000 | 25,200 | |||||||||
GlaxoSmithKline PLC ADR | 867,000 | 33,527 | |||||||||
Johnson & Johnson | 372,000 | 39,138 | |||||||||
116,444 |
Number of Shares | Value† (000's)z | ||||||||||
Real Estate Investment Trusts (18.8%) | |||||||||||
AvalonBay Communities, Inc. | 150,000 | $ | 25,746 | ||||||||
Blackstone Mortgage Trust, Inc. Class A | 1,083,000 | 26,793 | |||||||||
Crown Castle International Corp. | 433,000 | 37,455 | |||||||||
Equinix, Inc. | 125,000 | 37,961 | |||||||||
Equity Residential | 343,000 | 25,550 | |||||||||
Extra Space Storage, Inc.@g | 25,000 | 2,054 | |||||||||
Prologis, Inc. | 870,000 | 33,460 | |||||||||
Public Storage@g | 140,000 | 34,929 | |||||||||
Simon Property Group, Inc. | 178,000 | 33,772 | |||||||||
Starwood Property Trust, Inc. | 1,430,000 | 25,082 | |||||||||
Weyerhaeuser Co. | 1,254,000 | 32,579 | |||||||||
315,381 | |||||||||||
Road & Rail (0.2%) | |||||||||||
Union Pacific Corp. | 33,100 | 2,610 | |||||||||
Semiconductors & Semiconductor Equipment (3.2%) | |||||||||||
Linear Technology Corp. | 415,000 | 18,102 | |||||||||
Maxim Integrated Products, Inc. | 500,000 | 16,930 | |||||||||
Texas Instruments, Inc. | 356,000 | 18,875 | |||||||||
53,907 | |||||||||||
Software (2.0%) | |||||||||||
Microsoft Corp. | 655,000 | 33,326 | |||||||||
Specialty Retail (1.6%) | |||||||||||
Best Buy Co., Inc. | 817,000 | 26,463 | |||||||||
Total Common Stocks (Cost $1,445,631) | 1,533,299 | ||||||||||
Preferred Stocks (1.6%) | |||||||||||
Allergan PLC, Ser. A, 5.50% | 10,865 | 10,495 | |||||||||
El Paso Energy Capital Trust I, 4.75% | 397,579 | 17,275 | |||||||||
Total Preferred Stocks (Cost $27,217) | 27,770 |
See Notes to Schedule of Investments
64
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Principal Amount | Value† (000's)z | ||||||||||
Convertible Bonds (6.2%) | |||||||||||
Extra Space Storage LP, Guaranteed Notes, 3.13%, due 10/1/35ñ | $ | 33,260,000 | $ | 36,170 | |||||||
Live Nation Entertainment, Inc., Senior Unsecured Notes, 2.50%, due 5/15/19 | 3,260,000 | 3,205 | |||||||||
Priceline Group Inc., Senior Unsecured Notes, 0.90%, due 9/15/21 | 12,900,000 | 13,029 | |||||||||
SINA Corp., Senior Unsecured Notes, 1.00%, due 12/1/18 | 25,100,000 | 24,159 | |||||||||
TiVo, Inc., Senior Unsecured Notes, 2.00%, due 10/1/21 | 12,600,000 | 10,710 | |||||||||
WebMD Health Corp., Senior Unsecured Notes, 2.25%, due 3/31/16 | 10,000,000 | 10,038 | |||||||||
WebMD Health Corp., Senior Unsecured Notes, 2.50%, due 1/31/18 | 6,965,000 | 7,461 | |||||||||
Total Convertible Bonds (Cost $100,536) | 104,772 |
Number of Shares | Value† (000's)z | ||||||||||
Short-Term Investments (0.0%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $0) | 1 | $ | 0 | ||||||||
Total Investments## (99.0%) (Cost $1,573,384) | 1,665,841 | ||||||||||
Cash, receivables and other assets, less liabilities‡‡k (1.0%) | 16,139 | ||||||||||
Total Net Assets (100.0%) | $ | 1,681,980 |
See Notes to Schedule of Investments
65
Schedule of Investments Focus Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.3%) | |||||||||||
Airlines (3.9%) | |||||||||||
Delta Air Lines, Inc. | 527,000 | $ | 25,422 | ||||||||
Banks (6.6%) | |||||||||||
JPMorgan Chase & Co. | 541,000 | 30,458 | |||||||||
PNC Financial Services Group, Inc. | 159,100 | 12,937 | |||||||||
43,395 | |||||||||||
Beverages (3.5%) | |||||||||||
Coca-Cola Co. | 530,000 | 22,859 | |||||||||
Chemicals (1.8%) | |||||||||||
WR Grace & Co.* | 172,000 | 11,823 | |||||||||
Commercial Services & Supplies (1.2%) | |||||||||||
Pitney Bowes, Inc. | 418,000 | 7,574 | |||||||||
Communications Equipment (2.6%) | |||||||||||
Motorola Solutions, Inc. | 233,000 | 17,123 | |||||||||
Diversified Financial Services (2.4%) | |||||||||||
Intercontinental Exchange, Inc. | 65,000 | 15,500 | |||||||||
Electronic Equipment, Instruments & Components (1.9%) | |||||||||||
CDW Corp. | 315,000 | 12,468 | |||||||||
Food & Staples Retailing (2.9%) | |||||||||||
CVS Health Corp. | 198,000 | 19,240 | |||||||||
Food Products (3.9%) | |||||||||||
Blue Buffalo Pet Products, Inc.* | 557,052 | 10,194 | |||||||||
Mondelez International, Inc. Class A | 387,000 | 15,685 | |||||||||
25,879 | |||||||||||
Health Care Providers & Services (3.0%) | |||||||||||
UnitedHealth Group, Inc. | 165,000 | 19,652 | |||||||||
Household Durables (3.5%) | |||||||||||
Newell Rubbermaid, Inc. | 600,000 | 22,806 | |||||||||
Insurance (4.9%) | |||||||||||
Willis Towers Watson PLC | 287,700 | 32,602 | |||||||||
Internet & Catalog Retail (0.4%) | |||||||||||
Amazon.com, Inc.* | 5,000 | 2,763 | |||||||||
Internet Software & Services (4.4%) | |||||||||||
Alphabet, Inc. Class A* | 20,000 | 14,345 |
Number of Shares | Value† (000's)z | ||||||||||
Alphabet, Inc. Class C* | 21,000 | $ | 14,653 | ||||||||
28,998 | |||||||||||
Machinery (4.0%) | |||||||||||
Stanley Black & Decker, Inc. | 282,000 | 26,511 | |||||||||
Media (1.0%) | |||||||||||
Comcast Corp. Class A | 118,000 | 6,812 | |||||||||
Metals & Mining (0.7%) | |||||||||||
Steel Dynamics, Inc. | 255,000 | 4,638 | |||||||||
Oil, Gas & Consumable Fuels (9.8%) | |||||||||||
Columbia Pipeline Group, Inc. | 1,120,000 | 20,328 | |||||||||
Concho Resources, Inc.* | 261,000 | 23,553 | |||||||||
EOG Resources, Inc. | 321,000 | 20,781 | |||||||||
64,662 | |||||||||||
Pharmaceuticals (8.9%) | |||||||||||
Eli Lilly & Co. | 402,000 | 28,944 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 532,000 | 29,579 | |||||||||
58,523 | |||||||||||
Real Estate Investment Trusts (1.0%) | |||||||||||
Weyerhaeuser Co. | 265,000 | 6,885 | |||||||||
Road & Rail (4.7%) | |||||||||||
Avis Budget Group, Inc.* | 492,000 | 12,615 | |||||||||
CSX Corp. | 766,000 | 18,491 | |||||||||
31,106 | |||||||||||
Semiconductors & Semiconductor Equipment (2.2%) | |||||||||||
NXP Semiconductors NV* | 199,000 | 14,177 | |||||||||
Software (6.9%) | |||||||||||
Activision Blizzard, Inc. | 470,000 | 14,885 | |||||||||
Intuit, Inc. | 145,000 | 14,013 | |||||||||
Oracle Corp. | 451,000 | 16,587 | |||||||||
45,485 | |||||||||||
Specialty Retail (3.0%) | |||||||||||
Bed Bath & Beyond, Inc.* | 415,000 | 19,899 |
Number of Shares | Value† (000's)z | ||||||||||
Technology Hardware, Storage & Peripherals (1.8%) | |||||||||||
Western Digital Corp. | 272,500 | $ | 11,862 | ||||||||
Textiles, Apparel & Luxury Goods (1.6%) | |||||||||||
Ralph Lauren Corp. | 118,000 | 10,710 | |||||||||
Trading Companies & Distributors (0.8%) | |||||||||||
AerCap Holdings NV* | 156,000 | 5,574 | |||||||||
Wireless Telecommunication Services (5.0%) | |||||||||||
T-Mobile US, Inc.* | 895,000 | 33,204 | |||||||||
Total Common Stocks (Cost $633,824) | 648,152 | ||||||||||
Short-Term Investments (1.5%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $9,964) | 9,963,827 | 9,964 | |||||||||
Total Investments## (99.8%) (Cost $643,788) | 658,116 | ||||||||||
Cash, receivables and other assets, less liabilities (0.2%) | 1,238 | ||||||||||
Total Net Assets (100.0%) | $ | 659,354 |
See Notes to Schedule of Investments
66
Schedule of Investments Genesis Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.6%) | |||||||||||
Aerospace & Defense (0.3%) | |||||||||||
Astronics Corp.* | 833,865 | $ | 26,525 | ||||||||
Air Freight & Logistics (0.7%) | |||||||||||
Forward Air Corp.^ | 1,585,268 | 64,552 | |||||||||
Airlines (0.5%) | |||||||||||
Allegiant Travel Co. | 262,900 | 43,084 | |||||||||
Auto Components (1.1%) | |||||||||||
Drew Industries, Inc. | 1,154,069 | 69,464 | |||||||||
Gentex Corp. | 2,509,298 | 36,535 | |||||||||
105,999 | |||||||||||
Banks (8.1%) | |||||||||||
Bank of Hawaii Corp. | 2,038,412 | 129,439 | |||||||||
Bank of the Ozarks, Inc. | 2,139,800 | 80,970 | |||||||||
BankUnited, Inc. | 1,971,830 | 63,335 | |||||||||
BOK Financial Corp. | 1,145,376 | 55,974 | |||||||||
Community Bank System, Inc. | 1,282,758 | 47,501 | |||||||||
Cullen/Frost Bankers, Inc. | 1,454,125 | 69,696 | |||||||||
CVB Financial Corp. | 4,873,772 | 75,690 | |||||||||
First Financial Bankshares, Inc. | 2,952,447 | 77,974 | |||||||||
FNB Corp. | 5,615,946 | 68,964 | |||||||||
LegacyTexas Financial Group, Inc. | 1,919,718 | 34,075 | |||||||||
PacWest Bancorp | 1,440,151 | 46,344 | |||||||||
Westamerica Bancorporation | 395,603 | 17,798 | |||||||||
767,760 | |||||||||||
Beverages (0.5%) | |||||||||||
Boston Beer Co., Inc. Class A* | 276,819 | 52,072 | |||||||||
Building Products (1.5%) | |||||||||||
AAON, Inc. | 2,115,710 | 52,470 | |||||||||
Advanced Drainage Systems, Inc. | 880,900 | 17,089 | |||||||||
AO Smith Corp. | 1,094,148 | 77,006 | |||||||||
146,565 |
Number of Shares | Value† (000's)z | ||||||||||
Capital Markets (0.2%) | |||||||||||
Artisan Partners Asset Management, Inc. Class A | 528,315 | $ | 14,994 | ||||||||
OM Asset Management PLC | 536,600 | 6,117 | |||||||||
21,111 | |||||||||||
Chemicals (3.8%) | |||||||||||
Balchem Corp. | 1,420,009 | 89,844 | |||||||||
NewMarket Corp. | 75,412 | 27,536 | |||||||||
Quaker Chemical Corp. | 292,360 | 22,749 | |||||||||
RPM International, Inc. | 1,160,844 | 47,420 | |||||||||
Sensient Technologies Corp.^ | 2,971,345 | 170,793 | |||||||||
358,342 | |||||||||||
Commercial Services & Supplies (4.2%) | |||||||||||
Essendant, Inc. | 400,906 | 11,815 | |||||||||
G&K Services, Inc. Class A | 774,300 | 51,336 | |||||||||
Healthcare Services Group, Inc. | 3,303,181 | 117,197 | |||||||||
Ritchie Bros. Auctioneers, Inc. | 573,900 | 13,722 | |||||||||
Rollins, Inc. | 5,566,130 | 153,235 | |||||||||
Team, Inc.* | 620,809 | 15,911 | |||||||||
UniFirst Corp. | 350,250 | 36,920 | |||||||||
400,136 | |||||||||||
Communications Equipment (0.7%) | |||||||||||
NetScout Systems, Inc.* | 2,996,684 | 61,941 | |||||||||
Construction Materials (0.5%) | |||||||||||
Eagle Materials, Inc. | 707,000 | 42,717 | |||||||||
Containers & Packaging (2.7%) | |||||||||||
AptarGroup, Inc. | 2,664,200 | 196,378 | |||||||||
Silgan Holdings, Inc. | 1,127,183 | 57,746 | |||||||||
254,124 | |||||||||||
Distributors (1.8%) | |||||||||||
Pool Corp.^ | 2,187,898 | 175,623 |
Number of Shares | Value† (000's)z | ||||||||||
Diversified Financial Services (1.9%) | |||||||||||
FactSet Research Systems, Inc. | 549,500 | $ | 82,694 | ||||||||
MarketAxess Holdings, Inc. | 850,151 | 100,709 | |||||||||
183,403 | |||||||||||
Electrical Equipment (0.5%) | |||||||||||
Franklin Electric Co., Inc. | 1,207,797 | 36,053 | |||||||||
Thermon Group Holdings, Inc.* | 781,431 | 13,245 | |||||||||
49,298 | |||||||||||
Electronic Equipment, Instruments & Components (5.8%) | |||||||||||
Badger Meter, Inc. | 502,601 | 33,016 | |||||||||
Cognex Corp. | 1,571,354 | 58,156 | |||||||||
FEI Co. | 1,902,442 | 154,554 | |||||||||
Littelfuse, Inc. | 932,611 | 105,963 | |||||||||
MTS Systems Corp. | 435,887 | 23,952 | |||||||||
Rogers Corp.*^ | 1,211,851 | 64,737 | |||||||||
Zebra Technologies Corp. Class A* | 1,795,324 | 110,915 | |||||||||
551,293 | |||||||||||
Energy Equipment & Services (1.0%) | |||||||||||
Dril-Quip, Inc.* | 280,100 | 15,196 | |||||||||
Natural Gas Services Group, Inc.* | 528,000 | 9,536 | |||||||||
Oceaneering International, Inc. | 1,010,328 | 27,905 | |||||||||
Pason Systems, Inc. | 3,649,857 | 45,258 | |||||||||
97,895 | |||||||||||
Food & Staples Retailing (0.2%) | |||||||||||
North West Co., Inc.f | 925,600 | 21,467 | |||||||||
Food Products (3.2%) | |||||||||||
B&G Foods, Inc. | 1,292,200 | 44,697 | |||||||||
Blue Buffalo Pet Products, Inc.* | 1,439,429 | 26,342 | |||||||||
Cal-Maine Foods, Inc. | 251,600 | 13,430 | |||||||||
Calavo Growers, Inc. | 546,602 | 29,276 | |||||||||
Flowers Foods, Inc. | 2,279,500 | 39,048 | |||||||||
J & J Snack Foods Corp. | 791,046 | 87,640 | |||||||||
Lancaster Colony Corp. | 658,456 | 67,011 | |||||||||
307,444 |
See Notes to Schedule of Investments
67
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Health Care Equipment & Supplies (7.9%) | |||||||||||
Abaxis, Inc.^ | 1,225,400 | $ | 48,060 | ||||||||
Cantel Medical Corp. | 567,103 | 36,085 | |||||||||
Haemonetics Corp.* | 1,786,638 | 57,315 | |||||||||
IDEXX Laboratories, Inc.* | 1,733,824 | 126,847 | |||||||||
LivaNova PLC* | 792,595 | 44,734 | |||||||||
Meridian Bioscience, Inc. | 792,297 | 15,965 | |||||||||
Natus Medical, Inc.* | 1,025,713 | 37,254 | |||||||||
Neogen Corp.* | 312,500 | 15,391 | |||||||||
Sirona Dental Systems, Inc.*f | 1,420,526 | 157,096 | |||||||||
West Pharmaceutical Services, Inc. | 3,461,358 | 214,673 | |||||||||
753,420 | |||||||||||
Health Care Providers & Services (4.0%) | |||||||||||
AmSurg Corp.* | 1,219,450 | 82,984 | |||||||||
Chemed Corp. | 670,700 | 86,185 | |||||||||
Henry Schein, Inc.* | 982,940 | 162,628 | |||||||||
Surgical Care Affiliates, Inc.* | 515,451 | 20,891 | |||||||||
U.S. Physical Therapy, Inc. | 480,300 | 24,346 | |||||||||
377,034 | |||||||||||
Hotels, Restaurants & Leisure (3.9%) | |||||||||||
Brinker International, Inc. | 1,941,700 | 96,696 | |||||||||
Cheesecake Factory, Inc. | 1,102,800 | 55,030 | |||||||||
Cracker Barrel Old Country Store, Inc. | 555,927 | 82,305 | |||||||||
Papa John's International, Inc. | 958,245 | 55,722 | |||||||||
Texas Roadhouse, Inc. | 1,924,600 | 80,275 | |||||||||
370,028 | |||||||||||
Household Products (2.5%) | |||||||||||
Church & Dwight Co., Inc. | 2,658,856 | 241,318 | |||||||||
Industrial Conglomerates (0.2%) | |||||||||||
Raven Industries, Inc. | 1,499,452 | 22,912 |
Number of Shares | Value† (000's)z | ||||||||||
Insurance (1.7%) | |||||||||||
AMERISAFE, Inc. | 214,800 | $ | 11,062 | ||||||||
RLI Corp. | 1,907,314 | 119,722 | |||||||||
Safety Insurance Group, Inc. | 557,306 | 30,825 | |||||||||
161,609 | |||||||||||
Internet Software & Services (0.6%) | |||||||||||
j2 Global, Inc. | 768,201 | 56,140 | |||||||||
IT Services (1.2%) | |||||||||||
Jack Henry & Associates, Inc. | 1,388,203 | 114,166 | |||||||||
Leisure Products (0.9%) | |||||||||||
Polaris Industries, Inc. | 921,920 | 81,046 | |||||||||
Life Sciences Tools & Services (3.9%) | |||||||||||
Bio-Techne Corp. | 1,129,100 | 96,922 | |||||||||
ICON PLC*^ | 2,971,800 | 211,473 | |||||||||
PAREXEL International Corp.* | 1,081,555 | 63,477 | |||||||||
371,872 | |||||||||||
Machinery (9.2%) | |||||||||||
CLARCOR, Inc. | 1,820,088 | 87,619 | |||||||||
Donaldson Co., Inc. | 1,272,000 | 35,921 | |||||||||
Graco, Inc. | 646,717 | 50,651 | |||||||||
Lindsay Corp.^ | 674,350 | 48,823 | |||||||||
Middleby Corp.* | 1,040,318 | 96,334 | |||||||||
Milacron Holdings Corp.* | 1,008,400 | 13,795 | |||||||||
Nordson Corp. | 1,236,308 | 88,606 | |||||||||
RBC Bearings, Inc.* | 1,052,740 | 67,054 | |||||||||
Tennant Co.^ | 1,016,502 | 47,308 | |||||||||
Toro Co. | 1,527,088 | 121,709 | |||||||||
Valmont Industries, Inc. | 699,704 | 79,102 | |||||||||
Wabtec Corp. | 1,960,500 | 138,411 | |||||||||
875,333 | |||||||||||
Media (1.7%) | |||||||||||
Gray Television, Inc.*^ | 2,990,450 | 34,510 | |||||||||
Media General, Inc.* | 1,685,119 | 28,007 | |||||||||
Nexstar Broadcasting Group, Inc. Class A^ | 2,129,121 | 95,129 | |||||||||
157,646 |
Number of Shares | Value† (000's)z | ||||||||||
Metals & Mining (1.0%) | |||||||||||
Compass Minerals International, Inc. | 1,337,673 | $ | 90,748 | ||||||||
Oil, Gas & Consumable Fuels (0.9%) | |||||||||||
Diamondback Energy, Inc.* | 220,101 | 15,682 | |||||||||
Gulfport Energy Corp.* | 1,009,671 | 24,232 | |||||||||
Matador Resources Co.* | 857,800 | 13,845 | |||||||||
RSP Permian, Inc.* | 542,600 | 12,974 | |||||||||
Synergy Resources Corp.* | 2,980,366 | 18,627 | |||||||||
85,360 | |||||||||||
Paper & Forest Products (0.9%) | |||||||||||
Stella-Jones, Inc.f | 2,352,900 | 83,143 | |||||||||
Pharmaceuticals (0.4%) | |||||||||||
Phibro Animal Health Corp. Class A^ | 1,281,744 | 35,453 | |||||||||
Professional Services (1.0%) | |||||||||||
Exponent, Inc.^ | 2,017,370 | 94,191 | |||||||||
Semiconductors & Semiconductor Equipment (1.3%) | |||||||||||
MKS Instruments, Inc. | 588,200 | 19,352 | |||||||||
Power Integrations, Inc.^ | 2,186,200 | 100,193 | |||||||||
119,545 | |||||||||||
Software (9.3%) | |||||||||||
Aspen Technology, Inc.* | 1,542,900 | 50,869 | |||||||||
Computer Modelling Group Ltd.^f | 4,896,600 | 35,286 | |||||||||
Constellation Software, Inc. | 357,642 | 147,756 | |||||||||
Descartes Systems Group, Inc.* | 2,442,050 | 41,710 | |||||||||
Enghouse Systems Ltd.f | 1,132,000 | 45,866 | |||||||||
Fair Isaac Corp. | 1,120,858 | 111,548 | |||||||||
Manhattan Associates, Inc.* | 2,762,928 | 152,679 |
See Notes to Schedule of Investments
68
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Monotype Imaging Holdings, Inc.^ | 2,972,906 | $ | 70,577 | ||||||||
NICE-Systems Ltd. ADR | 674,741 | 40,431 | |||||||||
Progress Software Corp.* | 1,189,100 | 29,989 | |||||||||
Qualys, Inc.* | 445,300 | 11,119 | |||||||||
Tyler Technologies, Inc.* | 1,217,232 | 146,457 | |||||||||
884,287 | |||||||||||
Specialty Retail (3.6%) | |||||||||||
Asbury Automotive Group, Inc.* | 585,900 | 34,217 | |||||||||
Hibbett Sports, Inc.*^ | 1,194,769 | 42,414 | |||||||||
Lithia Motors, Inc. Class A | 605,800 | 56,170 | |||||||||
Monro Muffler Brake, Inc. | 500,400 | 34,212 | |||||||||
Sally Beauty Holdings, Inc.* | 2,168,693 | 68,487 | |||||||||
Tractor Supply Co. | 1,240,482 | 104,908 | |||||||||
340,408 | |||||||||||
Technology Hardware, Storage & Peripherals (0.8%) | |||||||||||
Electronics For Imaging, Inc.* | 1,899,500 | 75,239 | |||||||||
Trading Companies & Distributors (1.5%) | |||||||||||
Applied Industrial Technologies, Inc. | 1,127,444 | 43,407 | |||||||||
Watsco, Inc. | 795,904 | 101,517 | |||||||||
144,924 | |||||||||||
Total Common Stocks (Cost $5,452,226) | 9,267,173 | ||||||||||
Short-Term Investments (2.4%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h | 56,706,107 | 56,706 |
Number of Shares | Value† (000's)z | ||||||||
State Street Institutional Treasury Plus Fund Premier Class, 0.17%h^ | 175,918,274 | $ | 175,918 | ||||||
Total Short-Term Investments (Cost $232,624) | 232,624 | ||||||||
Total Investments## (100.0%) (Cost $5,684,850) | 9,499,797 | ||||||||
Liabilities, less cash, receivables and other assets [(0.0%)] | (1,883 | ) | |||||||
Total Net Assets (100.0%) | $ | 9,497,914 |
See Notes to Schedule of Investments
69
Schedule of Investments Global Equity Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.5%) | |||||||||||
Australia (1.5%) | |||||||||||
Insurance Australia Group Ltd. | 14,720 | $ | 54 | ||||||||
Canada (3.8%) | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 1,725 | 78 | |||||||||
Home Capital Group, Inc. | 850 | 21 | |||||||||
Kinaxis, Inc.* | 645 | 19 | |||||||||
Suncor Energy, Inc. | 979 | 24 | |||||||||
142 | |||||||||||
China (3.0%) | |||||||||||
Alibaba Group Holding Ltd. ADR* | 615 | 42 | |||||||||
Baidu, Inc. ADR* | 230 | 40 | |||||||||
Haier Electronics Group Co. Ltd. | 20,800 | 31 | |||||||||
113 | |||||||||||
France (4.7%) | |||||||||||
BNP Paribas SA | 670 | 31 | |||||||||
Sanofi | 540 | 43 | |||||||||
Sodexo SA | 545 | 55 | |||||||||
Valeo SA | 145 | 20 | |||||||||
Virbac SA | 150 | 28 | |||||||||
177 | |||||||||||
Germany (3.4%) | |||||||||||
Continental AG | 250 | 50 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 480 | 48 | |||||||||
Linde AG | 222 | 31 | |||||||||
129 | |||||||||||
Israel (4.6%) | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 25,940 | 58 | |||||||||
Check Point Software Technologies Ltd.* | 935 | 78 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 670 | 37 | |||||||||
173 |
Number of Shares | Value† (000's)z | ||||||||||
Japan (4.9%) | |||||||||||
Daikin Industries Ltd. | 400 | $ | 27 | ||||||||
FANUC Corp. | 300 | 44 | |||||||||
Sundrug Co. Ltd. | 950 | 63 | |||||||||
TOYOTA MOTOR Corp. | 950 | 49 | |||||||||
183 | |||||||||||
Korea (0.8%) | |||||||||||
Samsung Electronics Co. Ltd. | 30 | 29 | |||||||||
Netherlands (4.5%) | |||||||||||
AerCap Holdings NV* | 975 | 35 | |||||||||
ASML Holding NV | 710 | 65 | |||||||||
NXP Semiconductors NV* | 550 | 39 | |||||||||
Sensata Technologies Holding NV* | 910 | 31 | |||||||||
170 | |||||||||||
Spain (0.8%) | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 4,557 | 29 | |||||||||
Sweden (0.5%) | |||||||||||
Dometic Group ABñ* | 3,145 | 20 | |||||||||
Switzerland (9.3%) | |||||||||||
Cie Financiere Richemont SA | 465 | 30 | |||||||||
Givaudan SA* | 38 | 71 | |||||||||
Julius Baer Group Ltd.* | 1,250 | 50 | |||||||||
Roche Holding AG | 231 | 59 | |||||||||
SGS SA | 26 | 52 | |||||||||
Sonova Holding | 325 | 39 AG | |||||||||
TE Connectivity Ltd. | 810 | 46 | |||||||||
347 | |||||||||||
United Kingdom (13.7%) | |||||||||||
Aon PLC | 555 | 53 | |||||||||
Barclays PLC | 13,654 | 32 | |||||||||
Howden Joinery Group PLC | 7,045 | 48 | |||||||||
Lloyds Banking Group PLC | 26,510 | 27 | |||||||||
Marks & Spencer Group PLC | 3,020 | 18 | |||||||||
Prudential PLC | 2,990 | 52 | |||||||||
SABMiller PLC | 900 | 52 | |||||||||
Spectris PLC | 1,564 | 39 |
Number of Shares | Value† (000's)z | ||||||||||
St. James's Place PLC | 3,975 | $ | 47 | ||||||||
TalkTalk Telecom Group PLC | 12,350 | 41 | |||||||||
Travis Perkins PLC | 1,828 | 45 | |||||||||
Virgin Money Holdings UK PLC | 6,604 | 31 | |||||||||
Worldpay Group PLCñ* | 7,525 | 30 | |||||||||
515 | |||||||||||
United States (42.0%) | |||||||||||
Alphabet, Inc. Class A* | 45 | 32 | |||||||||
Alphabet, Inc. Class C* | 45 | 31 | |||||||||
Amazon.com, Inc.* | 108 | 60 | |||||||||
American Tower Corp. | 420 | 39 | |||||||||
Apple, Inc. | 828 | 80 | |||||||||
BlackRock, Inc. | 123 | 38 | |||||||||
Blue Buffalo Pet Products, Inc.* | 1,620 | 30 | |||||||||
Cabot Oil & Gas Corp. | 600 | 12 | |||||||||
Cardinal Health, Inc. | 910 | 74 | |||||||||
CDW Corp. | 1,075 | 43 | |||||||||
CVS Health Corp. | 695 | 68 | |||||||||
eBay, Inc.* | 1,080 | 26 | |||||||||
EOG Resources, Inc. | 504 | 33 | |||||||||
Estee Lauder Cos., Inc. Class A | 515 | 47 | |||||||||
First Republic Bank | 745 | 46 | |||||||||
Gilead Sciences, Inc. | 400 | 35 | |||||||||
Graco, Inc. | 700 | 55 | |||||||||
Henry Schein, Inc.* | 445 | 74 | |||||||||
Intercontinental Exchange, Inc. | 250 | 60 | |||||||||
JPMorgan Chase & Co. | 1,050 | 59 | |||||||||
Medtronic PLC | 532 | 41 | |||||||||
Milacron Holdings Corp.* | 1,050 | 14 | |||||||||
Nielsen Holdings PLC | 1,390 | 70 | |||||||||
Nordstrom, Inc. | 535 | 27 | |||||||||
PayPal Holdings, Inc.* | 735 | 28 | |||||||||
Pioneer Natural Resources Co. | 265 | 32 | |||||||||
Pitney Bowes, Inc. | 1,435 | 26 | |||||||||
Range Resources Corp. | 570 | 13 | |||||||||
RPM International, Inc. | 1,375 | 56 | |||||||||
Samsonite International SA | 9,650 | 28 |
See Notes to Schedule of Investments
70
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||
SanDisk Corp. | 545 | $ | 39 | ||||||
Schlumberger Ltd. | 485 | 35 | |||||||
Sealed Air Corp. | 1,320 | 60 | |||||||
VF Corp. | 320 | 21 | |||||||
Visa, Inc. Class A | 525 | 38 | |||||||
Wabtec Corp. | 505 | 36 | |||||||
Waste Connections, Inc. | 1,135 | 70 | |||||||
1,576 | |||||||||
Total Common Stocks (Cost $3,666) | 3,657 | ||||||||
Short-Term Investments (2.9%) | |||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $108) | 107,899 | 108 | |||||||
Total Investments## (100.4%) (Cost $3,774) | 3,765 | ||||||||
Liabilities, less cash, receivables and other assets [(0.4%)] | (13 | ) | |||||||
Total Net Assets (100.0%) | $ | 3,752 |
See Notes to Schedule of Investments
71
POSITIONS BY INDUSTRY GLOBAL EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||
Banks | $ | 255 | 6.8 | % | |||||
Food & Staples Retailing | 209 | 5.6 | % | ||||||
Insurance | 206 | 5.5 | % | ||||||
Internet Software & Services | 171 | 4.6 | % | ||||||
Pharmaceuticals | 167 | 4.5 | % | ||||||
Chemicals | 158 | 4.2 | % | ||||||
Machinery | 149 | 4.0 | % | ||||||
Technology Hardware, Storage & Peripherals | 148 | 3.9 | % | ||||||
Health Care Providers & Services | 148 | 3.9 | % | ||||||
Electronic Equipment, Instruments & Components | 128 | 3.4 | % | ||||||
Professional Services | 122 | 3.3 | % | ||||||
Oil, Gas & Consumable Fuels | 114 | 3.0 | % | ||||||
Semiconductors & Semiconductor Equipment | 104 | 2.8 | % | ||||||
Diversified Telecommunication Services | 99 | 2.6 | % | ||||||
Software | 97 | 2.6 | % | ||||||
Commercial Services & Supplies | 96 | 2.6 | % | ||||||
IT Services | 96 | 2.6 | % | ||||||
Auto Components | 90 | 2.4 | % | ||||||
Capital Markets | 88 | 2.3 | % | ||||||
Health Care Equipment & Supplies | 80 | 2.1 | % | ||||||
Trading Companies & Distributors | 80 | 2.1 | % | ||||||
Textiles, Apparel & Luxury Goods | 79 | 2.1 | % | ||||||
Containers & Packaging | 60 | 1.6 | % | ||||||
Diversified Financial Services | 60 | 1.6 | % | ||||||
Internet & Catalog Retail | 60 | 1.6 | % | ||||||
Hotels, Restaurants & Leisure | 55 | 1.5 | % | ||||||
Beverages | 52 | 1.4 | % | ||||||
Automobiles | 49 | 1.3 | % | ||||||
Household Products | 48 | 1.3 | % | ||||||
Specialty Retail | 48 | 1.3 | % | ||||||
Personal Products | 47 | 1.3 | % | ||||||
Multiline Retail | 45 | 1.2 | % | ||||||
Real Estate Investment Trusts | 39 | 1.0 | % | ||||||
Biotechnology | 35 | 0.9 | % | ||||||
Energy Equipment & Services | 35 | 0.9 | % | ||||||
Electrical Equipment | 31 | 0.8 | % | ||||||
Household Durables | 31 | 0.8 | % | ||||||
Food Products | 30 | 0.8 | % | ||||||
Building Products | 27 | 0.7 | % | ||||||
Thrifts & Mortgage Finance | 21 | 0.6 | % | ||||||
Short-Term Investments and Other Assets—Net | 95 | 2.5 | % | ||||||
$ | 3,752 | 100.0 | % |
See Notes to Schedule of Investments
72
Schedule of Investments Global Real Estate Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.6%) | |||||||||||
Australia (6.4%) | |||||||||||
Goodman Group | 7,361 | $ | 34 | ||||||||
Investa Office Fund | 7,820 | 22 | |||||||||
Mirvac Group | 17,931 | 24 | |||||||||
Scentre Group | 16,108 | 50 | |||||||||
Westfield Corp. | 6,278 | 45 | |||||||||
175 | |||||||||||
Canada (3.2%) | |||||||||||
Allied Properties Real Estate Investment Trust | 1,000 | 23 | |||||||||
Brookfield Asset Management, Inc. Class A | 1,083 | 33 | |||||||||
Canadian Apartment Properties REIT | 1,402 | 30 | |||||||||
86 | |||||||||||
France (6.0%) | |||||||||||
ICADE | 881 | 61 | |||||||||
Unibail-Rodamco SE | 404 | 101 | |||||||||
162 | |||||||||||
Germany (3.2%) | |||||||||||
Deutsche Wohnen AG | 1,992 | 53 | |||||||||
Vonovia SE | 1,076 | 33 | |||||||||
86 | |||||||||||
Hong Kong (5.6%) | |||||||||||
Henderson Land Development Co. Ltd. | 6,544 | 35 | |||||||||
Hongkong Land Holdings Ltd. | 5,705 | 34 | |||||||||
Sun Hung Kai Properties Ltd. | 7,344 | 82 | |||||||||
151 | |||||||||||
Japan (11.8%) | |||||||||||
Industrial & Infrastructure Fund Investment Corp. | 7 | 33 | |||||||||
Kenedix Retail REIT Corp. | 13 | 32 | |||||||||
Mitsubishi Estate Co. Ltd. | 3,537 | 66 | |||||||||
Mitsui Fudosan Co. Ltd. | 3,458 | 80 | |||||||||
Mori Hills REIT Investment Corp. | 21 | 32 | |||||||||
Nippon Building Fund, Inc. | 8 | 47 |
Number of Shares | Value† (000's)z | ||||||||||
Sumitomo Realty & Development Co. Ltd. | 1,123 | $ | 31 | ||||||||
321 | |||||||||||
Singapore (2.5%) | |||||||||||
Ascendas Real Estate Investment Trust | 16,267 | 28 | |||||||||
CapitaLand Ltd. | 12,762 | 27 | |||||||||
City Developments Ltd. | 2,380 | 12 | |||||||||
67 | |||||||||||
Sweden (1.6%) | |||||||||||
Hufvudstaden AB, A Shares | 3,032 | 44 | |||||||||
United Kingdom (5.5%) | |||||||||||
Great Portland Estates PLC | 3,117 | 30 | |||||||||
Land Securities Group PLC | 2,257 | 32 | |||||||||
Safestore Holdings PLC | 5,482 | 25 | |||||||||
Segro PLC | 5,101 | 29 | |||||||||
Shaftesbury PLC | 2,752 | 33 | |||||||||
149 | |||||||||||
United States (52.8%) | |||||||||||
American Homes 4 Rent Class A | 1,602 | 22 | |||||||||
American Tower Corp. | 443 | 41 | |||||||||
AvalonBay Communities, Inc. | 465 | 80 | |||||||||
Boston Properties, Inc. | 514 | 59 | |||||||||
DCT Industrial Trust, Inc. | 760 | 27 | |||||||||
Digital Realty Trust, Inc. | 499 | 39 | |||||||||
Douglas Emmett, Inc. | 1,373 | 37 | |||||||||
Equinix, Inc. | 196 | 59 | |||||||||
Equity Commonwealth* | 1,064 | 28 | |||||||||
Equity Lifestyle Properties, Inc. | 450 | 32 | |||||||||
Equity Residential | 1,175 | 87 | |||||||||
Essex Property Trust, Inc. | 306 | 64 | |||||||||
Extra Space Storage, Inc. | 379 | 31 | |||||||||
Federal Realty Investment Trust | 374 | 55 |
Number of Shares | Value† (000's)z | ||||||||||
General Growth Properties, Inc. | 1,219 | $ | 34 | ||||||||
Host Hotels & Resorts, Inc. | 2,545 | 39 | |||||||||
Kimco Realty Corp. | 2,508 | 67 | |||||||||
Kite Realty Group Trust | 1,053 | 28 | |||||||||
National Retail Properties, Inc. | 1,288 | 57 | |||||||||
OMEGA Healthcare Investors, Inc. | 810 | 26 | |||||||||
Prologis, Inc. | 1,042 | 40 | |||||||||
Public Storage | 477 | 119 | |||||||||
Simon Property Group, Inc. | 684 | 130 | |||||||||
SL Green Realty Corp. | 200 | 18 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 291 | 20 | |||||||||
Taubman Centers, Inc. | 290 | 21 | |||||||||
Ventas, Inc. | 1,222 | 68 | |||||||||
Vornado Realty Trust | 396 | 34 | |||||||||
Welltower, Inc. | 734 | 47 | |||||||||
Weyerhaeuser Co. | 909 | 24 | |||||||||
1,433 | |||||||||||
Total Common Stocks (Cost $2,823) | 2,674 | ||||||||||
Short-Term Investments (2.3%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $63) | 63,030 | 63 | |||||||||
Total Investments## (100.9%) (Cost $2,886) | 2,737 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.9%)] | (25 | ) | |||||||||
Total Net Assets (100.0%) | $ | 2,712 |
See Notes to Schedule of Investments
73
POSITIONS BY SECTOR GLOBAL REAL ESTATE FUND (UNAUDITED)
Sector | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||
Retail REITs | $ | 653 | 24.1 | % | |||||
Industrial & Office REITs | 587 | 21.6 | % | ||||||
Real Estate Holding & Development | 530 | 19.5 | % | ||||||
Specialty REITs | 399 | 14.7 | % | ||||||
Residential REITs | 339 | 12.5 | % | ||||||
Diversified REITs | 107 | 4.0 | % | ||||||
Hotel & Lodging REITs | 59 | 2.2 | % | ||||||
Short-Term Investments and Other Assets—Net | 38 | 1.4 | % | ||||||
$ | 2,712 | 100.0 | % |
See Notes to Schedule of Investments
74
Schedule of Investments Greater China Equity Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (77.3%) | |||||||||||
Automobiles (4.8%) | |||||||||||
Brilliance China Automotive Holdings Ltd. | 3,090,000 | $ | 2,531 | ||||||||
Great Wall Motor Co. Ltd., H Shares | 1,287,000 | 926 | |||||||||
3,457 | |||||||||||
Banks (3.3%) | |||||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 4,902,911 | 2,414 | |||||||||
Beverages (1.4%) | |||||||||||
Kweichow Moutai Co. Ltd. Class A | 30,297 | 994 | |||||||||
Biotechnology (0.5%) | |||||||||||
3SBio, Inc.ñ* | 308,500 | 374 | |||||||||
Capital Markets (1.1%) | |||||||||||
China Huarong Asset Management Co. Ltd.ñ* | 2,112,000 | 774 | |||||||||
Commercial Services & Supplies (2.9%) | |||||||||||
China Everbright International Ltd. | 2,021,000 | 2,136 | |||||||||
Food Products (0.3%) | |||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 101,222 | 201 | |||||||||
Hotels, Restaurants & Leisure (0.2%) | |||||||||||
China CYTS Tours Holding Co. Ltd. Class A | 61,600 | 175 | |||||||||
Independent Power and Renewable Electricity Producers (6.1%) | |||||||||||
China Power International Development Ltd. | 4,631,000 | 1,953 | |||||||||
China Resources Power Holdings Co. Ltd. | 403,887 | 651 | |||||||||
Huadian Fuxin Energy Corp. Ltd., H Shares | 3,432,000 | 613 | |||||||||
Huadian Power International Corp. Ltd., H Shares | 2,156,000 | 1,167 | |||||||||
4,384 |
Number of Shares | Value† (000's)z | ||||||||||
Insurance (9.2%) | |||||||||||
PICC Property & Casualty Co. Ltd., H Shares | 1,740,000 | $ | 2,631 | ||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 951,000 | 4,035 | |||||||||
6,666 | |||||||||||
Internet & Catalog Retail (3.8%) | |||||||||||
JD.com, Inc. ADR* | 107,915 | 2,774 | |||||||||
Internet Software & Services (18.1%) | |||||||||||
Alibaba Group Holding Ltd. ADR* | 37,584 | 2,586 | |||||||||
Baidu, Inc. ADR* | 12,758 | 2,213 | |||||||||
NetEase, Inc. ADR | 10,703 | 1,441 | |||||||||
Tencent Holdings Ltd. | 375,500 | 6,855 | |||||||||
13,095 | |||||||||||
Machinery (1.5%) | |||||||||||
Zhengzhou Yutong Bus Co. Ltd. Class A | 384,767 | 1,112 | |||||||||
Oil, Gas & Consumable Fuels (0.4%) | |||||||||||
CNOOC Ltd. | 315,000 | 322 | |||||||||
Pharmaceuticals (6.9%) | |||||||||||
China Medical System Holdings Ltd.f | 1,472,000 | 1,873 | |||||||||
CSPC Pharmaceutical Group Ltd. | 3,410,000 | 2,714 | |||||||||
Jiangsu Hengrui Medicine Co. Ltd. Class A | 58,200 | 400 | |||||||||
4,987 | |||||||||||
Real Estate Management & Development (3.2%) | |||||||||||
China Vanke Co. Ltd., H Shares | 144,700 | 327 | |||||||||
Poly Real Estate Group Co. Ltd. Class A | 1,021,087 | 1,416 | |||||||||
Sunac China Holdings Ltd. | 917,000 | 592 | |||||||||
2,335 | |||||||||||
Transportation Infrastructure (5.8%) | |||||||||||
Shanghai International Airport Co. Ltd. Class A | 811,223 | 3,365 |
Number of Shares | Value† (000's)z | ||||||||||
Shenzhen International Holdings Ltd. | 559,500 | $ | 848 | ||||||||
4,213 | |||||||||||
Water Utilities (2.6%) | |||||||||||
Beijing Enterprises Water Group Ltd.* | 3,204,000 | 1,681 | |||||||||
Kangda International Environmental Co. Ltd.ñ* | 979,000 | 192 | |||||||||
1,873 | |||||||||||
Wireless Telecommunication Services (5.2%) | |||||||||||
China Mobile Ltd. | 356,500 | 3,777 | |||||||||
Total Common Stocks (Cost $69,367) | 56,063 | ||||||||||
Participatory Notes (20.3%) | |||||||||||
Beverages (1.6%) | |||||||||||
Kweichow Moutai Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 8/17/2018 | 35,100 | 1,151 | |||||||||
Food Products (2.0%) | |||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Macquarie Bank, Ltd.), Expiration Date 2/17/2017 | 644,150 | 1,277 | |||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/10/2017 | 100,000 | 198 | |||||||||
1,475 | |||||||||||
Health Care Providers & Services (3.8%) | |||||||||||
Huadong Medicine Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/17/2017 | 72,280 | 743 |
See Notes to Schedule of Investments
75
Schedule of Investments Greater China Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Huadong Medicine Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/17/2017 | 42,418 | $ | 436 | ||||||||
Huadong Medicine Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/19/2023 | 74,807 | 768 | |||||||||
Huadong Medicine Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/12/2018 | 81,890 | 841 | |||||||||
2,788 | |||||||||||
Household Durables (2.7%) | |||||||||||
Midea Group Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/17/2017 | 61,082 | 243 | |||||||||
Midea Group Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 12/21/2016ñ | 305,657 | 1,216 | |||||||||
Midea Group Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 3/13/2016 | 57,990 | 231 | |||||||||
Midea Group Co. Ltd., Class A (issuer Credit Suisse AG), Expiration Date 6/29/2020ñ | 66,600 | 265 | |||||||||
1,955 |
Number of Shares | Value† (000's)z | ||||||||||
Internet Software & Services (3.8%) | |||||||||||
Wangsu Science & Technology Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 1/5/2018 | 25,800 | $ | 204 | ||||||||
Wangsu Science & Technology Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/17/2017 | 319,200 | 2,529 | |||||||||
2,733 | |||||||||||
Machinery (4.1%) | |||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/17/2017 | 110,006 | 317 | |||||||||
Zhengzhou Yutong Bus Co. Ltd. Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/9/2017ñ | 83,400 | 241 | |||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 1/5/2017ñ | 580,155 | 1,673 | |||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 1/13/2025 | 256,150 | 739 | |||||||||
2,970 |
Number of Shares | Value† (000's)z | ||||||||||
Real Estate Management & Development (1.9%) | |||||||||||
China Merchants Shekou Industrial Zone Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 12/29/2017* | 643,700 | $ | 1,368 | ||||||||
Transportation Infrastructure (0.4%) | |||||||||||
Shanghai International Airport Co. Ltd., Class A (issuer Macquarie Bank Ltd.), Expiration Date 10/30/2017 | 61,189 | 254 | |||||||||
Total Participatory Notes (Cost $16,461) | 14,694 | ||||||||||
Short-Term Investments (0.6%) | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.24%h (Cost $425) | 424,694 | 425 | |||||||||
Total Investments## (98.2%) (Cost $86,253) | 71,182 | ||||||||||
Cash, receivables and other assets, less liabilities (1.8%) | 1,328 | ||||||||||
Total Net Assets (100.0%) | $ | 72,510 |
See Notes to Schedule of Investments
76
Schedule of Investments Guardian Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (90.9%) | |||||||||||
Airlines (1.6%) | |||||||||||
Delta Air Lines, Inc. | 355,000 | $ | 17,125 | ||||||||
Banks (5.1%) | |||||||||||
JPMorgan Chase & Co. | 412,750 | 23,238 | |||||||||
U.S. Bancorp | 838,572 | 32,302 | |||||||||
55,540 | |||||||||||
Beverages (1.4%) | |||||||||||
Anheuser-Busch InBev NV ADR | 140,000 | 15,610 | |||||||||
Biotechnology (1.4%) | |||||||||||
Celgene Corp.* | 76,415 | 7,705 | |||||||||
Gilead Sciences, Inc. | 87,835 | 7,663 | |||||||||
15,368 | |||||||||||
Capital Markets (1.2%) | |||||||||||
BlackRock, Inc. | 40,505 | 12,636 | |||||||||
Chemicals (1.0%) | |||||||||||
Ashland, Inc. | 113,208 | 10,788 | |||||||||
Consumer Finance (1.4%) | |||||||||||
Synchrony Financial* | 575,280 | 15,504 | |||||||||
Diversified Financial Services (2.7%) | |||||||||||
CME Group, Inc. | 183,650 | 16,793 | |||||||||
Markit Ltd.* | 453,185 | 12,607 | |||||||||
29,400 | |||||||||||
Diversified Telecommunication Services (4.2%) | |||||||||||
Level 3 Communications, Inc.* | 559,997 | 27,188 | |||||||||
SBA Communications Corp. Class A* | 198,645 | 18,849 | |||||||||
46,037 | |||||||||||
Electric Utilities (2.4%) | |||||||||||
Brookfield Infrastructure Partners LP | 696,870 | 26,237 | |||||||||
Electronic Equipment, Instruments & Components (1.3%) | |||||||||||
CDW Corp. | 366,410 | 14,502 | |||||||||
Energy Equipment & Services (2.6%) | |||||||||||
Schlumberger Ltd. | 393,610 | 28,230 | |||||||||
Food & Staples Retailing (2.3%) | |||||||||||
CVS Health Corp. | 251,665 | 24,454 |
Number of Shares | Value† (000's)z | ||||||||||
Food Products (3.6%) | |||||||||||
ConAgra Foods, Inc. | 556,510 | $ | 23,407 | ||||||||
Keurig Green Mountain, Inc. | 175,427 | 16,129 | |||||||||
39,536 | |||||||||||
Health Care Equipment & Supplies (1.0%) | |||||||||||
Sirona Dental Systems, Inc.*f | 98,235 | 10,864 | |||||||||
Health Care Providers & Services (5.1%) | |||||||||||
DaVita HealthCare Partners, Inc.* | 565,795 | 37,326 | |||||||||
UnitedHealth Group, Inc. | 152,000 | 18,103 | |||||||||
55,429 | |||||||||||
Hotels, Restaurants & Leisure (1.5%) | |||||||||||
McDonald's Corp. | 137,340 | 16,095 | |||||||||
Household Durables (2.2%) | |||||||||||
Newell Rubbermaid, Inc. | 632,154 | 24,028 | |||||||||
Industrial Conglomerates (3.0%) | |||||||||||
