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

As filed with the Securities and Exchange Commission on November 3, 2016

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

(Address of Principal Executive Offices – Zip Code)

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

Robert Conti

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Investment Advisers LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: August 31

Date of reporting period: August 31, 2016

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

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

Item 1. Report to Shareholders.

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

Neuberger Berman
Equity Funds

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

Dividend Growth Fund

Emerging Markets Equity Fund

Equity Income Fund

Focus Fund

Genesis Fund

Global Equity Fund

Global Real Estate Fund

Greater China Equity Fund

Guardian Fund

International Equity Fund

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

International Select Fund

Intrinsic Value Fund

Large Cap Value Fund

Mid Cap Growth Fund

Mid Cap Intrinsic Value Fund

Multi-Cap Opportunities Fund

Real Estate Fund

Small Cap Growth Fund

Socially Responsive Fund

Value Fund

Annual Report

August 31, 2016

Contents

THE FUNDS

President's Letter					1
PORTFOLIO COMMENTARY
Dividend Growth Fund					2
Emerging Markets Equity Fund					5
Equity Income Fund					8
Focus Fund					11
Genesis Fund					14
Global Equity Fund					17
Global Real Estate Fund					20
Greater China Equity Fund					23
Guardian Fund					27
International Equity Fund					30
International Select Fund					33
Intrinsic Value Fund					36
Large Cap Value Fund					39
Mid Cap Growth Fund					42
Mid Cap Intrinsic Value Fund					45
Multi-Cap Opportunities Fund					49
Real Estate Fund					52
Small Cap Growth Fund					55
Socially Responsive Fund					58
Value Fund					62
FUND EXPENSE INFORMATION					71
SCHEDULE OF INVESTMENTS
Dividend Growth Fund					75
Emerging Markets Equity Fund					77
Positions by Industry					79
Equity Income Fund					81
Focus Fund					85

Genesis Fund					88
Global Equity Fund					91
Positions by Industry					93
Global Real Estate Fund					95
Positions by Sector					96
Greater China Equity Fund					98
Guardian Fund					101
International Equity Fund					106
Positions by Industry					108
International Select Fund					110
Positions by Industry					112
Intrinsic Value Fund					114
Large Cap Value Fund					117
Mid Cap Growth Fund					119
Mid Cap Intrinsic Value Fund					122
Multi-Cap Opportunities Fund					124
Real Estate Fund					126
Small Cap Growth Fund					128
Socially Responsive Fund					130
Value Fund					132
FINANCIAL STATEMENTS					135
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA
Dividend Growth Fund					193
Emerging Markets Equity Fund					193
Equity Income Fund					195
Focus Fund					197
Genesis Fund					199
Global Equity Fund					201
Global Real Estate Fund					203
Greater China Equity Fund					203
Guardian Fund					205
International Equity Fund					207
International Select Fund					209
Intrinsic Value Fund					211

Large Cap Value Fund					213
Mid Cap Growth Fund					215
Mid Cap Intrinsic Value Fund					219
Multi-Cap Opportunities Fund					221
Real Estate Fund					223
Small Cap Growth Fund					225
Socially Responsive Fund					227
Value Fund					231
Reports of Independent Registered Public Accounting Firms					237
Directory					240
Trustees and Officers					241
Proxy Voting Policies and Procedures					251
Quarterly Portfolio Schedule					251
Notice to Shareholders					252

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 LLC, distributor. All rights reserved.

President's Letter

Volatility may be the "new normal" in equity markets, at least for the foreseeable future, and this fiscal year was a case in point. Even as major global markets closed the 12 months ended August 31, 2016 with very healthy returns, the period contained several sharp downturns and just as many quick recoveries.

Although we are now in the eighth year of an economic expansion, we believe the continued slow growth environment we've experienced since the global financial crisis has been a weak foundation for equity markets, making them unusually susceptible to shocks and shifts in sentiment. This has been underscored by the rapid sector rotation and changes from risk-on to risk-off behavior that's punctuated the past several years.

This period, volatile throughout, saw two major selloffs. The first was in January/February, when negative interest rates—an outgrowth of the unprecedented levels of global central bank stimulus we've seen since the crisis—caused fears about the banking sector. This spread uncertainty, as banking activity can underpin overall economic growth. The second was in June, when UK voters defied expectations in the "Brexit" referendum, voting in favor of leaving the European Union. After both of those events, markets rebounded as investors' worst fears failed to materialize. The fact that the U.S. Federal Reserve (Fed) appears unlikely to raise rates again before December, and a recovery in commodity and energy prices, has also benefited the markets.

Looking at the U.S. economy, consumer spending, which makes up two-thirds of U.S. GDP, has been relatively strong all year. In September, the Census Bureau reported that household income, which had been stagnant, was up a full 5.2% in 2015. Unemployment has continued to decline, closing the period at 4.9%. Low gas prices benefited consumers as well, and though they have started to increase, they remain low enough to free up discretionary spending. Even as the Fed hesitates on its next rate move, we anticipate a steady, if slow, growth.

On the negative side, the upcoming U.S. presidential election has called trade and economic policy into question, and this, along with ongoing geopolitical risks, continues to mean uncertainty for investors and also for corporate management teams.

We believe uncertain, volatile markets can mean opportunity for skilled active managers, providing temporary dislocations and mis-pricings. In our view, managers who follow a disciplined approach and have done their research can use volatility to buy into companies when prices decline without a fundamental basis, and to sell when target prices of portfolio holdings are met or exceeded in a rebound or sector rotation.

From our perspective, equities will continue to be the most important asset class for investors seeking to meet long-term needs, and the markets we've seen over the past several years continue to make the case for active management.

We thank you for your confidence in Neuberger Berman and look forward to continuing to serve you in the future.

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Dividend Growth Fund Commentary (Unaudited)

Neuberger Berman Dividend Growth Fund launched on December 15, 2015. Since launching, the Institutional Class has generated an 11.10% total return for the period ending August 31, 2016, outperforming its benchmark, the S&P 500^® Index which rose 9.08% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The objective of the Fund is to provide gross current income, with an emphasis on capital appreciation driven by earnings per share and dividend per share growth. We believe this approach can identify companies with strong business models which provide both cash to reinvest to grow their businesses, and real and growing cash return to shareholders. We focus on companies with strong balance sheets, solid management teams, and attractive free cash flow yields, with a clear capital allocation strategy.

Since inception, the portfolio benefitted from its overweight position to the Materials sector, with Newmont Mining being the top overall contributor. As part of its plan, management has created a schedule to grow its dividend in lockstep with gold prices, which has been supported throughout the year by increased investor appetite. Sticking with commodities, Energy related stocks staged an impressive rebound with our overweight position driving returns. Devon Energy Corporation was among our top performers as this exploration and production company was rewarded given its attractive asset mix. Looking ahead, we remain bullish on the trajectory of oil prices as global consumption is likely to lend further support into 2017.

Information Technology (IT) holdings enjoy relatively mature businesses with reduced cyclicality relative to their past, which, in our view, could enable managements to remain focused on disciplined capital allocation, namely offering compelling and growing dividends. Stock selection within IT drove returns, with Applied Materials rising to the top. We believe this name could see meaningful acceleration of its dividend program given its strong leadership position within the semiconductor equipment space.

Elsewhere, Financials and Health Care positions modestly hindered results. Headwinds from unorthodox central bank policies impacted the profitability of many institutions including Lincoln National and UBS Group. Ultimately, both positions were sold after revisiting our investment thesis, with the proceeds used to fund opportunities elsewhere. However, we feel exposure to the sector is prudent as we believe Financials stand to benefit from a gradually steepening yield curve, with the Fund maintaining a bias towards domestic banking and insurance stocks.

Lastly, Health Care dampened returns following disappointing clinical results from Bristol-Myers Squibb's lung cancer drug Opdivo. Despite this setback we remain encouraged by Bristol's drug pipeline and feel this offers attractive upside potential for disciplined investors. While the upcoming election cycle could weigh on the sector, it is our opinion that favorable demographic trends remain a long term structural tailwind.

Looking ahead, we believe a defensive approach is warranted as equity markets could see increased volatility related to the U.S. presidential election, along with hawkish rhetoric from Fed officials. In our view, a rate hike is justified, as favorable employment trends and modest inflationary trends highlight improving fundamentals. In the event of pullback, we believe our flexible mandate remains poised to capitalize on dislocations with emphasis on companies exhibiting attractive and growing dividend profiles.

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.

Dividend Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	6.4	%
Consumer Staples	10.6
Energy	10.0
Financials	15.8
Health Care	5.6
Industrials	9.4
Information Technology	22.3
Materials	6.0
Telecommunication Services	1.9
Utilities	1.6
Short-Term Investment	10.4
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

	Inception Date	Cumulative Total Return Ended 08/31/2016 Life of Fund
At NAV
Institutional Class	12/15/2015		11.10	%
Class A	12/15/2015		10.90	%
Class C	12/15/2015		10.00	%
Class R6	12/15/2015		11.10	%
With Sales Charge
Class A			4.52	%
Class C			9.00	%
Index
S&P 500^® Index^1,15			9.08	%

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 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 August 31, 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.

Dividend Growth Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

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

Emerging Markets Equity Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 15.64% for the fiscal year ended August 31, 2016, outperforming its benchmark, the MSCI Emerging Markets Index (the Index), which reported returns of 12.25% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Emerging markets (EM) equities closed this period in strongly positive territory, shrugging off a volatile year of heightened geopolitical uncertainty within a slow global growth environment. EM equity performance represents a significant rebound from the middle of this reporting period, when they were in sharply negative territory. The sharp rebound as the period progressed was fueled both by supportive statements from central banks and by a recovery in commodity prices.

Information Technology (IT) stocks led the Index, joined by the commodity-related sectors, Materials and Energy. By country, Brazil and Hungary were among top performers in the Index for the period.

The portfolio's outperformance resulted almost entirely from stock selection, the majority of which was within IT names. By country, our holdings from China, Korea and Taiwan were most beneficial.

Chinese holdings Sunny Optical and Tencent, along with Korea's Samsung topped our individual contributors list for the year. Sunny Optical, a consumer electronics and auto-safety lens manufacturer, continues to enjoy strong growth across its business units. Tencent, the Chinese Internet and mobile platform provider, announced record earnings during the period. Samsung, the consumer electronics and semiconductor giant, posted strong results as their latest handset sales climbed. Further, outlooks improved in their components (NAND, DRAM, OLED and LCD) businesses.

Not every sector within the Index saw strong returns this period. Performance for Telecommunication Services was negative, and Industrials and Health Care also underperformed significantly. On a country basis, Greece was the weakest market, followed by Czech Republic.

From a portfolio perspective, our overweight to Industrials along with stock selection within that sector was the most significant drag on relative performance. By country, Brazil was the leading headwind, as our domestically-driven names lagged their cyclically-driven peers. Elsewhere, an off-benchmark holding with ties to the Middle East, Hikma Pharmaceuticals, suffered a short-term correction after a strong run last year.

Our largest detractors were Qiwi, the Russian payment kiosk operator, which we sold as local regulations and the economic environment worsened, along with Glenmark Pharmaceuticals and Cummins India. News that the U.S. Food and Drug Administration had sent notice to a peer regarding manufacturing standards hurt Glenmark, the Indian drug manufacturer. The company's exposure to certain struggling economies added to concerns. Cummins India, the generator manufacturer, declined on concerns that foreign end-market demand was slowing. We continue to maintain positions in both Glenmark and Cummins.

Among factors we see as contributing to the EM recovery this period is investors' realization that while EM GDP growth has slowed, it still offers a premium to developed economies. We believe global interest rates also now offer a benign backdrop, with U.S. interest rates increases seemingly on hold and negative interest rates in the EU and Japan. Lastly, the EM currencies that had retreated in 2015 have shown resilience thus far in 2016.

These positive factors could aid domestically driven growth—an area of focus for us. We are pleased with the names in our portfolio and expect stock picking skills to continue to be an advantage as we look ahead.

Sincerely,

CONRAD SALDANHA
PORTFOLIO MANAGER

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

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

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

Emerging Markets Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	10/08/2008		15.64	%		0.94	%		8.18	%
Class A	10/08/2008		15.31	%		0.68	%		7.92	%
Class C	10/08/2008		14.46	%		–0.07	%		7.11	%
Class R3¹⁰	06/21/2010		14.88	%		0.27	%		7.62	%
Class R6²²	03/15/2013		15.64	%		0.99	%		8.22	%
With Sales Charge
Class A			8.65	%		–0.51	%		7.12	%
Class C			13.46	%		–0.07	%		7.11	%
Index
MSCI Emerging Markets Index^1,15			12.25	%		–0.07	%		6.83	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Emerging Markets Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated a 13.03% total return for the fiscal year ending August 31, 2016, outperforming its benchmark, the S&P 500^® Index which posted a 12.55% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's objective is to deliver total return, which it pursues by investing in stocks and convertible securities that have a history of limited volatility relative to the broader equity market. This portfolio is diversified among dividend-paying stocks, real estate investment trusts (REITs), and convertible bonds. We select our portfolio companies through extensive analysis of the company's fundamentals, cash flow prospects, and factors we believe demonstrate their ability to sustain and grow dividends. We utilize several valuation methodologies to determine companies that we believe have the appropriate risk to reward trade-off. We believe our rigorous security selection, and portfolio construction, has the potential to perform well in both weak and strong economic environments.

During this period, the portfolio benefitted from its allocation to yield oriented sectors, which were key contributors. Within REITs, the Fund's overweight position drove returns. Data center owner Equinix was our top overall performer driven by favorable supply/demand dynamics within cloud computing. Elsewhere, Utilities experienced a tailwind in part from lower U.S. Treasury rates. In July, the yield on the benchmark 10-year Treasury note, which moves inversely to price, closed at a record low of 1.37%. Our bias toward regulated utilities exhibiting higher than average dividend growth was rewarded, as Florida's NextEra Energy was our key contributor within the space. During this period, the Fund reduced its Utilities exposure, with proceeds used primarily to build positions across Information Technology stocks. Microsoft was among our top performers as the tech giant has gained substantial market share in its cloud computing offerings.

In contrast, Energy and Financials exposure hindered results. During the year, oil/gas related stocks experienced increased volatility, with liquefied natural gas shipping company Golar LNG being our greatest detractor. This was ultimately sold after revisiting our investment thesis. Within Financials, UBS Group (sold during the period) and MetLife experienced downward pressure as negative interest rate policies from global central banks impacted profitability. From a portfolio construction standpoint, we believe Financials remain crucial to counterbalance rate sensitive assets classes. This sector tends to have a negative correlation to rising treasury yields—since higher rates allow these companies to earn attractive margins on lending and insurance related activities.

The Fund increased its weighting in convertible bonds over the period. The convertible bond market has contracted dramatically over the course of the last 10 years. The result has been a declining supply of convertible bonds with metrics we find attractive: higher yields to maturity and lower conversion premiums. Over the period, dislocations in the stock prices of several companies provided interesting entry points for convertible bonds of companies with what we believe are attractive balance sheets, free cash flows, and the potential for equity appreciation.

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

Looking ahead, we believe a defensive approach is warranted as equity markets could see increased volatility related to the U.S. presidential election, along with hawkish rhetoric from Fed officials. In our view, a rate hike is justified, as favorable employment trends and inflationary trends highlight improving fundamentals. In the event of pullback, we believe our flexible mandate remains poised to capitalize on dislocations across domestic and global markets with emphasis on companies exhibiting attractive and growing dividend profiles.

Sincerely,

RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS

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

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

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

Equity Income Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	4.1	%
Consumer Staples	5.6
Energy	9.1
Financials	29.0
Health Care	7.1
Industrials	8.0
Information Technology	11.1
Materials	1.7
Telecommunication Services	1.9
Utilities	15.2
Other	5.4
Short-Term Investment	1.8
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2016
	Inception Date*	1 Year			5 Years			Life of Fund
At NAV
Institutional Class¹³	06/09/2008		13.03	%		8.05	%		7.33	%
Class A¹³	06/09/2008		12.64	%		7.63	%		6.97	%
Class C¹³	06/09/2008		11.77	%		6.86	%		6.33	%
Class R3¹³	06/21/2010		12.26	%		7.32	%		6.87	%
With Sales Charge
Class A¹³			6.19	%		6.35	%		6.33	%
Class C¹³			10.77	%		6.86	%		6.33	%
Index
S&P 500^® Index^1,15			12.55	%		14.69	%		7.09	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Equity Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹³

(000's Omitted)

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a 6.68% total return for the fiscal year ended August 31, 2016, underperforming its benchmark, the S&P 500^® Index (the Index), which provided a 12.55% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The stock market appreciated over the past year but ongoing macro issues caused some steep corrections along the way. Rising concerns about economic softness in China and other emerging markets caused equities to drop early in the period, yet the market's strong recovery cleared a path for a much-anticipated Fed rate hike in December. This led to a surge in the U.S. dollar and a fall in oil prices, which reignited investor uncertainty about the state of the global economy and sent stocks reeling once more. Still, the market rebounded after each drop, bolstered by a strengthening domestic economy, some commodity price recovery and accommodative global monetary policies. In June, equities took another hit due to the unexpected UK decision to exit the European Union. After the dust settled however, investors were encouraged by continued monetary easing in Europe and delayed rate tightening at home which, combined with the relative stability of the U.S. economy, enticed investors into the market and pushed equities to new heights towards the end of the period.

Performance was positive across all ten sectors of the S&P 500 during the year, yet with interest rates and bond yields persistently low, the generally higher dividend-paying Utilities and Telecommunication Services sectors became the best performing segments of the market. The Information Technology and Consumer Staples sectors were also among the strongest areas while Health Care, Financials and Energy eked out the lowest returns.

The Energy sector gave the largest boost to Fund performance relative to the Index. In aggregate, our Energy names outperformed, led by Concho Resources (CXO). The stock appreciated as oil prices recovered during the year, and even while the commodity pulled back late in the summer, CXO held onto its gains as investors gave the company credit for its favorable oil price hedges. The Fund also benefited relative to the index from an overweight allocation to Telecommunication Services, which was one of the strongest segments of the general market over the period. Our Industrials and Consumer Discretionary sector investments caused a majority of the Fund's underperformance for the period. The shortfall in Industrials was due in large part to our exposure to Delta Air Lines (DAL). Airlines in general faltered during the latter half of the period, due to several factors including strengthening oil prices, as well as a seeming uptick in terrorist attacks throughout the world, which can curb travel activity. In addition, the Brexit vote has had a significant impact on airline stocks as some predict that it will depress air travel both to and from the UK. Given these developments, we exited our position in DAL and invested the proceeds in other areas. The Fund lost further ground in Consumer Discretionary where select names were hit particularly hard as a result of a more challenging retail environment, which included rising competition from key players in online shopping.

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

The market's record-breaking uptrend has largely been due to persistently low interest rates at home and negative rates abroad. This has resulted in stock valuations that appear stretched relative to history, particularly as corporate earnings growth has been slowing due to low oil prices and adverse currency effects. With stock prices at these levels, we believe the market could be vulnerable to a downturn when the Fed tightens rates again or if deteriorating circumstances in areas such as China, Japan or Europe provokes fear among investors. Yet the timing and magnitude of such events remains elusive. Accordingly, we remain focused on bottom-up investing and conduct extensive fundamental research on individual stocks to create a portfolio that we believe 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.

Focus Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	12.6	%
Consumer Staples	9.5
Energy	7.8
Financials	16.0
Health Care	14.7
Industrials	2.4
Information Technology	21.9
Materials	3.4
Telecommunication Services	5.1
Utilities	2.2
Other	0.0
Short-Term Investment	4.4
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁸

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		6.68	%		13.74	%		5.90	%		10.39	%
Trust Class³	08/30/1993		6.50	%		13.51	%		5.68	%		10.37	%
Advisor Class⁴	09/03/1996		6.33	%		13.34	%		5.48	%		10.31	%
Institutional Class⁵	06/21/2010		6.86	%		13.95	%		6.02	%		10.41	%
Class A¹⁹	06/21/2010		6.52	%		13.53	%		5.79	%		10.37	%
Class C¹⁹	06/21/2010		5.75	%		12.70	%		5.31	%		10.29	%
With Sales Charge
Class A¹⁹			0.40	%		12.20	%		5.16	%		10.26	%
Class C¹⁹			4.85	%		12.70	%		5.31	%		10.29	%
Index
S&P 500^® Index^1,15			12.55	%		14.69	%		7.51	%		10.08	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Focus Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class posted an 11.43% total return for the fiscal year ended August 31, 2016, outperforming its benchmark, the Russell 2000^® Index, which provided an 8.59% 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 strong results during the reporting period. The market was supported by overall positive investor demand, certain resilient economic data and continued supportive Fed monetary policy. The overall U.S. stock market, as measured by the S&P 500^® Index, rose 12.55% for the 12-month period. Small-cap stocks produced less robust results, as the Russell 2000 Index gained 8.59% for the period. There was a significant dispersion between small-cap growth and value stocks, as the Russell 2000^® Growth and Value Indexes returned 3.55% and 13.80%, respectively.

The Fund's outperformance relative to the benchmark was due to stock selection. The Fund benefited from our preference for higher quality, less cyclical and less speculative companies. In particular, our holdings in the Health Care and Consumer Discretionary sectors added the most value during the reporting period. In terms of individual holdings, West Pharmaceutical Services, Inc. and Pool Corp. added the most value. Along with a dominant position in drug packaging (rubber stoppers for injectable drug vials), West Pharmaceutical Services operates a promising drug delivery segment. Pool Corp. is the country's largest wholesale distributor of swimming pool supplies and equipment. On the downside, stock selection in the Materials and Information Technology sectors were the largest detractors from relative performance. Individual holdings that had negative results included Wabtec Corp. and Polaris Industries Inc. Wabtec provides value-added, technology-based equipment and services to lower costs and improve efficiency, productivity and safety of global rail industry. Polaris Industries designs and manufactures off-road vehicles for recreational and utility purposes.

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 relative results as they generated extremely poor returns. 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. Elsewhere, an overweight to Containers & Packaging (within the Materials sector) and Household Products (within the Consumer Staples sector) were beneficial for performance.

Looking ahead, while market volatility has been subdued of late, we believe this could change in the coming months. Investor sentiment may be challenged at times given a host of uncertainties, including the outcome from the November elections, the timing of additional Fed interest rate hikes and the trajectory for growth in China. On the upside, even though U.S. economic growth has been far from robust, we believe it remains relatively solid when compared to many other countries. As a U.S. small-cap manager, we are less exposed to overseas growth than our larger-cap counterparts. Furthermore, our portfolio is comprised of companies with differentiated business models that have consistently generated solid free cash flow, enjoyed healthy levels of profitability and maintained conservative balance sheets. In our opinion, these businesses, on a relative basis, tend to perform well in challenging macro environments. In addition, given their generally low leverage, we believe the portfolio's holdings should be less susceptible to Fed rates hikes when they eventually occur.

Sincerely,

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

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

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

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

Genesis Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	12.4	%
Consumer Staples	6.9
Energy	2.0
Financials	13.6
Health Care	15.9
Industrials	20.7
Information Technology	18.6
Materials	8.8
Short-Term Investments	1.1
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
Investor Class	09/27/1988		11.43	%		11.11	%		8.64	%		12.17	%
Trust Class³	08/26/1993		11.35	%		11.01	%		8.57	%		12.15	%
Advisor Class⁴	04/02/1997		11.06	%		10.71	%		8.28	%		11.93	%
Institutional Class⁵	07/01/1999		11.62	%		11.30	%		8.85	%		12.32	%
Class R6²³	03/15/2013		11.69	%		11.29	%		8.72	%		12.20	%
Index
Russell 2000^® Index^1,15			8.59	%		12.85	%		7.04	%		9.50	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Genesis Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Global Equity Fund Commentary (Unaudited)

Neuberger Berman Global Equity Fund Institutional Class generated a total return of 5.76% for the fiscal year ended August 31, 2016, underperforming the 7.86% 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.)

Healthy returns masked the volatility present in global markets throughout this fiscal year. In addition to concerns about low commodity prices and slow growth, both globally and in specific economies such as China, markets saw two major selloffs. The first was triggered by negative interest rates and fears about their impact on the economically important Eurozone and Japanese banking sectors; then in June, markets sold off again on the surprise outcome of the "Brexit" referendum and its potential impacts in the UK and economies across the Eurozone. Each time, markets rebounded fairly quickly. The U.S. and emerging markets, each up over 12% for the period, outperformed developed international markets, where Brexit and banking concerns were most pronounced.

Within the Index, by sector, Information Technology (IT) stocks performed best, followed by Consumer Staples, which benefited from a flight to safety. By country, New Zealand and Brazil were top performers.

Within the portfolio, stock selection within Consumer Staples along with an overweight to IT provided the greatest benefit. By country, strong stock picking in Japan and U.S.-based holdings, such as our top individual contributors, SanDisk, Amazon.com, and Waste Connections, contributed positively to performance.

SanDisk, the leading supplier of NAND flash technologies, received a bid from Western Digital. Amazon.com, the e-commerce giant, saw better-than-expected results from its web and cloud services, and an announced merger between U.S.-based Waste Connections and Progressive Waste was well received by investors.

The weakest Index sectors included Health Care, which posted a small loss, and Financials. Greece and Italy were the weakest individual markets.

Within the portfolio, stock selection in Industrials and Telecommunication Services, and, by country, UK-based holdings, contributed to our relative shortfall. Key detractors this period included UK-based holdings Barclays, TalkTalk, and Travis Perkins. UK based bank Barclays, and Travis Perkins, the UK builders' merchant, were hurt by fears about the economic impact in the UK of the Brexit referendum. TalkTalk, a UK Telecom/TV/Internet service provider, was the victim of a cyber-attack. We continue to own each of these names. Elsewhere, limited exposure to the top-performing Brazilian market was a detriment.

Looking ahead, Brexit may lead to additional political, economic and market uncertainty for the UK and EU. We do not believe it will lead to a full-blown crisis, however. We believe it is clear that political risk has increased for other nations, with French elections, most notably, coming in 2017, which is likely to dampen consumer and corporate risk appetite. Weaker growth for the next 12 to 18 months may be the likely result.

Given this uncertainty, we made changes to the portfolio over the latter part of the period, preferring to invest on conviction once the dust settles, rather than trade during a period of significant volatility. Our conviction on quality is unshaken, as is our affinity for domestically focused U.S. businesses and European multinationals. As ever, our focus remains on investing in companies with sustainable profitability and growth characteristics at attractive valuations, believing this is the best way to add value over the long term.

Sincerely,

BENJAMIN SEGAL AND SAURIN D. SHAH
PORTFOLIO MANAGERS

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

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

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

Global Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGQIX
Class A				NGQAX
Class C				NGQCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	06/30/2011		5.76	%		7.07	%		4.89	%
Class A	06/30/2011		5.46	%		6.70	%		4.52	%
Class C	06/30/2011		4.66	%		5.92	%		3.75	%
With Sales Charge
Class A			–0.61	%		5.45	%		3.33	%
Class C			3.66	%		5.92	%		3.75	%
Index
MSCI All Country World Index^1,15			7.86	%		8.91	%		6.96	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Global Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Global Real Estate Fund Commentary (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a 16.49% total return for the fiscal year ended August 31, 2016, underperforming its benchmark, the FTSE EPRA/NAREIT Developed Index, which generated an 18.36% total return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of elevated volatility, the global stock market generated a positive return during the reporting period. The market was negatively impacted at times given concerns over moderating global growth, geopolitical issues, and uncertainties regarding the UK electorate's vote to leave the European Union (Brexit) and investor risk aversion. However, these issues were overshadowed by periods of solid investor demand and continued supportive monetary policy. Comparatively, global real estate investment trusts (REITs) posted even stronger results, partially due to overall positive investor demand and generally declining longer-term interest rates.

While it produced a strong absolute return, the Fund underperformed the benchmark during the reporting period. The Fund's positioning from the regional/country perspective detracted from results during the reporting period. An overweight to the UK was the largest negative for returns as it performed poorly given concerns about the fallout from Brexit. We pared back the Fund's allocation to the UK during the reporting period. An overweight to France was also a headwind for performance. On the upside, having no exposures to Spain and the Netherlands were the most additive for relative results.

Sector allocation, overall, was negative for performance. An overweight to the Real Estate Holding & Development sector, along with underweights to the Retail REITs and Diversified REITs sectors, were the largest detractors from results. Conversely, an overweight to the Specialty REITs sector and an underweight to Hotel & Lodging REITs sector were the largest contributors to returns.

Finally, stock selection, overall, detracted from the Fund's performance. The largest negative for results was the Fund's holdings in the Industrial & Office REITs sector. Stock selection in the Hotel & Lodging REITs sector was also a headwind for performance. On the upside, our holdings in the Specialty REITs and Real Estate Holding & Development sectors were the most additive for results.

The U.S. economy has been fairly resilient in the face of global headwinds. Turning to the Fed, it appears likely to us that the central bank will take a measured and cautious approach in terms of normalizing policy. We believe continued economic growth and modest inflation should be supportive for the U.S. commercial property market. Overseas, post the outcome of the Brexit vote, we believe that the medium-term consequences for both the UK. and the Continent are negative, although the longer term impact at this point remains unclear. At this point, UK REITs are trading at relatively low valuations, and we believe there is still downside risk to net asset values. We are also worried about the cyclical and structural headwinds still to come in the UK property market. On the Continental side, however, we are positive on the stirrings of recovery in the French economy and have positioned the portfolio to take advantage of what we hope to be a broad-based recovery in France. Elsewhere, in Asia Pacific, we believe the deferral of the consumption tax hike removed a potential risk from Japan, but market confidence is substantially shaken by the country's negative interest rate policy. In our opinion, Australia remains the brightest spot in Asia Pacific. Elsewhere, we believe Hong Kong and Singapore markets could experience a sustained gradual correction.

Sincerely,

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

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

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

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

Global Real Estate Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/30/2014		16.49	%		5.62	%
Class A	12/30/2014		16.09	%		5.23	%
Class C	12/30/2014		15.15	%		4.41	%
With Sales Charge
Class A			9.40	%		1.57	%
Class C			14.15	%		4.41	%
Index
FTSE EPRA/NAREIT Developed Index^1,15			18.36	%		6.30	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Global Real Estate Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Greater China Equity Fund Commentary (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a 12.09% total return for the fiscal year ended August 31, 2016, outperforming its benchmark, the MSCI China Index, which returned 8.28% over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the past 12 months, China equity markets continued to be volatile. The domestic China A-shares market underperformed in September due to weaker than expected macroeconomic data released for August. Markets rebounded after the China National Day holidays, primarily due to the U.S. Federal Open Market Committee delaying interest rates hike, stabilizing China Purchasing Managers Index (PMI) and supportive policies such as cutting the purchase tax for automobiles and reducing down payment requirements for first time home buyers. Published third quarter 2015 GDP growth of 6.9% and another round of interest rate and reserve requirement ratio (RRR) cuts by 25 basis points and 50 basis points, respectively, further supported markets. In November, China's Fifth Plenum led to the abolition of its One Child Policy and anticipation of the Shenzhen-Hong Kong Stock Connect program. Towards calendar year-end, the onshore market performed well due to ongoing state-owned enterprises reforms and the International Monetary Fund including the renminbi (RMB) in the special drawing rights basket. In January, China equity markets declined mainly because of concerns over RMB depreciation and major shareholders selling their positions after the ban was lifted, which triggered the new China A-shares circuit breaker twice in the first four trading days. The circuit breaker was subsequently suspended by the China Securities Regulatory Commission (CSRC). Markets stabilized in early February due to January PMI, rising oil prices and expectations of supply side reform.

In March, both the offshore and onshore markets rebounded strongly after the People's Bank of China cut RRR by 50 basis points, the government's announcement of additional home purchase easing measures, and the supportive outcome of the National People's Congress. Markets consolidated in April and trading turnover sharply declined as investor sentiment remained cautious. In May, markets declined further due to Caixin PMI being lower than expected, sliding onshore commodities futures, concerns over restrictions in Mergers & Acquisitions, refinancing activities by Chinese regulators and another potential interest rate hike in the U.S. In early June, markets rallied as investor sentiment was encouraged by the impending announcement of the Shenzhen Stock Connect, but trading volume turnover significantly declined in response to the Brexit vote, after which China equities were sold off along with global markets but stabilized quickly and pared losses by month-end. Markets performed well in July as second quarter 2016 GDP growth, Industrial Output and Retail Sales figures all reported better than market estimates. However, the CSRC potentially implementing tighter rules against wealth management products resulted in profit-taking towards month-end. The offshore market outperformed in August after the CSRCs approval of Stock Connect, but sentiment turned cautious as investors focused on companies' earnings results for the first half of the year.

For the 12-month period, the Fund's underweights versus the benchmark in Information Technology (IT) and Financials contributed to performance. In contrast, the Fund's overweight position in Utilities and Industrials detracted from relative returns. Stock selection had a positive impact in IT, Industrials and Consumer Staples, whereas stock selection had a negative impact in Financials and Utilities, relative to the benchmark.

The Fund continues to focus on companies that we believe have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of August 31, 2016, the Fund's largest sector overweight relative to the benchmark was Industrials, followed by Health Care and Utilities. The largest sector underweight was IT, followed by Energy and Financials. The Fund's top 10 equity positions constituted approximately 57% of total portfolio assets at the end of the period.

We believe the China equity markets will continue to experience volatility throughout the remainder of 2016, driven by the ongoing implementation of various structural reforms by the Chinese government. It is our opinion that markets will also likely be subject to shorter-term oscillations given macroeconomic and political uncertainties abroad. Given the above, we continue to stress the importance of selectivity and focus on company fundamentals in navigating China equity markets for the coming years. We had previously discussed the opportunities for active management resulting from the bifurcation of China's economic structure. This remains the case, as indicated by first quarter corporate

earnings where companies operating in sectors more aligned with the ongoing economic rebalancing generally reported healthier results versus those companies in sectors that are not. We anticipate such trends to continue to play out over time.

Sincerely,

LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS

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

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

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

Greater China Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	10.5	%
Consumer Staples	3.0
Financials	27.4
Health Care	7.0
Industrials	12.2
Information Technology	23.3
Telecommunication Services	7.7
Utilities	5.7
Short-Term Investment	3.2
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

EXCHANGE ALLOCATION

(as a % Of Long Term Investments)
Mainland China	22.7	%
Hong Kong	63.0
United States	14.3
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	07/17/2013		12.09	%		11.65	%
Class A	07/17/2013		12.19	%		11.43	%
Class C	07/17/2013		10.93	%		10.45	%
With Sales Charge
Class A			5.69	%		9.34	%
Class C			9.94	%		10.45	%
Index
MSCI China Index^1,15			8.28	%		6.44	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Greater China Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class generated an 8.45% total return for the fiscal year ended August 31, 2016, underperforming the 12.55% 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.)

Despite the uptick in volatility during the reporting period, the U.S. stock market generated positive results. The market was supported by overall positive investor demand, certain resilient economic data and continued supportive Fed monetary policy. The overall U.S. stock market, as measured by the S&P 500 Index, rose 12.55% for the 12-month period. Within the market, large-cap stocks outperformed their mid- and small-cap counterparts during the reporting period.

The Fund's investments fall into three buckets: Growth, Total Return and Opportunistic. Growth companies are those companies that have been growing their revenues and, as they did so, generating free cash flow that has been reinvested in the business at what we identify as attractive risk-adjusted returns. Total Return investments have demonstrated sustainable and/or growing streams of income that we believe 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 that we believe have 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.¹

The Fund's relative underperformance during the reporting period versus the S&P 500 Index was largely due to stock selection. In particular, selection in the Industrials, Health Care and Consumer Discretionary sectors were the largest detractors from results. On the upside, stock selection in the Utilities and Financials sectors was beneficial for performance. During the period, the Fund's cash & cash equivalents position overall was also a headwind for results. Sector allocation also detracted for the period, primarily driven by underweights to Consumer Staples and Industrials. Conversely, underweights to Health Care and Information Technology contributed to results from a sector allocation perspective during the reporting period.

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

We believe the U.S. economy will continue to grow steadily, while a still highly accommodative Fed may create a longer than anticipated U.S. business cycle (albeit certainly slower than the markets expected). In our view, corporate managers' willingness to drive innovation, enhance productivity, allocate capital to the best risk-adjusted return and compete on a global scale could ultimately provide investors with suitable long-term returns for the risks they bear. Nevertheless, we are very mindful of the complex world in which we live and invest. Given the impact of an increasingly global economy, we intend to remain flexible in our decisions and open-minded to new ideas across different asset classes and geographies.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

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

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

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

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

Guardian Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	14.8	%
Consumer Staples	13.0
Energy	5.7
Financials	12.6
Health Care	11.6
Industrials	9.8
Information Technology	18.9
Materials	3.0
Telecommunication Services	4.1
Utilities	4.5
Other	0.0
Short-Term Investment	2.0
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS^7,11

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		8.45	%		11.52	%		6.60	%		10.97	%
Trust Class³	08/03/1993		8.31	%		11.34	%		6.42	%		10.92	%
Advisor Class⁴	09/03/1996		8.03	%		10.93	%		6.01	%		10.78	%
Institutional Class⁵	05/27/2009		8.68	%		11.73	%		6.74	%		10.99	%
Class A¹⁹	05/27/2009		8.32	%		11.33	%		6.46	%		10.95	%
Class C¹⁹	05/27/2009		7.47	%		10.48	%		5.87	%		10.85	%
Class R3¹⁶	05/27/2009		8.00	%		11.02	%		6.26	%		10.91	%
With Sales Charge
Class A¹⁹			2.07	%		10.02	%		5.83	%		10.85	%
Class C¹⁹			6.54	%		10.48	%		5.87	%		10.85	%
Index
S&P 500^® Index^1,15			12.55	%		14.69	%		7.51	%		11.06	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Guardian Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a total return of 4.78% for the fiscal year ended August 31, 2016, outperforming its benchmark, the MSCI EAFE^® Index (the Index), which provided a 0.38% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

From an Index perspective, volatility continued to limit returns in international developed equity markets, as geopolitical factors compounded ongoing global growth and commodity pricing concerns. The most significant selloffs happened in mid-February, over negative interest rate concerns and their impact on Eurozone and Japanese banking sectors, and in late June, over potential ramifications of the surprising outcome of the "Brexit" referendum.

Within the Index, Consumer Staples led winners, posting double-digit positive results, in part due to a flight to safety during the period's uncertainty. Information Technology (IT), Industrials, and Materials stocks also outperformed, as did Energy—the latter two driven by 2016's commodities pricing recovery. By country, New Zealand and Australia saw the strongest returns.

Four Index sectors had losses this period, with Financials hardest hit by the above-mentioned monetary policy concerns, followed by Health Care, Telecommunication Services, and Consumer Discretionary stocks. By country, Italy and Spain were weakest.

This was a good year for disciplined active investors, with the majority of our outperformance driven by stock selection (although sector allocation decisions were also additive). Stocks from within the IT and Financials sectors, and by market, from Switzerland and Japan, had the largest positive impact.

Top contributors included KEYENCE, Sundrug, and Synergy Health. KEYENCE, the Japanese factory automation equipment supplier, continued to implement its growth strategy, deepening its product portfolio and adding marketing resources to gain market share globally. Sundrug, the Japanese drugstore chain, continued to see steady growth in sales and profits, combined with good cost control, despite weak economic conditions in Japan. Early in the period, a takeover of Synergy Health, a UK-based health care services name, was approved, leading to a significant rise in its stock price, leading us to sell off the position.

Weaker relative returns came from Telecommunication Services names, an underweight to the recovering Energy sector, holdings domiciled in the UK, and limited exposure to the top-performing Australian market. Detractors included UK-based banks Barclays and Lloyds, and Travis Perkins, the UK builders' merchant. All were hurt by fears about the local economic impact of the Brexit referendum. We continue to own all three.

Looking ahead, the Brexit vote could lead to a protracted period of political, economic and market uncertainty for the UK and EU. We do not believe it will lead to a full-blown crisis however. What is clear, in our opinion, is that political risk has increased for other nations—with French elections, most notably, coming in 2017—which is likely to dampen consumer and corporate risk appetite. Weaker growth for the next 12 to 18 months is the likely result.

We made changes to the portfolio during the fiscal year, preferring to invest on conviction once the dust settles rather than trade during a period of significant volatility. Our emphasis on quality is unshaken, and as ever, our focus remains on investing in companies with sustainable profitability and growth characteristics, at attractive valuations.

Sincerely,

BENJAMIN SEGAL
PORTFOLIO MANAGER

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

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

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

International Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹²	01/28/2013		4.60	%		5.28	%		2.50	%		4.49	%
Trust Class¹²	01/28/2013		4.59	%		5.23	%		2.48	%		4.46	%
Institutional Class	06/17/2005		4.78	%		5.44	%		2.58	%		4.56	%
Class A¹²	01/28/2013		4.48	%		5.17	%		2.45	%		4.44	%
Class C¹²	01/28/2013		3.70	%		4.59	%		2.17	%		4.18	%
Class R6²²	09/03/2013		5.02	%		5.51	%		2.61	%		4.59	%
With Sales Charge
Class A¹²			–1.52	%		3.93	%		1.84	%		3.89	%
Class C¹²			2.70	%		4.59	%		2.17	%		4.18	%
Index
MSCI EAFE^® Index^1,15			0.38	%		5.48	%		2.19	%		4.52	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

International Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class generated a total return of 3.65% for the fiscal year ended August 31, 2016, outperforming its benchmark, the MSCI EAFE^® Index (the Index), which provided a 0.38% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

In the Index, Consumer Staples led winners, posting double-digit positive results, in part due to a flight to safety during the period's uncertainty. Information Technology (IT), Industrials, and Materials stocks also outperformed, as did Energy—the latter two driven by 2016's commodities pricing recovery. By country, New Zealand and Australia saw the strongest returns.