3M Co. | 147,215 | 23,094 | |||||||||
Danaher Corp. | 103,294 | 9,221 | |||||||||
32,315 | |||||||||||
Insurance (1.2%) | |||||||||||
Progressive Corp. | 420,050 | 13,408 | |||||||||
Internet & Catalog Retail (2.8%) | |||||||||||
Amazon.com, Inc.* | 10,920 | 6,034 | |||||||||
Priceline Group, Inc.* | 7,445 | 9,419 | |||||||||
Vipshop Holdings Ltd. ADR* | 1,372,950 | 15,253 | |||||||||
30,706 | |||||||||||
Internet Software & Services (4.3%) | |||||||||||
Alphabet, Inc. Class A* | 25,385 | 18,207 | |||||||||
eBay, Inc.* | 1,184,140 | 28,182 | |||||||||
46,389 | |||||||||||
IT Services (3.3%) | |||||||||||
Alliance Data Systems Corp.* | 66,653 | 14,006 | |||||||||
Visa, Inc. Class A | 295,390 | 21,383 | |||||||||
35,389 | |||||||||||
Life Sciences Tools & Services (2.4%) | |||||||||||
Mettler-Toledo International, Inc.* | 34,130 | 10,748 |
Number of Shares | Value† (000's)z | ||||||||||
Thermo Fisher Scientific, Inc. | 118,430 | $ | 15,300 | ||||||||
26,048 | |||||||||||
Machinery (0.9%) | |||||||||||
Ingersoll-Rand PLC | 179,000 | 9,945 | |||||||||
Multi-Utilities (4.1%) | |||||||||||
WEC Energy Group, Inc. | 793,796 | 44,730 | |||||||||
Oil, Gas & Consumable Fuels (3.0%) | |||||||||||
Cabot Oil & Gas Corp. | 190,895 | 3,843 | |||||||||
Enbridge, Inc. | 826,235 | 29,182 | |||||||||
33,025 | |||||||||||
Pharmaceuticals (1.5%) | |||||||||||
Bristol-Myers Squibb Co. | 261,375 | 16,187 | |||||||||
Real Estate Investment Trusts (1.1%) | |||||||||||
Weyerhaeuser Co. | 441,015 | 11,458 | |||||||||
Real Estate Management & Development (2.0%) | |||||||||||
Brookfield Asset Management, Inc. Class A | 721,320 | 22,116 | |||||||||
Road & Rail (0.6%) | |||||||||||
Canadian Pacific Railway Ltd. | 56,000 | 6,787 | |||||||||
Semiconductors & Semiconductor Equipment (2.1%) | |||||||||||
Texas Instruments, Inc. | 421,820 | 22,365 | |||||||||
Software (3.5%) | |||||||||||
Adobe Systems, Inc.* | 122,874 | 10,463 | |||||||||
Intuit, Inc. | 285,499 | 27,590 | |||||||||
38,053 | |||||||||||
Specialty Retail (6.9%) | |||||||||||
Home Depot, Inc. | 157,000 | 19,487 | |||||||||
TJX Cos., Inc. | 538,102 | 39,873 | |||||||||
Tractor Supply Co. | 178,004 | 15,054 | |||||||||
74,414 | |||||||||||
Technology Hardware, Storage & Peripherals (2.8%) | |||||||||||
Apple, Inc. | 311,300 | 30,100 | |||||||||
Textiles, Apparel & Luxury Goods (3.0%) | |||||||||||
lululemon athletica, Inc.* | 248,690 | 15,601 | |||||||||
PVH Corp. | 215,000 | 17,017 | |||||||||
32,618 |
See Notes to Schedule of Investments
77
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Water Utilities (0.4%) | |||||||||||
American Water Works Co., Inc. | 65,435 | $ | 4,241 | ||||||||
Total Common Stocks (Cost $925,088) | 987,677 | ||||||||||
Short-Term Investments (7.3%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $79,153) | 79,153,224 | 79,153 | |||||||||
Total Investments## (98.2%) (Cost $1,004,241) | 1,066,830 | ||||||||||
Cash, receivables and other assets, less liabilities (1.8%) | 19,343 | ||||||||||
Total Net Assets (100.0%) | $ | 1,086,173 |
See Notes to Schedule of Investments
78
Schedule of Investments International Equity Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (96.5%) | |||||||||||
Australia (2.0%) | |||||||||||
Brambles Ltd. | 845,990 | $ | 7,542 | ||||||||
Insurance Australia Group Ltd. | 4,959,460 | 18,301 | |||||||||
25,843 | |||||||||||
Austria (1.2%) | |||||||||||
Andritz AG | 331,655 | 15,814 | |||||||||
Belgium (0.8%) | |||||||||||
Colruyt SA | 188,722 | 10,117 | |||||||||
Canada (5.1%) | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 482,000 | 21,809 | |||||||||
ATS Automation Tooling Systems, Inc.* | 1,014,300 | 7,467 | |||||||||
Home Capital Group, Inc. | 435,400 | 10,941 | |||||||||
Kinaxis, Inc.* | 191,200 | 5,568 | |||||||||
MacDonald, Dettwiler & Associates Ltd. | 218,033 | 14,349 | |||||||||
Suncor Energy, Inc. | 251,929 | 6,159 | |||||||||
66,293 | |||||||||||
China (2.2%) | |||||||||||
Alibaba Group Holding Ltd. ADR* | 209,900 | 14,443 | |||||||||
Baidu, Inc. ADR* | 80,600 | 13,978 | |||||||||
28,421 | |||||||||||
Denmark (0.7%) | |||||||||||
Sydbank A/S | 313,016 | 8,512 | |||||||||
France (8.7%) | |||||||||||
Arkema SA | 193,706 | 11,826 | |||||||||
BNP Paribas SA | 272,565 | 12,712 | |||||||||
Eliorñ | 337,800 | 6,867 | |||||||||
Pernod-Ricard SA | 113,495 | 12,073 | |||||||||
Publicis Groupe SA | 177,550 | 11,003 | |||||||||
Sanofi | 112,500 | 8,914 | |||||||||
Sodexo SA | 137,925 | 13,990 | |||||||||
SPIE SA* | 749,787 | 12,917 | |||||||||
Valeo SA | 93,310 | 12,900 | |||||||||
Virbac SA | 54,066 | 9,898 | |||||||||
113,100 | |||||||||||
Germany (9.3%) | |||||||||||
Bayer AG | 123,015 | 12,753 | |||||||||
Brenntag AG | 261,265 | 12,610 | |||||||||
Continental AG | 72,395 | 14,409 | |||||||||
Deutsche Boerse AG | 119,024 | 9,786 |
Number of Shares | Value† (000's)z | ||||||||||
GEA Group AG | 165,300 | $ | 7,274 | ||||||||
Gerresheimer AG | 217,133 | 15,449 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 150,640 | 15,138 | |||||||||
Linde AG | 95,816 | 13,265 | |||||||||
SAP SE ADR | 259,200 | 19,528 | |||||||||
120,212 | |||||||||||
Hong Kong (1.0%) | |||||||||||
HKBN Ltd. | 10,130,900 | 13,520 | |||||||||
Ireland (0.8%) | |||||||||||
Greencore Group PLC | 2,178,800 | 11,494 | |||||||||
Israel (4.8%) | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 7,899,399 | 17,709 | |||||||||
Check Point Software Technologies Ltd.* | 381,000 | 31,650 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 228,700 | 12,716 | |||||||||
62,075 | |||||||||||
Italy (0.9%) | |||||||||||
Azimut Holding SpA | 591,385 | 11,348 | |||||||||
Japan (11.6%) | |||||||||||
Daikin Industries Ltd. | 188,500 | 12,664 | |||||||||
FANUC Corp. | 90,900 | 13,382 | |||||||||
KANSAI PAINT Co. Ltd. | 1,173,000 | 16,114 | |||||||||
KEYENCE Corp. | 39,750 | 20,592 | |||||||||
SANTEN PHARMACEUTICAL Co. Ltd. | 931,400 | 14,315 | |||||||||
Sato Holdings Corp. | 199,400 | 4,364 | |||||||||
SMC Corp. | 80,700 | 18,702 | |||||||||
Sundrug Co. Ltd. | 449,900 | 29,726 | |||||||||
TOYOTA MOTOR Corp. | 387,900 | 20,287 | |||||||||
150,146 | |||||||||||
Korea (0.7%) | |||||||||||
Samsung Electronics Co. Ltd. | 9,931 | 9,460 | |||||||||
Netherlands (5.5%) | |||||||||||
AerCap Holdings NV* | 332,000 | 11,862 | |||||||||
Akzo Nobel NV | 248,226 | 14,575 |
Number of Shares | Value† (000's)z | ||||||||||
ASML Holding NV | 207,046 | $ | 18,861 | ||||||||
Koninklijke Ahold NV | 538,114 | 11,783 | |||||||||
NXP Semiconductors NV* | 193,100 | 13,757 | |||||||||
70,838 | |||||||||||
Norway (0.7%) | |||||||||||
Skandiabanken ASAñ* | 2,024,145 | 9,350 | |||||||||
Spain (1.6%) | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 1,568,325 | 9,915 | |||||||||
Euskaltel SAñ* | 946,918 | 10,356 | |||||||||
20,271 | |||||||||||
Sweden (1.4%) | |||||||||||
Dometic Group ABñ* | 1,053,525 | 6,712 | |||||||||
Nordea Bank AB | 1,138,430 | 11,323 | |||||||||
18,035 | |||||||||||
Switzerland (13.6%) | |||||||||||
Bucher Industries AG | 54,595 | 12,076 | |||||||||
Cie Financiere Richemont SA | 159,010 | 10,097 | |||||||||
Givaudan SA* | 11,810 | 22,053 | |||||||||
Julius Baer Group Ltd.* | 365,140 | 14,569 | |||||||||
Partners Group Holding AG | 49,650 | 17,971 | |||||||||
Roche Holding AG | 77,759 | 19,939 | |||||||||
SGS SA | 8,440 | 16,979 | |||||||||
Sonova Holding AG | 111,005 | 13,293 | |||||||||
TE Connectivity Ltd. | 217,400 | 12,374 | |||||||||
Tecan Group AG | 151,038 | 23,316 | |||||||||
UBS Group AG | 935,160 | 14,287 | |||||||||
176,954 | |||||||||||
United Kingdom (21.1%) | |||||||||||
Aon PLC | 187,700 | 17,886 | |||||||||
Atlassian Corp. PLC Class A* | 128,300 | 3,050 | |||||||||
Barclays PLC | 5,651,711 | 13,427 | |||||||||
Bunzl PLC | 811,271 | 21,712 | |||||||||
Clinigen Group PLC | 1,825,679 | 16,040 | |||||||||
Compass Group PLC | 804,126 | 14,098 | |||||||||
DCC PLC | 255,053 | 19,933 | |||||||||
Lloyds Banking Group PLC | 23,776,595 | 23,860 |
See Notes to Schedule of Investments
79
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Marks & Spencer Group PLC | 1,568,600 | $ | 9,225 | ||||||||
Mitie Group PLC | 4,018,815 | 15,557 | |||||||||
Prudential PLC | 1,009,565 | 17,581 | |||||||||
RELX PLC | 1,091,487 | 18,780 | |||||||||
RPS Group PLC | 2,776,705 | 6,677 | |||||||||
SABMiller PLC | 217,190 | 12,570 | |||||||||
Spectris PLC | 534,047 | 13,341 | |||||||||
St. James's Place PLC | 1,150,024 | 13,662 | |||||||||
TalkTalk Telecom Group PLC | 4,262,335 | 14,096 | |||||||||
Travis Perkins PLC | 603,292 | 14,952 | |||||||||
Worldpay Group PLCñ* | 1,716,100 | 6,852 | |||||||||
273,299 | |||||||||||
United States (2.8%) | |||||||||||
Nielsen Holdings PLC | 461,602 | 23,237 | |||||||||
Samsonite International SA | 4,715,200 | 13,822 | |||||||||
37,059 | |||||||||||
Total Common Stocks (Cost $1,244,157) | 1,252,161 | ||||||||||
Short-Term Investments (3.3%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $42,796) | 42,795,779 | 42,796 | |||||||||
Total Investments## (99.8%) (Cost $1,286,953) | 1,294,957 | ||||||||||
Cash, receivables and other assets, less liabilities (0.2%) | 2,663 | ||||||||||
Total Net Assets (100.0%) | $ | 1,297,620 |
See Notes to Schedule of Investments
80
POSITIONS BY INDUSTRY INTERNATIONAL EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||
Banks | $ | 89,099 | 6.9 | % | |||||
Pharmaceuticals | 78,535 | 6.1 | % | ||||||
Chemicals | 77,833 | 6.0 | % | ||||||
Machinery | 74,715 | 5.8 | % | ||||||
Food & Staples Retailing | 73,435 | 5.7 | % | ||||||
Insurance | 67,430 | 5.2 | % | ||||||
Trading Companies & Distributors | 61,136 | 4.7 | % | ||||||
Software | 59,796 | 4.6 | % | ||||||
Capital Markets | 58,175 | 4.5 | % | ||||||
Diversified Telecommunication Services | 55,681 | 4.3 | % | ||||||
Life Sciences Tools & Services | 54,805 | 4.2 | % | ||||||
Electronic Equipment, Instruments & Components | 46,307 | 3.6 | % | ||||||
Commercial Services & Supplies | 41,007 | 3.2 | % | ||||||
Professional Services | 40,216 | 3.1 | % | ||||||
Auto Components | 34,021 | 2.6 | % | ||||||
Semiconductors & Semiconductor Equipment | 32,618 | 2.5 | % | ||||||
Media | 29,783 | 2.2 | % | ||||||
Internet Software & Services | 28,421 | 2.2 | % | ||||||
Hotels, Restaurants & Leisure | 28,088 | 2.2 | % | ||||||
Beverages | 24,643 | 1.9 | % | ||||||
Textiles, Apparel & Luxury Goods | 23,919 | 1.8 | % | ||||||
Automobiles | 20,287 | 1.6 | % | ||||||
Industrial Conglomerates | 19,933 | 1.5 | % | ||||||
Household Products | 15,138 | 1.2 | % | ||||||
Aerospace & Defense | 14,349 | 1.1 | % | ||||||
Health Care Equipment & Supplies | 13,293 | 1.0 | % | ||||||
Construction & Engineering | 12,917 | 1.0 | % | ||||||
Building Products | 12,664 | 1.0 | % | ||||||
Food Products | 11,494 | 0.9 | % | ||||||
Thrifts & Mortgage Finance | 10,941 | 0.8 | % | ||||||
Diversified Financial Services | 9,786 | 0.7 | % | ||||||
Technology Hardware, Storage & Peripherals | 9,460 | 0.7 | % | ||||||
Multiline Retail | 9,225 | 0.7 | % | ||||||
IT Services | 6,852 | 0.5 | % | ||||||
Oil, Gas & Consumable Fuels | 6,159 | 0.5 | % | ||||||
Short-Term Investments and Other Assets—Net | 45,459 | 3.5 | % | ||||||
$ | 1,297,620 | 100.0 | % |
See Notes to Schedule of Investments
81
Schedule of Investments International Select Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.2%) | |||||||||||
Australia (2.3%) | |||||||||||
Brambles Ltd. | 216,345 | $ | 1,929 | ||||||||
Insurance Australia Group Ltd. | 862,640 | 3,183 | |||||||||
5,112 | |||||||||||
Austria (1.2%) | |||||||||||
Andritz AG | 57,100 | 2,723 | |||||||||
Belgium (0.8%) | |||||||||||
Colruyt SA | 32,530 | 1,744 | |||||||||
Canada (3.7%) | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 106,400 | 4,814 | |||||||||
Home Capital Group, Inc. | 85,700 | 2,154 | |||||||||
Suncor Energy, Inc. | 43,822 | 1,071 | |||||||||
8,039 | |||||||||||
China (2.4%) | |||||||||||
Alibaba Group Holding Ltd. ADR* | 36,200 | 2,491 | |||||||||
Baidu, Inc. ADR* | 15,600 | 2,705 | |||||||||
5,196 | |||||||||||
Denmark (0.6%) | |||||||||||
Jyske Bank A/S* | 30,980 | 1,349 | |||||||||
France (10.3%) | |||||||||||
Arkema SA | 33,460 | 2,043 | |||||||||
BNP Paribas SA | 56,985 | 2,658 | |||||||||
Eliorñ | 84,070 | 1,709 | |||||||||
Pernod-Ricard SA | 20,335 | 2,163 | |||||||||
Publicis Groupe SA | 38,473 | 2,384 | |||||||||
Sanofi | 25,605 | 2,029 | |||||||||
Schneider Electric SE | 42,294 | 2,521 | |||||||||
Sodexo SA | 23,535 | 2,387 | |||||||||
SPIE SA* | 127,135 | 2,190 | |||||||||
Valeo SA | 19,955 | 2,759 | |||||||||
22,843 | |||||||||||
Germany (9.1%) | |||||||||||
Bayer AG | 21,940 | 2,275 | |||||||||
Brenntag AG | 44,565 | 2,151 | |||||||||
Continental AG | 15,255 | 3,036 | |||||||||
Deutsche Boerse AG | 29,792 | 2,449 | |||||||||
GEA Group AG | 28,140 | 1,238 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 31,550 | 3,171 |
Number of Shares | Value† (000's)z | ||||||||||
Linde AG | 16,375 | $ | 2,267 | ||||||||
SAP SE ADR | 45,385 | 3,419 | |||||||||
20,006 | |||||||||||
Israel (5.5%) | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 1,632,445 | 3,660 | |||||||||
Check Point Software Technologies Ltd.* | 76,800 | 6,380 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 39,300 | 2,185 | |||||||||
12,225 | |||||||||||
Italy (0.9%) | |||||||||||
Azimut Holding SpA | 102,150 | 1,960 | |||||||||
Japan (13.3%) | |||||||||||
Daikin Industries Ltd. | 32,200 | 2,163 | |||||||||
FANUC Corp. | 21,500 | 3,165 | |||||||||
KANSAI PAINT Co. Ltd. | 271,400 | 3,729 | |||||||||
KEYENCE Corp. | 7,200 | 3,730 | |||||||||
MIRACA HOLDINGS, Inc. | 54,600 | 2,353 | |||||||||
SANTEN PHARMACEUTICAL Co. Ltd. | 217,200 | 3,338 | |||||||||
SMC Corp. | 16,100 | 3,731 | |||||||||
Sundrug Co. Ltd. | 49,300 | 3,257 | |||||||||
TOYOTA MOTOR Corp. | 76,800 | 4,017 | |||||||||
29,483 | |||||||||||
Korea (1.0%) | |||||||||||
Samsung Electronics Co. Ltd. | 2,286 | 2,178 | |||||||||
Netherlands (6.3%) | |||||||||||
AerCap Holdings NV* | 56,600 | 2,022 | |||||||||
Akzo Nobel NV | 49,166 | 2,887 | |||||||||
ASML Holding NV | 43,915 | 4,001 | |||||||||
Koninklijke Ahold NV | 124,345 | 2,723 | |||||||||
NXP Semiconductors NV* | 33,300 | 2,372 | |||||||||
14,005 | |||||||||||
Spain (0.8%) | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 270,818 | 1,712 |
Number of Shares | Value† (000's)z | ||||||||||
Sweden (1.1%) | |||||||||||
Nordea Bank AB | 251,985 | $ | 2,506 | ||||||||
Switzerland (14.8%) | |||||||||||
Cie Financiere Richemont SA | 27,615 | 1,754 | |||||||||
Givaudan SA* | 2,386 | 4,455 | |||||||||
Julius Baer Group Ltd.* | 51,415 | 2,051 | |||||||||
Novartis AG | 50,686 | 3,610 | |||||||||
Partners Group Holding AG | 9,085 | 3,288 | |||||||||
Roche Holding AG | 21,031 | 5,393 | |||||||||
SGS SA | 2,137 | 4,299 | |||||||||
Sonova Holding AG | 19,085 | 2,286 | |||||||||
TE Connectivity Ltd. | 46,500 | 2,647 | |||||||||
UBS Group AG | 191,645 | 2,928 | |||||||||
32,711 | |||||||||||
United Kingdom (21.1%) | |||||||||||
Aon PLC | 42,200 | 4,021 | |||||||||
Atlassian Corp. PLC Class A* | 21,800 | 518 | |||||||||
Barclays PLC | 1,156,440 | 2,747 | |||||||||
Bunzl PLC | 171,902 | 4,601 | |||||||||
Compass Group PLC | 137,135 | 2,404 | |||||||||
DCC PLC | 33,410 | 2,611 | |||||||||
Howden Joinery Group PLC | 434,165 | 2,962 | |||||||||
Lloyds Banking Group PLC | 4,633,280 | 4,650 | |||||||||
Marks & Spencer Group PLC | 267,855 | 1,575 | |||||||||
Prudential PLC | 175,800 | 3,062 | |||||||||
RELX PLC | 227,231 | 3,910 | |||||||||
SABMiller PLC | 43,700 | 2,529 | |||||||||
Spectris PLC | 91,931 | 2,297 | |||||||||
St. James's Place PLC | 201,265 | 2,391 | |||||||||
TalkTalk Telecom Group PLC | 859,765 | 2,843 | |||||||||
Travis Perkins PLC | 104,988 | 2,602 | |||||||||
Worldpay Group PLCñ* | 296,580 | 1,184 | |||||||||
46,907 | |||||||||||
United States (2.9%) | |||||||||||
Nielsen Holdings PLC | 80,800 | 4,067 | |||||||||
Samsonite International SA | 805,300 | 2,361 | |||||||||
6,428 | |||||||||||
Total Common Stocks (Cost $208,388) | 217,127 |
See Notes to Schedule of Investments
82
Schedule of Investments International Select Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Short-Term Investments (0.4%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $959) | 958,846 | $ | 959 | ||||||||
Total Investments## (98.6%) (Cost $209,347) | 218,086 | ||||||||||
Cash, receivables and other assets, less liabilities (1.4%) | 3,011 | ||||||||||
Total Net Assets (100.0%) | $ | 221,097 |
See Notes to Schedule of Investments
83
POSITIONS BY INDUSTRY INTERNATIONAL SELECT FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||
Pharmaceuticals | $ | 18,830 | 8.5 | % | |||||
Banks | 15,622 | 7.1 | % | ||||||
Chemicals | 15,381 | 7.0 | % | ||||||
Insurance | 12,657 | 5.7 | % | ||||||
Food & Staples Retailing | 12,538 | 5.7 | % | ||||||
Trading Companies & Distributors | 11,376 | 5.2 | % | ||||||
Machinery | 10,857 | 4.9 | % | ||||||
Software | 10,317 | 4.7 | % | ||||||
Capital Markets | 10,227 | 4.6 | % | ||||||
Electronic Equipment, Instruments & Components | 8,674 | 3.9 | % | ||||||
Professional Services | 8,366 | 3.8 | % | ||||||
Diversified Telecommunication Services | 6,503 | 2.9 | % | ||||||
Semiconductors & Semiconductor Equipment | 6,373 | 2.9 | % | ||||||
Media | 6,294 | 2.9 | % | ||||||
Auto Components | 5,795 | 2.6 | % | ||||||
Internet Software & Services | 5,196 | 2.3 | % | ||||||
Hotels, Restaurants & Leisure | 4,791 | 2.2 | % | ||||||
Beverages | 4,692 | 2.1 | % | ||||||
Textiles, Apparel & Luxury Goods | 4,115 | 1.9 | % | ||||||
Automobiles | 4,017 | 1.8 | % | ||||||
Commercial Services & Supplies | 3,638 | 1.6 | % | ||||||
Household Products | 3,171 | 1.4 | % | ||||||
Specialty Retail | 2,962 | 1.3 | % | ||||||
Industrial Conglomerates | 2,611 | 1.2 | % | ||||||
Electrical Equipment | 2,521 | 1.1 | % | ||||||
Diversified Financial Services | 2,449 | 1.1 | % | ||||||
Health Care Providers & Services | 2,353 | 1.1 | % | ||||||
Health Care Equipment & Supplies | 2,286 | 1.0 | % | ||||||
Construction & Engineering | 2,190 | 1.0 | % | ||||||
Technology Hardware, Storage & Peripherals | 2,178 | 1.0 | % | ||||||
Building Products | 2,163 | 1.0 | % | ||||||
Thrifts & Mortgage Finance | 2,154 | 1.0 | % | ||||||
Multiline Retail | 1,575 | 0.7 | % | ||||||
IT Services | 1,184 | 0.5 | % | ||||||
Oil, Gas & Consumable Fuels | 1,071 | 0.5 | % | ||||||
Short-Term Investments and Other Assets—Net | 3,970 | 1.8 | % | ||||||
$ | 221,097 | 100.0 | % |
See Notes to Schedule of Investments
84
Schedule of Investments Intrinsic Value Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (93.3%) | |||||||||||
Aerospace & Defense (6.1%) | |||||||||||
Aerovironment, Inc.* | 205,659 | $ | 5,117 | ||||||||
KEYW Holding Corp.* | 953,606 | 5,941 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A* | 253,390 | 11,656 | |||||||||
Teledyne Technologies, Inc.* | 56,952 | 4,851 | |||||||||
Textron, Inc. | 167,139 | 5,708 | |||||||||
33,273 | |||||||||||
Banks (6.2%) | |||||||||||
BankUnited, Inc. | 177,004 | 5,686 | |||||||||
Comerica, Inc. | 120,674 | 4,076 | |||||||||
First Niagara Financial Group, Inc. | 269,500 | 2,490 | |||||||||
Huntington Bancshares, Inc. | 846,430 | 7,406 | |||||||||
TCF Financial Corp. | 454,300 | 5,152 | |||||||||
Texas Capital Bancshares, Inc.* | 102,200 | 3,304 | |||||||||
Umpqua Holdings Corp. | 377,000 | 5,670 | |||||||||
33,784 | |||||||||||
Building Products (1.5%) | |||||||||||
Owens Corning | 184,900 | 7,936 | |||||||||
Chemicals (1.1%) | |||||||||||
Chemtura Corp.* | 244,000 | 6,156 | |||||||||
Commercial Services & Supplies (2.4%) | |||||||||||
Clean Harbors, Inc.* | 149,914 | 6,386 | |||||||||
Covanta Holding Corp. | 460,700 | 6,418 | |||||||||
12,804 | |||||||||||
Communications Equipment (7.8%) | |||||||||||
ARRIS International PLC* | 406,669 | 9,716 | |||||||||
Brocade Communications Systems, Inc. | 562,759 | 5,588 | |||||||||
Ciena Corp.* | 485,083 | 9,944 | |||||||||
Infinera Corp.* | 436,400 | 6,847 | |||||||||
Lumentum Holdings, Inc.* | 88,020 | 2,115 |
Number of Shares | Value† (000's)z | ||||||||||
Sonus Networks, Inc.* | 544,800 | $ | 4,244 | ||||||||
Viavi Solutions, Inc.* | 532,100 | 3,475 | |||||||||
41,929 | |||||||||||
Construction & Engineering (1.3%) | |||||||||||
KBR, Inc. | 498,700 | 6,897 | |||||||||
Containers & Packaging (4.4%) | |||||||||||
Avery Dennison Corp. | 185,836 | 12,102 | |||||||||
Crown Holdings, Inc.* | 253,000 | 11,853 | |||||||||
23,955 | |||||||||||
Electronic Equipment, Instruments & Components (7.3%) | |||||||||||
Dolby Laboratories, Inc. Class A | 118,100 | 4,665 | |||||||||
II-VI, Inc.* | 309,530 | 6,794 | |||||||||
Itron, Inc.* | 223,131 | 8,889 | |||||||||
Maxwell Technologies, Inc.* | 545,500 | 3,126 | |||||||||
Mercury Systems, Inc.* | 447,360 | 7,310 | |||||||||
OSI Systems, Inc.* | 78,700 | 4,751 | |||||||||
VeriFone Systems, Inc.* | 160,090 | 3,825 | |||||||||
39,360 | |||||||||||
Energy Equipment & Services (0.9%) | |||||||||||
ION Geophysical Corp.* | 47,181 | 146 | |||||||||
McDermott International, Inc.* | 338,900 | 1,118 | |||||||||
TETRA Technologies, Inc.* | 694,992 | 3,503 | |||||||||
4,767 | |||||||||||
Food & Staples Retailing (0.4%) | |||||||||||
Fresh Market, Inc.* | 84,300 | 1,945 | |||||||||
Health Care Equipment & Supplies (0.8%) | |||||||||||
Accuray, Inc.* | 839,670 | 4,240 | |||||||||
Health Care Technology (1.6%) | |||||||||||
Allscripts Healthcare Solutions, Inc.* | 677,200 | 8,479 | |||||||||
Household Durables (0.5%) | |||||||||||
iRobot Corp.* | 82,900 | 2,598 |
Number of Shares | Value† (000's)z | ||||||||||
Independent Power and Renewable Electricity Producers (3.2%) | |||||||||||
Atlantic Power Corp. | 1,228,958 | $ | 2,114 | ||||||||
Dynegy, Inc.* | 388,500 | 3,916 | |||||||||
NRG Energy, Inc. | 515,400 | 5,556 | |||||||||
Ormat Technologies, Inc. | 154,641 | 5,901 | |||||||||
17,487 | |||||||||||
Internet Software & Services (0.6%) | |||||||||||
Bankrate, Inc.* | 409,600 | 3,137 | |||||||||
IT Services (8.2%) | |||||||||||
Acxiom Corp.* | 560,400 | 11,623 | |||||||||
Convergys Corp. | 150,900 | 3,890 | |||||||||
CoreLogic, Inc.* | 339,425 | 11,741 | |||||||||
DST Systems, Inc. | 57,419 | 6,005 | |||||||||
MoneyGram International, Inc.* | 425,498 | 2,289 | |||||||||
NeuStar, Inc. Class A* | 351,909 | 8,752 | |||||||||
44,300 | |||||||||||
Life Sciences Tools & Services (3.0%) | |||||||||||
Charles River Laboratories International, Inc.* | 187,471 | 13,766 | |||||||||
Fluidigm Corp.* | 266,100 | 1,764 | |||||||||
Luminex Corp.* | 43,702 | 817 | |||||||||
16,347 | |||||||||||
Machinery (4.0%) | |||||||||||
Harsco Corp. | 459,300 | 1,741 | |||||||||
ITT Corp. | 113,000 | 3,984 | |||||||||
Manitowoc Co., Inc. | 435,900 | 6,909 | |||||||||
Meritor, Inc.* | 461,250 | 3,427 | |||||||||
Twin Disc, Inc. | 152,357 | 1,324 | |||||||||
Valmont Industries, Inc. | 35,400 | 4,002 | |||||||||
21,387 | |||||||||||
Marine (0.4%) | |||||||||||
Danaos Corp.* | 485,959 | 2,153 | |||||||||
Media (0.3%) | |||||||||||
Crown Media Holdings, Inc. Class A* | 365,214 | 1,603 | |||||||||
Metals & Mining (0.3%) | |||||||||||
Cliffs Natural Resources, Inc.* | 685,200 | 1,480 | |||||||||
Personal Products (0.3%) | |||||||||||
Elizabeth Arden, Inc.* | 232,820 | 1,443 |
See Notes to Schedule of Investments
85
Schedule of Investments Intrinsic Value Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Real Estate Investment Trusts (0.7%) | |||||||||||
Communications Sales & Leasing, Inc. | 192,500 | $ | 3,629 | ||||||||
Road & Rail (2.1%) | |||||||||||
Avis Budget Group, Inc.* | 202,400 | 5,189 | |||||||||
Ryder System, Inc. | 109,904 | 6,234 | |||||||||
11,423 | |||||||||||
Semiconductors & Semiconductor Equipment (10.2%) | |||||||||||
Alliance Semiconductor Corp.* | 82,370 | 53 | |||||||||
CEVA, Inc.* | 168,400 | 3,302 | |||||||||
Cypress Semiconductor Corp.* | 474,835 | 3,789 | |||||||||
FormFactor, Inc.* | 558,203 | 4,242 | |||||||||
M/A-COM Technology Solutions Holdings, Inc.* | 186,163 | 7,056 | |||||||||
Mellanox Technologies Ltd.* | 123,850 | 6,293 | |||||||||
Rambus, Inc.* | 976,344 | 12,722 | |||||||||
Rudolph Technologies, Inc.* | 154,700 | 2,005 | |||||||||
Ultratech, Inc.* | 531,500 | 10,779 | |||||||||
Veeco Instruments, Inc.* | 263,500 | 4,888 | |||||||||
55,129 | |||||||||||
Software (12.2%) | |||||||||||
Cadence Design Systems, Inc.* | 285,407 | 6,151 | |||||||||
Covisint Corp.* | 925,205 | 1,804 | |||||||||
Gigamon, Inc.* | 88,800 | 2,431 | |||||||||
Nuance Communications, Inc.* | 594,400 | 11,597 | |||||||||
Rovi Corp.* | 597,630 | 13,614 | |||||||||
Seachange International, Inc.* | 607,867 | 3,507 | |||||||||
Silver Spring Networks, Inc.* | 440,476 | 5,506 | |||||||||
Verint Systems, Inc.* | 344,761 | 12,249 | |||||||||
Xura, Inc.* | 460,080 | 9,031 | |||||||||
65,890 | |||||||||||
Specialty Retail (3.0%) | |||||||||||
Express, Inc.* | 304,500 | 5,246 |
Number of Shares | Value† (000's)z | ||||||||||
GNC Holdings, Inc. Class A | 134,400 | $ | 3,828 | ||||||||
New York & Co., Inc.* | 269,000 | 538 | |||||||||
Office Depot, Inc.* | 778,267 | 3,954 | |||||||||
Select Comfort Corp.* | 158,500 | 2,837 | |||||||||
16,403 | |||||||||||
Technology Hardware, Storage & Peripherals (0.1%) | |||||||||||
Quantum Corp.* | 1,591,200 | 811 | |||||||||
Textiles, Apparel & Luxury Goods (1.4%) | |||||||||||
Crocs, Inc.* | 313,200 | 3,066 | |||||||||
Deckers Outdoor Corp.* | 83,000 | 4,695 | |||||||||
7,761 | |||||||||||
Wireless Telecommunication Services (1.0%) | |||||||||||
Telephone & Data Systems, Inc. | 94,900 | 2,536 | |||||||||
United States Cellular Corp.* | 68,800 | 2,848 | |||||||||
5,384 | |||||||||||
Total Common Stocks (Cost $514,543) | 503,890 | ||||||||||
Short-Term Investments (6.8%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $36,926) | 36,926,490 | 36,926 | |||||||||
Total Investments## (100.1%) (Cost $551,469) | 540,816 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (467 | ) | |||||||||
Total Net Assets (100.0%) | $ | 540,349 |
See Notes to Schedule of Investments
86
Schedule of Investments Large Cap Disciplined Growth Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.6%) | |||||||||||
Air Freight & Logistics (1.1%) | |||||||||||
FedEx Corp. | 3,102 | $ | 425 | ||||||||
Banks (2.0%) | |||||||||||
JPMorgan Chase & Co. | 13,997 | 788 | |||||||||
Beverages (2.7%) | |||||||||||
Monster Beverage Corp.* | 2,299 | 288 | |||||||||
PepsiCo, Inc. | 7,966 | 779 | |||||||||
1,067 | |||||||||||
Biotechnology (3.8%) | |||||||||||
Gilead Sciences, Inc. | 8,552 | 746 | |||||||||
Vertex Pharmaceuticals, Inc.* | 8,601 | 735 | |||||||||
1,481 | |||||||||||
Chemicals (4.5%) | |||||||||||
PPG Industries, Inc. | 9,865 | 952 | |||||||||
Sherwin-Williams Co. | 2,995 | 810 | |||||||||
1,762 | |||||||||||
Diversified Telecommunication Services (1.1%) | |||||||||||
Level 3 Communications, Inc.* | 8,897 | 432 | |||||||||
Food & Staples Retailing (4.7%) | |||||||||||
Costco Wholesale Corp. | 5,576 | 837 | |||||||||
CVS Health Corp. | 10,662 | 1,036 | |||||||||
1,873 | |||||||||||
Health Care Equipment & Supplies (4.6%) | |||||||||||
Abbott Laboratories | 27,720 | 1,074 | |||||||||
IDEXX Laboratories, Inc.* | 9,906 | 725 | |||||||||
1,799 | |||||||||||
Health Care Providers & Services (3.0%) | |||||||||||
HCA Holdings, Inc.* | 10,892 | 754 | |||||||||
UnitedHealth Group, Inc. | 3,545 | 422 | |||||||||
1,176 | |||||||||||
Hotels, Restaurants & Leisure (5.6%) | |||||||||||
Chipotle Mexican Grill, Inc.* | 1,670 | 850 | |||||||||
Starbucks Corp. | 8,538 | 497 |
Number of Shares | Value† (000's)z | ||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 12,697 | $ | 878 | ||||||||
2,225 | |||||||||||
Industrial Conglomerates (3.5%) | |||||||||||
Danaher Corp. | 10,624 | 948 | |||||||||
General Electric Co. | 14,270 | 416 | |||||||||
1,364 | |||||||||||
Insurance (2.1%) | |||||||||||
Chubb Ltd. | 7,105 | 821 | |||||||||
Internet & Catalog Retail (6.1%) | |||||||||||
Amazon.com, Inc.* | 3,487 | 1,927 | |||||||||
Netflix, Inc.* | 5,302 | 495 | |||||||||
2,422 | |||||||||||
Internet Software & Services (8.0%) | |||||||||||
Akamai Technologies, Inc.* | 6,253 | 337 | |||||||||
Alphabet, Inc. Class A* | 3,064 | 2,198 | |||||||||
LinkedIn Corp. Class A* | 5,123 | 600 | |||||||||
3,135 | |||||||||||
IT Services (5.7%) | |||||||||||
FleetCor Technologies, Inc.* | 5,708 | 729 | |||||||||
PayPal Holdings, Inc.* | 6,998 | 267 | |||||||||
Visa, Inc. Class A | 17,120 | 1,239 | |||||||||
2,235 | |||||||||||
Media (5.3%) | |||||||||||
Comcast Corp. Class A | 19,761 | 1,141 | |||||||||
Walt Disney Co. | 9,760 | 932 | |||||||||
2,073 | |||||||||||
Pharmaceuticals (7.1%) | |||||||||||
Allergan PLC* | 2,513 | 729 | |||||||||
Bristol-Myers Squibb Co. | 12,480 | 773 | |||||||||
Pfizer, Inc. | 27,288 | 810 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 8,552 | 475 | |||||||||
2,787 | |||||||||||
Road & Rail (1.5%) | |||||||||||
Union Pacific Corp. | 7,409 | 584 | |||||||||
Semiconductors & Semiconductor Equipment (2.8%) | |||||||||||
ASML Holding NV | 7,399 | 673 | |||||||||
NVIDIA Corp. | 13,568 | 426 | |||||||||
1,099 |
Number of Shares | Value† (000's)z | ||||||||||
Software (13.0%) | |||||||||||
Activision Blizzard, Inc. | 38,404 | $ | 1,216 | ||||||||
Intuit, Inc. | 9,275 | 897 | |||||||||
Microsoft Corp. | 32,074 | 1,632 | |||||||||
Oracle Corp. | 16,321 | 600 | |||||||||
Ultimate Software Group, Inc.* | 4,460 | 766 | |||||||||
5,111 | |||||||||||
Specialty Retail (4.3%) | |||||||||||
AutoZone, Inc.* | 986 | 764 | |||||||||
Home Depot, Inc. | 7,440 | 923 | |||||||||
1,687 | |||||||||||
Technology Hardware, Storage & Peripherals (6.1%) | |||||||||||
Apple, Inc. | 24,922 | 2,410 | |||||||||
Total Common Stocks (Cost $36,461) | 38,756 | ||||||||||
Short-Term Investments (1.1%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $436) | 435,655 | 436 | |||||||||
Total Investments## (99.7%) (Cost $36,897) | 39,192 | ||||||||||
Cash, receivables and other assets, less liabilities (0.3%) | 137 | ||||||||||
Total Net Assets (100.0%) | $ | 39,329 |
See Notes to Schedule of Investments
87
Schedule of Investments Large Cap Value Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.5%) | |||||||||||
Aerospace & Defense (0.0%) | |||||||||||
Honeywell International, Inc. | 1,343 | $ | 136 | ||||||||
United Technologies Corp. | 1,432 | 139 | |||||||||
275 | |||||||||||
Airlines (1.1%) | |||||||||||
Delta Air Lines, Inc. | 269,971 | 13,023 | |||||||||
Auto Components (2.2%) | |||||||||||
BorgWarner, Inc. | 611,257 | 19,976 | |||||||||
Johnson Controls, Inc. | 162,626 | 5,929 | |||||||||
25,905 | |||||||||||
Banks (8.5%) | |||||||||||
Citigroup, Inc. | 1,179,464 | 45,822 | |||||||||
JPMorgan Chase & Co. | 672,363 | 37,854 | |||||||||
Wells Fargo & Co. | 334,791 | 15,709 | |||||||||
99,385 | |||||||||||
Capital Markets (7.4%) | |||||||||||
Bank of New York Mellon Corp. | 1,247,547 | 44,151 | |||||||||
Goldman Sachs Group, Inc. | 211,332 | 31,600 | |||||||||
Morgan Stanley | 411,934 | 10,175 | |||||||||
85,926 | |||||||||||
Commercial Services & Supplies (0.9%) | |||||||||||
Pitney Bowes, Inc. | 561,274 | 10,170 | |||||||||
Construction & Engineering (0.8%) | |||||||||||
Jacobs Engineering Group, Inc.* | 243,440 | 9,409 | |||||||||
Diversified Financial Services (1.0%) | |||||||||||
CME Group, Inc. | 131,784 | 12,050 | |||||||||
Electric Utilities (0.5%) | |||||||||||
Exelon Corp. | 182,386 | 5,743 | |||||||||
Electrical Equipment (7.9%) | |||||||||||
Eaton Corp. PLC | 1,250,559 | 70,919 | |||||||||
Emerson Electric Co. | 425,976 | 20,801 | |||||||||
91,720 | |||||||||||
Energy Equipment & Services (4.1%) | |||||||||||
Helmerich & Payne, Inc. | 43,110 | 2,283 | |||||||||
Schlumberger Ltd. | 640,959 | 45,970 | |||||||||
48,253 |
Number of Shares | Value† (000's)z | ||||||||||
Food & Staples Retailing (0.6%) | |||||||||||
Wal-Mart Stores, Inc. | 112,251 | $ | 7,447 | ||||||||
Hotels, Restaurants & Leisure (5.1%) | |||||||||||
Carnival Corp. | 1,243,302 | 59,629 | |||||||||
Independent Power and Renewable Electricity Producers (0.7%) | |||||||||||
Calpine Corp.* | 675,290 | 8,482 | |||||||||
Industrial Conglomerates (4.4%) | |||||||||||
General Electric Co. | 1,763,330 | 51,383 | |||||||||
Insurance (0.8%) | |||||||||||
American International Group, Inc. | 4,370 | 219 | |||||||||
Lincoln National Corp. | 251,295 | 9,180 | |||||||||
9,399 | |||||||||||
Machinery (10.0%) | |||||||||||
Caterpillar, Inc. | 878,601 | 59,481 | |||||||||
Illinois Tool Works, Inc. | 190,205 | 17,927 | |||||||||
Joy Global, Inc. | 1,722,408 | 22,254 | |||||||||
Parker-Hannifin Corp. | 171,544 | 17,360 | |||||||||
117,022 | |||||||||||
Media (0.1%) | |||||||||||
CBS Corp. Class B | 24,741 | 1,197 | |||||||||
Metals & Mining (12.0%) | |||||||||||
BHP Billiton Ltd. ADR | 1,706,467 | 38,583 | |||||||||
Newmont Mining Corp. | 3,727,116 | 96,272 | |||||||||
United States Steel Corp. | 573,391 | 5,229 | |||||||||
140,084 | |||||||||||
Multiline Retail (2.1%) | |||||||||||
JC Penney Co., Inc.* | 2,339,017 | 23,858 | |||||||||
Oil, Gas & Consumable Fuels (17.1%) | |||||||||||
Chevron Corp. | 96,354 | 8,040 | |||||||||
EOG Resources, Inc. | 688,261 | 44,558 | |||||||||
Exxon Mobil Corp. | 1,056,710 | 84,695 | |||||||||
Phillips 66 | 3,055 | 242 | |||||||||
Pioneer Natural Resources Co. | 382,321 | 46,081 | |||||||||
Range Resources Corp. | 673,264 | 15,977 | |||||||||
199,593 |
Number of Shares | Value† (000's)z | ||||||||||
Road & Rail (0.1%) | |||||||||||
Avis Budget Group, Inc.* | 31,004 | $ | 795 | ||||||||
Semiconductors & Semiconductor Equipment (2.5%) | |||||||||||
Analog Devices, Inc. | 418,466 | 22,174 | |||||||||
NXP Semiconductors NV* | 92,485 | 6,589 | |||||||||
28,763 | |||||||||||
Specialty Retail (1.0%) | |||||||||||
DSW, Inc. Class A | 166,573 | 4,364 | |||||||||
Urban Outfitters, Inc.* | 262,187 | 6,946 | |||||||||
11,310 | |||||||||||
Technology Hardware, Storage & Peripherals (0.9%) | |||||||||||
Western Digital Corp. | 239,337 | 10,418 | |||||||||
Textiles, Apparel & Luxury Goods (6.7%) | |||||||||||
Coach, Inc. | 509,778 | 19,851 | |||||||||
lululemon athletica, Inc.* | 93,760 | 5,881 | |||||||||
Ralph Lauren Corp. | 583,127 | 52,925 | |||||||||
78,657 | |||||||||||
Total Common Stocks (Cost $1,236,548) | 1,149,896 | ||||||||||
Short-Term Investments (2.1%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $24,214) | 24,214,262 | 24,214 | |||||||||
Total Investments## (100.6%) (Cost $1,260,762) | 1,174,110 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.6%)] | (7,269 | ) | |||||||||
Total Net Assets (100.0%) | $ | 1,166,841 |
See Notes to Schedule of Investments
88
Schedule of Investments Mid Cap Growth Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.3%) | |||||||||||
Airlines (1.7%) | |||||||||||
Alaska Air Group, Inc. | 250,000 | $ | 18,475 | ||||||||
Banks (1.9%) | |||||||||||
Signature Bank* | 82,500 | 10,688 | |||||||||
SVB Financial Group* | 117,500 | 10,440 | |||||||||
21,128 | |||||||||||
Biotechnology (2.5%) | |||||||||||
BioMarin Pharmaceutical, Inc.* | 100,000 | 8,187 | |||||||||
Incyte Corp.* | 110,000 | 8,085 | |||||||||
Medivation, Inc.* | 300,000 | 10,731 | |||||||||
27,003 | |||||||||||
Capital Markets (2.7%) | |||||||||||
Affiliated Managers Group, Inc.* | 65,000 | 9,015 | |||||||||
E*TRADE Financial Corp.* | 415,000 | 9,736 | |||||||||
Raymond James Financial, Inc. | 240,000 | 10,521 | |||||||||
29,272 | |||||||||||
Chemicals (2.7%) | |||||||||||
RPM International, Inc. | 210,000 | 8,578 | |||||||||
Scotts Miracle-Gro Co. Class A | 100,000 | 6,902 | |||||||||
Sensient Technologies Corp. | 155,000 | 8,909 | |||||||||
WR Grace & Co.* | 75,000 | 5,156 | |||||||||
29,545 | |||||||||||
Commercial Services & Supplies (1.7%) | |||||||||||
Stericycle, Inc.* | 95,000 | 10,823 | |||||||||
Waste Connections, Inc. | 130,000 | 8,017 | |||||||||
18,840 | |||||||||||
Communications Equipment (1.5%) | |||||||||||
Infinera Corp.* | 560,000 | 8,786 | |||||||||
Palo Alto Networks, Inc.* | 50,000 | 7,240 | |||||||||
16,026 | |||||||||||
Distributors (1.2%) | |||||||||||
LKQ Corp.* | 462,500 | 12,765 |
Number of Shares | Value† (000's)z | ||||||||||
Diversified Consumer Services (1.7%) | |||||||||||
Bright Horizons Family Solutions, Inc.* | 166,500 | $ | 10,551 | ||||||||
Service Corp. International | 360,000 | 8,467 | |||||||||
19,018 | |||||||||||
Diversified Financial Services (1.1%) | |||||||||||
CBOE Holdings, Inc. | 187,500 | 11,719 | |||||||||
Diversified Telecommunication Services (0.6%) | |||||||||||
SBA Communications Corp. Class A* | 72,500 | 6,880 | |||||||||
Electrical Equipment (2.5%) | |||||||||||
Acuity Brands, Inc. | 67,500 | 14,136 | |||||||||
AMETEK, Inc. | 292,500 | 13,575 | |||||||||
27,711 | |||||||||||
Electronic Equipment, Instruments & Components (3.1%) | |||||||||||
Amphenol Corp. Class A | 215,500 | 11,437 | |||||||||
CDW Corp. | 327,500 | 12,962 | |||||||||
Zebra Technologies Corp. Class A* | 160,000 | 9,885 | |||||||||
34,284 | |||||||||||
Food & Staples Retailing (0.9%) | |||||||||||
Rite Aid Corp.* | 1,250,000 | 9,937 | |||||||||
Food Products (2.0%) | |||||||||||
Pinnacle Foods, Inc. | 222,500 | 9,610 | |||||||||
WhiteWave Foods Co.* | 320,000 | 12,390 | |||||||||
22,000 | |||||||||||
Health Care Equipment & Supplies (7.2%) | |||||||||||
C.R. Bard, Inc. | 65,000 | 12,505 | |||||||||
DENTSPLY International, Inc. | 192,500 | 11,735 | |||||||||
DexCom, Inc.* | 167,500 | 10,897 | |||||||||
Edwards Lifesciences Corp.* | 100,000 | 8,700 | |||||||||
Integra LifeSciences Holdings Corp.* | 120,000 | 7,363 | |||||||||
Nevro Corp.* | 100,000 | 5,760 | |||||||||
NuVasive, Inc.* | 255,000 | 10,659 | |||||||||
Teleflex, Inc. | 80,000 | 11,426 | |||||||||
79,045 |
Number of Shares | Value† (000's)z | ||||||||||
Health Care Providers & Services (4.9%) | |||||||||||
Acadia Healthcare Co., Inc.* | 282,500 | $ | 15,653 | ||||||||
Centene Corp.* | 180,000 | 10,253 | |||||||||
Envision Healthcare Holdings, Inc.* | 440,000 | 9,676 | |||||||||
HealthSouth Corp. | 203,000 | 7,152 | |||||||||
Universal Health Services, Inc. Class B | 95,000 | 10,485 | |||||||||
53,219 | |||||||||||
Hotels, Restaurants & Leisure (1.7%) | |||||||||||
Aramark | 187,500 | 5,891 | |||||||||
Norwegian Cruise Line Holdings Ltd.* | 265,000 | 13,020 | |||||||||
18,911 | |||||||||||
Household Durables (2.2%) | |||||||||||
Jarden Corp.* | 175,000 | 9,254 | |||||||||
Newell Rubbermaid, Inc. | 217,500 | 8,267 | |||||||||
Whirlpool Corp. | 40,000 | 6,213 | |||||||||
23,734 | |||||||||||
Industrial Conglomerates (1.7%) | |||||||||||
Roper Technologies, Inc. | 107,500 | 18,052 | |||||||||
Insurance (1.0%) | |||||||||||
Assurant, Inc. | 150,000 | 10,665 | |||||||||
Internet & Catalog Retail (1.6%) | |||||||||||
Expedia, Inc. | 80,000 | 8,329 | |||||||||
Liberty Interactive Corp. QVC Group Class A* | 350,000 | 8,883 | |||||||||
17,212 | |||||||||||
Internet Software & Services (1.3%) | |||||||||||
CoStar Group, Inc.* | 83,000 | 14,696 | |||||||||
IT Services (6.0%) | |||||||||||
Alliance Data Systems Corp.* | 55,000 | 11,557 | |||||||||
CSRA, Inc. | 300,000 | 7,785 | |||||||||
Euronet Worldwide, Inc.* | 105,000 | 6,882 | |||||||||
Fiserv, Inc.* | 120,000 | 11,475 | |||||||||
Global Payments, Inc. | 80,000 | 4,876 | |||||||||
Sabre Corp. | 300,000 | 8,145 | |||||||||
Vantiv, Inc. Class A* | 300,000 | 15,612 | |||||||||
66,332 | |||||||||||
Life Sciences Tools & Services (0.9%) | |||||||||||
Agilent Technologies, Inc. | 250,000 | 9,337 |
See Notes to Schedule of Investments
89
Schedule of Investments Mid Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Machinery (2.9%) | |||||||||||
IDEX Corp. | 122,500 | $ | 9,207 | ||||||||
Milacron Holdings Corp.* | 262,200 | 3,587 | |||||||||
Stanley Black & Decker, Inc. | 102,500 | 9,636 | |||||||||
Wabtec Corp. | 137,500 | 9,708 | |||||||||
32,138 | |||||||||||
Media (1.3%) | |||||||||||
Starz Class A* | 245,000 | 6,172 | |||||||||
TEGNA, Inc. | 325,000 | 8,008 | |||||||||
14,180 | |||||||||||
Multiline Retail (1.6%) | |||||||||||
Dollar Tree, Inc.* | 212,500 | 17,053 | |||||||||
Oil, Gas & Consumable Fuels (1.2%) | |||||||||||
Concho Resources, Inc.* | 87,500 | 7,896 | |||||||||
Diamondback Energy, Inc.* | 77,500 | 5,522 | |||||||||
13,418 | |||||||||||
Personal Products (0.5%) | |||||||||||
Edgewell Personal Care Co. | 77,500 | 5,925 | |||||||||
Pharmaceuticals (2.0%) | |||||||||||
Jazz Pharmaceuticals PLC* | 70,000 | 8,511 | |||||||||
Zoetis, Inc. | 332,500 | 13,652 | |||||||||
22,163 | |||||||||||
Professional Services (2.4%) | |||||||||||
Nielsen Holdings PLC | 192,500 | 9,691 | |||||||||
Verisk Analytics, Inc.* | 82,500 | 6,009 | |||||||||
WageWorks, Inc.* | 230,000 | 11,079 | |||||||||
26,779 | |||||||||||
Real Estate Management & Development (0.7%) | |||||||||||
Jones Lang LaSalle, Inc. | 80,000 | 8,166 | |||||||||
Road & Rail (2.1%) | |||||||||||
J.B. Hunt Transport Services, Inc. | 147,500 | 11,253 | |||||||||
Old Dominion Freight Line, Inc.* | 190,000 | 12,266 | |||||||||
23,519 | |||||||||||
Semiconductors & Semiconductor Equipment (5.6%) | |||||||||||
Cavium, Inc.* | 195,000 | 11,601 | |||||||||
Lam Research Corp. | 140,000 | 10,262 |
Number of Shares | Value† (000's)z | ||||||||||
M/A-COM Technology Solutions Holdings, Inc.* | 150,000 | $ | 5,685 | ||||||||
Monolithic Power Systems, Inc. | 212,500 | 12,550 | |||||||||
NVIDIA Corp. | 215,000 | 6,743 | |||||||||
NXP Semiconductors NV* | 85,000 | 6,055 | |||||||||
Skyworks Solutions, Inc. | 125,000 | 8,306 | |||||||||
61,202 | |||||||||||
Software (5.2%) | |||||||||||
Activision Blizzard, Inc. | 330,000 | 10,451 | |||||||||
Electronic Arts, Inc.* | 200,000 | 12,848 | |||||||||
Guidewire Software, Inc.* | 90,000 | 4,431 | |||||||||
Red Hat, Inc.* | 40,000 | 2,614 | |||||||||
ServiceNow, Inc.* | 170,000 | 9,348 | |||||||||
Tyler Technologies, Inc.* | 77,500 | 9,325 | |||||||||
Ultimate Software Group, Inc.* | 47,500 | 8,158 | |||||||||
57,175 | |||||||||||
Specialty Retail (8.8%) | |||||||||||
Burlington Stores, Inc.* | 246,500 | 13,819 | |||||||||
Lithia Motors, Inc. Class A | 120,000 | 11,126 | |||||||||
O'Reilly Automotive, Inc.* | 95,000 | 24,730 | |||||||||
Ross Stores, Inc. | 305,000 | 16,769 | |||||||||
Signet Jewelers Ltd. | 82,500 | 8,943 | |||||||||
Tractor Supply Co. | 185,000 | 15,646 | |||||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 35,000 | 5,782 | |||||||||
96,815 | |||||||||||
Textiles, Apparel & Luxury Goods (2.7%) | |||||||||||
Hanesbrands, Inc. | 582,500 | 16,595 | |||||||||
Under Armour, Inc. Class A* | 155,000 | 12,972 | |||||||||
29,567 | |||||||||||
Trading Companies & Distributors (0.7%) | |||||||||||
W.W. Grainger, Inc. | 35,000 | 7,592 |
Number of Shares | Value† (000's)z | ||||||||||
Wireless Telecommunication Services (1.3%) | |||||||||||
T-Mobile US, Inc.* | 382,500 | $ | 14,191 | ||||||||
Total Common Stocks (Cost $937,849) | 1,045,689 | ||||||||||
Exchange Traded Funds (0.8%) | |||||||||||
iShares Russell Mid-Cap Growth ETF (Cost $9,278) | 100,000 | 8,633 | |||||||||
Short-Term Investments (3.8%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $41,691) | 41,691,396 | 41,691 | |||||||||
Total Investments## (99.9%) (Cost $988,818) | 1,096,013 | ||||||||||
Cash, receivables and other assets, less liabilities (0.1%) | 1,506 | ||||||||||
Total Net Assets (100.0%) | $ | 1,097,519 |
See Notes to Schedule of Investments
90
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (96.3%) | |||||||||||
Aerospace & Defense (6.2%) | |||||||||||
B/E Aerospace, Inc. | 32,400 | $ | 1,413 | ||||||||
General Dynamics Corp. | 15,950 | 2,174 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A* | 40,500 | 1,863 | |||||||||
5,450 | |||||||||||
Banks (8.2%) | |||||||||||
BankUnited, Inc. | 82,600 | 2,653 | |||||||||
BB&T Corp. | 31,100 | 1,000 | |||||||||
Comerica, Inc. | 47,900 | 1,618 | |||||||||
Huntington Bancshares, Inc. | 86,500 | 757 | |||||||||
M&T Bank Corp. | 11,500 | 1,180 | |||||||||
7,208 | |||||||||||
Building Products (1.2%) | |||||||||||
Owens Corning | 23,900 | 1,026 | |||||||||
Capital Markets (0.9%) | |||||||||||
State Street Corp. | 14,100 | 772 | |||||||||
Chemicals (2.2%) | |||||||||||
Ashland, Inc. | 20,700 | 1,972 | |||||||||
Commercial Services & Supplies (10.1%) | |||||||||||
ADT Corp. | 135,300 | 5,462 | |||||||||
Covanta Holding Corp. | 136,300 | 1,899 | |||||||||
Tyco International PLC | 44,700 | 1,572 | |||||||||
8,933 | |||||||||||
Containers & Packaging (2.2%) | |||||||||||
Avery Dennison Corp. | 29,300 | 1,908 | |||||||||
Electric Utilities (2.0%) | |||||||||||
Edison International | 26,300 | 1,793 | |||||||||
Electronic Equipment, Instruments & Components (4.3%) | |||||||||||
Flextronics International Ltd.* | 91,500 | 994 | |||||||||
Itron, Inc.* | 69,800 | 2,781 | |||||||||
3,775 | |||||||||||
Food & Staples Retailing (2.5%) | |||||||||||
Whole Foods Market, Inc. | 70,800 | 2,217 | |||||||||
Health Care Equipment & Supplies (3.0%) | |||||||||||
Zimmer Biomet Holdings, Inc. | 27,000 | 2,614 |
Number of Shares | Value† (000's)z | ||||||||||
Independent Power and Renewable Electricity Producers (2.1%) | |||||||||||
AES Corp. | 193,600 | $ | 1,897 | ||||||||
Insurance (1.2%) | |||||||||||
Lincoln National Corp. | 30,100 | 1,100 | |||||||||
IT Services (5.1%) | |||||||||||
Amdocs Ltd. | 44,200 | 2,509 | |||||||||
Teradata Corp.* | 81,300 | 2,028 | |||||||||
4,537 | |||||||||||
Machinery (2.4%) | |||||||||||
Valmont Industries, Inc. | 18,500 | 2,091 | |||||||||
Media (2.0%) | |||||||||||
CBS Corp. Class B | 36,900 | 1,785 | |||||||||
Multi-Utilities (1.9%) | |||||||||||
CenterPoint Energy, Inc. | 90,900 | 1,693 | |||||||||
Multiline Retail (2.3%) | |||||||||||
Kohl's Corp. | 22,800 | 1,064 | |||||||||
Macy's, Inc. | 23,000 | 994 | |||||||||
2,058 | |||||||||||
Oil, Gas & Consumable Fuels (4.8%) | |||||||||||
Cabot Oil & Gas Corp. | 81,300 | 1,637 | |||||||||
Devon Energy Corp. | 52,600 | 1,035 | |||||||||
ONEOK, Inc. | 64,300 | 1,543 | |||||||||
4,215 | |||||||||||
Real Estate Investment Trusts (6.2%) | |||||||||||
Colony Starwood Homes | 84,560 | 1,857 | |||||||||
Corrections Corporation of America | 71,104 | 2,057 | |||||||||
Starwood Property Trust, Inc. | 87,600 | 1,536 | |||||||||
5,450 | |||||||||||
Road & Rail (2.5%) | |||||||||||
Avis Budget Group, Inc.* | 34,700 | 890 | |||||||||
Hertz Global Holdings, Inc.* | 160,000 | 1,360 | |||||||||
2,250 | |||||||||||
Semiconductors & Semiconductor Equipment (3.9%) | |||||||||||
ON Semiconductor Corp.* | 191,700 | 1,608 | |||||||||
Skyworks Solutions, Inc. | 27,200 | 1,808 | |||||||||
3,416 |
Number of Shares | Value† (000's)z | ||||||||||
Software (6.7%) | |||||||||||
Cadence Design Systems, Inc.* | 63,100 | $ | 1,360 | ||||||||
Check Point Software Technologies Ltd.* | 24,200 | 2,010 | |||||||||
Nuance Communications, Inc.* | 132,100 | 2,577 | |||||||||
5,947 | |||||||||||
Specialty Retail (4.9%) | |||||||||||
Best Buy Co., Inc. | 69,300 | 2,245 | |||||||||
GNC Holdings, Inc. Class A | 34,500 | 982 | |||||||||
Office Depot, Inc.* | 215,700 | 1,096 | |||||||||
4,323 | |||||||||||
Technology Hardware, Storage & Peripherals (2.1%) | |||||||||||
SanDisk Corp. | 25,700 | 1,857 | |||||||||
Textiles, Apparel & Luxury Goods (2.5%) | |||||||||||
Deckers Outdoor Corp.* | 38,700 | 2,189 | |||||||||
Trading Companies & Distributors (2.9%) | |||||||||||
AerCap Holdings NV* | 71,700 | 2,563 | |||||||||
Total Common Stocks (Cost $86,535) | 85,039 | ||||||||||
Rights (0.0%) | |||||||||||
Food & Staples Retailing (0.0%) | |||||||||||
Safeway, Inc. (Casa Ley)Ñf* | 21,100 | 7 | |||||||||
Safeway, Inc. (Property Development Centers)Ñf* | 21,100 | 1 | |||||||||
Total Rights (Cost $22) | 8 | ||||||||||
Short-Term Investments (1.4%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $1,207) | 1,207,275 | 1,207 | |||||||||
Total Investments## (97.7%) (Cost $87,764) | 86,254 | ||||||||||
Cash, receivables and other assets, less liabilities (2.3%) | 2,028 | ||||||||||
Total Net Assets (100.0%) | $ | 88,282 |
See Notes to Schedule of Investments
91
Schedule of Investments Multi-Cap Opportunities Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (99.5%) | |||||||||||
Aerospace & Defense (4.7%) | |||||||||||
Boeing Co. | 420,000 | $ | 49,636 | ||||||||
Raytheon Co. | 345,000 | 42,728 | |||||||||
92,364 | |||||||||||
Banks (7.8%) | |||||||||||
JPMorgan Chase & Co. | 1,600,000 | 90,080 | |||||||||
Wells Fargo & Co. | 1,310,000 | 61,465 | |||||||||
151,545 | |||||||||||
Capital Markets (6.4%) | |||||||||||
Charles Schwab Corp. | 1,540,000 | 38,577 | |||||||||
Goldman Sachs Group, Inc. | 580,000 | 86,727 | |||||||||
125,304 | |||||||||||
Chemicals (2.6%) | |||||||||||
Methanex Corp. | 885,000 | 28,028 | |||||||||
Scotts Miracle-Gro Co. Class A | 315,000 | 21,741 | |||||||||
49,769 | |||||||||||
Commercial Services & Supplies (2.5%) | |||||||||||
Pitney Bowes, Inc. | 2,650,000 | 48,018 | |||||||||
Communications Equipment (7.1%) | |||||||||||
Cisco Systems, Inc. | 2,170,000 | 56,811 | |||||||||
Motorola Solutions, Inc. | 1,110,000 | 81,574 | |||||||||
138,385 | |||||||||||
Consumer Finance (2.0%) | |||||||||||
American Express Co. | 710,000 | 39,462 | |||||||||
Containers & Packaging (3.3%) | |||||||||||
Sealed Air Corp. | 1,420,000 | 64,937 | |||||||||
Diversified Financial Services (8.7%) | |||||||||||
Berkshire Hathaway, Inc. Class B* | 660,000 | 88,552 | |||||||||
Intercontinental Exchange, Inc. | 345,000 | 82,269 | |||||||||
170,821 | |||||||||||
Electrical Equipment (1.1%) | |||||||||||
Rockwell Automation, Inc. | 200,000 | 20,818 | |||||||||
Energy Equipment & Services (2.2%) | |||||||||||
Schlumberger Ltd. | 610,000 | 43,749 |
Number of Shares | Value† (000's)z | ||||||||||
Food Products (2.3%) | |||||||||||
Hain Celestial Group, Inc.* | 275,000 | $ | 10,167 | ||||||||
Mondelez International, Inc. Class A | 840,000 | 34,045 | |||||||||
44,212 | |||||||||||
Gas Utilities (1.2%) | |||||||||||
National Fuel Gas Co. | 505,000 | 23,068 | |||||||||
Health Care Equipment & Supplies (1.7%) | |||||||||||
Hill-Rom Holdings, Inc. | 720,000 | 33,372 | |||||||||
Health Care Providers & Services (10.7%) | |||||||||||
Aetna, Inc. | 325,000 | 35,305 | |||||||||
Cardinal Health, Inc. | 855,000 | 69,853 | |||||||||
HCA Holdings, Inc.* | 1,020,000 | 70,594 | |||||||||
Henry Schein, Inc.* | 200,000 | 33,090 | |||||||||
208,842 | |||||||||||
Hotels, Restaurants & Leisure (1.6%) | |||||||||||
Hyatt Hotels Corp. Class A* | 670,000 | 30,921 | |||||||||
Household Products (0.9%) | |||||||||||
Procter & Gamble Co. | 230,000 | 18,467 | |||||||||
Industrial Conglomerates (3.5%) | |||||||||||
3M Co. | 435,000 | 68,238 | |||||||||
Internet Software & Services (5.5%) | |||||||||||
Alphabet, Inc. Class C* | 95,000 | 66,288 | |||||||||
eBay, Inc.* | 1,730,000 | 41,174 | |||||||||
107,462 | |||||||||||
IT Services (3.0%) | |||||||||||
PayPal Holdings, Inc.* | 1,520,000 | 57,973 | |||||||||
Machinery (3.4%) | |||||||||||
Stanley Black & Decker, Inc. | 705,000 | 66,277 | |||||||||
Media (3.6%) | |||||||||||
Omnicom Group, Inc. | 255,000 | 19,842 | |||||||||
Twenty-First Century Fox, Inc. Class A | 1,900,000 | 51,338 | |||||||||
71,180 | |||||||||||
Pharmaceuticals (3.5%) | |||||||||||
Pfizer, Inc. | 2,330,000 | 69,131 |
Number of Shares | Value† (000's)z | ||||||||||
Professional Services (0.8%) | |||||||||||
Nielsen Holdings PLC | 310,000 | $ | 15,605 | ||||||||
Road & Rail (1.5%) | |||||||||||
CSX Corp. | 1,245,000 | 30,054 | |||||||||
Software (4.0%) | |||||||||||
Activision Blizzard, Inc. | 1,310,000 | 41,488 | |||||||||
Microsoft Corp. | 700,000 | 35,616 | |||||||||
77,104 | |||||||||||
Technology Hardware, Storage & Peripherals (3.9%) | |||||||||||
Apple, Inc. | 425,000 | 41,093 | |||||||||
NCR Corp.* | 1,480,000 | 34,573 | |||||||||
75,666 | |||||||||||
Total Common Stocks (Cost $1,689,962) | 1,942,744 | ||||||||||
Short-Term Investments (0.2%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $3,719) | 3,719,114 | 3,719 | |||||||||
Total Investments## (99.7%) (Cost $1,693,681) | 1,946,463 | ||||||||||
Cash, receivables and other assets, less liabilities (0.3%) | 6,125 | ||||||||||
Total Net Assets (100.0%) | $ | 1,952,588 |
See Notes to Schedule of Investments
92
Schedule of Investments Real Estate Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.7%) | |||||||||||
Apartments (14.6%) | |||||||||||
AvalonBay Communities, Inc. | 197,992 | $ | 33,983 | ||||||||
Equity Residential | 527,400 | 39,286 | |||||||||
Essex Property Trust, Inc. | 123,000 | 25,741 | |||||||||
99,010 | |||||||||||
Data Centers (6.3%) | |||||||||||
CoreSite Realty Corp. | 185,621 | 11,965 | |||||||||
Digital Realty Trust, Inc. | 172,300 | 13,624 | |||||||||
Equinix, Inc. | 57,734 | 17,533 | |||||||||
43,122 | |||||||||||
Diversified (2.3%) | |||||||||||
Vornado Realty Trust | 182,023 | 15,719 | |||||||||
Free Standing (3.5%) | |||||||||||
National Retail Properties, Inc. | 270,300 | 11,888 | |||||||||
Realty Income Corp. | 203,600 | 11,919 | |||||||||
23,807 | |||||||||||
Health Care (8.9%) | |||||||||||
Healthcare Trust of America, Inc. Class A | 403,700 | 11,227 | |||||||||
OMEGA Healthcare Investors, Inc. | 315,175 | 10,104 | |||||||||
Ventas, Inc. | 386,030 | 21,490 | |||||||||
Welltower, Inc. | 276,040 | 17,606 | |||||||||
60,427 | |||||||||||
Hotels, Restaurants & Leisure (1.8%) | |||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 181,200 | 12,523 | |||||||||
Industrial (4.3%) | |||||||||||
DCT Industrial Trust, Inc. | 222,600 | 8,056 | |||||||||
Duke Realty Corp. | 526,900 | 10,896 | |||||||||
Prologis, Inc. | 268,838 | 10,340 | |||||||||
29,292 | |||||||||||
Infrastructure (9.4%) | |||||||||||
American Tower Corp. | 373,600 | 34,446 | |||||||||
Crown Castle International Corp. | 339,700 | 29,384 | |||||||||
63,830 |
Number of Shares | Value† (000's)z | ||||||||||
Lodging/Resorts (2.1%) | |||||||||||
Host Hotels & Resorts, Inc. | 910,243 | $ | 13,936 | ||||||||
Manufactured Homes (1.5%) | |||||||||||
Equity LifeStyle Properties, Inc. | 146,360 | 10,269 | |||||||||
Office (8.1%) | |||||||||||
Boston Properties, Inc. | 231,684 | 26,445 | |||||||||
Douglas Emmett, Inc. | 266,325 | 7,148 | |||||||||
Equity Commonwealth* | 301,630 | 8,032 | |||||||||
Kilroy Realty Corp. | 105,700 | 5,736 | |||||||||
SL Green Realty Corp. | 88,265 | 7,783 | |||||||||
55,144 | |||||||||||
Real Estate Management & Development (1.8%) | |||||||||||
Brookfield Asset Management, Inc. Class A | 392,715 | 12,041 | |||||||||
Regional Malls (11.4%) | |||||||||||
General Growth Properties, Inc. | 628,332 | 17,292 | |||||||||
Simon Property Group, Inc. | 269,548 | 51,141 | |||||||||
Taubman Centers, Inc. | 126,035 | 8,926 | |||||||||
77,359 | |||||||||||
Self Storage (9.5%) | |||||||||||
Extra Space Storage, Inc. | 183,640 | 15,086 | |||||||||
Public Storage | 166,500 | 41,540 | |||||||||
Sovran Self Storage, Inc. | 71,300 | 7,589 | |||||||||
64,215 | |||||||||||
Shopping Centers (9.3%) | |||||||||||
Federal Realty Investment Trust | 127,600 | 18,893 | |||||||||
Kimco Realty Corp. | 792,820 | 21,208 | |||||||||
Kite Realty Group Trust | 251,200 | 6,762 | |||||||||
Regency Centers Corp. | 234,857 | 16,576 | |||||||||
63,439 | |||||||||||
Single Family Homes (1.1%) | |||||||||||
American Homes 4 Rent Class A | 550,100 | 7,701 | |||||||||
Timber (2.8%) | |||||||||||
Weyerhaeuser Co. | 730,099 | 18,968 | |||||||||
Total Common Stocks (Cost $624,441) | 670,802 |
Number of Shares | Value† (000's)z | ||||||||||
Short-Term Investments (1.3%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $8,857) | 8,856,506 | $ | 8,857 | ||||||||
Total Investments## (100.0%) (Cost $633,298) | 679,659 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.0%)] | (138 | ) | |||||||||
Total Net Assets (100.0%) | $ | 679,521 |
See Notes to Schedule of Investments
93
Schedule of Investments Small Cap Growth Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.1%) | |||||||||||
Aerospace & Defense (1.8%) | |||||||||||
HEICO Corp. Class A | 27,000 | $ | 1,180 | ||||||||
Banks (6.8%) | |||||||||||
BNC Bancorp | 45,000 | 913 | |||||||||
FCB Financial Holdings, Inc. Class A* | 30,000 | 900 | |||||||||
Hanmi Financial Corp. | 35,000 | 729 | |||||||||
Opus Bank | 28,700 | 926 | |||||||||
Seacoast Banking Corp. of Florida* | 60,000 | 889 | |||||||||
4,357 | |||||||||||
Biotechnology (5.0%) | |||||||||||
Acorda Therapeutics, Inc.* | 18,500 | 605 | |||||||||
Anacor Pharmaceuticals, Inc.* | 9,500 | 606 | |||||||||
Kite Pharma, Inc.* | 13,000 | 581 | |||||||||
Ligand Pharmaceuticals, Inc.* | 10,500 | 969 | |||||||||
Neurocrine Biosciences, Inc.* | 11,000 | 405 | |||||||||
3,166 | |||||||||||
Chemicals (1.8%) | |||||||||||
Sensient Technologies Corp. | 20,100 | 1,155 | |||||||||
Commercial Services & Supplies (1.2%) | |||||||||||
Healthcare Services Group, Inc. | 22,500 | 798 | |||||||||
Communications Equipment (1.2%) | |||||||||||
Infinera Corp.* | 50,000 | 784 | |||||||||
Distributors (0.7%) | |||||||||||
Core-Mark Holding Co, Inc. | 6,500 | 479 | |||||||||
Diversified Consumer Services (2.9%) | |||||||||||
Bright Horizons Family Solutions, Inc.* | 29,600 | 1,876 | |||||||||
Diversified Financial Services (1.1%) | |||||||||||
MarketAxess Holdings, Inc. | 6,000 | 711 | |||||||||
Food & Staples Retailing (1.8%) | |||||||||||
Casey's General Stores, Inc. | 11,100 | 1,172 |
Number of Shares | Value† (000's)z | ||||||||||
Food Products (1.7%) | |||||||||||
Amplify Snack Brands, Inc.* | 35,000 | $ | 360 | ||||||||
Snyder's-Lance, Inc. | 22,500 | 736 | |||||||||
1,096 | |||||||||||
Health Care Equipment & Supplies (11.1%) | |||||||||||
ABIOMED, Inc.* | 8,500 | 680 | |||||||||
DexCom, Inc.* | 15,500 | 1,008 | |||||||||
Integra LifeSciences Holdings Corp.* | 13,000 | 798 | |||||||||
K2M Group Holdings, Inc.* | 55,000 | 651 | |||||||||
Nevro Corp.* | 13,500 | 778 | |||||||||
NuVasive, Inc.* | 21,000 | 878 | |||||||||
Spectranetics Corp.* | 67,500 | 957 | |||||||||
STERIS PLC | 8,000 | 515 | |||||||||
Zeltiq Aesthetics, Inc.* | 36,000 | 829 | |||||||||
7,094 | |||||||||||
Health Care Providers & Services (4.1%) | |||||||||||
Acadia Healthcare Co., Inc.* | 8,895 | 493 | |||||||||
HealthSouth Corp. | 26,500 | 934 | |||||||||
WellCare Health Plans, Inc.* | 13,000 | 1,168 | |||||||||
2,595 | |||||||||||
Hotels, Restaurants & Leisure (4.0%) | |||||||||||
Boyd Gaming Corp.* | 42,500 | 736 | |||||||||
Vail Resorts, Inc. | 14,100 | 1,797 | |||||||||
2,533 | |||||||||||
Household Durables (1.3%) | |||||||||||
Helen of Troy Ltd.* | 8,500 | 811 | |||||||||
Internet & Catalog Retail (0.6%) | |||||||||||
HSN, Inc. | 7,500 | 398 | |||||||||
Internet Software & Services (1.4%) | |||||||||||
Benefitfocus, Inc.* | 15,000 | 471 | |||||||||
Q2 Holdings, Inc.* | 20,000 | 405 | |||||||||
876 | |||||||||||
IT Services (3.1%) | |||||||||||
EPAM Systems, Inc.* | 13,300 | 909 | |||||||||
Euronet Worldwide, Inc.* | 15,900 | 1,042 | |||||||||
1,951 | |||||||||||
Leisure Products (1.0%) | |||||||||||
Brunswick Corp. | 15,000 | 638 |
Number of Shares | Value† (000's)z | ||||||||||
Life Sciences Tools & Services (0.5%) | |||||||||||
Accelerate Diagnostics, Inc.* | 27,500 | $ | 331 | ||||||||
Machinery (3.3%) | |||||||||||
Actuant Corp. Class A | 48,100 | 1,126 | |||||||||
John Bean Technologies Corp. | 18,500 | 973 | |||||||||
2,099 | |||||||||||
Oil, Gas & Consumable Fuels (1.0%) | |||||||||||
Carrizo Oil & Gas, Inc.* | 30,000 | 645 | |||||||||
Pharmaceuticals (3.6%) | |||||||||||
Depomed, Inc.* | 47,500 | 726 | |||||||||
Heska Corp.* | 20,000 | 651 | |||||||||
Pacira Pharmaceuticals, Inc.* | 17,500 | 910 | |||||||||
2,287 | |||||||||||
Professional Services (1.4%) | |||||||||||
On Assignment, Inc.* | 27,900 | 921 | |||||||||
Road & Rail (1.3%) | |||||||||||
Old Dominion Freight Line, Inc.* | 12,371 | 799 | |||||||||
Semiconductors & Semiconductor Equipment (6.8%) | |||||||||||
Cavium, Inc.* | 22,500 | 1,338 | |||||||||
Integrated Device Technology, Inc.* | 41,600 | 808 | |||||||||
M/A-COM Technology Solutions Holdings, Inc.* | 25,300 | 959 | |||||||||
Monolithic Power Systems, Inc. | 20,400 | 1,205 | |||||||||
4,310 | |||||||||||
Software (14.9%) | |||||||||||
Atlassian Corp. PLC Class A* | 3,800 | 90 | |||||||||
BroadSoft Inc.* | 30,000 | 1,107 | |||||||||
Descartes Systems Group, Inc.* | 45,000 | 769 | |||||||||
FleetMatics Group PLC* | 18,700 | 675 | |||||||||
Guidewire Software, Inc.* | 7,500 | 369 | |||||||||
Manhattan Associates, Inc.* | 14,300 | 790 | |||||||||
Paylocity Holding Corp.* | 30,500 | 903 | |||||||||
Proofpoint, Inc.* | 21,000 | 984 |
See Notes to Schedule of Investments
94
Schedule of Investments Small Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Take-Two Interactive Software, Inc.* | 35,100 | $ | 1,263 | ||||||||
Tyler Technologies, Inc.* | 10,000 | 1,203 | |||||||||
Ultimate Software Group, Inc.* | 7,800 | 1,340 | |||||||||
9,493 | |||||||||||
Specialty Retail (6.0%) | |||||||||||
Burlington Stores, Inc.* | 25,000 | 1,402 | |||||||||
Lithia Motors, Inc. Class A | 10,000 | 927 | |||||||||
Monro Muffler Brake, Inc. | 22,100 | 1,511 | |||||||||
3,840 | |||||||||||
Textiles, Apparel & Luxury Goods (0.7%) | |||||||||||
Deckers Outdoor Corp.* | 7,500 | 424 | |||||||||
Trading Companies & Distributors (3.0%) | |||||||||||
Beacon Roofing Supply, Inc.* | 17,500 | 632 | |||||||||
MSC Industrial Direct Co., Inc. Class A | 7,500 | 522 | |||||||||
Watsco, Inc. | 5,900 | 752 | |||||||||
1,906 | |||||||||||
Total Common Stocks (Cost $66,371) | 60,725 | ||||||||||
Short-Term Investments (5.8%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class, 0.42%h (Cost $3,674) | 3,673,611 | 3,674 | |||||||||
Total Investments## (100.9%) (Cost $70,045) | 64,399 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.9%)] | (574 | ) | |||||||||
Total Net Assets (100.0%) | $ | 63,825 |
See Notes to Schedule of Investments
95
Schedule of Investments Socially Responsive Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.2%) | |||||||||||
Airlines (2.0%) | |||||||||||
Ryanair Holdings PLC ADR | 487,567 | $ | 40,551 | ||||||||
Auto Components (1.9%) | |||||||||||
BorgWarner, Inc. | 1,195,740 | 39,077 | |||||||||
Banks (4.9%) | |||||||||||
JPMorgan Chase & Co. | 610,888 | 34,393 | |||||||||
U.S. Bancorp | 1,760,543 | 67,816 | |||||||||
102,209 | |||||||||||
Communications Equipment (1.2%) | |||||||||||
NetScout Systems, Inc.* | 1,155,577 | 23,886 | |||||||||
Consumer Finance (2.6%) | |||||||||||
American Express Co. | 965,263 | 53,649 | |||||||||
Diversified Financial Services (2.7%) | |||||||||||
Intercontinental Exchange, Inc. | 235,776 | 56,223 | |||||||||
Diversified Telecommunication Services (3.3%) | |||||||||||
Level 3 Communications, Inc.* | 1,390,427 | 67,505 | |||||||||
Electric Utilities (4.7%) | |||||||||||
Eversource Energy | 1,794,488 | 97,441 | |||||||||
Energy Equipment & Services (4.0%) | |||||||||||
Schlumberger Ltd. | 1,152,977 | 82,692 | |||||||||
Health Care Equipment & Supplies (9.2%) | |||||||||||
Abbott Laboratories | 1,700,209 | 65,866 | |||||||||
Becton, Dickinson & Co. | 557,050 | 82,137 | |||||||||
Medtronic PLC | 542,901 | 42,015 | |||||||||
190,018 | |||||||||||
Health Care Providers & Services (1.3%) | |||||||||||
Premier, Inc. Class A* | 810,431 | 26,355 | |||||||||
Household Durables (4.2%) | |||||||||||
Newell Rubbermaid, Inc. | 2,276,261 | 86,521 | |||||||||
Industrial Conglomerates (6.9%) | |||||||||||
3M Co. | 319,018 | 50,044 | |||||||||
Danaher Corp. | 1,037,176 | 92,589 | |||||||||
142,633 |
Number of Shares | Value† (000's)z | ||||||||||
Insurance (5.0%) | |||||||||||
Progressive Corp. | 3,223,064 | $ | 102,880 | ||||||||
Internet Software & Services (4.7%) | |||||||||||
Alphabet, Inc. Class A* | 49,213 | 35,296 | |||||||||
eBay, Inc.* | 2,605,447 | 62,010 | |||||||||
97,306 | |||||||||||
IT Services (4.9%) | |||||||||||
Alliance Data Systems Corp.* | 283,501 | 59,572 | |||||||||
MasterCard, Inc. Class A | 484,882 | 42,146 | |||||||||
101,718 | |||||||||||
Oil, Gas & Consumable Fuels (4.0%) | |||||||||||
Cimarex Energy Co. | 314,390 | 26,418 | |||||||||
Noble Energy, Inc. | 1,918,953 | 56,609 | |||||||||
83,027 | |||||||||||
Personal Products (4.0%) | |||||||||||
Unilever NV | 1,942,705 | 82,779 | |||||||||
Pharmaceuticals (2.1%) | |||||||||||
Roche Holding AG | 169,607 | 43,490 | |||||||||
Professional Services (3.2%) | |||||||||||
ManpowerGroup, Inc. | 385,537 | 29,856 | |||||||||
Robert Half International, Inc. | 930,347 | 36,647 | |||||||||
66,503 | |||||||||||
Road & Rail (1.7%) | |||||||||||
J.B. Hunt Transport Services, Inc. | 465,865 | 35,541 | |||||||||
Semiconductors & Semiconductor Equipment (4.9%) | |||||||||||
Texas Instruments, Inc. | 1,916,754 | 101,626 | |||||||||
Software (4.1%) | |||||||||||
Intuit, Inc. | 875,032 | 84,563 | |||||||||
Specialty Retail (3.0%) | |||||||||||
TJX Cos., Inc. | 850,625 | 63,031 | |||||||||
Textiles, Apparel & Luxury Goods (1.0%) | |||||||||||
Gildan Activewear, Inc. | 827,600 | 21,402 | |||||||||
Trading Companies & Distributors (5.7%) | |||||||||||
NOW, Inc.* | 2,248,689 | 36,384 | |||||||||
W.W. Grainger, Inc. | 377,148 | 81,803 | |||||||||
118,187 | |||||||||||
Total Common Stocks (Cost $1,723,656) | 2,010,813 |
Principal Amount | Value† (000's)z | ||||||||||
Short-Term Investments (2.6%) | |||||||||||
Certificates of Deposit (0.0%) | |||||||||||
Carver Federal Savings Bank Self Help Credit Union, 0.20%, due 3/23/16 | $ | 100,000 | $ | 100 | |||||||
Self Help Credit Union, 0.25%, due 4/8/16 | 250,000 | 250 | |||||||||
Self Help Credit Union, 0.25%, due 5/16/16 | 250,000 | 250 | |||||||||
600 | # | ||||||||||
Number of Shares | |||||||||||
Money Market Fund (2.6%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h | 53,191,437 | 53,191 | |||||||||
Total Short-Term Investments (Cost $53,791) | 53,791 | ||||||||||
Total Investments## (99.8%) (Cost $1,777,447) | 2,064,604 | ||||||||||
Cash, receivables and other assets, less liabilities (0.2%) | 3,792 | ||||||||||
Total Net Assets (100.0%) | $ | 2,068,396 |
See Notes to Schedule of Investments
96
Schedule of Investments Value Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.7%) | |||||||||||
Airlines (1.1%) | |||||||||||
Delta Air Lines, Inc. | 2,733 | $ | 132 | ||||||||
Auto Components (2.2%) | |||||||||||
BorgWarner, Inc. | 6,201 | 203 | |||||||||
Johnson Controls, Inc. | 1,651 | 60 | |||||||||
263 | |||||||||||
Banks (8.5%) | |||||||||||
Citigroup, Inc. | 11,913 | 463 | |||||||||
JPMorgan Chase & Co. | 6,791 | 382 | |||||||||
Wells Fargo & Co. | 3,413 | 160 | |||||||||
1,005 | |||||||||||
Capital Markets (7.4%) | |||||||||||
Bank of New York Mellon Corp. | 12,639 | 447 | |||||||||
Goldman Sachs Group, Inc. | 2,141 | 320 | |||||||||
Morgan Stanley | 4,181 | 103 | |||||||||
870 | |||||||||||
Commercial Services & Supplies (0.9%) | |||||||||||
Pitney Bowes, Inc. | 5,635 | 102 | |||||||||
Construction & Engineering (0.8%) | |||||||||||
Jacobs Engineering Group, Inc.* | 2,467 | 95 | |||||||||
Diversified Financial Services (1.0%) | |||||||||||
CME Group, Inc. | 1,330 | 122 | |||||||||
Electric Utilities (0.5%) | |||||||||||
Exelon Corp. | 1,847 | 58 | |||||||||
Electrical Equipment (8.0%) | |||||||||||
Eaton Corp. PLC | 12,825 | 727 | |||||||||
Emerson Electric Co. | 4,315 | 211 | |||||||||
938 | |||||||||||
Energy Equipment & Services (4.1%) | |||||||||||
Helmerich & Payne, Inc. | 435 | 23 | |||||||||
Schlumberger Ltd. | 6,492 | 466 | |||||||||
489 | |||||||||||
Food & Staples Retailing (0.6%) | |||||||||||
Wal-Mart Stores, Inc. | 1,016 | 67 | |||||||||
Hotels, Restaurants & Leisure (5.1%) | |||||||||||
Carnival Corp. | 12,594 | 604 | |||||||||
Independent Power and Renewable Electricity Producers (0.7%) | |||||||||||
Calpine Corp.* | 6,820 | 86 |
Number of Shares | Value† (000's)z | ||||||||||
Industrial Conglomerates (4.4%) | |||||||||||
General Electric Co. | 17,854 | $ | 520 | ||||||||
Insurance (0.8%) | |||||||||||
American International Group, Inc. | 49 | 3 | |||||||||
Lincoln National Corp. | 2,612 | 95 | |||||||||
98 | |||||||||||
Machinery (10.0%) | |||||||||||
Caterpillar, Inc. | 8,875 | 601 | |||||||||
Illinois Tool Works, Inc. | 1,930 | 182 | |||||||||
Joy Global, Inc. | 17,505 | 226 | |||||||||
Parker-Hannifin Corp. | 1,738 | 176 | |||||||||
1,185 | |||||||||||
Media (0.1%) | |||||||||||
CBS Corp. Class B | 251 | 12 | |||||||||
Metals & Mining (12.0%) | |||||||||||
BHP Billiton Ltd. ADR | 17,209 | 389 | |||||||||
Newmont Mining Corp. | 37,696 | 974 | |||||||||
United States Steel Corp. | 5,757 | 52 | |||||||||
1,415 | |||||||||||
Multiline Retail (2.1%) | |||||||||||
JC Penney Co., Inc.* | 23,731 | 242 | |||||||||
Oil, Gas & Consumable Fuels (17.1%) | |||||||||||
Chevron Corp. | 966 | 81 | |||||||||
EOG Resources, Inc. | 6,910 | 447 | |||||||||
Exxon Mobil Corp. | 10,840 | 869 | |||||||||
Pioneer Natural Resources Co. | 3,816 | 460 | |||||||||
Range Resources Corp. | 6,805 | 161 | |||||||||
2,018 | |||||||||||
Road & Rail (0.1%) | |||||||||||
Avis Budget Group, Inc.* | 352 | 9 | |||||||||
Semiconductors & Semiconductor Equipment (2.5%) | |||||||||||
Analog Devices, Inc. | 4,241 | 225 | |||||||||
NXP Semiconductors NV* | 937 | 67 | |||||||||
292 | |||||||||||
Specialty Retail (1.0%) | |||||||||||
DSW, Inc. Class A | 1,672 | 44 | |||||||||
Urban Outfitters, Inc.* | 2,629 | 70 | |||||||||
114 |
Number of Shares | Value† (000's)z | ||||||||||
Technology Hardware, Storage & Peripherals (0.9%) | |||||||||||
Western Digital Corp. | 2,413 | $ | 105 | ||||||||
Textiles, Apparel & Luxury Goods (6.8%) | |||||||||||
Coach, Inc. | 5,157 | 201 | |||||||||
lululemon athletica, Inc.* | 950 | 59 | |||||||||
Ralph Lauren Corp. | 5,916 | 537 | |||||||||
797 | |||||||||||
Total Common Stocks (Cost $12,510) | 11,638 | ||||||||||
Short-Term Investments (2.3%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%h (Cost $272) | 271,604 | 272 | |||||||||
Total Investments## (101.0%) (Cost $12,782) | 11,910 | ||||||||||
Liabilities, less cash, receivables and other assets [(1.0%)] | (119 | ) | |||||||||
Total Net Assets (100.0%) | $ | 11,791 |
See Notes to Schedule of Investments
97
Schedule of Investments World Equity Fund (Unaudited) 2/29/16
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (74.5%) | |||||||||||
Belgium (3.2%) | |||||||||||
Ackermans & van Haaren NV | 175 | $ | 23 | ||||||||
Ion Beam Applications | 2,817 | 114 | |||||||||
137 | |||||||||||
China (0.6%) | |||||||||||
China Construction Bank Corp., H Shares | 13,984 | 8 | |||||||||
Tencent Holdings Ltd. | 1,033 | 19 | |||||||||
27 | |||||||||||
Denmark (1.5%) | |||||||||||
Vestas Wind Systems A/S | 967 | 65 | |||||||||
Finland (0.8%) | |||||||||||
Kone OYJ Class B | 818 | 36 | |||||||||
France (5.3%) | |||||||||||
AXA SA | 388 | 9 | |||||||||
Cap Gemini SA | 138 | 11 | |||||||||
Legrand SA | 412 | 21 | |||||||||
Orpea SA | 669 | 55 | |||||||||
Thales SA | 1,655 | 131 | |||||||||
227 | |||||||||||
Germany (11.0%) | |||||||||||
Covestro AGñ* | 831 | 27 | |||||||||
Daimler AG | 455 | 31 | |||||||||
Deutsche Wohnen AG | 4,232 | 112 | |||||||||
Fresenius SE & Co. KGaA | 677 | 44 | |||||||||
Hella KGaA Hueck & Co. | 950 | 37 | |||||||||
Infineon Technologies AG | 1,429 | 17 | |||||||||
KUKA AG | 266 | 25 | |||||||||
Nordex SE* | 1,256 | 36 | |||||||||
ProSiebenSat.1 Media SE | 530 | 27 | |||||||||
Vonovia SE | 3,825 | 119 | |||||||||
475 | |||||||||||
Hong Kong (0.2%) | |||||||||||
AIA Group Ltd. | 1,669 | 9 | |||||||||
Italy (0.5%) | |||||||||||
Brembo SpA | 569 | 23 | |||||||||
Japan (8.9%) | |||||||||||
Daicel Corp.ØØ | 1,251 | 16 | |||||||||
Don Quijote Holdings Co. Ltd.ØØ | 600 | 20 | |||||||||
East Japan Railway Co.ØØ | 481 | 42 |
Number of Shares | Value† (000's)z | ||||||||||
Fuji Heavy Industries Ltd.ØØ | 894 | $ | 29 | ||||||||
Japan Airlines Co. Ltd.ØØ | 700 | 25 | |||||||||
Japan Tobacco, Inc.ØØ | 800 | 32 | |||||||||
Nomura Research Institute Ltd.ØØ | 600 | 21 | |||||||||
NTT Data Corp.ØØ | 667 | 33 | |||||||||
NTT DOCOMO, Inc.ØØ | 1,966 | 46 | |||||||||
Seibu Holdings, Inc.ØØ | 1,600 | 32 | |||||||||
Taisei Corp.ØØ | 4,358 | 26 | |||||||||
TOYOTA MOTOR Corp.ØØ | 400 | 21 | |||||||||
West Japan Railway Co.ØØ | 694 | 41 | |||||||||
384 | |||||||||||
Netherlands (0.9%) | |||||||||||
Royal Dutch Shell PLC, A Shares | 1,661 | 38 | |||||||||
South Africa (0.5%) | |||||||||||
Brait SE*ØØ | 2,170 | 21 | |||||||||
Spain (0.6%) | |||||||||||
Gamesa Corporacion Tecnologica SAØØ | 1,350 | 25 | |||||||||
Sweden (3.8%) | |||||||||||
Assa Abloy AB Class B | 1,937 | 37 | |||||||||
Autoliv, Inc. | 250 | 27 | |||||||||
RaySearch Laboratories AB* | 7,405 | 99 | |||||||||
163 | |||||||||||
Switzerland (1.5%) | |||||||||||
ABB Ltd.*ØØ | 1,319 | 24 | |||||||||
Givaudan SA*ØØ | 23 | 43 | |||||||||
67 | |||||||||||
Taiwan, Province of China (0.3%) | |||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADRØØ | 568 | 13 | |||||||||
United States (34.9%) | |||||||||||
Accenture PLC Class AØØ | 515 | 52 | |||||||||
Allegion PLCØØ | 705 | 44 | |||||||||
Allergan PLC*ØØ | 54 | 16 | |||||||||
Amazon.com, Inc.*ØØ | 96 | 53 | |||||||||
Apple, Inc.ØØ | 242 | 23 | |||||||||
Astec Industries, Inc.ØØ | 632 | 27 |
Number of Shares | Value† (000's)z | ||||||||||
B/E Aerospace, Inc.ØØ | 1,091 | $ | 48 | ||||||||
Bank of America Corp.ØØ | 552 | 7 | |||||||||
Booz Allen Hamilton Holding Corp.ØØ | 1,656 | 46 | |||||||||
Bristol-Myers Squibb Co.ØØ | 537 | 33 | |||||||||
Chipotle Mexican Grill, Inc.*ØØ | 50 | 25 | |||||||||
Eli Lilly & Co.ØØ | 431 | 31 | |||||||||
Facebook, Inc. Class A*ØØ | 406 | 43 | |||||||||
Fiserv, Inc.*ØØ | 902 | 86 | |||||||||
General Electric Co.ØØ | 1,170 | 34 | |||||||||
Goldman Sachs Group, Inc.ØØ | 44 | 7 | |||||||||
Home Depot, Inc.ØØ | 639 | 79 | |||||||||
ITC Holdings Corp.ØØ | 952 | 39 | |||||||||
Jarden Corp.*ØØ | 465 | 25 | |||||||||
JPMorgan Chase & Co.ØØ | 118 | 7 | |||||||||
Lockheed Martin Corp.ØØ | 330 | 71 | |||||||||
lululemon athletica, Inc.*ØØ | 184 | 11 | |||||||||
Newell Rubbermaid, Inc.ØØ | 602 | 23 | |||||||||
NextEra Energy, Inc.ØØ | 253 | 28 | |||||||||
NIKE, Inc. Class BØØ | 968 | 60 | |||||||||
Northrop Grumman Corp.ØØ | 370 | 71 | |||||||||
Orbital ATK, Inc.ØØ | 462 | 39 | |||||||||
Raytheon Co.ØØ | 623 | 77 | |||||||||
Ross Stores, Inc. | 594 | 33 | |||||||||
salesforce.com, inc.*ØØ | 691 | 47 | |||||||||
Sherwin-Williams Co.ØØ | 180 | 49 | |||||||||
Stanley Black & Decker, Inc.ØØ | 356 | 33 | |||||||||
Starbucks Corp.ØØ | 700 | 41 | |||||||||
T-Mobile US, Inc.*ØØ | 368 | 14 | |||||||||
TJX Cos., Inc.ØØ | 747 | 55 | |||||||||
Visa, Inc. Class AØØ | 930 | 67 | |||||||||
Walt Disney Co.ØØ | 237 | 23 | |||||||||
Whirlpool Corp.ØØ | 249 | 39 | |||||||||
1,506 | |||||||||||
Total Common Stocks (Cost $3,165) | 3,216 |
See Notes to Schedule of Investments
98
Schedule of Investments World Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Exchange Traded Funds (5.1%) | |||||||||||
United States (5.1%) | |||||||||||
iShares MSCI Emerging Markets ETFØØ | 2,304 | $ | 70 | ||||||||
iShares MSCI India ETFØØ | 846 | 20 | |||||||||
Market Vectors Gold Miners ETF | 2,339 | 46 | |||||||||
SPDR Gold Shares* | 710 | 84 | |||||||||
Total Exchange Traded Funds (Cost $228) | 220 | ||||||||||
Short-Term Investments (20.4%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.17%hØØ (Cost $880) | 879,736 | 880 | |||||||||
Total Investments## (100.0%) (Cost $4,273) | 4,316 | ||||||||||
Cash, receivables and other assets, less liabilitiesk (0.0%) | 1 | ||||||||||
Total Net Assets (100.0%) | $ | 4,317 |
See Notes to Schedule of Investments
99
POSITIONS BY INDUSTRY WORLD EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||
Aerospace & Defense | $ | 437 | 10.1 | % | |||||
IT Services | 316 | 7.3 | % | ||||||
Real Estate Management & Development | 231 | 5.4 | % | ||||||
Exchange Traded Funds | 220 | 5.1 | % | ||||||
Electrical Equipment | 171 | 4.0 | % | ||||||
Specialty Retail | 167 | 3.9 | % | ||||||
Chemicals | 135 | 3.1 | % | ||||||
Machinery | 121 | 2.8 | % | ||||||
Health Care Equipment & Supplies | 114 | 2.6 | % | ||||||
Health Care Providers & Services | 99 | 2.3 | % | ||||||
Health Care Technology | 99 | 2.3 | % | ||||||
Auto Components | 87 | 2.0 | % | ||||||
Household Durables | 87 | 2.0 | % | ||||||
Road & Rail | 83 | 1.9 | % | ||||||
Automobiles | 81 | 1.9 | % | ||||||
Building Products | 81 | 1.9 | % | ||||||
Pharmaceuticals | 80 | 1.9 | % | ||||||
Textiles, Apparel & Luxury Goods | 71 | 1.6 | % | ||||||
Electric Utilities | 67 | 1.6 | % | ||||||
Hotels, Restaurants & Leisure | 66 | 1.5 | % | ||||||
Industrial Conglomerates | 66 | 1.5 | % | ||||||
Internet Software & Services | 62 | 1.4 | % | ||||||
Wireless Telecommunication Services | 60 | 1.4 | % | ||||||
Internet & Catalog Retail | 53 | 1.2 | % | ||||||
Media | 50 | 1.2 | % | ||||||
Software | 47 | 1.1 | % | ||||||
Oil, Gas & Consumable Fuels | 38 | 0.9 | % | ||||||
Tobacco | 32 | 0.7 | % | ||||||
Semiconductors & Semiconductor Equipment | 30 | 0.7 | % | ||||||
Capital Markets | 28 | 0.7 | % | ||||||
Construction & Engineering | 26 | 0.6 | % | ||||||
Airlines | 25 | 0.6 | % | ||||||
Technology Hardware, Storage & Peripherals | 23 | 0.5 | % | ||||||
Diversified Financial Services | 23 | 0.5 | % | ||||||
Banks | 22 | 0.5 | % | ||||||
Multiline Retail | 20 | 0.5 | % | ||||||
Insurance | 18 | 0.4 | % | ||||||
Short-Term Investments and Other Assets—Net | 881 | 20.4 | % | ||||||
$ | 4,317 | 100.0 | % |
See Notes to Schedule of Investments
100
Notes to Schedule of Investments (Unaudited)
† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman All Cap Core Fund ("All Cap Core"), Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman 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 Investment Advisers 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 sale of a security on a particular day, the independent pricing services may value the security based on market quotations.