This was a good year for disciplined active investors, with the majority of our outperformance driven by stock selection (although sector allocation decisions were also additive).

Stocks from within the IT and Industrials sectors—both helped by overweighting the better-performing sectors—and by market, from Japan and off-benchmark holdings, had the largest relative positive impact.

Top contributors included KEYENCE, Amlin, and Partners Group. KEYENCE, the Japanese factory automation equipment supplier, continued to implement its growth strategy, deepening its product portfolio and adding marketing resources to gain market share globally. Amlin, the UK-based reinsurer received a takeover bid at a premium early this fiscal period, and we sold our position. Partners Group, a Swiss alternative investment manager, benefited from heightened earnings guidance.

Weaker relative returns came from the Health Care and Telecommunication Services sectors, holdings domiciled in the UK and limited exposure to the top-performing Australian market. Detractors included UK-based banks Barclays and Lloyds, which were hurt by fears about the local economic impact of the Brexit referendum, and TalkTalk, a UK Telecom/TV/Internet service provider, which was the victim of a cyber-attack earlier in the period. We continue to own all three.

Looking ahead, we believe the Brexit vote could lead to a protracted period of political, economic and market uncertainty for the UK and EU. We do not believe it will lead to a full-blown crisis however. What is clear, in our opinion, is that political risk has increased for other nations—with French elections, most notably, coming in 2017—which is likely to dampen consumer and corporate risk appetite. Weaker growth for the next 12 to 18 months is the likely result.

Sincerely,

BENJAMIN SEGAL
PORTFOLIO MANAGER

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

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

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

International Select Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	08/01/2006		3.65	%		4.16	%		2.26	%		2.43	%
Institutional Class⁶	10/06/2006		3.94	%		4.52	%		2.61	%		2.78	%
Class A¹⁴	12/20/2007		3.69	%		4.16	%		2.26	%		2.43	%
Class C¹⁴	12/20/2007		2.89	%		3.40	%		1.60	%		1.78	%
Class R3¹⁴	05/27/2009		3.33	%		3.90	%		2.06	%		2.23	%
With Sales Charge
Class A¹⁴			–2.26	%		2.93	%		1.66	%		1.83	%
Class C¹⁴			1.89	%		3.40	%		1.60	%		1.78	%
Index
MSCI EAFE^® Index^1,15			0.38	%		5.48	%		2.19	%		2.44	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

International Select Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a 2.96% total return for the fiscal year ended August 31, 2016, underperforming its benchmark, the Russell 2000^® Value Index, which returned 13.80% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Since mid-February lows, equity markets have rallied amid mostly positive U.S. economic data. Manufacturing figures improved, employment and wage growth continued, housing starts and new home sales were higher than expected and retail sales were mostly strong. The extreme volatility which marked most of the year has subsided over the past few months due to better than expected second quarter earnings results and optimism about the domestic economy. Our cyclically sensitive portfolio underperformed, as investors sought refuge in less cyclical and more yield oriented investments. Our Financial Services sector mismatch (long regional banks, limited real estate investment trust (REIT) exposure) was a drag on relative performance. Investors turned pessimistic on the ability of banks to increase their net interest margins while REIT yields looked more appealing as the Fed continued to delay interest rate hikes.

Our investments in independent power producers continued to disappoint during the period. Dynegy, NRG Energy and Covanta Holding declined between 20% and 50%, as they continued to be plagued by commodity and power price weakness. Even though these companies are utilities, they are levered, complex, and at their core, commodity plays.

Other sector biases also played a part in the portfolio's underperformance. Nearly 38% of our strategy is invested in the Technology sector, which cost us around 250 basis points of relative return. Infinera, Verint Systems, Seachange, Bankrate and VeriFone Systems all reported disappointing earnings and lowered guidance over the past 12 months. There were, however, some solid performers in the Technology sector. Rovi Corp. is acquiring TiVo in what is generally believed to be a highly accretive merger. Ultratech's profitability is improving, as the company recorded its second straight positive quarter driven by strength in its Advanced Packaging business and Laser Spike Annealing (LSA) tool orders. Mercury Systems completed the acquisition of Microsemi which is believed to contribute about 30% of the company's forecasted revenue in 2017.

Also on the positive side, oil and gas prices remained relatively low and the portfolio benefitted from our minimal commitment to this sector. Given our large presence in the Technology and Industrial sectors our preference is to increase our exposure to the Health Care and Consumer sectors. During the year we added new positions in Health Care and in Consumer companies. Our Health Care companies performed well. Affymetrix was acquired by Thermo Fisher, and we sold it for a gain. Charles River Laboratories which provides a growing number of products used in laboratory research, has used its strong cash flow to make acquisitions that are additive to earnings while also repurchasing its shares. HeartWare, a new holding, was acquired by Medtronic at a 95% premium to our cost, and we sold it, realizing a gain.

In short, we believe that this year's underperformance can be summed up in one word—Yield. Over the past 12 months, our lack of exposure to REITs and dividend-paying utilities has cost us dearly. Our minimal exposure to REITs, which were up 28% for the fiscal year period, had a significant impact on our relative returns.

While more recently released economic reports have been encouraging, we believe economic uncertainty remains. A number of developments abroad could affect U.S. markets. At home, the possibility of a Fed rate hike before the end of the year and the outcome of the presidential election could lead to increased market volatility.

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

Sincerely,

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

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

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

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

Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NINLX
Class A				NINAX
Class C				NINCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	6.5	%
Consumer Staples	0.8
Energy	1.1
Financial Services	10.6
Health Care	8.5
Materials & Processing	5.7
Producer Durables	17.9
Technology	37.6
Utilities	4.5
Short-Term Investment	6.8
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2016
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁸	05/10/2010		2.96	%		12.60	%		8.40	%		10.95	%
Class A¹⁸	05/10/2010		2.58	%		12.17	%		8.15	%		10.82	%
Class C¹⁸	05/10/2010		1.85	%		11.34	%		7.65	%		10.55	%
With Sales Charge
Class A¹⁸			–3.33	%		10.85	%		7.51	%		10.47	%
Class C¹⁸			0.88	%		11.34	%		7.65	%		10.55	%
Index
Russell 2000^® Value Index^1,15			13.80	%		12.63	%		5.80	%		8.55	%
Russell 2000^® Index^1,15			8.59	%		12.85	%		7.04	%		7.54	%

*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 18 for more information.

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Intrinsic Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁸

(000's Omitted)

Large Cap Value Fund Commentary (Unaudited)

Neuberger Berman Large Cap Value Fund Investor Class generated a 13.16% total return for the fiscal year ended August 31, 2016, outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 12.92% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the past fiscal year, equities experienced some wild fluctuations as the global economy, oil prices and monetary policy decisions swayed trading activity. At the start of the period the market dropped as investors fretted over economic softness in China and other emerging markets; stocks regained their footing but plunged again in early 2016, when a fall in oil prices and a newly tighter U.S. monetary environment exacerbated the ongoing global concerns. The market rebounded quickly, however, as the Fed took a more dovish tone on interest rates, oil prices began to recover and the U.S. economy exhibited signs of health. Stocks remained on an upward path, propped up by easy monetary policies around the world, until attention turned toward Britain's vote to exit the European Union. The market plummeted in June on news of the "Brexit" decision, but then rose to new heights in August, as global investors in search of higher returns and greater stability bought up U.S. investments.

Within the Index, returns were positive across all ten sectors. Performance leadership spanned both the defensive and cyclical arenas with Information Technology, Telecommunication Services, Industrials and Utilities as the strongest segments of the market. Sectors that lagged the overall market included Consumer Discretionary, Energy and Financials.

In terms of Fund performance, Materials was the greatest source of upside relative to the Index. This was due to our heavier exposure to the overall sector, and specifically, our investment in gold producer, Newmont Mining (NEM). The stock outperformed over the period due to a rise in gold prices, which were driven higher by persistently low interest rates in the U.S. and ongoing concerns about the global economy. Consumer Discretionary caused the heaviest loss for the Fund versus the Index. The shortfall largely stemmed from weakness in luxury retailer Ralph Lauren Corp. (RL), which began to sell off after the company reported disappointing fiscal third quarter 2016 earnings and lowered its outlook for 2016, citing issues that included unfavorable product assortment and a decline in customer traffic. We continue to see value in RL, however, as management continues to scale back its brands, cut costs and identify opportunities for growth, which we believe should allow the stock to move higher as challenged end markets improve over time.

Going forward, we believe that easy monetary policy combined with a stabilizing U.S. economy could continue to prop up equities, but we remain wary as stock multiples are reaching historically high levels and corporate earnings growth has been slowing. Moreover, while companies have been avidly returning cash to shareholders via buybacks and dividends, it is our view that many investors are growing concerned that this is being done to the detriment of capital investment. In addition, we still see significant macro risks for the market that include another Fed rate move, the outcome and aftermath of the U.S. presidential election, the ongoing Brexit fallout and signs of further economic weakness in China and Japan. However, rather than trying to gauge the timing and impact of such events, we instead focus our efforts on evaluating individual stocks and continue to pursue our strategy of seeking underappreciated names with hidden value that can be realized as specific catalysts play out over time. We believe that this approach is key to creating a portfolio that can generate 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.

Large Cap Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	7.1	%
Consumer Staples	4.3
Energy	16.1
Financials	30.1
Health Care	3.4
Industrials	16.5
Information Technology	4.5
Materials	9.1
Telecommunication Services	1.5
Utilities	1.1
Short-Term Investment	6.3
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		13.16	%		11.38	%		5.04	%		12.47	%
Trust Class³	08/30/1993		12.97	%		11.16	%		4.85	%		12.38	%
Advisor Class⁴	08/16/1996		12.81	%		11.00	%		4.69	%		12.25	%
Institutional Class⁵	06/07/2006		13.38	%		11.56	%		5.22	%		12.51	%
Class A¹⁹	06/21/2010		12.94	%		11.12	%		4.89	%		12.43	%
Class C¹⁹	06/21/2010		12.09	%		10.29	%		4.40	%		12.30	%
Class R3¹⁶	06/21/2010		12.58	%		10.83	%		4.72	%		12.38	%
With Sales Charge
Class A¹⁹			6.46	%		9.82	%		4.27	%		12.27	%
Class C¹⁹			11.15	%		10.29	%		4.40	%		12.30	%
Index
Russell 1000^® Value Index^1,15			12.92	%		14.39	%		6.08	%		N/A

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Large Cap Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Growth Fund Investor Class generated a –1.70% total return for the fiscal year ended August 31, 2016, lagging its benchmark, the Russell Midcap^® Growth Index, which returned 7.00% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing twelve months offered up an unpredictable roller-coaster of highs and lows, beginning with a meaningful market correction, driven in the middle by the highly correlated power of oil, the dollar, and economic news out of China, and closing with a healthy dose of nationalistic cynicism and uncertainty courtesy of the upcoming U.S. presidential election and Great Britain's surprising decision to leave the European Union. Not to be upstaged, the Fed continued its very public, ongoing rate debate, complete with dueling hawkish and dovish postures around the overall health and direction of our economy. Driven by the aforementioned, we believe the market's demeanor has ranged from highly irrational to oddly calm, which, depending on the day, may have proved challenging to active managers. Despite the push towards new highs, this market hasn't represented a sustained shift to risk-on or an embracing of positive momentum. Instead, we believe this has been a safe-haven rally, driven by an overabundance of caution and characterized by unexpected correlations, generally low volume and a continued "free money" distortion of the capital allocation process. However, the good news, likely lost amid the headlines and intermittent volatility, is that most companies generally continued to execute and deliver reasonably good earnings.

On average during the period, the portfolio was overweight in Information Technology (IT), Health Care, Telecommunication Services and Energy and underweight in Consumer Staples, Financials, Materials, Consumer Discretionary and Industrials relative to its benchmark. Two sudden and ruthless market rotations (August/September 2015 and January/February 2016), away from higher anticipation investment stories proved extremely challenging to our approach and portfolio positioning, particularly within IT, which accounted for nearly half of our relative underperformance. Our significant underweight to real estate investment trusts (REITs) also proved to be a drag, as investors continued to seek yield and flock towards the perceived safety of income-generating investments. The period was also impacted by poor results from several holdings, as Tableau Software, Stericycle, Alliance Data Systems and Zebra Technologies (each sold during the year) all delivered results and guidance that surprised and disappointed the market. For the period, Burlington Stores was the top performing holding, while Envision Health Care was the leading detractor. Burlington, a national off-price retailer of branded apparel, rose above the sorry state of retail to deliver strong results that were enthusiastically received by the market. Envision, a provider of outsourced facility-based physician and healthcare transportation services, delivered surprisingly poor results as they overestimated demand for physician outsourcing and then struggled to adjust their staffing levels accordingly. We elected to sell our position in Envision.

Despite the occasional bouts of extreme volatility, we believe the market proved fairly adept at shaking off the aforementioned macro-level worries and largely rolling with the seemingly endless fiscal, monetary and political chatter. Underpinning that market resiliency has been reasonably solid corporate earnings and continued broadly positive economic indicators, trends that we believe are certainly capable of continuing through year-end and into 2017. As a result, bullish sentiment continues to outweigh bearish, and we simply can't discount the market's ability to keep steaming forward, even if it doesn't always make sense or follow past formulas. Given the continued potential for volatility, it's more incumbent upon us to strike the proper risk/reward balance within the portfolio. With that said, we remain cautiously optimistic that what we view as higher growth companies, offering intriguing catalysts and compelling fundamentals, will continue to gain greater traction with the market and provide an attractive alternative to the yield-centric and flight-to-safety trades that have become increasingly crowded.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Mid Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	22.5	%
Consumer Staples	3.2
Energy	1.7
Financials	6.3
Health Care	19.0
Industrials	13.9
Information Technology	23.7
Materials	3.9
Telecommunication Services	1.6
Short-Term Investment	4.2
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		–1.70	%		10.83	%		8.30	%		11.59	%
Trust Class³	08/30/1993		–1.77	%		10.77	%		8.17	%		11.50	%
Advisor Class⁴	09/03/1996		–2.04	%		10.45	%		7.87	%		11.30	%
Institutional Class⁵	04/19/2007		–1.52	%		11.06	%		8.58	%		11.67	%
Class A¹⁹	05/27/2009		–1.91	%		10.66	%		8.20	%		11.56	%
Class C¹⁹	05/27/2009		–2.62	%		9.84	%		7.61	%		11.40	%
Class R3¹⁶	05/27/2009		–2.12	%		10.39	%		8.00	%		11.51	%
Class R6²³	03/15/2013		–1.44	%		11.05	%		8.40	%		11.62	%
With Sales Charge
Class A¹⁹			–7.56	%		9.35	%		7.56	%		11.39	%
Class C¹⁹			–3.54	%		9.84	%		7.61	%		11.40	%
Index
Russell Midcap^® Growth Index^1,15			7.00	%		13.43	%		8.76	%		N/A
Russell Midcap^® Index^1,15			9.91	%		14.29	%		8.49	%		13.28	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 1.12%, 1.87% and 1.37% for Class A, 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 5.85% total return for the fiscal year ended August 31, 2016, underperforming its benchmark, the Russell Midcap^® Value Index, which returned 12.88% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the period, the market was dominated by momentum and income producing securities. Our strong value orientation led us to invest in contrarian stocks in the cheaper, more cyclically oriented sectors of the market, and as a result, the Fund underperformed.

Equity markets became volatile and sensitive to changes in the economic backdrop during the last several months of 2015. Volatility continued into the second quarter of this year, heightened in June by Britain's surprising decision to exit the European Union (Brexit). Over the past few months, volatility has subsided due to several factors. Second quarter earnings results were better than expected, and recent U.S. economic news has been mostly positive. Both the ISM Manufacturing and Non-Manufacturing Indices were higher than anticipated, jobs reports were strong and wage growth beat expectations. Housing starts and new home sales were materially higher than anticipated, and retail sales were mostly strong.

During the period, performance benefitted from the Fund's stock selection in the Energy and Health Care sectors and both an overweight and stock selection in Producer Durables. Merger and acquisition activity also helped. Our largest holding during the period, ADT, which is engaged in the electronic security business, was acquired by Apollo; Tyco International completed its merger with Johnson Controls in a $14 billion deal creating a new giant provider of commercial-building systems; and SanDisk, a Technology company engaged in manufacturing flash memory products, was acquired by Western Digital. ONEOK, a diversified energy company, and Devon Energy, an independent oil and natural gas exploration and production company, benefitted from a recovery in commodity prices. Zimmer Biomet Holdings, a manufacturer of medical devices, continued to profit from cross selling and growth acceleration resulting from the Biomet merger in 2015. In Producer Durables, Itron benefitted from improved operational performance and recovering end markets, and Avery Dennison posted strong fundamentals consistently beating sales and earnings estimates. Colony Starwood Homes emerged in early 2016, when Starwood Waypoint (our former holding) merged with Colony Homes, creating the leading single family rental real estate investment trust. The company gained recognition in its category and benefitted from significant cost synergies resulting from the merger.

On the negative side, underweights in two of the benchmark's better performing sectors, Consumer Staples and Utilities, hurt performance. Overweights in the Consumer Discretionary sector also detracted. Lagging investments included Corrections Corporation of America (CXW), a Financial Services company engaged in the operation of correctional facilities. Shares plummeted in mid-August following a U.S. Department of Justice announcement regarding plans to reduce future reliance on privately operated facilities. Presently only 7% of CXW's total annual revenue is derived from contracts which may be affected by the decision upon their expiration. A few of our regional banks (BankUnited, Huntington Bancshares) lagged due to the low rate environment although this has reversed in recent months. NRG Energy (Utilities), which was sold in February, continued to be impacted by commodity and power price weakness. Hertz Global Holdings was slow to rightsize its fleet, and shares remained suppressed, despite improving trends in the car rental business. Staples (sold in December) and Office Depot were hurt by a Federal Court ruling blocking their merger, which would have created substantial cost synergies.

While more recently released economic reports were encouraging, we believe economic uncertainty remains. The possibility of a Fed rate hike before the end of the year and the outcome of the U.S. presidential election could lead to increased market volatility. A number of developments abroad, including Brexit and uncertainty about China's growth rate, might also have a negative impact on U.S. markets. We believe that our focus on what we see as quality companies—companies who are selling at a discount to intrinsic value¹ with a potential catalyst for value creation—should fare well in such an environment.

Sincerely,

MICHAEL C. GREENE
PORTFOLIO MANAGER

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

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

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

Mid Cap Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	14.5	%
Consumer Staples	4.2
Energy	6.4
Financial Services	20.4
Health Care	4.3
Materials & Processing	5.3
Producer Durables	18.2
Technology	18.8
Utilities	5.8
Short-Term Investment	2.1
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		5.85	%		13.26	%		6.91	%		9.18	%
Trust Class³	06/10/1999		5.80	%		13.07	%		6.80	%		9.10	%
Institutional Class⁵	03/08/2010		6.18	%		13.51	%		7.10	%		9.29	%
Class A¹⁹	06/21/2010		5.76	%		13.10	%		6.85	%		9.14	%
Class C¹⁹	06/21/2010		5.01	%		12.27	%		6.36	%		8.85	%
Class R3¹⁶	06/21/2010		5.54	%		12.83	%		6.69	%		9.05	%
With Sales Charge
Class A¹⁹			–0.32	%		11.78	%		6.22	%		8.77	%
Class C¹⁹			4.10	%		12.27	%		6.36	%		8.85	%
Index
Russell Midcap^® Value Index^1,15			12.88	%		15.03	%		7.98	%		9.36	%
Russell Midcap^® Index^1,15			9.91	%		14.29	%		8.49	%		8.79	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Multi-Cap Opportunities Fund Commentary (Unaudited)

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated an 8.94% total return for the fiscal year ended August 31, 2016 versus a 12.55% total return for its benchmark, the S&P 500^® Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Within the Index, all ten sectors generated a positive return for the period. Consumer Staples, Industrials, Information Technology (IT), Materials, Telecommunication Services and Utilities outperformed relative to the overall benchmark. Consumer Discretionary, Energy, Financials and Health Care all lagged the overall benchmark. We believe heightened market volatility over the course of the year contributed to the dispersion in performance across sectors.

Within the portfolio, stock selection in Consumer Staples and IT benefitted relative performance. Stock selection in Consumer Discretionary and Energy detracted from relative performance during the period. The Fund ended the fiscal year with an overweight, relative to the benchmark, in the Financials, Health Care, Industrials, IT, and Materials sectors. The Fund ended the fiscal year with an underweight, relative to the benchmark, in the Consumer Discretionary, Consumer Staples, Energy, Telecommunication Services, and Utilities sectors.

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

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

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 clients' assets through the disciplined application of our investment philosophy and process.

Sincerely,

RICHARD S. NACKENSON
PORTFOLIO MANAGER

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

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

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

Multi-Cap Opportunities Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	4.7	%
Consumer Staples	3.9
Energy	4.3
Financials	23.8
Health Care	17.0
Industrials	14.2
Information Technology	27.3
Materials	3.9
Short-Term Investment	0.9
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2016
	Inception Date*	1 Year			5 Years			Life of Fund
At NAV
Institutional Class¹⁷	12/21/2009		8.94	%		14.28	%		7.55	%
Class A¹⁷	12/21/2009		8.53	%		13.88	%		7.29	%
Class C¹⁷	12/21/2009		7.73	%		13.03	%		6.75	%
With Sales Charge
Class A¹⁷			2.26	%		12.54	%		6.65	%
Class C¹⁷			6.73	%		13.03	%		6.75	%
Index
S&P 500^® Index^1,15			12.55	%		14.69	%		7.09	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁷

(000's Omitted)

Real Estate Fund Commentary (Unaudited)

Neuberger Berman Real Estate Fund Trust Class generated a 21.59% total return for the for the fiscal year ended August 31, 2016, underperforming its benchmark, the FTSE NAREIT All Equity REITs Index, which generated a 25.37% total return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market generated strong results during the reporting period. The market was supported by overall positive investor demand, certain resilient economic data and continued supportive Fed monetary policy. The overall U.S. stock market, as measured by the S&P 500^® Index, rose 12.55% for the 12-month period. Comparatively, real estate investment trusts (REITs) posted even stronger results during the period, partially due to robust investor demand and declining longer-term interest rates.

Sector positioning, overall, detracted from the Fund's relative performance during the reporting period. In particular, an overweight to Real Estate Operating Companies (non-REIT real estate related securities) and an underweight to Free Standing were negative for results. On the upside, an underweight to Lodging/Resorts and an overweight to Single Family Homes were the largest contributors to performance. Stock selection, overall, was modestly positive for performance. Contributing the most to results was stock selection in the Diversified, Mixed and Lodging/Resorts sectors. Simon Property Group, a leading commercial real estate company with both regional malls and discount outlet centers, American Tower Corp., an operator and developer of wireless communications towers, and Public Storage, a self-storage REIT, were the largest contributors to performance.

The sectors that detracted the most from the Fund's performance from a stock selection perspective were Apartments, Office and Free Standing. Several individual holdings were also negative for results, including Forest City Realty Trust, Inc., a diversified REIT, as well as Host Hotels & Resorts, Inc. and LaSalle Hotel Properties, two Lodging/Resorts REITs. We eliminated all three positions during the reporting period.

Sincerely,

STEVE SHIGEKAWA AND BRIAN C. JONES
PORTFOLIO CO-MANAGERS

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

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

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

Real Estate Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Apartments	11.0	%
Data Centers	5.0
Diversified	3.1
Free Standing	3.3
Health Care	10.2
Industrial	4.9
Infrastructure	9.8
Lodging/Resorts	1.6
Manufactured Homes	2.5
Office	12.3
Real Estate Operating Companies	1.7
Regional Malls	10.5
Self Storage	5.5
Shopping Centers	9.4
Single Family Homes	2.8
Specialty	1.5
Timber	3.7
Short-Term Investment	1.2
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS^7,21

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		21.59	%		11.27	%		6.90	%		11.89	%
Institutional Class⁶	06/04/2008		21.84	%		11.48	%		7.07	%		12.01	%
Class A¹⁴	06/21/2010		21.37	%		11.08	%		6.78	%		11.80	%
Class C¹⁴	06/21/2010		20.45	%		10.24	%		6.29	%		11.44	%
Class R3¹⁴	06/21/2010		21.03	%		10.80	%		6.61	%		11.68	%
Class R6²⁴	03/15/2013		21.85	%		11.48	%		7.00	%		11.96	%
With Sales Charge
Class A¹⁴			14.39	%		9.77	%		6.15	%		11.34	%
Class C¹⁴			19.45	%		10.24	%		6.29	%		11.44	%
Index
FTSE NAREIT All Equity REITs Index^1,15			25.37	%		13.65	%		6.73	%		11.00	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Real Estate Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Small Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Small Cap Growth Fund Investor Class generated a –3.16% total return for the fiscal year ended August 31, 2016, lagging its benchmark, the Russell 2000^® Growth Index, which returned 3.55% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing twelve months offered up an unpredictable roller-coaster of highs and lows, beginning with a meaningful market correction, driven in the middle by the highly correlated power of oil, the U.S. dollar, and economic news out of China and closing with a healthy dose of nationalistic cynicism and uncertainty courtesy of the upcoming U.S. presidential election and Great Britain's surprising decision to leave the European Union. Not to be upstaged, the Fed continued its very public, ongoing rate debate, complete with dueling hawkish and dovish postures around the overall health and direction of our economy. Driven by the aforementioned, we believe the market's demeanor has ranged from highly irrational to oddly calm, which, depending on the day, may have proved challenging to active managers. Despite the push towards new highs, this market hasn't represented a sustained shift to risk-on or an embracing of positive momentum. Instead, we believe this has been a safe-haven rally driven by an overabundance of caution and characterized by unexpected correlations, generally low volume and a continued "free money" distortion of the capital allocation process. However, the good news, likely lost amid the headlines and intermittent volatility, is that in general, companies continued to execute and deliver reasonably good earnings.

On average during the period, the portfolio was overweight in Information Technology, Energy and Health Care and underweight in Materials, Industrials, Financials, Consumer Staples, Telecommunication Services and Consumer Discretionary relative to its benchmark. Two sudden and ruthless market rotations (August/September 2015 and January/February 2016), away from higher expectation investment stories proved extremely challenging to our approach and portfolio positioning, particularly within Health Care which faced a perfect storm fueled by elevated valuations, drug pricing politics and the implosion of large-cap Valeant Pharmaceuticals (We did not hold this security). For the period, Burlington Stores was the top performing holding, while Pacira Pharmaceuticals was the leading detractor. Burlington, a national off-price retailer of branded apparel, rose above the sorry state of retail to deliver strong results that were enthusiastically received by the market. Pacira, which develops non-opioid products for postsurgical pain control, lagged expectations for the re-launch of their key product, which negatively impacted their earnings. Given the increased uncertainty, extremely unforgiving environment and headwinds for the specialty pharmaceutical segment, we elected to exit our position.

Despite the occasional bouts of extreme volatility, we believe the market proved fairly adept at shaking off the aforementioned macro-level worries and largely rolling with the seemingly endless fiscal, monetary and political chatter. Underpinning that market resiliency have been reasonably solid corporate earnings and continued broadly positive economic indicators, trends that we believe are certainly capable of continuing through year-end and into 2017. As a result, bullish sentiment continues to outweigh bearish, and we simply can't discount the market's ability to keep steaming forward, even if it doesn't always make sense or follow past formulas. Given the continued potential for volatility, it's more incumbent upon us to strike the proper risk/reward balance within the portfolio. With that said, we remain cautiously optimistic that companies with a recent history of higher growth, offering what we believe are intriguing catalysts and compelling fundamentals, will continue to gain greater traction with the market and provide an attractive alternative to the yield-centric and flight-to-safety trades that have become increasingly crowded.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Small Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	15.9	%
Consumer Staples	3.0
Energy	1.7
Financials	5.6
Health Care	25.9
Industrials	15.6
Information Technology	27.9
Materials	1.9
Short-Term Investment	2.5
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		–3.16	%		10.00	%		6.65	%		7.99	%
Trust Class³	11/03/1998		–3.27	%		9.81	%		6.44	%		7.84	%
Advisor Class⁴	05/03/2002		–3.40	%		9.66	%		6.26	%		7.75	%
Institutional Class⁵	04/01/2008		–2.82	%		10.35	%		6.90	%		8.13	%
Class A¹⁹	05/27/2009		–3.18	%		9.95	%		6.57	%		7.95	%
Class C¹⁹	05/27/2009		–3.92	%		9.13	%		5.99	%		7.62	%
Class R3¹⁶	05/27/2009		–3.44	%		9.68	%		6.38	%		7.84	%
With Sales Charge
Class A¹⁹			–8.74	%		8.66	%		5.94	%		7.59	%
Class C¹⁹			–4.80	%		9.13	%		5.99	%		7.62	%
Index
Russell 2000^® Growth Index^1,15			3.55	%		13.02	%		8.20	%		7.45	%
Russell 2000^® Index^1,15			8.59	%		12.85	%		7.04	%		8.72	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Small Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Socially Responsive Fund Commentary (Unaudited)

Neuberger Berman Socially Responsive Fund Investor Class reported a total return of 10.49% for the fiscal year ended August 31, 2016, trailing the 12.55% return of the S&P 500^® Index for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Strong returns masked the volatility in the equity markets this period. For instance, by mid-February, the S&P declined nearly 12% as worries of a slowing China combined with weakness in U.S. businesses impacted by weak energy and commodity related markets led to fears of a U.S. downturn. Similarly, in June, fears of implications from the UK electorate's vote to leave the European Union reignited concerns of a global economic slowdown and caused an immediate flight to safety and a sell-off in global equity markets.

Despite market turmoil, steady growth in the U.S. and stability in other major economies helped commodity prices rally from their lows and arrested the appreciation of the U.S. dollar. While uncertainties remain—including elections in the U.S. and the corresponding lack of clarity on trade and economic policies potentially creating volatility, we continue to believe that U.S. job growth, consumer strength and an accommodative Fed should result in a favorable backdrop for continued slow growth.

For the Fund, top contributors included long-term holdings Texas Instruments, Intuit and Newell Brands. Each executed well, with Texas Instruments benefiting from its strong position in analog chips and Newell Brands benefiting from progress in its recent Jarden acquisition. Intuit continued to benefit from its dominant position in tax preparation for consumers and its move to a Software as a Service model for its accounting solutions for small business.

Detractors included American Express and Alliance Data Systems, both high returns businesses that saw multiples compress on rising worries about the credit cycle. Robert Half International, a predominantly U.S.-based skilled labor services business supporting professional and small businesses, also hurt performance. We continue to own all three, believing these businesses will benefit if continued steady U.S. economic growth dispels some of the fears embedded in their valuations.

During the fiscal year, we took advantage of market volatility to opportunistically add some well-positioned businesses including JP Morgan, Medtronic, Weyerhaeuser, Motorola Solutions, and Delphi Automotive. Delphi emerged in 2010 from its post-crisis bankruptcy as a streamlined, disciplined and innovative company with global manufacturing scale. We believe Delphi's presence in the growing active safety, fuel economy and wireless connectivity segments position it to grow at an advantaged pace. Delphi's content growth, we believe, is likely to be higher in hybrid and electric cars.

With much of the post-financial crisis regulatory landscape clarified, we consider JP Morgan, a premier consumer and commercial banking, asset management and investment banking firm, well positioned to navigate and grow within a heavily regulated industry and slow growth environment. In our opinion, the company benefits from scale and diversification, and the value of its businesses remains compelling. We exited positions that we considered fully valued, including Adobe Systems, O'Reilly Automotive, Herman Miller, PayPal and Keurig Green Mountain (upon a private equity takeover offer.)

Looking ahead, absent some external shock, we anticipate slow growth continuing. We believe the U.S. economic backdrop is resilient, and while the Fed has begun to increase rates, the trajectory remains very measured. Thus, we believe monetary policy is likely to continue to be supportive of growth. Clearly global risks remain, but, in our opinion, U.S. fundamentals appear firm and supportive for equities.

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

We look forward to continuing to serve your investment needs.

Sincerely,

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.

Socially Responsive Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	9.9	%
Consumer Staples	4.0
Energy	8.6
Financials	16.2
Health Care	16.7
Industrials	14.8
Information Technology	21.7
Materials	1.0
Telecommunication Services	3.1
Utilities	2.8
Short-Term Investments	1.2
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2016
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		10.49	%		12.58	%		7.22	%		9.04	%
Trust Class³	03/03/1997		10.29	%		12.38	%		7.02	%		8.87	%
Institutional Class⁵	11/28/2007		10.70	%		12.78	%		7.38	%		9.12	%
Class A¹⁹	05/27/2009		10.27	%		12.34	%		7.07	%		8.98	%
Class C¹⁹	05/27/2009		9.44	%		11.51	%		6.48	%		8.71	%
Class R3¹⁶	05/27/2009		10.01	%		12.10	%		6.88	%		8.89	%
Class R6²³	03/15/2013		10.78	%		12.77	%		7.31	%		9.09	%
With Sales Charge
Class A¹⁹			3.92	%		11.02	%		6.44	%		8.69	%
Class C¹⁹			8.45	%		11.51	%		6.48	%		8.71	%
Index
S&P 500^® Index^1,15			12.55	%		14.69	%		7.51	%		9.16	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Socially Responsive Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Value Fund Commentary (Unaudited)

Neuberger Berman Value Fund Institutional Class generated a 13.23% total return for the fiscal year ended August 31, 2016, outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 12.92% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Going forward, we believe that easy monetary policy combined with a stabilizing U.S. economy could continue to prop up equities, but we remain wary as stock multiples are reaching historically high levels and corporate earnings growth has been slowing. Moreover, while companies have been avidly returning cash to shareholders via buybacks and dividends, it is our view that many investors are growing concerned that this is being done to the detriment of capital investment. In addition, we still see significant macro risks for the market that include another Fed rate move, the outcome and aftermath of the U.S. presidential election, the ongoing Brexit fallout and signs of further economic weakness in China and Japan. However, rather than trying to gauge the timing and impact of such events, we instead focus our efforts on evaluating individual stocks and continue to pursue our strategy of seeking out underappreciated names that we think have hidden value that can be realized if specific catalysts play out over time. We believe that this approach is key to creating a portfolio that can generate 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.

Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLRLX
Class A				NVAAX
Class C				NVACX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	7.1	%
Consumer Staples	4.3
Energy	16.1
Financials	30.1
Health Care	3.4
Industrials	16.5
Information Technology	4.5
Materials	9.1
Telecommunication Services	1.5
Utilities	1.0
Short-Term Investment	6.4
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2016
	Inception Date*	1 Year			5 Years			Life of Fund
At NAV
Institutional Class²⁰	04/19/2010		13.23	%		12.46	%		7.33	%
Class A²⁰	03/02/2011		12.70	%		12.02	%		7.09	%
Class C²⁰	03/02/2011		11.92	%		11.21	%		6.65	%
With Sales Charge
Class A²⁰			6.22	%		10.70	%		6.45	%
Class C²⁰			10.92	%		11.21	%		6.65	%
Index
Russell 1000^® Value Index^1,15			12.92	%		14.39	%		5.69	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2016 can be found in the Financial Highlights section of this report.

Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT²⁰

(000's Omitted)

Endnotes

1 Please see "Glossary of Indices" on page 69 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 is relatively small. Each of Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Multi-Cap Opportunities Fund and Neuberger Berman Value Fund were relatively small prior to September 2010, June 2008, August 2013, January 2010 and April 2013, respectively. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.

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

Endnotes (cont'd)

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

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

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

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

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

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

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

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

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

Endnotes (cont'd)

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

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

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

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

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

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

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

On January 1, 2016, Neuberger Berman Management LLC ("NBM") and Neuberger Berman LLC ("Neuberger Berman") transferred to Neuberger Berman Fixed Income LLC ("NBFI") their rights and obligations pertaining to all services they

Endnotes (cont'd)

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" or "Management"). Following the consolidation, the investment professionals of NBM and Neuberger Berman 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.

On July 1, 2016, NBM was reorganized into Neuberger Berman (the "Reorganization"). Upon the completion of the Reorganization, Neuberger Berman assumed all rights and obligations pertaining to all services NBM provided to any Fund under any distribution agreement or distribution and services agreement (the "Agreements") or plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, (the "Plans"). Accordingly, after the Reorganization, Neuberger Berman became each Fund's distributor and the services previously provided by NBM under the Agreements and Plans will be provided by Neuberger Berman.

Following the Reorganization, the employees of NBM who currently provide services to each Fund under the Agreements and Plans will continue to provide the same services, except that they will provide those services in their capacities as employees of Neuberger Berman. Further, the Reorganization will not result in any change in the nature or level of services provided to each Fund, or the fees, if any, each Fund pays under the Agreements or the Plans.

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

Glossary of Indices

FTSE EPRA / NAREIT Developed Index:				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.