The value of the Funds' investments in convertible bonds is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions (generally Level 2 inputs).
See Notes to Financial Statements
101
Notes to Schedule of Investments (Unaudited) (cont'd)
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 asset 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 prices adjusted in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
See Notes to Financial Statements
102
Notes to Schedule of Investments (Unaudited) (cont'd)
The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of February 29, 2016:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||
All Cap Core | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | $ | 28,490 | $ | — | $ | — | $ | 28,490 | |||||||||
Short-Term Investments | — | 7,105 | — | 7,105 | |||||||||||||
Total Investments | 28,490 | 7,105 | — | 35,595 | |||||||||||||
Dividend Growth | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 12,211 | — | — | 12,211 | |||||||||||||
Short-Term Investments | — | 2,486 | — | 2,486 | |||||||||||||
Total Investments | 12,211 | 2,486 | — | 14,697 | |||||||||||||
Emerging Markets Equity | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
China | 90,973 | — | 3,318 | 94,291 | |||||||||||||
Czech Republic | — | 2,970 | — | 2,970 | |||||||||||||
Jordan | — | 2,727 | — | 2,727 | |||||||||||||
Russia | 3,382 | 7,308 | — | 10,690 | |||||||||||||
South Africa | 2,036 | 17,721 | — | 19,757 | |||||||||||||
Taiwan, Province of China | — | 25,649 | — | 25,649 | |||||||||||||
Thailand | — | 4,204 | — | 4,204 | |||||||||||||
Turkey | — | 6,132 | — | 6,132 | |||||||||||||
United Kingdom | — | 5,402 | — | 5,402 | |||||||||||||
Other Common Stocks§ | 166,531 | — | — | 166,531 | |||||||||||||
Total Common Stocks | 262,922 | 72,113 | 3,318 | 338,353 | |||||||||||||
Short-Term Investments | — | 15,121 | — | 15,121 | |||||||||||||
Total Investments | 262,922 | 87,234 | 3,318 | 353,474 | |||||||||||||
Equity Income | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Capital Markets | — | 33,762 | — | 33,762 | |||||||||||||
Diversified Telecommunication Services | 40,702 | 21,394 | — | 62,096 | |||||||||||||
Industrial Conglomerates | 35,492 | 36,689 | — | 72,181 | |||||||||||||
Media | 39,537 | 24,770 | — | 64,307 | |||||||||||||
Other Common Stocks§ | 1,300,953 | — | — | 1,300,953 | |||||||||||||
Total Common Stocks | 1,416,684 | 116,615 | — | 1,533,299 | |||||||||||||
Preferred Stocks | 27,770 | — | — | 27,770 | |||||||||||||
Convertible Bonds | — | 104,772 | — | 104,772 | |||||||||||||
Short-Term Investments | — | 0 | z | — | 0 | z | |||||||||||
Total Investments | 1,444,454 | 221,387 | — | 1,665,841 |
See Notes to Financial Statements
103
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||
Focus | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | $ | 648,152 | $ | — | $ | — | $ | 648,152 | |||||||||
Short-Term Investments | — | 9,964 | — | 9,964 | |||||||||||||
Total Investments | 648,152 | 9,964 | — | 658,116 | |||||||||||||
Genesis | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Food & Staples Retailing | — | 21,467 | — | 21,467 | |||||||||||||
Health Care Equipment & Supplies | 596,324 | 157,096 | — | 753,420 | |||||||||||||
Paper & Forest Products | — | 83,143 | — | 83,143 | |||||||||||||
Software | 803,135 | 81,152 | — | 884,287 | |||||||||||||
Other Common Stocks§ | 7,524,856 | — | — | 7,524,856 | |||||||||||||
Total Common Stocks | 8,924,315 | 342,858 | — | 9,267,173 | |||||||||||||
Short-Term Investments | — | 232,624 | — | 232,624 | |||||||||||||
Total Investments | 8,924,315 | 575,482 | — | 9,499,797 | |||||||||||||
Global Equity | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
France | — | 177 | — | 177 | |||||||||||||
Germany | — | 129 | — | 129 | |||||||||||||
Israel | 115 | 58 | — | 173 | |||||||||||||
Netherlands | 105 | 65 | — | 170 | |||||||||||||
Spain | — | 29 | — | 29 | |||||||||||||
Switzerland | 46 | 301 | — | 347 | |||||||||||||
United Kingdom | 53 | 462 | — | 515 | |||||||||||||
Other Common Stocks§ | 2,117 | — | — | 2,117 | |||||||||||||
Total Common Stocks | 2,436 | 1,221 | — | 3,657 | |||||||||||||
Short-Term Investments | — | 108 | — | 108 | |||||||||||||
Total Investments | 2,436 | 1,329 | — | 3,765 | |||||||||||||
Global Real Estate | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
France | — | 162 | — | 162 | |||||||||||||
Germany | — | 86 | — | 86 | |||||||||||||
Sweden | — | 44 | — | 44 | |||||||||||||
United Kingdom | — | 149 | — | 149 | |||||||||||||
Other Common Stocks§ | 2,233 | — | — | 2,233 | |||||||||||||
Total Common Stocks | 2,233 | 441 | — | 2,674 | |||||||||||||
Short-Term Investments | — | 63 | — | 63 | |||||||||||||
Total Investments | 2,233 | 504 | — | 2,737 |
See Notes to Financial Statements
104
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||
Greater China Equity | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Pharmaceuticals | $ | 3,114 | $ | — | $ | 1,873 | $ | 4,987 | |||||||||
Other Common Stocks§ | 51,076 | — | — | 51,076 | |||||||||||||
Total Common Stocks | 54,190 | — | 1,873 | 56,063 | |||||||||||||
Participatory Notes§ | 14,694 | — | — | 14,694 | |||||||||||||
Short-Term Investments | — | 425 | — | 425 | |||||||||||||
Total Investments | 68,884 | 425 | 1,873 | 71,182 | |||||||||||||
Guardian | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Health Care Equipment & Supplies | — | 10,864 | — | 10,864 | |||||||||||||
Other Common Stocks§ | 976,813 | — | — | 976,813 | |||||||||||||
Total Common Stocks | 976,813 | 10,864 | — | 987,677 | |||||||||||||
Short-Term Investments | — | 79,153 | — | 79,153 | |||||||||||||
Total Investments | 976,813 | 90,017 | — | 1,066,830 | |||||||||||||
International Equity | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Austria | — | 15,814 | — | 15,814 | |||||||||||||
Belgium | — | 10,117 | — | 10,117 | |||||||||||||
Denmark | — | 8,512 | — | 8,512 | |||||||||||||
France | — | 113,100 | — | 113,100 | |||||||||||||
Germany | 19,528 | 100,684 | — | 120,212 | |||||||||||||
Ireland | — | 11,494 | — | 11,494 | |||||||||||||
Israel | 44,366 | 17,709 | — | 62,075 | |||||||||||||
Italy | — | 11,348 | — | 11,348 | |||||||||||||
Netherlands | 25,619 | 45,219 | — | 70,838 | |||||||||||||
Spain | — | 20,271 | — | 20,271 | |||||||||||||
Sweden | 6,712 | 11,323 | — | 18,035 | |||||||||||||
Switzerland | 12,374 | 164,580 | — | 176,954 | |||||||||||||
United Kingdom | 20,936 | 252,363 | — | 273,299 | |||||||||||||
Other Common Stocks§ | 340,092 | — | — | 340,092 | |||||||||||||
Total Common Stocks | 469,627 | 782,534 | — | 1,252,161 | |||||||||||||
Short-Term Investments | — | 42,796 | — | 42,796 | |||||||||||||
Total Investments | 469,627 | 825,330 | — | 1,294,957 |
See Notes to Financial Statements
105
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||
International Select | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Austria | $ | — | $ | 2,723 | $ | — | $ | 2,723 | |||||||||
Belgium | — | 1,744 | — | 1,744 | |||||||||||||
Denmark | — | 1,349 | — | 1,349 | |||||||||||||
France | — | 22,843 | — | 22,843 | |||||||||||||
Germany | 3,419 | 16,587 | — | 20,006 | |||||||||||||
Israel | 8,565 | 3,660 | — | 12,225 | |||||||||||||
Italy | — | 1,960 | — | 1,960 | |||||||||||||
Netherlands | 4,394 | 9,611 | — | 14,005 | |||||||||||||
Spain | — | 1,712 | — | 1,712 | |||||||||||||
Sweden | — | 2,506 | — | 2,506 | |||||||||||||
Switzerland | 2,647 | 30,064 | — | 32,711 | |||||||||||||
United Kingdom | 4,539 | 42,368 | — | 46,907 | |||||||||||||
Other Common Stocks§ | 56,436 | — | — | 56,436 | |||||||||||||
Total Common Stocks | 80,000 | 137,127 | — | 217,127 | |||||||||||||
Short-Term Investments | — | 959 | — | 959 | |||||||||||||
Total Investments | 80,000 | 138,086 | — | 218,086 | |||||||||||||
Intrinsic Value | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 503,890 | — | — | 503,890 | |||||||||||||
Short-Term Investments | — | 36,926 | — | 36,926 | |||||||||||||
Total Investments | 503,890 | 36,926 | — | 540,816 | |||||||||||||
Large Cap Disciplined Growth | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 38,756 | — | — | 38,756 | |||||||||||||
Short-Term Investments | — | 436 | — | 436 | |||||||||||||
Total Investments | 38,756 | 436 | — | 39,192 | |||||||||||||
Large Cap Value | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 1,149,896 | — | — | 1,149,896 | |||||||||||||
Short-Term Investments | — | 24,214 | — | 24,214 | |||||||||||||
Total Investments | 1,149,896 | 24,214 | — | 1,174,110 |
See Notes to Financial Statements
106
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||
Mid Cap Growth | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | $ | 1,045,689 | $ | — | $ | — | $ | 1,045,689 | |||||||||
Exchange Traded Funds | 8,633 | — | — | 8,633 | |||||||||||||
Short-Term Investments | — | 41,691 | — | 41,691 | |||||||||||||
Total Investments | 1,054,322 | 41,691 | — | 1,096,013 | |||||||||||||
Mid Cap Intrinsic Value | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 85,039 | — | — | 85,039 | |||||||||||||
Rights§ | — | — | 8 | 8 | |||||||||||||
Short-Term Investments | — | 1,207 | — | 1,207 | |||||||||||||
Total Investments | 85,039 | 1,207 | 8 | 86,254 | |||||||||||||
Multi-Cap Opportunities | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 1,942,744 | — | — | 1,942,744 | |||||||||||||
Short-Term Investments | — | 3,719 | — | 3,719 | |||||||||||||
Total Investments | 1,942,744 | 3,719 | — | 1,946,463 | |||||||||||||
Real Estate | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 670,802 | — | — | 670,802 | |||||||||||||
Short-Term Investments | — | 8,857 | — | 8,857 | |||||||||||||
Total Investments | 670,802 | 8,857 | — | 679,659 | |||||||||||||
Small Cap Growth | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 60,725 | — | — | 60,725 | |||||||||||||
Short-Term Investments | — | 3,674 | — | 3,674 | |||||||||||||
Total Investments | 60,725 | 3,674 | — | 64,399 | |||||||||||||
Socially Responsive | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Pharmaceuticals | — | 43,490 | — | 43,490 | |||||||||||||
Other Common Stocks§ | 1,967,323 | — | — | 1,967,323 | |||||||||||||
Total Common Stocks | 1,967,323 | 43,490 | — | 2,010,813 | |||||||||||||
Short-Term Investments§ | — | 53,791 | — | 53,791 | |||||||||||||
Total Investments | 1,967,323 | 97,281 | — | 2,064,604 |
See Notes to Financial Statements
107
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||
Value | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | $ | 11,638 | $ | — | $ | — | $ | 11,638 | |||||||||
Short-Term Investments | — | 272 | — | 272 | |||||||||||||
Total Investments | 11,638 | 272 | — | 11,910 | |||||||||||||
World Equity | |||||||||||||||||
Investments: | |||||||||||||||||
Common Stocks§ | 3,216 | — | — | 3,216 | |||||||||||||
Exchange Traded Funds | 220 | — | — | 220 | |||||||||||||
Short-Term Investments | — | 880 | — | 880 | |||||||||||||
Total Investments | 3,436 | 880 | — | 4,316 |
§ The Schedule of Investments provides information on the industry or sector categorization for the portfolio. For global/international funds, the Schedule of Investments provides a geographic categorization as well as a Positions by Industry or Sector summary.
§§ The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
Beginning balance, as of 9/1/15 | Accrued discounts/ (premiums) | Realized gain/ loss | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/29/16 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/29/16 | ||||||||||||||||||||||||||||||||
(000's omitted) Investments in Securities: | |||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stocks‡ China | $ | 0 | $ | — | $ | 109 | $ | 449 | $ | — | $ | (423 | ) | $ | 3,183 | $ | — | $ | 3,318 | $ | 449 | ||||||||||||||||||||
Total | $ | 0 | $ | — | $ | 109 | $ | 449 | $ | — | $ | (423 | ) | $ | 3,183 | $ | — | $ | 3,318 | $ | 449 | ||||||||||||||||||||
Greater China Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stocks‡ Pharmaceuticals | $ | 0 | $ | — | $ | (609 | ) | $ | 1,416 | $ | 667 | $ | (2,899 | ) | $ | 3,298 | $ | — | $ | 1,873 | $ | 1,416 | |||||||||||||||||||
Total | $ | 0 | $ | — | $ | (609 | ) | $ | 1,416 | $ | 667 | $ | (2,899 | ) | $ | 3,298 | $ | — | $ | 1,873 | $ | 1,416 | |||||||||||||||||||
Mid Cap Intrinsic Value | |||||||||||||||||||||||||||||||||||||||||
RightsΩ | |||||||||||||||||||||||||||||||||||||||||
Food & Staples Retailing | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8 | $ | — | |||||||||||||||||||||
Total | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8 | $ | — |
‡ This investment was valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The primary input used for the valuation of this investment was the security's last known exchange traded price prior to the security's halt on its primary exchange.
See Notes to Financial Statements
108
Notes to Schedule of Investments (Unaudited) (cont'd)
Ω These securities are valued based on a single quotation obtained from a dealer. Mid Cap Intrinsic Value does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.
As of the period ended February 29, 2016, certain securities were transferred from one level (as of August 31, 2015) to another. Based on beginning of period market values as of September 1, 2015, approximately $48,888,000, $125,054,000, $259,903,000, $716,000, $441,000, $449,807,000, $103,151,000 and $46,321,000 was transferred from Level 1 to Level 2 for Emerging Markets Equity, Equity Income, Genesis, Global Equity, Global Real Estate, International Equity, International Select and Socially Responsive, respectively. Interactive provided adjusted prices for these securities as of February 29, 2016, as stated in the description of the valuation methods of foreign equity securities in footnote † above. In addition, approximately $3,182,000 and $3,298,000 was transferred from Level 1 to Level 3 for Emerging Markets Equity and Greater China Equity, respectively, due to the security's trading being halted on its exchange. In addition, approximately $14,181,000 and $152,000 was transferred from Level 2 to Level 1 for Emerging Markets Equity and Global Real Estate, respectively, due to active market activity on recognized exchanges as of February 29, 2016. These securities had been categorized as Level 2 as of August 31, 2015, due to foreign exchanges having been closed and, therefore, no prices having been readily available for the securities as of that date.
The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of February 29, 2016:
Asset Valuation Inputs
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
World Equity | |||||||||||||||||
Forward Contracts (unrealized appreciation) | $ | — | $ | 17 | $ | — | $ | 17 | |||||||||
Financial Futures (unrealized appreciation) | 8 | — | — | 8 | |||||||||||||
Swap Contracts | — | 7 | — | 7 | |||||||||||||
Total | $ | 8 | $ | 24 | $ | — | $ | 32 |
The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of February 29, 2016:
Liability Valuation Inputs
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity Income | |||||||||||||||||
Option Contracts | $ | (1,420 | ) | $ | — | $ | — | $ | (1,420 | ) | |||||||
Total | $ | (1,420 | ) | $ | — | $ | — | $ | (1,420 | ) | |||||||
World Equity | |||||||||||||||||
Swap Contracts | $ | — | $ | (24 | ) | $ | — | $ | (24 | ) | |||||||
Total | $ | — | $ | (24 | ) | $ | — | $ | (24 | ) |
## At February 29, 2016, 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 | $ | 34,592 | $ | 2,128 | $ | 1,125 | $ | 1,003 | |||||||||
Dividend Growth | 15,184 | 393 | 880 | (487 | ) | ||||||||||||
Emerging Markets Equity | 395,565 | 33,448 | 75,539 | (42,091 | ) |
See Notes to Financial Statements
109
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Equity Income | $ | 1,570,506 | $ | 163,505 | $ | 68,170 | $ | 95,335 | |||||||||
Focus | 644,393 | 61,848 | 48,125 | 13,723 | |||||||||||||
Genesis | 5,697,295 | 4,060,789 | 258,287 | 3,802,502 | |||||||||||||
Global Equity | 3,780 | 405 | 420 | (15 | ) | ||||||||||||
Global Real Estate | 2,889 | 92 | 244 | (152 | ) | ||||||||||||
Greater China Equity | 89,478 | 271 | 18,567 | (18,296 | ) | ||||||||||||
Guardian | 1,004,804 | 105,292 | 43,266 | 62,026 | |||||||||||||
International Equity | 1,288,973 | 123,420 | 117,436 | 5,984 | |||||||||||||
International Select | 209,652 | 28,573 | 20,139 | 8,434 | |||||||||||||
Intrinsic Value | 552,221 | 54,346 | 65,751 | (11,405 | ) | ||||||||||||
Large Cap Disciplined Growth | 37,160 | 4,039 | 2,007 | 2,032 | |||||||||||||
Large Cap Value | 1,294,038 | 43,823 | 163,751 | (119,928 | ) | ||||||||||||
Mid Cap Growth | 988,699 | 159,253 | 51,939 | 107,314 | |||||||||||||
Mid Cap Intrinsic Value | 87,454 | 10,048 | 11,248 | (1,200 | ) | ||||||||||||
Multi-Cap Opportunities | 1,693,970 | 274,050 | 21,557 | 252,493 | |||||||||||||
Real Estate | 633,759 | 68,123 | 22,223 | 45,900 | |||||||||||||
Small Cap Growth | 70,796 | 1,911 | 8,308 | (6,397 | ) | ||||||||||||
Socially Responsive | 1,779,578 | 398,177 | 113,151 | 285,026 | |||||||||||||
Value | 13,388 | 463 | 1,941 | (1,478 | ) | ||||||||||||
World Equity | 4,299 | 150 | 133 | 17 |
‡‡ At February 29, 2016, Equity Income had outstanding call and put options written as follows:
Name of Issuer | Contracts | Exercise Price | Expiration Date | Market Value of Optionsµ | |||||||||||
Apple, Inc., Put | 200 | 85 | June 2016 | $ | (40,000 | ) | |||||||||
Apple, Inc., Put | 200 | 80 | July 2016 | (29,000 | ) | ||||||||||
Apple, Inc., Put | 200 | 75 | October 2016 | (41,000 | ) | ||||||||||
Extra Space Storage, Inc., Call | 250 | 80 | March 2016 | (140,000 | ) | ||||||||||
Kimberly-Clark Corp., Call | 250 | 125 | April 2016 | (170,000 | ) | ||||||||||
Kimberly-Clark Corp., Call | 200 | 130 | April 2016 | (64,000 | ) | ||||||||||
Kimberly-Clark Corp., Call | 250 | 135 | July 2016 | (100,000 | ) | ||||||||||
Procter & Gamble Co., Call | 200 | 90 | January 2017 | (21,000 | ) | ||||||||||
Public Storage, Inc., Call | 150 | 220 | March 2016 | (480,000 | ) | ||||||||||
Public Storage, Inc., Call | 150 | 230 | March 2016 | (335,000 | ) | ||||||||||
Total | $ | (1,420,000 | ) |
µ Rounded to the nearest thousand.
At February 29, 2016, Equity Income had deposited $6,825,000 in a segregated account to cover requirements on put options written.
# At cost, which approximates market value.
See Notes to Financial Statements
110
Notes to Schedule of Investments (Unaudited) (cont'd)
* 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 otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At February 29, 2016, these securities amounted to approximately $5,859,000 or 1.6% of net assets for Emerging Markets Equity, approximately $36,170,000 or 2.2% of net assets for Equity Income, approximately $50,000 or 1.3% of net assets for Global Equity, approximately $4,735,000 or 6.5% of net assets for Greater China Equity, approximately $40,137,000 or 3.1% of net assets for International Equity, approximately $2,893,000 or 1.3% of net assets for International Select and approximately $27,000 or 0.6% of net assets for World Equity.
Ñ These securities have been deemed by the investment manager to be illiquid. At February 29, 2016, these securities amounted to approximately $8,000 or 0.0% of net assets for Mid Cap Intrinsic Value.
^ 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.
g At February 29, 2016, Equity Income had pledged securities in the amount of $20,265,250 to cover collateral requirements in connection with written options.
h The rate shown is the annualized seven day yield as of February 29, 2016.
k See Note A in the Notes to Financial Statements for the Fund's open positions in derivatives at February 29, 2016.
z A zero balance, if any, may reflect actual amounts rounding to less than $1,000.
See Notes to Financial Statements
111
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112
Statements of Assets and Liabilities (Unaudited)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
ALL CAP CORE FUND | DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | |||||||||||||||||||||||||||||||
February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | ||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $35,595 | $14,697 | $353,474 | $1,665,841 | $658,116 | $7,984,757 | $3,765 | $2,737 | $71,182 | $1,066,830 | ||||||||||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | 1,515,040 | — | — | — | — | ||||||||||||||||||||||||||||||
35,595 | 14,697 | 353,474 | 1,665,841 | 658,116 | 9,499,797 | 3,765 | 2,737 | 71,182 | 1,066,830 | |||||||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign currency* | — | — | 759 | 3 | — | — | — | — | 59 | — | ||||||||||||||||||||||||||||||
Cash collateral segregated for open option contracts | — | — | — | 6,825 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash collateral segregated for futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Receivable for open forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Open swap contracts, at value (Note A) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Dividends and interest receivable | 12 | 27 | 811 | 8,773 | 1,086 | 11,159 | 19 | 4 | — | 2,953 | ||||||||||||||||||||||||||||||
Receivable for securities sold | 423 | — | 1,603 | 6,479 | 3,811 | 19,399 | — | 49 | 1,596 | 18,533 | ||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 2 | 54 | 622 | 950 | 25 | 6,567 | — | — | — | 99 | ||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | 9 | 33 | 21 | — | — | — | 22 | 24 | 24 | — | ||||||||||||||||||||||||||||||
Receivable for variation margin on financial futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 28 | — | 40 | 46 | 59 | 271 | 14 | 23 | 20 | 115 | ||||||||||||||||||||||||||||||
Total Assets | 36,069 | 14,811 | 357,330 | 1,688,917 | 663,097 | 9,537,193 | 3,820 | 2,837 | 72,881 | 1,088,530 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Options contracts written, at value** (Note A) | — | — | — | 1,420 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Due to custodian | — | — | — | 945 | — | 21 | — | 11 | 14 | — | ||||||||||||||||||||||||||||||
Open swap contracts, at value (Note A) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Payable for securities purchased | 727 | 323 | 462 | — | 2,760 | 20,903 | 3 | 48 | 188 | 721 | ||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 106 | — | 401 | 3,053 | 395 | 10,690 | — | — | 4 | 755 | ||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 15 | 5 | 279 | 644 | 274 | 4,847 | 2 | 2 | 63 | 431 | ||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | — | — | — | 561 | 152 | 1,484 | — | — | — | 235 | ||||||||||||||||||||||||||||||
Payable to trustees | 2 | 7 | 2 | — | 1 | — | 2 | 2 | 2 | 1 | ||||||||||||||||||||||||||||||
Payable for organization costs | — | 65 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Accrued expenses and other payables | 70 | 44 | 263 | 314 | 161 | 1,334 | 61 | 62 | 100 | 214 | ||||||||||||||||||||||||||||||
Total Liabilities | 920 | 444 | 1,407 | 6,937 | 3,743 | 39,279 | 68 | 125 | 371 | 2,357 | ||||||||||||||||||||||||||||||
Net Assets | $35,149 | $14,367 | $355,923 | $1,681,980 | $659,354 | $9,497,914 | $3,752 | $2,712 | $72,510 | $1,086,173 | ||||||||||||||||||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $35,603 | $14,832 | $459,093 | $1,582,427 | $615,811 | $5,289,220 | $3,833 | $2,917 | $98,601 | $949,755 | ||||||||||||||||||||||||||||||
Undistributed net investment income (loss) | (189 | ) | 32 | — | — | 1,128 | 6,642 | — | — | — | 465 | |||||||||||||||||||||||||||||
Distributions in excess of net investment income | — | — | (282 | ) | (112 | ) | — | — | (5 | ) | (14 | ) | (486 | ) | — | |||||||||||||||||||||||||
Accumulated net realized gains (losses) on investments | (1,271 | ) | (10 | ) | (62,416 | ) | 8,190 | 28,087 | 387,104 | (65 | ) | (42 | ) | (10,534 | ) | 73,407 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation) in value of investments | 1,006 | (487 | ) | (40,472 | ) | 91,475 | 14,328 | 3,814,948 | (11 | ) | (149 | ) | (15,071 | ) | 62,546 | |||||||||||||||||||||||||
Net Assets | $35,149 | $14,367 | $355,923 | $1,681,980 | $659,354 | $9,497,914 | $3,752 | $2,712 | $72,510 | $1,086,173 | ||||||||||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||||||||||
Investor Class | $— | $— | $— | $— | $568,239 | $1,570,329 | $— | $— | $— | $939,352 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 74,191 | 1,660,319 | — | — | — | 83,102 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 4,323 | 297,758 | — | — | — | 375 | ||||||||||||||||||||||||||||||
Institutional Class | 21,678 | 12,292 | 253,627 | 1,106,715 | 7,097 | 3,164,338 | 3,062 | 1,872 | 70,505 | 53,546 | ||||||||||||||||||||||||||||||
Class A | 6,808 | 524 | 15,364 | 238,509 | 3,196 | — | 467 | 607 | 1,886 | 7,015 | ||||||||||||||||||||||||||||||
Class C | 6,663 | 585 | 4,485 | 334,494 | 2,308 | — | 223 | 233 | 119 | 2,306 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 892 | 2,262 | — | — | — | — | — | 477 | ||||||||||||||||||||||||||||||
Class R6 | — | 966 | 81,555 | — | — | 2,805,170 | — | — | — | — |
See Notes to Financial Statements
113
114
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
ALL CAP CORE FUND | DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | |||||||||||||||||||||||||||||||
February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | |||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | ||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 25,384 | 53,431 | — | — | — | 63,931 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 5,347 | 32,378 | — | — | — | 8,483 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 638 | 14,200 | — | — | — | 31 | ||||||||||||||||||||||||||||||
Institutional Class | 2,760 | 1,273 | 19,496 | 98,974 | 317 | 64,919 | 508 | 201 | 7,604 | 3,638 | ||||||||||||||||||||||||||||||
Class A | 889 | 54 | 1,186 | 21,407 | 233 | — | 78 | 65 | 203 | 726 | ||||||||||||||||||||||||||||||
Class C | 946 | 61 | 357 | 30,221 | 358 | — | 39 | 25 | 13 | 197 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 70 | 203 | — | — | — | — | — | 40 | ||||||||||||||||||||||||||||||
Class R6 | — | 100 | 6,266 | — | — | 57,560 | — | — | — | — | ||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | ||||||||||||||||||||||||||||||||||||||||
Investor Class | $— | $— | $— | $— | $22.39 | $29.39 | $— | $— | $— | $14.69 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 13.87 | 51.28 | — | — | — | 9.80 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 6.78 | 20.97 | — | — | — | 12.05 | ||||||||||||||||||||||||||||||
Institutional Class | 7.86 | 9.65 | 13.01 | 11.18 | 22.41 | 48.74 | 6.02 | 9.31 | 9.27 | 14.72 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 12.71 | 11.12 | — | — | — | — | — | 12.01 | ||||||||||||||||||||||||||||||
Class R6 | — | 9.66 | 13.01 | — | — | 48.73 | — | — | — | — | ||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | ||||||||||||||||||||||||||||||||||||||||
Class A | $7.65 | $9.65 | $12.95 | $11.14 | $13.73 | $— | $5.96 | �� | $9.30 | $9.29 | $9.67 | |||||||||||||||||||||||||||||
Offering Price per share | ||||||||||||||||||||||||||||||||||||||||
Class A‡ | $8.12 | $10.24 | $13.74 | $11.82 | $14.57 | $— | $6.32 | $9.87 | $9.86 | $10.26 | ||||||||||||||||||||||||||||||
Net Asset Value and offering price per share | ||||||||||||||||||||||||||||||||||||||||
Class C^ | $7.04 | $9.63 | $12.55 | $11.07 | $6.46 | $— | $5.73 | $9.29 | $9.14 | $11.70 | ||||||||||||||||||||||||||||||
*Cost of Investments: | ||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $34,589 | $15,184 | $393,912 | $1,573,384 | $643,788 | $4,618,434 | $3,774 | $2,886 | $86,253 | $1,004,241 | ||||||||||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | 1,066,416 | — | — | — | — | ||||||||||||||||||||||||||||||
Total cost of investments | $34,589 | $15,184 | $393,912 | $1,573,384 | $643,788 | $5,684,850 | $3,774 | $2,886 | $86,253 | $1,004,241 | ||||||||||||||||||||||||||||||
Total cost of foreign currency | $— | $— | $760 | $4 | $— | $— | $— | $— | $59 | $— | ||||||||||||||||||||||||||||||
**Premium received from option contracts written | $— | $— | $— | $438 | $— | $— | $— | $— | $— | $— |
‡ 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
115
116
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | |||||||||||||||||||||||||||||||
February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | ||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $1,294,957 | $218,086 | $540,816 | $39,192 | $1,174,110 | $1,096,013 | $86,254 | $1,946,463 | $679,659 | $64,399 | ||||||||||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
1,294,957 | 218,086 | 540,816 | 39,192 | 1,174,110 | 1,096,013 | 86,254 | 1,946,463 | 679,659 | 64,399 | |||||||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign currency* | — | 5 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash collateral segregated for open option contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash collateral segregated for futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Receivable for open forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Open swap contracts, at value (Note A) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Dividends and interest receivable | 4,066 | 852 | 171 | 40 | 3,047 | 715 | 67 | 4,552 | 205 | 18 | ||||||||||||||||||||||||||||||
Receivable for securities sold | 1,901 | 2,670 | — | 127 | 6,864 | 4,667 | 1,879 | 9,785 | 1,524 | 412 | ||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 2,188 | 9 | 2,314 | 4 | 33 | 980 | 192 | 359 | 402 | 167 | ||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | — | — | — | 10 | — | — | — | — | — | 21 | ||||||||||||||||||||||||||||||
Receivable for variation margin on financial futures contracts | — | �� | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 86 | 37 | 64 | 38 | 99 | 85 | 33 | 53 | 57 | 40 | ||||||||||||||||||||||||||||||
Total Assets | 1,303,198 | 221,659 | 543,365 | 39,411 | 1,184,153 | 1,102,460 | 88,425 | 1,961,212 | 681,847 | 65,057 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Options contracts written, at value** (Note A) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Open swap contracts, at value (Note A) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Payable for securities purchased | 2,978 | 352 | 1,938 | — | 14,244 | 3,206 | — | 3,595 | 533 | 554 | ||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 1,543 | 12 | 603 | 1 | 2,059 | 909 | 37 | 3,684 | 1,117 | 573 | ||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 624 | 95 | 335 | 17 | 464 | 430 | 30 | 804 | 426 | 43 | ||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | 205 | 24 | 66 | — | 293 | 209 | 16 | 288 | 60 | — | ||||||||||||||||||||||||||||||
Payable to trustees | 1 | 2 | 2 | 2 | 1 | 1 | 2 | — | 1 | 2 | ||||||||||||||||||||||||||||||
Payable for organization costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Accrued expenses and other payables | 227 | 77 | 72 | 62 | 251 | 186 | 58 | 253 | 189 | 60 | ||||||||||||||||||||||||||||||
Total Liabilities | 5,578 | 562 | 3,016 | 82 | 17,312 | 4,941 | 143 | 8,624 | 2,326 | 1,232 | ||||||||||||||||||||||||||||||
Net Assets | $1,297,620 | $221,097 | $540,349 | $39,329 | $1,166,841 | $1,097,519 | $88,282 | $1,952,588 | $679,521 | $63,825 | ||||||||||||||||||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $1,530,458 | $248,167 | $545,673 | $38,626 | $1,310,055 | $1,008,201 | $93,845 | $1,673,517 | $610,839 | $82,002 | ||||||||||||||||||||||||||||||
Undistributed net investment income (loss) | — | — | (1,138 | ) | 21 | 4,879 | (5,598 | ) | — | 4,126 | — | (332 | ) | |||||||||||||||||||||||||||
Distributions in excess of net investment income | (3,201 | ) | (833 | ) | — | — | — | — | (63 | ) | — | (4,401 | ) | — | ||||||||||||||||||||||||||
Accumulated net realized gains (losses) on investments | (237,397 | ) | (34,930 | ) | 6,467 | (1,613 | ) | (61,441 | ) | (12,279 | ) | (3,990 | ) | 22,163 | 26,722 | (12,199 | ) | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) in value of investments | 7,760 | 8,693 | (10,653 | ) | 2,295 | (86,652 | ) | 107,195 | (1,510 | ) | 252,782 | 46,361 | (5,646 | ) | ||||||||||||||||||||||||||
Net Assets | $1,297,620 | $221,097 | $540,349 | $39,329 | $1,166,841 | $1,097,519 | $88,282 | $1,952,588 | $679,521 | $63,825 | ||||||||||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||||||||||
Investor Class | $107,480 | $— | $— | $8,860 | $908,735 | $386,654 | $35,914 | $— | $— | $37,628 | ||||||||||||||||||||||||||||||
Trust Class | 48,787 | 7,571 | — | — | 71,992 | 73,753 | 9,973 | — | 213,323 | 3,983 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 132,379 | 10,734 | — | — | — | 1,967 | ||||||||||||||||||||||||||||||
Institutional Class | 1,003,156 | 202,431 | 469,639 | 19,336 | 49,142 | 383,257 | 25,606 | 1,830,755 | 268,503 | 13,921 | ||||||||||||||||||||||||||||||
Class A | 88,741 | 4,285 | 46,027 | 3,012 | 2,848 | 72,913 | 12,305 | 80,879 | 115,323 | 3,266 | ||||||||||||||||||||||||||||||
Class C | 12,525 | 3,373 | 24,683 | 7,936 | 1,677 | 10,027 | 3,414 | 40,954 | 27,933 | 1,877 | ||||||||||||||||||||||||||||||
Class R3 | — | 3,437 | — | 185 | 68 | 12,607 | 1,070 | — | 21,182 | 1,183 | ||||||||||||||||||||||||||||||
Class R6 | 36,931 | — | — | — | — | 147,574 | — | — | 33,257 | — |
See Notes to Financial Statements
117
118
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | |||||||||||||||||||||||||||||||
February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | February 29, 2016 | |||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 5,692 | — | — | 2,386 | 39,685 | 34,317 | 2,090 | — | — | 1,706 | ||||||||||||||||||||||||||||||
Trust Class | 2,313 | 759 | — | — | 4,827 | 3,779 | 704 | — | 16,159 | 166 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 11,882 | 541 | — | — | — | 128 | ||||||||||||||||||||||||||||||
Institutional Class | 98,786 | 20,342 | 37,834 | 5,130 | 2,132 | 33,234 | 1,489 | 129,028 | 20,278 | 616 | ||||||||||||||||||||||||||||||
Class A | 4,222 | 433 | 3,793 | 813 | 191 | 3,747 | 870 | 5,734 | 8,738 | 135 | ||||||||||||||||||||||||||||||
Class C | 606 | 344 | 2,134 | 2,352 | 158 | 521 | 246 | 2,994 | 2,116 | 127 | ||||||||||||||||||||||||||||||
Class R3 | — | 349 | — | 51 | 6 | 635 | 76 | — | 1,607 | 77 | ||||||||||||||||||||||||||||||
Class R6 | 3,605 | — | — | — | — | 12,761 | — | — | 2,512 | — | ||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | ||||||||||||||||||||||||||||||||||||||||
Investor Class | $18.88 | $— | $— | $3.71 | $22.90 | $11.27 | $17.18 | $— | $— | $22.06 | ||||||||||||||||||||||||||||||
Trust Class | 21.09 | 9.98 | — | — | 14.91 | 19.52 | 14.16 | — | 13.20 | 23.93 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 11.14 | 19.85 | — | — | — | 15.33 | ||||||||||||||||||||||||||||||
Institutional Class | 10.15 | 9.95 | 12.41 | 3.77 | 23.05 | 11.53 | 17.19 | 14.19 | 13.24 | 22.58 | ||||||||||||||||||||||||||||||
Class R3 | — | 9.84 | — | 3.64 | 11.32 | 19.84 | 14.13 | — | 13.18 | 15.37 | ||||||||||||||||||||||||||||||
Class R6 | 10.24 | — | — | — | — | 11.56 | — | — | 13.24 | — | ||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | ||||||||||||||||||||||||||||||||||||||||
Class A | $21.02 | $9.91 | $12.14 | $3.71 | $14.90 | $19.46 | $14.14 | $14.10 | $13.20 | $24.15 | ||||||||||||||||||||||||||||||
Offering Price per share | ||||||||||||||||||||||||||||||||||||||||
Class A‡ | $22.30 | $10.51 | $12.88 | $3.94 | $15.81 | $20.65 | $15.00 | $14.96 | $14.01 | $25.62 | ||||||||||||||||||||||||||||||
Net Asset Value and offering price per share | ||||||||||||||||||||||||||||||||||||||||
Class C^ | $20.67 | $9.80 | $11.57 | $3.37 | $10.58 | $19.26 | $13.90 | $13.68 | $13.20 | $14.82 | ||||||||||||||||||||||||||||||
*Cost of Investments: | ||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $1,286,953 | $209,347 | $551,469 | $36,897 | $1,260,762 | $988,818 | $87,764 | $1,693,681 | $633,298 | $70,045 | ||||||||||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total cost of investments | $1,286,953 | $209,347 | $551,469 | $36,897 | $1,260,762 | $988,818 | $87,764 | $1,693,681 | $633,298 | $70,045 | ||||||||||||||||||||||||||||||
Total cost of foreign currency | $— | $3 | $— | $— | $— | $— | $— | $— | $— | $— | ||||||||||||||||||||||||||||||
**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
119
120
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
SOCIALLY RESPONSIVE FUND | VALUE FUND | WORLD EQUITY FUND | ||||||||||
February 29, 2016 | February 29, 2016 | February 29, 2016 | ||||||||||
Assets | ||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | ||||||||||||
Unaffiliated issuers | $2,064,604 | $11,910 | $4,316 | |||||||||
Affiliated issuers | — | — | — | |||||||||
2,064,604 | 11,910 | 4,316 | ||||||||||
Cash | — | — | — | |||||||||
Foreign currency* | — | — | 27 | |||||||||
Cash collateral segregated for open option contracts | — | — | — | |||||||||
Cash collateral segregated for futures contracts | — | — | 19 | |||||||||
Receivable for open forward foreign currency contracts | — | — | 17 | |||||||||
Open swap contracts, at value (Note A) | — | — | 7 | |||||||||
Dividends and interest receivable | 4,916 | 31 | 4 | |||||||||
Receivable for securities sold | — | 75 | 14 | |||||||||
Receivable for Fund shares sold | 2,154 | 21 | — | |||||||||
Receivable from Management—net (Note B) | — | 18 | 29 | |||||||||
Receivable for variation margin on financial futures contracts | — | — | 2 | |||||||||
Prepaid expenses and other assets | 88 | 23 | 28 | |||||||||
Total Assets | 2,071,762 | 12,078 | 4,463 | |||||||||
Liabilities | ||||||||||||
Options contracts written, at value** (Note A) | — | — | — | |||||||||
Due to custodian | — | — | 4 | |||||||||
Open swap contracts, at value (Note A) | — | — | 24 | |||||||||
Payable for securities purchased | — | 138 | 27 | |||||||||
Payable for Fund shares redeemed | 1,818 | 83 | — | |||||||||
Payable to investment manager—net (Note B) | 766 | 5 | 2 | |||||||||
Payable to administrator—net (Note B) | 456 | — | — | |||||||||
Payable to trustees | — | 2 | 2 | |||||||||
Payable for organization costs | — | — | — | |||||||||
Accrued expenses and other payables | 326 | 59 | 87 | |||||||||
Total Liabilities | 3,366 | 287 | 146 | |||||||||
Net Assets | $2,068,396 | $11,791 | $4,317 | |||||||||
Net Assets consist of: | ||||||||||||
Paid-in capital | $1,741,064 | $14,124 | $4,965 | |||||||||
Undistributed net investment income (loss) | 6,157 | 94 | 27 | |||||||||
Distributions in excess of net investment income | — | — | — | |||||||||
Accumulated net realized gains (losses) on investments | 34,103 | (1,555 | ) | (725 | ) | |||||||
Net unrealized appreciation (depreciation) in value of investments | 287,072 | (872 | ) | 50 | ||||||||
Net Assets | $2,068,396 | $11,791 | $4,317 | |||||||||
Net Assets | ||||||||||||
Investor Class | $698,750 | $— | $— | |||||||||
Trust Class | 276,269 | — | — | |||||||||
Advisor Class | — | — | — | |||||||||
Institutional Class | 656,683 | 7,413 | 3,457 | |||||||||
Class A | 125,023 | 3,978 | 431 | |||||||||
Class C | 49,251 | 400 | 429 | |||||||||
Class R3 | 28,970 | — | — | |||||||||
Class R6 | 233,450 | — | — |
See Notes to Financial Statements
121
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
SOCIALLY RESPONSIVE FUND | VALUE FUND | WORLD EQUITY FUND | ||||||||||
February 29, 2016 | February 29, 2016 | February 29, 2016 | ||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | ||||||||||||
Investor Class | 22,937 | — | — | |||||||||
Trust Class | 15,342 | — | — | |||||||||
Advisor Class | — | — | — | |||||||||
Institutional Class | 21,542 | 583 | 400 | |||||||||
Class A | 7,019 | 314 | 50 | |||||||||
Class C | 2,837 | 32 | 50 | |||||||||
Class R3 | 1,643 | — | — | |||||||||
Class R6 | 7,656 | — | — | |||||||||
Net Asset Value, offering and redemption price per share | ||||||||||||
Investor Class | $30.46 | $— | $— | |||||||||
Trust Class | 18.01 | — | — | |||||||||
Advisor Class | — | — | — | |||||||||
Institutional Class | 30.48 | 12.71 | 8.64 | |||||||||
Class R3 | 17.63 | — | — | |||||||||
Class R6 | 30.49 | — | — | |||||||||
Net Asset Value and redemption price per share | ||||||||||||
Class A | $17.81 | $12.66 | $8.62 | |||||||||
Offering Price per share | ||||||||||||
Class A‡ | $18.90 | $13.43 | $9.15 | |||||||||
Net Asset Value and offering price per share | ||||||||||||
Class C^ | $17.36 | $12.46 | $8.58 | |||||||||
*Cost of Investments: | ||||||||||||
Unaffiliated issuers | $1,777,447 | $12,782 | $4,273 | |||||||||
Affiliated issuers | — | — | — | |||||||||
Total cost of investments | $1,777,447 | $12,782 | $4,273 | |||||||||
Total cost of foreign currency | $— | $— | $27 | |||||||||
**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
122
Statements of Operations (Unaudited)
Neuberger Berman Equity Funds
(000's omitted)
ALL CAP CORE FUND | DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | |||||||||||||||||||||||||||||||
For the Six Months Ended February 29, 2016 | For the Period from December 15, 2015 (Commencement of Operations) to February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | |||||||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||||||||||
Income (Note A): | ||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $184 | $50 | $2,988 | $33,968 | $6,347 | $51,602 | $29 | $33 | $286 | $8,981 | ||||||||||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | — | 18,711 | — | — | — | — | ||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 1 | 1 | 3 | 1,662 | 17 | 12 | — | — | 1 | 14 | ||||||||||||||||||||||||||||||
Income from investments in affiliated issuers (Note F) | — | — | — | — | — | 53 | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | — | — | (340 | ) | (235 | ) | (55 | ) | (573 | ) | (2 | ) | (1 | ) | (30 | ) | (221 | ) | ||||||||||||||||||||||
Total income | $185 | $51 | $2,651 | $35,395 | $6,309 | $69,805 | $27 | $32 | $257 | $8,774 | ||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 124 | 13 | 1,952 | 4,518 | 1,929 | 33,829 | 15 | 11 | 539 | 3,032 | ||||||||||||||||||||||||||||||
Administration fees (Note B) | 13 | 2 | 118 | 568 | 221 | 3,066 | 1 | 1 | 29 | 363 | ||||||||||||||||||||||||||||||
Administration fees (Note B): | ||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 616 | 1,798 | — | — | — | 995 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 144 | 3,070 | — | — | — | 160 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 9 | 637 | — | — | — | 1 | ||||||||||||||||||||||||||||||
Institutional Class | 14 | 2 | 129 | 568 | 10 | 1,551 | 1 | 1 | 43 | 35 | ||||||||||||||||||||||||||||||
Class A | 7 | — | 15 | 264 | 4 | — | 1 | 1 | 3 | 39 | ||||||||||||||||||||||||||||||
Class C | 8 | — | 6 | 363 | 3 | — | — | — | — | 2 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 1 | 3 | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||
Class R6 | — | — | 9 | — | — | 279 | — | — | — | — | ||||||||||||||||||||||||||||||
Distribution fees (Note B): | ||||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 42 | — | — | — | — | 47 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 7 | 469 | — | — | — | 1 | ||||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Class A | 9 | — | 18 | 330 | 5 | — | 1 | 1 | 3 | 48 | ||||||||||||||||||||||||||||||
Class C | 38 | 1 | 27 | 1,814 | 14 | — | 1 | 1 | 1 | 12 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 2 | 8 | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 197 | 600 | — | — | — | 400 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 2 | 32 | — | — | — | 2 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 1 | 103 | — | — | — | 1 | ||||||||||||||||||||||||||||||
Institutional Class | 1 | 1 | 53 | 18 | — | 43 | — | — | 20 | 1 | ||||||||||||||||||||||||||||||
Class A | 1 | 1 | 3 | 24 | 1 | — | — | — | 1 | 2 | ||||||||||||||||||||||||||||||
Class C | 1 | 1 | — | 12 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Class R6 | — | — | 1 | — | — | 25 | — | — | — | — | ||||||||||||||||||||||||||||||
Organization expense (Note A) | — | 65 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Audit fees | 27 | 15 | 30 | 29 | 30 | 33 | 29 | 20 | 28 | 31 | ||||||||||||||||||||||||||||||
Custodian and accounting fees | 20 | 12 | 341 | 201 | 102 | 706 | 27 | 19 | 75 | 142 | ||||||||||||||||||||||||||||||
Insurance expense | 1 | — | 10 | 44 | 15 | 225 | — | — | 3 | 27 | ||||||||||||||||||||||||||||||
Legal fees | 47 | 17 | 51 | 44 | 43 | 51 | 43 | 50 | 85 | 66 | ||||||||||||||||||||||||||||||
Registration and filing fees | 25 | 2 | 42 | 56 | 46 | 135 | 23 | 32 | 26 | 54 | ||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shareholder reports | 6 | 4 | 11 | 99 | 24 | 488 | 1 | — | 2 | 56 | ||||||||||||||||||||||||||||||
Trustees' fees and expenses | 17 | 7 | 17 | 18 | 17 | 21 | 17 | 17 | 17 | 18 | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | 9 | — | 12 | — | — | 7 | (Note E) | 1 | |||||||||||||||||||||||||||||
Miscellaneous | 2 | 1 | 30 | 70 | 27 | 350 | 2 | 1 | 6 | 44 | ||||||||||||||||||||||||||||||
Total expenses | 361 | 144 | 2,866 | 9,061 | 3,509 | 47,523 | 162 | 155 | 888 | 5,582 |
See Notes to Financial Statements
123
124
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
ALL CAP CORE FUND | DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | |||||||||||||||||||||||||||||||
For the Six Months Ended February 29, 2016 | For the Period from December 15, 2015 (Commencement of Operations) to February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | |||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (131 | ) | (125 | ) | (385 | ) | — | (2 | ) | (124 | ) | (138 | ) | (139 | ) | (141 | ) | — | ||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total net expenses | 230 | 19 | 2,481 | 9,061 | 3,507 | 47,399 | 24 | 16 | 747 | 5,582 | ||||||||||||||||||||||||||||||
Net investment income (loss) | $(45 | ) | $32 | $170 | $26,334 | $2,802 | $22,406 | $3 | $16 | $(490 | ) | $3,192 | ||||||||||||||||||||||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | ||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||||||
Sales of investment securities of unaffiliated issuers | 252 | (10 | ) | (23,046 | ) | 4,435 | 43,279 | 487,783 | (45 | ) | (41 | ) | (8,439 | )* | 137,673 | |||||||||||||||||||||||||
Sales of investment securities of affiliated issuers | — | — | — | — | — | 93,184 | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign currency | — | — | (722 | ) | (135 | ) | — | (28 | ) | (1 | ) | — | (19 | ) | (62 | ) | ||||||||||||||||||||||||
Financial futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Option contracts written | — | — | — | 775 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) in value of: | ||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities | (2,723 | ) | (487 | ) | 1,999 | (29,040 | ) | (100,359 | ) | (164,564 | ) | (127 | ) | 49 | 4,551 | (176,099 | ) | |||||||||||||||||||||||
Affiliated investment securities | — | — | — | — | — | (829,579 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign currency | — | — | 36 | 9 | — | 1 | — | — | — | (14 | ) | |||||||||||||||||||||||||||||
Financial futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Option contracts written | — | — | — | (342 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net gain (loss) on investments | (2,471 | ) | (497 | ) | (21,733 | ) | (24,298 | ) | (57,080 | ) | (413,203 | ) | (173 | ) | 8 | (3,907 | ) | (38,502 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $(2,516 | ) | $(465 | ) | $(21,563 | ) | $2,036 | $(54,278 | ) | $(390,797 | ) | $(170 | ) | $24 | $(4,397 | ) | $(35,310 | ) |
* Reversal of capital gains taxes $42,055.
See Notes to Financial Statements
125
126
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | |||||||||||||||||||||||||||||||
For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | |||||||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||||||||||
Income (Note A): | ||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $8,770 | $1,719 | $1,636 | $306 | $13,766 | $3,019 | $1,029 | $19,824 | $9,403 | $127 | ||||||||||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 6 | — | 7 | 1 | 22 | 77 | 4 | 14 | 9 | 3 | ||||||||||||||||||||||||||||||
Income from investments in affiliated issuers (Note F) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (615 | ) | (148 | ) | (3 | ) | (1 | ) | — | — | — | (22 | ) | (15 | ) | — | ||||||||||||||||||||||||
Total income | $8,161 | $1,571 | $1,640 | $306 | $13,788 | $3,096 | $1,033 | $19,816 | $9,397 | $130 | ||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 4,998 | 643 | 2,004 | 145 | 3,234 | 2,902 | 271 | 5,717 | 3,045 | 330 | ||||||||||||||||||||||||||||||
Administration fees (Note B) | 375 | 70 | 146 | 16 | 390 | 345 | 30 | 660 | 228 | 23 | ||||||||||||||||||||||||||||||
Administration fees (Note B): | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 114 | — | — | 9 | 981 | 403 | 39 | — | — | 45 | ||||||||||||||||||||||||||||||
Trust Class | 90 | 16 | — | — | 165 | 143 | 18 | — | 401 | 8 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 251 | 18 | — | — | — | 4 | ||||||||||||||||||||||||||||||
Institutional Class | 424 | 96 | 187 | 14 | 31 | 186 | 14 | 926 | 141 | 9 | ||||||||||||||||||||||||||||||
Class A | 93 | 4 | 44 | 4 | 3 | 98 | 14 | 95 | 129 | 4 | ||||||||||||||||||||||||||||||
Class C | 12 | 4 | 26 | 9 | 2 | 10 | 3 | 44 | 29 | 2 | ||||||||||||||||||||||||||||||
Class R3 | — | 3 | — | — | — | 13 | 1 | — | 23 | 1 | ||||||||||||||||||||||||||||||
Class R6 | 4 | — | — | — | — | 12 | — | — | 3 | — | ||||||||||||||||||||||||||||||
Distribution fees (Note B): | ||||||||||||||||||||||||||||||||||||||||
Trust Class | — | 5 | — | — | 49 | — | 5 | — | 118 | 2 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 185 | 13 | — | — | — | 3 | ||||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Class A | 116 | 5 | 55 | 4 | 4 | 123 | 17 | 119 | 161 | 5 | ||||||||||||||||||||||||||||||
Class C | 60 | 18 | 128 | 47 | 11 | 49 | 18 | 221 | 147 | 11 | ||||||||||||||||||||||||||||||
Class R3 | — | 9 | — | 1 | — | 32 | 3 | — | 56 | 3 | ||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 65 | — | — | 13 | 349 | 202 | 18 | — | — | 41 | ||||||||||||||||||||||||||||||
Trust Class | 15 | 4 | — | — | 4 | 2 | 5 | — | 21 | 2 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 5 | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||
Institutional Class | 11 | 2 | 7 | 1 | 1 | 7 | 1 | 358 | 8 | 1 | ||||||||||||||||||||||||||||||
Class A | 8 | 1 | 11 | — | — | 7 | 3 | 18 | 13 | 1 | ||||||||||||||||||||||||||||||
Class C | 1 | — | 2 | — | — | 2 | — | 5 | 3 | — | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | 2 | — | — | 3 | 1 | ||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | 2 | — | — | 1 | — | ||||||||||||||||||||||||||||||
Organization expense (Note A) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Audit fees | 30 | 33 | 13 | 13 | 30 | 13 | 13 | 13 | 25 | 13 | ||||||||||||||||||||||||||||||
Custodian and accounting fees | 233 | 83 | 69 | 44 | 149 | 140 | 43 | 176 | 110 | 50 | ||||||||||||||||||||||||||||||
Insurance expense | 22 | 5 | 8 | 2 | 30 | 21 | 2 | 47 | 19 | 2 | ||||||||||||||||||||||||||||||
Legal fees | 44 | 59 | 48 | 48 | 48 | 43 | 44 | 43 | 43 | 43 | ||||||||||||||||||||||||||||||
Registration and filing fees | 67 | 46 | 45 | 39 | 65 | 65 | 44 | 30 | 61 | 50 | ||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | — | 55 | — | — | — | — | ||||||||||||||||||||||||||||||
Shareholder reports | 39 | 6 | 13 | 2 | 47 | 59 | 7 | 43 | 60 | 8 | ||||||||||||||||||||||||||||||
Trustees' fees and expenses | 17 | 17 | 17 | 17 | 18 | 18 | 17 | 18 | 17 | 17 | ||||||||||||||||||||||||||||||
Interest expense | 2 | — | — | 1 | (Note E) | 4 | — | — | — | 6 | — | |||||||||||||||||||||||||||||
Miscellaneous | 39 | 15 | 16 | 4 | 46 | 40 | 5 | 74 | 29 | 4 | ||||||||||||||||||||||||||||||
Total expenses | 6,879 | 1,144 | 2,839 | 433 | 6,102 | 5,026 | 635 | 8,607 | 4,900 | 684 |
See Notes to Financial Statements
127
128
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | |||||||||||||||||||||||||||||||
For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | |||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (13 | ) | (38 | ) | (188 | ) | (159 | ) | (5 | ) | (1 | ) | (29 | ) | — | (982 | ) | (222 | ) | |||||||||||||||||||||
Investment management fees waived (Note B) | (1,125 | ) | — | — | — | — | — | (63 | ) | — | — | — | ||||||||||||||||||||||||||||
Total net expenses | 5,741 | 1,106 | 2,651 | 274 | 6,097 | 5,025 | 543 | 8,607 | 3,918 | 462 | ||||||||||||||||||||||||||||||
Net investment income (loss) | $2,420 | $465 | $(1,011 | ) | $32 | $7,691 | $(1,929 | ) | $490 | $11,209 | $5,479 | $(332 | ) | |||||||||||||||||||||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | ||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||||||
Sales of investment securities of unaffiliated issuers | (3,639 | ) | 353 | 7,478 | 173 | (53,203 | ) | 2,848 | (3,755 | ) | 35,803 | 33,113 | (11,741 | ) | ||||||||||||||||||||||||||
Sales of investment securities of affiliated issuers | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign currency | (360 | ) | (31 | ) | (1 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Financial futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | 1,007 | — | — | — | — | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) in value of: | ||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities | (56,822 | ) | (12,380 | ) | (47,673 | ) | (1,457 | ) | (65,641 | ) | (176,403 | ) | (4,885 | ) | (129,596 | ) | 5,222 | (5,327 | ) | |||||||||||||||||||||
Affiliated investment securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign currency | (58 | ) | (11 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Financial futures contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net gain (loss) on investments | (60,879 | ) | (12,069 | ) | (40,196 | ) | (1,284 | ) | (118,844 | ) | (172,548 | ) | (8,640 | ) | (93,793 | ) | 38,335 | (17,068 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $(58,459 | ) | $(11,604 | ) | $(41,207 | ) | $(1,252 | ) | $(111,153 | ) | $(174,477 | ) | $(8,150 | ) | $(82,584 | ) | $43,814 | $(17,400 | ) |
See Notes to Financial Statements
129
130
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | WORLD EQUITY FUND | ||||||||||
For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | ||||||||||
Investment Income: | ||||||||||||
Income (Note A): | ||||||||||||
Dividend income—unaffiliated issuers | $20,218 | $160 | $25 | |||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | |||||||||
Interest income—unaffiliated issuers | 11 | — | — | |||||||||
Income from investments in affiliated issuers (Note F) | — | — | — | |||||||||
Foreign taxes withheld (Note A) | (204 | ) | — | (1 | ) | |||||||
Total income | $20,025 | $160 | $24 | |||||||||
Expenses: | ||||||||||||
Investment management fees (Note B) | 5,154 | 41 | 16 | |||||||||
Administration fees (Note B) | 657 | 4 | 1 | |||||||||
Administration fees (Note B): | ||||||||||||
Investor Class | 731 | — | — | |||||||||
Trust Class | 509 | — | — | |||||||||
Advisor Class | — | — | — | |||||||||
Institutional Class | 318 | 4 | 2 | |||||||||
Class A | 137 | 5 | — | |||||||||
Class C | 51 | 1 | 1 | |||||||||
Class R3 | 31 | — | — | |||||||||
Class R6 | 24 | — | — | |||||||||
Distribution fees (Note B): | ||||||||||||
Trust Class | 150 | — | — | |||||||||
Advisor Class | — | — | — | |||||||||
Institutional Class | — | — | — | |||||||||
Class A | 171 | 6 | 1 | |||||||||
Class C | 256 | 2 | 2 | |||||||||
Class R3 | 77 | — | — | |||||||||
Class R6 | — | — | — | |||||||||
Shareholder servicing agent fees: | ||||||||||||
Investor Class | 289 | — | — | |||||||||
Trust Class | 12 | — | — | |||||||||
Advisor Class | — | — | — | |||||||||
Institutional Class | 13 | 1 | — | |||||||||
Class A | 10 | 1 | — | |||||||||
Class C | 3 | — | — | |||||||||
Class R3 | 2 | — | — | |||||||||
Class R6 | 3 | — | — | |||||||||
Organization expense (Note A) | — | — | — | |||||||||
Audit fees | 13 | 27 | 20 | |||||||||
Custodian and accounting fees | 200 | 19 | 46 | |||||||||
Insurance expense | 44 | 1 | — | |||||||||
Legal fees | 43 | 43 | 62 | |||||||||
Registration and filing fees | 72 | 22 | 31 | |||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | |||||||||
Shareholder reports | 107 | 2 | — | |||||||||
Trustees' fees and expenses | 18 | 17 | 17 | |||||||||
Interest expense | — | 1 | (Note E) | — | ||||||||
Miscellaneous | 74 | 1 | 1 | |||||||||
Total expenses | 9,169 | 198 | 200 |
See Notes to Financial Statements
131
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | WORLD EQUITY FUND | ||||||||||
For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | For the Six Months Ended February 29, 2016 | ||||||||||
Expenses reimbursed by Management (Note B) | — | (132 | ) | (174 | ) | |||||||
Investment management fees waived (Note B) | — | — | — | |||||||||
Total net expenses | 9,169 | 66 | 26 | |||||||||
Net investment income (loss) | $10,856 | $94 | $(2 | ) | ||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Sales of investment securities of unaffiliated issuers | 50,041 | (1,422 | ) | (455 | ) | |||||||
Sales of investment securities of affiliated issuers | — | — | — | |||||||||
Foreign currency | — | — | 2 | |||||||||
Financial futures contracts | — | — | 0 | z | ||||||||
Forward foreign currency contracts | — | — | (84 | ) | ||||||||
Option contracts written | — | — | — | |||||||||
Swap contracts | — | — | (89 | ) | ||||||||
Net increase from payments by affiliates (Note B) | — | — | — | |||||||||
Change in net unrealized appreciation (depreciation) in value of: | ||||||||||||
Unaffiliated investment securities | (110,132 | ) | (115 | ) | 139 | |||||||
Affiliated investment securities | — | — | — | |||||||||
Forward foreign currency contracts | — | — | 20 | |||||||||
Foreign currency | (38 | ) | — | — | ||||||||
Financial futures contracts | — | — | 8 | |||||||||
Option contracts written | — | — | — | |||||||||
Swap contracts | — | — | 11 | |||||||||
Net gain (loss) on investments | (60,129 | ) | (1,537 | ) | (448 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | $(49,273 | ) | $(1,443 | ) | $(450 | ) |
z A zero balance, if any, may reflect actual amounts rounding to less than $1,000.
See Notes to Financial Statements
132
Statements of Changes in Net Assets
Neuberger Berman Equity Funds
(000's omitted)
ALL CAP CORE FUND | DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | ||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Period from December 15, 2015 (Commencement of Operations) to February 29, 2016 (Unaudited) | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | ||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||||||||||||||||||||||||||
From Operations: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $(45 | ) | $13 | $32 | $170 | $3,913 | $26,334 | $57,892 | $2,802 | $6,120 | ||||||||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 252 | 5,719 | (10 | ) | (23,768 | ) | (13,466 | ) | 5,075 | 86,350 | 43,279 | 30,551 | ||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (2,723 | ) | (13,191 | ) | (487 | ) | 2,035 | (110,755 | ) | (29,373 | ) | (252,324 | ) | (100,359 | ) | (31,019 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,516 | ) | (7,459 | ) | (465 | ) | (21,563 | ) | (120,308 | ) | 2,036 | (108,082 | ) | (54,278 | ) | 5,652 | ||||||||||||||||||||
Distributions to Shareholders From (Note A): | ||||||||||||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (4,272 | ) | (3,689 | ) | |||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | (798 | ) | (975 | ) | |||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (115 | ) | (81 | ) | |||||||||||||||||||||||||
Institutional Class | — | — | — | (1,980 | ) | (4,661 | ) | (18,193 | ) | (38,126 | ) | (221 | ) | (76 | ) | |||||||||||||||||||||
Class A | — | — | — | (70 | ) | (148 | ) | (3,291 | ) | (6,984 | ) | (45 | ) | (30 | ) | |||||||||||||||||||||
Class C | — | — | — | — | (18 | ) | (3,068 | ) | (5,457 | ) | (53 | ) | (15 | ) | ||||||||||||||||||||||
Class R3 | — | — | — | (2 | ) | (4 | ) | (37 | ) | (66 | ) | — | — | |||||||||||||||||||||||
Class R6 | — | — | — | (673 | ) | (901 | ) | — | — | — | — | |||||||||||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (27,199 | ) | (97,070 | ) | |||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | (5,819 | ) | (26,590 | ) | |||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (710 | ) | (2,190 | ) | |||||||||||||||||||||||||
Institutional Class | (1,553 | ) | (10,035 | ) | — | — | — | (44,393 | ) | (72,214 | ) | (1,116 | ) | (1,506 | ) | |||||||||||||||||||||
Class A | (407 | ) | (2,289 | ) | — | — | — | (9,392 | ) | (16,802 | ) | (307 | ) | (845 | ) | |||||||||||||||||||||
Class C | (427 | ) | (2,258 | ) | — | — | — | (13,104 | ) | (19,379 | ) | (399 | ) | (532 | ) | |||||||||||||||||||||
Class R3 | — | — | — | — | — | (113 | ) | (166 | ) | — | — | |||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total distributions to shareholders | (2,387 | ) | (14,582 | ) | — | (2,725 | ) | (5,732 | ) | (91,591 | ) | (159,194 | ) | (41,054 | ) | (133,599 | ) | |||||||||||||||||||
From Fund Share Transactions (Note D): | ||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | 2,771 | 8,055 | |||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | 880 | 18,496 | |||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | 445 | 1,767 | |||||||||||||||||||||||||||
Institutional Class | 978 | 20,777 | 12,760 | 49,526 | 87,329 | 80,012 | 381,003 | 1,946 | 24,211 | |||||||||||||||||||||||||||
Class A | 1,143 | 2,229 | 540 | 7,426 | 7,072 | 14,869 | 59,143 | 419 | 5,983 | |||||||||||||||||||||||||||
Class C | 108 | 815 | 602 | 302 | 2,549 | 13,832 | 53,763 | 412 | 2,437 | |||||||||||||||||||||||||||
Class R3 | — | — | — | 263 | 669 | 226 | 1,504 | — | — | |||||||||||||||||||||||||||
Class R6 | — | — | 1,000 | 1,370 | 27,239 | — | — | — | — |
See Notes to Financial Statements
133
134
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
ALL CAP CORE FUND | DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | ||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Period from December 15, 2015 (Commencement of Operations) to February 29, 2016 (Unaudited) | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | ||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | 28,301 | 90,410 | |||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | 6,580 | 27,462 | |||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | 825 | 2,257 | |||||||||||||||||||||||||||
Institutional Class | 1,415 | 9,084 | — | 1,168 | 2,815 | 51,825 | 88,651 | 505 | 1,390 | |||||||||||||||||||||||||||
Class A | 347 | 1,946 | — | 49 | 100 | 10,899 | 20,683 | 340 | 791 | |||||||||||||||||||||||||||
Class C | 338 | 1,897 | — | — | 5 | 11,192 | 16,915 | 358 | 468 | |||||||||||||||||||||||||||
Class R3 | — | — | — | 1 | 2 | 104 | 153 | — | — | |||||||||||||||||||||||||||
Class R6 | — | — | — | 673 | 901 | — | — | — | — | |||||||||||||||||||||||||||
Payments for shares redeemed: | ||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (25,342 | ) | (61,339 | ) | |||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | (13,049 | ) | (52,974 | ) | |||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (1,883 | ) | (2,734 | ) | |||||||||||||||||||||||||
Institutional Class | (12,068 | ) | (39,639 | ) | (70 | ) | (87,510 | ) | (199,441 | ) | (408,857 | ) | (424,474 | ) | (21,479 | ) | (4,552 | ) | ||||||||||||||||||
Class A | (1,203 | ) | (18,968 | ) | — | (4,385 | ) | (9,601 | ) | (64,501 | ) | (214,296 | ) | (1,298 | ) | (5,617 | ) | |||||||||||||||||||
Class C | (1,106 | ) | (6,533 | ) | — | (1,699 | ) | (1,616 | ) | (63,267 | ) | (82,624 | ) | (744 | ) | (830 | ) | |||||||||||||||||||
Class R3 | — | — | — | (76 | ) | (351 | ) | (1,685 | ) | (862 | ) | — | — | |||||||||||||||||||||||
Class R6 | — | — | — | (2,878 | ) | (1,867 | ) | — | — | — | — | |||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | (10,048 | ) | (28,392 | ) | 14,832 | (35,770 | ) | (84,195 | ) | (355,351 | ) | (100,441 | ) | (20,013 | ) | 55,681 | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (14,951 | ) | (50,433 | ) | 14,367 | (60,058 | ) | (210,235 | ) | (444,906 | ) | (367,717 | ) | (115,345 | ) | (72,266 | ) | |||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||
Beginning of period | 50,100 | 100,533 | — | 415,981 | 626,216 | 2,126,886 | 2,494,603 | 774,699 | 846,965 | |||||||||||||||||||||||||||
End of period | $35,149 | $50,100 | $14,367 | $355,923 | $415,981 | $1,681,980 | $2,126,886 | $659,354 | $774,699 | |||||||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $(189 | ) | $(144 | ) | $32 | $— | $2,273 | $— | $— | $1,128 | $3,830 | |||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $— | $— | $— | $(282 | ) | $— | $(112 | ) | $(1,857 | ) | $— | $— |
See Notes to Financial Statements
135
136
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | ||||||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Period from December 30, 2014 (Commencement of Operations) to August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||||||||||||||||||||||||||||||
From Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $22,406 | $45,377 | $3 | $24 | $16 | $21 | $(460 | ) | $894 | $3,192 | $9,462 | |||||||||||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 580,939 | 1,347,628 | (46 | ) | 3,139 | (41 | ) | — | (8,488 | ) | 18,813 | 137,611 | 109,228 | |||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (994,142 | ) | (1,140,993 | ) | (127 | ) | (4,661 | ) | 49 | (198 | ) | 4,551 | (26,428 | ) | (176,113 | ) | (155,129 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (390,797 | ) | 252,012 | (170 | ) | (1,498 | ) | 24 | (177 | ) | (4,397 | ) | (6,721 | ) | (35,310 | ) | (36,439 | ) | ||||||||||||||||||||||
Distributions to Shareholders From (Note A): | ||||||||||||||||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (7,480 | ) | (7,717 | ) | — | — | — | — | — | — | (7,114 | ) | (8,219 | ) | ||||||||||||||||||||||||||
Trust Class | (1,035 | ) | (1,507 | ) | — | — | — | — | — | — | (694 | ) | (1,086 | ) | ||||||||||||||||||||||||||
Advisor Class | (419 | ) | (694 | ) | — | — | — | — | — | — | (0 | ) | (1 | ) | ||||||||||||||||||||||||||
Institutional Class | (13,363 | ) | (14,769 | ) | (6 | ) | (226 | ) | (21 | ) | (19 | ) | (857 | ) | (634 | ) | (699 | ) | (1,123 | ) | ||||||||||||||||||||
Class A | — | — | — | (24 | ) | (6 | ) | (5 | ) | (6 | ) | (21 | ) | (63 | ) | (735 | ) | |||||||||||||||||||||||
Class C | — | — | — | (7 | ) | (1 | ) | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | (2 | ) | (4 | ) | ||||||||||||||||||||||||||||
Class R6 | (13,260 | ) | (10,902 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (261,273 | ) | (276,734 | ) | — | — | — | — | — | — | (109,463 | ) | (147,601 | ) | ||||||||||||||||||||||||||
Trust Class | (167,895 | ) | (207,811 | ) | — | — | — | — | — | — | (14,321 | ) | (22,148 | ) | ||||||||||||||||||||||||||
Advisor Class | (69,131 | ) | (82,457 | ) | — | — | — | — | — | — | (37 | ) | (53 | ) | ||||||||||||||||||||||||||
Institutional Class | (345,517 | ) | (386,062 | ) | — | (1,193 | ) | — | — | (11,719 | ) | (4,747 | ) | (8,681 | ) | (16,294 | ) | |||||||||||||||||||||||
Class A | — | — | — | (130 | ) | — | — | (270 | ) | (165 | ) | (1,333 | ) | (13,689 | ) | |||||||||||||||||||||||||
Class C | — | — | — | (41 | ) | — | — | (17 | ) | (7 | ) | (316 | ) | (454 | ) | |||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | (68 | ) | (110 | ) | ||||||||||||||||||||||||||||
Class R6 | (281,756 | ) | (224,407 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total distributions to shareholders | (1,161,129 | ) | (1,213,060 | ) | (6 | ) | (1,621 | ) | (28 | ) | (25 | ) | (12,869 | ) | (5,574 | ) | (142,791 | ) | (211,517 | ) | ||||||||||||||||||||
From Fund Share Transactions (Note D): | ||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 81,419 | 208,626 | — | — | — | — | — | — | 5,418 | 18,391 | ||||||||||||||||||||||||||||||
Trust Class | 72,829 | 169,016 | — | — | — | — | — | — | 1,815 | 9,083 | ||||||||||||||||||||||||||||||
Advisor Class | 28,436 | 95,330 | — | — | — | — | — | — | 138 | 43 | ||||||||||||||||||||||||||||||
Institutional Class | 426,319 | 679,324 | 2 | 105 | 1 | 2,003 | 27,062 | 121,023 | 6,214 | 25,421 | ||||||||||||||||||||||||||||||
Class A | — | — | 117 | 183 | 1 | 660 | 7,966 | 7,076 | 3,963 | 28,946 | ||||||||||||||||||||||||||||||
Class C | — | — | 19 | 129 | — | 250 | — | 61 | 602 | 566 | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | 86 | 348 | ||||||||||||||||||||||||||||||
Class R6 | 382,418 | 681,153 | — | — | — | — | — | — | — | — |
See Notes to Financial Statements
137
138
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | ||||||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Period from December 30, 2014 (Commencement of Operations) to August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | |||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 259,291 | 276,966 | — | — | — | — | — | — | 109,903 | 147,253 | ||||||||||||||||||||||||||||||
Trust Class | 164,812 | 204,115 | — | — | — | — | — | — | 14,782 | 22,602 | ||||||||||||||||||||||||||||||
Advisor Class | 64,441 | 67,182 | — | — | — | — | — | — | 34 | 45 | ||||||||||||||||||||||||||||||
Institutional Class | 330,269 | 370,058 | 6 | 1,419 | — | 8 | 4,363 | 1,518 | 8,851 | 15,531 | ||||||||||||||||||||||||||||||
Class A | — | — | — | 152 | 4 | 4 | 273 | 186 | 1,331 | 14,308 | ||||||||||||||||||||||||||||||
Class C | — | — | — | 48 | — | — | 16 | 7 | 212 | 290 | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | 45 | 73 | ||||||||||||||||||||||||||||||
Class R6 | 295,016 | 235,309 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Payments for shares redeemed: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (465,505 | ) | (655,995 | ) | — | — | — | — | — | — | (63,541 | ) | (110,151 | ) | ||||||||||||||||||||||||||
Trust Class | (341,777 | ) | (1,146,512 | ) | — | — | — | — | — | — | (19,579 | ) | (38,509 | ) | ||||||||||||||||||||||||||
Advisor Class | (166,836 | ) | (234,491 | ) | — | — | — | — | — | — | (47 | ) | (101 | ) | ||||||||||||||||||||||||||
Institutional Class | (779,360 | ) | (2,116,517 | ) | (9 | ) | (34,371 | ) | — | — | (47,723 | ) | (79,281 | ) | (43,456 | ) | (57,871 | ) | ||||||||||||||||||||||
Class A | — | — | (37 | ) | (138 | ) | (13 | ) | — | (9,730 | ) | (4,668 | ) | (77,273 | ) | (20,575 | ) | |||||||||||||||||||||||
Class C | — | — | (10 | ) | (52 | ) | — | — | (28 | ) | (9 | ) | (493 | ) | (792 | ) | ||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | (82 | ) | (474 | ) | ||||||||||||||||||||||||||||
Class R6 | (263,376 | ) | (634,879 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 88,396 | (1,801,315 | ) | 88 | (32,525 | ) | (7 | ) | 2,925 | (17,801 | ) | 45,913 | (51,077 | ) | 54,427 | |||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (1,463,530 | ) | (2,762,363 | ) | (88 | ) | (35,644 | ) | (11 | ) | 2,723 | (35,067 | ) | 33,618 | (229,178 | ) | (193,529 | ) | ||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 10,961,444 | 13,723,807 | 3,840 | 39,484 | 2,723 | — | 107,577 | 73,959 | 1,315,351 | 1,508,880 | ||||||||||||||||||||||||||||||