Glossary of Indices (cont'd)

Russell 1000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap segment of the U.S. equity market. It includes approximately 1,000 of the largest securities in the Russell 3000^® Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.
Russell 1000^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
Russell 2000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000^® Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.
Russell 2000^® Growth Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap growth segment of the U.S. equity market. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.
Russell 2000^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The index is rebalanced annually in June.
Russell Midcap^® Growth Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
S&P 500^® Index:				The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

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

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

Expense Information as of 8/31/16 (Unaudited)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/16		Ending Account Value 8/31/16		Expenses Paid During the Period⁽¹⁾3/1/16 - 8/31/16		Expense Ratio			Beginning Account Value 3/1/16		Ending Account Value 8/31/16		Expenses Paid During the Period⁽²⁾3/1/16 - 8/31/16		Expense Ratio
Dividend Growth Fund
Institutional Class	$	1,000.00	$	1,151.30	$	3.79		0.70	%	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Class A	$	1,000.00	$	1,149.20	$	5.67		1.05	%	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Class C	$	1,000.00	$	1,143.30	$	9.70		1.80	%	$	1,000.00	$	1,016.09	$	9.12		1.80	%
Class R6	$	1,000.00	$	1,151.10	$	3.35		0.62	%	$	1,000.00	$	1,022.02	$	3.15		0.62	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	1,230.60	$	7.01		1.25	%	$	1,000.00	$	1,018.85	$	6.34		1.25	%
Class A	$	1,000.00	$	1,229.30	$	8.41		1.50	%	$	1,000.00	$	1,017.60	$	7.61		1.50	%
Class C	$	1,000.00	$	1,223.90	$	12.58		2.25	%	$	1,000.00	$	1,013.83	$	11.39		2.25	%
Class R3	$	1,000.00	$	1,226.60	$	10.69		1.91	%	$	1,000.00	$	1,015.53	$	9.68		1.91	%
Class R6	$	1,000.00	$	1,231.40	$	6.62		1.18	%	$	1,000.00	$	1,019.20	$	5.99		1.18	%
Equity Income Fund
Institutional Class	$	1,000.00	$	1,128.50	$	3.75		0.70	%	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Class A	$	1,000.00	$	1,126.00	$	5.72		1.07	%	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Class C	$	1,000.00	$	1,121.80	$	9.65		1.81	%	$	1,000.00	$	1,016.04	$	9.17		1.81	%
Class R3	$	1,000.00	$	1,123.90	$	7.15		1.34	%	$	1,000.00	$	1,018.40	$	6.80		1.34	%
Focus Fund
Investor Class	$	1,000.00	$	1,152.70	$	5.14		0.95	%	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Trust Class	$	1,000.00	$	1,152.10	$	6.00		1.11	%	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Advisor Class	$	1,000.00	$	1,150.40	$	6.70		1.24	%	$	1,000.00	$	1,018.90	$	6.29		1.24	%
Institutional Class	$	1,000.00	$	1,153.90	$	4.06		0.75	%	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Class A	$	1,000.00	$	1,152.20	$	6.00		1.11	%	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class C	$	1,000.00	$	1,147.10	$	10.04		1.86	%	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Genesis Fund
Investor Class	$	1,000.00	$	1,161.30	$	5.54		1.02	%	$	1,000.00	$	1,020.01	$	5.18		1.02	%
Trust Class	$	1,000.00	$	1,160.70	$	5.97		1.10	%	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Advisor Class	$	1,000.00	$	1,159.30	$	7.33		1.35	%	$	1,000.00	$	1,018.35	$	6.85		1.35	%
Institutional Class	$	1,000.00	$	1,162.10	$	4.62		0.85	%	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class R6	$	1,000.00	$	1,162.50	$	4.24		0.78	%	$	1,000.00	$	1,021.22	$	3.96		0.78	%
Global Equity Fund
Institutional Class	$	1,000.00	$	1,104.70	$	6.08		1.15	%	$	1,000.00	$	1,019.36	$	5.84		1.15	%
Class A	$	1,000.00	$	1,102.30	$	7.98		1.51	%	$	1,000.00	$	1,017.55	$	7.66		1.51	%
Class C	$	1,000.00	$	1,097.70	$	11.92		2.26	%	$	1,000.00	$	1,013.77	$	11.44		2.26	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	1,153.30	$	5.41		1.00	%	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Class A	$	1,000.00	$	1,151.50	$	7.36		1.36	%	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Class C	$	1,000.00	$	1,146.50	$	11.38		2.11	%	$	1,000.00	$	1,014.53	$	10.68		2.11	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	1,240.60	$	8.50		1.51	%	$	1,000.00	$	1,017.55	$	7.66		1.51	%
Class A	$	1,000.00	$	1,237.90	$	10.52		1.87	%	$	1,000.00	$	1,015.74	$	9.48		1.87	%
Class C	$	1,000.00	$	1,233.00	$	14.71		2.62	%	$	1,000.00	$	1,011.97	$	13.25		2.62	%
Guardian Fund
Investor Class	$	1,000.00	$	1,119.80	$	5.01		0.94	%	$	1,000.00	$	1,020.41	$	4.77		0.94	%
Trust Class	$	1,000.00	$	1,118.40	$	5.75		1.08	%	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Advisor Class	$	1,000.00	$	1,117.80	$	6.07		1.14	%	$	1,000.00	$	1,019.41	$	5.79		1.14	%
Institutional Class	$	1,000.00	$	1,120.90	$	3.89		0.73	%	$	1,000.00	$	1,021.47	$	3.71		0.73	%
Class A	$	1,000.00	$	1,118.90	$	5.59		1.05	%	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Class C	$	1,000.00	$	1,113.70	$	9.83		1.85	%	$	1,000.00	$	1,015.84	$	9.37		1.85	%
Class R3	$	1,000.00	$	1,117.40	$	7.24		1.36	%	$	1,000.00	$	1,018.30	$	6.90		1.36	%

Expense Information as of 8/31/16 (Unaudited) (cont'd)

	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/16		Ending Account Value 8/31/16		Expenses Paid During the Period⁽¹⁾3/1/16 - 8/31/16		Expense Ratio			Beginning Account Value 3/1/16		Ending Account Value 8/31/16		Expenses Paid During the Period⁽²⁾3/1/16 - 8/31/16		Expense Ratio
International Equity Fund
Investor Class	$	1,000.00	$	1,091.10	$	5.73		1.09	%	$	1,000.00	$	1,019.66	$	5.53		1.09	%
Trust Class	$	1,000.00	$	1,091.50	$	5.68		1.08	%	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Institutional Class	$	1,000.00	$	1,092.60	$	4.47		0.85	%	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class A	$	1,000.00	$	1,090.40	$	6.36		1.21	%	$	1,000.00	$	1,019.05	$	6.14		1.21	%
Class C	$	1,000.00	$	1,086.10	$	10.28		1.96	%	$	1,000.00	$	1,015.28	$	9.93		1.96	%
Class R6	$	1,000.00	$	1,093.80	$	4.11		0.78	%	$	1,000.00	$	1,021.22	$	3.96		0.78	%
International Select Fund
Trust Class	$	1,000.00	$	1,090.20	$	6.57		1.25	%	$	1,000.00	$	1,018.85	$	6.34		1.25	%
Institutional Class	$	1,000.00	$	1,091.50	$	4.73		0.90	%	$	1,000.00	$	1,020.61	$	4.57		0.90	%
Class A	$	1,000.00	$	1,089.80	$	6.51		1.24	%	$	1,000.00	$	1,018.90	$	6.29		1.24	%
Class C	$	1,000.00	$	1,085.70	$	10.49		2.00	%	$	1,000.00	$	1,015.08	$	10.13		2.00	%
Class R3	$	1,000.00	$	1,088.40	$	7.93		1.51	%	$	1,000.00	$	1,017.55	$	7.66		1.51	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	1,129.70	$	5.35		1.00	%	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Class A	$	1,000.00	$	1,126.90	$	7.27		1.36	%	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Class C	$	1,000.00	$	1,122.70	$	11.26		2.11	%	$	1,000.00	$	1,014.53	$	10.68		2.11	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	1,233.60	$	5.05		0.90	%	$	1,000.00	$	1,020.61	$	4.57		0.90	%
Trust Class	$	1,000.00	$	1,232.70	$	5.95		1.06	%	$	1,000.00	$	1,019.81	$	5.38		1.06	%
Advisor Class	$	1,000.00	$	1,231.60	$	6.79		1.21	%	$	1,000.00	$	1,019.05	$	6.14		1.21	%
Institutional Class	$	1,000.00	$	1,235.10	$	3.93		0.70	%	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Class A	$	1,000.00	$	1,232.20	$	6.06		1.08	%	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class C	$	1,000.00	$	1,227.80	$	10.19		1.82	%	$	1,000.00	$	1,015.99	$	9.22		1.82	%
Class R3	$	1,000.00	$	1,230.60	$	7.63		1.36	%	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	1,142.90	$	5.22		0.97	%	$	1,000.00	$	1,020.26	$	4.93		0.97	%
Trust Class	$	1,000.00	$	1,142.90	$	5.28		0.98	%	$	1,000.00	$	1,020.21	$	4.98		0.98	%
Advisor Class	$	1,000.00	$	1,141.10	$	6.73		1.25	%	$	1,000.00	$	1,018.85	$	6.34		1.25	%
Institutional Class	$	1,000.00	$	1,144.80	$	4.04		0.75	%	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Class A	$	1,000.00	$	1,142.30	$	5.98		1.11	%	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class C	$	1,000.00	$	1,138.10	$	10.00		1.86	%	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R3	$	1,000.00	$	1,140.60	$	7.32		1.36	%	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Class R6	$	1,000.00	$	1,145.30	$	3.61		0.67	%	$	1,000.00	$	1,021.77	$	3.40		0.67	%
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	1,147.30	$	6.37		1.18	%	$	1,000.00	$	1,019.20	$	5.99		1.18	%
Trust Class	$	1,000.00	$	1,146.90	$	6.75		1.25	%	$	1,000.00	$	1,018.85	$	6.34		1.25	%
Institutional Class	$	1,000.00	$	1,148.90	$	4.59		0.85	%	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class A	$	1,000.00	$	1,146.40	$	6.53		1.21	%	$	1,000.00	$	1,019.05	$	6.14		1.21	%
Class C	$	1,000.00	$	1,142.40	$	10.56		1.96	%	$	1,000.00	$	1,015.28	$	9.93		1.96	%
Class R3	$	1,000.00	$	1,145.80	$	7.87		1.46	%	$	1,000.00	$	1,017.80	$	7.41		1.46	%
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	1,133.20	$	4.13		0.77	%	$	1,000.00	$	1,021.27	$	3.91		0.77	%
Class A	$	1,000.00	$	1,131.20	$	6.00		1.12	%	$	1,000.00	$	1,019.51	$	5.69		1.12	%
Class C	$	1,000.00	$	1,127.20	$	9.89		1.85	%	$	1,000.00	$	1,015.84	$	9.37		1.85	%

Expense Information as of 8/31/16 (Unaudited) (cont'd)

	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/16		Ending Account Value 8/31/16		Expenses Paid During the Period⁽¹⁾3/1/16 - 8/31/16		Expense Ratio			Beginning Account Value 3/1/16		Ending Account Value 8/31/16		Expenses Paid During the Period⁽²⁾3/1/16 - 8/31/16		Expense Ratio
Real Estate Fund
Trust Class	$	1,000.00	$	1,156.40	$	5.64		1.04	%	$	1,000.00	$	1,019.91	$	5.28		1.04	%
Institutional Class	$	1,000.00	$	1,157.70	$	4.61		0.85	%	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class A	$	1,000.00	$	1,155.40	$	6.56		1.21	%	$	1,000.00	$	1,019.05	$	6.14		1.21	%
Class C	$	1,000.00	$	1,151.20	$	10.60		1.96	%	$	1,000.00	$	1,015.28	$	9.93		1.96	%
Class R3	$	1,000.00	$	1,153.50	$	7.90		1.46	%	$	1,000.00	$	1,017.80	$	7.41		1.46	%
Class R6	$	1,000.00	$	1,157.40	$	4.23		0.78	%	$	1,000.00	$	1,021.22	$	3.96		0.78	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	1,222.60	$	6.76		1.21	%	$	1,000.00	$	1,019.05	$	6.14		1.21	%
Trust Class	$	1,000.00	$	1,222.30	$	7.65		1.37	%	$	1,000.00	$	1,018.25	$	6.95		1.37	%
Advisor Class	$	1,000.00	$	1,221.10	$	8.43		1.51	%	$	1,000.00	$	1,017.55	$	7.66		1.51	%
Institutional Class	$	1,000.00	$	1,225.00	$	5.03		0.90	%	$	1,000.00	$	1,020.61	$	4.57		0.90	%
Class A	$	1,000.00	$	1,222.80	$	7.04		1.26	%	$	1,000.00	$	1,018.80	$	6.39		1.26	%
Class C	$	1,000.00	$	1,217.90	$	11.21		2.01	%	$	1,000.00	$	1,015.03	$	10.18		2.01	%
Class R3	$	1,000.00	$	1,221.20	$	8.43		1.51	%	$	1,000.00	$	1,017.55	$	7.66		1.51	%
Socially Responsive Fund
Investor Class	$	1,000.00	$	1,132.60	$	4.61		0.86	%	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Trust Class	$	1,000.00	$	1,131.00	$	5.52		1.03	%	$	1,000.00	$	1,019.96	$	5.23		1.03	%
Institutional Class	$	1,000.00	$	1,133.50	$	3.59		0.67	%	$	1,000.00	$	1,021.77	$	3.40		0.67	%
Class A	$	1,000.00	$	1,131.40	$	5.63		1.05	%	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Class C	$	1,000.00	$	1,126.70	$	9.57		1.79	%	$	1,000.00	$	1,016.14	$	9.07		1.79	%
Class R3	$	1,000.00	$	1,129.90	$	6.91		1.29	%	$	1,000.00	$	1,018.65	$	6.55		1.29	%
Class R6	$	1,000.00	$	1,133.80	$	3.22		0.60	%	$	1,000.00	$	1,022.12	$	3.05		0.60	%
Value Fund
Institutional Class	$	1,000.00	$	1,236.80	$	3.99		0.71	%	$	1,000.00	$	1,021.57	$	3.61		0.71	%
Class A	$	1,000.00	$	1,233.80	$	6.12		1.09	%	$	1,000.00	$	1,019.66	$	5.53		1.09	%
Class C	$	1,000.00	$	1,230.30	$	10.26		1.83	%	$	1,000.00	$	1,015.94	$	9.27		1.83	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown), unless otherwise indicated.

(2) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 184/366 (to reflect the one-half year period shown).

Schedule of Investments Dividend Growth Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (89.6%)
Aerospace & Defense (5.0%)
General Dynamics Corp.		2,775	$	422
Raytheon Co.		2,550		357
Rockwell Collins, Inc.		2,900		243
				1,022
Air Freight & Logistics (1.5%)
United Parcel Service, Inc. Class B		2,850		311
Banks (8.7%)
Citigroup, Inc.		8,950		427
Citizens Financial Group, Inc.		18,600		461
First Hawaiian, Inc.*		4,900		130
JPMorgan Chase & Co.		6,550		442
PNC Financial Services Group, Inc.		3,600		325
				1,785
Communications Equipment (3.5%)
Cisco Systems, Inc.		13,150		414
Motorola Solutions, Inc.		3,900		300
				714
Consumer Finance (1.8%)
Synchrony Financial		13,175		367
Diversified Telecommunication Services (1.9%)
Frontier Communications Corp.		85,000		391
Electric Utilities (1.6%)
Exelon Corp.		9,850		335
Electrical Equipment (1.8%)
Hubbell, Inc.		3,500		379
Electronic Equipment, Instruments & Components (3.4%)
CDW Corp.		6,750		301
TE Connectivity Ltd.		6,400		407
				708
Energy Equipment & Services (1.4%)
Schlumberger Ltd.		3,625		286
Food Products (6.8%)
Bunge Ltd.		7,150		457
ConAgra Foods, Inc.		6,400		298

	Number of Shares		Value (000's)
Mondelez International, Inc. Class A		7,750	$	349
Pinnacle Foods, Inc.		5,850		296
				1,400
Health Care Providers & Services (1.6%)
Express Scripts Holding Co.*		4,500		327
Hotels, Restaurants & Leisure (2.0%)
Carnival Corp.		8,500		406
Household Products (1.9%)
Procter & Gamble Co.		4,450		389
Insurance (3.8%)
Chubb Ltd.		2,850		362
MetLife, Inc.		9,600		416
				778
IT Services (3.9%)
Automatic Data Processing, Inc.		4,475		402
Leidos Holdings, Inc.		9,800		397
				799
Machinery (1.1%)
Kennametal Inc.		8,000		224
Media (3.0%)
Comcast Corp. Class A		4,750		310
Omnicom Group, Inc.		3,600		310
				620
Metals & Mining (6.0%)
Lundin Mining Corp.*		85,350		323
Newmont Mining Corp.		11,400		436
Royal Gold, Inc.		6,500		476
				1,235
Oil, Gas & Consumable Fuels (8.6%)
Devon Energy Corp.		12,200		529
EOG Resources, Inc.		5,250		465
Noble Energy, Inc.		7,000		241
Occidental Petroleum Corp.		3,150		242
Suncor Energy, Inc.		11,250		305
				1,782

	Number of Shares		Value (000's)
Pharmaceuticals (4.0%)
Bristol-Myers Squibb Co.		3,850	$	221
Eli Lilly & Co.		2,550		198
Teva Pharmaceutical Industries Ltd. ADR		8,250		416
				835
Real Estate Investment Trusts (1.5%)
American Tower Corp.		2,800		317
Semiconductors & Semiconductor Equipment (5.8%)
Applied Materials, Inc.		14,150		422
Maxim Integrated Products, Inc.		8,600		350
NXP Semiconductors NV*		4,900		432
				1,204
Software (3.7%)
Microsoft Corp.		8,050		463
Oracle Corp.		7,400		305
				768
Technology Hardware, Storage & Peripherals (2.0%)
Apple, Inc.		3,875		411
Textiles, Apparel & Luxury Goods (1.4%)
Coach, Inc.		7,400		283
Tobacco (1.9%)
Philip Morris International, Inc.		3,950		395
Total Common Stocks (Cost $16,682)				18,471
Short-Term Investment (10.4%)
Investment Company (10.4%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(a) (Cost $2,140)		2,140,393		2,140
Total Investments (100.0%) (Cost $18,822)				20,611
Other Assets Less Liabilities (0.0%)				6
Net Assets (100.0%)			$	20,617

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

Schedule of Investments Dividend Growth Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	18,471	$	—	$	—	$	18,471
Short-Term Investment		—		2,140		—		2,140
Total Investments	$	18,471	$	2,140	$	—	$	20,611

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (97.3%)
Brazil (7.2%)
AMBEV SA ADR		1,205,900	$	7,151
BB Seguridade Participacoes SA		539,200		4,867
Cielo SA		467,408		4,862
Embraer SA ADR		73,100		1,287
Energisa SA		254,500		1,652
FPC Par Corretora de Seguros SA		534,100		2,150
Itau Unibanco Holding SA, Preference Shares		794,970		8,826
Kroton Educacional SA		487,300		2,083
				32,878
Chile (0.9%)
SACI Falabella		614,445		4,343
China (23.5%)
Alibaba Group Holding Ltd. ADR*		45,900		4,461
Baidu, Inc. ADR*		42,600		7,287
Beijing Enterprises Holdings Ltd.		774,400		4,442
Changyou.com Ltd. ADR*		167,700		4,156
China Everbright International Ltd.		5,946,900		7,605
China Medical System Holdings Ltd.		2,756,800		4,620
China Mengniu Dairy Co. Ltd.		1,249,970		2,372
China Mobile Ltd.		831,000		10,262
China State Construction International Holdings Ltd.		3,025,400		3,611
China Vanke Co. Ltd., H Shares		1,605,223		4,118
CNOOC Ltd.		2,612,400		3,209
Haier Electronics Group Co. Ltd.		2,874,800		4,810
Hua Hong Semiconductor Ltd.^(a)		1,072,900		1,176
Industrial & Commercial Bank of China Ltd., H Shares		14,948,400		9,500

	Number of Shares		Value (000's)
PICC Property & Casualty Co. Ltd., H Shares		2,363,200	$	3,905
Ping An Insurance Group Co. of China Ltd., H Shares		1,136,900		5,884
Sunny Optical Technology Group Co. Ltd.		1,570,000		8,389
Tencent Holdings Ltd.		671,300		17,463
				107,270
Czech Republic (0.8%)
Komercni Banka A/S		111,450		3,772
Hong Kong (1.6%)
AIA Group Ltd.		714,000		4,515
Galaxy Entertainment Group Ltd.		915,400		2,979
				7,494
India (12.1%)
Cairn India Ltd.		1,201,575		3,586
Cummins India Ltd.		378,798		5,180
Dabur India Ltd.		1,205,309		5,247
Dewan Housing Finance Corp. Ltd.		911,840		3,945
Glenmark Pharmaceuticals Ltd.		285,185		3,575
HDFC Bank Ltd. ADR		58,300		4,177
Hindustan Unilever Ltd.		163,385		2,233
Housing Development Finance Corp. Ltd.		163,770		3,448
IndusInd Bank Ltd.		200,240		3,543
InterGlobe Aviation Ltd.*^(a)		114,690		1,514
Maruti Suzuki India Ltd.		71,175		5,374
Parag Milk Foods Ltd.*^(a)		589,655		2,870
Power Grid Corp. of India Ltd.		1,946,066		5,335
Prestige Estates Projects Ltd.		873,175		2,434
SH Kelkar & Co. Ltd.^(a)		523,030		2,667
				55,128

	Number of Shares		Value (000's)
Indonesia (3.6%)
PT AKR Corporindo Tbk		3,548,400	$	1,785
PT Bank Negara Indonesia Persero Tbk		11,067,500		4,902
PT Gudang Garam Tbk		812,500		3,945
PT Link Net Tbk		426,600		143
PT Matahari Department Store Tbk		2,175,000		3,279
PT Sumber Alfaria Trijaya Tbk		53,085,000		2,261
				16,315
Jordan (0.7%)
Hikma Pharmaceuticals PLC		110,630		3,109
Korea (13.1%)
Com2uS Corp.*		19,200		1,777
Coway Co. Ltd.		97,975		7,328
Hyundai Motor Co.		49,875		5,949
LG Chem Ltd.		14,500		3,518
NAVER Corp.		9,840		7,457
NCSoft Corp.		1,800		436
Orion Corp.		7,920		5,278
Samsung Electronics Co. Ltd.		12,205		17,733
SFA Engineering Corp.		78,397		3,748
SK Hynix, Inc.		199,265		6,514
				59,738
Malaysia (0.6%)
Inari Amertron Bhd		3,530,625		2,757
Mexico (5.6%)
Arca Continental SAB de CV		366,600		2,289
Corp. Inmobiliaria Vesta SAB de CV		2,397,000		3,416
Fomento Economico Mexicano SAB de CV		354,000		3,243
Grupo Financiero Banorte SAB de CV, O Shares		947,100		5,104

See Notes to Financial Statements

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

	Number of Shares		Value (000's)
Grupo GICSA SA de CV*		2,746,100	$	1,913
Grupo Mexico SAB de CV Series B		1,681,500		4,204
Infraestructura Energetica Nova SAB de CV		660,900		2,551
Unifin Financiera SAPI de CV		921,500		2,667
				25,387
Peru (1.0%)
Credicorp Ltd.		28,000		4,387
Philippines (3.0%)
Ayala Corp.		265,280		4,982
International Container Terminal Services, Inc.		200,000		360
Metropolitan Bank & Trust Co.		1,078,600		1,933
SM Investments Corp.		244,880		3,574
Universal Robina Corp.		730,510		2,932
				13,781
Russia (3.6%)
LUKOIL PJSC ADR		53,540		2,395
LUKOIL PJSC ADR		78,985		3,542
Magnit PJSC^(b)		24,240		3,805
X5 Retail Group NV GDR*		255,015		6,745
				16,487
South Africa (5.4%)
Alexander Forbes Group Holdings Ltd.		4,565,990		2,106
Bid Corp. Ltd.*		231,524		4,252
FirstRand Ltd.		1,436,915		4,307
Life Healthcare Group Holdings Ltd.		1,564,625		4,097
Naspers Ltd., N Shares		45,525		7,450
Sasol Ltd.		88,800		2,236
				24,448
Taiwan, Province of China (10.4%)
Accton Technology Corp.		2,752,400		4,328
Advanced Ceramic X Corp.		342,000		2,161
Delta Electronics, Inc.		937,200		4,873

	Number of Shares		Value (000's)
eMemory Technology, Inc.		315,200	$	3,278
Hermes Microvision, Inc.		165,640		7,100
Hu Lane Associate, Inc.		532,200		2,692
Kingpak Technology, Inc.		220,448		1,730
MediaTek, Inc.		524,200		4,122
Parade Technologies Ltd.		409,300		3,986
Taiwan Semiconductor Manufacturing Co. Ltd.		2,343,739		13,000
				47,270
Thailand (1.6%)
Bangkok Dusit Medical Services PCL^(b)		4,122,500		2,799
CP ALL PCL^(b)		2,419,000		4,350
				7,149
Turkey (1.4%)
Tofas Turk Otomobil Fabrikasi A/S		282,985		2,082
Ulker Biskuvi Sanayi A/S		609,585		4,291
				6,373
United Kingdom (1.2%)
SABMiller PLC		99,075		5,708
Total Common Stocks (Cost $393,603)				443,794
Short-Term Investment (4.1%)
Investment Company (4.1%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(c) (Cost $18,812)		18,812,214		18,812
Total Investments (101.4%) (Cost $412,415)				462,606
Other Assets Less Liabilities [(1.4%)]				(6,426	)
Net Assets (100.0%)			$	456,180

* Non-income producing security.

(a) 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 or may have other restrictions on resale. At 8/31/2016, these securities amounted to approximately $8,227,000, or 1.8% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Security fair valued as of 8/31/2016 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at 8/31/2016 amounted to approximately $10,954,000, which represents 2.4% of net assets of the Fund.

See Notes to Financial Statements

POSITIONS BY INDUSTRY EMERGING MARKETS EQUITY FUND

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Banks	$	46,144		10.1	%
Semiconductors & Semiconductor Equipment		39,176		8.6	%
Internet Software & Services		36,668		8.0	%
Electronic Equipment, Instruments & Components		21,497		4.7	%
Food & Staples Retailing		21,413		4.7	%
Insurance		21,321		4.7	%
Beverages		18,391		4.0	%
Food Products		17,743		3.9	%
Technology Hardware, Storage & Peripherals		17,733		3.9	%
Oil, Gas & Consumable Fuels		14,968		3.3	%
Automobiles		13,405		2.9	%
Household Durables		12,138		2.7	%
Real Estate Management & Development		11,881		2.6	%
Diversified Financial Services		11,395		2.5	%
Pharmaceuticals		11,304		2.5	%
Wireless Telecommunication Services		10,262		2.2	%
Industrial Conglomerates		8,016		1.8	%
Multiline Retail		7,622		1.7	%
Commercial Services & Supplies		7,605		1.7	%
Media		7,450		1.6	%
Thrifts & Mortgage Finance		7,393		1.6	%
Electric Utilities		6,987		1.5	%
Health Care Providers & Services		6,896		1.5	%
Communications Equipment		6,489		1.4	%
Software		6,369		1.4	%
Chemicals		6,185		1.4	%
Personal Products		5,247		1.1	%
Machinery		5,180		1.1	%
IT Services		4,862		1.1	%
Metals & Mining		4,204		0.9	%
Tobacco		3,945		0.9	%
Construction & Engineering		3,611		0.8	%
Hotels, Restaurants & Leisure		2,979		0.6	%
Auto Components		2,692		0.6	%
Consumer Finance		2,667		0.6	%
Gas Utilities		2,551		0.6	%
Household Products		2,233		0.5	%
Diversified Consumer Services		2,083		0.5	%
Trading Companies & Distributors		1,785		0.4	%
Airlines		1,514		0.3	%
Aerospace & Defense		1,287		0.3	%
Transportation Infrastructure		360		0.1	%
Diversified Telecommunication Services		143		0.0	%
Short-Term Investment and Other Assets—Net		12,386		2.7	%
	$	456,180		100.0	%

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Malaysia	$	—	$	2,757	$	—	$	2,757
Russia		12,682		3,805		—		16,487
Thailand		—		7,149		—		7,149
Other Common Stocks^(a)		417,401		—		—		417,401
Total Common Stocks		430,083		13,711		—		443,794
Short-Term Investment		—		18,812		—		18,812
Total Investments	$	430,083	$	32,523	$	—	$	462,606

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

As of the year ended August 31, 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 $18,286,000, was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of August 31, 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.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (90.4%)
Aerospace & Defense (0.9%)
Lockheed Martin Corp.		61,330	$	14,901
Air Freight & Logistics (1.4%)
United Parcel Service, Inc. Class B^(a)		206,100		22,510
Banks (6.5%)
First Hawaiian, Inc.*		413,700		10,996
JPMorgan Chase & Co.^(a)		659,000		44,483
PNC Financial Services Group, Inc.		99,900		9,001
Umpqua Holdings Corp.		2,093,451		34,374
Wells Fargo & Co.		175,000		8,890
				107,744
Beverages (1.3%)
Anheuser-Busch InBev NV ADR		170,000		21,085
Communications Equipment (2.7%)
Cisco Systems, Inc.^(a)(b)		1,415,300		44,497
Containers & Packaging (1.7%)
International Paper Co.^(a)		568,000		27,542
Diversified Telecommunication Services (1.9%)
AT&T, Inc.		433,500		17,721
Frontier Communications Corp.		2,882,100		13,258
				30,979
Electric Utilities (8.4%)
Edison International^(a)		412,500		29,997
Entergy Corp.		478,700		37,435
Exelon Corp.		982,500		33,405
NextEra Energy, Inc.^(a)		315,200		38,120
				138,957
Energy Equipment & Services (3.1%)
Helmerich & Payne, Inc.		255,247		15,432
Schlumberger Ltd.		462,100		36,506
				51,938

	Number of Shares		Value (000's)
Food Products (2.0%)
ConAgra Foods, Inc.^(a)		731,000	$	34,072
Household Products (2.2%)
Procter & Gamble Co.^(a)		418,400		36,531
Industrial Conglomerates (4.1%)
General Electric Co.		869,100		27,151
Koninklijke Philips NV		620,400		18,020
Siemens AG		198,000		23,643
				68,814
Insurance (2.0%)
MetLife, Inc.		772,700		33,535
IT Services (0.9%)
Leidos Holdings, Inc.		381,507		15,455
Media (2.5%)
Regal Entertainment Group Class A		1,934,500		41,360
Multi-Utilities (6.8%)
Ameren Corp.^(a)		670,300		33,126
Black Hills Corp.		280,000		16,383
DTE Energy Co.^(a)		360,100		33,453
WEC Energy Group, Inc.		488,800		29,270
				112,232
Oil, Gas & Consumable Fuels (4.7%)
Exxon Mobil Corp.		390,200		34,002
Occidental Petroleum Corp.		235,100		18,068
Suncor Energy, Inc.		590,900		16,019
Williams Cos., Inc.		360,000		10,058
				78,147
Pharmaceuticals (6.1%)
Bristol-Myers Squibb Co.		289,000		16,586
Eli Lilly & Co.^(a)		210,200		16,343
GlaxoSmithKline PLC ADR		835,300		36,302
Johnson & Johnson^(a)		269,100		32,114
				101,345

	Number of Shares		Value (000's)
Real Estate Investment Trusts (20.5%)
Blackstone Mortgage Trust, Inc. Class A		789,900	$	23,555
Crown Castle International Corp.		467,200		44,277
DCT Industrial Trust, Inc.		440,500		21,457
Douglas Emmett, Inc.		623,600		23,422
EPR Properties		247,900		19,416
Equinix, Inc.^(a)		89,500		32,994
Iron Mountain, Inc.		504,900		19,393
Prologis, Inc.^(a)		838,200		44,517
Public Storage^(a)		60,000		13,436
Simon Property Group, Inc.^(a)		157,500		33,936
Starwood Property Trust, Inc.		1,252,700		28,687
Weyerhaeuser Co.		1,065,100		33,923
				339,013
Road & Rail (1.6%)
Union Pacific Corp.		279,900		26,739
Semiconductors & Semiconductor Equipment (4.0%)
Linear Technology Corp.^(a)		190,700		11,107
Maxim Integrated Products, Inc.		493,300		20,087
QUALCOMM, Inc.^(a)		500,000		31,535
Texas Instruments, Inc.^(a)		50,000		3,477
				66,206
Software (2.2%)
Microsoft Corp.^(a)		631,000		36,257
Specialty Retail (1.6%)
Best Buy Co., Inc.		683,000		26,282
Technology Hardware, Storage & Peripherals (1.3%)
Western Digital Corp.		451,000		21,048
Total Common Stocks (Cost $1,296,332)				1,497,189

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

	Number of Shares		Value (000's)
Preferred Stocks (2.2%)
Oil, Gas & Consumable Fuels (1.2%)
El Paso Energy Capital Trust I, 4.75%		397,579	$	20,670
Pharmaceuticals (1.0%)
Allergan PLC, Ser. A, 5.50%		19,365		16,125
Total Preferred Stocks (Cost $34,485)				36,795
	Principal Amount
Convertible Bonds (5.4%)
Electronic Equipment, Instruments & Components (0.1%)
Knowles Corp., Senior Unsecured Notes, 3.25%, due 11/1/21^(c)	$ 2,050,000			2,150
Real Estate Investment Trusts (2.2%)
Extra Space Storage LP, Guaranteed Notes, 3.13%, due 10/1/35^(c)	33,260,000			36,108
Internet & Direct Marketing Retail (0.8%)
Priceline Group, Inc., Senior Unsecured Notes, 0.90%, due 9/15/21	12,900,000			13,714
Internet Software & Services (1.8%)
LinkedIn Corp., Senior Unsecured Notes, 0.5%, due 11/1/19	8,600,000			8,536
SINA Corp., Senior Unsecured Notes, 1.00%, due 12/1/18	17,000,000			16,989
Twitter, Inc., Senior Unsecured Notes, 1.00.%, due 9/15/21	4,710,000			4,339
				29,864

	Principal Amount		Value (000's)
Media (0.5%)
Liberty Media Corp., Senior Unsecured Notes, 2.25%, due 9/30/46^(c)	$ 4,307,000		$ 4,423
Live Nation Entertainment, Inc., Senior Unsecured Notes, 2.50%, due 5/15/19	3,260,000			3,476
				7,899
Total Convertible Bonds (Cost $83,563)				89,735
	Number of Shares
Short-Term Investment (1.9%)
Investment Company (1.9%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(b)(d) (Cost $30,529)		30,529,159		30,529
Total Investments (99.9%) (Cost $1,444,909)				1,654,248
Other Assets Less Liabilities (0.1%)^(e)				2,016
Net Assets (100.0%)			$	1,656,264

* Non-income producing security.

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

(b) All or a portion of this security is segregated in connection for options written with a total value of approximately $69,999,000.

(c) Securities were purchased under Rule 144A of the 1933 Act, 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 or may have other restrictions on resale. At 8/31/2016, these securities amounted to approximately $42,681,000, or 2.6% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(d) Represents 7-day effective yield as of 8/31/2016.

(e) Includes the impact of the Fund's open positions in derivatives at 8/31/2016.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

Derivative Instruments

Written option contracts ("options written")

At August 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Ameren Corp., Call		250	$	55	12/16/2016	$	(9,375	)
Anheuser-Busch Inbev NV ADR, Put		200		115	12/16/2016		(56,000	)
Anheuser-Busch Inbev NV ADR, Put		200		115	1/20/2017		(70,000	)
Anheuser-Busch Inbev NV ADR, Put		200		110	3/17/2017		(62,000	)
Best Buy Co, Inc., Call		250		44	12/16/2016		(15,875	)
Best Buy Co, Inc., Call		250		45	3/17/2017		(30,125	)
Cisco Systems, Inc., Call		400		31	1/20/2017		(62,800	)
Cisco Systems, Inc., Call		400		32	1/20/2017		(42,800	)
Cisco Systems, Inc., Call		400		34	4/21/2017		(30,800	)
ConAgra Foods, Inc., Call		250		46	9/16/2016		(26,250	)
ConAgra Foods, Inc., Call		248		50	12/16/2016		(14,880	)
DTE Energy Co., Call		150		100	1/20/2017		(13,875	)
Edison International, Call		300		80	1/20/2017		(19,500	)
Equinix, Inc., Call		100		360	9/16/2016		(119,500	)
Equinix, Inc., Call		200		390	9/16/2016		(9,500	)
International Paper Co., Call		250		48	1/20/2017		(71,000	)
Johnson & Johnson, Call		248		140	6/16/2017		(12,772	)
Linear Technology Corp., Call		175		52.5	1/20/2017		(91,000	)
Linear Technology Corp., Call		250		55	2/17/2017		(98,750	)
Lockheed Martin Corp., Call		100		260	1/20/2017		(32,500	)
Microsoft Corp., Call		250		60	11/18/2016		(24,125	)
Microsoft Corp., Call		250		62.5	1/20/2017		(20,500	)
Microsoft Corp., Call		250		65	4/21/2017		(26,000	)
NextEra Energy, Inc., Call		200		130	1/20/2017		(31,500	)
Procter & Gamble Co., Call		250		95	4/21/2017		(23,625	)
Prologis, Inc., Call		250		49	11/18/2016		(126,250	)
Prologis, Inc., Call		250		55	2/17/2017		(41,250	)
QUALCOMM, Inc., Call		250		70	3/17/2017		(35,500	)
QUALCOMM, Inc., Call		250		72.5	4/21/2017		(30,625	)
Simon Property Group, Inc., Call		15		240	1/20/2017		(2,333	)
Texas Instruments, Inc., Call		250		65	10/21/2016		(128,750	)
Texas Instruments, Inc., Call		250		67.5	1/20/2017		(116,250	)
United Parcel Service, Inc., Call		250		115	1/20/2017		(34,500	)
Total						$	(1,530,510	)

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

At August 31, 2016, the Fund had deposited $830,000 in a segregated account to cover requirements on options written.

Options written for the Fund for the year ended August 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 8/31/2015		7,886		$	1,325,251
Options written		28,120			4,057,715
Options expired		(450	)		(49,674	)
Options exercised		(1,480	)		(288,910	)
Options closed		(26,290	)		(3,860,604	)
Outstanding 8/31/2016		7,786		$	1,183,778

For the year ended August 31, 2016, the Fund had an average market value of $(1,676,842) in options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,497,189	$	—	$	—	$	1,497,189
Preferred Stocks^(a)		36,795		—		—		36,795
Convertible Bonds^(a)		—		89,735		—		89,735
Short-Term Investment		—		30,529		—		30,529
Total Investments	$	1,533,984	$	120,264	$	—	$	1,654,248

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of August 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options written
Liabilities	$	(1,531	)	$	—	$	—	$	(1,531	)
Total	$	(1,531	)	$	—	$	—	$	(1,531	)

See Notes to Financial Statements

Schedule of Investments Focus Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (95.7%)
Auto Components (3.5%)
Johnson Controls, Inc.		575,000	$	25,231
Banks (6.6%)
JPMorgan Chase & Co.		530,000		35,775
PNC Financial Services Group, Inc.		125,000		11,262
				47,037
Capital Markets (2.8%)
Intercontinental Exchange, Inc.		72,000		20,305
Chemicals (1.9%)
WR Grace & Co.		172,000		13,438
Communications Equipment (2.6%)
Motorola Solutions, Inc.		243,000		18,709
Containers & Packaging (1.1%)
Silgan Holdings, Inc.		159,000		7,651
Electronic Equipment, Instruments & Components (1.7%)
CDW Corp.		272,000		12,145
Food & Staples Retailing (3.4%)
US Foods Holding Corp.*		230,800		5,597
Wal-Mart Stores, Inc.^(a)		260,000		18,574
				24,171
Food Products (2.6%)
Blue Buffalo Pet Products, Inc.*^(b)		400,000		10,312
Mondelez International, Inc. Class A		180,000		8,104
				18,416
Health Care Providers & Services (2.5%)
Centene Corp.*		259,000		17,687
Health Care Technology (2.7%)
IMS Health Holdings, Inc.*		645,000		19,234
Household Durables (5.7%)
Newell Brands, Inc.^(b)		257,000		13,641
Whirlpool Corp.		153,000		27,332
				40,973
Household Products (3.6%)
Procter & Gamble Co.^(b)		291,000		25,407

	Number of Shares		Value (000's)
Independent Power and Renewable Electricity Producers (2.2%)
Calpine Corp.*		1,265,000	$	15,787
Insurance (6.6%)
Chubb Ltd.		115,000		14,597
Willis Towers Watson PLC		261,000		32,367
				46,964
Internet & Catalog Retail (2.2%)
Amazon.com, Inc.*^(b)		7,000		5,384
Liberty Interactive Corp. QVC Group Class A*		500,000		10,565
				15,949
Internet Software & Services (4.1%)
Alphabet, Inc. Class A*		19,000		15,007
Alphabet, Inc. Class C*		19,000		14,574
				29,581
IT Services (2.9%)
Leidos Holdings, Inc.		510,000		20,660
Media (1.1%)
Comcast Corp. Class A		118,000		7,701
Metals & Mining (0.5%)
Agnico-Eagle Mines Ltd.		70,000		3,546
Oil, Gas & Consumable Fuels (7.8%)
Cabot Oil & Gas Corp.		830,000		20,443
Concho Resources, Inc.*		38,000		4,909
EOG Resources, Inc.		236,000		20,884
Phillips 66		117,000		9,179
				55,415
Pharmaceuticals (9.5%)
Allergan PLC*^(b)		108,000		25,330
Eli Lilly & Co.		242,000		18,816
Teva Pharmaceutical Industries Ltd. ADR^(b)		477,000		24,036
				68,182
Road & Rail (2.4%)
Avis Budget Group, Inc.*^(b)		477,000		17,234
Semiconductors & Semiconductor Equipment (2.0%)
NXP Semiconductors NV*		160,000		14,083

	Number of Shares		Value (000's)
Software (6.6%)
Activision Blizzard, Inc.		353,000	$	14,604
Oracle Corp.		451,000		18,590
Symantec Corp.		565,000		13,633
				46,827
Technology Hardware, Storage & Peripherals (2.0%)
Western Digital Corp.^(b)		306,300		14,295
Wireless Telecommunication Services (5.1%)
T-Mobile US, Inc.*		780,000		36,145
Total Common Stocks (Cost $605,123)				682,773
	Number of Contracts
Options Purchased (0.0%)
Technology Hardware, Storage & Peripherals (0.0%)
Western Digital Corp. Call, expiring 11/18/2016 @ 52.5		760		93
Western Digital Corp. Put, expiring 10/21/2016 @ 37.5		700		24
Total Options Purchased (Cost $120)				117
	Number of Shares
Short-Term Investment (4.4%)
Investment Company (4.4%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(a)(c) (Cost $31,074)		31,073,597		31,074
Total Investments (100.1%) (Cost $636,317)				713,964
Other Assets Less Liabilities [(0.1%)]^(d)				(587	)
Net Assets (100.0%)			$	713,377

* Non-income producing security.

See Notes to Financial Statements

Schedule of Investments Focus Fund (cont'd)

(a) All or a portion of this security is segregated in connection for options written with a total value of approximately $49,648,000.

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

(d) Includes the impact of the Fund's open positions in derivatives at 8/31/2016.

Derivative Instruments

Written option contracts ("options written")

At August 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Allergan PLC, Put		60	$	225	9/16/2016	$	(11,250	)
Amazon.com, Inc., Put		30		640	11/18/2016		(17,700	)
Blue Buffalo Pet Products, Inc., Call		300		30	9/16/2016		(0	)^(a)(b)(c)
Newell Brands, Inc., Call		350		55	12/16/2016		(63,000	)
Procter & Gamble Co., Put		250		70	10/21/2016		(3,000	)
Procter & Gamble Co., Put		300		70	1/20/2017		(21,300	)
Teva Pharmaceutical Industries Ltd., Put		250		48	9/2/2016		(1,875	)
Teva Pharmaceutical Industries Ltd., Put		250		50	9/2/2016		(12,750	)
Western Digital Corp., Call		500		50	11/18/2016		(96,500	)
Western Digital Corp., Put		700		42.5	10/21/2016		(77,000	)
Total						$	(304,375	)

(a) Amount less than one dollar.

(b) Illiquid security.

Written option transactions for the Fund for the year ended August 31, 2016 were:

	Number of Contracts			Premium Received
Outstanding 8/31/2015		—		$	—
Options written		6,300			847,736
Options expired		(1,210	)		(104,114	)
Options exercised		(1,300	)		(123,099	)
Options closed		(800	)		(152,545	)
Outstanding 8/31/2016		2,990		$	467,978

For the year ended August 31, 2016, the Fund had an average market value of $8,965 in purchased option contracts, and $(83,146) in options written, respectively.