End of period | $9,497,914 | $10,961,444 | $3,752 | $3,840 | $2,712 | $2,723 | $72,510 | $107,577 | $1,086,173 | $1,315,351 | ||||||||||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $6,642 | $19,793 | $— | $— | $— | $— | $— | $837 | $465 | $5,845 | ||||||||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $— | $— | $(5 | ) | $(2 | ) | $(14 | ) | $(2 | ) | $(486 | ) | $— | $— | $— |
See Notes to Financial Statements
139
140
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||||||||||||||||||||||||||||||
From Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $2,420 | $12,376 | $465 | $2,721 | $(1,011 | ) | $(1,811 | ) | $32 | $318 | $7,691 | $16,708 | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | (3,999 | ) | 43,979 | 322 | 7,567 | 7,477 | 28,680 | 173 | 37,436 | (53,203 | ) | 158,090 | ||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (56,880 | ) | (108,755 | ) | (12,391 | ) | (20,315 | ) | (47,673 | ) | (31,465 | ) | (1,457 | ) | (38,893 | ) | (65,641 | ) | (285,678 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (58,459 | ) | (52,400 | ) | (11,604 | ) | (10,027 | ) | (41,207 | ) | (4,596 | ) | (1,252 | ) | (1,139 | ) | (111,153 | ) | (110,880 | ) | ||||||||||||||||||||
Distributions to Shareholders From (Note A): | ||||||||||||||||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (510 | ) | (885 | ) | — | — | — | — | — | — | (11,530 | ) | (10,234 | ) | ||||||||||||||||||||||||||
Trust Class | (126 | ) | (220 | ) | (91 | ) | (131 | ) | — | — | — | — | (1,539 | ) | (1,405 | ) | ||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | (2,955 | ) | (2,553 | ) | ||||||||||||||||||||||||||||
Institutional Class | (12,200 | ) | (15,333 | ) | (2,723 | ) | (3,070 | ) | — | — | — | (166 | ) | (711 | ) | (1,391 | ) | |||||||||||||||||||||||
Class A | (269 | ) | (133 | ) | (35 | ) | (92 | ) | — | — | — | — | (53 | ) | (28 | ) | ||||||||||||||||||||||||
Class C | — | (6 | ) | (7 | ) | (14 | ) | — | — | — | — | (27 | ) | (29 | ) | |||||||||||||||||||||||||
Class R3 | — | — | (22 | ) | (27 | ) | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Class R6 | (499 | ) | (387 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (5,509 | ) | (76,307 | ) | (141,939 | ) | |||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | — | (11,016 | ) | (21,949 | ) | ||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | (21,422 | ) | (41,088 | ) | ||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | (20,020 | ) | (14,661 | ) | — | (48,281 | ) | (4,239 | ) | (16,389 | ) | |||||||||||||||||||||||||
Class A | — | — | — | — | (2,291 | ) | (923 | ) | — | (3,492 | ) | (367 | ) | (433 | ) | |||||||||||||||||||||||||
Class C | — | — | — | — | (1,408 | ) | (765 | ) | — | (10,313 | ) | (334 | ) | (675 | ) | |||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | (96 | ) | (10 | ) | (26 | ) | |||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total distributions to shareholders | (13,604 | ) | (16,964 | ) | (2,878 | ) | (3,334 | ) | (23,719 | ) | (16,349 | ) | — | (67,857 | ) | (130,511 | ) | (238,140 | ) | |||||||||||||||||||||
From Fund Share Transactions (Note D): | ||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 3,556 | 12,561 | — | — | — | — | 410 | 1,045 | 7,029 | 16,941 | ||||||||||||||||||||||||||||||
Trust Class | 3,023 | 8,341 | 607 | 435 | — | — | — | — | 1,467 | 6,232 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | 4,816 | 12,640 | ||||||||||||||||||||||||||||||
Institutional Class | 284,551 | 231,021 | 7,010 | 34,971 | 181,904 | 213,263 | 2,229 | 28,223 | 2,831 | 15,926 | ||||||||||||||||||||||||||||||
Class A | 24,344 | 83,310 | 1,396 | 1,652 | 18,209 | 40,847 | 328 | 2,197 | 970 | 5,905 | ||||||||||||||||||||||||||||||
Class C | 3,608 | 7,899 | 31 | 640 | 4,687 | 16,290 | 2,377 | 7,070 | 439 | 1,014 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 418 | 2,161 | — | — | 10 | 91 | 3 | 85 | ||||||||||||||||||||||||||||||
Class R6 | 8,835 | 19,021 | — | — | — | — | — | — | — | — |
See Notes to Financial Statements
141
142
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | |||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 491 | 848 | — | — | — | — | — | 5,470 | 84,421 | 144,740 | ||||||||||||||||||||||||||||||
Trust Class | 122 | 210 | 88 | 127 | — | — | — | — | 12,472 | 23,101 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | 23,911 | 42,453 | ||||||||||||||||||||||||||||||
Institutional Class | 10,984 | 14,223 | 2,673 | 3,011 | 17,259 | 11,950 | — | 37,610 | 4,727 | 17,318 | ||||||||||||||||||||||||||||||
Class A | 163 | 123 | 31 | 84 | 2,112 | 869 | — | 1,578 | 402 | 430 | ||||||||||||||||||||||||||||||
Class C | — | 4 | 2 | 3 | 1,094 | 504 | — | 3,331 | 246 | 438 | ||||||||||||||||||||||||||||||
Class R3 | — | — | 20 | 25 | — | — | — | 46 | 8 | 10 | ||||||||||||||||||||||||||||||
Class R6 | 498 | 387 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Payments for shares redeemed: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (9,246 | ) | (14,441 | ) | — | — | — | — | (735 | ) | (2,540 | ) | (56,430 | ) | (120,876 | ) | ||||||||||||||||||||||||
Trust Class | (7,526 | ) | (18,488 | ) | (2,743 | ) | (2,752 | ) | — | — | — | — | (29,423 | ) | (30,149 | ) | ||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | (21,515 | ) | (51,994 | ) | ||||||||||||||||||||||||||||
Institutional Class | (121,207 | ) | (193,534 | ) | (10,447 | ) | (20,857 | ) | (95,122 | ) | (39,704 | ) | (18,800 | ) | (165,272 | ) | (34,255 | ) | (65,347 | ) | ||||||||||||||||||||
Class A | (22,140 | ) | (12,714 | ) | (707 | ) | (7,197 | ) | (12,314 | ) | (8,740 | ) | (1,052 | ) | (9,131 | ) | (740 | ) | (5,449 | ) | ||||||||||||||||||||
Class C | (1,643 | ) | (2,101 | ) | (158 | ) | (1,340 | ) | (3,007 | ) | (2,095 | ) | (3,952 | ) | (12,964 | ) | (1,101 | ) | (826 | ) | ||||||||||||||||||||
Class R3 | — | — | (189 | ) | (754 | ) | — | — | (3 | ) | (6 | ) | (1 | ) | (119 | ) | ||||||||||||||||||||||||
Class R6 | (3,114 | ) | (6,445 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 175,299 | 130,225 | (1,968 | ) | 10,209 | 114,822 | 233,184 | (19,188 | ) | (103,252 | ) | 277 | 12,473 | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 103,236 | 60,861 | (16,450 | ) | (3,152 | ) | 49,896 | 212,239 | (20,440 | ) | (172,248 | ) | (241,387 | ) | (336,547 | ) | ||||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 1,194,384 | 1,133,523 | 237,547 | 240,699 | 490,453 | 278,214 | 59,769 | 232,017 | 1,408,228 | 1,744,775 | ||||||||||||||||||||||||||||||
End of period | $1,297,620 | $1,194,384 | $221,097 | $237,547 | $540,349 | $490,453 | $39,329 | $59,769 | $1,166,841 | $1,408,228 | ||||||||||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $— | $7,983 | $— | $1,580 | $(1,138 | ) | $(127 | ) | $21 | $(11 | ) | $4,879 | $14,004 | |||||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $(3,201 | ) | $— | $(833 | ) | $— | $— | $— | $— | $— | $— | $— |
See Notes to Financial Statements
143
144
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||||||||||||||||||||||||||||||
From Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $(1,929 | ) | $(5,096 | ) | $490 | $352 | $11,209 | $20,872 | $5,479 | $12,607 | $(332 | ) | $(821 | ) | ||||||||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 2,848 | 97,490 | (3,755 | ) | 12,634 | 35,803 | 69,925 | 33,113 | 80,044 | (11,741 | ) | 13,201 | ||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | 1,007 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (176,403 | ) | 13,126 | (4,885 | ) | (15,395 | ) | (129,596 | ) | (130,767 | ) | 5,222 | (99,105 | ) | (5,327 | ) | (6,370 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (174,477 | ) | 105,520 | (8,150 | ) | (2,409 | ) | (82,584 | ) | (39,970 | ) | 43,814 | (6,454 | ) | (17,400 | ) | 6,010 | |||||||||||||||||||||||
Distributions to Shareholders From (Note A): | ||||||||||||||||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (178 | ) | (385 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Trust Class | — | — | (55 | ) | (112 | ) | — | — | (3,048 | ) | (3,770 | ) | — | — | ||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Institutional Class | — | — | (225 | ) | (259 | ) | (18,688 | ) | (23,005 | ) | (4,430 | ) | (6,372 | ) | — | — | ||||||||||||||||||||||||
Class A | — | — | (77 | ) | (48 | ) | (435 | ) | (682 | ) | (1,506 | ) | (1,812 | ) | — | — | ||||||||||||||||||||||||
Class C | — | — | (11 | ) | (6 | ) | — | (62 | ) | (228 | ) | (107 | ) | — | — | |||||||||||||||||||||||||
Class R3 | — | — | (7 | ) | (2 | ) | — | — | (237 | ) | (216 | ) | — | — | ||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (431 | ) | (451 | ) | — | — | ||||||||||||||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (33,896 | ) | (49,241 | ) | (4,083 | ) | (3,860 | ) | — | — | — | — | (2,547 | ) | — | |||||||||||||||||||||||||
Trust Class | (4,306 | ) | (5,201 | ) | (1,362 | ) | (1,421 | ) | — | — | (15,639 | ) | (15,179 | ) | (255 | ) | — | |||||||||||||||||||||||
Advisor Class | (570 | ) | (701 | ) | — | — | — | — | — | — | (199 | ) | — | |||||||||||||||||||||||||||
Institutional Class | (34,461 | ) | (45,198 | ) | (3,342 | ) | (2,170 | ) | (57,789 | ) | (80,461 | ) | (22,211 | ) | (21,811 | ) | (998 | ) | — | |||||||||||||||||||||
Class A | (5,057 | ) | (7,034 | ) | (1,712 | ) | (544 | ) | (2,679 | ) | (4,187 | ) | (8,331 | ) | (8,468 | ) | (225 | ) | — | |||||||||||||||||||||
Class C | (525 | ) | (470 | ) | (475 | ) | (214 | ) | (1,278 | ) | (1,736 | ) | (1,963 | ) | (2,008 | ) | (188 | ) | — | |||||||||||||||||||||
Class R3 | (647 | ) | (602 | ) | (175 | ) | (40 | ) | — | — | (1,528 | ) | (1,276 | ) | (105 | ) | — | |||||||||||||||||||||||
Class R6 | (11,059 | ) | (3,588 | ) | — | — | — | — | (2,092 | ) | (1,405 | ) | — | — | ||||||||||||||||||||||||||
Total distributions to shareholders | (90,521 | ) | (112,035 | ) | (11,702 | ) | (9,061 | ) | (80,869 | ) | (110,133 | ) | (61,644 | ) | (62,875 | ) | (4,517 | ) | — | |||||||||||||||||||||
From Fund Share Transactions (Note D): | ||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 27,484 | 15,922 | 721 | 4,599 | — | — | — | — | 584 | 1,497 | ||||||||||||||||||||||||||||||
Trust Class | 9,373 | 29,016 | 224 | 1,581 | — | — | 10,363 | 52,339 | 180 | 406 | ||||||||||||||||||||||||||||||
Advisor Class | 3,308 | 5,341 | — | — | — | — | — | — | 258 | 830 | ||||||||||||||||||||||||||||||
Institutional Class | 89,523 | 108,137 | 4,015 | 25,010 | 61,104 | 210,581 | 38,254 | 123,794 | 1,795 | 6,147 | ||||||||||||||||||||||||||||||
Class A | 26,376 | 30,607 | 2,515 | 12,692 | 8,355 | 36,459 | 16,357 | 63,436 | 708 | 3,145 | ||||||||||||||||||||||||||||||
Class C | 4,175 | 3,088 | 869 | 2,123 | 3,884 | 15,280 | 701 | 5,220 | 299 | 786 | ||||||||||||||||||||||||||||||
Class R3 | 3,965 | 8,331 | 371 | 992 | — | — | 3,497 | 12,721 | 775 | 791 | ||||||||||||||||||||||||||||||
Class R6 | 89,748 | 70,359 | — | — | — | — | 7,443 | 11,285 | — | — |
See Notes to Financial Statements
145
146
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | |||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | 31,963 | 46,576 | 4,057 | 4,040 | — | — | — | — | 2,498 | — | ||||||||||||||||||||||||||||||
Trust Class | 4,301 | 5,194 | 1,391 | 1,451 | — | — | 18,521 | 18,790 | 249 | — | ||||||||||||||||||||||||||||||
Advisor Class | 461 | 638 | — | — | — | — | — | — | 196 | — | ||||||||||||||||||||||||||||||
Institutional Class | 34,137 | 45,062 | 3,513 | 2,366 | 12,661 | 14,388 | 21,347 | 22,144 | 680 | — | ||||||||||||||||||||||||||||||
Class A | 4,971 | 6,930 | 1,394 | 576 | 2,761 | 4,327 | 9,172 | 9,562 | 222 | — | ||||||||||||||||||||||||||||||
Class C | 500 | 448 | 254 | 55 | 1,106 | 1,493 | 1,846 | 1,794 | 170 | — | ||||||||||||||||||||||||||||||
Class R3 | 591 | 551 | 171 | 42 | — | — | 1,650 | 1,371 | 84 | — | ||||||||||||||||||||||||||||||
Class R6 | 10,862 | 3,408 | — | — | — | — | 2,523 | 1,856 | — | — | ||||||||||||||||||||||||||||||
Payments for shares redeemed: | ||||||||||||||||||||||||||||||||||||||||
Investor Class | (17,703 | ) | (34,928 | ) | (3,554 | ) | (5,217 | ) | — | — | — | — | (2,197 | ) | (6,649 | ) | ||||||||||||||||||||||||
Trust Class | (14,996 | ) | (13,956 | ) | (1,262 | ) | (3,866 | ) | — | — | (60,626 | ) | (114,518 | ) | (399 | ) | (971 | ) | ||||||||||||||||||||||
Advisor Class | (1,467 | ) | (6,069 | ) | — | — | — | — | — | — | (475 | ) | (1,773 | ) | ||||||||||||||||||||||||||
Institutional Class | (66,926 | ) | (108,212 | ) | (9,815 | ) | (7,888 | ) | (281,324 | ) | (459,676 | ) | (120,398 | ) | (243,059 | ) | (4,201 | ) | (5,784 | ) | ||||||||||||||||||||
Class A | (38,885 | ) | (37,969 | ) | (3,462 | ) | (2,444 | ) | (25,904 | ) | (74,313 | ) | (44,685 | ) | (95,912 | ) | (1,612 | ) | (2,692 | ) | ||||||||||||||||||||
Class C | (1,005 | ) | (1,213 | ) | (406 | ) | (175 | ) | (6,900 | ) | (18,122 | ) | (3,655 | ) | (14,886 | ) | (162 | ) | (407 | ) | ||||||||||||||||||||
Class R3 | (2,021 | ) | (4,615 | ) | (367 | ) | (120 | ) | — | — | (5,669 | ) | (13,178 | ) | (321 | ) | (262 | ) | ||||||||||||||||||||||
Class R6 | (11,420 | ) | (6,463 | ) | — | — | — | — | (5,648 | ) | (6,947 | ) | — | — | ||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 187,315 | 166,183 | 629 | 35,817 | (224,257 | ) | (269,583 | ) | (109,007 | ) | (164,188 | ) | (669 | ) | (4,936 | ) | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (77,683 | ) | 159,668 | (19,223 | ) | 24,347 | (387,710 | ) | (419,686 | ) | (126,837 | ) | (233,517 | ) | (22,586 | ) | 1,074 | |||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 1,175,202 | 1,015,534 | 107,505 | 83,158 | 2,340,298 | 2,759,984 | 806,358 | 1,039,875 | 86,411 | 85,337 | ||||||||||||||||||||||||||||||
End of period | $1,097,519 | $1,175,202 | $88,282 | $107,505 | $1,952,588 | $2,340,298 | $679,521 | $806,358 | $63,825 | $86,411 | ||||||||||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $(5,598 | ) | $(3,669 | ) | $— | $— | $4,126 | $12,040 | $— | $— | $(332 | ) | $— | |||||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $— | $— | $(63 | ) | $— | $— | $— | $(4,401 | ) | $— | $— | $— |
See Notes to Financial Statements
147
148
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | WORLD EQUITY FUND | ||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | 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) | $10,856 | $18,670 | $94 | $268 | $(2 | ) | $(3 | ) | ||||||||||||||||
Net realized gain (loss) on investments (Note A) | 50,041 | 181,229 | (1,422 | ) | 430 | (626 | ) | (109 | ) | |||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (110,170 | ) | (184,865 | ) | (115 | ) | (2,389 | ) | 178 | (128 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (49,273 | ) | 15,034 | (1,443 | ) | (1,691 | ) | (450 | ) | (240 | ) | |||||||||||||
Distributions to Shareholders From (Note A): | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Investor Class | (4,845 | ) | (5,556 | ) | — | — | — | — | ||||||||||||||||
Trust Class | (3,094 | ) | (3,953 | ) | — | — | — | — | ||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||
Institutional Class | (6,163 | ) | (6,267 | ) | (145 | ) | (130 | ) | — | — | ||||||||||||||
Class A | (1,473 | ) | (1,493 | ) | (55 | ) | (49 | ) | — | — | ||||||||||||||
Class C | (187 | ) | (271 | ) | (3 | ) | (0 | ) | — | — | ||||||||||||||
Class R3 | (265 | ) | (272 | ) | — | — | — | — | ||||||||||||||||
Class R6 | (2,259 | ) | (2,421 | ) | — | — | — | — | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||
Investor Class | (40,564 | ) | (78,302 | ) | — | — | — | — | ||||||||||||||||
Trust Class | (26,830 | ) | (58,788 | ) | — | — | — | — | ||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||
Institutional Class | (39,606 | ) | (69,181 | ) | (122 | ) | (748 | ) | — | — | ||||||||||||||
Class A | (12,415 | ) | (21,497 | ) | (67 | ) | (433 | ) | — | — | ||||||||||||||
Class C | (4,777 | ) | (7,205 | ) | (7 | ) | (32 | ) | — | — | ||||||||||||||
Class R3 | (2,843 | ) | (4,908 | ) | — | — | — | — | ||||||||||||||||
Class R6 | (13,352 | ) | (24,850 | ) | — | — | — | — | ||||||||||||||||
Total distributions to shareholders | (158,673 | ) | (284,964 | ) | (399 | ) | (1,392 | ) | — | — | ||||||||||||||
From Fund Share Transactions (Note D): | ||||||||||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||||||||||
Investor Class | 38,941 | 69,572 | — | — | — | — | ||||||||||||||||||
Trust Class | 19,708 | 54,071 | — | — | — | — | ||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||
Institutional Class | 117,343 | 206,662 | 1,316 | 8,079 | 1 | 4,000 | ||||||||||||||||||
Class A | 12,329 | 47,761 | 165 | 3,543 | — | 500 | ||||||||||||||||||
Class C | 5,639 | 16,166 | 40 | 213 | — | 532 | ||||||||||||||||||
Class R3 | 4,921 | 8,582 | — | — | — | — | ||||||||||||||||||
Class R6 | 37,180 | 67,738 | — | — | — | — |
See Notes to Financial Statements
149
150
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | WORLD EQUITY FUND | ||||||||||||||||||||||
Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Year Ended August 31, 2015 | Six Months Ended February 29, 2016 (Unaudited) | Period from June 30, 2015 (Commencement of Operations) to August 31, 2015 | |||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Investor Class | 43,969 | 80,661 | — | — | — | — | ||||||||||||||||||
Trust Class | 29,722 | 62,288 | — | — | — | — | ||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||
Institutional Class | 41,836 | 68,496 | 267 | 878 | — | — | ||||||||||||||||||
Class A | 12,834 | 21,325 | 105 | 435 | — | — | ||||||||||||||||||
Class C | 4,114 | 6,180 | 10 | 31 | — | — | ||||||||||||||||||
Class R3 | 3,009 | 5,038 | — | — | — | — | ||||||||||||||||||
Class R6 | 15,611 | 27,271 | — | — | — | — | ||||||||||||||||||
Payments for shares redeemed: | ||||||||||||||||||||||||
Investor Class | (80,310 | ) | (133,905 | ) | — | — | — | — | ||||||||||||||||
Trust Class | (54,909 | ) | (158,470 | ) | — | — | — | — | ||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||
Institutional Class | (156,992 | ) | (194,272 | ) | (6,065 | ) | (6,637 | ) | — | — | ||||||||||||||
Class A | (23,918 | ) | (39,136 | ) | (2,950 | ) | (3,554 | ) | — | — | ||||||||||||||
Class C | (6,376 | ) | (6,487 | ) | (124 | ) | (195 | ) | (26 | ) | — | |||||||||||||
Class R3 | (5,387 | ) | (10,264 | ) | — | — | — | — | ||||||||||||||||
Class R6 | (19,933 | ) | (128,504 | ) | — | — | — | — | ||||||||||||||||
Net increase (decrease) from Fund share transactions | 39,331 | 70,773 | (7,236 | ) | 2,793 | (25 | ) | 5,032 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | (168,615 | ) | (199,157 | ) | (9,078 | ) | (290 | ) | (475 | ) | 4,792 | |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 2,237,011 | 2,436,168 | 20,869 | 21,159 | 4,792 | — | ||||||||||||||||||
End of period | $2,068,396 | $2,237,011 | $11,791 | $20,869 | $4,317 | $4,792 | ||||||||||||||||||
Undistributed net investment income (loss) at end of period | $6,157 | $13,587 | $94 | $203 | $27 | $29 | ||||||||||||||||||
Distributions in excess of net investment income at end of period | $— | $— | $— | $— | $— | $— |
See Notes to Financial Statements
151
152
Notes to Financial Statements Equity Funds (Unaudited)
Note A—Summary of Significant Accounting Policies:
1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the 1933 Act. The Funds are separate operating series of the Trust, each of which (except All Cap Core, Global Real Estate, Greater China Equity and Real Estate) is diversified. Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund (Multi-Cap Opportunities became diversified in December 2012). Ten Funds offer Investor Class shares, eleven offer Trust Class shares, six offer Advisor Class shares, twenty-three offer Institutional Class shares, twenty-two offer Class A shares, twenty-two offer Class C shares, eleven offer Class R3 shares and seven 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. Dividend Growth had no operations until December 15, 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 six
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months ended February 29, 2016 were $35,206, $5,674, $6,817, $48,145, $3,325, $3,842, $11,036 and $271, for Focus, Guardian, Intrinsic Value, Large Cap Value, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Socially Responsive and Value, respectively.
5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund, except Dividend Growth, to continue to, and the intention of Dividend Growth to, qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.
The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 29, 2016, 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 | ) | ||||||||||
Mid Cap Growth | (3,016,582 | ) | 4,315,459 | (1,298,877 | ) |
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Paid-in Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gains (Losses) on Investments | |||||||||||||
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 determined at
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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 | — | — |
6 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.
Emerging Markets Equity accrues deferred capital gains tax on unrealized gains for certain securities of issuers domiciled in India. At February 29, 2016, there were no outstanding balances of accrued deferred capital gains tax for Emerging Markets Equity.
Effective November 17, 2014 ("Effective Date"), a change in the capital gains tax provision for Greater China Equity arose due to changes in the tax rules in the People's Republic of China ("PRC"). Capital gains derived from the trading of PRC equity investments after the Effective Date are temporarily exempt from PRC withholding tax.
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Prior to the Effective Date, Greater China Equity had accrued deferred capital gains tax on unrealized gains on participatory notes. During the year ended August 31, 2015, $316,202 of capital gains tax provisions from prior periods were reversed and are included as part of the change in net unrealized appreciation (depreciation) of investments in the Statements of Changes in Net Assets. During the period ended February 29, 2016, $42,055 of capital gains taxes on gains previously realized were reversed and are included as part of net realized gain (loss) on sales of investment securities of unaffiliated issuers in the Statements of Operations. 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 February 29, 2016, Equity Income, Global Real Estate, Mid Cap Intrinsic Value, Real Estate and Small Cap Growth estimated these amounts for the period January 1, 2016 to February 29, 2016 within the financial statements since the 2016 information is not available from the REITs until after each Fund's fiscal period. 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 Dividend Growth in connection with its organization, which amounted to $65,309 and is reflected in Organization expense in the Statements of Operations, have been expensed as incurred.
9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are
158
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 six months ended February 29, 2016, certain of the Funds' use of derivatives, as described below, was limited to equity swaps, financial futures, forward contracts and written options 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 six months ended February 29, 2016, 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 February 29, 2016, the outstanding equity swaps* for World Equity were as follows:
Counterparty | Description | Expiration Date(s) | Value | ||||||||||||
Bank of America, N.A. | 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. | 1/30/2017- 7/11/2017 | $ | (5,250 | ) |
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* The following table represents the individual long positions and related values of the equity swaps with Bank of America, N.A. as of February 29, 2016.
Reference Entity | Shares | Notional Value(a)(b) | Net Unrealized Appreciation (Depreciation) | ||||||||||
Long Positions | |||||||||||||
United Kingdom | |||||||||||||
BAE Systems PLC | 5,825 | $ | 45,348 | $ | (3,756 | ) | |||||||
British American Tobacco PLC | 209 | 12,389 | (970 | ) | |||||||||
British American Tobacco PLC | 239 | 13,695 | (637 | ) | |||||||||
British American Tobacco PLC | 87 | 4,719 | 35 | ||||||||||
Total Long Positions of Equity Swaps | $ | (5,328 | ) | ||||||||||
Financing Costs and Other Receivables (Payables) | 78 | ||||||||||||
Equity Swaps, at Value—Bank of America, N.A. | $ | (5,250 | ) | ||||||||||
Counterparty | Description | Expiration Date(s) | Value | ||||||||||
Goldman Sachs International | 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. | 1/04/2017- 7/25/2017 | $ | (18,258 | ) |
* The following table represents the individual long positions and related values of the equity swaps with Goldman Sachs International as of February 29, 2016.
Reference Entity | Shares | Notional Value(a)(b) | Net Unrealized Appreciation (Depreciation) | ||||||||||
Long Positions | |||||||||||||
United Kingdom | |||||||||||||
BP PLC | 7,262 | $ | 40,607 | $ | (5,084 | ) | |||||||
Cairn Homes PLC | 17,121 | 21,923 | (271 | ) | |||||||||
Croda International PLC | 559 | 24,385 | (1,262 | ) | |||||||||
Croda International PLC | 544 | 25,303 | (2,800 | ) | |||||||||
Imperial Brands PLC | 246 | 12,881 | (135 | ) | |||||||||
Imperial Brands PLC | 89 | 4,663 | (52 | ) | |||||||||
Imperial Brands PLC | 81 | 3,946 | 251 | ||||||||||
Imperial Brands PLC | 623 | 32,887 | (608 | ) | |||||||||
ITV PLC | 2,795 | 11,515 | (1,844 | ) | |||||||||
ITV PLC | 2,990 | 11,831 | (1,485 | ) | |||||||||
Vodafone Group PLC | 6,692 | 24,436 | (3,972 | ) | |||||||||
Vodafone Group PLC | 6,851 | 22,015 | (1,065 | ) | |||||||||
Total Long Positions of Equity Swaps | $ | (18,327 | ) | ||||||||||
Financing Costs and Other Receivables (Payables) | 69 | ||||||||||||
Equity Swaps, at Value—Goldman Sachs International | $ | (18,258 | ) | ||||||||||
Counterparty | Description | Expiration Date(s) | Value | ||||||||||
Morgan Stanley Capital Services LLC | 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. | 3/16/2017- 8/29/2017 | $ | 6,465 |
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* The following table represents the individual long positions and related values of the equity swaps with Morgan Stanley Capital Services LLC as of February 29, 2016.
Reference Entity | Shares | Notional Value(a)(b) | Net Unrealized Appreciation (Depreciation) | ||||||||||
Long Positions | |||||||||||||
Germany | |||||||||||||
Rheinmetall AG | 436 | $ | 27,336 | $ | 3,760 | ||||||||
Rheinmetall AG | 223 | 15,445 | 459 | ||||||||||
Rheinmetall AG | 280 | 17,754 | 2,216 | ||||||||||
6,435 | |||||||||||||
United Kingdom | |||||||||||||
Croda International PLC | 113 | 4,668 | 6 | ||||||||||
Total Long Positions of Equity Swaps | $ | 6,441 | |||||||||||
Financing Costs and Other Receivables (Payables) | 24 | ||||||||||||
Equity Swaps, at Value—Morgan Stanley Capital Services LLC | 6,465 | ||||||||||||
Total Equity Swaps, at Value | $ | (17,043 | ) |
(a) Notional value represents the value (including any fees or commissions) of the long positions when they are established.
(b) For the six months ended February 29, 2016, the average notional value of equity swaps for World Equity was $521,815 for long positions.
Financial futures contracts: During the six months ended February 29, 2016, 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
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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 February 29, 2016, open positions in financial futures for World Equity were:
Expiration | Open Contracts | Position | Unrealized Appreciation (Depreciation) | ||||||||||||
March 2016 | 7 Mini MSCI Emerging Markets Index | Long | $ | 5,335 | |||||||||||
March 2016 | 1 S&P 500 E-Mini Index | Long | 2,323 | ||||||||||||
Total | $ | 7,658 |
During the six months ended February 29, 2016, the average notional value of financial futures for World Equity was $277,804 for long positions.
At February 29, 2016, the notional value of financial futures for World Equity was $356,210 for long positions.
At February 29, 2016, World Equity had deposited $19,085 in a segregated account to cover margin requirements on open financial futures.
Forward foreign currency contracts: During the six months ended February 29, 2016, 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 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 February 29, 2016, open forward contracts for World Equity were as follows:
Contracts to Deliver | In Exchange For | Counterparty | Settlement Date | Net Unrealized Appreciation (Depreciation) | |||||||||||||||||||
280,000 | Euro | $ | 304,857 | Morgan Stanley Capital Services LLC | 3/31/2016 | $ | 7,378 | ||||||||||||||||
173,700 | Pound Sterling | 241,791 | Morgan Stanley Capital Services LLC | 3/31/2016 | 9,196 | ||||||||||||||||||
$ | 16,574 |
For the six months ended February 29, 2016, World Equity's investment in forward contracts had an average notional value of $1,171,881.
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Options: Equity Income used written option transactions in an attempt to generate incremental returns for the six months ended February 29, 2016.
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.
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.
Written option transactions for Equity Income for the six months ended February 29, 2016 were:
Equity Income
Number of Contracts | Premium Received | ||||||||
Outstanding 8/31/2015 | 7,886 | $ | 1,325,251 | ||||||
Options written | 8,324 | 1,216,400 | |||||||
Options expired | (450 | ) | (49,674 | ) | |||||
Options exercised | (405 | ) | (68,416 | ) | |||||
Options closed | (13,305 | ) | (1,985,543 | ) | |||||
Outstanding 2/29/2016 | 2,050 | $ | 438,018 |
At February 29, 2016, Equity Income had deposited $6,825,000 in segregated accounts to cover requirements on put options written.
For the six months ended February 29, 2016, Equity Income had an average market value of $(909,262) in written options.
At February 29, 2016, 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) | $ | — | $ | — | $ | 6,898 | $ | 6,898 | ||||||||||
Financial futures | Receivable for variation margin on financial futures contracts(2) | — | — | 7,658 | 7,658 |
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Derivative Type | Statements of Assets and Liabilities Location | Interest Rate Risk | Currency Risk | Equity Risk | Total | ||||||||||||||
World Equity | |||||||||||||||||||
Forward contracts | Receivable for open forward foreign currency contracts | $ | — | $ | 16,574 | $ | — | $ | 16,574 | ||||||||||
Total Value—Assets | $ | — | $ | 16,574 | $ | 14,556 | $ | 31,130 |
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 | $ | — | $ | — | $ | (1,419,900 | ) | $ | (1,419,900 | ) | ||||||||
Total Value—Liabilities | $ | — | $ | — | $ | (1,419,900 | ) | $ | (1,419,900 | ) | |||||||||
World Equity | |||||||||||||||||||
Swap contracts | Open swap contracts, at value(1) | $ | — | $ | — | $ | (23,941 | ) | $ | (23,941 | ) | ||||||||
Total Value—Liabilities | $ | — | $ | — | $ | (23,941 | ) | $ | (23,941 | ) |
(1) "Swap contracts" reflects the appreciation (depreciation) of the equity swap contracts plus accrued interest as of February 29, 2016, which is reflected in the Statements of Assets and Liabilities under the caption "Open swap contracts, at value (Note A)."
(2) "Financial futures" reflects the cumulative appreciation (depreciation) of futures contracts as of February 29, 2016, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of February 29, 2016, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin on financial futures contracts."
The impact of the use of these derivative instruments on the Statements of Operations during the six months ended February 29, 2016, 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 | $ | — | $ | — | $ | 774,773 | $ | 774,773 | ||||||||||
Total Realized Gain (Loss) | $ | — | $ | — | $ | 774,773 | $ | 774,773 | |||||||||||
World Equity | |||||||||||||||||||
Swap contracts | Net realized gain (loss) on: swap contracts | $ | — | $ | — | $ | (88,335 | ) | $ | (88,335 | ) |
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Derivative Type | Statements of Operations Location | Interest Rate Risk | Currency Risk | Equity Risk | Total | ||||||||||||||
Financial futures | Net realized gain (loss) on: financial futures contracts | $ | — | $ | — | $ | (305 | ) | $ | (305 | ) | ||||||||
Forward contracts | Net realized gain (loss) on: forward foreign currency contracts | — | (84,244 | ) | — | (84,244 | ) | ||||||||||||
Total Realized Gain (Loss) | $ | — | $ | (84,244 | ) | $ | (88,640 | ) | $ | (172,884 | ) |
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 | $ | — | $ | — | $ | (342,273 | ) | $ | (342,273 | ) | ||||||||
Total Change in Appreciation (Depreciation) | $ | — | $ | — | $ | (342,273 | ) | $ | (342,273 | ) | |||||||||
World Equity | |||||||||||||||||||
Swap contracts | Change in net unrealized appreciation (depreciation) in value of: swap contracts | $ | — | $ | — | $ | 11,213 | $ | 11,213 | ||||||||||
Financial futures | Change in net unrealized appreciation (depreciation) in value of: financial futures contracts | — | — | 7,658 | 7,658 | ||||||||||||||
Forward contracts | Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts | — | 19,936 | — | 19,936 | ||||||||||||||
Total Change in Appreciation (Depreciation) | $ | — | $ | 19,936 | $ | 18,871 | $ | 38,807 |
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 six months ended February 29, 2016 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 February 29, 2016. World Equity's derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and
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Liabilities. The following tables present World Equity's derivative assets and liabilities by counterparty, net of 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 February 29, 2016.
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 | $ | 6,898 | $ | — | $ | 6,898 | |||||||||
Forward contracts | 16,574 | — | 16,574 | ||||||||||||
Total | $ | 23,472 | $ | — | $ | 23,472 |
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) | |||||||||||||
Bank of America, N.A. | $ | 113 | $ | (113 | ) | $ | — | $ | — | ||||||||
Goldman Sachs International | 320 | (320 | ) | — | — | ||||||||||||
Morgan Stanley Capital Services LLC | 23,039 | — | — | 23,039 | |||||||||||||
Total | $ | 23,472 | $ | (433 | ) | $ | — | $ | 23,039 |
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 | $ | (23,941 | ) | $ | — | $ | (23,941 | ) | |||||
Forward contracts | — | — | — | ||||||||||
Total | $ | (23,941 | ) | $ | — | $ | (23,941 | ) |
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. | $ | (5,363 | ) | $ | 113 | $ | (5,250 | ) | |||||||||
Goldman Sachs International | (18,578 | ) | 320 | $ | — | (18,258 | ) | ||||||||||
Total | $ | (23,941 | ) | $ | 433 | $ | — | $ | (23,508 | ) |
(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 February 29, 2016, in the event of a counterparty failure.
(c) Net Amount represents amounts under-collateralized by World Equity to each counterparty as of February 29, 2016.
12 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.
13 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.
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Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:
Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee according to the following table:
Investment Management Fee as a Percentage of Average Daily Net Assets:
First $250 million | Next $250 million | Next $250 million | Next $250 million | Next $500 million | Next $500 million | Next $500 million | Next $1.5 billion | Thereafter | |||||||||||||||||||||||||||||||
For Genesis, Intrinsic Value, and Small Cap Growth: | |||||||||||||||||||||||||||||||||||||||
0.85 | % | 0.80 | % | 0.75 | % | 0.70 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||
For Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||||||
1.00 | % | 0.975 | % | 0.95 | % | 0.925 | % | 0.90 | % | 0.875 | % | 0.875 | % | 0.875 | % | 0.85 | % | ||||||||||||||||||||||
For Global Real Estate and Real Estate: | |||||||||||||||||||||||||||||||||||||||
0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||||||||||||
For International Equity(1): | |||||||||||||||||||||||||||||||||||||||
0.85 | % | 0.825 | % | 0.80 | % | 0.775 | % | 0.75 | % | 0.725 | % | 0.725 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||||||
For All Cap Core, Equity Income, Focus, Guardian, International Select, Large Cap Disciplined Growth, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value(1), Socially Responsive and Value: | |||||||||||||||||||||||||||||||||||||||
0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.45 | % | 0.425 | % | 0.425 | % | 0.425 | % | 0.40 | % | ||||||||||||||||||||||
For Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||||||
0.60 | % | 0.575 | % | 0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.475 | % | 0.475 | % | 0.45 | % | ||||||||||||||||||||||
For Global Equity: | |||||||||||||||||||||||||||||||||||||||
0.75 | % | 0.725 | % | 0.70 | % | 0.675 | % | 0.65 | % | 0.625 | % | 0.625 | % | 0.625 | % | 0.60 | % | ||||||||||||||||||||||
For 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 | % | ||||||||||||||||||||||
For Dividend Growth: | |||||||||||||||||||||||||||||||||||||||
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.475 | % | 0.475 | % | 0.475 | % | 0.45 | % |
(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 November 1, 2015, Management has voluntarily agreed to waive its management fee in the amount of 0.11% of the average daily net assets of Mid Cap Intrinsic Value (0.16% effective March 1, 2015, 0.20% effective October 13, 2014, 0.30% effective February 1, 2014, 0.36% effective May 1, 2013, 0.33% effective February 1, 2013, 0.28% effective December 1, 2012 and 0.25% effective February 1, 2012). Management may, at its sole discretion, modify or terminate these voluntary waivers without notice to International Equity or Mid Cap Intrinsic Value. For the six months ended February 29, 2016, such waived fees amounted to $1,124,838 and $63,083 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.
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Accordingly, for the six months ended February 29, 2016, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets, as follows:
Effective Rate | Effective Rate | ||||||||||||||
All Cap Core | 0.55 | % | Intrinsic Value | 0.83 | % | ||||||||||
Dividend Growth | 0.50 | % | Large Cap Disciplined Growth | 0.55 | % | ||||||||||
Emerging Markets Equity | 0.99 | % | Large Cap Value | 0.50 | % | ||||||||||
Equity Income | 0.48 | % | Mid Cap Growth | 0.50 | % | ||||||||||
Focus | 0.52 | % | Mid Cap Intrinsic Value | 0.55 | %(2) | ||||||||||
Genesis | 0.66 | % | Multi-Cap Opportunities | 0.52 | % | ||||||||||
Global Equity | 0.75 | % | Real Estate | 0.80 | % | ||||||||||
Global Real Estate | 0.80 | % | Small Cap Growth | 0.85 | % | ||||||||||
Greater China Equity | 1.10 | % | Socially Responsive | 0.47 | % | ||||||||||
Guardian | 0.50 | % | Value | 0.55 | % | ||||||||||
International Equity | 0.80 | %(1) | World Equity | 0.70 | % | ||||||||||
International Select | 0.55 | % |
(1) 0.62% annual effective net rate of the Fund's average daily net assets.
(2) 0.42% 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.
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.
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During the six months ended February 29, 2016, the following classes repaid Management under their contractual expense limitation agreements as follows:
Class | Expenses Repaid to Management | ||||||
Guardian Advisor Class | $ | 15 | |||||
Mid Cap Growth Institutional Class | 48,148 | ||||||
Mid Cap Growth Class A | 7,100 |
At February 29, 2016, contingent liabilities to Management under the agreements were as follows:
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
All Cap Core Fund Institutional Class | 0.75 | % | 8/31/19 | $ | 125,967 | $ | 142,102 | $ | 193,802 | $ | 90,932 | ||||||||||||||||
All Cap Core Fund Class A | 1.20 | % | 8/31/19 | 84,083 | 64,707 | 38,933 | 20,039 | ||||||||||||||||||||
All Cap Core Fund Class C | 1.95 | % | 8/31/19 | 33,146 | 30,603 | 33,756 | 20,124 | ||||||||||||||||||||
Dividend Growth Fund Institutional Class | 0.69 | % | 8/31/19 | — | — | — | 102,919 | (10) | |||||||||||||||||||
Dividend Growth Fund Class A | 1.05 | % | 8/31/19 | — | — | — | 5,525 | (10) | |||||||||||||||||||
Dividend Growth Fund Class C | 1.80 | % | 8/31/19 | — | — | — | 5,676 | (10) | |||||||||||||||||||
Dividend Growth Fund Class R6 | 0.62 | % | 8/31/19 | — | — | — | 10,429 | (10) | |||||||||||||||||||
Emerging Markets Equity Fund Institutional Class | 1.25 | % | 8/31/19 | 993,712 | 883,793 | 744,611 | 283,250 | ||||||||||||||||||||
Emerging Markets Equity Fund Class A | 1.50 | % | 8/31/19 | 30,312 | 50,749 | 48,820 | 22,625 | ||||||||||||||||||||
Emerging Markets Equity Fund Class C | 2.25 | % | 8/31/19 | 13,600 | 17,601 | 19,352 | 7,706 | ||||||||||||||||||||
Emerging Markets Equity Fund Class R3 | 1.91 | % | 8/31/19 | 689 | 937 | 1,334 | 768 | ||||||||||||||||||||
Emerging Markets Equity Fund Class R6 | 1.18 | % | 8/31/19 | 38,968 | (4) | 122,359 | 135,881 | 70,731 | |||||||||||||||||||
Equity Income Fund Institutional Class | 0.80 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Equity Income Fund Class A | 1.16 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Equity Income Fund Class C | 1.91 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Equity Income Fund Class R3 | 1.41 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Focus Fund Trust Class | 1.50 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Focus Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Fund Institutional Class | 0.75 | % | 8/31/19 | 4,649 | 521 | 1,569 | 560 | ||||||||||||||||||||
Focus Fund Class A | 1.11 | % | 8/31/19 | 977 | 726 | 1,267 | 760 | ||||||||||||||||||||
Focus Fund Class C | 1.86 | % | 8/31/19 | 342 | 435 | 714 | 463 | ||||||||||||||||||||
Genesis Fund Trust Class | 1.50 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Genesis Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Fund Institutional Class | 0.85 | % | 8/31/22 | 117,849 | — | 114,064 | 64,304 | ||||||||||||||||||||
Genesis Fund Class R6 | 0.78 | % | 8/31/19 | — | (4) | — | 98,555 | 59,515 | |||||||||||||||||||
Global Equity Fund Institutional Class | 1.15 | % | 8/31/19 | 261,844 | 210,511 | 250,677 | 111,983 | ||||||||||||||||||||
Global Equity Fund Class A | 1.51 | % | 8/31/19 | 6,060 | 2,179 | 14,279 | 17,203 |
169
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
Global Equity Fund Class C | 2.26 | % | 8/31/19 | $ | 2,623 | $ | 967 | $ | 5,804 | $ | 8,234 | ||||||||||||||||
Global Real Estate Fund Institutional Class | 1.00 | % | 8/31/19 | — | — | 185,695 | (8) | 95,938 | |||||||||||||||||||
Global Real Estate Fund Class A | 1.36 | % | 8/31/19 | — | — | 58,618 | (8) | 31,564 | |||||||||||||||||||
Global Real Estate Fund Class C | 2.11 | % | 8/31/19 | — | — | 24,540 | (8) | 11,986 | |||||||||||||||||||
Greater China Equity Fund Institutional Class | 1.50 | % | 8/31/19 | 160,702 | (5) | 193,960 | 127,913 | 135,556 | |||||||||||||||||||
Greater China Equity Fund Class A | 1.86 | % | 8/31/19 | 2,385 | (5) | 1,756 | 5,520 | 4,973 | |||||||||||||||||||
Greater China Equity Fund Class C | 2.61 | % | 8/31/19 | 2,350 | (5) | 264 | 302 | 265 | |||||||||||||||||||
Guardian Fund Trust Class | 1.50 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | 132 | — | ||||||||||||||||||||
Guardian Fund Institutional Class | 0.75 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Class A | 1.11 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Class C | 1.86 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Class R3 | 1.36 | % | 8/31/19 | 134 | 114 | 82 | 106 | ||||||||||||||||||||
International Equity Fund Investor Class | 1.40 | % | 8/31/19 | — | (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 | — | 5,472 | ||||||||||||||||||||
International Equity Fund Class A | 1.21 | %(6) | 8/31/19 | — | (3) | 8,879 | — | 5,785 | |||||||||||||||||||
International Equity Fund Class C | 1.96 | %(6) | 8/31/19 | 1,409 | (3) | 1,864 | 280 | 1,190 | |||||||||||||||||||
International Equity Fund Class R6 | 0.78 | % | 8/31/19 | — | — | (7) | — | 145 | |||||||||||||||||||
International Select Fund Trust Class | 1.25 | % | 8/31/19 | 17,980 | 10,697 | 9,411 | 4,836 | ||||||||||||||||||||
International Select Fund Institutional Class | 0.90 | % | 8/31/19 | 126,756 | 58,414 | 59,370 | 29,720 | ||||||||||||||||||||
International Select Fund Class A | 1.30 | %(2) | 8/31/19 | 6,163 | 430 | 535 | 311 | ||||||||||||||||||||
International Select Fund Class C | 2.00 | % | 8/31/19 | 3,613 | 2,151 | 1,862 | 783 | ||||||||||||||||||||
International Select Fund Class R3 | 1.51 | % | 8/31/19 | 1,103 | 1,076 | 1,375 | 761 | ||||||||||||||||||||
Intrinsic Value Fund Institutional Class | 1.00 | % | 8/31/19 | 289,297 | 302,070 | 340,028 | 151,132 | ||||||||||||||||||||
Intrinsic Value Fund Class A | 1.36 | % | 8/31/19 | 20,599 | 28,539 | 36,427 | 26,462 | ||||||||||||||||||||
Intrinsic Value Fund Class C | 2.11 | % | 8/31/19 | 16,477 | 17,391 | 20,091 | 10,880 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Investor Class | 1.11 | % | 8/31/19 | — | — | 24,759 | 29,519 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Institutional Class | 0.75 | % | 8/31/19 | 219,810 | 239,882 | 207,321 | 88,988 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Class A | 1.11 | % | 8/31/19 | 29,500 | 32,217 | 17,358 | 11,056 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Class C | 1.86 | % | 8/31/19 | 15,074 | 23,600 | 44,223 | 28,187 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Class R3 | 1.36 | % | 8/31/19 | 327 | 375 | 845 | 700 |
170
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
Large Cap Value Fund Trust Class | 1.50 | % | 8/31/19 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Large Cap Value Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Institutional Class | 0.70 | % | 8/31/19 | — | — | — | 4,856 | ||||||||||||||||||||
Large Cap Value Fund Class A | 1.11 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Class C | 1.86 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Class R3 | 1.36 | % | �� | 8/31/19 | 83 | 82 | 150 | 84 | |||||||||||||||||||
Mid Cap Growth Fund Trust Class | 1.50 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Institutional Class | 0.75 | % | 8/31/19 | 22,814 | 6,497 | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Class A | 1.11 | % | 8/31/19 | 44,484 | 19,819 | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Class C | 1.86 | % | 8/31/19 | 2,985 | 2,522 | 1,417 | 348 | ||||||||||||||||||||
Mid Cap Growth Fund Class R3 | 1.36 | % | 8/31/19 | 3,079 | 1,821 | 1,091 | 468 | ||||||||||||||||||||
Mid Cap Growth Fund Class R6 | 0.68 | % | 8/31/19 | — | (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 | 6,047 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Institutional Class | 0.85 | % | 8/31/19 | 3,203 | — | 9,476 | 12,516 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class A | 1.21 | % | 8/31/19 | 5,190 | — | 6,502 | 8,195 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class C | 1.96 | % | 8/31/19 | 494 | — | 1,413 | 1,939 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class R3 | 1.46 | % | 8/31/19 | 203 | 60 | 515 | 792 | ||||||||||||||||||||
Multi-Cap Opportunities Fund Institutional Class | 1.00 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Fund Class A | 1.36 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Fund Class C | 2.11 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
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 | 312,700 | ||||||||||||||||||||
Real Estate Fund Class A | 1.21 | % | 8/31/19 | 336,286 | 372,528 | 344,667 | 138,825 | ||||||||||||||||||||
Real Estate Fund Class C | 1.96 | % | 8/31/19 | 90,654 | 95,712 | 82,791 | 32,493 | ||||||||||||||||||||
Real Estate Fund Class R3 | 1.46 | % | 8/31/19 | 24,426 | 40,953 | 50,213 | 24,787 | ||||||||||||||||||||
Real Estate Fund Class R6 | 0.78 | % | 8/31/19 | 5,033 | (4) | 29,668 | 58,233 | 32,101 | |||||||||||||||||||
Small Cap Growth Fund Investor Class | 1.30 | %(2) | 8/31/22 | 177,688 | 192,480 | 193,142 | 106,280 | ||||||||||||||||||||
Small Cap Growth Fund Trust Class | 1.40 | % | 8/31/22 | 60,615 | 34,116 | 25,252 | 12,104 | ||||||||||||||||||||
Small Cap Growth Fund Advisor Class | 1.60 | %(2) | 8/31/22 | 14,942 | 14,620 | 12,127 | 5,491 | ||||||||||||||||||||
Small Cap Growth Fund Institutional Class | 0.90 | % | 8/31/19 | 147,976 | 95,710 | 111,321 | 53,545 | ||||||||||||||||||||
Small Cap Growth Fund Class A | 1.26 | % | 8/31/19 | 9,439 | 28,007 | 26,944 | 12,923 | ||||||||||||||||||||
Small Cap Growth Fund Class C | 2.01 | % | 8/31/19 | 4,742 | 9,549 | 10,735 | 6,711 | ||||||||||||||||||||
Small Cap Growth Fund Class R3 | 1.51 | % | 8/31/19 | 1,908 | 3,116 | 4,968 | 4,098 |
171
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
Socially Responsive Fund Trust Class | 1.50 | % | 8/31/19 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Socially Responsive Fund Institutional Class | 0.75 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class A | 1.11 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class C | 1.86 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class R3 | 1.36 | % | 8/31/19 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class R6 | 0.68 | % | 8/31/19 | — | (4) | — | — | — | |||||||||||||||||||
Value Fund Institutional Class | 0.75 | %(2) | 8/31/19 | 122,469 | 156,332 | 166,457 | 81,621 | ||||||||||||||||||||
Value Fund Class A | 1.11 | %(2) | 8/31/19 | 141,386 | 94,806 | 98,743 | 43,557 | ||||||||||||||||||||
Value Fund Class C | 1.86 | %(2) | 8/31/19 | 8,538 | 7,238 | 7,050 | 4,276 | ||||||||||||||||||||
World Equity Fund Institutional Class | 1.00 | % | 8/31/19 | — | — | 105,110 | (9) | 138,345 | |||||||||||||||||||
World Equity Fund Class A | 1.36 | % | 8/31/19 | — | — | 14,475 | (9) | 17,315 | |||||||||||||||||||
World Equity Fund Class C | 2.11 | % | 8/31/19 | — | — | 14,548 | (9) | 18,223 |
(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% (effective December 30, 2015 and prior to September 18, 2015; 0.71% from September 18, 2015 to December 29, 2015), 1.09% (effective December 30, 2015; 1.10% from September 18, 2015 to December 29, 2015; 1.08% from December 12, 2014 to September 17, 2015; 1.06% from September 12, 2014 to December 11, 2014; 1.08% from June 13, 2014 to September 11, 2014; 1.09% from March 14, 2014 to June 12, 2014; and 1.04% prior to October 12, 2012), and 1.83% (effective December 12, 2014), respectively, per annum of their average daily net assets. For the six months ended February 29, 2016, 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 $1,179, $440,714, $20,046, $1,114, $2,082, $414 and $73, respectively. These amounts are not subject to recovery by Management. These undertakings, which are terminable by Management upon notice to International Select, Real Estate, Small Cap Growth and Value, are in addition to the contractual undertakings as stated above.
(3) Period from January 28, 2013 (Commencement of Operations) to August 31, 2013.
(4) Period from March 15, 2013 (Commencement of Operations) to August 31, 2013.
(5) Period from July 17, 2013 (Commencement of Operations) to August 31, 2013.
(6) From January 28, 2013 to June 27, 2013, the contractual expense limitation was 1.51% for Class A and 2.26% for Class C.
(7) Period from September 3, 2013 (Commencement of Operations) to August 31, 2014.
(8) Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.
(9) Period from June 30, 2015 (Commencement of Operations) to August 31, 2015.
172
(10) Period from December 15, 2015 (Commencement of Operations) to February 29, 2016.
Neuberger Berman Asia Limited ("NB 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 investment business.
Neuberger Berman LLC ("NB LLC"), as the sub-adviser to each Fund (except Greater China Equity), was retained by Management through December 31, 2015, to furnish it with investment recommendations, research information and related services without added cost to the Funds. Several individuals who are Officers and/or Trustees of the Trust are also employees of NB LLC and/or Management. As a result of the entity consolidation described on page 52 of this Semi-Annual Report, the services previously provided by NB LLC under the sub-advisory agreements are being provided by NBIA as of January 1, 2016.
Each Fund also has a distribution agreement with Neuberger Berman Management LLC ("NBM") with respect to each class of shares. NBM acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears advertising and promotion expenses.
However, NBM receives fees from Trust Class of Focus, Guardian, International Select, Large Cap Value, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Socially Responsive, Advisor Class of each Fund that offers that class, and Class A, Class C and Class R3 of each Fund that offers those classes under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, NBM's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, NBM receives from each of these respective classes a fee at the annual rate of 0.10% of such Trust Class's, 0.25% of such Advisor Class's, 0.25% of such Class A's, 1.00% of such Class C's and 0.50% of such Class R3's average daily net assets. NBM receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.
Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.
For the six months ended February 29, 2016, NBM, 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 | $ | 108 | $ | — | $ | — | $ | — | |||||||||||
All Cap Core Fund Class C | — | 22 | — | — | |||||||||||||||
Dividend Growth Fund Class A(1) | — | — | — | — | |||||||||||||||
Dividend Growth Fund Class C(1) | — | — | — | — | |||||||||||||||
Emerging Markets Equity Fund Class A | 734 | — | — | — | |||||||||||||||
Emerging Markets Equity Fund Class C | — | 580 | — | — | |||||||||||||||
Equity Income Fund Class A | 11,727 | — | — | — | |||||||||||||||
Equity Income Fund Class C | — | 33,356 | — | — | |||||||||||||||
Focus Fund Class A | 187 | — | — | — |
173
Underwriter | Broker-Dealer | ||||||||||||||||||
Net Initial Sales Charge | CDSC | Net Initial Sales Charge | CDSC | ||||||||||||||||
Focus Fund Class C | $ | — | $ | 241 | $ | — | $ | — | |||||||||||
Global Equity Fund Class A | 48 | — | — | — | |||||||||||||||
Global Equity Fund Class C | — | 5 | — | — | |||||||||||||||
Global Real Estate Fund Class A | — | — | — | — | |||||||||||||||
Global Real Estate Fund Class C | — | — | — | — | |||||||||||||||
Greater China Equity Fund Class A | 155 | — | — | — | |||||||||||||||
Greater China Equity Fund Class C | — | — | — | — | |||||||||||||||
Guardian Fund Class A | 357 | — | — | — | |||||||||||||||
Guardian Fund Class C | — | 41 | — | — | |||||||||||||||
International Equity Fund Class A | 3,297 | — | — | — | |||||||||||||||
International Equity Fund Class C | — | 7,168 | — | — | |||||||||||||||
International Select Fund Class A | 72 | — | — | — | |||||||||||||||
International Select Fund Class C | — | 224 | — | — | |||||||||||||||
Intrinsic Value Fund Class A | 12,685 | — | — | — | |||||||||||||||
Intrinsic Value Fund Class C | — | 6,207 | — | — | |||||||||||||||
Large Cap Disciplined Growth Fund Class A | 248 | — | — | — | |||||||||||||||
Large Cap Disciplined Growth Fund Class C | — | 272 | — | — | |||||||||||||||
Large Cap Value Fund Class A | 8 | — | — | — | |||||||||||||||
Large Cap Value Fund Class C | — | 323 | — | — | |||||||||||||||
Mid Cap Growth Fund Class A | 11,330 | — | — | — | |||||||||||||||
Mid Cap Growth Fund Class C | — | 3,937 | — | — | |||||||||||||||
Mid Cap Intrinsic Value Fund Class A | 1,376 | — | — | — | |||||||||||||||
Mid Cap Intrinsic Value Fund Class C | — | — | — | — | |||||||||||||||
Multi-Cap Opportunities Fund Class A | 9,241 | — | — | — | |||||||||||||||
Multi-Cap Opportunities Fund Class C | — | 3,807 | — | — | |||||||||||||||
Real Estate Fund Class A | 1,098 | — | — | — | |||||||||||||||
Real Estate Fund Class C | — | 1,383 | — | — | |||||||||||||||
Small Cap Growth Fund Class A | 653 | — | — | — | |||||||||||||||
Small Cap Growth Fund Class C | — | 68 | — | — | |||||||||||||||
Socially Responsive Fund Class A | 13,703 | — | — | — | |||||||||||||||
Socially Responsive Fund Class C | — | 5,175 | — | — | |||||||||||||||
Value Fund Class A | 102 | — | — | — | |||||||||||||||
Value Fund Class C | — | 6 | — | — | |||||||||||||||
World Equity Fund Class A | — | — | — | — | |||||||||||||||
World Equity Fund Class C | — | — | — | — |
(1) Period from December 15, 2015 (Commencement of Operations) to February 29, 2016.
For the six months ended February 29, 2016, Mid Cap Growth recorded a capital contribution from Management in the amount of $1,006,679. This amount was paid in connection with losses incurred in the execution of a trade.
174
Note C—Securities Transactions:
During the six months ended February 29, 2016, 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 | $ | 32,149 | $ | 42,985 | Intrinsic Value | $ | 122,091 | $ | 19,515 | ||||||||||||||
Dividend Growth(1) | 12,816 | 108 | Large Cap Disciplined Growth | 13,767 | 32,705 | ||||||||||||||||||
Emerging Markets Equity | 71,354 | 119,552 | Large Cap Value | 996,114 | 990,163 | ||||||||||||||||||
Equity Income | 497,545 | 873,294 | Mid Cap Growth | 465,433 | 336,675 | ||||||||||||||||||
Focus | 315,756 | 372,077 | Mid Cap Intrinsic Value | 17,123 | 21,657 | ||||||||||||||||||
Genesis | 653,486 | 1,735,114 | Multi-Cap Opportunities | 163,885 | 435,625 | ||||||||||||||||||
Global Equity | 737 | 637 | Real Estate | 158,650 | 322,402 | ||||||||||||||||||
Global Real Estate | 393 | 447 | Small Cap Growth | 80,196 | 85,282 | ||||||||||||||||||
Greater China Equity | 62,000 | 93,314 | Socially Responsive | 295,019 | 415,178 | ||||||||||||||||||
Guardian | 751,153 | 1,013,109 | Value | 10,617 | 18,215 | ||||||||||||||||||
International Equity | 399,805 | 225,525 | World Equity | 4,827 | 5,361 | ||||||||||||||||||
International Select | 34,308 | 34,787 |
(1) Period from December 15, 2015 (Commencement of Operations) to February 29, 2016.
During the six months ended February 29, 2016, no brokerage commissions on securities transactions were paid to affiliated brokers.
Note D—Fund Share Transactions:
Share activity for the six months ended February 29, 2016 and for the year ended August 31, 2015 was as follows:
For the Six Months Ended February 29, 2016 | For the Year Ended August 31, 2015 | ||||||||||||||||||||||||||||||||||
(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 | 115 | 168 | (1,458 | ) | (1,175 | ) | 1,960 | 1,031 | (4,248 | ) | (1,257 | ) | |||||||||||||||||||||||
Class A | 132 | 42 | (146 | ) | 28 | 231 | 225 | (1,876 | ) | (1,420 | ) | ||||||||||||||||||||||||
Class C | 14 | 45 | (142 | ) | (83 | ) | 94 | 235 | (763 | ) | (434 | ) | |||||||||||||||||||||||
Dividend Growth: | |||||||||||||||||||||||||||||||||||
Institutional Class(3) | 1,280 | — | (7 | ) | 1,273 | — | — | — | — | ||||||||||||||||||||||||||
Class A(3) | 54 | — | — | 54 | — | — | — | — | |||||||||||||||||||||||||||
Class C(3) | 61 | — | — | 61 | — | — | — | — | |||||||||||||||||||||||||||
Class R6(3) | 100 | — | — | 100 | — | — | — | — |
175
For the Six Months Ended February 29, 2016 | For the Year Ended August 31, 2015 | ||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 3,608 | 83 | (6,249 | ) | (2,558 | ) | 5,409 | 180 | (12,309 | ) | (6,720 | ) | |||||||||||||||||||||||
Class A | 535 | 3 | (317 | ) | 221 | 439 | 6 | (601 | ) | (156 | ) | ||||||||||||||||||||||||
Class C | 22 | — | (126 | ) | (104 | ) | 160 | 0 | z | (103 | ) | 57 | |||||||||||||||||||||||
Class R3 | 20 | 0 | z | (6 | ) | 14 | 41 | 0 | z | (22 | ) | 19 | |||||||||||||||||||||||
Class R6 | 99 | 48 | (194 | ) | (47 | ) | 1,689 | 58 | (115 | ) | 1,632 | ||||||||||||||||||||||||
Equity Income: | |||||||||||||||||||||||||||||||||||
Institutional Class | 6,995 | 4,556 | (35,581 | ) | (24,030 | ) | 29,741 | 7,206 | (33,615 | ) | 3,332 | ||||||||||||||||||||||||
Class A | 1,310 | 961 | (5,618 | ) | (3,347 | ) | 4,659 | 1,689 | (16,802 | ) | (10,454 | ) | |||||||||||||||||||||||
Class C | 1,222 | 991 | (5,559 | ) | (3,346 | ) | 4,276 | 1,391 | (6,561 | ) | (894 | ) | |||||||||||||||||||||||
Class R3 | 20 | 9 | (149 | ) | (120 | ) | 119 | 12 | (68 | ) | 63 | ||||||||||||||||||||||||
Focus: | |||||||||||||||||||||||||||||||||||
Investor Class | 112 | 1,150 | (1,021 | ) | 241 | 292 | 3,621 | (2,261 | ) | 1,652 | |||||||||||||||||||||||||
Trust Class | 57 | 431 | (850 | ) | (362 | ) | 955 | 1,721 | (3,055 | ) | (379 | ) | |||||||||||||||||||||||
Advisor Class | 57 | 111 | (240 | ) | (72 | ) | 173 | 267 | (272 | ) | 168 | ||||||||||||||||||||||||
Institutional Class | 78 | 21 | (908 | ) | (809 | ) | 925 | 56 | (171 | ) | 810 | ||||||||||||||||||||||||
Class A | 28 | 23 | (91 | ) | (40 | ) | 348 | 50 | (316 | ) | 82 | ||||||||||||||||||||||||
Class C | 54 | 50 | (102 | ) | 2 | 273 | 58 | (91 | ) | 240 | |||||||||||||||||||||||||
Genesis: | |||||||||||||||||||||||||||||||||||
Investor Class | 2,441 | 8,432 | (13,180 | ) | (2,307 | ) | 5,468 | 7,864 | (17,210 | ) | (3,878 | ) | |||||||||||||||||||||||
Trust Class | 1,317 | 3,071 | (5,959 | ) | (1,571 | ) | 2,766 | 3,563 | (18,819 | ) | (12,490 | ) | |||||||||||||||||||||||
Advisor Class | 1,168 | 2,934 | (6,342 | ) | (2,240 | ) | 3,289 | 2,515 | (7,977 | ) | (2,173 | ) | |||||||||||||||||||||||
Institutional Class | 7,848 | 6,478 | (14,653 | ) | (327 | ) | 11,595 | 6,762 | (36,467 | ) | (18,110 | ) | |||||||||||||||||||||||
Class R6 | 7,126 | 5,788 | (4,880 | ) | 8,034 | 11,786 | 4,300 | (10,853 | ) | 5,233 | |||||||||||||||||||||||||
Global Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 0 | z | 1 | (2 | ) | (1 | ) | 15 | 225 | (3,202 | ) | (2,962 | ) | ||||||||||||||||||||||
Class A | 18 | — | (6 | ) | 12 | 26 | 24 | (19 | ) | 31 | |||||||||||||||||||||||||
Class C | 3 | — | (2 | ) | 1 | 20 | 8 | (5 | ) | 23 | |||||||||||||||||||||||||
Global Real Estate: | |||||||||||||||||||||||||||||||||||
Institutional Class | 0 | z | 0 | z | — | 0 | z | 200 | 1 | — | 201 | (1) | |||||||||||||||||||||||
Class A | 0 | z | 0 | z | (1 | ) | (1 | ) | 66 | 0 | z | — | 66 | (1) | |||||||||||||||||||||
Class C | — | — | — | — | 25 | 0 | z | — | 25 | (1) | |||||||||||||||||||||||||
Greater China Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 2,399 | 389 | (4,073 | ) | (1,285 | ) | 8,957 | 129 | (6,123 | ) | 2,963 | ||||||||||||||||||||||||
Class A | 663 | 24 | (829 | ) | (142 | ) | 529 | 16 | (339 | ) | 206 | ||||||||||||||||||||||||
Class C | — | 1 | (2 | ) | (1 | ) | 4 | 1 | (1 | ) | 4 |
176
For the Six Months Ended February 29, 2016 | For the Year Ended August 31, 2015 | ||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Guardian: | |||||||||||||||||||||||||||||||||||
Investor Class | 333 | 7,174 | (3,999 | ) | 3,508 | 961 | 8,305 | (5,876 | ) | 3,390 | |||||||||||||||||||||||||
Trust Class | 167 | 1,446 | (1,745 | ) | (132 | ) | 671 | 1,810 | (2,853 | ) | (372 | ) | |||||||||||||||||||||||
Advisor Class | 11 | 3 | (4 | ) | 10 | 3 | 3 | (6 | ) | 0 | z | ||||||||||||||||||||||||
Institutional Class | 391 | 577 | (2,814 | ) | (1,846 | ) | 1,343 | 875 | (3,053 | ) | (835 | ) | |||||||||||||||||||||||
Class A | 332 | 132 | (6,390 | ) | (5,926 | ) | 2,162 | 1,159 | (1,566 | ) | 1,755 | ||||||||||||||||||||||||
Class C | 49 | 17 | (42 | ) | 24 | 36 | 20 | (52 | ) | 4 | |||||||||||||||||||||||||
Class R3 | 6 | 4 | (6 | ) | 4 | 22 | 5 | (31 | ) | (4 | ) | ||||||||||||||||||||||||
International Equity: | |||||||||||||||||||||||||||||||||||
Investor Class | 180 | 25 | (465 | ) | (260 | ) | 603 | 43 | (703 | ) | (57 | ) | |||||||||||||||||||||||
Trust Class | 139 | 5 | (337 | ) | (193 | ) | 360 | 10 | (806 | ) | (436 | ) | |||||||||||||||||||||||
Institutional Class | 26,613 | 1,013 | (11,566 | ) | 16,060 | 20,402 | 1,346 | (17,406 | ) | 4,342 | |||||||||||||||||||||||||
Class A | 1,130 | 7 | (1,051 | ) | 86 | 3,542 | 6 | (550 | ) | 2,998 | |||||||||||||||||||||||||
Class C | 166 | — | (77 | ) | 89 | 342 | 0 | z | (93 | ) | 249 | ||||||||||||||||||||||||
Class R6 | 829 | 45 | (294 | ) | 580 | 1,637 | 36 | (562 | ) | 1,111 | |||||||||||||||||||||||||
International Select: | |||||||||||||||||||||||||||||||||||
Trust Class | 57 | 8 | (270 | ) | (205 | ) | 39 | 12 | (243 | ) | (192 | ) | |||||||||||||||||||||||
Institutional Class | 677 | 252 | (1,038 | ) | (109 | ) | 3,139 | 287 | (1,855 | ) | 1,571 | ||||||||||||||||||||||||
Class A | 135 | 3 | (68 | ) | 70 | 148 | 8 | (628 | ) | (472 | ) | ||||||||||||||||||||||||
Class C | 3 | 0 | z | (16 | ) | (13 | ) | 58 | 0 | z | (122 | ) | (64 | ) | |||||||||||||||||||||
Class R3 | 40 | 2 | (19 | ) | 23 | 195 | 2 | (68 | ) | 129 | |||||||||||||||||||||||||
Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 14,487 | 1,318 | (7,289 | ) | 8,516 | 14,311 | 887 | (2,699 | ) | 12,499 | |||||||||||||||||||||||||
Class A | 1,432 | 165 | (957 | ) | 640 | 2,767 | 66 | (598 | ) | 2,235 | |||||||||||||||||||||||||
Class C | 374 | 89 | (245 | ) | 218 | 1,140 | 39 | (150 | ) | 1,029 | |||||||||||||||||||||||||
Large Cap Disciplined Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 103 | — | (185 | ) | (82 | ) | 222 | 1,421 | (519 | ) | 1,124 | ||||||||||||||||||||||||
Institutional Class | 545 | — | (4,744 | ) | (4,199 | ) | 6,125 | 9,668 | (28,538 | ) | (12,745 | ) | |||||||||||||||||||||||
Class A | 83 | — | (262 | ) | (179 | ) | 520 | 411 | (1,466 | ) | (535 | ) | |||||||||||||||||||||||
Class C | 635 | — | (1,087 | ) | (452 | ) | 1,946 | 943 | (2,938 | ) | (49 | ) | |||||||||||||||||||||||
Class R3 | 3 | — | (1 | ) | 2 | 19 | 12 | (1 | ) | 30 | |||||||||||||||||||||||||
Large Cap Value: | |||||||||||||||||||||||||||||||||||
Investor Class | 282 | 3,565 | (2,243 | ) | 1,604 | 561 | 4,959 | (3,948 | ) | 1,572 | |||||||||||||||||||||||||
Trust Class | 89 | 808 | (1,844 | ) | (947 | ) | 290 | 1,157 | (1,422 | ) | 25 | ||||||||||||||||||||||||
Advisor Class | 372 | 2,074 | (1,656 | ) | 790 | 763 | 2,721 | (3,134 | ) | 350 | |||||||||||||||||||||||||
Institutional Class | 110 | 198 | (1,303 | ) | (995 | ) | 515 | 590 | (2,183 | ) | (1,078 | ) | |||||||||||||||||||||||
Class A | 54 | 26 | (45 | ) | 35 | 287 | 21 | (263 | ) | 45 | |||||||||||||||||||||||||
Class C | 37 | 22 | (92 | ) | (33 | ) | 62 | 29 | (53 | ) | 38 | ||||||||||||||||||||||||
Class R3 | 0 | z | 1 | (0 | )z | 1 | 5 | 1 | (8 | ) | (2 | ) |
177
For the Six Months Ended February 29, 2016 | For the Year Ended August 31, 2015 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Mid Cap Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 2,498 | 2,578 | (1,369 | ) | 3,707 | 1,103 | 3,591 | (2,454 | ) | 2,240 | |||||||||||||||||||||||||
Trust Class | 431 | 201 | (691 | ) | (59 | ) | 1,206 | 239 | (588 | ) | 857 | ||||||||||||||||||||||||
Advisor Class | 146 | 21 | (65 | ) | 102 | 224 | 29 | (248 | ) | 5 | |||||||||||||||||||||||||
Institutional Class | 6,736 | 2,690 | (5,210 | ) | 4,216 | 7,353 | 3,406 | (7,429 | ) | 3,330 | |||||||||||||||||||||||||
Class A | 1,223 | 232 | (1,998 | ) | (543 | ) | 1,256 | 320 | (1,607 | ) | (31 | ) | |||||||||||||||||||||||
Class C | 189 | 23 | (48 | ) | 164 | 129 | 21 | (52 | ) | 98 | |||||||||||||||||||||||||
Class R3 | 177 | 27 | (91 | ) | 113 | 338 | 25 | (189 | ) | 174 | |||||||||||||||||||||||||
Class R6 | 6,725 | 854 | (878 | ) | 6,701 | 4,743 | 257 | (447 | ) | 4,553 | |||||||||||||||||||||||||
Mid Cap Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Investor Class | 38 | 231 | (186 | ) | 83 | 205 | 194 | (232 | ) | 167 | |||||||||||||||||||||||||
Trust Class | 14 | 96 | (79 | ) | 31 | 83 | 82 | (203 | ) | (38 | ) | ||||||||||||||||||||||||
Institutional Class | 204 | 200 | (531 | ) | (127 | ) | 1,096 | 114 | (355 | ) | 855 | ||||||||||||||||||||||||
Class A | 165 | 96 | (228 | ) | 33 | 673 | 33 | (126 | ) | 580 | |||||||||||||||||||||||||
Class C | 56 | 18 | (29 | ) | 45 | 113 | 3 | (9 | ) | 107 | |||||||||||||||||||||||||
Class R3 | 23 | 12 | (26 | ) | 9 | 53 | 2 | (6 | ) | 49 | |||||||||||||||||||||||||
Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||
Institutional Class | 4,159 | 844 | (19,090 | ) | (14,087 | ) | 13,322 | 947 | (28,934 | ) | (14,665 | ) | |||||||||||||||||||||||
Class A | 557 | 185 | (1,777 | ) | (1,035 | ) | 2,308 | 286 | (4,697 | ) | (2,103 | ) | |||||||||||||||||||||||
Class C | 269 | 76 | (483 | ) | (138 | ) | 997 | 101 | (1,182 | ) | (84 | ) | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||
Trust Class | 749 | 1,350 | (4,375 | ) | (2,276 | ) | 3,541 | 1,310 | (7,796 | ) | (2,945 | ) | |||||||||||||||||||||||
Institutional Class | 2,771 | 1,552 | (8,709 | ) | (4,386 | ) | 8,301 | 1,540 | (16,623 | ) | (6,782 | ) | |||||||||||||||||||||||
Class A | 1,187 | 669 | (3,194 | ) | (1,338 | ) | 4,281 | 667 | (6,573 | ) | (1,625 | ) | |||||||||||||||||||||||
Class C | 51 | 134 | (264 | ) | (79 | ) | 350 | 125 | (1,031 | ) | (556 | ) | |||||||||||||||||||||||
Class R3 | 253 | 120 | (412 | ) | (39 | ) | 857 | 96 | (906 | ) | 47 | ||||||||||||||||||||||||
Class R6 | 532 | 184 | (395 | ) | 321 | 751 | 129 | (477 | ) | 403 | |||||||||||||||||||||||||
Small Cap Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 22 | 95 | (82 | ) | 35 | 50 | — | (227 | ) | (177 | ) | ||||||||||||||||||||||||
Trust Class | 6 | 9 | (15 | ) | 0 | z | 13 | — | (31 | ) | (18 | ) | |||||||||||||||||||||||
Advisor Class | 13 | 11 | (27 | ) | (3 | ) | 40 | — | (86 | ) | (46 | ) | |||||||||||||||||||||||
Institutional Class | 68 | 25 | (163 | ) | (70 | ) | 198 | — | (192 | ) | 6 | ||||||||||||||||||||||||
Class A | 25 | 8 | (57 | ) | (24 | ) | 96 | — | (84 | ) | 12 | ||||||||||||||||||||||||
Class C | 15 | 10 | (9 | ) | 16 | 36 | — | (20 | ) | 16 | |||||||||||||||||||||||||
Class R3 | 40 | 5 | (18 | ) | 27 | 36 | — | (11 | ) | 25 |
178
For the Six Months Ended February 29, 2016 | For the Year Ended August 31, 2015 | ||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Socially Responsive: | |||||||||||||||||||||||||||||||||||
Investor Class | 1,201 | 1,365 | (2,441 | ) | 125 | 1,957 | 2,406 | (3,777 | ) | 586 | |||||||||||||||||||||||||
Trust Class | 1,006 | 1,560 | (2,774 | ) | (208 | ) | 2,448 | 3,011 | (7,166 | ) | (1,707 | ) | |||||||||||||||||||||||
Institutional Class | 3,571 | 1,298 | (4,802 | ) | 67 | 5,838 | 2,041 | (5,495 | ) | 2,384 | |||||||||||||||||||||||||
Class A | 638 | 681 | (1,248 | ) | 71 | 2,128 | 1,040 | (1,788 | ) | 1,380 | |||||||||||||||||||||||||
Class C | 300 | 224 | (334 | ) | 190 | 757 | 308 | (305 | ) | 760 | |||||||||||||||||||||||||
Class R3 | 257 | 161 | (289 | ) | 129 | 394 | 248 | (478 | ) | 164 | |||||||||||||||||||||||||
Class R6 | 1,122 | 484 | (628 | ) | 978 | 1,911 | 813 | (3,597 | ) | (873 | ) | ||||||||||||||||||||||||
Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 96 | 20 | (444 | ) | (328 | ) | 517 | 58 | (427 | ) | 148 | ||||||||||||||||||||||||
Class A | 12 | 8 | (215 | ) | (195 | ) | 228 | 28 | (235 | ) | 21 | ||||||||||||||||||||||||
Class C | 3 | 1 | (10 | ) | (6 | ) | 14 | 2 | (13 | ) | 3 | ||||||||||||||||||||||||
World Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 0 | z | — | — | 0 | z | 400 | — | — | 400 | (2) | ||||||||||||||||||||||||
Class A | — | — | — | — | 50 | — | — | 50 | (2) | ||||||||||||||||||||||||||
Class C | — | — | (3 | ) | (3 | ) | 53 | — | — | 53 | (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.
(3) Period from December 15, 2015 (Commencement of Operations) to February 29, 2016.
z A zero balance, if any, may reflect actual amounts rounding to less than 1,000.
Note E—Lines of Credit:
At February 29, 2016, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms except that some do not have access to the full amount of the Credit Facility. 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 the level of its access to the Credit Facility, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at February 29, 2016.
179
During the period from September 1, 2015 through February 29, 2016, the following Funds had borrowings under the Credit Facility:
Fund | Number of Days Borrowed | Greatest Amount Borrowed | Average Interest Rate | Interest Paid(1) | |||||||||||||||
Greater China Equity | 6 | $ | 11,150,000 | 1.43 | % | $ | 2,502 | ||||||||||||
Large Cap Disciplined Growth | 4 | 4,650,000 | 1.43 | % | 624 | ||||||||||||||
Value | 2 | 1,350,000 | 1.19 | % | 90 |
(1) Interest Paid is reflected in the Statements of Operations under the caption "Interest expense."
Note F—Investments In Affiliates(1):
Balance of Shares Held August 31, 2015 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 29, 2016 | Value February 29, 2016 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
Genesis | |||||||||||||||||||||||||||||||
Abaxis, Inc. | 1,378,600 | — | 153,200 | 1,225,400 | $ | 48,060,188 | $ | 295,130 | $ | (87,442 | ) | ||||||||||||||||||||
Altisource Asset Management Corp.(2) | 125,617 | — | 125,617 | — | — | — | * | (14,309,310 | ) | ||||||||||||||||||||||
Balchem Corp.(2) | 1,597,909 | — | 177,900 | 1,420,009 | 89,843,969 | 493,139 | 2,507,050 | ||||||||||||||||||||||||
Bank of Hawaii Corp.(2) | 2,290,312 | — | 251,900 | 2,038,412 | 129,439,162 | 1,894,556 | 3,778,882 | ||||||||||||||||||||||||
CLARCOR, Inc.(2) | 2,511,788 | — | 691,700 | 1,820,088 | 87,619,036 | 972,835 | 18,357,230 | ||||||||||||||||||||||||
Compass Minerals International, Inc.(2) | 1,875,573 | — | 537,900 | 1,337,673 | 90,747,736 | 2,027,492 | 32,652,086 | ||||||||||||||||||||||||
Computer Modelling Group Ltd. | 5,512,600 | — | 616,000 | 4,896,600 | 35,285,918 | 805,232 | (721,115 | ) | |||||||||||||||||||||||
Exponent, Inc. | 2,269,970 | — | 252,600 | 2,017,370 | 94,191,005 | 663,171 | 8,220,232 | ||||||||||||||||||||||||
First Financial Bankshares, Inc.(2) | 3,321,547 | — | 369,100 | 2,952,447 | 77,974,125 | 1,028,095 | 3,971,854 | ||||||||||||||||||||||||
Forward Air Corp. | 1,783,468 | — | 198,200 | 1,585,268 | 64,552,113 | 203,204 | 642,389 | ||||||||||||||||||||||||
Gray Television, Inc. | 2,323,150 | 887,400 | 220,100 | 2,990,450 | 34,509,793 | — | * | 525,690 | |||||||||||||||||||||||
Haemonetics Corp.(2) | 2,903,300 | — | 1,116,662 | 1,786,638 | 57,315,347 | — | * | 10,333,023 | |||||||||||||||||||||||
Healthcare Services Group, Inc.(2) | 3,715,881 | — | 412,700 | 3,303,181 | 117,196,862 | 1,235,849 | 9,217,842 | ||||||||||||||||||||||||
Hibbett Sports, Inc. | 1,569,369 | — | 374,600 | 1,194,769 | 42,414,300 | — | * | 1,186,774 | |||||||||||||||||||||||
ICON PLC | 3,451,300 | — | 479,500 | 2,971,800 | 211,473,288 | — | * | 20,240,838 | |||||||||||||||||||||||
Innophos Holdings, Inc.(2) | 1,154,142 | — | 1,154,142 | — | — | 299,012 | (17,517,738 | ) | |||||||||||||||||||||||
Lindsay Corp. | 729,350 | 25,600 | 80,600 | 674,350 | 48,822,940 | 380,772 | (1,702,248 | ) | |||||||||||||||||||||||
Monotype Imaging Holdings, Inc. | 3,344,806 | — | 371,900 | 2,972,906 | 70,576,788 | 634,511 | (1,975,856 | ) | |||||||||||||||||||||||
Nexstar Broadcasting Group, Inc. Class A | 2,395,521 | — | 266,400 | 2,129,121 | 95,129,126 | 950,275 | 1,471,974 |
180
Balance of Shares Held August 31, 2015 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 29, 2016 | Value February 29, 2016 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
Pason Systems, Inc.(2) | 4,262,257 | — | 612,400 | 3,649,857 | $ | 45,258,227 | $ | 1,039,648 | $ | (4,314,566 | ) | ||||||||||||||||||||
Phibro Animal Health Corp. Class A | 1,048,000 | 233,744 | — | 1,281,744 | 35,453,039 | 253,129 | — | ||||||||||||||||||||||||
Pool Corp. | 2,475,598 | — | 287,700 | 2,187,898 | 175,622,572 | 617,081 | 9,969,018 | ||||||||||||||||||||||||
Power Integrations, Inc. | 2,458,400 | — | 272,200 | 2,186,200 | 100,193,546 | 563,614 | (3,433,593 | ) | |||||||||||||||||||||||
Raven Industries, Inc.(2) | 2,568,452 | — | 1,069,000 | 1,499,452 | 22,911,627 | 528,516 | (1,486,242 | ) | |||||||||||||||||||||||
Rogers Corp. | 1,363,251 | — | 151,400 | 1,211,851 | 64,737,080 | — | * | (2,683,039 | ) | ||||||||||||||||||||||
Safety Insurance Group, Inc.(2) | 790,949 | — | 233,643 | 557,306 | 30,824,595 | 857,684 | 2,382,658 | ||||||||||||||||||||||||
Sensient Technologies Corp. | 3,306,945 | 19,900 | 355,500 | 2,971,345 | 170,792,911 | 1,673,241 | 7,677,451 | ||||||||||||||||||||||||
State Street Institutional Treasury Plus Fund Premier Class | 131,910,217 | 683,884,923 | 639,876,866 | 175,918,274 | 175,918,274 | 53,147 | — | ||||||||||||||||||||||||
Tennant Co. | 917,602 | 139,100 | 40,200 | 1,016,502 | 47,308,003 | 412,781 | (857,271 | ) | |||||||||||||||||||||||
West Pharmaceutical Services, Inc.(2) | 3,917,758 | — | 456,400 | 3,461,358 | 214,673,423 | 881,570 | 9,136,964 | ||||||||||||||||||||||||
Total | $ | 2,478,844,993 | $ | 18,763,684 | $ | 93,183,535 |
(1) Affiliated issuers, as defined in the Investment Company Act of 1940, as amended.
(2) At February 29, 2016, the issuers of these securities were no longer affiliated with Genesis.
* Security did not produce income during the last twelve months.
Other: At February 29, 2016, Neuberger Berman Inflation Managed Fund, which is also managed by Management, held 0.05% of the outstanding shares of Emerging Markets Equity. At February 29, 2016, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.44% and 0.22% of the outstanding shares of Emerging Markets Equity and International Equity, respectively.
In addition, at February 29, 2016, affiliated investors owned 20.16%, 0.01%, 0.02%, 3.07%, 86.08%, 0.31%, 0.01%, 0.07%, 0.35% and 99.98% of the outstanding shares of Dividend Growth, Emerging Markets Equity, Focus, Global Equity, Global Real Estate, Greater China Equity, Mid Cap Growth, Mid Cap Intrinsic Value, Value and World Equity, respectively.
Note G—Unaudited Financial Information:
The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.