See Notes to Financial Statements

Schedule of Investments Focus Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	682,773	$	—	$	—	$	682,773
Options Purchased^(a)		117		—		—		117
Short-Term Investment		—		31,074		—		31,074
Total Investments	$	682,890	$	31,074	$	—	$	713,964

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of August 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(b)			Total
Options written
Liabilities	$	(304	)	$	—	$	(0	)^(d)	$	(304	)
Total	$	(304	)	$	—	$	(0	)	$	(304	)

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

	Beginning balance, as of 9/1/2015		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2016			Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2016
(000's omitted) Other Financial Instruments:
Options written^(c)	$	—	$	—	$	—	$	30	$	—	$	(30	)	$	—	$	—	$	(0	)^(d)	$	30
Total	$	—	$	—	$	—	$	30	$	—	$	(30	)	$	—	$	—	$	(0	)	$	30

(c) As of the year ended August 31, 2016, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

(d)Amount less than one thousand.

See Notes to Financial Statements

Schedule of Investments Genesis Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (98.9%)
Aerospace & Defense (0.4%)
Astronics Corp.*		1,050,865	$	47,089
Air Freight & Logistics (0.7%)
Forward Air Corp.		1,503,668		69,289
Airlines (0.5%)
Allegiant Travel Co.		380,803		52,642
Auto Components (1.6%)
Drew Industries, Inc.		1,094,569		111,482
Gentex Corp.		3,011,298		53,571
				165,053
Banks (9.5%)
Bank of Hawaii Corp.^(a)		2,218,312		159,807
Bank of the Ozarks, Inc.		2,594,800		101,664
BankUnited, Inc.		2,101,130		67,551
BOK Financial Corp.		1,182,176		81,653
Community Bank System, Inc.		1,470,458		69,773
Cullen/Frost Bankers, Inc.		1,573,925		114,739
CVB Financial Corp.^(a)		5,731,072		101,956
First Financial Bankshares, Inc.		3,045,047		111,510
FNB Corp.		6,169,246		77,054
LegacyTexas Financial Group, Inc.		1,878,818		56,985
PacWest Bancorp		1,459,251		63,200
				1,005,892
Beverages (0.4%)
Boston Beer Co., Inc. Class A*		238,819		43,620
Building Products (1.6%)
AAON, Inc.		2,479,610		70,173
Advanced Drainage Systems, Inc.		236,224		5,464
AO Smith Corp.		984,548		94,989
				170,626
Capital Markets (2.5%)
Artisan Partners Asset Management, Inc. Class A		1,079,178		28,221

	Number of Shares		Value (000's)
FactSet Research Systems, Inc.		521,100	$	92,771
MarketAxess Holdings, Inc.		806,051		135,852
OM Asset Management PLC		536,600		7,244
				264,088
Chemicals (4.1%)
Balchem Corp.		1,424,309		99,744
NewMarket Corp.		71,412		30,989
Quaker Chemical Corp.		338,860		33,886
RPM International, Inc.		1,101,044		60,040
Sensient Technologies Corp.^(a)		2,824,245		206,820
				431,479
Commercial Services & Supplies (4.0%)
G&K Services, Inc. Class A		531,800		51,760
Healthcare Services Group, Inc.		3,132,281		126,450
Ritchie Bros. Auctioneers, Inc.		1,458,900		50,814
Rollins, Inc.		5,224,930		148,911
UniFirst Corp.		389,550		50,014
				427,949
Communications Equipment (1.0%)
NetScout Systems, Inc.*		3,690,384		109,162
Construction & Engineering (0.8%)
Valmont Industries, Inc.		678,704		88,550
Construction Materials (0.9%)
Eagle Materials, Inc.		1,181,800		94,981
Containers & Packaging (2.3%)
AptarGroup, Inc.		2,526,300		197,001
Silgan Holdings, Inc.		1,027,583		49,447
				246,448
Distributors (2.0%)
Pool Corp.		2,053,498		207,136
Electrical Equipment (0.4%)
AZZ, Inc.		454,900		30,219
Thermon Group Holdings, Inc.*		686,731		12,931
				43,150

	Number of Shares		Value (000's)
Electronic Equipment, Instruments & Components (3.9%)
Badger Meter, Inc.		168,770	$	11,137
Cognex Corp.		1,444,554		71,881
FEI Co.		327,542		34,873
Littelfuse, Inc.		1,115,311		141,422
Rogers Corp.*^(a)		1,149,551		64,271
Zebra Technologies Corp. Class A*		1,345,624		94,140
				417,724
Energy Equipment & Services (1.0%)
Dril-Quip, Inc.*		265,400		14,748
Natural Gas Services Group, Inc.*		500,800		11,839
Oceaneering International, Inc.		957,728		25,399
Pason Systems, Inc.^(b)		3,679,657		52,470
				104,456
Food & Staples Retailing (0.2%)
North West Co., Inc.^(b)		877,400		19,617
Food Products (3.4%)
B&G Foods, Inc.		381,500		18,114
Blue Buffalo Pet Products, Inc.*		1,581,688		40,776
Cal-Maine Foods, Inc.		1,218,800		55,992
Calavo Growers, Inc.		613,702		36,178
Flowers Foods, Inc.		2,161,700		32,231
J & J Snack Foods Corp.		749,846		91,481
Lancaster Colony Corp.		624,356		83,994
				358,766
Health Care Equipment & Supplies (8.1%)
Abaxis, Inc.^(a)		1,161,900		58,258
Atrion Corp.		43,399		19,612
Cantel Medical Corp.		806,903		61,010
Dentsply Sirona, Inc.		2,336,018		143,572
Haemonetics Corp.*		1,235,038		45,894
IDEXX Laboratories, Inc.*		1,596,324		179,874
Natus Medical, Inc.*		1,159,713		45,124
Neogen Corp.*		379,200		22,395

See Notes to Financial Statements

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value (000's)
Vascular Solutions, Inc.*		701,800	$	33,806
West Pharmaceutical Services, Inc.		3,073,258		251,485
				861,030
Health Care Providers & Services (3.7%)
Amsurg Corp.*		733,950		47,648
Chemed Corp.		636,000		85,815
Henry Schein, Inc.*		885,940		145,108
Surgery Partners, Inc.*		1,021,700		19,678
Surgical Care Affiliates, Inc.*		964,961		39,805
U.S. Physical Therapy, Inc.^(a)		791,800		49,923
				387,977
Hotels, Restaurants & Leisure (3.5%)
Brinker International, Inc.		1,687,100		90,614
Cheesecake Factory, Inc.		1,045,900		53,770
Cracker Barrel Old Country Store, Inc.		527,527		80,242
Papa John's International, Inc.		908,745		68,001
Texas Roadhouse, Inc.		1,825,300		80,806
				373,433
Household Products (3.0%)
Church & Dwight Co., Inc.		2,321,356		230,789
Energizer Holdings, Inc.		1,207,300		59,665
WD-40 Co.		229,200		27,126
				317,580
Industrial Conglomerates (0.3%)
Raven Industries, Inc.		1,421,952		34,895
Insurance (1.6%)
AMERISAFE, Inc.		519,700		31,187
RLI Corp.		1,817,814		129,029
Safety Insurance Group, Inc.		200,949		13,353
				173,569
Internet Software & Services (0.1%)
NIC, Inc.		648,800		14,909
IT Services (1.1%)
Jack Henry & Associates, Inc.		1,316,503		114,891

	Number of Shares		Value (000's)
Leisure Products (0.7%)
Polaris Industries, Inc.		874,020	$	75,725
Life Sciences Tools & Services (3.7%)
Bio-Techne Corp.		1,144,700		120,594
ICON PLC*		2,696,800		207,088
PAREXEL International Corp.*		1,025,755		69,782
				397,464
Machinery (9.4%)
CLARCOR, Inc.		1,512,188		99,003
Donaldson Co., Inc.		1,206,300		45,297
Franklin Electric Co., Inc.		1,319,372		50,466
Graco, Inc.		714,217		52,616
Lindsay Corp.^(a)		668,350		48,094
Middleby Corp.*		986,618		126,435
Nordson Corp.		1,172,408		115,752
RBC Bearings, Inc.*^(a)		1,347,240		106,553
Tennant Co.^(a)		963,802		62,387
Toro Co.		1,449,888		140,857
Wabtec Corp.		1,924,300		147,421
				994,881
Marine (0.3%)
Kirby Corp.*		556,500		28,994
Media (1.4%)
Gray Television, Inc.*^(a)		4,097,350		46,013
Nexstar Broadcasting Group, Inc. Class A^(a)		2,019,021		106,443
				152,456
Metals & Mining (0.6%)
Compass Minerals International, Inc.		863,073		64,325
Oil, Gas & Consumable Fuels (1.0%)
Diamondback Energy, Inc.*		300,401		28,613
Gulfport Energy Corp.*		958,871		27,424
Matador Resources Co.*		819,700		18,812
RSP Permian, Inc.*		877,100		34,251
				109,100
Paper & Forest Products (0.9%)
Stella-Jones, Inc.^(b)		2,928,200		99,274

	Number of Shares		Value (000's)
Pharmaceuticals (0.4%)
Prestige Brands Holdings, Inc.*		975,900	$	46,970
Professional Services (0.9%)
Exponent, Inc.^(a)		1,968,670		99,280
Semiconductors & Semiconductor Equipment (1.6%)
MKS Instruments, Inc.		1,007,200		49,091
Power Integrations, Inc.^(a)		2,073,300		121,081
				170,172
Software (10.0%)
Aspen Technology, Inc.*		2,142,000		97,375
Computer Modelling Group Ltd.^(a)(b)		4,651,700		33,095
Constellation Software, Inc.		339,342		147,261
Descartes Systems Group, Inc.*		2,315,850		49,443
Enghouse Systems Ltd.^(b)		1,073,400		45,616
Fair Isaac Corp.		1,174,358		150,247
Manhattan Associates, Inc.*		2,710,228		164,023
Monotype Imaging Holdings, Inc.^(a)		3,058,306		64,530
Nice Ltd. ADR		751,141		51,401
Progress Software Corp.*		1,480,800		42,958
Qualys, Inc.*		765,800		26,343
Tyler Technologies, Inc.*		1,182,132		193,811
				1,066,103
Specialty Retail (3.2%)
Asbury Automotive Group, Inc.*		558,200		29,986
Hibbett Sports, Inc.*^(a)		1,132,969		43,472
Lithia Motors, Inc. Class A		823,500		68,161
Monro Muffler Brake, Inc.		738,000		41,631
Sally Beauty Holdings, Inc.*		2,298,993		62,579
Tractor Supply Co.		1,154,182		96,893
				342,722

See Notes to Financial Statements

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value (000's)
Technology Hardware, Storage & Peripherals (0.8%)
Electronics For Imaging, Inc.*		1,801,500	$	84,815
Trading Companies & Distributors (1.4%)
Applied Industrial Technologies, Inc.		781,944		37,158
Watsco, Inc.		754,604		111,576
				148,734
Total Common Stocks (Cost $5,584,556)				10,527,016
Short-Term Investments (1.1%)
Investment Companies (1.1%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(c)		56,753,277		56,753

	Number of Shares		Value (000's)
State Street Institutional Treasury Plus Fund Premier Class, 0.20%^(c)		61,446,672	$	61,447
Total Short-Term Investments (Cost $118,200)				118,200
Total Investments (100.0%) (Cost $5,702,756)				10,645,216
Other Assets Less Liabilities [(0.0%)]				(968	)
Net Assets (100.0%)			$	10,644,248

* Non-income producing security.

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

(b) Security fair valued as of 8/31/2016 in accordance with

procedures approved by the Board of Trustees. Total value of all such securities at 8/31/2016, amounted to approximately $250,072,000, which represents approximately 2.3% of net assets.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Energy Equipment & Services	$	51,986	$	52,470	$	—	$	104,456
Food & Staples Retailing		—		19,617		—		19,617
Paper & Forest Products		—		99,274		—		99,274
Software		987,392		78,711		—		1,066,103
Other Common Stocks^(a)		9,237,566		—		—		9,237,566
Total Common Stocks		10,276,944		250,072				10,527,016
Short-Term Investments		—		118,200		—		118,200
Total Investments	$	10,276,944	$	368,272	$	—	$	10,645,216

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

As of the year ended August 31, 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, $165,458,000 was transferred from Level 1 to Level 2. Interactive provided adjusted prices for these securities as of August 31, 2016, as stated in the description of the valuation methods of foreign equity securities in footnote 2 of the Notes to Financial Statements.

See Notes to Financial Statements

Schedule of Investments Global Equity Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (100.2%)
Australia (1.5%)
Insurance Australia Group Ltd.		15,400	$	64
Canada (6.1%)
Alimentation Couche-Tard, Inc. Class B		1,805		93
Home Capital Group, Inc.		850		19
Kinaxis, Inc.*		710		34
Suncor Energy, Inc.		1,001		27
Waste Connections, Inc.		1,170		89
				262
China (3.6%)
Alibaba Group Holding Ltd. ADR*		635		62
Baidu, Inc. ADR*		315		54
Haier Electronics Group Co. Ltd.		21,800		36
				152
France (5.5%)
Air Liquide SA		375		41
BNP Paribas SA		700		36
Sodexo SA		570		66
Valeo SA		860		45
Virbac SA*		235		48
				236
Germany (2.8%)
Continental AG		260		54
Henkel AG & Co. KGaA, Preference Shares		500		66
				120
Israel (3.7%)
Bezeq Israeli Telecommunication Corp. Ltd.		27,145		54
Check Point Software Technologies Ltd.*		725		56
Teva Pharmaceutical Industries Ltd. ADR		970		49
				159
Japan (3.4%)
Daikin Industries Ltd.		550		51
Sundrug Co. Ltd.		450		33

	Number of Shares		Value (000's)
TOYOTA MOTOR Corp.		1,050	$	63
				147
Netherlands (4.8%)
AerCap Holdings NV*		1,330		53
ASML Holding NV		745		79
Intertrust NV*^(a)		1,015		23
NXP Semiconductors NV*		585		52
				207
Spain (0.7%)
Banco Bilbao Vizcaya Argentaria SA		4,900		31
Switzerland (8.9%)
Cie Financiere Richemont SA		640		37
Givaudan SA		36		74
Julius Baer Group Ltd.*		1,310		55
Roche Holding AG		241		59
SGS SA		26		57
Sonova Holding AG		340		47
TE Connectivity Ltd.		835		53
				382
United Kingdom (11.2%)
Aon PLC		575		64
Barclays PLC		14,589		33
Howden Joinery Group PLC		9,705		58
Lloyds Banking Group PLC		28,544		22
Prudential PLC		3,130		56
Spectris PLC		1,665		42
St. James's Place PLC		4,240		55
TalkTalk Telecom Group PLC		12,920		36
Travis Perkins PLC		2,439		53
Virgin Money Holdings UK PLC		6,909		29
Worldpay Group PLC^(a)		7,875		31
				479
United States (48.0%)
Activision Blizzard, Inc.		1,255		52
Alphabet, Inc. Class A*		45		36

	Number of Shares		Value (000's)
Alphabet, Inc. Class C*		45	$	35
Amazon.com, Inc.*		103		79
Apple, Inc.		748		79
Biogen, Inc.*		100		31
BlackRock, Inc.		150		56
Blue Buffalo Pet Products, Inc.*		1,675		43
Cabot Oil & Gas Corp.		1,290		32
Cardinal Health, Inc.		940		75
CDW Corp.		1,105		49
Centene Corp.*		610		42
CVS Health Corp.		720		67
EOG Resources, Inc.		519		46
Estee Lauder Cos., Inc. Class A		530		47
Fidelity National Information Services, Inc.		815		65
First Republic Bank		770		59
Gilead Sciences, Inc.		415		33
Graco, Inc.		725		53
Henry Schein, Inc.*		460		75
Intercontinental Exchange, Inc.		220		62
JPMorgan Chase & Co.		1,085		73
Medtronic PLC		682		59
Milacron Holdings Corp.*		2,515		43
Mobileye NV*		1,055		52
Monsanto Co.		385		41
Nielsen Holdings PLC		1,330		71
Nordstrom, Inc.		555		28
Pioneer Natural Resources Co.		275		49
Range Resources Corp.		860		33
RPM International, Inc.		1,030		56
Samsonite International SA		9,950		31
Schlumberger Ltd.		500		40
Sealed Air Corp.		1,360		64
Sensata Technologies Holding NV*		1,400		53
Service Corp. International		1,055		28
T-Mobile US, Inc.*		1,070		50
VF Corp.		830		52

See Notes to Financial Statements

Schedule of Investments Global Equity Fund (cont'd)

	Number of Shares		Value (000's)
Visa, Inc. Class A		660	$	53
Wabtec Corp.		525		40
Western Digital Corp.		575		27
				2,059
Total Common Stocks (Cost $4,019)				4,298
Short-Term Investment (0.0%)
Investment Company (0.0%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(b)(c)(Cost $0)^(c)		1		0
Total Investments (100.2%) (Cost $4,019)				4,298
Other Assets Less Liabilities [(0.2%)]				(8	)
Net Assets (100.0%)			$	4,290

* Non-income producing security.

(a) Securities were purchased under Rule 144A of the 1933 Act, 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 or may have other restictions on resale. At 8/31/2016, these securities amounted to approximately $54,000, or 1.3% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

POSITIONS BY INDUSTRY GLOBAL EQUITY FUND

Industry	Investments at Value (000's omitted)			Percentage of Net Assets
Banks	$	283			6.6	%
Insurance		239			5.6	%
Chemicals		212			4.9	%
Capital Markets		196			4.6	%
Software		194			4.5	%
Food & Staples Retailing		193			4.5	%
Health Care Providers & Services		192			4.5	%
Internet Software & Services		187			4.4	%
Oil, Gas & Consumable Fuels		187			4.4	%
Trading Companies & Distributors		164			3.8	%
Pharmaceuticals		156			3.6	%
IT Services		149			3.5	%
Electronic Equipment, Instruments & Components		144			3.4	%
Machinery		136			3.2	%
Semiconductors & Semiconductor Equipment		131			3.1	%
Professional Services		128			3.0	%
Textiles, Apparel & Luxury Goods		120			2.8	%
Technology Hardware, Storage & Peripherals		106			2.5	%
Health Care Equipment & Supplies		106			2.5	%
Auto Components		99			2.3	%
Diversified Telecommunication Services		90			2.1	%
Commercial Services & Supplies		89			2.1	%
Internet & Catalog Retail		79			1.8	%
Hotels, Restaurants & Leisure		66			1.5	%
Household Products		66			1.5	%
Biotechnology		64			1.5	%
Containers & Packaging		64			1.5	%
Automobiles		63			1.5	%
Electrical Equipment		53			1.2	%
Building Products		51			1.2	%
Wireless Telecommunication Services		50			1.2	%
Personal Products		47			1.1	%
Food Products		43			1.0	%
Energy Equipment & Services		40			0.9	%
Household Durables		36			0.8	%
Diversified Consumer Services		28			0.6	%
Multiline Retail		28			0.6	%
Thrifts & Mortgage Finance		19			0.4	%
Short-Term Investment and Other Assets—Net		(8	)		(0.2	)%
	$	4,290			100.0	%

See Notes to Financial Statements

Schedule of Investments Global Equity Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2			Level 3		Total
Investments:
Common Stocks^(a)	$	4,298	$	—		$	—	$	4,298
Short-Term Investment		—		0	^(b)		—		0	^(b)
Total Investments	$	4,298	$	0	^(b)	$	—	$	4,298

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

(b)Amount less than one thousand.

As of the year ended August 31, 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 $411,000, was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of August 31, 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.

See Notes to Financial Statements

Schedule of Investments Global Real Estate Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (100.2%)
Australia (6.9%)
Goodman Group		8,400	$	48
Investa Office Fund		11,820		40
Mirvac Group		25,531		44
Scentre Group		22,108		83
				215
Canada (3.1%)
Allied Properties Real Estate Investment Trust		1,000		28
Brookfield Asset Management, Inc. Class A		1,083		37
Canadian Apartment Properties REIT		1,402		32
				97
France (5.0%)
ICADE		781		60
Unibail-Rodamco SE		354		97
				157
Germany (4.2%)
Deutsche Wohnen AG		2,092		79
Vonovia SE		1,346		52
				131
Hong Kong (7.7%)
Henderson Land Development Co. Ltd.		7,198		42
Hongkong Land Holdings Ltd.		5,705		37
Sun Hung Kai Properties Ltd.		8,344		118
Wharf Holdings Ltd.		6,000		42
				239
Japan (10.8%)
Industrial & Infrastructure Fund Investment Corp.		7		35
Kenedix Retail REIT Corp.		13		32
Mitsubishi Estate Co. Ltd.		3,537		67
Mitsui Fudosan Co. Ltd.		3,458		74
Mitsui Fudosan Logistics Park, Inc.*		6		17

	Number of Shares		Value (000's)
Mori Hills REIT Investment Corp.		21	$	32
Nippon Building Fund, Inc.		8		49
Sumitomo Realty & Development Co. Ltd.		1,123		30
				336
Singapore (1.9%)
Ascendas Real Estate Investment Trust		16,267		29
CapitaLand Ltd.		12,762		29
				58
Sweden (1.7%)
Hufvudstaden AB, A Shares		3,032		53
United Kingdom (4.9%)
Great Portland Estates PLC		3,117		28
Land Securities Group PLC		2,257		32
Safestore Holdings PLC		5,482		27
Segro PLC		5,101		30
Shaftesbury PLC		2,752		35
				152
United States (54.0%)
American Homes 4 Rent Class A		1,802		39
Apartment Investment & Management Co. Class A		700		32
AvalonBay Communities, Inc.		221		39
Boston Properties, Inc.		514		72
Colony Starwood Homes		759		23
CoreSite Realty Corp.		321		25
Crown Castle International Corp.		459		43
DCT Industrial Trust, Inc.		856		42
Douglas Emmett, Inc.		687		26
Duke Realty Corp.		1,747		49
DuPont Fabros Technology, Inc.		691		29
EPR Properties		390		31
Equinix, Inc.		160		59
Equity Commonwealth*		834		26

	Number of Shares		Value (000's)
Equity Lifestyle Properties, Inc.		695	$	54
Equity Residential		1,175		76
Essex Property Trust, Inc.		276		63
Extra Space Storage, Inc.		293		24
Federal Realty Investment Trust		374		59
General Growth Properties, Inc.		1,369		40
HCP, Inc.		1,000		39
Healthcare Trust of America, Inc. Class A		970		33
Kilroy Realty Corp.		577		42
Kimco Realty Corp.		2,508		75
Kite Realty Group Trust		1,324		38
National Retail Properties, Inc.		1,329		67
Public Storage		286		64
Simon Property Group, Inc.		713		154
SL Green Realty Corp.		438		52
Starwood Hotels & Resorts Worldwide, Inc.		513		40
Taubman Centers, Inc.		290		22
Ventas, Inc.		872		63
Vornado Realty Trust		580		60
Welltower, Inc.		655		50
Weyerhaeuser Co.		909		29
				1,679
Total Common Stocks (Cost $2,932)				3,117
Short-Term Investment (1.6%)
Investment Company (1.6%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(a) (Cost $52)		51,735		52
Total Investments (101.8%) (Cost $2,984)				3,169
Other Assets Less Liabilities [(1.8%)]				(57	)
Net Assets (100.0%)			$	3,112

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

POSITIONS BY SECTOR GLOBAL REAL ESTATE FUND

Sector	Investments at Value (000's omitted)			Percentage of Net Assets
Industrial & Office REITs	$	822			26.4	%
Retail REITs		702			22.6	%
Real Estate Holding & Development		660			21.2	%
Residential REITs		402			12.9	%
Specialty REITs		380			12.2	%
Diversified REITs		111			3.6	%
Hotel & Lodging REITs		40			1.3	%
Short-Term Investment and Other Assets-Net		(5	)		(0.2	)%
	$	3,112			100.0	%

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	3,117	$	—	$	—	$	3,117
Short-Term Investment		—		52		—		52
Total Investments	$	3,117	$	52	$	—	$	3,169

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

As of the year ended August 31, 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 $191,000, was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of August 31, 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.

See Notes to Financial Statements

Schedule of Investments Greater China Equity Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (81.5%)
Automobiles (3.4%)
Brilliance China Automotive Holdings Ltd.		1,868,000	$	2,136
Geely Automobile Holdings Ltd.		640,000		513
Great Wall Motor Co. Ltd., H Shares		643,500		625
				3,274
Banks (13.9%)
Bank of China Ltd., H Shares		11,837,000		5,325
China Construction Bank Corp., H Shares		2,666,000		1,993
Industrial & Commercial Bank of China Ltd., H Shares		9,418,911		5,986
				13,304
Beverages (0.7%)
Kweichow Moutai Co. Ltd. Class A		14,672		681
Commercial Services & Supplies (3.1%)
China Everbright International Ltd.		2,278,000		2,913
Diversified Consumer Services (0.5%)
TAL Education Group ADR*		8,007		479
Food Products (0.1%)
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		28,000		71
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		13,422		34
				105
Independent Power and Renewable Electricity Producers (2.7%)
China Power International Development Ltd.		4,107,000		1,551
Huadian Fuxin Energy Corp. Ltd., H Shares		3,942,000		1,011
				2,562

	Number of Shares		Value (000's)
Insurance (6.0%)
PICC Property & Casualty Co. Ltd., H Shares		2,142,000	$	3,540
Ping An Insurance Group Co. of China Ltd., H Shares		426,000		2,205
				5,745
Internet & Catalog Retail (2.3%)
JD.com, Inc. ADR*		87,015		2,211
Internet Software & Services (20.6%)
58.com, Inc. ADR*		14,200		646
Alibaba Group Holding Ltd. ADR*		75,184		7,307
NetEase, Inc. ADR		11,103		2,354
Tencent Holdings Ltd.		358,600		9,328
				19,635
Machinery (0.8%)
Zhengzhou Yutong Bus Co. Ltd. Class A		53,336		173
Zhengzhou Yutong Bus Co. Ltd. Class A		171,531		555
				728
Pharmaceuticals (6.0%)
China Medical System Holdings Ltd.		1,109,000		1,859
CSPC Pharmaceutical Group Ltd.		3,844,000		3,731
Jiangsu Hengrui Medicine Co. Ltd. Class A		27,760		180
				5,770
Real Estate Management & Development (6.9%)
China Overseas Land & Investment Ltd.		1,204,000		3,981
Poly Real Estate Group Co. Ltd. Class A		1,394,987		2,045
Sunac China Holdings Ltd.		753,000		523
				6,549

	Number of Shares		Value (000's)
Transportation Infrastructure (4.0%)
Shanghai International Airport Co. Ltd. Class A		912,397	$	3,791
Water Utilities (2.9%)
Beijing Enterprises Water Group Ltd.*		4,018,000		2,802
Wireless Telecommunication Services (7.6%)
China Mobile Ltd.		588,000		7,261
Total Common Stocks (Cost $74,349)				77,810
Participatory Notes (13.8%)
Beverages (1.7%)
Kweichow Moutai Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 8/17/2018		35,700		1,658
Commercial Services & Supplies (1.8%)
Beijing Originwater Technology Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/16/2018^(a)		294,486		828
Beijing Originwater Technology Co. Ltd., Class A (issuer UBS AG), Expiration Date 4/27/2017		163,641		460
Beijing Originwater Technology Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 9/17/2024		37,200		105
Beijing Originwater Technology Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 3/15/2019		105,717		298
				1,691

See Notes to Financial Statements

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

	Number of Shares		Value (000's)
Food Products (0.5%)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Macquarie Bank, Ltd.), Expiration Date 2/17/2017		174,450	$	440
Health Care Providers & Services (0.8%)
Huadong Medicine Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/17/2017		35,602		361
Huadong Medicine Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/26/2023		43,941		445
				806
Household Durables (4.1%)
Midea Group Co. Ltd., Class A (issuer Credit Suisse AG), Expiration Date 6/29/2020^(a)		99,900		410
Midea Group Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 12/21/2016^(a)		458,485		1,882
Midea Group Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/17/2017		70,423		289
Midea Group Co. Ltd., Class A (issuer Goldman Sachs International), Expiration Date 3/7/2017		78,985		324

	Number of Shares		Value (000's)
Midea Group Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/17/2017		251,581	$	1,032
				3,937
Internet Software & Services (2.4%)
Wangsu Science & Technology Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/17/2017		220,224		2,265
Machinery (2.2%)
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 1/5/2017^(a)		461,858		1,496
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 10/27/2017^(a)		61,700		200
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/17/2017		110,006		356
				2,052
Real Estate Management & Development (0.0%)
Poly Real Estate Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/16/2018^(a)		13,600		20

	Number of Shares		Value (000's)
Transportation Infrastructure (0.3%)
Shanghai International Airport Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/16/2018^(a)		9,700	$	40
Shanghai International Airport Co. Ltd., Class A (issuer Macquarie Bank Ltd.), Expiration Date 10/30/2017		61,189		255
				295
Total Participatory Notes (Cost $11,221)				13,164
Short-Term Investment (3.2%)
Investment Company (3.2%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(b) (Cost $3,057)		3,057,399		3,057
Total Investments (98.5%) (Cost $88,627)				94,031
Other Assets Less Liabilities (1.5%)				1,458
Net Assets (100.0%)			$	95,489

* Non-income producing security.

(a) Securities were purchased under Rule 144A of the 1933 Act, 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 or may have other restrictions on resale. At 8/31/2016, these securities amounted to approximately $4,876,000, or 5.1% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

See Notes to Financial Statements

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

(b) Represents 7-day effective yield as of 8/31/2016.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	77,810	$	—	$	—	$	77,810
Participatory Notes^(a)		13,164		—		—		13,164
Short-Term Investment		—		3,057		—		3,057
Total Investments	$	90,974	$	3,057	$	—	$	94,031

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

100

Schedule of Investments Guardian Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (96.9%)
Airlines (1.6%)
Delta Air Lines, Inc.^(a)		488,750	$	17,962
Banks (4.3%)
JPMorgan Chase & Co.		290,095		19,581
U.S. Bancorp		666,590		29,430
				49,011
Beverages (3.5%)
Anheuser-Busch InBev NV ADR		140,000		17,364
PepsiCo, Inc.		207,000		22,097
				39,461
Biotechnology (2.8%)
Celgene Corp.*		241,870		25,817
Gilead Sciences, Inc.		70,935		5,560
				31,377
Capital Markets (5.6%)
BlackRock, Inc.^(a)		38,500		14,353
Brookfield Asset Management, Inc. Class A		920,000		30,995
CME Group, Inc.		167,510		18,150
				63,498
Chemicals (3.0%)
Ashland, Inc.		207,000		24,235
Sherwin-Williams Co.		35,000		9,930
				34,165
Construction & Engineering (0.0%)
Brookfield Business Partners LP		17,279		399
Consumer Finance (1.6%)
Synchrony Financial^(a)		656,865		18,281
Diversified Telecommunication Services (4.1%)
Level 3 Communications, Inc.*		489,000		24,269
SBA Communications Corp. Class A^(a)*		196,960		22,483
				46,752
Electric Utilities (2.5%)
Brookfield Infrastructure Partners LP		600,560		28,791

	Number of Shares		Value (000's)
Electronic Equipment, Instruments & Components (2.2%)
CDW Corp.		549,000	$	24,513
Energy Equipment & Services (2.5%)
Schlumberger Ltd.		358,470		28,319
Food & Staples Retailing (6.7%)
Costco Wholesale Corp.		110,100		17,846
CVS Health Corp.^(b)		324,000		30,262
Whole Foods Market, Inc.^(a)		925,000		28,101
				76,209
Food Products (2.7%)
ConAgra Foods, Inc.^(a)		658,000		30,669
Health Care Equipment & Supplies (2.7%)
Dentsply Sirona, Inc.		494,875		30,415
Health Care Providers & Services (4.5%)
DaVita HealthCare Partners, Inc.*		470,000		30,376
UnitedHealth Group, Inc.		152,000		20,680
				51,056
Hotels, Restaurants & Leisure (2.5%)
McDonald's Corp.		153,500		17,754
Starbucks Corp.^(a)		186,355		10,479
				28,233
Industrial Conglomerates (2.3%)
3M Co.		147,215		26,387
Internet & Catalog Retail (3.8%)
Amazon.com, Inc.*		27,200		20,921
Priceline Group, Inc.*		15,180		21,506
				42,427
Internet Software & Services (6.3%)
Alphabet, Inc. Class A*		48,850		38,584
eBay, Inc.*		1,023,980		32,931
				71,515
IT Services (2.2%)
Alliance Data Systems Corp.*		20,000		4,092
Visa, Inc. Class A		260,395		21,066
				25,158

	Number of Shares		Value (000's)
Machinery (2.1%)
Allison Transmission Holdings, Inc.		291,000	$	8,072
Ingersoll-Rand PLC		227,000		15,434
				23,506
Multi-Utilities (1.9%)
WEC Energy Group, Inc.		363,000		21,736
Oil, Gas & Consumable Fuels (3.2%)
Cheniere Energy, Inc.*		87,075		3,735
Enbridge, Inc.		699,990		27,643
Kinder Morgan, Inc.		202,000		4,414
				35,792
Pharmaceuticals (0.9%)
Bristol-Myers Squibb Co.		172,875		9,921
Professional Services (3.4%)
IHS Markit Ltd.*		722,555		26,966
Nielsen Holdings PLC		217,000		11,562
				38,528
Real Estate Investment Trusts (1.0%)
Weyerhaeuser Co.^(a)		341,015		10,861
Road & Rail (0.3%)
Canadian Pacific Railway Ltd.		24,000		3,675
Semiconductors & Semiconductor Equipment (1.1%)
Texas Instruments, Inc.		180,000		12,517
Software (4.2%)
Adobe Systems, Inc.*		62,629		6,408
Intuit, Inc.		153,319		17,087
Microsoft Corp.		408,970		23,499
				46,994
Specialty Retail (5.3%)
Home Depot, Inc.		213,000		28,568
TJX Cos., Inc.		203,000		15,720
Tractor Supply Co.^(a)		193,000		16,202
				60,490
Technology Hardware, Storage & Peripherals (2.9%)
Apple, Inc.		311,300		33,029

See Notes to Financial Statements

101

Schedule of Investments Guardian Fund (cont'd)

	Number of Shares		Value (000's)
Textiles, Apparel & Luxury Goods (3.2%)
lululemon athletica, Inc.^(a)*		80,000	$	6,121
PVH Corp.^(a)		275,215		29,657
				35,778
Total Common Stocks (Cost $978,691)				1,097,425
Preferred Stock (0.8%)
Health Care (0.8%)
Moderna Therapeutics Ser. F^(c)(f) (Cost $8,700)		990,888		8,700

	Number of Contracts		Value (000's)
Options Purchased (0.0%)
Food & Staples Retailing (0.0%)
Whole Foods Market, Inc. Call 1/20/2017 @ 36		1,875	$	139
Whole Foods Market, Inc. Call 9/16/2016 @ 34		400		2
				141
Textiles, Apparel & Luxury Goods (0.0%)
PVH Corp. Call 9/16/2016 @ 100		250		186
Total Options Purchased (Cost $556)				327

	Number of Shares		Value (000's)
Short-Term Investment (2.0%)
Investment Company (2.0%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(b)(d) (Cost $23,134)		23,134,023	$	23,134
Total Investments (99.7%) (Cost $1,011,081)				1,129,586
Other Assets Less Liabilities (0.3%)^(e)				3,046
Net Assets (100.0%)			$	1,132,632

* Non-income producing security.

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

(b) All or a portion of this security is segregated in connection for options written with a total value of approximately $38,265,000.

(c) Security fair valued as of 8/31/2016 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at 8/31/2016, amounted to approximately $8,700,000, which represents 0.8% of net assets of the Fund.

(d) Represents 7-day effective yield as of 8/31/2016.

(e) Includes the impact of the Fund's open positions in derivatives at 8/31/2016.

(f) Security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale. At 8/31/2016, this security amounted to approximately $8,700,000, which represents 0.8% of net assets.

(000's omitted) Restricted Security				Acquisition Date				Acquisition Cost				Acquisition Cost Percentage of Net Assets				Value as of 8/31/2016				Fair Value Percentage of Net Assets as of 8/31/2016
Moderna Therapeutics (Series F Preferred Shares)				8/10/2016				$	8,700				0.8	%		$	8,700				0.8	%

See Notes to Financial Statements

102

Schedule of Investments Guardian Fund (cont'd)

Derivative Instruments

Written option contracts ("options written")

At August 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
BlackRock, Inc., Call		38	$	370	10/21/2016	$	(45,600	)
Cheniere Energy, Inc., Call		500		45	12/16/2016		(122,500	)
ConAgra Foods, Inc., Put		400		44	9/16/2016		(7,000	)
Delta Airlines, Inc., Put		345		40	9/16/2016		(118,163	)
Delta Airlines, Inc., Call		345		50	9/16/2016		(1,035	)
JPMorgan Chase & Co., Call		700		67.5	9/16/2016		(61,950	)
PVH Corp., Put		250		90	9/16/2016		(0	)^(a)(b)
PVH Corp., Put		500		100	9/16/2016		(16,250	)
SBA Communications Corp., Put		84		100	9/16/2016		(1,260	)
SBA Communications Corp., Put		220		100	1/20/2017		(39,600	)
Starbucks Corp., Put		340		52.5	10/21/2016		(12,920	)
Starbucks Corp., Put		500		48.75	1/20/2017		(44,250	)
Synchrony Financial, Put		845		24	12/16/2016		(46,475	)
Tractor Supply Co., Put		100		80	9/16/2016		(3,250	)
Weyerhaeuser Co., Call		610		34	10/21/2016		(7,625	)
Whole Foods Market, Inc., Put		800		27	9/16/2016		(4,000	)
Whole Foods Market, Inc., Put		600		28	1/20/2017		(76,200	)
Whole Foods Market, Inc., Put		1,000		32	1/20/2017		(317,500	)
Total						$	(925,578	)

(a) Amount less than one dollar.

(b) Security fair valued as of 8/31/2016 in accordance with procedures approved by the Fund's Board of Trustees.

Written option transactions for the Fund for the year ended August 31, 2016 were:

	Number of Contracts			Premium Received
Outstanding 8/31/2015		—		$	—
Options written		16,052			2,652,136
Options expired		(2,354	)		(250,688	)
Options exercised		(650	)		(122,032	)
Options closed		(4,871	)		(973,316	)
Outstanding 8/31/2016		8,177		$	1,306,100

For the year ended August 31, 2016, the Fund had an average market value of $62,880 in purchased option contracts, and $(305,728) in options written, respectively.

See Notes to Financial Statements

103

Schedule of Investments Guardian Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	1,097,425	$	—	$	—	$	1,097,425
Preferred Stock^(a)		—		—		8,700		8,700
Options Purchased^(a)		327		—		—		327
Short-Term Investment		—		23,134		—		23,134
Total Investments	$	1,097,752	$	23,134	$	8,700	$	1,129,586

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

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

	Beginning balance, as of 9/1/2015		Accrued discounts/ (premiums)		Realized gain/ loss		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2016		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2016
(000's omitted) Investments in Securities:
Preferred Stock
Health Care	$	—	$	—	$	—	$	—	$	8,700	$	—	$	—	$	—	$	8,700	$	—
Total	$	—	$	—	$	—	$	—	$	8,700	$	—	$	—	$	—	$	8,700	$	—

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of August 31, 2016.

Asset
class

Fair value
at 8/31/2016

Valuation
techniques

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
decrease
in input^(a)

Preferred
Stock

8,699,997

Market
Transaction
Method

Transaction Price

8.78

Decrease

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

See Notes to Financial Statements

104

Schedule of Investments Guardian Fund (cont'd)

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of August 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(c)			Total
Options written
Liabilities	$	(926	)	$	—	$	(0	)^(e)	$	(926	)
Total	$	(926	)	$	—	$	(0	)	$	(926	)

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

	Beginning balance, as of 9/1/2015		Accrued discounts/ (premiums)		Realized gain/ loss		Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2016			Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2016
(000's omitted) Other Financial Instruments:
Options written^(d)	$	—	$	—	$	—	$	43	$	—	$	(43	)	$	—	$	—	$	(0	)^(e)	$	43
Total	$	—	$	—	$	—	$	43	$	—	$	(43	)	$	—	$	—	$	(0	)	$	43

(d) As of the year ended August 31, 2016, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

(e) Amount less than one thousand.

See Notes to Financial Statements

105

Schedule of Investments International Equity Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (94.7%)
Australia (2.3%)
Insurance Australia Group Ltd.		5,263,590	$	21,994
Reliance Worldwide Corp. Ltd.*		3,800,000		8,882
Steadfast Group Ltd.		1,860,417		3,076
				33,952
Austria (1.2%)
Andritz AG		351,990		17,961
Belgium (1.0%)
Colruyt SA		123,952		6,803
Ontex Group NV		220,895		7,942
				14,745
Canada (5.0%)
Alimentation Couche-Tard, Inc. Class B		402,400		20,752
ATS Automation Tooling Systems, Inc.*		1,105,800		9,115
Home Capital Group, Inc.		462,100		10,325
Kinaxis, Inc.*		204,800		9,704
MacDonald, Dettwiler & Associates Ltd.		162,833		10,750
Peyto Exploration & Development Corp.		274,000		7,875
Suncor Energy, Inc.		269,680		7,313
				75,834
China (2.7%)
Alibaba Group Holding Ltd. ADR*		222,800		21,654
Baidu, Inc. ADR*		109,200		18,681
				40,335
Denmark (0.8%)
Sydbank A/S		369,811		11,718
France (11.8%)
Air Liquide SA		128,645		14,110
Arkema SA		205,586		18,353
BNP Paribas SA		289,280		14,716
Elior Group^(a)		438,657		10,060
Euler Hermes Group		51,460		4,253
Pernod-Ricard SA		171,975		19,739

	Number of Shares		Value (000's)
Publicis Groupe SA		152,990	$	11,357
Sodexo SA		145,255		16,826
SPIE SA		795,767		15,356
TOTAL SA		457,038		21,794
Valeo SA		368,160		19,051
Virbac SA*		57,381		11,815
				177,430
Germany (9.2%)
Bayer AG		130,555		13,976
Brenntag AG		275,345		14,985
Continental AG		76,835		16,104
Deutsche Boerse AG*		126,324		10,794
GEA Group AG		234,845		12,604
Gerresheimer AG		247,708		20,571
Henkel AG & Co. KGaA, Preference Shares		159,880		20,981
SAP SE ADR		318,200		27,992
				138,007
Hong Kong (1.1%)
HKBN Ltd.		14,565,300		16,260
Ireland (0.7%)
Greencore Group PLC		2,314,586		10,668
Israel (3.7%)
Bezeq Israeli Telecommunication Corp. Ltd.		8,383,809		16,828
Check Point Software Technologies Ltd.*		336,900		25,854
Teva Pharmaceutical Industries Ltd. ADR		273,000		13,756
				56,438
Italy (0.8%)
Azimut Holding SpA		816,890		12,538
Japan (10.6%)
Daikin Industries Ltd.		198,000		18,350
KANSAI PAINT Co. Ltd.		921,000		20,287
KEYENCE Corp.		42,100		29,513
Nabtesco Corp.		344,450		8,885
SANTEN PHARMACEUTICAL Co. Ltd.		988,500		12,439
Sato Holdings Corp.		204,600		4,307

	Number of Shares		Value (000's)
SMC Corp.		84,800	$	23,883
Sundrug Co. Ltd.		240,700		17,448
TOYOTA MOTOR Corp.		411,700		24,822
				159,934
Netherlands (6.0%)
AerCap Holdings NV*		446,300		17,839
Akzo Nobel NV		268,588		18,149
ASML Holding NV		219,741		23,376
Koninklijke Ahold Delhaize NV		537,514		12,870
NXP Semiconductors NV*		204,500		18,000
				90,234
Norway (0.9%)
Skandiabanken ASA*^(a)		1,734,160		13,319
Spain (1.5%)
Banco Bilbao Vizcaya Argentaria SA		1,700,681		10,581
Euskaltel SA*^(a)		1,389,699		12,324
				22,905
Sweden (1.3%)
Nordea Bank AB		1,208,240		11,813
Resurs Holding AB*^(a)		1,126,237		7,078
				18,891
Switzerland (14.3%)
Bucher Industries AG		57,940		14,668
Cie Financiere Richemont SA		168,760		9,720
Givaudan SA		12,535		25,910
Julius Baer Group Ltd.*		442,540		18,551
Novartis AG		185,900		14,629
Partners Group Holding AG		45,585		20,903
Roche Holding AG		82,524		20,120
SGS SA		8,960		19,687
Sonova Holding AG		117,810		16,302
TE Connectivity Ltd.		230,700		14,666
Tecan Group AG		160,298		25,262
UBS Group AG		982,100		14,199
				214,617

See Notes to Financial Statements

106

Schedule of Investments International Equity Fund (cont'd)

	Number of Shares		Value (000's)
United Kingdom (17.3%)
Aon PLC		199,200	$	22,181
Barclays PLC		6,083,389		13,760
Bunzl PLC		735,535		22,775
Clinigen Group PLC		1,917,309		16,101
Compass Group PLC		853,446		16,161
DCC PLC		231,593		21,075
Howden Joinery Group PLC		1,330,900		7,976
Lloyds Banking Group PLC		25,781,584		20,093
Prudential PLC		1,071,475		19,185
RELX PLC		1,158,417		21,981
RPS Group PLC		3,027,205		7,245
Spectris PLC		576,803		14,664
St. James's Place PLC		1,245,035		16,055
TalkTalk Telecom Group PLC		4,523,715		12,534
Travis Perkins PLC		803,675		17,571
Worldpay Group PLC^(a)		2,757,224		10,818
				260,175
United States (2.5%)
Nielsen Holdings PLC		421,002		22,431
Samsonite International SA		4,951,900		15,671
				38,102
Total Common Stocks (Cost $1,329,540)				1,424,063
Short-Term Investment (5.2%)
Investment Company (5.2%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(b) (Cost $77,443)		77,442,750		77,443
Total Investments (99.9%) (Cost $1,406,983)				1,501,506
Other Assets Less Liabilities (0.1%)				1,629
Net Assets (100.0%)			$	1,503,135

* Non-income producing security.

(a) Securities were purchased under Rule 144A of 1933 Act, 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 or may have other restrictions on resale. At 8/31/2016, these securities amounted to approximately $53,599,000, or 3.6% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

107

POSITIONS BY INDUSTRY INTERNATIONAL EQUITY FUND

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Chemicals	$	96,809		6.4	%
Banks		96,000		6.4	%
Machinery		87,116		5.8	%
Insurance		86,744		5.8	%
Pharmaceuticals		86,735		5.8	%
Trading Companies & Distributors		81,146		5.4	%
Capital Markets		76,985		5.1	%
Professional Services		64,099		4.3	%
Software		63,550		4.2	%
Life Sciences Tools & Services		61,934		4.1	%
Electronic Equipment, Instruments & Components		58,843		3.9	%
Diversified Telecommunication Services		57,946		3.9	%
Food & Staples Retailing		57,873		3.9	%
Hotels, Restaurants & Leisure		43,047		2.8	%
Semiconductors & Semiconductor Equipment		41,376		2.8	%
Internet Software & Services		40,335		2.7	%
Oil, Gas & Consumable Fuels		36,982		2.5	%
Auto Components		35,155		2.3	%
Building Products		27,232		1.8	%
Textiles, Apparel & Luxury Goods		25,391		1.7	%
Automobiles		24,822		1.6	%
Industrial Conglomerates		21,075		1.4	%
Household Products		20,981		1.4	%
Beverages		19,739		1.3	%
Health Care Equipment & Supplies		16,302		1.1	%
Construction & Engineering		15,356		1.0	%
Commercial Services & Supplies		11,552		0.8	%
Media		11,357		0.7	%
IT Services		10,818		0.7	%
Aerospace & Defense		10,750		0.7	%
Food Products		10,668		0.7	%
Thrifts & Mortgage Finance		10,325		0.7	%
Personal Products		7,942		0.5	%
Consumer Finance		7,078		0.5	%
Short-Term Investment and Other Assets—Net		79,072		5.3	%
	$	1,503,135		100.0	%

See Notes to Financial Statements

108

Schedule of Investments International Equity Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,424,063	$	—	$	—	$	1,424,063
Short-Term Investment		—		77,443		—		77,443
Total Investments	$	1,424,063	$	77,443	$	—	$	1,501,506

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

As of the year ended August 31, 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 $177,422,000, was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of August 31, 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.

See Notes to Financial Statements

109

Schedule of Investments International Select Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (95.5%)
Australia (2.0%)
Brambles Ltd.		122,149	$	1,131
Insurance Australia Group Ltd.		829,380		3,466
				4,597
Austria (1.2%)
Andritz AG		54,895		2,801
Belgium (0.5%)
Colruyt SA		19,375		1,063
Canada (3.5%)
Alimentation Couche-Tard, Inc. Class B		75,600		3,899
Home Capital Group, Inc.		82,400		1,841
Peyto Exploration & Development Corp.		42,800		1,230
Suncor Energy, Inc.		42,480		1,152
				8,122
China (2.8%)
Alibaba Group Holding Ltd. ADR*		34,800		3,382
Baidu, Inc. ADR*		18,500		3,165
				6,547
France (13.3%)
Air Liquide SA		20,095		2,204
Arkema SA		32,170		2,872
BNP Paribas SA		54,790		2,787
Elior Group^(a)		89,770		2,059
Euler Hermes Group		8,085		668
Pernod-Ricard SA		26,960		3,095
Publicis Groupe SA		32,048		2,379
Schneider Electric SE		40,664		2,771
Sodexo SA		22,630		2,621
SPIE SA		122,230		2,359
TOTAL SA		71,738		3,421
Valeo SA		69,345		3,588
				30,824
Germany (9.6%)
Bayer AG		21,095		2,258
Brenntag AG		42,845		2,332
Continental AG		14,665		3,074
Deutsche Boerse AG*		29,792		2,545
GEA Group AG		37,840		2,031

	Number of Shares		Value (000's)
Gerresheimer AG		10,000	$	830
Henkel AG & Co. KGaA, Preference Shares		30,335		3,981
SAP SE ADR		56,985		5,013
				22,064
Israel (4.5%)
Bezeq Israeli Telecommunication Corp. Ltd.		1,569,500		3,150
Check Point Software Technologies Ltd.*		60,700		4,658
Teva Pharmaceutical Industries Ltd. ADR		53,500		2,696
				10,504
Italy (0.9%)
Azimut Holding SpA		128,075		1,966
Japan (12.9%)
Daikin Industries Ltd.		31,000		2,873
KANSAI PAINT Co. Ltd.		180,000		3,965
KEYENCE Corp.		7,000		4,907
MIRACA HOLDINGS, Inc.		52,500		2,489
Nabtesco Corp.		53,900		1,390
SANTEN PHARMACEUTICAL Co. Ltd.		208,800		2,628
SMC Corp.		15,500		4,365
Sundrug Co. Ltd.		36,900		2,675
TOYOTA MOTOR Corp.		73,900		4,455
				29,747
Netherlands (6.9%)
AerCap Holdings NV*		69,200		2,766
Akzo Nobel NV		48,190		3,257
ASML Holding NV		42,220		4,491
Koninklijke Ahold Delhaize NV		112,517		2,694
NXP Semiconductors NV*		31,900		2,808
				16,016

	Number of Shares		Value (000's)
Spain (0.7%)
Banco Bilbao Vizcaya Argentaria SA		266,035	$	1,655
Sweden (1.3%)
Nordea Bank AB		313,565		3,066
Switzerland (14.4%)
Cie Financiere Richemont SA		26,550		1,529
Givaudan SA		2,296		4,746
Julius Baer Group Ltd.*		55,495		2,326
Novartis AG		48,731		3,835
Partners Group Holding AG		7,160		3,283
Roche Holding AG		20,221		4,930
SGS SA		2,052		4,509
Sonova Holding AG		18,350		2,539
TE Connectivity Ltd.		44,700		2,842
UBS Group AG		184,255		2,664
				33,203
United Kingdom (18.4%)
Aon PLC		40,500		4,510
Barclays PLC		1,135,674		2,569
Bunzl PLC		134,906		4,177
Compass Group PLC		132,756		2,514
DCC PLC		32,125		2,923
Howden Joinery Group PLC		517,725		3,103
Lloyds Banking Group PLC		4,583,624		3,572
Prudential PLC		169,020		3,026
RELX PLC		218,471		4,146
Spectris PLC		89,978		2,288
St. James's Place PLC		197,388		2,545
TalkTalk Telecom Group PLC		826,615		2,290
Travis Perkins PLC		141,330		3,090
Worldpay Group PLC^(a)		430,860		1,691
				42,444
United States (2.6%)
Nielsen Holdings PLC		67,900		3,617
Samsonite International SA		774,100		2,450
				6,067
Total Common Stocks (Cost $198,312)				220,686

See Notes to Financial Statements

110

Schedule of Investments International Select Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investment (4.4%)
Investment Company (4.4%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(b) (Cost $10,283)		10,282,942	$	10,283
Total Investments (99.9%) (Cost $208,595)				230,969
Other Assets Less Liabilities (0.1%)				233
Net Assets (100.0%)			$	231,202

* Non-income producing security.

(a) Securities were purchased under Rule 144A of 1933 Act, 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 or may have other restrictions on resale. At 8/31/2016, these securities amounted to approximately $3,750,000, or 1.6% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

111

POSITIONS BY INDUSTRY INTERNATIONAL SELECT FUND

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Chemicals	$	17,044		7.4	%
Pharmaceuticals		16,347		7.1	%
Trading Companies & Distributors		15,468		6.7	%
Insurance		14,215		6.1	%
Banks		13,649		5.9	%
Capital Markets		12,784		5.6	%
Professional Services		12,272		5.3	%
Machinery		10,587		4.6	%
Food & Staples Retailing		10,331		4.5	%
Electronic Equipment, Instruments & Components		10,037		4.3	%
Software		9,671		4.2	%
Semiconductors & Semiconductor Equipment		7,299		3.2	%
Hotels, Restaurants & Leisure		7,194		3.1	%
Auto Components		6,662		2.9	%
Internet Software & Services		6,547		2.8	%
Oil, Gas & Consumable Fuels		5,803		2.5	%
Diversified Telecommunication Services		5,440		2.4	%
Automobiles		4,455		1.9	%
Household Products		3,981		1.7	%
Textiles, Apparel & Luxury Goods		3,979		1.7	%
Beverages		3,095		1.3	%
Industrial Conglomerates		2,923		1.3	%
Building Products		2,873		1.2	%
Electrical Equipment		2,771		1.2	%
Health Care Equipment & Supplies		2,539		1.1	%
Health Care Providers & Services		2,489		1.1	%
Media		2,379		1.0	%
Construction & Engineering		2,359		1.0	%
Thrifts & Mortgage Finance		1,841		0.8	%
IT Services		1,691		0.7	%
Commercial Services & Supplies		1,131		0.5	%
Life Sciences Tools & Services		830		0.4	%
Short-Term Investment and Other Assets—Net		10,516		4.5	%
	$	231,202		100.0	%

See Notes to Financial Statements

112

Schedule of Investments International Select Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	220,686	$	—	$	—	$	220,686
Short-Term Investment		—		10,283		—		10,283
Total Investments	$	220,686	$	10,283	$	—	$	230,969

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

As of the year ended August 31, 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 $38,382,000, was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of August 31, 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.

See Notes to Financial Statements

113

Schedule of Investments Intrinsic Value Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (93.2%)
Aerospace & Defense (8.1%)
Aerovironment, Inc.*		263,659	$	6,523
KEYW Holding Corp.*		1,039,206		10,361
Mercury Systems, Inc.*		487,660		11,060
Spirit AeroSystems Holdings, Inc. Class A*		280,690		12,861
Teledyne Technologies, Inc.*		63,052		6,755
Textron, Inc.		185,039		7,559
				55,119
Banks (6.6%)
BankUnited, Inc.		193,304		6,215
Comerica, Inc.		133,774		6,326
Huntington Bancshares, Inc.		1,120,130		11,212
TCF Financial Corp.		524,900		7,690
Texas Capital Bancshares, Inc.*		125,800		6,607
Umpqua Holdings Corp.		417,600		6,857
				44,907
Biotechnology (0.5%)
Myriad Genetics, Inc.*		164,000		3,339
Building Products (1.0%)
Owens Corning		125,100		6,870
Chemicals (1.0%)
Chemtura Corp.*		218,000		6,538
Commercial Services & Supplies (2.5%)
Clean Harbors, Inc.*		186,214		8,901
Covanta Holding Corp.		552,500		8,227
				17,128
Communications Equipment (7.3%)
ARRIS International PLC*		615,369		17,273
Brocade Communications Systems, Inc.		471,059		4,230
Ciena Corp.*		496,683		10,654
Infinera Corp.*		872,200		7,484

	Number of Shares		Value (000's)
Sonus Networks, Inc.*		615,700	$	5,307
Viavi Solutions, Inc.*		589,600		4,587
				49,535
Construction & Engineering (2.1%)
KBR, Inc.		611,700		8,980
Valmont Industries, Inc.		39,200		5,114
				14,094
Containers & Packaging (4.2%)
Avery Dennison Corp.		176,136		13,640
Crown Holdings, Inc.*		280,200		15,195
				28,835
Electronic Equipment, Instruments & Components (4.6%)
II-VI, Inc.*		277,430		5,879
Itron, Inc.*		243,331		11,590
Maxwell Technologies, Inc.*		604,600		3,065
OSI Systems, Inc.*		95,700		6,418
VeriFone Systems, Inc.*		216,890		4,307
				31,259
Energy Equipment & Services (1.1%)
ION Geophysical Corp.*		49,531		289
McDermott International, Inc.*		375,500		1,964
TETRA Technologies, Inc.*		890,892		5,390
				7,643
Health Care Equipment & Supplies (2.2%)
Accuray, Inc.*		1,234,970		6,582
Analogic Corp.		62,300		5,545
Haemonetics Corp.*		81,200		3,017
				15,144
Health Care Providers & Services (0.4%)
Molina Healthcare, Inc.*		53,761		2,893
Health Care Technology (1.5%)
Allscripts Healthcare Solutions, Inc.*		789,200		10,189

	Number of Shares		Value (000's)
Household Durables (0.5%)
iRobot Corp.*		91,800	$	3,659
Independent Power and Renewable Electricity Producers (3.1%)
Atlantic Power Corp.*		1,361,458		3,512
Dynegy, Inc.*		309,400		3,920
NRG Energy, Inc.		465,400		5,636
Ormat Technologies, Inc.		171,441		8,298
				21,366
Internet Software & Services (0.5%)
Bankrate, Inc.*		453,900		3,559
IT Services (7.9%)
Acxiom Corp.*		528,500		13,736
CoreLogic, Inc.*		407,925		16,733
DST Systems, Inc.		63,519		7,718
MoneyGram International, Inc.*		522,398		3,798
NeuStar, Inc. Class A*		471,709		11,986
				53,971
Life Sciences Tools & Services (3.9%)
Charles River Laboratories International, Inc.*		218,871		18,212
Fluidigm Corp.*		382,600		3,486
Luminex Corp.*		238,400		5,023
				26,721
Machinery (3.4%)
Harsco Corp.		508,800		5,063
ITT, Inc.		125,000		4,522
Manitowoc Co., Inc.		483,000		2,367
Manitowoc Foodservice, Inc.*		228,000		3,678
Meritor, Inc.*		510,850		5,696
Twin Disc, Inc.*		168,857		2,193
				23,519
Marine (0.3%)
Danaos Corp.*		534,459		1,726
Metals & Mining (0.8%)
Cliffs Natural Resources, Inc.*		931,000		5,307
Real Estate Investment Trusts (1.0%)
Communications Sales & Leasing, Inc.		228,800		7,139

See Notes to Financial Statements

114

Schedule of Investments Intrinsic Value Fund (cont'd)

	Number of Shares		Value (000's)
Road & Rail (2.9%)
Avis Budget Group, Inc.*		301,900	$	10,908
Ryder System, Inc.		134,204		8,793
				19,701
Semiconductors & Semiconductor Equipment (11.3%)
Alliance Semiconductor Corp.*		82,370		59
CEVA, Inc.*		186,600		5,874
Cypress Semiconductor Corp.		526,035		6,276
FormFactor, Inc.*		618,603		6,403
MACOM Technology Solutions Holdings, Inc.*		216,663		8,926
Mellanox Technologies Ltd.*		210,350		9,222
Rambus, Inc.*		1,081,544		14,947
Rudolph Technologies, Inc.*		171,500		3,008
Ultratech, Inc.*		589,000		14,731
Veeco Instruments, Inc.*		368,800		7,254
				76,700
Software (8.5%)
Cadence Design Systems, Inc.*		269,607		6,859
Covisint Corp.*		996,005		2,211
Nuance Communications, Inc.*		749,900		10,933
Rovi Corp.*		679,530		13,910
Seachange International, Inc.*		767,567		2,241
Silver Spring Networks, Inc.*		527,076		7,195
Verint Systems, Inc.*		423,761		14,459
				57,808
Specialty Retail (3.5%)
Express, Inc.*		396,900		4,695
GNC Holdings, Inc. Class A		254,000		5,342
New York & Co., Inc.*		288,000		648
Office Depot, Inc.		1,069,867		3,937

	Number of Shares		Value (000's)
Restoration Hardware Holdings, Inc.*		82,524	$	2,784
Select Comfort Corp.*		235,100		6,171
				23,577
Technology Hardware, Storage & Peripherals (0.2%)
Quantum Corp.*		1,763,100		1,131
Textiles, Apparel & Luxury Goods (1.5%)
Crocs, Inc.*		462,900		3,999
Deckers Outdoor Corp.*		91,900		6,006
				10,005
Wireless Telecommunication Services (0.8%)
Telephone & Data Systems, Inc.		105,200		2,932
United States Cellular Corp.*		76,100		2,832
				5,764
Total Common Stocks (Cost $578,386)				635,146
Convertible Preferred Stock (0.6%)
Independent Power and Renewable Electricity Producers (0.6%)
Dynegy, Inc., 7.00%, due 7/1/19 (Cost $4,905)		46,200		3,969
Short-Term Investment (6.8%)
Investment Company (6.8%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(a) (Cost $46,328)		46,328,202		46,328
Total Investments (100.6%) (Cost $629,619)				685,443
Other Assets Less Liabilities [(0.6%)]				(4,412	)
Net Assets (100.0%)			$	681,031

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

115

Schedule of Investments Intrinsic Value Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	635,146	$	—	$	—	$	635,146
Convertible Preferred Stock^(a)		3,969		—		—		3,969
Short-Term Investment		—		46,328		—		46,328
Total Investments	$	639,115	$	46,328	$	—	$	685,443

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

116

Schedule of Investments Large Cap Value Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (93.4%)
Airlines (0.6%)
Delta Air Lines, Inc.		211,349	$	7,767
Banks (19.2%)
Bank of America Corp.		933,534		15,067
BB&T Corp.		286,539		11,032
Citigroup, Inc.		1,370,419		65,424
Commerce Bancshares, Inc.		68,912		3,492
JPMorgan Chase & Co.		948,445		64,020
KeyCorp		461,852		5,801
M&T Bank Corp.		132,350		15,661
PNC Financial Services Group, Inc.		349,011		31,446
SunTrust Banks, Inc.		252,215		11,115
Synovus Financial Corp.		83,351		2,757
U.S. Bancorp		175,613		7,753
Wells Fargo & Co.		534,991		27,178
				260,746
Capital Markets (8.2%)
Bank of New York Mellon Corp.		1,247,266		51,974
CME Group, Inc.		317,552		34,407
Goldman Sachs Group, Inc.		147,825		25,050
				111,431
Chemicals (0.2%)
FMC Corp.		49,133		2,306
Communications Equipment (1.3%)
Cisco Systems, Inc.		555,616		17,469
Construction & Engineering (0.3%)
Jacobs Engineering Group, Inc.*		63,331		3,337
Diversified Telecommunication Services (1.5%)
Verizon Communications, Inc.		391,880		20,507
Electric Utilities (0.8%)
Exelon Corp.		309,045		10,508
Electrical Equipment (6.2%)
Eaton Corp. PLC		1,113,491		74,091
Emerson Electric Co.		175,906		9,267
				83,358

	Number of Shares		Value (000's)
Energy Equipment & Services (3.2%)
Schlumberger Ltd.		543,695	$	42,952
Food & Staples Retailing (1.4%)
Wal-Mart Stores, Inc.		268,786		19,202
Health Care Equipment & Supplies (0.8%)
Medtronic PLC		75,001		6,528
Zimmer Biomet Holdings, Inc.		38,054		4,932
				11,460
Hotels, Restaurants & Leisure (4.1%)
Carnival Corp.		1,155,586		55,237
Household Products (2.9%)
Procter & Gamble Co.		452,383		39,498
Independent Power and Renewable Electricity Producers (0.2%)
Calpine Corp.*		227,842		2,843
Industrial Conglomerates (2.2%)
General Electric Co.		964,932		30,144
Insurance (2.6%)
Lincoln National Corp.		557,016		26,753
MetLife, Inc.		181,633		7,883
				34,636
Machinery (7.2%)
Caterpillar, Inc.		610,348		50,018
Illinois Tool Works, Inc.		119,430		14,194
Joy Global, Inc.		1,245,284		33,972
				98,184
Metals & Mining (8.9%)
BHP Billiton Ltd. ADR		1,431,736		42,952
Newmont Mining Corp.		1,825,591		69,811
United States Steel Corp.		408,950		7,950
				120,713
Oil, Gas & Consumable Fuels (12.9%)
Cabot Oil & Gas Corp.		438,920		10,811
Devon Energy Corp.		307,285		13,315
EOG Resources, Inc.		394,192		34,882
Exxon Mobil Corp.		768,402		66,959

	Number of Shares		Value (000's)
Pioneer Natural Resources Co.		216,556	$	38,774
Range Resources Corp.		265,064		10,223
				174,964
Pharmaceuticals (2.5%)
Pfizer, Inc.		978,765		34,061
Semiconductors & Semiconductor Equipment (0.8%)
NXP Semiconductors NV*		125,204		11,020
Software (0.5%)
CA, Inc.		199,634		6,770
Technology Hardware, Storage & Peripherals (1.9%)
Western Digital Corp.		550,892		25,710
Textiles, Apparel & Luxury Goods (3.0%)
Ralph Lauren Corp.		393,085		40,731
Total Common Stocks (Cost $1,148,695)				1,265,554
Short-Term Investment (6.3%)
Investment Company (6.3%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(a) (Cost $85,209)		85,208,898		85,209
Total Investments (99.7%) (Cost $1,233,904)				1,350,763
Other Assets Less Liabilities (0.3%)				4,200
Net Assets (100.0%)			$	1,354,963

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

117

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,265,554	$	—	$	—	$	1,265,554
Short-Term Investment		—		85,209		—		85,209
Total Investments	$	1,265,554	$	85,209	$	—	$	1,350,763

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

118

Schedule of Investments Mid Cap Growth Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (96.1%)
Aerospace & Defense (0.5%)
B/E Aerospace, Inc.		100,000	$	5,055
Airlines (0.7%)
Alaska Air Group, Inc.		120,000		8,104
Banks (1.8%)
Signature Bank*		85,000		10,371
SVB Financial Group*		80,000		8,885
				19,256
Biotechnology (3.1%)
BioMarin Pharmaceutical, Inc.*		167,500		15,727
Incyte Corp.*		95,000		7,704
Vertex Pharmaceuticals, Inc.*		107,000		10,113
				33,544
Capital Markets (2.8%)
Affiliated Managers Group, Inc.*		40,000		5,682
CBOE Holdings, Inc.		182,500		12,536
Raymond James Financial, Inc.		210,000		12,216
				30,434
Chemicals (3.9%)
RPM International, Inc.		204,500		11,151
Scotts Miracle-Gro Co. Class A		133,500		11,054
Sensient Technologies Corp.		170,000		12,449
WR Grace & Co.		100,000		7,813
				42,467
Commercial Services & Supplies (1.3%)
Cintas Corp.		25,000		2,938
Waste Connections, Inc.		150,000		11,464
				14,402
Communications Equipment (0.4%)
Palo Alto Networks, Inc.*		37,500		4,994
Distributors (1.5%)
LKQ Corp.*		450,000		16,240

	Number of Shares		Value (000's)
Diversified Consumer Services (1.8%)
Bright Horizons Family Solutions, Inc.*		162,000	$	11,042
Service Corp. International		350,000		9,254
				20,296
Electrical Equipment (1.3%)
Acuity Brands, Inc.		52,500		14,444
Electronic Equipment, Instruments & Components (2.3%)
Amphenol Corp. Class A		209,500		13,054
CDW Corp.		282,500		12,614
				25,668
Food Products (3.2%)
ConAgra Foods, Inc.		115,000		5,360
Pinnacle Foods, Inc.		235,000		11,903
Post Holdings, Inc.*		77,500		6,571
WhiteWave Foods Co.*		210,000		11,640
				35,474
Health Care Equipment & Supplies (9.7%)
C.R. Bard, Inc.		55,000		12,146
DexCom, Inc.*		100,000		9,109
Edwards Lifesciences Corp.*		142,500		16,410
Integra LifeSciences Holdings Corp.*		116,500		10,068
Nevro Corp.*		162,500		15,345
NuVasive, Inc.*		235,000		15,386
Penumbra, Inc.*		50,000		3,528
Teleflex, Inc.		65,000		11,901
Wright Medical Group NV*		500,000		12,380
				106,273
Health Care Providers & Services (2.7%)
Amsurg Corp.*		85,000		5,518
Centene Corp.*		185,500		12,668
HealthSouth Corp.		295,000		12,009
				30,195
Hotels, Restaurants & Leisure (3.3%)
Aramark		272,500		10,336
MGM Resorts International*		400,000		9,556

	Number of Shares		Value (000's)
Red Rock Resorts, Inc. Class A		350,000	$	7,889
Vail Resorts, Inc.		50,000		7,921
				35,702
Household Durables (2.5%)
Newell Brands, Inc.		358,350		19,021
Whirlpool Corp.		48,500		8,664
				27,685
Industrial Conglomerates (1.3%)
Roper Technologies, Inc.		80,000		14,204
Insurance (1.3%)
Assurant, Inc.		158,000		14,149
Internet & Catalog Retail (1.4%)
Expedia, Inc.		77,000		8,402
Liberty Interactive Corp. QVC Group Class A*		340,000		7,184
				15,586
Internet Software & Services (1.6%)
CoStar Group, Inc.*		82,500		17,098
IT Services (5.9%)
CSRA, Inc.		290,000		7,363
Euronet Worldwide, Inc.*		147,500		11,447
Fiserv, Inc.*		116,500		12,005
Global Payments, Inc.		121,500		9,228
Sabre Corp.		305,000		8,586
Vantiv, Inc. Class A*		290,000		15,585
				64,214
Life Sciences Tools & Services (1.2%)
Agilent Technologies, Inc.		272,500		12,802
Machinery (3.7%)
CLARCOR, Inc.		97,500		6,383
Fortive Corp.		150,000		7,901
IDEX Corp.		119,000		11,119
Milacron Holdings Corp.*		262,200		4,528
Stanley Black & Decker, Inc.		90,000		11,138
				41,069

See Notes to Financial Statements

119

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

	Number of Shares		Value (000's)
Media (1.0%)
DISH Network Corp. Class A*		135,000	$	6,781
Viacom, Inc. Class B		100,000		4,034
				10,815
Multiline Retail (0.9%)
Dollar Tree, Inc.*		125,000		10,337
Oil, Gas & Consumable Fuels (1.7%)
Concho Resources, Inc.*		85,500		11,046
Diamondback Energy, Inc.*		77,500		7,382
				18,428
Pharmaceuticals (2.4%)
Jazz Pharmaceuticals PLC*		77,500		9,597
Zoetis, Inc.		330,000		16,863
				26,460
Professional Services (2.2%)
Nielsen Holdings PLC		187,500		9,990
WageWorks, Inc.*		223,500		13,810
				23,800
Real Estate Investment Trusts (0.5%)
Extra Space Storage, Inc.		70,000		5,639
Road & Rail (2.0%)
J.B. Hunt Transport Services, Inc.		140,000		11,114
Old Dominion Freight Line, Inc.*		160,000		11,381
				22,495
Semiconductors & Semiconductor Equipment (5.6%)
Lam Research Corp.		120,000		11,198
MACOM Technology Solutions Holdings, Inc.*		200,000		8,240
Microsemi Corp.*		150,000		5,994
Monolithic Power Systems, Inc.		187,500		14,385
NVIDIA Corp.		225,000		13,802

	Number of Shares		Value (000's)
NXP Semiconductors NV*		85,000	$	7,482
				61,101
Software (8.0%)
Activision Blizzard, Inc.		321,000		13,280
Electronic Arts, Inc.*		175,000		14,215
Guidewire Software, Inc.*		127,500		7,845
Manhattan Associates, Inc.*		136,500		8,261
Red Hat, Inc.*		115,000		8,393
ServiceNow, Inc.*		165,500		12,027
Tyler Technologies, Inc.*		75,500		12,378
Ultimate Software Group, Inc.*		52,500		10,969
				87,368
Specialty Retail (9.1%)
Burlington Stores, Inc.*		233,000		18,924
Dick's Sporting Goods, Inc.		100,000		5,860
Five Below, Inc.*		125,000		5,570
Lithia Motors, Inc. Class A		95,000		7,863
O'Reilly Automotive, Inc.*		70,000		19,597
Ross Stores, Inc.		297,500		18,517
Tractor Supply Co.		177,500		14,901
Ulta Salon Cosmetics & Fragrance, Inc.*		34,000		8,405
				99,637
Textiles, Apparel & Luxury Goods (1.1%)
Hanesbrands, Inc.		437,500		11,611
Trading Companies & Distributors (0.9%)
W.W. Grainger, Inc.		42,500		9,803
Wireless Telecommunication Services (1.5%)
T-Mobile US, Inc.*		367,500		17,030
Total Common Stocks (Cost $838,739)				1,053,879

	Number of Shares		Value (000's)
Short-Term Investment (4.2%)
Investment Company (4.2%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(a) (Cost $46,106)		46,106,094	$	46,106
Total Investments (100.3%) (Cost $884,845)				1,099,985
Other Assets Less Liabilities [(0.3%)]				(3,735	)
Net Assets (100.0%)			$	1,096,250

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

120

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,053,879	$	—	$	—	$	1,053,879
Short-Term Investment		—		46,106		—		46,106
Total Investments	$	1,053,879	$	46,106	$	—	$	1,099,985

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

121

Schedule of Investments Mid Cap Intrinsic Value Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (98.0%)
Aerospace & Defense (6.8%)
B/E Aerospace, Inc.		37,600	$	1,901
General Dynamics Corp.		15,650		2,382
Spirit AeroSystems Holdings, Inc. Class A*		39,800		1,824
				6,107
Airlines (1.8%)
American Airlines Group, Inc.		44,300		1,608
Banks (9.2%)
BankUnited, Inc.		81,300		2,614
BB&T Corp.		30,600		1,178
Comerica, Inc.		47,100		2,227
Huntington Bancshares, Inc.		85,100		852
M&T Bank Corp.		11,300		1,337
				8,208
Capital Markets (1.1%)
State Street Corp.		13,900		976
Chemicals (2.7%)
Ashland, Inc.		20,400		2,389
Commercial Services & Supplies (5.1%)
Covanta Holding Corp.		136,100		2,027
Tyco International PLC		57,600		2,516
				4,543
Construction & Engineering (2.7%)
Valmont Industries, Inc.		18,200		2,375
Containers & Packaging (1.8%)
Avery Dennison Corp.		20,700		1,603
Electric Utilities (1.5%)
Edison International		18,100		1,316
Electronic Equipment, Instruments & Components (3.6%)
Flextronics International Ltd.*		90,000		1,192
Itron, Inc.*		42,000		2,000
				3,192
Food & Staples Retailing (3.0%)
Whole Foods Market, Inc.		88,200		2,680

	Number of Shares		Value (000's)
Health Care Equipment & Supplies (3.3%)
Zimmer Biomet Holdings, Inc.		22,800	$	2,955
Hotels, Restaurants & Leisure (1.0%)
Wyndham Worldwide Corp.		13,200		934
Independent Power and Renewable Electricity Producers (2.6%)
AES Corp.		190,400		2,298
IT Services (4.9%)
Amdocs Ltd.		31,000		1,864
Teradata Corp.*		80,000		2,538
				4,402
Media (3.1%)
CBS Corp. Class B		36,300		1,852
Lions Gate Entertainment Corp.		43,200		906
				2,758
Multi-Utilities (1.8%)
CenterPoint Energy, Inc.		69,400		1,559
Multiline Retail (1.3%)
Macy's, Inc.		32,200		1,165
Oil, Gas & Consumable Fuels (6.4%)
Cabot Oil & Gas Corp.		80,000		1,970
Devon Energy Corp.		41,100		1,781
ONEOK, Inc.		41,500		1,946
				5,697
Pharmaceuticals (1.0%)
Perrigo Co. PLC		9,900		901
Real Estate Investment Trusts (6.4%)
Colony Starwood Homes		83,160		2,578
Corrections Corporation of America		69,904		1,114
Starwood Property Trust, Inc.		86,200		1,974
				5,666
Road & Rail (3.1%)
Avis Budget Group, Inc.*		34,100		1,232
Hertz Global Holdings, Inc.*		31,480		1,551
				2,783

	Number of Shares		Value (000's)
Semiconductors & Semiconductor Equipment (4.6%)
ON Semiconductor Corp.*		188,500	$	2,036
Skyworks Solutions, Inc.		27,900		2,088
				4,124
Software (5.9%)
Cadence Design Systems, Inc.*		62,100		1,580
Check Point Software Technologies Ltd.*		23,800		1,826
Nuance Communications, Inc.*		129,900		1,894
				5,300
Specialty Retail (4.4%)
Best Buy Co., Inc.		53,900		2,074
GNC Holdings, Inc. Class A		51,200		1,077
Office Depot, Inc.		212,100		780
				3,931
Technology Hardware, Storage & Peripherals (2.0%)
Western Digital Corp.		37,436		1,747
Textiles, Apparel & Luxury Goods (2.8%)
Deckers Outdoor Corp.*		38,100		2,490
Trading Companies & Distributors (4.1%)
AerCap Holdings NV*		83,500		3,337
Herc Holdings, Inc.*		10,493		355
				3,692
Total Common Stocks (Cost $79,752)				87,399
Rights (0.0%)
Food & Staples Retailing (0.0%)
Safeway, Inc. (Casa Ley)*^(a)		21,100		5
Safeway, Inc. (Property Development Centers)*^(a)		21,100		1
Total Rights (Cost $22)				6

See Notes to Financial Statements

122

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

	Number of Shares		Value (000's)
Short-Term Investment (2.1%)
Investment Company (2.1%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(b)(Cost $1,837)		1,837,323	$	1,837
Total Investments^## (100.1%) (Cost $81,611)				89,242
Other Assets Less Liabilities [(0.1%)]				(51	)
Net Assets (100.0%)			$	89,191

* Non-income producing security.

(a) Illiquid Security.