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Financial Highlights
The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 8.77 | $ | 0.00 | $ | (0.46 | ) | $ | (0.46 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | — | $ | 7.86 | (5.56 | )%** | $ | 21.7 | 1.35 | %* | 0.75 | %* | 0.08 | %* | 79 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 8.58 | $ | (0.02 | ) | $ | (0.46 | ) | $ | (0.48 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | — | $ | 7.65 | (5.93 | )%** | $ | 6.8 | 1.76 | %* | 1.20 | %* | (0.41 | )%* | 79 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 7.96 | $ | (0.04 | ) | $ | (0.43 | ) | $ | (0.47 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | — | $ | 7.04 | (6.27 | )%** | $ | 6.7 | 2.48 | %* | 1.95 | %* | (1.14 | )%* | 79 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/15/2015^ to 2/29/2016 (Unaudited) | $ | 10.00 | $ | 0.03 | $ | (0.38 | ) | $ | (0.35 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.65 | (3.50 | )%** | $ | 12.3 | 3.50 | %b* | 0.69 | %b* | 1.32 | %b* | 1 | %** | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/15/2015^ to 2/29/2016 (Unaudited) | $ | 10.00 | $ | 0.02 | $ | (0.37 | ) | $ | (0.35 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.65 | (3.50 | )%** | $ | 0.5 | 4.32 | %b* | 1.05 | %b* | 0.87 | %b* | 1 | %** |
See Notes to Financial Highlights
183
184
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/15/2015^ to 2/29/2016 (Unaudited) | $ | 10.00 | $ | 0.00 | $ | (0.37 | ) | $ | (0.37 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.63 | (3.70 | )%** | $ | 0.6 | 5.03 | %b* | 1.80 | %b* | 0.15 | %b* | 1 | %** | |||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/15/2015^ to 2/29/2016 (Unaudited) | $ | 10.00 | $ | 0.03 | $ | (0.37 | ) | $ | (0.34 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.66 | (3.40 | )%** | $ | 1.0 | 3.68 | %b* | 0.62 | %b* | 1.27 | %b* | 1 | %** | |||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.94 | $ | 0.01 | $ | (0.84 | ) | $ | (0.83 | ) | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 13.01 | (6.02 | )%** | $ | 253.6 | 1.45 | %* | 1.25 | %* | 0.09 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.87 | $ | (0.01 | ) | $ | (0.85 | ) | $ | (0.86 | ) | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 12.95 | (6.20 | )%** | $ | 15.4 | 1.81 | %* | 1.50 | %* | (0.15 | )%* | 19 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.42 | $ | (0.06 | ) | $ | (0.81 | ) | $ | (0.87 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.55 | (6.48 | )%** | $ | 4.5 | 2.53 | %* | 2.25 | %* | (0.91 | )%* | 19 | %** | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
185
186
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.60 | $ | (0.04 | ) | $ | (0.82 | ) | $ | (0.86 | ) | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 12.71 | (6.35 | )%** | $ | 0.9 | 2.10 | %* | 1.91 | %* | (0.54 | )%* | 19 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.96 | $ | 0.01 | $ | (0.85 | ) | $ | (0.84 | ) | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 13.01 | (6.08 | )%** | $ | 81.6 | 1.34 | %* | 1.18 | %* | 0.17 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.74 | $ | 0.17 | $ | (0.15 | ) | $ | 0.02 | $ | (0.16 | ) | $ | (0.42 | ) | $ | — | $ | (0.58 | ) | $ | — | $ | — | $ | 11.18 | 0.15 | %** | $ | 1,106.7 | 0.69 | %* | 0.69 | %* | 3.05 | %* | 27 | %** | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.69 | $ | 0.15 | $ | (0.14 | ) | $ | 0.01 | $ | (0.14 | ) | $ | (0.42 | ) | $ | — | $ | (0.56 | ) | $ | — | $ | — | $ | 11.14 | 0.03 | %** | $ | 238.5 | 1.07 | %* | 1.07 | %* | 2.67 | %* | 27 | %** | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
187
188
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.62 | $ | 0.11 | $ | (0.14 | ) | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.42 | ) | $ | — | $ | (0.52 | ) | $ | — | $ | — | $ | 11.07 | (0.36 | )%** | $ | 334.5 | 1.81 | %* | 1.81 | %* | 1.94 | %* | 27 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.67 | $ | 0.14 | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.12 | ) | $ | (0.42 | ) | $ | — | $ | (0.54 | ) | $ | — | $ | — | $ | 11.12 | (0.12 | )%** | $ | 2.3 | 1.32 | %* | 1.32 | %* | 2.41 | %* | 27 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 25.45 | $ | 0.10 | $ | (1.88 | ) | $ | (1.78 | ) | $ | (0.18 | ) | $ | (1.10 | ) | $ | — | $ | (1.28 | ) | $ | — | $ | — | $ | 22.39 | (7.45 | )%** | $ | 568.2 | 0.93 | %* | 0.93 | %* | 0.78 | %* | 44 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 16.24 | $ | 0.05 | $ | (1.16 | ) | $ | (1.11 | ) | $ | (0.16 | ) | $ | (1.10 | ) | $ | — | $ | (1.26 | ) | $ | — | $ | — | $ | 13.87 | (7.56 | )%** | $ | 74.2 | 1.11 | %* | 1.11 | %* | 0.61 | %* | 44 | %** | ||||||||||||||||||||||||||||||||
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
189
190
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Focus Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 8.60 | $ | 0.02 | $ | (0.56 | ) | $ | (0.54 | ) | $ | (0.18 | ) | $ | (1.10 | ) | $ | — | $ | (1.28 | ) | $ | — | $ | — | $ | 6.78 | (7.57 | )%** | $ | 4.3 | 1.28 | %* | 1.28 | %* | 0.45 | %* | 44 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 25.50 | $ | 0.12 | $ | (1.89 | ) | $ | (1.77 | ) | $ | (0.22 | ) | $ | (1.10 | ) | $ | — | $ | (1.32 | ) | $ | — | $ | — | $ | 22.41 | (7.39 | )%** | $ | 7.1 | 0.75 | %* | 0.75 | %* | 0.95 | %* | 44 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 16.10 | $ | 0.05 | $ | (1.15 | ) | $ | (1.10 | ) | $ | (0.17 | ) | $ | (1.10 | ) | $ | — | $ | (1.27 | ) | $ | — | $ | — | $ | 13.73 | (7.56 | )%** | $ | 3.2 | 1.15 | %* | 1.11 | %* | 0.61 | %* | 44 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 8.24 | $ | (0.01 | ) | $ | (0.52 | ) | $ | (0.53 | ) | $ | (0.15 | ) | $ | (1.10 | ) | $ | — | $ | (1.25 | ) | $ | — | $ | — | $ | 6.46 | (7.81 | )%** | $ | 2.3 | 1.89 | %* | 1.86 | %* | (0.14 | )%* | 44 | %** | |||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
191
192
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 36.31 | $ | 0.05 | $ | (1.27 | ) | $ | (1.22 | ) | $ | (0.15 | ) | $ | (5.55 | ) | $ | — | $ | (5.70 | ) | $ | — | $ | — | $ | 29.39 | (4.04 | )%** | $ | 1,570.3 | 1.03 | %* | 1.03 | %* | 0.32 | %* | 6 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 59.01 | $ | 0.07 | $ | (2.22 | ) | $ | (2.15 | ) | $ | (0.03 | ) | $ | (5.55 | ) | $ | — | $ | (5.58 | ) | $ | — | $ | — | $ | 51.28 | (4.06 | )%** | $ | 1,660.3 | 1.10 | %* | 1.10 | %* | 0.26 | %* | 6 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 27.45 | $ | (0.01 | ) | $ | (0.89 | ) | $ | (0.90 | ) | $ | (0.03 | ) | $ | (5.55 | ) | $ | — | $ | (5.58 | ) | $ | — | $ | — | $ | 20.97 | (4.20 | )%** | $ | 297.8 | 1.41 | %* | 1.41 | %* | (0.04 | )%* | 6 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 56.48 | $ | 0.14 | $ | (2.12 | ) | $ | (1.98 | ) | $ | (0.21 | ) | $ | (5.55 | ) | $ | — | $ | (5.76 | ) | $ | — | $ | — | $ | 48.74 | (3.95 | )%** | $ | 3,164.3 | 0.85 | %* | 0.85 | %* | 0.52 | %* | 6 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 56.50 | $ | 0.16 | $ | (2.12 | ) | $ | (1.96 | ) | $ | (0.26 | ) | $ | (5.55 | ) | $ | — | $ | (5.81 | ) | $ | — | $ | — | $ | 48.73 | (3.93 | )%** | $ | 2,805.2 | 0.78 | %* | 0.78 | %* | 0.60 | %* | 6 | %** | ||||||||||||||||||||||||||||||||
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 |
See Notes to Financial Highlights
193
194
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 6.30 | $ | 0.01 | $ | (0.28 | ) | $ | (0.27 | ) | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 6.02 | (4.26 | )%** | $ | 3.1 | 8.21 | %* | 1.15 | %* | 0.30 | %* | 17 | %** | |||||||||||||||||||||||||||||||||
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 | %** | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 6.23 | $ | (0.00 | ) | $ | (0.27 | ) | $ | (0.27 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5.96 | (4.33 | )%** | $ | 0.5 | 8.66 | %* | 1.51 | %* | (0.08 | )%* | 17 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 6.01 | $ | (0.02 | ) | $ | (0.26 | ) | $ | (0.28 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5.73 | (4.66 | )%** | $ | 0.2 | 9.35 | %* | 2.26 | %* | (0.83 | )%* | 17 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 9.32 | $ | 0.06 | $ | 0.04 | $ | 0.10 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 9.31 | 1.00 | %** | $ | 1.9 | 11.10 | %* | 1.00 | %* | 1.32 | %* | 14 | %** | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 9.31 | $ | 0.05 | $ | 0.03 | $ | 0.08 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 9.30 | 0.82 | %** | $ | 0.6 | 11.49 | %* | 1.36 | %* | 0.96 | %* | 14 | %** | |||||||||||||||||||||||||||||||||||
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 | %** |
See Notes to Financial Highlights
195
196
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 9.30 | $ | 0.01 | $ | 0.03 | $ | 0.04 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 9.29 | 0.43 | %** | $ | 0.2 | 12.26 | %* | 2.11 | %* | 0.21 | %* | 14 | %** | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.64 | $ | (0.06 | ) | $ | (0.80 | ) | $ | (0.86 | ) | $ | (0.10 | ) | $ | (1.41 | ) | $ | — | $ | (1.51 | ) | $ | — | $ | — | $ | 9.27 | (9.64 | )%** | $ | 70.5 | 1.80 | %* | 1.52 | %^^* | (0.99 | )%* | 67 | %** | |||||||||||||||||||||||||||||||
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 | %** | ||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.56 | $ | (0.08 | ) | $ | (0.75 | ) | $ | (0.83 | ) | $ | (0.03 | ) | $ | (1.41 | ) | $ | — | $ | (1.44 | ) | $ | — | $ | — | $ | 9.29 | (9.37 | )%** | $ | 1.9 | 2.23 | %* | 1.88 | %^^* | (1.38 | )%* | 67 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.45 | $ | (0.12 | ) | $ | (0.78 | ) | $ | (0.90 | ) | $ | — | $ | (1.41 | ) | $ | — | $ | (1.41 | ) | $ | — | $ | — | $ | 9.14 | (10.04 | )%** | $ | 0.1 | 3.00 | %* | 2.63 | %^^* | (2.11 | )%* | 67 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 17.13 | $ | 0.04 | $ | (0.50 | ) | $ | (0.46 | ) | $ | (0.12 | ) | $ | (1.86 | ) | $ | — | $ | (1.98 | ) | $ | — | $ | — | $ | 14.69 | (3.15 | )%** | $ | 939.4 | 0.92 | %* | 0.92 | %* | 0.55 | %* | 65 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
197
198
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 12.05 | $ | 0.02 | $ | (0.32 | ) | $ | (0.30 | ) | $ | (0.09 | ) | $ | (1.86 | ) | $ | — | $ | (1.95 | ) | $ | — | $ | — | $ | 9.80 | (3.15 | )%** | $ | 83.1 | 1.08 | %* | 1.08 | %* | 0.37 | %* | 65 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.33 | $ | (0.00 | ) | $ | (0.40 | ) | $ | (0.40 | ) | $ | (0.02 | ) | $ | (1.86 | ) | $ | — | $ | (1.88 | ) | $ | — | $ | — | $ | 12.05 | (3.36 | )%** | $ | 0.4 | 1.50 | %* | 1.50 | %§* | (0.01 | )%* | 65 | %** | |||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 17.17 | $ | 0.05 | $ | (0.49 | ) | $ | (0.44 | ) | $ | (0.15 | ) | $ | (1.86 | ) | $ | — | $ | (2.01 | ) | $ | — | $ | — | $ | 14.72 | (3.04 | )%** | $ | 53.5 | 0.72 | %* | 0.72 | %* | 0.65 | %* | 65 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 11.92 | $ | 0.01 | $ | (0.31 | ) | $ | (0.30 | ) | $ | (0.09 | ) | $ | (1.86 | ) | $ | — | $ | (1.95 | ) | $ | — | $ | — | $ | 9.67 | (3.19 | )%** | $ | 7.0 | 1.08 | %* | 1.08 | %* | 0.23 | %* | 65 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
199
200
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.97 | $ | (0.02 | ) | $ | (0.39 | ) | $ | (0.41 | ) | $ | — | $ | (1.86 | ) | $ | — | $ | (1.86 | ) | $ | — | $ | — | $ | 11.70 | (3.50 | )%** | $ | 2.3 | 1.85 | %* | 1.85 | %* | (0.38 | )%* | 65 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.31 | $ | 0.01 | $ | (0.41 | ) | $ | (0.40 | ) | $ | (0.04 | ) | $ | (1.86 | ) | $ | — | $ | (1.90 | ) | $ | — | $ | — | $ | 12.01 | (3.35 | )%** | $ | 0.5 | 1.40 | %* | 1.36 | %* | 0.10 | %* | 65 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 19.78 | $ | 0.03 | $ | (0.84 | ) | $ | (0.81 | ) | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 18.88 | (4.13 | )%** | $ | 107.5 | 1.25 | %* | 1.07 | %* | 0.26 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 22.06 | $ | 0.02 | $ | (0.94 | ) | $ | (0.92 | ) | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 21.09 | (4.18 | )%** | $ | 48.8 | 1.33 | %* | 1.15 | %* | 0.19 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.72 | $ | 0.02 | $ | (0.45 | ) | $ | (0.43 | ) | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 10.15 | (4.10 | )%** | $ | 1,003.2 | 1.03 | %* | 0.85 | %* | 0.45 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
201
202
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 22.00 | $ | 0.01 | $ | (0.93 | ) | $ | (0.92 | ) | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 21.02 | (4.18 | )%** | $ | 88.7 | 1.40 | %* | 1.21 | %* | 0.11 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 21.65 | $ | (0.07 | ) | $ | (0.91 | ) | $ | (0.98 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.67 | (4.53 | )%** | $ | 12.5 | 2.16 | %* | 1.96 | %* | (0.66 | )%* | 19 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.81 | $ | 0.03 | $ | (0.45 | ) | $ | (0.42 | ) | $ | (0.15 | ) | $ | — | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 10.24 | (3.99 | )%** | $ | 36.9 | 0.96 | %* | 0.78 | %* | 0.51 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.59 | $ | 0.00 | $ | (0.52 | ) | $ | (0.52 | ) | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 9.98 | (4.92 | )%** | $ | 7.6 | 1.35 | %* | 1.25 | %* | 0.08 | %* | 15 | %** | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.58 | $ | 0.02 | $ | (0.52 | ) | $ | (0.50 | ) | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 9.95 | (4.77 | )%** | $ | 202.4 | 0.93 | %* | 0.90 | %* | 0.44 | %* | 15 | %** | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
203
204
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Select Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.51 | $ | 0.01 | $ | (0.51 | ) | $ | (0.50 | ) | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 9.91 | (4.85 | )%** | $ | 4.3 | 1.32 | %* | 1.24 | %* | 0.10 | %* | 15 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.36 | $ | (0.03 | ) | $ | (0.51 | ) | $ | (0.54 | ) | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 9.80 | (5.23 | )%** | $ | 3.4 | 2.04 | %* | 2.00 | %* | (0.65 | )%* | 15 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 10.43 | $ | (0.01 | ) | $ | (0.51 | ) | $ | (0.52 | ) | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 9.84 | (5.06 | )%** | $ | 3.4 | 1.55 | %* | 1.51 | %* | (0.17 | )%* | 15 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.34 | $ | (0.02 | ) | $ | (1.21 | ) | $ | (1.23 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | — | $ | 12.41 | (8.86 | )%** | $ | 469.6 | 1.07 | %* | 1.00 | %* | (0.33 | )%* | 4 | %** | ||||||||||||||||||||||||||||||||
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
205
206
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.06 | $ | (0.04 | ) | $ | (1.18 | ) | $ | (1.22 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | — | $ | 12.14 | (8.97 | )%** | $ | 46.0 | 1.48 | %* | 1.36 | %* | (0.68 | )%* | 4 | %** | ||||||||||||||||||||||||||||||||
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 | $ | — | $ | (0.54 | ) | $ | — | $ | (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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.48 | $ | (0.09 | ) | $ | (1.12 | ) | $ | (1.21 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | — | $ | 11.57 | (9.29 | )%** | $ | 24.7 | 2.19 | %* | 2.11 | %* | (1.43 | )%* | 4 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 3.85 | $ | 0.00 | $ | (0.14 | ) | $ | (0.14 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3.71 | (3.64 | )%** | $ | 8.9 | 1.74 | %* | 1.11 | %^^* | 0.06 | %* | 27 | %** | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 3.90 | $ | 0.01 | $ | (0.14 | ) | $ | (0.13 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3.77 | (3.33 | )%** | $ | 19.3 | 1.34 | %* | 0.75 | %^^* | 0.41 | %* | 27 | %** | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
207
208
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Disciplined Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 3.84 | $ | 0.00 | $ | (0.13 | ) | $ | (0.13 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3.71 | (3.39 | )%** | $ | 3.0 | 1.73 | %* | 1.11 | %^^* | 0.05 | %* | 27 | %** | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 3.51 | $ | (0.01 | ) | $ | (0.13 | ) | $ | (0.14 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3.37 | (3.99 | )%** | $ | 7.9 | 2.47 | %* | 1.86 | %^^* | (0.70 | )%* | 27 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 3.78 | $ | (0.00 | ) | $ | (0.14 | ) | $ | (0.14 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3.64 | (3.70 | )%** | $ | 0.2 | 2.10 | %* | 1.36 | %^^* | (0.19 | )%* | 27 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 27.46 | $ | 0.16 | $ | (2.35 | ) | $ | (2.19 | ) | $ | (0.31 | ) | $ | (2.06 | ) | $ | — | $ | (2.37 | ) | $ | — | $ | — | $ | 22.90 | (8.27 | )%** | $ | 908.7 | 0.90 | %* | 0.90 | %* | 1.23 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
209
210
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 18.74 | $ | 0.09 | $ | (1.58 | ) | $ | (1.49 | ) | $ | (0.28 | ) | $ | (2.06 | ) | $ | — | $ | (2.34 | ) | $ | — | $ | — | $ | 14.91 | (8.35 | )%** | $ | 72.0 | 1.07 | %* | 1.07 | %* | 1.05 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.63 | $ | 0.06 | $ | (1.21 | ) | $ | (1.15 | ) | $ | (0.28 | ) | $ | (2.06 | ) | $ | — | $ | (2.34 | ) | $ | — | $ | — | $ | 11.14 | (8.40 | )%** | $ | 132.4 | 1.22 | %* | 1.22 | %* | 0.90 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 27.64 | $ | 0.18 | $ | (2.37 | ) | $ | (2.19 | ) | $ | (0.34 | ) | $ | (2.06 | ) | $ | — | $ | (2.40 | ) | $ | — | $ | — | $ | 23.05 | (8.20 | )%** | $ | 49.1 | 0.71 | %* | 0.70 | %* | 1.38 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 18.74 | $ | 0.09 | $ | (1.58 | ) | $ | (1.49 | ) | $ | (0.29 | ) | $ | (2.06 | ) | $ | — | $ | (2.35 | ) | $ | — | $ | — | $ | 14.90 | (8.34 | )%** | $ | 2.8 | 1.09 | %* | 1.09 | %* | 1.04 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.94 | $ | 0.02 | $ | (1.16 | ) | $ | (1.14 | ) | $ | (0.16 | ) | $ | (2.06 | ) | $ | — | $ | (2.22 | ) | $ | — | $ | — | $ | 10.58 | (8.71 | )%** | $ | 1.7 | 1.83 | %* | 1.83 | %* | 0.26 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
211
212
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.82 | $ | 0.05 | $ | (1.23 | ) | $ | (1.18 | ) | $ | (0.26 | ) | $ | (2.06 | ) | $ | — | $ | (2.32 | ) | $ | — | $ | — | $ | 11.32 | (8.51 | )%** | $ | 0.1 | 1.59 | %* | 1.36 | %* | 0.77 | %* | 76 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.29 | $ | (0.03 | ) | $ | (1.88 | ) | $ | (1.91 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.01 | $ | — | $ | 11.27 | (13.99 | )%**h | $ | 386.7 | 0.93 | %* | 0.93 | %* | (0.40 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 23.90 | $ | (0.05 | ) | $ | (3.23 | ) | $ | (3.28 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.02 | $ | — | $ | 19.52 | (14.05 | )%**h | $ | 73.8 | 0.98 | %* | 0.98 | %* | (0.44 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 24.31 | $ | (0.08 | ) | $ | (3.28 | ) | $ | (3.36 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.02 | $ | — | $ | 19.85 | (14.15 | )%**h | $ | 10.7 | 1.24 | %* | 1.24 | %* | (0.70 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
213
214
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.59 | $ | (0.01 | ) | $ | (1.94 | ) | $ | (1.95 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.01 | $ | — | $ | 11.53 | (13.98 | )%**h | $ | 383.3 | 0.75 | %* | 0.75 | %§* | (0.21 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 23.85 | $ | (0.06 | ) | $ | (3.23 | ) | $ | (3.29 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.02 | $ | — | $ | 19.46 | (14.13 | )%**h | $ | 72.9 | 1.11 | %* | 1.11 | %§* | (0.59 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 23.70 | $ | (0.14 | ) | $ | (3.19 | ) | $ | (3.33 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.01 | $ | — | $ | 19.26 | (14.43 | )%**h | $ | 10.0 | 1.87 | %* | 1.86 | %* | (1.32 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 24.31 | $ | (0.09 | ) | $ | (3.28 | ) | $ | (3.37 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.02 | $ | — | $ | 19.84 | (14.19 | )%**h | $ | 12.6 | 1.37 | %* | 1.36 | %* | (0.82 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.62 | $ | (0.01 | ) | $ | (1.94 | ) | $ | (1.95 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | (1.12 | ) | $ | 0.01 | $ | — | $ | 11.56 | (13.95 | )%**h | $ | 147.6 | 0.66 | %* | 0.66 | %* | (0.10 | )%* | 31 | %** | ||||||||||||||||||||||||||||||||
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 |
See Notes to Financial Highlights
215
216
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 20.99 | $ | 0.09 | $ | (1.67 | ) | $ | (1.58 | ) | $ | (0.09 | ) | $ | (2.14 | ) | $ | — | $ | (2.23 | ) | $ | — | $ | — | $ | 17.18 | (7.74 | )%** | $ | 35.9 | 1.26 | %* | 1.13 | %* | 0.96 | %* | 18 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 17.71 | $ | 0.07 | $ | (1.40 | ) | $ | (1.33 | ) | $ | (0.08 | ) | $ | (2.14 | ) | $ | — | $ | (2.22 | ) | $ | — | $ | — | $ | 14.16 | (7.75 | )%** | $ | 10.0 | 1.49 | %* | 1.25 | %* | 0.84 | %* | 18 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 21.02 | $ | 0.12 | $ | (1.67 | ) | $ | (1.55 | ) | $ | (0.14 | ) | $ | (2.14 | ) | $ | — | $ | (2.28 | ) | $ | — | $ | — | $ | 17.19 | (7.58 | )%** | $ | 25.6 | 1.06 | %* | 0.85 | %* | 1.24 | %* | 18 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 17.70 | $ | 0.07 | $ | (1.40 | ) | $ | (1.33 | ) | $ | (0.09 | ) | $ | (2.14 | ) | $ | — | $ | (2.23 | ) | $ | — | $ | — | $ | 14.14 | (7.74 | )%** | $ | 12.3 | 1.46 | %* | 1.21 | %* | 0.89 | %* | 18 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
217
218
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 17.45 | $ | 0.01 | $ | (1.37 | ) | $ | (1.36 | ) | $ | (0.05 | ) | $ | (2.14 | ) | $ | — | $ | (2.19 | ) | $ | — | $ | — | $ | 13.90 | (8.08 | )%** | $ | 3.4 | 2.20 | %* | 1.96 | %* | 0.13 | %* | 18 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 17.70 | $ | 0.05 | $ | (1.40 | ) | $ | (1.35 | ) | $ | (0.08 | ) | $ | (2.14 | ) | $ | — | $ | (2.22 | ) | $ | — | $ | — | $ | 14.13 | (7.89 | )%** | $ | 1.1 | 1.72 | %* | 1.46 | %* | 0.66 | %* | 18 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 15.31 | $ | 0.08 | $ | (0.64 | ) | $ | (0.56 | ) | $ | (0.14 | ) | $ | (0.42 | ) | $ | — | $ | (0.56 | ) | $ | — | $ | — | $ | 14.19 | (3.86 | )%** | $ | 1,830.8 | 0.75 | %* | 0.75 | %* | 1.06 | %* | 8 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 15.18 | $ | 0.05 | $ | (0.64 | ) | $ | (0.59 | ) | $ | (0.07 | ) | $ | (0.42 | ) | $ | — | $ | (0.49 | ) | $ | — | $ | — | $ | 14.10 | (4.06 | )%** | $ | 80.9 | 1.11 | %* | 1.11 | %* | 0.69 | %* | 8 | %** | ||||||||||||||||||||||||||||||||
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
219
220
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.73 | $ | (0.00 | ) | $ | (0.63 | ) | $ | (0.63 | ) | $ | — | $ | (0.42 | ) | $ | — | $ | (0.42 | ) | $ | — | $ | — | $ | 13.68 | (4.42 | )%** | $ | 41.0 | 1.84 | %* | 1.84 | %* | (0.04 | )%* | 8 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.60 | $ | 0.10 | $ | 0.64 | $ | 0.74 | $ | (0.18 | ) | $ | (0.96 | ) | $ | — | $ | (1.14 | ) | $ | — | $ | — | $ | 13.20 | 5.15 | %** | $ | 213.3 | 1.42 | %* | 1.04 | %* | 1.44 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.64 | $ | 0.11 | $ | 0.64 | $ | 0.75 | $ | (0.19 | ) | $ | (0.96 | ) | $ | — | $ | (1.15 | ) | $ | — | $ | — | $ | 13.24 | 5.24 | %** | $ | 268.5 | 1.05 | %* | 0.85 | %* | 1.63 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.60 | $ | 0.09 | $ | 0.63 | $ | 0.72 | $ | (0.16 | ) | $ | (0.96 | ) | $ | — | $ | (1.12 | ) | $ | — | $ | — | $ | 13.20 | 5.05 | %** | $ | 115.3 | 1.43 | %* | 1.21 | %* | 1.25 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
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222
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.60 | $ | 0.03 | $ | 0.64 | $ | 0.67 | $ | (0.11 | ) | $ | (0.96 | ) | $ | — | $ | (1.07 | ) | $ | — | $ | — | $ | 13.20 | 4.64 | %** | $ | 27.9 | 2.18 | %* | 1.96 | %* | 0.47 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.58 | $ | 0.07 | $ | 0.64 | $ | 0.71 | $ | (0.15 | ) | $ | (0.96 | ) | $ | — | $ | (1.11 | ) | $ | — | $ | — | $ | 13.18 | 4.93 | %** | $ | 21.2 | 1.68 | %* | 1.46 | %* | 0.99 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 13.64 | $ | 0.11 | $ | 0.65 | $ | 0.76 | $ | (0.20 | ) | $ | (0.96 | ) | $ | — | $ | (1.16 | ) | $ | — | $ | — | $ | 13.24 | 5.28 | %** | $ | 33.3 | 0.99 | %* | 0.78 | %* | 1.63 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 29.50 | $ | (0.12 | ) | $ | (5.77 | ) | $ | (5.89 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 22.06 | (20.79 | )%** | $ | 37.6 | 1.78 | %* | 1.21 | %* | (0.88 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 31.89 | $ | (0.15 | ) | $ | (6.26 | ) | $ | (6.41 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 23.93 | (20.86 | )%** | $ | 4.0 | 1.91 | %* | 1.40 | %* | (1.06 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
223
224
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 21.03 | $ | (0.11 | ) | $ | (4.04 | ) | $ | (4.15 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 15.33 | (20.89 | )%** | $ | 2.0 | 2.04 | %* | 1.51 | %* | (1.18 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 30.11 | $ | (0.08 | ) | $ | (5.90 | ) | $ | (5.98 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 22.58 | (20.67 | )%** | $ | 13.9 | 1.49 | %* | 0.90 | %* | (0.57 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 32.15 | $ | (0.13 | ) | $ | (6.32 | ) | $ | (6.45 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 24.15 | (20.82 | )%** | $ | 3.3 | 1.88 | %* | 1.26 | %* | (0.93 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 20.44 | $ | (0.15 | ) | $ | (3.92 | ) | $ | (4.07 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 14.82 | (21.11 | )%** | $ | 1.9 | 2.62 | %* | 2.01 | %* | (1.67 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 21.09 | $ | (0.11 | ) | $ | (4.06 | ) | $ | (4.17 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | — | $ | 15.37 | (20.93 | )%** | $ | 1.2 | 2.18 | %* | 1.51 | %* | (1.17 | )%* | 107 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
225
226
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 33.23 | $ | 0.16 | $ | (0.86 | ) | $ | (0.70 | ) | $ | (0.22 | ) | $ | (1.85 | ) | $ | — | $ | (2.07 | ) | $ | — | $ | — | $ | 30.46 | (2.45 | )%** | $ | 698.8 | 0.86 | %* | 0.86 | %* | 0.96 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 20.47 | $ | 0.08 | $ | (0.48 | ) | $ | (0.40 | ) | $ | (0.21 | ) | $ | (1.85 | ) | $ | — | $ | (2.06 | ) | $ | — | $ | — | $ | 18.01 | (2.49 | )%** | $ | 276.3 | 1.03 | %* | 1.03 | %* | 0.79 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 33.28 | $ | 0.19 | $ | (0.85 | ) | $ | (0.66 | ) | $ | (0.29 | ) | $ | (1.85 | ) | $ | — | $ | (2.14 | ) | $ | — | $ | — | $ | 30.48 | (2.34 | )%** | $ | 656.7 | 0.68 | %* | 0.68 | %* | 1.15 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 20.28 | $ | 0.08 | $ | (0.48 | ) | $ | (0.40 | ) | $ | (0.22 | ) | $ | (1.85 | ) | $ | — | $ | (2.07 | ) | $ | — | $ | — | $ | 17.81 | (2.53 | )%** | $ | 125.0 | 1.05 | %* | 1.05 | %* | 0.78 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
227
228
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 19.74 | $ | 0.00 | $ | (0.46 | ) | $ | (0.46 | ) | $ | (0.07 | ) | $ | (1.85 | ) | $ | — | $ | (1.92 | ) | $ | — | $ | — | $ | 17.36 | (2.87 | )%** | $ | 49.3 | 1.79 | %* | 1.79 | %* | 0.04 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 20.07 | $ | 0.05 | $ | (0.47 | ) | $ | (0.42 | ) | $ | (0.17 | ) | $ | (1.85 | ) | $ | — | $ | (2.02 | ) | $ | — | $ | — | $ | 17.63 | (2.64 | )%** | $ | 29.0 | 1.29 | %* | 1.29 | %* | 0.53 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 33.30 | $ | 0.20 | $ | (0.85 | ) | $ | (0.65 | ) | $ | (0.31 | ) | $ | (1.85 | ) | $ | — | $ | (2.16 | ) | $ | — | $ | — | $ | 30.49 | (2.30 | )%** | $ | 233.5 | 0.61 | %* | 0.61 | %* | 1.24 | %* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.35 | $ | 0.10 | $ | (1.30 | ) | $ | (1.20 | ) | $ | (0.24 | ) | $ | (0.20 | ) | $ | — | $ | (0.44 | ) | $ | — | $ | — | $ | 12.71 | (8.45 | )%** | $ | 7.4 | 2.49 | %* | 0.72 | %^^* | 1.42 | %* | 69 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
229
230
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.25 | $ | 0.07 | $ | (1.29 | ) | $ | (1.22 | ) | $ | (0.17 | ) | $ | (0.20 | ) | $ | — | $ | (0.37 | ) | $ | — | $ | — | $ | 12.66 | (8.65 | )%** | $ | 4.0 | 2.89 | %* | 1.11 | %^^* | 1.05 | %* | 69 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 14.02 | $ | 0.02 | $ | (1.28 | ) | $ | (1.26 | ) | $ | (0.10 | ) | $ | (0.20 | ) | $ | — | $ | (0.30 | ) | $ | — | $ | — | $ | 12.46 | (9.03 | )%** | $ | 0.4 | 3.69 | %* | 1.85 | %^^* | 0.31 | %* | 69 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 9.53 | $ | 0.00 | $ | (0.89 | ) | $ | (0.89 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.64 | (9.34 | )%** | $ | 3.5 | 8.52 | %* | 1.00 | %* | 0.05 | %* | 121 | %** | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 9.52 | $ | (0.01 | ) | $ | (0.89 | ) | $ | (0.90 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.62 | (9.45 | )%** | $ | 0.4 | 8.90 | %* | 1.36 | %* | (0.31 | )%* | 121 | %** | ||||||||||||||||||||||||||||||||||
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 | %** | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/29/2016 (Unaudited) | $ | 9.51 | $ | (0.05 | ) | $ | (0.88 | ) | $ | (0.93 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.58 | (9.78 | )%** | $ | 0.4 | 9.63 | %* | 2.11 | %* | (1.06 | )%* | 121 | %** | ||||||||||||||||||||||||||||||||||
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
231
232
Notes to Financial Highlights Equity Funds (Unaudited)
† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.
d 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 six months ended February 29, 2016.
Except for the Fund classes listed below, the class action proceeds received in 2015, 2014, 2013 and 2012, if any, had no impact on the Funds' total returns for the years ended August 31, 2015, 2014, 2013 and 2012. Had the Fund classes listed below not received class action proceeds in 2015, 2014, 2013 and/or 2012, total return based on per share NAV for the years ended August 31, 2015, 2014, 2013 and/or 2012 would have been:
Year Ended August 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Genesis Investor Class | — | 13.62 | % | — | — | ||||||||||||||
Genesis Trust Class | — | 13.51 | % | — | — | ||||||||||||||
Genesis Advisor Class | — | 13.21 | % | — | — | ||||||||||||||
Genesis Institutional Class | — | 13.78 | % | — | — | ||||||||||||||
Genesis Class R6 | — | 13.90 | % | — | — | ||||||||||||||
Large Cap Value Investor Class | (7.26 | )% | — | 23.93 | % | — | |||||||||||||
Large Cap Value Trust Class | (7.45 | )% | — | 23.61 | % | — | |||||||||||||
Large Cap Value Advisor Class | — | — | 23.46 | % | — | ||||||||||||||
Large Cap Value Institutional Class | (7.09 | )% | — | 24.11 | % | — | |||||||||||||
Large Cap Value Class A | (7.49 | )% | — | 23.57 | % | — | |||||||||||||
Large Cap Value Class R3 | (7.71 | )% | — | 23.41 | % | — | |||||||||||||
Mid Cap Intrinsic Value Investor Class | — | 22.79 | % | — | 12.48 | % | |||||||||||||
Mid Cap Intrinsic Value Trust Class | — | 22.41 | % | — | 12.34 | % | |||||||||||||
Mid Cap Intrinsic Value Institutional Class | — | — | — | 12.86 | % | ||||||||||||||
Mid Cap Intrinsic Value Class R3 | — | 22.17 | % | — | 12.16 | % | |||||||||||||
Small Cap Growth Investor Class | 7.07 | % | — | 23.81 | % | — | |||||||||||||
Small Cap Growth Trust Class | 6.86 | % | — | 23.45 | % | — | |||||||||||||
Small Cap Growth Advisor Class | 6.72 | % | — | 23.31 | % | — | |||||||||||||
Small Cap Growth Institutional Class | 7.41 | % | — | 24.05 | % | — | |||||||||||||
Small Cap Growth Class A | 7.05 | % | — | 23.84 | % | — | |||||||||||||
Small Cap Growth Class C | 6.37 | % | — | 22.92 | % | — | |||||||||||||
Small Cap Growth Class R3 | 6.81 | % | — | 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 2016), Large Cap Disciplined Growth (2016), Multi-Cap Opportunities (2011) and Value (2016) 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
233
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
without taking into consideration any expense reductions related to expense offset arrangements. Had Multi-Cap Opportunities not received expense reductions related to expense offset arrangements, and had Greater China Equity, Large Cap Disciplined Growth, Multi-Cap Opportunities and Value not utilized the Line of Credit, or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:
Six Months Ended February 29, 2016 | Year Ended August 31, 2015 | Year Ended August 31, 2011 | |||||||||||||
Greater China Equity Institutional Class | 1.51 | % | 1.50 | % | — | ||||||||||
Greater China Equity Class A | 1.87 | % | 1.86 | % | — | ||||||||||
Greater China Equity Class C | 2.62 | % | 2.61 | % | — | ||||||||||
Large Cap Disciplined Growth Investor Class | 1.11 | % | — | — | |||||||||||
Large Cap Disciplined Growth Institutional Class | 0.75 | % | — | — | |||||||||||
Large Cap Disciplined Growth Class A | 1.11 | % | — | — | |||||||||||
Large Cap Disciplined Growth Class C | 1.86 | % | — | — | |||||||||||
Large Cap Disciplined Growth Class R3 | 1.36 | % | — | — | |||||||||||
Multi-Cap Opportunities Institutional Class | — | — | 1.01 | % | |||||||||||
Multi-Cap Opportunities Class A | — | — | 1.37 | % | |||||||||||
Multi-Cap Opportunities Class C | — | — | 2.12 | % | |||||||||||
Value Institutional Class | 0.72 | % | — | — | |||||||||||
Value Class A | 1.11 | % | — | — | |||||||||||
Value Class C | 1.85 | % | — | — |
§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:
Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Equity Income Institutional Class | — | — | — | — | 0.70 | % | 0.76 | % | |||||||||||||||||||
Equity Income Class A | — | — | — | — | 1.07 | % | 1.16 | % | |||||||||||||||||||
Equity Income Class C | — | — | — | — | 1.82 | % | 1.90 | % | |||||||||||||||||||
Equity Income Class R3 | — | — | 1.32 | % | 1.31 | % | 1.35 | % | — | ||||||||||||||||||
Genesis Institutional Class | — | — | 0.85 | % | — | — | — | ||||||||||||||||||||
Genesis Class R6 | — | — | 0.78 | % | — | — | — | ||||||||||||||||||||
Guardian Advisor Class | 1.49 | % | — | — | 1.30 | % | 1.33 | % | 1.35 | % | |||||||||||||||||
Guardian Institutional Class | — | — | — | — | 0.74 | % | 0.74 | % | |||||||||||||||||||
Guardian Class A | — | — | 1.08 | % | 1.10 | % | — | — | |||||||||||||||||||
Guardian Class C | — | — | 1.84 | % | — | — | — | ||||||||||||||||||||
International Equity Institutional Class | — | 0.83 | % | — | — | — | — | ||||||||||||||||||||
International Equity Class A | — | 1.20 | % | — | — | — | — | ||||||||||||||||||||
International Equity Class R6 | — | 0.76 | % | — | — | — | — |
234
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
Six Months Ended February 29, | Year Ended August 31, | ||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Large Cap Disciplined Growth Investor Class | — | — | — | 1.05 | % | 1.03 | % | 1.08 | % | ||||||||||||||||||
Large Cap Value Institutional Class | — | 0.70 | % | 0.70 | % | — | — | — | |||||||||||||||||||
Large Cap Value Class A | — | — | 1.08 | % | — | 1.05 | % | — | |||||||||||||||||||
Large Cap Value Class C | — | 1.82 | % | 1.82 | % | 1.86 | % | — | — | ||||||||||||||||||
Mid Cap Growth Advisor Class | — | — | — | — | 1.31 | % | 1.34 | % | |||||||||||||||||||
Mid Cap Growth Institutional Class | 0.73 | % | 0.73 | % | — | — | — | — | |||||||||||||||||||
Mid Cap Growth Class A | 1.10 | % | 1.10 | % | — | — | — | — | |||||||||||||||||||
Mid Cap Growth Class R6 | — | 0.67 | % | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Trust Class | — | — | 1.23 | % | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Institutional Class | — | — | 0.82 | % | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Class A | — | — | 1.21 | % | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Class C | — | — | 1.94 | % | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Institutional Class | — | — | — | 0.82 | % | 0.93 | % | — | |||||||||||||||||||
Multi-Cap Opportunities Class A | — | — | — | 1.16 | % | 1.30 | % | — | |||||||||||||||||||
Multi-Cap Opportunities Class C | — | — | — | 1.92 | % | — | — | ||||||||||||||||||||
Socially Responsive Institutional Class | — | — | — | — | — | 0.72 | % | ||||||||||||||||||||
Socially Responsive Class A | — | — | — | 1.08 | % | 1.11 | % | — | |||||||||||||||||||
Socially Responsive Class C | — | — | — | 1.83 | % | — | — | ||||||||||||||||||||
Socially Responsive 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.
235
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
g The voluntary contributions received in 2014 had no impact on the Funds' total returns for the year ended August 31, 2014.
h Had Mid Cap Growth not received the voluntary contribution listed in Note B of the Notes to Financial Statements, the total return based on per share NAV for the six months ended February 29, 2016, would have been:
Mid Cap Growth Investor Class | (14.06 | )% | |||||
Mid Cap Growth Trust Class | (14.14 | )% | |||||
Mid Cap Growth Advisor Class | (14.19 | )% | |||||
Mid Cap Growth Institutional Class | (14.05 | )% | |||||
Mid Cap Growth Class A | (14.22 | )% | |||||
Mid Cap Growth Class C | (14.48 | )% | |||||
Mid Cap Growth Class R3 | (14.23 | )% | |||||
Mid Cap Growth Class R6 | (14.02 | )% |
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Directory
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264
Distributor
Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
800.877.9700 or 212.476.8800
Intermediary Client Services
800.366.6264
Sub-Adviser (prior to January 1, 2016)
Neuberger Berman LLC
605 Third Avenue
New York, NY 10158-3698
Sub-Adviser
Neuberger Berman Asia Limited
Jardine House, 1 Connaught Place
Suites 2010-2020, 20th Floor
Central Hong Kong
Custodian and Shareholder Servicing Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
For Investor Class Shareholders
Address correspondence to:
Neuberger Berman Funds
Boston Service Center
P.O. Box 8403
Boston, MA 02266-8403
800.877.9700 or 212.476.8800
For Class A, Class C, Class R3 and Class R6 Shareholders:
Please contact your investment provider
For Trust Class, Advisor Class and Institutional Class Shareholders
Address correspondence to:
Neuberger Berman Investment Advisers LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
Attn: Intermediary Client Services
800.366.6264
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firms
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Tait, Weller & Baker LLP
1818 Market Street
Suite 2400
Philadelphia, PA 19103
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Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the Securities and Exchange Commission's website, at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available upon request, without charge, by calling 800-877-9700 (toll-free), on the Securities and Exchange Commission's website at www.sec.gov, and on Management's website at www.nb.com.
Quarterly Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities and Exchange Commission's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).
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Board Consideration of the Management and Sub-Advisory Agreements
On an annual basis, the Board of Trustees ("Board") of Neuberger Berman Equity Funds ("Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Management LLC ("Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (each a "Management Agreement") with respect to 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 Greater China Equity Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman Intrinsic Value Fund, Neuberger Berman Large Cap Disciplined Growth Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Real Estate Fund, Neuberger Berman Small Cap Growth Fund, Neuberger Berman Socially Responsive Fund and Neuberger Berman Value Fund (each a "Fund" and collectively, the "Funds") and the separate sub-advisory agreements between Management and Neuberger Berman LLC ("Neuberger") with respect to each Fund other than Neuberger Berman Greater China Equity Fund, and between Management and Neuberger Berman Asia Limited ("NB Asia") with respect to Neuberger Berman Greater China Equity Fund (each a "Sub-Advisory Agreement" and collectively with the Management Agreement, the "Agreements"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel"). At a meeting held on September 8, 2015, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund.
In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to ensure that Management, Neuberger and NB Asia have time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including investment performance reports and related portfolio information for each Fund, as well as periodic reports on, among other matters, pricing and valuation; brokerage and execution; compliance; and shareholder and other services provided by Management, Neuberger, NB Asia and their affiliates. To assist the Board in its deliberations regarding the annual contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review.
The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management, Neuberger and NB Asia.
In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund and whether the Agreements were in the best interests of each Fund and its shareholders. The Board considered all factors it deemed relevant with respect to each Fund, including the following factors: (1) the nature, extent, and quality of the services provided by Management and either Neuberger or NB Asia; (2) the investment performance of each Fund compared to an appropriate market index and a peer group of investment companies; (3) the costs of the services provided and the profit or loss realized by Management and its affiliates from their relationship with each Fund; (4) the extent to which economies of scale have been or might be
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realized as each Fund grows; and (5) whether fee or service levels reflect any such potential economies of scale for the benefit of each Fund's shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the overall costs and benefits of the Agreements to each Fund and, through the Funds, their shareholders.
With respect to the nature, extent and quality of the services provided, the Board considered the investment philosophy and decision-making processes of Management, Neuberger and NB Asia, and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management, Neuberger and NB Asia who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting and compliance services. The Board also considered Management's policies and practices regarding brokerage and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. The Board also reviewed whether Management used brokers to execute Fund transactions that provide research and other services to Management and the types of benefits potentially derived from such services by Management, the Funds and other clients of Management. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Funds, and considered information regarding Management's processes for managing risk. In addition, the Board noted the positive compliance history of Management, Neuberger and NB Asia, as no significant compliance problems were reported to the Board with respect to the firms. The Board also considered the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Funds.
As in past years, the Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management, Neuberger and NB Asia in response to recent market conditions, such as regulatory concerns about current trading and market liquidity issues and potential volatility, and considered the overall performance of Management, Neuberger and NB Asia in this context.
The Board factored into its evaluation of the Funds' fees and performance a consideration of the limitations inherent in the methodology for constructing peer groups and determining which investment companies should be included in the peer groups. With respect to investment performance, the Board considered information regarding each Fund's short, intermediate and long-term performance, as applicable, both on an absolute basis and relative to an appropriate benchmark index and the average performance of a composite peer group (as constructed by an independent organization) of investment companies pursuing broadly similar strategies. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. In the case of those Funds that had underperformed their benchmark indices and/or peer groups, the Board discussed with Management each Fund's performance and steps that Management had taken, or intended to take, to improve performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Fund's Agreements and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreements notwithstanding a Fund's performance.
With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to a peer group of comparable funds. The Board also considered any fall-out benefits likely to accrue to Management, Neuberger, NB Asia or their affiliates from their relationship with each Fund. The Board also considered the profitability of Management and its affiliates from their association with the Funds, and year-over-year changes in each of Management's reported expense categories.
The Board reviewed a comparison of each Fund's management fee and overall expense ratio to a peer group of comparable funds. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fee paid to Management, but it was not clear whether this was the case for all funds in the peer group. The Board compared each Fund's contractual and actual management fees to the mean and the median of
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the contractual and actual management fees, respectively, of that Fund's peer group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) Where a Fund's management fee was higher than the peer group mean and/or median, the Board considered whether specific portfolio management, administration or oversight needs contributed to the management fee. In addition, the Board considered the contractual limit on expenses of certain classes of each Fund. The Board noted that Management incurred a loss on certain of the Funds during the review period. The Board also noted that for some Funds or classes with small asset levels, the overall expense ratio of each Fund is maintained through expense reimbursements by Management that exceed the fees that Management receives from the Fund or class.
With regard to the investment performance of each Fund and the costs of the services provided to each Fund, the Board considered the following information. Where a Fund has more than one class of shares outstanding, information for one or more classes has been provided as identified below. For each Fund, the Board looked at the single or multiple classes provided below as a proxy for all of the Fund's classes. Where investment performance information is provided for multiple classes of a Fund, the performance of Institutional Class is generally higher than that of other classes because the fees for Institutional Class are generally lower than the fees for other classes.
• Neuberger Berman All Cap Core Fund (Institutional Class or Class A as noted)—The Board considered that, as compared to its peer group, the Fund's Institutional Class contractual management fee and actual management fee net of fees waived were both lower than the respective median. The Board considered that, as compared to its peer group, the Fund's Institutional Class performance was lower than the median for the 1, 3, and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's Class A performance was lower for the 1, 3, and 5-year periods.
• Neuberger Berman Emerging Markets Equity Fund (Institutional Class or Class A as noted)—The Board considered that, as compared to its peer group, the Fund's Institutional Class contractual management fee was higher than the median, but the actual management fee net of fees waived was lower than the median. The Board considered that, as compared to its peer group, the Fund's Institutional Class performance was higher than the median for the 1 and 3-year periods, but lower than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's Class A performance was lower for the 1 and 5-year periods, but higher for the 3-year period.
• Neuberger Berman Equity Income Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both equal to the respective median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period, but lower than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods.
• Neuberger Berman Focus Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both lower than the median of actual management fees. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 5, and 10-year periods, but higher than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 5, and 10-year periods, but higher for the 3-year period.
• Neuberger Berman Genesis Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both higher than the respective median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3, and 5-year periods, but higher than the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods, but higher for the 10-year period.
• Neuberger Berman Global Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee net of fees waived was higher than the median. The Board considered that, as compared to its peer group, the Fund's
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performance was higher than the median for the 1-year period, but lower than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period, but lower for the 3-year period.
• Neuberger Berman Greater China Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee net of fees waived was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period.
• Neuberger Berman Guardian Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both lower than the median of actual management fees. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1-year period, but higher than the median for the 3, 5 and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods, but higher for the 10-year period.
• Neuberger Berman International Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1 and 5-year periods, but lower for the 3-year period.
• Neuberger Berman International Select (Institutional Class or Trust Class as noted)—The Board considered that, as compared to its peer group, the Fund's Institutional Class contractual management fee and actual management fee net of fees waived were both lower than the median of actual management fees. The Board considered that, as compared to its peer group, the Fund's Institutional Class performance was higher than the median for the 1 and 5-year periods, but lower than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's Trust Class performance was higher for the 1 and 5-year periods, but lower for the 3-year period.
• Neuberger Berman Intrinsic Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee net of fees waived were both higher than the respective median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the average for the 1 and 3-year periods, but lower than the average for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 3, and 10-year periods, but lower for the 5-year period.
• Neuberger Berman Large Cap Disciplined Growth Fund (Institutional Class or Investor Class as noted)—The Board considered that, as compared to its peer group, the Fund's Institutional Class contractual management fee and actual management fee net of fees waived were both lower than the median of actual management fees. The Board considered that, as compared to its peer group, the Fund's Institutional Class performance was lower than the median for the 1, 3, and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's Investor Class performance was lower for the 1, 3, 5, and 10-year periods.
• Neuberger Berman Large Cap Value Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both higher than the respective median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 10-year periods, but lower than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, 5, and 10-year periods.
• Neuberger Berman Mid Cap Growth Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee was higher
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than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 5, and 10-year periods, but lower than the median for the 3-year period. The Board also considered that, as compared to its benchmarks, the Fund's performance was lower for the 1, 3, and 5-year periods, but higher for the 10-year period.
• Neuberger Berman Mid Cap Intrinsic Value Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee net of fees waived were both lower than the median of actual management fees. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 5-year periods, but lower than the median for the 10-year period. The Board also considered that, as compared to its benchmarks, the Fund's performance was lower for the 1, 3, 5, and 10-year periods.
• Neuberger Berman Multi-Cap Opportunities Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both higher than the respective median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1-year period, but higher than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3 and 5-year periods.
• Neuberger Berman Real Estate Fund (Trust Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee net of fees waived were both higher than the respective median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3, and 5-year periods, but higher than the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods, but higher for the 10-year period.
• Neuberger Berman Small Cap Growth Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 10-year periods, but lower than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, 5, and 10-year periods.
• Neuberger Berman Socially Responsive Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee were both lower than the median of actual management fees. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods, but higher than the median for the 5 and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods, but higher for the 10-year period.
• Neuberger Berman Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee net of fees waived were both lower than the respective median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods, but higher than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods.
The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the comparable Fund to the fees charged to any such funds and/or separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to a comparable Fund and any such funds and/or separate accounts, including any breakpoints, and determined that differences in fees and fee structures were consistent with the management and other services provided.
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The Board also evaluated any apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints and whether any such breakpoints are set at appropriate asset levels. In concluding that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund, the Board reviewed specific data as to Management's profit or loss on each Fund for a recent period. The Board also considered Management's cost allocation methodology. The Board recognized that Management, Neuberger and NB Asia should be entitled to earn a reasonable level of profits for services they provide to the Funds and, based on its review, concluded that Management's, Neuberger's and NB Asia's reported level of profitability on each Fund was reasonable.
Conclusions
In approving the continuation of the Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management, Neuberger and NB Asia could be expected to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of underperforming Funds, that it retained confidence in Management's, Neuberger's and NB Asia's capabilities to manage the Funds; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with the Funds were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.
On December 15, 2015, the Board, including the Independent Trustees, unanimously approved a novation of the Agreements in connection with a reorganization of the advisory and administrative functions of Management and Neuberger into a new entity, Neuberger Berman Investment Advisers LLC, after receiving assurances that (1) the reorganization would not result in a change of actual control or management of the advisory organizations and (2) the reorganization would not result in a change in the nature or quality of the services provided to the Funds.
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Neuberger Berman Dividend Growth Fund: Initial Consideration of the Management and Sub-Advisory Agreements
At a meeting held on September 8, 2015, the Board of Trustees ("Board") of Neuberger Berman Equity Funds ("Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Management LLC ("Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), evaluated and approved the management agreement with Management (the "Management Agreement") and the sub-advisory agreement between Management and Neuberger Berman LLC ("Neuberger") (the "Sub-Advisory Agreement" and collectively with the Management Agreement, the "Agreements") with respect to Neuberger Berman Dividend Growth Fund (the "Fund"). The Independent Fund Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel").
In evaluating the Agreements, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Fund.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year and for the annual consideration of continuance of contracts for other series of the Trust that were approved during the Board's annual contract review on September 8, 2015. To assist the Board in its deliberations regarding contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review.
The Independent Fund Trustees receive, at least annually, from Independent Counsel a memorandum discussing the legal standards for their consideration of management and advisory agreements. During the course of their deliberations regarding their review of the Agreements, the Independent Fund Trustees met with Independent Counsel separately from representatives of Management and Neuberger.
In connection with its approval of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to the Fund and whether the Agreements were in the best interests of the Fund and its shareholders. The Board considered all factors it deemed relevant with respect to the Fund, including the following factors: (1) the nature, extent, and quality of the services to be provided by Management and Neuberger; (2) the expected costs of the services to be provided by Management and Neuberger; (3) the extent to which economies of scale might be realized as the Fund grows; and (4) whether proposed fee levels reflect any such potential economies of scale for the benefit of the Fund's shareholders. The Board's determination to approve the Agreements was based on a comprehensive consideration of all information provided to the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the overall costs and benefits of the Agreements to the Fund and, through the Fund, its shareholders.
With respect to the nature, extent and quality of the services to be provided, the Board considered the investment philosophy and decision-making processes of Management and Neuberger and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management and Neuberger who would perform services for the Fund. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance services. The Board also considered Management's policies and practices regarding brokerage and allocation of portfolio transactions for the Fund. The Board also reviewed whether Management would use brokers to execute Fund transactions that provide research and other services to Management and the types of benefits potentially derived from such services by Management, the Fund and other clients of Management and Neuberger. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Fund, and considered
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information regarding Management's processes for managing risk. In addition, the Board noted the positive compliance history of Management and Neuberger as no significant compliance problems were reported to the Board with respect to either firm.
With respect to the overall fairness of the Agreements, the Board considered the fee structures proposed for the Fund under the Agreements for the four classes to be registered initially as compared to a peer group of comparable funds. The Board also considered any fall-out benefits likely to accrue to Management and Neuberger or their affiliates from their relationship with the Fund. The Board reviewed a comparison of the Fund's proposed management fee and overall expense ratio to a peer group of comparable funds and determined that the management fee and the overall expense ratio for Institutional Class and Class R6 are lower than the median for the peer group, but for Class A and Class C are above the median for the peer group. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fee paid to Management, but it was not clear whether this was the case for all funds in the peer group. In addition, the Board considered the proposed contractual limit on expenses of each class of the Fund. The Board also considered whether it would be appropriate to evaluate any anticipated economies of scale in relation to the services Management would provide to the Fund, noting that it may be too soon to anticipate the economies at the start-up phase of a fund. The Board concluded that the benefits expected to accrue to Management and its affiliates by virtue of their relationship to the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.
Conclusions
In approving the Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to the Fund and that approval of the Agreements is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management and Neuberger could be expected to provide a high level of service to the Fund; that the Fund's proposed fee structure appeared to the Board to be reasonable given the nature, extent and quality of services expected to be provided; and that the benefits expected to accrue to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.
On December 15, 2015, the Board, including the Independent Trustees, unanimously approved a novation of the Agreements in connection with a reorganization of the advisory and administrative functions of Management and Neuberger into a new entity, Neuberger Berman Investment Advisers LLC, after receiving assurances that (1) the reorganization would not result in a change of actual control or management of the advisory organizations and (2) the reorganization would not result in a change in the nature or quality of the services provided to the Fund.
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Neuberger Berman Investment Advisers LLC
605 Third Avenue 2nd Floor
New York, NY 10158–0180
Shareholder Services
800.877.9700
Intermediary Client Services
800.366.6264
www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.
I0134 04/16
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and |
President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure. |
(b) | There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a)(1) | A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Income Funds’ Form N-CSR, Investment Company Act file number 811-03802 (filed January 5, 2016). |
(a)(2) | The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith. |
(a)(3) | Not applicable to the Registrant. |
(b) | The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith. |