(b) Represents 7-day effective yield as of 8/31/2016.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	87,399	$	—	$	—	$	87,399
Rights^(a)		—		—		6		6
Short-Term Investment		—		1,837		—		1,837
Total Investments	$	87,399	$	1,837	$	6	$	89,242

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

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

	Beginning balance, as of 9/1/2015		Accrued discounts/ (premiums)		Realized gain/ loss		Change in unrealized appreciation/ (depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2016		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2016
(000's omitted) Investments in Securities:
Rights‡
Food & Staples Retailing	$	8	$	—	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	6	$	(2	)
Total	$	8	$	—	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	6	$	(2	)

‡ As of the year ended August 31, 2016, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

123

Schedule of Investments Multi-Cap Opportunities Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (99.1%)
Aerospace & Defense (3.9%)
Boeing Co.		220,000	$	28,479
Raytheon Co.		320,000		44,842
				73,321
Banks (6.9%)
JPMorgan Chase & Co.		1,340,000		90,450
Wells Fargo & Co.		775,000		39,370
				129,820
Capital Markets (12.1%)
Charles Schwab Corp.		1,540,000		48,448
Goldman Sachs Group, Inc.		547,000		92,695
Intercontinental Exchange, Inc.		300,000		84,606
				225,749
Chemicals (0.5%)
Methanex Corp.		290,000		8,410
Commercial Services & Supplies (1.1%)
Pitney Bowes, Inc.		1,100,000		20,636
Health Care Equipment & Supplies (2.1%)
Hill-Rom Holdings, Inc.		655,000		38,848
Communications Equipment (8.8%)
Cisco Systems, Inc.		2,170,000		68,225
Motorola Solutions, Inc.		1,245,000		95,852
				164,077
Containers & Packaging (3.5%)
Sealed Air Corp.		1,387,000		65,369
Diversified Financial Services (4.8%)
Berkshire Hathaway, Inc. Class B*		595,000		89,542
Electrical Equipment (1.2%)
Rockwell Automation, Inc.		200,000		23,186
Energy Equipment & Services (2.7%)
Schlumberger Ltd.		630,000		49,770
Food & Staples Retailing (2.0%)
US Foods Holding Corp.*		1,550,000		37,587
Food Products (1.9%)
Mondelez International, Inc. Class A		780,000		35,116

	Number of Shares		Value (000's)
Health Care Providers & Services (10.4%)
Aetna, Inc.		260,000	$	30,451
Cardinal Health, Inc.		825,000		65,728
HCA Holdings, Inc.*		890,000		67,240
Henry Schein, Inc.*		190,000		31,120
				194,539
Hotels, Restaurants & Leisure (1.4%)
Bloomin' Brands, Inc.		1,315,000		25,695
Industrial Conglomerates (3.1%)
3M Co.		327,000		58,611
Internet Software & Services (5.3%)
Alphabet, Inc. Class C*		102,000		78,239
eBay, Inc.*		630,000		20,261
				98,500
IT Services (2.1%)
PayPal Holdings, Inc.*		1,080,000		40,122
Machinery (3.4%)
Stanley Black & Decker, Inc.		515,000		63,731
Media (3.3%)
Omnicom Group, Inc.		150,000		12,919
Twenty-First Century Fox, Inc. Class A		2,020,000		49,571
				62,490
Oil, Gas & Consumable Fuels (1.7%)
EOG Resources, Inc.		355,000		31,414
Pharmaceuticals (4.5%)
Allergan PLC*		85,000		19,936
Pfizer, Inc.		1,830,000		63,684
				83,620
Road & Rail (1.3%)
CSX Corp.		890,000		25,169
Software (5.7%)
Activision Blizzard, Inc.		1,050,000		43,439
Microsoft Corp.		315,000		18,100
Symantec Corp.		1,825,000		44,037
				105,576

	Number of Shares		Value (000's)
Technology Hardware, Storage & Peripherals (5.4%)
Apple, Inc.		485,000	$	51,458
NCR Corp.*		1,475,000		49,929
				101,387
Total Common Stocks (Cost $1,400,300)				1,852,285
Short-Term Investment (0.9%)
Investment Company (0.9%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(a)(Cost $17,692)		17,691,612		17,692
Total Investments (100.0%) (Cost $1,417,992)				1,869,977
Other Assets Less Liabilities [(0.0%)]				(129	)
Net Assets (100.0%)			$	1,869,848

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

124

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,852,285	$	—	$	—	$	1,852,285
Short-Term Investment		—		17,692		—		17,692
Total Investments	$	1,852,285	$	17,692	$	—	$	1,869,977

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

125

Schedule of Investments Real Estate Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (98.3%)
Apartments (10.9%)
Apartment Investment & Management Co. Class A		262,200	$	11,846
AvalonBay Communities, Inc.		94,392		16,520
Equity Residential		402,700		26,123
Essex Property Trust, Inc.		92,400		20,984
				75,473
Data Centers (5.0%)
DuPont Fabros Technology, Inc.		153,000		6,487
Equinix, Inc.		75,234		27,735
				34,222
Diversified (3.1%)
Vornado Realty Trust		209,023		21,594
Free Standing (3.3%)
National Retail Properties, Inc.		318,800		15,972
Realty Income Corp.		101,200		6,652
				22,624
Health Care (10.1%)
HCP, Inc.		176,600		6,946
Healthcare Trust of America, Inc. Class A		428,900		14,471
OMEGA Healthcare Investors, Inc.		209,975		7,601
Ventas, Inc.		293,930		21,360
Welltower, Inc.		252,740		19,398
				69,776
Hotels, Restaurants & Leisure (1.6%)
Starwood Hotels & Resorts Worldwide, Inc.		137,800		10,674
Industrial (4.8%)
Duke Realty Corp.		475,100		13,360
Prologis, Inc.		377,438		20,045
				33,405
Infrastructure (9.8%)
American Tower Corp.		337,100		38,220
Crown Castle International Corp.		306,400		29,038
				67,258

	Number of Shares		Value (000's)
Manufactured Homes (2.5%)
Equity LifeStyle Properties, Inc.		225,460	$	17,480
Office (12.2%)
Boston Properties, Inc.		208,984		29,285
Douglas Emmett, Inc.		240,425		9,030
Equity Commonwealth*		272,030		8,512
Kilroy Realty Corp.		235,200		17,083
SL Green Realty Corp.		173,600		20,436
				84,346
Real Estate Management & Development (1.7%)
Brookfield Asset Management, Inc. Class A		354,415		11,940
Regional Malls (10.4%)
General Growth Properties, Inc.		567,032		16,523
Pennsylvania REIT		277,400		6,960
Simon Property Group, Inc.		223,973		48,260
				71,743
Self Storage (5.5%)
Extra Space Storage, Inc.		93,940		7,567
Public Storage		134,400		30,097
				37,664
Shopping Centers (9.4%)
Federal Realty Investment Trust		115,200		18,317
Kimco Realty Corp.		715,220		21,492
Kite Realty Group Trust		312,100		9,013
Regency Centers Corp.		194,257		15,646
				64,468
Single Family Homes (2.8%)
American Homes 4 Rent Class A		554,500		12,127
Colony Starwood Homes		239,300		7,418
				19,545
Specialty (1.5%)
EPR Properties		129,800		10,166

	Number of Shares		Value (000's)
Timber (3.7%)
Weyerhaeuser Co.		793,299	$	25,267
Total Common Stocks (Cost $588,472)				677,645
Short-Term Investment (1.2%)
Investment Company (1.2%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(a)(Cost $8,202)		8,201,794		8,202
Total Investments (99.5%) (Cost $596,674)				685,847
Other Assets Less Liabilities (0.5%)				3,584
Net Assets (100.0%)			$	689,431

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

126

Schedule of Investments Real Estate Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	677,645	$	—	$	—	$	677,645
Short-Term Investment		—		8,202		—		8,202
Total Investments	$	677,645	$	8,202	$	—	$	685,847

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

127

Schedule of Investments Small Cap Growth Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (97.6%)
Aerospace & Defense (3.3%)
HEICO Corp. Class A		24,000	$	1,365
KLX, Inc.*		22,000		822
				2,187
Auto Components (1.3%)
Dorman Products, Inc.*		14,000		883
Banks (2.9%)
BNC Bancorp		30,000		737
Seacoast Banking Corp. of Florida*		50,000		823
Webster Financial Corp.		10,000		386
				1,946
Beverages (0.5%)
MGP Ingredients, Inc.		9,000		359
Biotechnology (12.6%)
Alder Biopharmaceuticals, Inc.*		25,000		824
Bluebird Bio, Inc.*		9,500		469
Eagle Pharmaceuticals, Inc.*		15,500		926
Exelixis, Inc.*		85,000		948
Five Prime Therapeutics, Inc.*		11,000		484
Neurocrine Biosciences, Inc.*		14,000		678
Ophthotech Corp.*		7,500		396
Prothena Corp. PLC*		19,500		975
Radius Health, Inc.*		12,500		685
Spark Therapeutics, Inc.*		19,000		1,075
TESARO, Inc.*		10,500		889
				8,349
Building Products (0.6%)
Gibraltar Industries, Inc.*		10,000		382
Capital Markets (1.5%)
MarketAxess Holdings, Inc.		6,000		1,011
Chemicals (1.9%)
Sensient Technologies Corp.		17,500		1,281

	Number of Shares		Value (000's)
Commercial Services & Supplies (1.8%)
Healthcare Services Group, Inc.		29,000	$	1,171
Distributors (0.9%)
Core-Mark Holding Co., Inc.		16,000		610
Diversified Consumer Services (2.1%)
Bright Horizons Family Solutions, Inc.*		20,000		1,363
Food & Staples Retailing (0.9%)
Casey's General Stores, Inc.		4,500		591
Food Products (1.5%)
Amplify Snack Brands, Inc.*		60,000		1,016
Health Care Equipment & Supplies (9.0%)
ABIOMED, Inc.*		7,500		884
Integra LifeSciences Holdings Corp.*		9,000		778
Nevro Corp.*		11,000		1,039
Novadaq Technologies, Inc.*		22,000		270
NuVasive, Inc.*		17,000		1,113
Penumbra, Inc.*		15,500		1,094
Wright Medical Group NV*		32,000		792
				5,970
Health Care Providers & Services (1.4%)
HealthSouth Corp.		22,500		916
Hotels, Restaurants & Leisure (2.9%)
Red Rock Resorts, Inc. Class A		39,000		879
Vail Resorts, Inc.		6,500		1,030
				1,909
Household Durables (2.4%)
Cavco Industries, Inc.*		5,000		523
Helen of Troy Ltd.*		11,500		1,039
				1,562
Insurance (0.6%)
Primerica, Inc.		6,500		370
Internet Software & Services (1.8%)
Benefitfocus, Inc.*		15,000		606
Q2 Holdings, Inc.*		20,000		566
				1,172

	Number of Shares		Value (000's)
IT Services (2.9%)
EPAM Systems, Inc.*		10,500	$	716
Euronet Worldwide, Inc.*		15,900		1,234
				1,950
Machinery (3.7%)
CLARCOR, Inc.		17,500		1,146
John Bean Technologies Corp.		18,500		1,270
				2,416
Media (1.5%)
Cable One, Inc.		1,250		676
IMAX Corp.*		10,000		305
				981
Oil, Gas & Consumable Fuels (1.7%)
Carrizo Oil & Gas, Inc.*		30,000		1,149
Pharmaceuticals (2.9%)
Aclaris Therapeutics, Inc.*		13,000		262
Collegium Pharmaceutical, Inc.*		20,000		167
Heska Corp.*		17,000		928
Supernus Pharmaceuticals, Inc.*		27,000		577
				1,934
Professional Services (1.9%)
WageWorks, Inc.*		20,000		1,236
Real Estate Investment Trusts (0.6%)
CyrusOne, Inc.		7,500		381
Road & Rail (1.1%)
Genesee & Wyoming, Inc. Class A*		11,000		748
Semiconductors & Semiconductor Equipment (5.7%)
Inphi Corp.*		25,000		1,077
MACOM Technology Solutions Holdings, Inc.*		25,000		1,030
Mellanox Technologies Ltd.*		11,500		504
Monolithic Power Systems, Inc.		15,000		1,151
				3,762

See Notes to Financial Statements

128

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

	Number of Shares		Value (000's)
Software (17.5%)
BroadSoft, Inc.*		20,000	$	914
Descartes Systems Group, Inc.*		45,000		961
Ellie Mae, Inc.*		5,000		489
Gigamon, Inc.*		18,500		818
Guidewire Software, Inc.*		9,000		554
Manhattan Associates, Inc.*		17,500		1,059
Paylocity Holding Corp.*		26,000		1,171
Proofpoint, Inc.*		21,000		1,616
Take-Two Interactive Software, Inc.*		32,000		1,391
Tyler Technologies, Inc.*		8,500		1,393
Ultimate Software Group, Inc.*		6,000		1,254
				11,620
Specialty Retail (4.0%)
Burlington Stores, Inc.*		18,000		1,462
Five Below, Inc.*		17,500		780
Lithia Motors, Inc. Class A		5,000		414
				2,656
Textiles, Apparel & Luxury Goods (0.9%)
Deckers Outdoor Corp.*		9,500		621

	Number of Shares		Value (000's)
Trading Companies & Distributors (3.3%)
Beacon Roofing Supply, Inc.*		23,000	$	1,057
MSC Industrial Direct Co., Inc. Class A		11,500		840
Watsco, Inc.		2,000		296
				2,193
Total Common Stocks (Cost $56,179)				64,695
Short-Term Investment (2.5%)
Investment Company (2.5%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%^(a)(Cost $1,657)		1,656,922		1,657
Total Investments (100.1%) (Cost $57,836)				66,352
Other Assets Less Liabilities [(0.1%)]				(96	)
Net Assets (100.0%)			$	66,256

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	64,695	$	—	$	—	$	64,695
Short-Term Investment		—		1,657		—		1,657
Total Investments	$	64,695	$	1,657	$	—	$	66,352

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

129

Schedule of Investments Socially Responsive Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (98.8%)
Airlines (1.9%)
Ryanair Holdings PLC ADR		630,437	$	45,776
Auto Components (3.3%)
BorgWarner, Inc.		1,220,799		41,983
Delphi Automotive PLC		491,066		34,699
				76,682
Banks (4.4%)
JPMorgan Chase & Co.		623,691		42,099
U.S. Bancorp		1,372,680		60,604
				102,703
Capital Markets (2.9%)
Intercontinental Exchange, Inc.		242,817		68,479
Communications Equipment (3.1%)
Motorola Solutions, Inc.		491,748		37,860
NetScout Systems, Inc.*		1,194,090		35,321
				73,181
Consumer Finance (2.8%)
American Express Co.		990,919		64,985
Diversified Telecommunication Services (3.1%)
Level 3 Communications, Inc.*		1,464,498		72,683
Electric Utilities (2.8%)
Eversource Energy		1,231,831		66,482
Energy Equipment & Services (3.9%)
Schlumberger Ltd.		1,149,211		90,788
Health Care Equipment & Supplies (13.3%)
Abbott Laboratories		1,735,841		72,940
Becton, Dickinson & Co.		554,362		98,238
Danaher Corp.		941,414		76,641
Medtronic PLC		732,892		63,784
				311,603
Health Care Providers & Services (1.3%)
Premier, Inc. Class A*		954,755		30,218

	Number of Shares		Value (000's)
Household Durables (4.5%)
Newell Brands, Inc.		2,005,686	$	106,462
Industrial Conglomerates (2.1%)
3M Co.		281,175		50,398
Industrial Gases (1.0%)
Praxair, Inc.		201,124		24,545
Insurance (4.3%)
Progressive Corp.		3,134,717		102,066
Internet Software & Services (6.2%)
Alphabet, Inc. Class A*		72,257		57,072
eBay, Inc.*		2,721,321		87,518
				144,590
IT Services (4.6%)
Alliance Data Systems Corp.*		289,442		59,214
MasterCard, Inc. Class A		495,043		47,836
				107,050
Machinery (1.2%)
Fortive Corp.		529,456		27,886
Oil, Gas & Consumable Fuels (4.7%)
Cimarex Energy Co.		320,979		42,427
Noble Energy, Inc.		1,963,697		67,708
				110,135
Personal Products (4.0%)
Unilever NV		2,052,073		94,621
Pharmaceuticals (2.2%)
Roche Holding AG		208,313		50,789
Professional Services (3.1%)
ManpowerGroup, Inc.		452,297		32,321
Robert Half International, Inc.		1,029,108		39,446
				71,767
Real Estate Investment Trusts (1.7%)
Weyerhaeuser Co.		1,292,567		41,168
Road & Rail (1.7%)
J.B. Hunt Transport Services, Inc.		503,848		40,001
Semiconductors & Semiconductor Equipment (4.9%)
Texas Instruments, Inc.		1,650,704		114,790

	Number of Shares		Value (000's)
Software (3.0%)
Intuit, Inc.		631,999	$	70,436
Specialty Retail (1.0%)
TJX Cos., Inc.		293,080		22,696
Textiles, Apparel & Luxury Goods (1.1%)
Gildan Activewear, Inc.		844,944		24,909
Trading Companies & Distributors (4.7%)
NOW, Inc.*		1,151,730		23,772
W.W. Grainger, Inc.		377,402		87,051
				110,823
Total Common Stocks (Cost $1,801,710)				2,318,712
	Principal Amount
Short-Term Investments (1.2%)
Certificates of Deposit (0.0%)
Carver Federal Savings Bank Self Help Credit Union, 0.20%, due 9/23/16	$	100,000		100
Self Help Credit Union, 0.25%, due 10/5/16		250,000		250
Self Help Credit Union, 0.25%, due 11/16/16		250,000		250
				600
	Number of Shares
Investment Company (1.2%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(a)		26,883,994		26,884
Total Short-Term Investments (Cost $27,484)				27,484
Total Investments (100.0%) (Cost $1,829,194)				2,346,196
Other Assets Less Liabilities (0.0%)				650
Net Assets (100.0%)			$	2,346,846

See Notes to Financial Statements

130

Schedule of Investments Socially Responsive Fund (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,318,712	$	—	$	—	$	2,318,712
Short-Term Investments^(a)		—		27,484		—		27,484
Total Investments	$	2,318,712	$	27,484	$	—	$	2,346,196

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

131

Schedule of Investments Value Fund 8/31/16

	Number of Shares		Value (000's)
Common Stocks (93.3%)
Airlines (0.6%)
Delta Air Lines, Inc.		2,099	$	77
Banks (19.2%)
Bank of America Corp.		9,309		150
BB&T Corp.		2,848		110
Citigroup, Inc.		13,613		650
Commerce Bancshares, Inc.		685		35
JPMorgan Chase & Co.		9,421		636
KeyCorp		4,594		58
M&T Bank Corp.		1,315		156
PNC Financial Services Group, Inc.		3,467		312
SunTrust Banks, Inc.		2,507		110
Synovus Financial Corp.		828		27
U.S. Bancorp		1,753		77
Wells Fargo & Co.		5,314		270
				2,591
Capital Markets (8.2%)
Bank of New York Mellon Corp.		12,450		519
CME Group, Inc.		3,136		340
Goldman Sachs Group, Inc.		1,455		246
				1,105
Chemicals (0.2%)
FMC Corp.		489		23
Communications Equipment (1.3%)
Cisco Systems, Inc.		5,520		174
Construction & Engineering (0.2%)
Jacobs Engineering Group, Inc.*		629		33
Diversified Telecommunication Services (1.5%)
Verizon Communications, Inc.		3,895		204
Electric Utilities (0.8%)
Exelon Corp.		3,072		104
Electrical Equipment (6.2%)
Eaton Corp. PLC		11,062		736
Emerson Electric Co.		1,756		93
				829
Energy Equipment & Services (3.2%)
Schlumberger Ltd.		5,430		429

	Number of Shares		Value (000's)
Food & Staples Retailing (1.4%)
Wal-Mart Stores, Inc.		2,670	$	191
Health Care Equipment & Supplies (0.8%)
Medtronic PLC		738		64
Zimmer Biomet Holdings, Inc.		378		49
				113
Hotels, Restaurants & Leisure (4.1%)
Carnival Corp.		11,486		549
Household Products (2.9%)
Procter & Gamble Co.		4,496		393
Independent Power and Renewable Electricity Producers (0.2%)
Calpine Corp.*		2,264		28
Industrial Conglomerates (2.2%)
General Electric Co.		9,644		301
Insurance (2.6%)
Lincoln National Corp.		5,563		267
MetLife, Inc.		1,807		79
				346
Machinery (7.2%)
Caterpillar, Inc.		6,064		497
Illinois Tool Works, Inc.		1,187		141
Joy Global, Inc.		12,371		338
				976
Metals & Mining (8.9%)
BHP Billiton Ltd. ADR		14,222		426
Newmont Mining Corp.		18,141		694
United States Steel Corp.		4,100		80
				1,200
Oil, Gas & Consumable Fuels (12.9%)
Cabot Oil & Gas Corp.		4,360		107
Devon Energy Corp.		3,054		132
EOG Resources, Inc.		3,918		347
Exxon Mobil Corp.		7,559		659
Pioneer Natural Resources Co.		2,152		385
Range Resources Corp.		2,630		102
				1,732
Pharmaceuticals (2.5%)
Pfizer, Inc.		9,727		338

	Number of Shares		Value (000's)
Semiconductors & Semiconductor Equipment (0.8%)
NXP Semiconductors NV*		1,251	$	110
Software (0.5%)
CA, Inc.		1,984		67
Technology Hardware, Storage & Peripherals (1.9%)
Western Digital Corp.		5,475		256
Textiles, Apparel & Luxury Goods (3.0%)
Ralph Lauren Corp.		3,907		405
Total Common Stocks (Cost $11,424)				12,574
Short-Term Investment (6.4%)
Investment Company (6.4%)
State Street Institutional Treasury Money Market Fund Premier Class, 0.19%^(a) (Cost $857)		857,336		857
Total Investments (99.7%) (Cost $12,281)				13,431
Other Assets Less Liabilities (0.3%)				46
Net Assets (100.0%)			$	13,477

* Non-income producing security.

(a) Represents 7-day effective yield as of 8/31/2016.

See Notes to Financial Statements

132

Schedule of Investments Value Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	12,574	$	—	$	—	$	12,574
Short-Term Investment		—		857		—		857
Total Investments	$	12,574	$	857	$	—	$	13,431

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

As of the year ended August 31, 2016, no securities were transferred from one level (as of August 31, 2015) to another.

See Notes to Financial Statements

133

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134

Statements of Assets and Liabilities

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

	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
	August 31, 2016			August 31, 2016			August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016			August 31, 2016			August 31, 2016		August 31, 2016
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	20,611		$	462,606		$	1,654,248	$	713,964	$	9,273,233	$	4,298	$	3,169		$	94,031		$	1,129,586	$	1,501,506
Affiliated issuers		—			—			—		—		1,371,983		—		—			—			—		—
		20,611			462,606			1,654,248		713,964		10,645,216		4,298		3,169			94,031			1,129,586		1,501,506
Cash		—			—			16		31		197		—		—			—			—		—
Foreign currency*		—			237			—		—		—		—		3			1,548			—		—
Cash collateral segregated for option contracts (Note A)		—			—			830		—		—		—		—			—			—		—
Dividends and interest receivable		32			241			7,723		791		12,201		19		5			9			2,890		4,510
Due from affiliate (Note B)		—			—			—		—		—		—		—			—			1,989		—
Receivable for securities sold		—			1,143			3,006		—		13,604		85		—			—			1,643		—
Receivable for Fund shares sold		—			414			1,185		3		16,972		—		—			114			120		3,905
Receivable from Management—net (Note B)		13			5			—		—		—		33		23			—			—		—
Prepaid expenses and other assets		42			64			94		65		375		20		8			24			125		106
Total Assets		20,698			464,710			1,667,102		714,854		10,688,565		4,455		3,208			95,726			1,136,353		1,510,027
Liabilities
Options contracts written, at value** (Note A)		—			—			1,531		304		—		—		—			—			926		—
Due to custodian		—			—			185		119		—		4		—			—			124		—
Due to affiliate (Note B)		—			—			1,989		—		—		—		—			—			—		—
Payable for securities purchased		—			1,751			3,440		—		15,110		61		—			—			1,161		485
Payable for Fund shares redeemed		—			5,868			2,129		310		20,265		—		—			6			386		5,131
Payable to investment manager—net (Note B)		9			387			683		321		5,935		3		2			87			489		777
Payable to administrator—net (Note B)		—			—			605		176		1,936		—		—			28			265		237
Payable to trustees		6			6			6		6		6		6		6			6			6		6
Accrued capital gains tax		—			282			—		—		—		—		—			—			—		—
Accrued expenses and other payables		66			236			270		241		1,065		91		88			110			364		256
Total Liabilities		81			8,530			10,838		1,477		44,317		165		96			237			3,721		6,892
Net Assets	$	20,617		$	456,180		$	1,656,264	$	713,377	$	10,644,248	$	4,290	$	3,112		$	95,489		$	1,132,632	$	1,503,135
Net Assets consist of:
Paid-in capital	$	18,664		$	474,883		$	1,388,157	$	576,690	$	5,107,609	$	3,984	$	2,935		$	103,544		$	894,378	$	1,615,081
Undistributed net investment income (loss)		284			1,800			5,133		2,377		22,874		21		1			336			2,687		13,044
Distributions in excess of net investment income		—			—			—		—		—		—		—			—			—		—
Accumulated net realized gains (losses) on investments		(120	)		(70,410	)		53,980		56,499		571,305		8		(9	)		(13,793	)		116,723		(219,348	)
Net unrealized appreciation (depreciation) in value of investments		1,789			49,907			208,994		77,811		4,942,460		277		185			5,402			118,844		94,358
Net Assets	$	20,617		$	456,180		$	1,656,264	$	713,377	$	10,644,248	$	4,290	$	3,112		$	95,489		$	1,132,632	$	1,503,135
Net Assets
Investor Class	$	—		$	—		$	—	$	626,762	$	1,752,816	$	—	$	—		$	—		$	993,307	$	104,005
Trust Class		—			—			—		70,441		1,760,971		—		—			—			70,565		48,445
Advisor Class		—			—			—		3,942		264,939		—		—			—			235		—
Institutional Class		20,330			318,932			1,076,456		6,825		3,483,897		3,640		2,136			93,253			59,021		1,184,306
Class A		225			23,503			243,055		3,208		—		498		694			2,091			6,558		104,899
Class C		5			5,176			334,100		2,199		—		152		282			145			2,373		14,745
Class R3		—			1,205			2,653		—		—		—		—			—			573		—
Class R6		57			107,364			—		—		3,381,625		—		—			—			—		46,735

See Notes to Financial Statements

135

136

Statements of Assets and Liabilities (cont'd)

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

		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
		August 31, 2016			August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016			August 31, 2016		August 31, 2016		August 31, 2016
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class			—			—		—		24,288		51,364		—		—			—		60,388		5,048
Trust Class			—			—		—		4,408		29,587		—		—			—		6,439		2,105
Advisor Class			—			—		—		505		10,900		—		—			—		17		—
Institutional Class			1,830			19,919		86,470		264		61,505		548		201			8,107		3,578		106,756
Class A			20			1,476		19,596		203		—		76		65			182		606		4,577
Class C			0	^Z		337		27,120		297		—		24		27			13		182		657
Class R3			—			77		214		—		—		—		—			—		43		—
Class R6			5			6,700		—		—		59,689		—		—			—		—		4,174
Net Asset Value, offering and redemption price per share
Investor Class		$	—		$	—	$	—	$	25.81	$	34.13	$	—	$	—		$	—	$	16.45	$	20.60
Trust Class			—			—		—		15.98		59.52		—		—			—		10.96		23.02
Advisor Class			—			—		—		7.80		24.31		—		—			—		13.47		—
Institutional Class			11.11			16.01		12.45		25.86		56.64		6.65		10.62			11.50		16.50		11.09
Class R3			—			15.59		12.37		—		—		—		—			—		13.42		—
Class R6			11.11			16.02		—		—		56.65		—		—			—		—		11.20
Net Asset Value and redemption price per share
Class A		$	11.09		$	15.92	$	12.40	$	15.82	$	—	$	6.57	$	10.61		$	11.50	$	10.82	$	22.92
Offering Price per share
Class A‡		$	11.77		$	16.89	$	13.16	$	16.79	$	—	$	6.97	$	11.26		$	12.20	$	11.48	$	24.32
Net Asset Value and offering price per share
Class C^		$	11.00		$	15.36	$	12.32	$	7.41	$	—	$	6.29	$	10.59		$	11.27	$	13.03	$	22.45
*Cost of Investments:
Unaffiliated issuers		$	18,822		$	412,415	$	1,444,909	$	636,317	$	4,749,811	$	4,019	$	2,984		$	88,627	$	1,011,081	$	1,406,983
Affiliated issuers			—			—		—		—		952,945		—		—			—		—		—
Total cost of investments		$	18,822		$	412,415	$	1,444,909	$	636,317	$	5,702,756	$	4,019	$	2,984		$	88,627	$	1,011,081	$	1,406,983
Total cost of foreign currency		$	—		$	237	$	—	$	—	$	—	$	—	$	3		$	1,551	$	—	$	—
	**Premium received from option contracts written	$	—		$	—	$	1,184	$	468	$	—	$	—	$	—	��	$	—	$	1,306	$	—

‡ 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.

^Z Amount less than one thousand.

See Notes to Financial Statements

137

138

Statements of Assets and Liabilities (cont'd)

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

	INTERNATIONAL SELECT FUND			INTRINSIC VALUE FUND			LARGE CAP 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
	August 31, 2016			August 31, 2016			August 31, 2016			August 31, 2016			August 31, 2016			August 31, 2016		August 31, 2016		August 31, 2016			August 31, 2016		August 31, 2016
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	230,969		$	685,443		$	1,350,763		$	1,099,985		$	89,242		$	1,869,977	$	685,847	$	66,352		$	2,346,196	$	13,431
Affiliated issuers		—			—			—			—			—			—		—		—			—		—
		230,969			685,443			1,350,763			1,099,985			89,242			1,869,977		685,847		66,352			2,346,196		13,431
Cash		—			—			—			—			—			—		—		—			—		—
Foreign currency*		—			—			—			—			—			—		—		—			—		—
Cash collateral segregated for option contracts (Note A)		—			—			—			—			—			—		—		—			—		—
Dividends and interest receivable		930			153			2,493			919			64			3,234		254		17			3,846		25
Due from affiliate (Note B)		—			—			—			—			—			—		—		—			—		—
Receivable for securities sold		—			—			103,637			3,580			—			—		42,526		—			—		1,027
Receivable for Fund shares sold		85			2,296			69			639			22			73		1,968		3			1,263		42
Receivable from Management—net (Note B)		—			—			—			—			—			—		—		25			—		25
Prepaid expenses and other assets		51			48			106			87			35			60		62		38			108		13
Total Assets		232,035			687,940			1,457,068			1,105,210			89,363			1,873,344		730,657		66,435			2,351,413		14,563
Liabilities
Options contracts written, at value** (Note A)		—			—			—			—			—			—		—		—			—		—
Due to custodian		—			—			—			—			—			—		—		—			—		—
Due to affiliate (Note B)		—			—			—			—			—			—		—		—			—		—
Payable for securities purchased		243			932			98,755			5,543			—			—		39,006		—			—		986
Payable for Fund shares redeemed		335			5,353			2,062			2,443			46			2,014		1,463		33			2,755		—
Payable to investment manager—net (Note B)		108			467			571			473			5			842		481		47			931		6
Payable to administrator—net (Note B)		14			37			360			226			34			299		85		—			536		—
Payable to trustees		6			6			6			6			6			6		6		6			6		6
Accrued capital gains tax		—			—			—			—			—			—		—		—			—		—
Accrued expenses and other payables		127			114			351			269			81			335		185		93			339		88
Total Liabilities		833			6,909			102,105			8,960			172			3,496		41,226		179			4,567		1,086
Net Assets	$	231,202		$	681,031		$	1,354,963		$	1,096,250		$	89,191		$	1,869,848	$	689,431	$	66,256		$	2,346,846	$	13,477
Net Assets consist of:
Paid-in capital	$	238,209		$	618,191		$	1,238,971		$	850,869		$	82,191		$	1,359,662	$	540,158	$	71,128		$	1,758,512	$	13,135
Undistributed net investment income (loss)		2,074			(113	)		10,386			(1,654	)		—			10,815		—		—			12,472		150
Distributions in excess of net investment income		—			—			—			—			—			—		—		(348	)		—		—
Accumulated net realized gains (losses) on investments		(31,425	)		7,129			(11,253	)		31,895			(631	)		47,386		60,100		(13,040	)		58,925		(958	)
Net unrealized appreciation (depreciation) in value of investments		22,344			55,824			116,859			215,140			7,631			451,985		89,173		8,516			516,937		1,150
Net Assets	$	231,202		$	681,031		$	1,354,963		$	1,096,250		$	89,191		$	1,869,848	$	689,431	$	66,256		$	2,346,846	$	13,477
Net Assets
Investor Class	$	—		$	—		$	1,069,808		$	415,141		$	37,874		$	—	$	—	$	44,005		$	738,964	$	—
Trust Class		7,838			—			77,642			66,728			10,264			—		212,364		4,441			270,579		—
Advisor Class		—			—			145,898			11,541			—			—		—		2,105			—		—
Institutional Class		211,711			611,327			56,207			307,604			22,702			1,757,195		259,053		9,364			745,488		9,096
Class A		4,626			44,524			3,216			76,947			13,255			73,042		118,776		3,482			131,566		3,836
Class C		3,241			25,180			2,123			10,898			3,714			39,611		29,268		1,794			53,533		545
Class R3		3,786			—			69			13,712			1,382			—		24,977		1,065			33,342		—
Class R6		—			—			—			193,679			—			—		44,993		—			373,374		—

See Notes to Financial Statements

139

140

Statements of Assets and Liabilities (cont'd)

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

		INTERNATIONAL SELECT FUND		INTRINSIC VALUE FUND		LARGE CAP 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
		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016		August 31, 2016
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class			—		—		37,873		32,237		1,922		—		—		1,631		21,421		—
Trust Class			721		—		4,223		2,991		632		—		14,043		152		13,280		—
Advisor Class			—		—		10,632		509		—		—		—		112		—		—
Institutional Class			19,486		43,596		1,975		23,309		1,149		109,277		17,080		339		21,576		579
Class A			429		3,254		175		3,462		818		4,578		7,857		118		6,529		246
Class C			305		1,938		163		497		234		2,569		1,936		99		2,736		36
Class R3			354		—		5		606		85		—		1,655		57		1,674		—
Class R6			—		—		—		14,631		—		—		2,967		—		10,800		—
Net Asset Value, offering and redemption price per share
Investor Class		$	—	$	—	$	28.25	$	12.88	$	19.71	$	—	$	—	$	26.97	$	34.50	$	—
Trust Class			10.88		—		18.38		22.31		16.24		—		15.12		29.25		20.37		—
Advisor Class			—		—		13.72		22.65		—		—		—		18.72		—		—
Institutional Class			10.86		14.02		28.47		13.20		19.75		16.08		15.17		27.66		34.55		15.72
Class R3			10.71		—		13.93		22.63		16.19		—		15.09		18.77		19.92		—
Class R6			—		—		—		13.24		—		—		15.16		—		34.57		—
Net Asset Value and redemption price per share
Class A		$	10.80	$	13.68	$	18.36	$	22.23	$	16.21	$	15.95	$	15.12	$	29.53	$	20.15	$	15.62
Offering Price per share
Class A‡		$	11.46	$	14.51	$	19.48	$	23.59	$	17.20	$	16.92	$	16.04	$	31.33	$	21.38	$	16.57
Net Asset Value and offering price per share
Class C^		$	10.64	$	12.99	$	12.99	$	21.92	$	15.88	$	15.42	$	15.12	$	18.05	$	19.56	$	15.33
*Cost of Investments:
Unaffiliated issuers		$	208,595	$	629,619	$	1,233,904	$	884,845	$	81,611	$	1,417,992	$	596,674	$	57,836	$	1,829,194	$	12,281
Affiliated issuers			—		—		—		—		—		—		—		—		—		—
Total cost of investments		$	208,595	$	629,619	$	1,233,904	$	884,845	$	81,611	$	1,417,992	$	596,674	$	57,836	$	1,829,194	$	12,281
Total cost of foreign currency		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
	**Premium received from option contracts written	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

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

See Notes to Financial Statements

141

142

Statements of Operations

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Period from December 15, 2015 (Commencement of Operations) to August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	367		$	9,065		$	67,137		$	11,481		$	96,596		$	75		$	82		$	1,933		$	17,931		$	33,863
Dividend income—affiliated issuers (Note F)		—			—			—			—			39,430			—			—			—			—			—
Interest income—unaffiliated issuers		2			26			2,942			29			60			—			—			3			90			53
Income from investments in affiliated issuers (Note F)		—			—			—			—			161			—			—			—			—			—
Foreign taxes withheld (Note A)		(2	)		(956	)		(481	)		(101	)		(1,221	)		(5	)		(5	)		(130	)		(444	)		(2,814	)
Total income	$	367		$	8,135		$	69,598		$	11,409		$	135,026		$	70		$	77		$	1,806		$	17,577		$	31,102
Expenses:
Investment management fees (Note B)		59			4,025			8,628			3,801			67,934			29			23			1,021			5,908			10,741
Administration fees (Note B)		7			244			1,077			434			6,155			2			2			56			704			809
Administration fees (Note B):
Investor Class		—			—			—			1,234			3,493			—			—			—			1,989			226
Trust Class		—			—			—			273			6,016			—			—			—			292			176
Advisor Class		—			—			—			16			1,167			—			—			—			1			—
Institutional Class		9			263			1,065			13			3,066			3			2			81			61			933
Class A		1			35			513			8			—			1			1			5			45			192
Class C		1			10			705			5			—			1			—			—			5			26
Class R3		—			2			5			—			—			—			—			—			1			—
Class R6		—			18			—			—			599			—			—			—			—			8
Distribution fees (Note B):
Trust Class		—			—			—			80			—			—			—			—			86			—
Advisor Class		—			—			—			12			858			—			—			—			1			—
Institutional Class		—			—			—			—			—			—			—			—			—			—
Class A		1			43			641			9			—			1			2			6			56			240
Class C		4			52			3,527			26			—			2			2			1			24			133
Class R3		—			5			14			—			—			—			—			—			3			—
Class R6		—			—			—			—			—			—			—			—			—			—
Shareholder servicing agent fees:
Investor Class		—			—			—			435			1,127			—			—			—			861			140
Trust Class		—			—			—			—			—			—			—			—			—			11
Advisor Class		—			—			—			—			102			—			—			—			—			—
Institutional Class		2			117			—			—			—			—			—			40			—			—
Class A		2			11			34			1			—			1			—			2			1			14
Class C		2			—			12			1			—			—			—			—			—			3
Class R3		—			1			1			—			—			—			—			—			—			—
Class R6		2			—			—			—			—			—			—			—			—			—
Organization expense (Note A)		65			—			—			—			—			—			—			—			—			—
Audit fees		23			60			65			60			72			57			41			57			63			59
Custodian and accounting fees		29			614			378			202			1,395			52			39			129			277			474
Insurance expense		—			19			92			30			438			—			—			5			52			49
Legal fees		45			91			92			88			96			87			86			113			130			88
Registration and filing fees		36			87			104			93			278			45			62			52			109			145
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—			—			86			—			—			—			—			33
Shareholder reports		15			23			191			50			956			2			1			5			122			97
Trustees' fees and expenses		31			47			50			48			68			47			47			47			49			49
Interest expense		—			1			56			—			14			—			—			10	^{(Note E)}		2			5
Miscellaneous		3			77			112			50			587			13			12			19			79			122
Total expenses		337			5,845			17,362			6,969			94,507			343			320			1,649			10,921			14,773

See Notes to Financial Statements

143

144

Statements of Operations (cont'd)

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

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Period from December 15, 2015 (Commencement of Operations) to August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016
Expenses reimbursed by Management (Note B)		(250	)		(725	)		—			(3	)		—			(294	)		(287	)		(237	)		—			(12	)
Investment management fees waived (Note B)		—			—			—			—			—			—			—			—			—			(2,428	)
Total net expenses		87			5,120			17,362			6,966			94,507			49			33			1,412			10,921			12,333
Net investment income (loss)	$	280		$	3,015		$	52,236		$	4,443		$	40,519		$	21		$	44		$	394		$	6,656		$	18,769
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		(120	)		(31,762	)		61,950			76,930			787,469			37			10			(11,747	)*		204,284			14,298
Sales of investment securities of affiliated issuers		—			—			—			—			168,072			—			—			—			—			—
Foreign currency		—			(763	)		(214	)		—			(17	)		—			—			(32	)		(58	)		(352	)
Option contracts written		—			—			1,835			49			—			—			—			—			445			—
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		1,789			92,347	**		87,842			(37,040	)		(20,341	)		161			383			25,026			(120,183	)		29,697
Affiliated investment securities		—			—			—			—			153,711			—			—			—			—			—
Foreign currency		—			67			11			—			—			—			—			(2	)		(13	)		21
Option contracts written		—			—			293			164			—			—			—			—			381			—
Net gain (loss) on investments		1,669			59,889			151,717			40,103			1,088,894			198			393			13,245			84,856			43,664
Net increase (decrease) in net assets resulting from operations	$	1,949		$	62,904		$	203,953		$	44,546		$	1,129,413		$	219		$	437		$	13,639		$	91,512		$	62,433

* Reversal of capital gains tax $43,359.

** Change in accrued foreign capital gains tax amounted to $(282,181).

See Notes to Financial Statements

145

146

Statements of Operations (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTERNATIONAL SELECT FUND			INTRINSIC VALUE FUND			LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND			MULTI-CAP OPPORTUNITIES FUND			REAL ESTATE FUND			SMALL CAP GROWTH FUND		SOCIALLY RESPONSIVE FUND			VALUE FUND
	For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016		For the Year Ended August 31, 2016		For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016		For the Year Ended August 31, 2016			For the Year Ended August 31, 2016
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	6,171		$	3,360		$	27,245	$	6,863	$	1,909		$	36,134		$	17,640		$	265	$	36,373		$	295
Dividend income—affiliated issuers (Note F)		—			—			—		—		—			—			—			—		—			—
Interest income—unaffiliated issuers		5			42			130		158		6			37			28			7		53			—
Income from investments in affiliated issuers (Note F)		—			—			—		—		—			—			—			—		—			—
Foreign taxes withheld (Note A)		(536	)		(3	)		—		—		(1	)		(97	)		(54	)		—		(659	)		—
Total income	$	5,640		$	3,399		$	27,375	$	7,021	$	1,914		$	36,074		$	17,614		$	272	$	35,767		$	295
Expenses:
Investment management fees (Note B)		1,287			4,466			6,494		5,776		521			10,844			5,944			606		10,529			77
Administration fees (Note B)		140			328			782		687		57			1,244			446			43		1,345			8
Administration fees (Note B):
Investor Class		—			—			2,007		813		77			—			—			86		1,472			—
Trust Class		29			—			299		265		36			—			778			15		987			—
Advisor Class		—			—			496		37		—			—			—			8		—			—
Institutional Class		193			426			55		350		24			1,748			271			13		641			8
Class A		9			94			6		177		27			174			250			8		269			9
Class C		7			51			4		21		7			86			59			4		104			1
Class R3		7			—			—		27		3			—			46			2		63			—
Class R6		—			—			—		29		—			—			7			—		57			—
Distribution fees (Note B):
Trust Class		9			—			88		—		11			—			229			5		290			—
Advisor Class		—			—			365		28		—			—			—			6		—			—
Institutional Class		—			—			—		—		—			—			—			—		—			—
Class A		11			118			8		221		34			218			312			9		336			11
Class C		34			258			21		103		36			429			294			20		518			5
Class R3		18			—			—		67		6			—			116			6		158			—
Class R6		—			—			—		—		—			—			—			—		—			—
Shareholder servicing agent fees:
Investor Class		—			—			772		454		38			—			—			89		570			—
Trust Class		9			—			3		1		4			—			36			2		10			—
Advisor Class		—			—			4		2		—			—			—			1		—			—
Institutional Class		—			1			—		5		—			742			3			1		7			—
Class A		1			24			—		15		5			31			18			2		17			3
Class C		—			3			—		4		1			9			5			—		4			—
Class R3		1			—			—		5		1			—			5			1		3			—
Class R6		—			—			—		2		—			—			1			—		—			—
Organization expense (Note A)		—			—			—		—		—			—			—			—		—			—
Audit fees		70			28			60		28		28			28			56			28		28			52
Custodian and accounting fees		168			150			288		279		84			336			219			91		410			35
Insurance expense		10			18			58		43		4			89			35			3		89			1
Legal fees		111			109			89		88		87			89			88			89		92			88
Registration and filing fees		101			92			127		137		89			60			121			101		145			43
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—		82		—			—			—			—		—			—
Shareholder reports		13			106			88		143		21			90			86			21		246			4
Trustees' fees and expenses		47			48			49		49		47			51			48			47		51			47
Interest expense		—			—			7		—		2			38			8			—		1			1	^{(Note E)}
Miscellaneous		49			34			88		76		10			133			51			10		141			4
Total expenses		2,324			6,354			12,258		10,014		1,260			16,439			9,532			1,317		18,583			397

See Notes to Financial Statements

147

148

Statements of Operations (cont'd)

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

	INTERNATIONAL SELECT FUND			INTRINSIC VALUE FUND			LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP INTRINSIC VALUE FUND			MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND			SMALL CAP GROWTH FUND			SOCIALLY RESPONSIVE FUND			VALUE FUND
	For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016		For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016			For the Year Ended August 31, 2016
Expenses reimbursed by Management (Note B)		(112	)		(438	)		(7	)		(4	)		(57	)		—		(1,881	)		(463	)		—			(275	)
Investment management fees waived (Note B)		—			—			—			—			(141	)		—		—			—			—			—
Total net expenses		2,212			5,916			12,251			10,010			1,062			16,439		7,651			854			18,583			122
Net investment income (loss)	$	3,428		$	(2,517	)	$	15,124		$	(2,989	)	$	852		$	19,635	$	9,963		$	(582	)	$	17,184		$	173
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		3,816			13,888			2,357			46,790			(701	)		71,256		90,375			(12,590	)		91,687			(848	)
Sales of investment securities of affiliated issuers		—			—			—			—			—			—		—			—			—			—
Foreign currency		(45	)		(1	)		—			—			—			—		—			—			(9	)		—
Option contracts written		—			—			—			—			—			—		—			—			—			—
Net increase from payments by affiliates (Note B)		—			—			—			1,007			—			—		—			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		1,255			18,804			137,870			(68,458	)		4,256			69,607		48,034			8,835			119,713			1,907
Affiliated investment securities		—			—			—			—			—			—		—			—			—			—
Foreign currency		5			—			—			—			—			—		—			—			(18	)		—
Option contracts written		—			—			—			—			—			—		—			—			—			—
Net gain (loss) on investments		5,031			32,691			140,227			(20,661	)		3,555			140,863		138,409			(3,755	)		211,373			1,059
Net increase (decrease) in net assets resulting from operations	$	8,459		$	30,174		$	155,351		$	(23,650	)	$	4,407		$	160,498	$	148,372		$	(4,337	)	$	228,557		$	1,232

See Notes to Financial Statements

149

150

Statements of Changes in Net Assets

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND
	Period from December 15, 2015 (Commencement of Operations) to August 31, 2016			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	280		$	3,015		$	3,913		$	52,236		$	57,892		$	4,443		$	6,120		$	40,519		$	45,377
Net realized gain (loss) on investments (Note A)		(120	)		(32,525	)		(13,466	)		63,571			86,350			76,979			30,551			955,524			1,347,628
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		1,789			92,414			(110,755	)		88,146			(252,324	)		(36,876	)		(31,019	)		133,370			(1,140,993	)
Net increase (decrease) in net assets resulting from operations		1,949			62,904			(120,308	)		203,953			(108,082	)		44,546			5,652			1,129,413			252,012
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			(4,272	)		(3,689	)		(7,480	)		(7,717	)
Trust Class		—			—			—			—			—			(798	)		(975	)		(1,035	)		(1,507	)
Advisor Class		—			—			—			—			—			(115	)		(81	)		(419	)		(694	)
Institutional Class		—			(1,980	)		(4,661	)		(33,197	)		(38,126	)		(221	)		(76	)		(13,363	)		(14,769	)
Class A		—			(70	)		(148	)		(6,196	)		(6,984	)		(45	)		(30	)		—			—
Class C		—			—			(18	)		(5,844	)		(5,457	)		(53	)		(15	)		—			—
Class R3		—			(2	)		(4	)		(65	)		(66	)		—			—			—			—
Class R6		—			(673	)		(901	)		—			—			—			—			(13,260	)		(10,902	)
Net realized gain on investments:
Investor Class		—			—			—			—			—			(27,199	)		(97,070	)		(261,273	)		(276,734	)
Trust Class		—			—			—			—			—			(5,819	)		(26,590	)		(167,895	)		(207,811	)
Advisor Class		—			—			—			—			—			(710	)		(2,190	)		(69,131	)		(82,457	)
Institutional Class		—			—			—			(44,180	)		(72,214	)		(1,116	)		(1,506	)		(345,517	)		(386,062	)
Class A		—			—			—			(9,346	)		(16,802	)		(307	)		(845	)		—			—
Class C		—			—			—			(13,040	)		(19,379	)		(399	)		(532	)		—			—
Class R3		—			—			—			(112	)		(166	)		—			—			—			—
Class R6		—			—			—			—			—			—			—			(281,756	)		(224,407	)
Total distributions to shareholders		—			(2,725	)		(5,732	)		(111,980	)		(159,194	)		(41,054	)		(133,599	)		(1,161,129	)		(1,213,060	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			5,207			8,055			166,774			208,626
Trust Class		—			—			—			—			—			1,694			18,496			131,035			169,016
Advisor Class		—			—			—			—			—			637			1,767			50,785			95,330
Institutional Class		20,184			113,068			87,329			179,243			381,003			2,431			24,211			868,352			679,324
Class A		716			15,370			7,072			30,839			59,143			463			5,983			—			—
Class C		601			567			2,549			25,033			53,763			522			2,437			—			—
Class R3		—			476			669			566			1,504			—			—			—			—
Class R6		1,000			11,499			27,239			—			—			—			—			656,719			681,153

See Notes to Financial Statements

151

152

Statements of Changes in Net Assets (cont'd)

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

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND
	Period from December 15, 2015 (Commencement of Operations) to August 31, 2016			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			—			28,301			90,410			259,291			276,966
Trust Class		—			—			—			—			—			6,580			27,462			164,812			204,115
Advisor Class		—			—			—			—			—			825			2,257			64,441			67,182
Institutional Class		—			1,168			2,815			64,068			88,651			505			1,390			330,269			370,058
Class A		—			49			100			13,328			20,683			340			791			—			—
Class C		—			—			5			13,078			16,915			358			468			—			—
Class R3		—			1			2			120			153			—			—			—			—
Class R6		—			673			901			—			—			—			—			295,016			235,309
Payments for shares redeemed:
Investor Class		—			—			—			—			—			(54,961	)		(61,339	)		(618,036	)		(655,995	)
Trust Class		—			—			—			—			—			(28,349	)		(52,974	)		(555,220	)		(1,146,512	)
Advisor Class		—			—			—			—			—			(3,048	)		(2,734	)		(267,459	)		(234,491	)
Institutional Class		(1,547	)		(145,964	)		(199,441	)		(668,925	)		(424,474	)		(23,239	)		(4,552	)		(1,402,884	)		(2,116,517	)
Class A		(562	)		(8,099	)		(9,601	)		(104,754	)		(214,296	)		(1,796	)		(5,617	)		—			—
Class C		(667	)		(2,251	)		(1,616	)		(113,279	)		(82,624	)		(1,284	)		(830	)		—			—
Class R3		—			(183	)		(351	)		(1,912	)		(862	)		—			—			—			—
Class R6		(1,057	)		(6,354	)		(1,867	)		—			—			—			—			(429,375	)		(634,879	)
Net increase (decrease) from Fund share transactions		18,668			(19,980	)		(84,195	)		(562,595	)		(100,441	)		(64,814	)		55,681			(285,480	)		(1,801,315	)
Net Increase (Decrease) in Net Assets		20,617			40,199			(210,235	)		(470,622	)		(367,717	)		(61,322	)		(72,266	)		(317,196	)		(2,762,363	)
Net Assets:
Beginning of year		—			415,981			626,216			2,126,886			2,494,603			774,699			846,965			10,961,444			13,723,807
End of year	$	20,617		$	456,180		$	415,981		$	1,656,264		$	2,126,886		$	713,377		$	774,699		$	10,644,248		$	10,961,444
Undistributed net investment income (loss) at end of year	$	284		$	1,800		$	2,273		$	5,133		$	—		$	2,377		$	3,830		$	22,874		$	19,793
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	(1,857	)	$	—		$	—		$	—		$	—

See Notes to Financial Statements

153

154

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	GLOBAL EQUITY FUND						GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND
	Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Period from December 30, 2014 (Commencement of Operations) to August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	21		$	24		$	44		$	21		$	394		$	894		$	6,656		$	9,462		$	18,769		$	12,376
Net realized gain (loss) on investments (Note A)		37			3,139			10			—			(11,779	)		18,813			204,671			109,228			13,946			43,979
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		161			(4,661	)		383			(198	)		25,024			(26,428	)		(119,815	)		(155,129	)		29,718			(108,755	)
Net increase (decrease) in net assets resulting from operations		219			(1,498	)		437			(177	)		13,639			(6,721	)		91,512			(36,439	)		62,433			(52,400	)
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			—			(7,114	)		(8,219	)		(510	)		(885	)
Trust Class		—			—			—			—			—			—			(694	)		(1,086	)		(126	)		(220	)
Advisor Class		—			—			—			—			—			—			(0	)		(1	)		—			—
Institutional Class		(6	)		(226	)		(44	)		(19	)		(857	)		(634	)		(699	)		(1,123	)		(12,200	)		(15,333	)
Class A		—			(24	)		(12	)		(5	)		(6	)		(21	)		(63	)		(735	)		(269	)		(133	)
Class C		—			(7	)		(3	)		(1	)		—			—			—			—			—			(6	)
Class R3		—			—			—			—			—			—			(2	)		(4	)		—			—
Class R6		—			—			—			—			—			—			—			—			(499	)		(387	)
Net realized gain on investments:
Investor Class		—			—			—			—			—			—			(109,463	)		(147,601	)		—			—
Trust Class		—			—			—			—			—			—			(14,321	)		(22,148	)		—			—
Advisor Class		—			—			—			—			—			—			(37	)		(53	)		—			—
Institutional Class		—			(1,193	)		(0	)		—			(11,719	)		(4,747	)		(8,681	)		(16,294	)		—			—
Class A		—			(130	)		(0	)		—			(270	)		(165	)		(1,333	)		(13,689	)		—			—
Class C		—			(41	)		(0	)		—			(17	)		(7	)		(316	)		(454	)		—			—
Class R3		—			—			—			—			—			—			(68	)		(110	)		—			—
Class R6		—			—			—			—			—			—			—			—			—			—
Total distributions to shareholders		(6	)		(1,621	)		(59	)		(25	)		(12,869	)		(5,574	)		(142,791	)		(211,517	)		(13,604	)		(16,964	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			—			9,981			18,391			8,007			12,561
Trust Class		—			—			—			—			—			—			4,128			9,083			7,668			8,341
Advisor Class		—			—			—			—			—			—			149			43			—			—
Institutional Class		615			105			1			2,003			47,239			121,023			12,277			25,421			490,552			231,021
Class A		202			183			4			660			8,257			7,076			4,814			28,946			50,530			83,310
Class C		19			129			16			250			—			61			631			566			7,343			7,899
Class R3		—			—			—			—			—			—			127			348			—			—
Class R6		—			—			—			—			—			—			—			—			18,266			19,021

See Notes to Financial Statements

155

156

Statements of Changes in Net Assets (cont'd)

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

	GLOBAL EQUITY FUND						GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND
	Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Period from December 30, 2014 (Commencement of Operations) to August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			—			—			109,903			147,253			491			848
Trust Class		—			—			—			—			—			—			14,782			22,602			122			210
Advisor Class		—			—			—			—			—			—			34			45			—			—
Institutional Class		6			1,419			12			8			4,363			1,518			8,851			15,531			10,984			14,223
Class A		—			152			8			4			273			186			1,331			14,308			163			123
Class C		—			48			—			—			16			7			212			290			—			4
Class R3		—			—			—			—			—			—			45			73			—			—
Class R6		—			—			—			—			—			—			—			—			498			387
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(124,444	)		(110,151	)		(26,294	)		(14,441	)
Trust Class		—			—			—			—			—			—			(43,451	)		(38,509	)		(16,752	)		(18,488	)
Advisor Class		—			—			—			—			—			—			(232	)		(101	)		—			—
Institutional Class		(367	)		(34,371	)		(12	)		—			(62,736	)		(79,281	)		(50,412	)		(57,871	)		(240,561	)		(193,534	)
Class A		(135	)		(138	)		(18	)		—			(10,239	)		(4,668	)		(79,367	)		(20,575	)		(40,438	)		(12,714	)
Class C		(103	)		(52	)		—			—			(31	)		(9	)		(714	)		(792	)		(4,269	)		(2,101	)
Class R3		—			—			—			—			—			—			(85	)		(474	)		—			—
Class R6		—			—			—			—			—			—			—			—			(6,388	)		(6,445	)
Net increase (decrease) from Fund share transactions		237			(32,525	)		11			2,925			(12,858	)		45,913			(131,440	)		54,427			259,922			130,225
Net Increase (Decrease) in Net Assets		450			(35,644	)		389			2,723			(12,088	)		33,618			(182,719	)		(193,529	)		308,751			60,861
Net Assets:
Beginning of year		3,840			39,484			2,723			—			107,577			73,959			1,315,351			1,508,880			1,194,384			1,133,523
End of year	$	4,290		$	3,840		$	3,112		$	2,723		$	95,489		$	107,577		$	1,132,632		$	1,315,351		$	1,503,135		$	1,194,384
Undistributed net investment income (loss) at end of year	$	21		$	—		$	1		$	—		$	336		$	837		$	2,687		$	5,845		$	13,044		$	7,983
Distributions in excess of net investment income at end of year	$	—		$	(2	)	$	—		$	(2	)	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

157

158

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTERNATIONAL SELECT FUND						INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND
	Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	3,428		$	2,721		$	(2,517	)	$	(1,811	)	$	15,124		$	16,708		$	(2,989	)	$	(5,096	)	$	852		$	352
Net realized gain (loss) on investments (Note A)		3,771			7,567			13,887			26,680			2,357			158,090			46,790			97,490			(701	)		12,634
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			1,007			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		1,260			(20,315	)		18,804			(31,465	)		137,870			(285,678	)		(68,458	)		13,126			4,256			(15,395	)
Net increase (decrease) in net assets resulting from operations		8,459			(10,027	)		30,174			(4,596	)		155,351			(110,880	)		(23,650	)		105,520			4,407			(2,409	)
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			(11,530	)		(10,234	)		—			—			(190	)		(385	)
Trust Class		(91	)		(131	)		—			—			(1,539	)		(1,405	)		—			—			(59	)		(112	)
Advisor Class		—			—			—			—			(2,955	)		(2,553	)		—			—			—			—
Institutional Class		(2,723	)		(3,070	)		—			—			(711	)		(1,391	)		—			—			(235	)		(259	)
Class A		(35	)		(92	)		—			—			(53	)		(28	)		—			—			(82	)		(48	)
Class C		(7	)		(14	)		—			—			(27	)		(29	)		—			—			(13	)		(6	)
Class R3		(22	)		(27	)		—			—			(1	)		(1	)		—			—			(7	)		(2	)
Class R6		—			—			—			—			—			—			—			—			—			—
Net realized gain on investments:
Investor Class		—			—			—			—			(76,307	)		(141,939	)		(33,896	)		(49,241	)		(4,071	)		(3,860	)
Trust Class		—			—			—			—			(11,016	)		(21,949	)		(4,306	)		(5,201	)		(1,358	)		(1,421	)
Advisor Class		—			—			—			—			(21,422	)		(41,088	)		(570	)		(701	)		—			—
Institutional Class		—			—			(20,020	)		(14,661	)		(4,239	)		(16,389	)		(34,461	)		(45,198	)		(3,332	)		(2,170	)
Class A		—			—			(2,291	)		(923	)		(367	)		(433	)		(5,057	)		(7,034	)		(1,707	)		(544	)
Class C		—			—			(1,408	)		(765	)		(334	)		(675	)		(525	)		(470	)		(474	)		(214	)
Class R3		—			—			—			—			(10	)		(26	)		(647	)		(602	)		(174	)		(40	)
Class R6		—			—			—			—			—			—			(11,059	)		(3,588	)		—			—
Total distributions to shareholders		(2,878	)		(3,334	)		(23,719	)		(16,349	)		(130,511	)		(238,140	)		(90,521	)		(112,035	)		(11,702	)		(9,061	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			15,530			16,941			30,726			15,922			2,183			4,599
Trust Class		703			435			—			—			4,646			6,232			13,829			29,016			434			1,581
Advisor Class		—			—			—			—			11,413			12,640			4,806			5,341			—			—
Institutional Class		15,103			34,971			334,188			213,263			7,155			15,926			135,219			108,137			7,328			25,010
Class A		2,006			1,652			30,062			40,847			1,185			5,905			34,869			30,607			4,006			12,692
Class C		121			640			6,203			16,290			776			1,014			5,176			3,088			1,122			2,123
Class R3		1,396			2,161			—			—			3			85			6,637			8,331			604			992
Class R6		—			—			—			—			—			—			135,445			70,359			—			—

See Notes to Financial Statements

159

160

Statements of Changes in Net Assets (cont'd)

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

	INTERNATIONAL SELECT FUND						INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND
	Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			84,421			144,740			31,963			46,576			4,057			4,040
Trust Class		88			127			—			—			12,472			23,101			4,301			5,194			1,391			1,451
Advisor Class		—			—			—			—			23,911			42,453			461			638			—			—
Institutional Class		2,673			3,011			17,259			11,950			4,727			17,318			34,137			45,062			3,513			2,366
Class A		31			84			2,112			869			402			430			4,971			6,930			1,394			576
Class C		2			3			1,094			504			246			438			500			448			254			55
Class R3		20			25			—			—			8			10			591			551			171			42
Class R6		—			—			—			—			—			—			10,862			3,408			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			(112,554	)		(120,876	)		(46,371	)		(34,928	)		(8,233	)		(5,217	)
Trust Class		(3,237	)		(2,752	)		—			—			(43,086	)		(30,149	)		(36,422	)		(13,956	)		(2,571	)		(3,866	)
Advisor Class		—			—			—			—			(43,929	)		(51,994	)		(3,648	)		(6,069	)		—			—
Institutional Class		(27,684	)		(20,857	)		(168,231	)		(39,704	)		(42,832	)		(65,347	)		(237,894	)		(108,212	)		(19,558	)		(7,888	)
Class A		(1,364	)		(7,197	)		(31,554	)		(8,740	)		(1,221	)		(5,449	)		(53,600	)		(37,969	)		(5,823	)		(2,444	)
Class C		(657	)		(1,340	)		(7,010	)		(2,095	)		(1,365	)		(826	)		(2,505	)		(1,213	)		(842	)		(175	)
Class R3		(1,127	)		(754	)		—			—			(13	)		(119	)		(5,380	)		(4,615	)		(449	)		(120	)
Class R6		—			—			—			—			—			—			(33,454	)		(6,463	)		—			—
Net increase (decrease) from Fund share transactions		(11,926	)		10,209			184,123			233,184			(78,105	)		12,473			35,219			166,183			(11,019	)		35,817
Net Increase (Decrease) in Net Assets		(6,345	)		(3,152	)		190,578			212,239			(53,265	)		(336,547	)		(78,952	)		159,668			(18,314	)		24,347
Net Assets:
Beginning of year		237,547			240,699			490,453			278,214			1,408,228			1,744,775			1,175,202			1,015,534			107,505			83,158
End of year	$	231,202		$	237,547		$	681,031		$	490,453		$	1,354,963		$	1,408,228		$	1,096,250		$	1,175,202		$	89,191		$	107,505
Undistributed net investment income (loss) at end of year	$	2,074		$	1,580		$	(113	)	$	(127	)	$	10,386		$	14,004		$	(1,654	)	$	(3,669	)	$	—		$	—
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

161

162

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND						SMALL CAP GROWTH FUND						SOCIALLY RESPONSIVE FUND						VALUE FUND
	Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	19,635		$	20,872		$	9,963		$	12,607		$	(582	)	$	(821	)	$	17,184		$	18,670		$	173		$	268
Net realized gain (loss) on investments (Note A)		71,256			69,925			90,375			80,044			(12,590	)		13,201			91,678			181,229			(848	)		430
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		69,607			(130,767	)		48,034			(99,105	)		8,835			(6,370	)		119,695			(184,865	)		1,907			(2,389	)
Net increase (decrease) in net assets resulting from operations		160,498			(39,970	)		148,372			(6,454	)		(4,337	)		6,010			228,557			15,034			1,232			(1,691	)
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			—			(4,849	)		(5,556	)		—			—
Trust Class		—			—			(3,347	)		(3,770	)		—			—			(3,097	)		(3,953	)		—			—
Advisor Class		—			—			—			—			—			—			—			—			—			—
Institutional Class		(19,825	)		(23,005	)		(5,052	)		(6,372	)		—			—			(6,167	)		(6,267	)		(141	)		(130	)
Class A		(486	)		(682	)		(1,575	)		(1,812	)		—			—			(1,475	)		(1,493	)		(53	)		(49	)
Class C		(26	)		(62	)		(146	)		(107	)		—			—			(188	)		(271	)		(3	)		(0	)
Class R3		—			—			(232	)		(216	)		—			—			(265	)		(272	)		—			—
Class R6		—			—			(569	)		(451	)		—			—			(2,260	)		(2,421	)		—			—
Net realized gain on investments:
Investor Class		—			—			—			—			(2,547	)		—			(40,560	)		(78,302	)		—			—
Trust Class		—			—			(17,429	)		(15,179	)		(255	)		—			(26,827	)		(58,788	)		—			—
Advisor Class		—			—			—			—			(199	)		—			—			—			—			—
Institutional Class		(56,652	)		(80,461	)		(24,580	)		(21,811	)		(998	)		—			(39,602	)		(69,181	)		(126	)		(748	)
Class A		(2,628	)		(4,187	)		(9,296	)		(8,468	)		(225	)		—			(12,413	)		(21,497	)		(69	)		(433	)
Class C		(1,252	)		(1,736	)		(2,189	)		(2,008	)		(188	)		—			(4,776	)		(7,205	)		(7	)		(32	)
Class R3		—			—			(1,705	)		(1,276	)		(105	)		—			(2,843	)		(4,908	)		—			—
Class R6		—			—			(2,354	)		(1,405	)		—			—			(13,351	)		(24,850	)		—			—
Total distributions to shareholders		(80,869	)		(110,133	)		(68,474	)		(62,875	)		(4,517	)		—			(158,673	)		(284,964	)		(399	)		(1,392	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			968			1,497			75,553			69,572			—			—
Trust Class		—			—			22,476			52,339			312			406			35,105			54,071			—			—
Advisor Class		—			—			—			—			467			830			—			—			—			—
Institutional Class		93,383			210,581			87,082			123,794			2,475			6,147			212,232			206,662			2,513			8,079
Class A		13,768			36,459			37,989			63,436			1,084			3,145			27,754			47,761			406			3,543
Class C		5,123			15,280			2,210			5,220			451			786			9,208			16,166			126			213
Class R3		—			—			8,186			12,721			1,026			791			9,985			8,582			—			—
Class R6		—			—			17,098			11,285			—			—			167,892			67,738			—			—

See Notes to Financial Statements

163

164

Statements of Changes in Net Assets (cont'd)

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

	MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND						SMALL CAP GROWTH FUND						SOCIALLY RESPONSIVE FUND						VALUE FUND
	Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2016			Year Ended August 31, 2015
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			2,498			—			43,969			80,661			—			—
Trust Class		—			—			20,576			18,790			249			—			29,722			62,288			—			—
Advisor Class		—			—			—			—			196			—			—			—			—			—
Institutional Class		12,661			14,388			23,584			22,144			680			—			41,836			68,496			267			878
Class A		2,761			4,327			10,136			9,562			222			—			12,834			21,325			105			435
Class C		1,106			1,493			1,968			1,794			170			—			4,114			6,180			10			31
Class R3		—			—			1,808			1,371			84			—			3,009			5,038			—			—
Class R6		—			—			2,922			1,856			—			—			15,611			27,271			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			(4,410	)		(6,649	)		(167,651	)		(133,905	)		—			—
Trust Class		—			—			(105,898	)		(114,518	)		(925	)		(971	)		(110,618	)		(158,470	)		—			—
Advisor Class		—			—			—			—			(962	)		(1,773	)		—			—			—			—
Institutional Class		(615,578	)		(459,676	)		(220,377	)		(243,059	)		(11,757	)		(5,784	)		(251,018	)		(194,272	)		(7,301	)		(6,637	)
Class A		(48,887	)		(74,313	)		(80,084	)		(95,912	)		(2,448	)		(2,692	)		(48,836	)		(39,136	)		(4,190	)		(3,554	)
Class C		(14,416	)		(18,122	)		(7,907	)		(14,886	)		(756	)		(407	)		(11,809	)		(6,487	)		(161	)		(195	)
Class R3		—			—			(9,775	)		(13,178	)		(925	)		(262	)		(9,928	)		(10,264	)		—			—
Class R6		—			—			(8,819	)		(6,947	)		—			—			(49,013	)		(128,504	)		—			—
Net increase (decrease) from Fund share transactions		(550,079	)		(269,583	)		(196,825	)		(164,188	)		(11,301	)		(4,936	)		39,951			70,773			(8,225	)		2,793
Net Increase (Decrease) in Net Assets		(470,450	)		(419,686	)		(116,927	)		(233,517	)		(20,155	)		1,074			109,835			(199,157	)		(7,392	)		(290	)
Net Assets:
Beginning of year		2,340,298			2,759,984			806,358			1,039,875			86,411			85,337			2,237,011			2,436,168			20,869			21,159
End of year	$	1,869,848		$	2,340,298		$	689,431		$	806,358		$	66,256		$	86,411		$	2,346,846		$	2,237,011		$	13,477		$	20,869
Undistributed net investment income (loss) at end of year	$	10,815		$	12,040		$	—		$	—		$	—		$	—		$	12,472		$	13,587		$	150		$	203
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	(348	)	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

165

166

Notes to Financial Statements Equity Funds

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman Socially Responsive Fund ("Socially Responsive") and Neuberger Berman Value Fund ("Value") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which (except 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). Nine Funds offer Investor Class shares, eleven offer Trust Class shares, six offer Advisor Class shares, twenty offer Institutional Class shares, nineteen offer Class A shares, nineteen offer Class C shares, ten offer Class R3 shares 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. 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 Neuberger Berman Equity Funds' Board of Trustees (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 Neuberger Berman Investment Advisers LLC ("Management") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

2 Portfolio valuation: In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

167

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, exchange traded options purchased and options written, convertible preferred stocks and rights, 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).

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).

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 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.

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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.

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

4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount on securities for Equity Income, accretion of original issue discount, where applicable, and accretion of discount on short-term investments, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain (loss) on investments are proceeds from the settlements of class action litigation in which the Funds participated as class members. The amounts of such proceeds for the year ended August 31, 2016 were $60,346, $11,419, $6,817, $49,161, $98,383, $3,325, $4,029, $95,071, $11,048 and $271, for Focus, Guardian, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Small Cap Growth, 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 August 31, 2016, the Funds did not have any unrecognized tax positions.

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At August 31, 2016, selected fund information on a U.S. federal income tax basis was as follows:

(000's omitted)	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Dividend Growth	$	18,845	$	2,040	$	274	$	1,766
Emerging Markets Equity		414,062		76,509		27,965		48,544
Equity Income		1,444,757		231,498		22,007		209,491
Focus		636,839		90,944		13,819		77,125
Genesis		5,717,764		5,054,640		127,188		4,927,452
Global Equity		4,042		525		269		256
Global Real Estate		3,030		228		89		139
Greater China Equity		91,506		6,301		3,776		2,525
Guardian		1,011,417		136,341		18,172		118,169
International Equity		1,408,660		194,548		101,702		92,846
International Select		208,950		38,925		16,906		22,019
Intrinsic Value		630,517		100,311		45,385		54,926
Large Cap Value		1,262,987		104,917		17,141		87,776
Mid Cap Growth		884,901		229,289		14,205		215,084
Mid Cap Intrinsic Value		81,438		13,561		5,757		7,804
Multi-Cap Opportunities		1,418,761		479,703		28,487		451,216
Real Estate		597,607		90,546		2,306		88,240
Small Cap Growth		58,092		9,337		1,077		8,260
Socially Responsive		1,831,509		566,939		52,252		514,687
Value		12,828		801		198		603

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, 2016, 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, distributions re-designated, partnership adjustments, net operating losses, adjustments related to real estate investment trusts ("REITs") and other underlying investments, non-taxable adjustments to income, non-REIT income and basis adjustments, non-taxable distributions from underlying investments, 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, 2016, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses) on Investments
Dividend Growth	$	(4,083	)	$	4,084		$	(1	)
Emerging Markets Equity		—			(763,093	)		763,093
Equity Income		12,974,543			55,916			(13,030,459	)
Focus		5,679,932			(392,178	)		(5,287,754	)

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	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses) on Investments
Genesis	$	192,264,680		$	(1,881,049	)	$	(190,383,631	)
Global Equity		2,024			7,860			(9,884	)
Global Real Estate		—			17,688			(17,688	)
Greater China Equity		—			(31,565	)		31,565
Guardian		24,985,500			(1,242,017	)		(23,743,483	)
International Equity		—			(104,419	)		104,419
International Select		—			(55,922	)		55,922
Intrinsic Value		3,216,571			2,531,470			(5,748,041	)
Large Cap Value		7,298,700			(1,926,037	)		(5,372,663	)
Mid Cap Growth		(5,235,945	)		5,003,550			232,395
Mid Cap Intrinsic Value		(5,686	)		(266,569	)		272,255
Multi-Cap Opportunities		11,966,679			(522,469	)		(11,444,210	)
Real Estate		17,137,140			958,260			(18,095,400	)
Small Cap Growth		(242,076	)		233,600			8,476
Socially Responsive		16,828,429			1,614			(16,830,043	)
Value		—			(28,557	)		28,557

The tax character of distributions paid during the years ended August 31, 2016 and August 31, 2015 was as follows:

	Distributions Paid From:
	Ordinary Income						Long-Term Capital Gain						Return of Capital						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Dividend Growth	$	—	⁽²⁾	$	—		$	—	⁽²⁾	$	—		$	—	⁽²⁾	$	—		$	—	⁽²⁾	$	—
Emerging Markets Equity		2,725,387			5,731,674			—			—			—			—			2,725,387			5,731,674
Equity Income		45,301,642			65,720,431			66,678,398			93,473,349			—			—			111,980,040			159,193,780
Focus		5,504,703			19,619,019			35,550,318			113,979,974			—			—			41,055,021			133,598,993
Genesis		35,557,259			35,589,396			1,125,571,976			1,177,470,479			—			—			1,161,129,235			1,213,059,875
Global Equity		6,357			827,724			—			793,061			—			—			6,357			1,620,785
Global Real Estate		58,229			24,956	⁽¹⁾		341			—	⁽¹⁾		—			—	⁽¹⁾		58,570			24,956	⁽¹⁾
Greater China Equity		12,868,372			4,726,685			—			847,483			—			—			12,868,372			5,574,168
Guardian		8,572,126			18,290,813			134,218,623			193,226,409			—			—			142,790,749			211,517,222
International Equity		13,604,543			16,964,183			—			—			—			—			13,604,543			16,964,183
International Select		2,878,253			3,333,956			—			—			—			—			2,878,253			3,333,956
Intrinsic Value		733,120			3,457,299			22,985,868			12,891,705			—			—			23,718,988			16,349,004
Large Cap Value		16,816,512			106,665,862			113,694,976			131,474,524			—			—			130,511,488			238,140,386
Mid Cap Growth		—			—			90,521,333			112,035,066			—			—			90,521,333			112,035,066
Mid Cap Intrinsic Value		1,384,820			1,552,865			10,316,948			7,508,109			—			—			11,701,768			9,060,974
Multi-Cap Opportunities		20,337,175			23,749,224			60,531,847			86,383,844			—			—			80,869,022			110,133,068

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	Distributions Paid From:
	Ordinary Income				Long-Term Capital Gain				Return of Capital				Total
	2016		2015		2016		2015		2016		2015		2016		2015
Real Estate	$	15,994,363	$	14,563,346	$	52,479,919	$	48,311,493	$	—	$	—	$	68,474,282	$	62,874,839
Small Cap Growth		2,335,252		—		2,181,399		—		—		—		4,516,651		—
Socially Responsive		20,668,806		29,152,122		138,003,445		255,811,829		—		—		158,672,251		284,963,951
Value		197,220		1,232,049		202,164		160,048		—		—		399,384		1,392,097

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

(2) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.

As of August 31, 2016, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation (Depreciation)		Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Dividend Growth	$	283,700	$	—	$	1,765,940	$	(96,571	)	$	—		$	1,953,069
Emerging Markets Equity		1,834,507		—		48,258,964		(68,762,310	)		(33,992	)		(18,702,831	)
Equity Income		5,411,525		53,826,960		209,146,953		—			(279,051	)		268,106,387
Focus		2,376,522		57,022,350		77,288,343		—			—			136,687,215
Genesis		22,874,327		586,313,834		4,927,451,623		—			—			5,536,639,784
Global Equity		20,514		29,423		255,145		—			—			305,082
Global Real Estate		45,376		—		139,800		(5,890	)		(2,302	)		176,984
Greater China Equity		359,675		—		2,522,238		(10,913,881	)		(23,423	)		(8,055,391	)
Guardian		2,687,160		117,059,267		118,507,323		—			—			238,253,750
International Equity		13,045,359		—		92,680,280		(217,670,127	)		(1,654	)		(111,946,142	)
International Select		2,104,443		—		21,989,610		(31,070,807	)		(30,672	)		(7,007,426	)
Intrinsic Value		2,019,395		6,007,702		54,926,148		—			(113,480	)		62,839,765
Large Cap Value		10,385,792		17,829,807		87,776,081		—			—			115,991,680
Mid Cap Growth		—		31,951,364		215,084,622		(1,654,483	)		—			245,381,503
Mid Cap Intrinsic Value		—		—		7,803,587		(803,937	)		—			6,999,650
Multi-Cap Opportunities		10,815,330		48,155,675		451,216,054		—			—			510,187,059
Real Estate		7,176,688		53,855,942		88,239,635		—			—			149,272,265
Small Cap Growth		—		—		8,260,114		(13,131,953	)		—			(4,871,839	)
Socially Responsive		12,471,429		61,240,444		514,621,883		—			—			588,333,756
Value		150,027		—		602,503		(411,111	)		—			341,419

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 and tax adjustments related to REITs, PFICs, partnerships and other investments.

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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 Modernization Act of 2010 (the "Act") made changes to the capital loss carryforward rules allowing for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term ("Post-Enactment"). Rules in effect previously limited the carryforward period to eight years and all carryforwards were considered short-term in character ("Pre-Enactment"). As determined at August 31, 2016, 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:
	2017		2018
International Equity⁽¹⁾	$	139,527,206	$	78,142,921
International Select		—		31,070,807
	Post-Enactment (No Expiration Date)
	Long-Term		Short-Term
Dividend Growth	$	—	$	96,571
Emerging Markets Equity		37,231,297		31,531,013
Global Real Estate		2,641		3,249
Greater China Equity		1,574,848		9,339,033
Small Cap Growth		—		12,783,851
Value		—		411,111

(1) The capital loss carryforwards shown above for International Equity includes $105,823,041 expiring in 2017, which was 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, 2016, International Equity and International Select utilized capital loss carryforwards of $15,255,423, and $4,066,435, 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, 2016, the Funds elected to defer the following late-year ordinary losses and post October capital losses:

	Late-Year Ordinary Loss		Post October Capital Loss Deferral
	Deferral		Long-Term		Short-Term
Mid Cap Growth	$	1,654,483	$	—	$	—
Mid Cap Intrinsic Value		—		—		803,937
Small Cap Growth		348,102		—		—

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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 August 31, 2016, Emerging Markets Equity had accrued capital gains taxes of $282,181, which is reflected in the Statements of Assets and Liabilities.

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.

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 year ended August 31, 2016, $43,359 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, are generally distributed once a year (usually in December) and are recorded on the ex-date. However, Equity Income, Global Real Estate and Real Estate generally distribute 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, Intrinsic Value, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Socially Responsive to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At August 31, 2016, these Funds estimated these amounts for the period January 1, 2016 to August 31, 2016 within the financial statements because 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 these Funds together with actual IRS Forms 1099-DIV received to date. For the year ended August 31, 2016, the character of distributions paid to shareholders of these Funds disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of these Funds' distributions during the current fiscal year will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted on the books of these Funds to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds shareholders on IRS Form 1099-DIV.

8 Organization expenses: Costs incurred by Dividend Growth in connection with its organization, which amounted to $65,309 and are reflected in Organization expense in the Statements of Operations, have been expensed as incurred.

9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes

174

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

10 Investments in foreign securities: Investing in foreign securities may involve 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: Certain Funds' use of derivatives during the year ended August 31, 2016, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at August 31, 2016. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Options: For the year ended August 31, 2016, Equity Income, Focus and Guardian used options written and Focus and Guardian used purchased option contracts ("options purchased"). Equity Income used options written in an attempt to generate incremental returns. Focus used options written to enhance income; written calls were used for hedging purposes and to manage the risk profile of the Fund, and written puts were used in an attempt to enhance returns and to gain exposure to certain securities. Focus used options purchased for hedging purposes and as a risk management tool. Guardian used written and purchased options to enhance income, to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas and to manage or adjust the risk profile of the Fund or the risk of individual positions.

Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, the Fund realizes a gain or loss and the asset is eliminated.

For purchased call options, a Fund's loss is limited to the amount of the option premium paid.

Premiums received by a Fund upon writing a 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.

175

At August 31, 2016, Equity Income, Focus and Guardian had pledged securities in the amount of $55,520,104, $20,027,635 and $59,543,996, respectively, to cover collateral requirements for options written.

At August 31, 2016, Equity Income, Focus and Guardian 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	Equity Risk		Total
Focus
Options purchased	Investments in securities, at value	$	116,550	$	116,550
Total Value—Assets		$	116,550	$	116,550
Guardian
Options purchased	Investments in securities, at value	$	326,600	$	326,600
Total Value—Assets		$	326,600	$	326,600

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk			Total
Equity Income
Options written	Option contracts written, at value	$	(1,530,510	)	$	(1,530,510	)
Total Value—Liabilities		$	(1,530,510	)	$	(1,530,510	)
Focus
Options written	Option contracts written, at value	$	(304,375	)	$	(304,375	)
Total Value-Liabilities		$	(304,375	)	$	(304,375	)
Guardian
Options written	Option contracts written, at value	$	(925,578	)	$	(925,578	)
Total Value—Liabilities		$	(925,578	)	$	(925,578	)

The impact of the use of these derivative instruments on the Statements of Operations during the year ended August 31, 2016, was as follows:

Realized Gain (Loss)

Derivative Type	Statements of Operations Location	Equity Risk		Total
Equity Income
Options written	Net realized gain (loss) on: option contracts written	$	1,835,332	$	1,835,332
Total Realized Gain (Loss)		$	1,835,332	$	1,835,332
Focus
Options written	Net realized gain (loss) on: option contracts written	$	48,676	$	48,676
Total Realized Gain (Loss)		$	48,676	$	48,676
Guardian
Options purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers	$	179,722	$	179,722
Options written	Net realized gain (loss) on: option contracts written		445,456		445,456
Total Realized Gain (Loss)		$	625,178	$	625,178

Change in Appreciation (Depreciation)

Derivative Type	Statements of Operations Location	Equity Risk		Total
Equity Income
Options written	Change in net unrealized appreciation (depreciation) in value of: option contracts written	$	292,877	$	292,877
Total Change in Appreciation (Depreciation)		$	292,877	$	292,877

176

Change in Appreciation (Depreciation)

Derivative Type	Statements of Operations Location	Equity Risk			Total
Focus
Options purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities	$	(3,677	)	$	(3,677	)
Options written	Change in net unrealized appreciation (depreciation) in value of: option contracts written		163,603			163,603
Total Change in Appreciation (Depreciation)		$	159,926		$	159,926
Guardian
Options purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities	$	(229,451	)	$	(229,451	)
Options written	Change in net unrealized appreciation (depreciation) in value of: option contracts written		380,522			380,522
Total Change in Appreciation (Depreciation)		$	151,071		$	151,071

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815. Management has concluded that the Funds, except Equity Income, Focus and Guardian, did not hold any derivative instruments during the year ended August 31, 2016 that require additional disclosures pursuant to ASC 815.

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 The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have actively-managed investment objectives. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.

14 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

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

Each Fund retains Management as its investment manager under 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	%

177

	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 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 Equity Income, Focus, Guardian, International Select, 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 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 August 31, 2016, Management has voluntarily agreed to waive its management fee in the amount of 2.89% of the average daily net asset of Mid Cap Intrinsic Value (1.21% effective August 23, 2016, 0.11% effective November 1, 2015, 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). Effective September 1, 2016, the voluntary waiver was 0.15% of the average daily net assets of Mid Cap Intrinsic Value. Management may, at its sole discretion, modify or terminate these voluntary waivers without notice to International Equity or Mid Cap Intrinsic Value. For the year ended August 31, 2016, such waived fees amounted to $2,427,972 and $141,269 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.

Accordingly, for the year ended August 31, 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
Dividend Growth		0.50	%	International Select		0.55	%
Emerging Markets Equity		0.99	%	Intrinsic Value		0.82	%
Equity Income		0.48	%	Large Cap Value		0.50	%
Focus		0.53	%	Mid Cap Growth		0.50	%
Genesis		0.66	%	Mid Cap Intrinsic Value		0.55	%⁽²⁾
Global Equity		0.75	%	Multi-Cap Opportunities		0.52	%
Global Real Estate		0.80	%	Real Estate		0.80	%
Greater China Equity		1.10	%	Small Cap Growth		0.85	%
Guardian		0.50	%	Socially Responsive		0.47	%
International Equity		0.80	%⁽¹⁾	Value		0.55	%

(1) 0.62% annual effective net rate of the Fund's average daily net assets.

178

(2) 0.40% 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, Mid Cap Intrinsic Value and Small Cap Growth and the Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to a Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and dividend and interest expenses relating to short sales, if any; consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays Management, whichever is lower. Any such repayment must be made within three years after the year in which Management incurred the expense.

During the year ended August 31, 2016, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
Genesis Institutional Class	$	53,485
Genesis Class R6		32,566
Guardian Advisor Class		147
International Equity Institutional Class		33,116
Mid Cap Growth Institutional Class		77,459
Mid Cap Growth Class A		5,418

At August 31, 2016, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Fiscal Year Ending August 31,
					2014		2015		2016
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2017		2018		2019
Dividend Growth Institutional Class		0.69	%	8/31/19	$	—	$	—	$	215,047	⁽⁵⁾
Dividend Growth Class A		1.05	%	8/31/19		—		—		9,994	⁽⁵⁾
Dividend Growth Class C		1.80	%	8/31/19		—		—		9,444	⁽⁵⁾
Dividend Growth Class R6		0.62	%	8/31/19		—		—		15,585	⁽⁵⁾

179

					Expenses Reimbursed in Fiscal Year Ending August 31,
					2014		2015			2016
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2017		2018			2019
Emerging Markets Equity Institutional Class		1.25	%	8/31/19	$	883,793	$	744,611		$	528,129
Emerging Markets Equity Class A		1.50	%	8/31/19		50,749		48,820			54,600
Emerging Markets Equity Class C		2.25	%	8/31/19		17,601		19,352			13,399
Emerging Markets Equity Class R3		1.91	%	8/31/19		937		1,334			1,403
Emerging Markets Equity Class R6		1.18	%	8/31/19		122,359		135,881			127,742
Equity Income Institutional Class		0.80	%	8/31/19		—		—			—
Equity Income Class A		1.16	%	8/31/19		—		—			—
Equity Income Class C		1.91	%	8/31/19		—		—			—
Equity Income Class R3		1.41	%	8/31/19		—		—			—
Focus Trust Class		1.50	%	8/31/19		—		—			—
Focus Advisor Class		1.50	%	8/31/22		—		—			—
Focus Institutional Class		0.75	%	8/31/19		521		1,569			755
Focus Class A		1.11	%	8/31/19		726		1,267			1,451
Focus Class C		1.86	%	8/31/19		435		714			893
Genesis Trust Class		1.50	%	8/31/19		—		—			—
Genesis Advisor Class		1.50	%	8/31/22		—		—			—
Genesis Institutional Class		0.85	%	8/31/22		—		114,064			—
Genesis Class R6		0.78	%	8/31/19		—		65,989			—
Global Equity Institutional Class		1.15	%	8/31/19		210,511		250,677			240,098
Global Equity Class A		1.51	%	8/31/19		2,179		14,279			38,361
Global Equity Class C		2.26	%	8/31/19		967		5,804			16,073
Global Real Estate Institutional Class		1.00	%	8/31/19		—		185,695	⁽⁴⁾		197,159
Global Real Estate Class A		1.36	%	8/31/19		—		58,618	⁽⁴⁾		64,529
Global Real Estate Class C		2.11	%	8/31/19		—		24,540	⁽⁴⁾		25,169
Greater China Equity Institutional Class		1.50	%	8/31/19		193,960		127,913			229,329
Greater China Equity Class A		1.86	%	8/31/19		1,756		5,520			7,590
Greater China Equity Class C		2.61	%	8/31/19		264		302			320
Guardian Trust Class		1.50	%	8/31/19		—		—			—
Guardian Advisor Class		1.50	%	8/31/22		—		—			—
Guardian Institutional Class		0.75	%	8/31/19		—		—			—
Guardian Class A		1.11	%	8/31/19		—		—			—
Guardian Class C		1.86	%	8/31/19		—		—			—
Guardian Class R3		1.36	%	8/31/19		114		82			148
International Equity Investor Class		1.40	%	8/31/19		—		—			—
International Equity Trust Class		2.00	%	8/31/22		—		—			—
International Equity Institutional Class		0.85	%	8/31/22		213,333		—			—
International Equity Class A		1.21	%	8/31/19		8,879		—			10,042

180

					Expenses Reimbursed in Fiscal Year Ending August 31,
					2014			2015		2016
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2017			2018		2019
International Equity Class C		1.96	%	8/31/19	$	1,864		$	280	$	2,521
International Equity Class R6		0.78	%	8/31/19		—	⁽³⁾		—		—
International Select Trust Class		1.25	%	8/31/19		10,697			9,411		12,258
International Select Institutional Class		0.90	%	8/31/19		58,414			59,370		91,989
International Select Class A		1.30	%⁽²⁾	8/31/19		430			535		1,276
International Select Class C		2.00	%	8/31/19		2,151			1,862		1,955
International Select Class R3		1.51	%	8/31/19		1,076			1,375		2,218
Intrinsic Value Institutional Class		1.00	%	8/31/19		302,070			340,028		357,588
Intrinsic Value Class A		1.36	%	8/31/19		28,539			36,427		58,200
Intrinsic Value Class C		2.11	%	8/31/19		17,391			20,091		22,495
Large Cap Value Trust Class		1.50	%	8/31/19		—			—		—
Large Cap Value Advisor Class		1.50	%	8/31/22		—			—		—
Large Cap Value Institutional Class		0.70	%	8/31/19		—			—		6,431
Large Cap Value Class A		1.11	%	8/31/19		—			—		—
Large Cap Value Class C		1.86	%	8/31/19		—			—		—
Large Cap Value Class R3		1.36	%	8/31/19		82			150		126
Mid Cap Growth Trust Class		1.50	%	8/31/19		—			—		—
Mid Cap Growth Advisor Class		1.50	%	8/31/22		—			—		—
Mid Cap Growth Institutional Class		0.75	%	8/31/19		—			—		—
Mid Cap Growth Class A		1.11	%	8/31/19		19,819			—		—
Mid Cap Growth Class C		1.86	%	8/31/19		2,522			1,417		1,762
Mid Cap Growth Class R3		1.36	%	8/31/19		1,821			1,091		2,657
Mid Cap Growth Class R6		0.68	%	8/31/19		—			—		—
Mid Cap Intrinsic Value Investor Class		1.50	%	8/31/22		—			—		—
Mid Cap Intrinsic Value Trust Class		1.25	%	8/31/22		—			5,431		8,167
Mid Cap Intrinsic Value Institutional Class		0.85	%	8/31/19		—			9,476		24,711
Mid Cap Intrinsic Value Class A		1.21	%	8/31/19		—			6,502		17,891
Mid Cap Intrinsic Value Class C		1.96	%	8/31/19		—			1,413		4,388
Mid Cap Intrinsic Value Class R3		1.46	%	8/31/19		60			515		1,736
Multi-Cap Opportunities Institutional Class		1.00	%	8/31/19		—			—		—
Multi-Cap Opportunities Class A		1.36	%	8/31/19		—			—		—
Multi-Cap Opportunities Class C		2.11	%	8/31/19		—			—		—
Real Estate Trust Class		1.50	%⁽²⁾	8/31/22		—			—		—
Real Estate Institutional Class		0.85	%	8/31/22		817,481			815,617		588,136
Real Estate Class A		1.21	%	8/31/19		372,528			344,667		261,138
Real Estate Class C		1.96	%	8/31/19		95,712			82,791		62,906
Real Estate Class R3		1.46	%	8/31/19		40,953			50,213		50,219

181

					Expenses Reimbursed in Fiscal Year Ending August 31,
					2014		2015		2016
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2017		2018		2019
Real Estate Class R6		0.78	%	8/31/19	$	29,668	$	58,233	$	70,754
Small Cap Growth Investor Class		1.30	%⁽²⁾	8/31/22		192,480		193,142		243,435
Small Cap Growth Trust Class		1.40	%⁽²⁾	8/31/22		34,116		25,252		24,155
Small Cap Growth Advisor Class		1.60	%⁽²⁾	8/31/22		14,620		12,127		10,968
Small Cap Growth Institutional Class		0.90	%	8/31/19		95,710		111,321		94,448
Small Cap Growth Class A		1.26	%	8/31/19		28,007		26,944		26,066
Small Cap Growth Class C		2.01	%	8/31/19		9,549		10,735		13,463
Small Cap Growth Class R3		1.51	%	8/31/19		3,116		4,968		8,774
Socially Responsive Trust Class		1.50	%	8/31/19		—		—		—
Socially Responsive Institutional Class		0.75	%	8/31/19		—		—		—
Socially Responsive Class A		1.11	%	8/31/19		—		—		—
Socially Responsive Class C		1.86	%	8/31/19		—		—		—
Socially Responsive Class R3		1.36	%	8/31/19		—		—		—
Socially Responsive Class R6		0.68	%	8/31/19		—		—		—
Value Institutional Class		0.75	%⁽²⁾	8/31/19		156,332		166,457		172,294
Value Class A		1.11	%⁽²⁾	8/31/19		94,806		98,743		87,821
Value Class C		1.86	%⁽²⁾	8/31/19		7,238		7,050		9,526

(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 Trust 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%, 1.37% (effective September 1, 2015), 1.51%, 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 1.83% (effective December 12, 2014), respectively, per annum of their average daily net assets. For the year ended August 31, 2016, voluntary reimbursements for Class A of International Select, the Trust Class of Real Estate, the Investor Class of Small Cap Growth, the Trust Class of Small Cap Growth, the Advisor Class of Small Cap Growth, the Institutional Class of Value, Class A of Value and Class C of Value amounted to $2,580, $848,017, $38,636, $1,362, $2,051, $4,195, $901 and $157, 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 September 3, 2013 (Commencement of Operations) to August 31, 2014.

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

(5) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.

182

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 ("Neuberger Berman"), 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 Neuberger Berman and/or Management. As a result of the entity consolidation described on page 67 of this Annual Report, the services previously provided by Neuberger Berman under the subadvisory agreements are being provided by NBIA as of January 1, 2016.

Each Fund also has a distribution agreement with Neuberger Berman with respect to each class of shares. Neuberger Berman acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears the advertising and promotion expenses.

However, Neuberger Berman 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, Neuberger Berman's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, Neuberger Berman 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. Neuberger Berman 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 year ended August 31, 2016, Neuberger Berman, 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
Dividend Growth Fund Class A⁽¹⁾	$	8	$	—	$	—	$	—
Dividend Growth Fund Class C⁽¹⁾		—		—		—		—
Emerging Markets Equity Fund Class A		1,905		—		—		—
Emerging Markets Equity Fund Class C		—		961		—		—
Equity Income Fund Class A		27,539		—		—		—
Equity Income Fund Class C		—		42,446		—		—
Focus Fund Class A		353		—		—		—
Focus Fund Class C		—		385		—		—
Global Equity Fund Class A		74		—		—		—
Global Equity Fund Class C		—		5		—		—

183

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Global Real Estate Fund Class A	$	—	$	—	$	—	$	—
Global Real Estate Fund Class C		—		—		—		—
Greater China Equity Fund Class A		515		—		—		—
Greater China Equity Fund Class C		—		—		—		—
Guardian Fund Class A		563		—		—		—
Guardian Fund Class C		—		80		—		—
International Equity Fund Class A		7,106		—		—		—
International Equity Fund Class C		—		10,574		—		—
International Select Fund Class A		206		—		—		—
International Select Fund Class C		—		575		—		—
Intrinsic Value Fund Class A		19,538		—		—		—
Intrinsic Value Fund Class C		—		8,548		—		—
Large Cap Value Fund Class A		130		—		—		—
Large Cap Value Fund Class C		—		362		—		—
Mid Cap Growth Fund Class A		21,794		—		—		—
Mid Cap Growth Fund Class C		—		7,325		—		—
Mid Cap Intrinsic Value Fund Class A		1,850		—		—		—
Mid Cap Intrinsic Value Fund Class C		—		1,661		—		—
Multi-Cap Opportunities Fund Class A		12,271		—		—		—
Multi-Cap Opportunities Fund Class C		—		6,357		—		—
Real Estate Fund Class A		5,753		—		—		—
Real Estate Fund Class C		—		2,360		—		—
Small Cap Growth Fund Class A		688		—		—		—
Small Cap Growth Fund Class C		—		230		—		—
Socially Responsive Fund Class A		28,470		—		—		—
Socially Responsive Fund Class C		—		8,955		—		—
Value Fund Class A		129		—		—		—
Value Fund Class C		—		—		—		—

(1) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.

For the year ended August 31, 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.

As a result of a collateral processing error relating to option transactions, $1,988,625 of pledged collateral is due to Guardian from Equity Income which is reflected in the Statements of Assets and Liabilities under the headers "Due from affiliate" and "Due to affiliate", respectively. Subsequent to August 31, 2016, the collateral was returned to Guardian.

184

Note C—Securities Transactions:

During the year ended August 31, 2016, there were purchase and sale transactions of long-term securities (excluding option contracts) as follows:

(000's omitted)	Purchases		Sales		(000's omitted)	Purchases		Sales
Dividend Growth⁽¹⁾	$	20,250	$	3,448	International Select	$	49,479	$	68,284
Emerging Markets Equity		168,828		193,493	Intrinsic Value		253,448		85,591
Equity Income		864,624		1,452,367	Large Cap Value		1,604,382		1,820,872
Focus		632,622		751,148	Mid Cap Growth		687,598		707,397
Genesis		1,600,162		2,924,035	Mid Cap Intrinsic Value		26,471		39,950
Global Equity		1,969		1,602	Multi-Cap Opportunities		359,979		956,835
Global Real Estate		1,288		1,267	Real Estate		357,969		607,904
Greater China Equity		108,325		136,631	Small Cap Growth		114,334		128,666
Guardian		1,104,745		1,354,990	Socially Responsive		544,923		628,449
International Equity		633,342		394,961	Value		16,581		25,841

(1) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.

During the year ended August 31, 2016, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended August 31, 2016 and August 31, 2015 was as follows:

	For the Year Ended August 31, 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
Dividend Growth:
Institutional Class⁽²⁾		1,972		—			(142	)		1,830			—		—			—			—
Class A⁽²⁾		70		—			(50	)		20			—		—			—			—
Class C⁽²⁾		60		—			(60	)		0	^z		—		—			—			—
Class R6⁽²⁾		100		—			(95	)		5			—		—			—			—
Emerging Markets Equity:
Institutional Class		7,953		83			(10,171	)		(2,135	)		5,409		180			(12,309	)		(6,720	)
Class A		1,078		3			(570	)		511			439		6			(601	)		(156	)
Class C		41		—			(165	)		(124	)		160		0	^z		(103	)		57
Class R3		34		0	^z		(13	)		21			41		0	^z		(22	)		19
Class R6		764		48			(425	)		387			1,689		58			(115	)		1,632

185

	For the Year Ended August 31, 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
Equity Income:
Institutional Class		15,255			5,579			(57,368	)		(36,534	)		29,741		7,206			(33,615	)		3,332
Class A		2,639			1,164			(8,961	)		(5,158	)		4,659		1,689			(16,802	)		(10,454	)
Class C		2,158			1,150			(9,755	)		(6,447	)		4,276		1,391			(6,561	)		(894	)
Class R3		48			11			(168	)		(109	)		119		12			(68	)		63
Focus:
Investor Class		209			1,150			(2,214	)		(855	)		292		3,621			(2,261	)		1,652
Trust Class		111			431			(1,843	)		(1,301	)		955		1,721			(3,055	)		(379	)
Advisor Class		83			111			(399	)		(205	)		173		267			(272	)		168
Institutional Class		97			21			(980	)		(862	)		925		56			(171	)		810
Class A		31			23			(124	)		(70	)		348		50			(316	)		82
Class C		69			50			(178	)		(59	)		273		58			(91	)		240
Genesis:
Investor Class		5,103			8,432			(17,909	)		(4,374	)		5,468		7,864			(17,210	)		(3,878	)
Trust Class		2,360			3,071			(9,793	)		(4,362	)		2,766		3,563			(18,819	)		(12,490	)
Advisor Class		2,144			2,934			(10,618	)		(5,540	)		3,289		2,515			(7,977	)		(2,173	)
Institutional Class		16,116			6,478			(26,335	)		(3,741	)		11,595		6,762			(36,467	)		(18,110	)
Class R6		12,364			5,788			(7,989	)		10,163			11,786		4,300			(10,853	)		5,233
Global Equity:
Institutional Class		96			1			(58	)		39			15		225			(3,202	)		(2,962	)
Class A		32			—			(22	)		10			26		24			(19	)		31
Class C		3			—			(17	)		(14	)		20		8			(5	)		23
Global Real Estate:
Institutional Class		0	^z		1			(1	)		0	^z		200		1			—			201	⁽¹⁾
Class A		0	^z		1			(2	)		(1	)		66		0	^z		—			66	⁽¹⁾
Class C		2			0	^z		—			2			25		0	^z		—			25	⁽¹⁾
Greater China Equity:
Institutional Class		4,367			389			(5,538	)		(782	)		8,957		129			(6,123	)		2,963
Class A		690			24			(877	)		(163	)		529		16			(339	)		206
Class C		—			1			(2	)		(1	)		4		1			(1	)		4
Guardian:
Investor Class		620			7,174			(7,829	)		(35	)		961		8,305			(5,876	)		3,390
Trust Class		386			1,446			(4,008	)		(2,176	)		671		1,810			(2,853	)		(372	)
Advisor Class		12			3			(19	)		(4	)		3		3			(6	)		0	^z
Institutional Class		767			577			(3,250	)		(1,906	)		1,343		875			(3,053	)		(835	)
Class A		416			132			(6,594	)		(6,046	)		2,162		1,159			(1,566	)		1,755
Class C		51			17			(59	)		9			36		20			(52	)		4
Class R3		10			4			(7	)		7			22		5			(31	)		(4	)

186

	For the Year Ended August 31, 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
International Equity:
Investor Class		402			25			(1,331	)		(904	)		603		43			(703	)		(57	)
Trust Class		346			5			(752	)		(401	)		360		10			(806	)		(436	)
Institutional Class		45,647			1,013			(22,630	)		24,030			20,402		1,346			(17,406	)		4,342
Class A		2,299			7			(1,865	)		441			3,542		6			(550	)		2,998
Class C		337			—			(197	)		140			342		0	^z		(93	)		249
Class R6		1,696			45			(592	)		1,149			1,637		36			(562	)		1,111
International Select:
Trust Class		66			8			(317	)		(243	)		39		12			(243	)		(192	)
Institutional Class		1,457			252			(2,674	)		(965	)		3,139		287			(1,855	)		1,571
Class A		193			3			(130	)		66			148		8			(628	)		(472	)
Class C		12			0	^z		(64	)		(52	)		58		0	^z		(122	)		(64	)
Class R3		134			2			(108	)		28			195		2			(68	)		129
Intrinsic Value:
Institutional Class		25,670			1,318			(12,710	)		14,278			14,311		887			(2,699	)		12,499
Class A		2,339			165			(2,403	)		101			2,767		66			(598	)		2,235
Class C		496			89			(563	)		22			1,140		39			(150	)		1,029
Large Cap Value:
Investor Class		605			3,565			(4,378	)		(208	)		561		4,959			(3,948	)		1,572
Trust Class		275			808			(2,634	)		(1,551	)		290		1,157			(1,422	)		25
Advisor Class		886			2,074			(3,420	)		(460	)		763		2,721			(3,134	)		350
Institutional Class		271			198			(1,621	)		(1,152	)		515		590			(2,183	)		(1,078	)
Class A		66			26			(73	)		19			287		21			(263	)		45
Class C		66			22			(116	)		(28	)		62		29			(53	)		38
Class R3		0	^z		1			(1	)		0	^z		5		1			(8	)		(2	)
Mid Cap Growth:
Investor Class		2,763			2,578			(3,714	)		1,627			1,103		3,591			(2,454	)		2,240
Trust Class		642			201			(1,690	)		(847	)		1,206		239			(588	)		857
Advisor Class		215			21			(166	)		70			224		29			(248	)		5
Institutional Class		10,390			2,690			(18,789	)		(5,709	)		7,353		3,406			(7,429	)		3,330
Class A		1,629			232			(2,689	)		(828	)		1,256		320			(1,607	)		(31	)
Class C		237			23			(120	)		140			129		21			(52	)		98
Class R3		302			27			(245	)		84			338		25			(189	)		174
Class R6		10,337			854			(2,620	)		8,571			4,743		257			(447	)		4,553

187

	For the Year Ended August 31, 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 Intrinsic Value:
Investor Class		116		231		(432	)		(85	)		205		194		(232	)		167
Trust Class		28		96		(165	)		(41	)		83		82		(203	)		(38	)
Institutional Class		378		200		(1,045	)		(467	)		1,096		114		(355	)		855
Class A		264		96		(379	)		(19	)		673		33		(126	)		580
Class C		72		18		(57	)		33			113		3		(9	)		107
Class R3		37		12		(31	)		18			53		2		(6	)		49
Multi-Cap Opportunities:
Institutional Class		6,282		844		(40,964	)		(33,838	)		13,322		947		(28,934	)		(14,665	)
Class A		915		185		(3,291	)		(2,191	)		2,308		286		(4,697	)		(2,103	)
Class C		352		76		(991	)		(563	)		997		101		(1,182	)		(84	)
Real Estate:
Trust Class		1,581		1,493		(7,466	)		(4,392	)		3,541		1,310		(7,796	)		(2,945	)
Institutional Class		6,130		1,707		(15,421	)		(7,584	)		8,301		1,540		(16,623	)		(6,782	)
Class A		2,661		736		(5,616	)		(2,219	)		4,281		667		(6,573	)		(1,625	)
Class C		155		143		(557	)		(259	)		350		125		(1,031	)		(556	)
Class R3		571		131		(693	)		9			857		96		(906	)		47
Class R6		1,175		211		(610	)		776			751		129		(477	)		403
Small Cap Growth:
Investor Class		38		95		(173	)		(40	)		50		—		(227	)		(177	)
Trust Class		11		9		(34	)		(14	)		13		—		(31	)		(18	)
Advisor Class		25		11		(55	)		(19	)		40		—		(86	)		(46	)
Institutional Class		94		25		(466	)		(347	)		198		—		(192	)		6
Class A		40		8		(89	)		(41	)		96		—		(84	)		12
Class C		24		10		(46	)		(12	)		36		—		(20	)		16
Class R3		55		5		(53	)		7			36		—		(11	)		25
Socially Responsive:
Investor Class		2,321		1,365		(5,077	)		(1,391	)		1,957		2,406		(3,777	)		586
Trust Class		1,800		1,560		(5,630	)		(2,270	)		2,448		3,011		(7,166	)		(1,707	)
Institutional Class		6,451		1,298		(7,648	)		101			5,838		2,041		(5,495	)		2,384
Class A		1,444		681		(2,544	)		(419	)		2,128		1,040		(1,788	)		1,380
Class C		490		224		(625	)		89			757		308		(305	)		760
Class R3		524		161		(525	)		160			394		248		(478	)		164
Class R6		5,148		484		(1,510	)		4,122			1,911		813		(3,597	)		(873	)
Value:
Institutional Class		177		20		(529	)		(332	)		517		58		(427	)		148
Class A		29		8		(300	)		(263	)		228		28		(235	)		21
Class C		9		1		(12	)		(2	)		14		2		(13	)		3

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

188

(2) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.

z Amount less than one thousand.

Note E—Line of Credit:

At August 31, 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. Interest is charged on borrowings under this Credit Facility at the higher of (a) the Federal Funds Rate plus 1.00% per annum or (b) the one month LIBOR Rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit. 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 August 31, 2016.

During the period from September 1, 2015 through August 31, 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
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 August 31, 2016		Value August 31, 2016		Distributions from Investments in Affiliated Issuers			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Genesis
Abaxis, Inc.		1,378,600		—		216,700		1,161,900	$	58,257,666	$	713,364		$	(1,012,523	)
Altisource Asset Management Corp.⁽²⁾		125,617		—		125,617		—		—		—	*		(14,309,310	)
Balchem Corp.⁽²⁾		1,597,909		77,200		250,800		1,424,309		99,744,359		493,139			2,873,216
Bank of Hawaii Corp.		2,290,312		227,900		299,900		2,218,312		159,807,196		3,910,231			4,653,732
CLARCOR, Inc.⁽²⁾		2,511,788		—		999,600		1,512,188		99,002,948		1,697,993			29,165,542
Compass Minerals International, Inc.⁽²⁾		1,875,573		—		1,012,500		863,073		64,324,831		3,418,497			60,566,631
Computer Modelling Group Ltd.		5,512,600		—		860,900		4,651,700		33,094,678		1,540,667			(635,261	)
CVB Financial Corp.		4,300,272		1,666,900		236,100		5,731,072		101,955,771		2,296,727			(67,948	)
Exponent, Inc.		2,269,970		56,900		358,200		1,968,670		99,280,028		1,736,279			9,759,288
First Financial Bankshares, Inc.⁽²⁾		3,321,547		162,100		438,600		3,045,047		111,509,621		2,020,929			4,656,448

189

	Balance of Shares Held August 31, 2015		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held August 31, 2016		Value August 31, 2016		Distributions from Investments in Affiliated Issuers			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Forward Air Corp.⁽²⁾		1,783,468		—		279,800		1,503,668	$	69,289,021	$	761,097		$	17,164
Gray Television, Inc.		2,323,150		2,018,800		244,600		4,097,350		46,013,241		—	*		450,253
Haemonetics Corp.⁽²⁾		2,903,300		—		1,668,262		1,235,038		45,894,012		—	*		13,615,130
Healthcare Services Group, Inc.⁽²⁾		3,715,881		—		583,600		3,132,281		126,450,184		2,407,165			13,572,425
Hibbett Sports, Inc.		1,569,369		—		436,400		1,132,969		43,472,021		—	*		2,319,268
ICON PLC⁽²⁾		3,451,300		—		754,500		2,696,800		207,087,272		—	*		29,844,783
Innophos Holdings, Inc.⁽²⁾		1,154,142		—		1,154,142		—		—		299,012			(17,517,738	)
Lindsay Corp.		729,350		52,100		113,100		668,350		48,094,466		762,198			(2,210,472	)
Monotype Imaging Holdings, Inc.		3,344,806		205,400		491,900		3,058,306		64,530,257		1,281,797			(3,092,529	)
Nexstar Broadcasting Group, Inc. Class A		2,395,521		—		376,500		2,019,021		106,442,787		1,940,717			2,115,026
Pason Systems, Inc.⁽²⁾		4,262,257		115,700		698,300		3,679,657		52,470,327		1,981,643			(4,636,974	)
Phibro Animal Health Corp. Class A⁽²⁾		1,048,000		233,744		1,281,744		—		—		315,019			(17,732,299	)
Pool Corp.⁽²⁾		2,475,598		—		422,100		2,053,498		207,136,343		2,491,994			17,631,857
Power Integrations, Inc.		2,458,400		—		385,100		2,073,300		121,080,720		1,111,473			(3,747,843	)
Raven Industries, Inc.⁽²⁾		2,568,452		—		1,146,500		1,421,952		34,894,702		912,822			(1,374,400	)
RBC Bearings, Inc.		838,551		543,789		35,100		1,347,240		106,553,212		—	*		(267,965	)
Rogers Corp.		1,363,251		—		213,700		1,149,551		64,271,396		—	*		(3,795,656	)
Safety Insurance Group, Inc.⁽²⁾		790,949		—		590,000		200,949		13,353,061		1,220,423			8,211,554
Sensient Technologies Corp.		3,306,945		19,900		502,600		2,824,245		206,819,461		3,235,837			12,604,844
State Street Institutional Treasury Plus Fund Premier Class⁽²⁾		131,910,217		1,253,834,595		1,324,298,140		61,446,672		61,446,672		160,943			—
Tennant Co.		917,602		139,100		92,900		963,802		62,386,903		804,602			(1,426,247	)
U.S. Physical Therapy, Inc.		396,900		394,900		—		791,800		49,922,990		413,651			—
West Pharmaceutical Services, Inc.⁽²⁾		3,917,758		—		844,500		3,073,258		251,484,702		1,663,120			27,842,396
Total									$	2,816,070,848	$	39,591,339		$	168,072,392

(1) Affiliated issuers, as defined in the 1940 Act.

190

(2) At August 31, 2016, the issuers of these securities were no longer affiliated with Genesis.

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

Other: At August 31, 2016, Neuberger Berman Inflation Managed Fund, which is also managed by Management, held 0.16% of the outstanding shares of Emerging Markets Equity. At August 31, 2016, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.56%, 0.01% and 0.23% of the outstanding shares of Emerging Markets Equity, Genesis and International Equity, respectively.

In addition, at August 31, 2016, affiliated investors owned 0.28%, 0.22%, 0.03%, 62.52%, 85.58%, 4.70%, 0.01%, 0.01%, 0.07%, 0.17% and 0.38% of the outstanding shares of Dividend Growth, Emerging Markets Equity, Focus, Global Equity, Global Real Estate, Greater China Equity, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Real Estate and Value, respectively.

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192

Financial Highlights

The following tables include selected data for a share outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Dividend Growth Fund
Institutional Class
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.18	$	0.93		$	1.11		$	—		$	—	$	—	$	—		$	—	$	11.11		11.10	%**	$	20.3		2.61	%*^b		0.69	%*^b		2.44	%*^b		23	%**
Class A
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.16	$	0.93		$	1.09		$	—		$	—	$	—	$	—		$	—	$	11.09		10.90	%**	$	0.2		3.36	%*^b		1.05	%*^b		2.14	%*^b		23	%**
Class C
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.08	$	0.92		$	1.00		$	—		$	—	$	—	$	—		$	—	$	11.00		10.00	%**	$	0.0		4.11	%*^b		1.80	%*^b		1.17	%*^b		23	%**
Class R6
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.15	$	0.96		$	1.11		$	—		$	—	$	—	$	—		$	—	$	11.11		11.10	%**	$	0.1		2.75	%*^b		0.62	%*^b		2.06	%*^b		23	%**
Emerging Markets Equity Fund
Institutional Class
8/31/2016	$	13.94	$	0.11	$	2.06		$	2.17		$	(0.10	)	$	—	$	—	$	(0.10	)	$	—	$	16.01		15.64	%	$	318.9		1.43	%		1.25	%		0.74	%		43	%
8/31/2015	$	17.89	$	0.12	$	(3.90	)	$	(3.78	)	$	(0.17	)	$	—	$	—	$	(0.17	)	$	—	$	13.94		(21.22	)%	$	307.5		1.43	%		1.25	%		0.73	%		36	%
8/31/2014	$	15.34	$	0.16	$	2.48		$	2.64		$	(0.09	)	$	—	$	—	$	(0.09	)	$	0.00	$	17.89		17.24	%^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	%
Class A
8/31/2016	$	13.87	$	0.09	$	2.02		$	2.11		$	(0.06	)	$	—	$	—	$	(0.06	)	$	—	$	15.92		15.31	%	$	23.5		1.82	%		1.50	%		0.60	%		43	%
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	%

See Notes to Financial Highlights

193

194

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Equity Fund (cont'd)
Class C
8/31/2016	$	13.42	$	(0.04	)	$	1.98		$	1.94		$	—		$	—		$	—	$	—		$	—	$	15.36		14.46	%	$	5.2		2.51	%		2.25	%		(0.30	)%		43	%
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	%
Class R3
8/31/2016	$	13.60	$	0.02		$	2.00		$	2.02		$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	15.59		14.88	%	$	1.2		2.06	%		1.91	%		0.16	%		43	%
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	%
Class R6
8/31/2016	$	13.96	$	0.12		$	2.05		$	2.17		$	(0.11	)	$	—		$	—	$	(0.11	)	$	—	$	16.02		15.64	%	$	107.4		1.32	%		1.18	%		0.83	%		43	%
8/31/2015	$	17.91	$	0.14		$	(3.91	)	$	(3.77	)	$	(0.18	)	$	—		$	—	$	(0.18	)	$	—	$	13.96		(21.14	)%	$	88.1		1.34	%		1.18	%		0.88	%		36	%
8/31/2014	$	15.35	$	0.18		$	2.47		$	2.65		$	(0.09	)	$	—		$	—	$	(0.09	)	$	0.00	$	17.91		17.35	%^g	$	83.8		1.37	%		1.18	%		1.08	%		36	%
Period from 3/15/2013^{^} to 8/31/2013	$	16.85	$	0.13		$	(1.63	)	$	(1.50	)	$	—		$	—		$	—	$	—		$	—	$	15.35		(8.90	)%**	$	31.1		1.57	%*		1.18	%*		1.80	%*		36	%^Ø
Equity Income Fund
Institutional Class
8/31/2016	$	11.74	$	0.37		$	1.08		$	1.45		$	(0.32	)	$	(0.42	)	$	—	$	(0.74	)	$	—	$	12.45		13.03	%	$	1,076.5		0.69	%		0.69	%		3.18	%		49	%
8/31/2015	$	13.19	$	0.34		$	(0.92	)	$	(0.58	)	$	(0.30	)	$	(0.57	)	$	—	$	(0.87	)	$	—	$	11.74		(4.60	)%	$	1,443.7		0.68	%		0.68	%		2.66	%		48	%
8/31/2014	$	11.76	$	0.33		$	1.94		$	2.27		$	(0.33	)	$	(0.51	)	$	—	$	(0.84	)	$	0.00	$	13.19		20.11	%^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	%
Class A
8/31/2016	$	11.69	$	0.33		$	1.08		$	1.41		$	(0.28	)	$	(0.42	)	$	—	$	(0.70	)	$	—	$	12.40		12.64	%	$	243.1		1.07	%		1.07	%		2.81	%		49	%
8/31/2015	$	13.14	$	0.29		$	(0.93	)	$	(0.64	)	$	(0.24	)	$	(0.57	)	$	—	$	(0.81	)	$	—	$	11.69		(5.02	)%	$	289.5		1.05	%		1.05	%		2.26	%		48	%
8/31/2014	$	11.71	$	0.27		$	1.95		$	2.22		$	(0.28	)	$	(0.51	)	$	—	$	(0.79	)	$	0.00	$	13.14		19.72	%^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	%

See Notes to Financial Highlights

195

196

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Income Fund (cont'd)
Class C
8/31/2016	$	11.62	$	0.24	$	1.07		$	1.31		$	(0.19	)	$	(0.42	)	$	—	$	(0.61	)	$	—	$	12.32		11.77	%	$	334.1		1.81	%		1.81	%		2.07	%		49	%
8/31/2015	$	13.06	$	0.20	$	(0.92	)	$	(0.72	)	$	(0.15	)	$	(0.57	)	$	—	$	(0.72	)	$	—	$	11.62		(5.65	)%	$	390.0		1.79	%		1.79	%		1.55	%		48	%
8/31/2014	$	11.65	$	0.19	$	1.92		$	2.11		$	(0.19	)	$	(0.51	)	$	—	$	(0.70	)	$	0.00	$	13.06		18.77	%^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	%
Class R3
8/31/2016	$	11.67	$	0.30	$	1.07		$	1.37		$	(0.25	)	$	(0.42	)	$	—	$	(0.67	)	$	—	$	12.37		12.26	%	$	2.7		1.33	%		1.33	%		2.53	%		49	%
8/31/2015	$	13.12	$	0.26	$	(0.92	)	$	(0.66	)	$	(0.22	)	$	(0.57	)	$	—	$	(0.79	)	$	—	$	11.67		(5.22	)%	$	3.8		1.31	%		1.31	%		2.05	%		48	%
8/31/2014	$	11.69	$	0.25	$	1.93		$	2.18		$	(0.24	)	$	(0.51	)	$	—	$	(0.75	)	$	0.00	$	13.12		19.42	%^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	%
Focus Fund
Investor Class
8/31/2016	$	25.45	$	0.16	$	1.48		$	1.64		$	(0.18	)	$	(1.10	)	$	—	$	(1.28	)	$	—	$	25.81		6.68	%	$	626.8		0.94	%		0.94	%		0.63	%		89	%
8/31/2015	$	29.77	$	0.21	$	(0.15	)	$	0.06		$	(0.16	)	$	(4.22	)	$	—	$	(4.38	)	$	—	$	25.45		0.49	%	$	639.8		0.91	%		0.91	%		0.77	%		52	%
8/31/2014	$	26.90	$	0.18	$	5.57		$	5.75		$	(0.20	)	$	(2.68	)	$	—	$	(2.88	)	$	0.00	$	29.77		22.65	%^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	%
Trust Class
8/31/2016	$	16.24	$	0.07	$	0.93		$	1.00		$	(0.16	)	$	(1.10	)	$	—	$	(1.26	)	$	—	$	15.98		6.50	%	$	70.4		1.11	%		1.11	%		0.47	%		89	%
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	%
Advisor Class
8/31/2016	$	8.60	$	0.03	$	0.45		$	0.48		$	(0.18	)	$	(1.10	)	$	—	$	(1.28	)	$	—	$	7.80		6.33	%	$	3.9		1.26	%		1.26	%		0.33	%		89	%
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	%

See Notes to Financial Highlights

197

198

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Focus Fund (cont'd)
Institutional Class
8/31/2016	$	25.50	$	0.22		$	1.46		$	1.68		$	(0.22	)	$	(1.10	)	$	—	$	(1.32	)	$	—	$	25.86		6.86	%	$	6.8		0.76	%		0.75	%		0.89	%		89	%
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	%
Class A
8/31/2016	$	16.10	$	0.07		$	0.92		$	0.99		$	(0.17	)	$	(1.10	)	$	—	$	(1.27	)	$	—	$	15.82		6.52	%	$	3.2		1.15	%		1.11	%		0.48	%		89	%
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	%
Class C
8/31/2016	$	8.24	$	(0.02	)	$	0.44		$	0.42		$	(0.15	)	$	(1.10	)	$	—	$	(1.25	)	$	—	$	7.41		5.75	%	$	2.2		1.90	%		1.86	%		(0.27	)%		89	%
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	%
Genesis Fund
Investor Class
8/31/2016	$	36.31	$	0.09		$	3.43		$	3.52		$	(0.15	)	$	(5.55	)	$	—	$	(5.70	)	$	—	$	34.13		11.43	%	$	1,752.8		1.03	%		1.03	%		0.28	%		16	%
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	%
Trust Class
8/31/2016	$	59.01	$	0.12		$	5.97		$	6.09		$	(0.03	)	$	(5.55	)	$	—	$	(5.58	)	$	—	$	59.52		11.35	%	$	1,761.0		1.10	%		1.10	%		0.21	%		16	%
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	%

See Notes to Financial Highlights

199

200

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Genesis Fund (cont'd)
Advisor Class
8/31/2016	$	27.45	$	(0.02	)	$	2.46		$	2.44		$	(0.03	)	$	(5.55	)	$	—		$	(5.58	)	$	—	$	24.31		11.06	%	$	264.9		1.38	%		1.38	%		(0.07	)%		16	%
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	%
Institutional Class
8/31/2016	$	56.48	$	0.25		$	5.67		$	5.92		$	(0.21	)	$	(5.55	)	$	—		$	(5.76	)	$	—	$	56.64		11.62	%	$	3,483.9		0.85	%		0.85	%^§		0.47	%		16	%
8/31/2015	$	60.72	$	0.26		$	0.60		$	0.86		$	(0.19	)	$	(4.91	)	$	—		$	(5.10	)	$	—	$	56.48		1.68	%	$	3,685.0		0.85	%		0.85	%		0.45	%		13	%
8/31/2014	$	57.62	$	0.22		$	7.70		$	7.92		$	(0.32	)	$	(4.50	)	$	—		$	(4.82	)	$	0.00	$	60.72		13.82	%^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	%
Class R6
8/31/2016	$	56.50	$	0.29		$	5.67		$	5.96		$	(0.26	)	$	(5.55	)	$	—		$	(5.81	)	$	—	$	56.65		11.69	%	$	3,381.6		0.78	%		0.78	%^§		0.54	%		16	%
8/31/2015	$	60.75	$	0.30		$	0.60		$	0.90		$	(0.24	)	$	(4.91	)	$	—		$	(5.15	)	$	—	$	56.50		1.75	%	$	2,798.0		0.78	%		0.78	%		0.52	%		13	%
8/31/2014	$	57.63	$	0.28		$	7.70		$	7.98		$	(0.36	)	$	(4.50	)	$	—		$	(4.86	)	$	0.00	$	60.75		13.92	%^g	$	2,690.7		0.78	%		0.78	%^§		0.45	%		14	%
Period from 3/15/2013^{^} to 8/31/2013	$	53.91	$	0.18		$	3.54		$	3.72		$	—		$	—		$	—		$	—		$	—	$	57.63		6.90	%**	$	975.9		0.80	%*		0.78	%*		0.67	%*		20	%^Ø
Global Equity Fund
Institutional Class
8/31/2016	$	6.30	$	0.04		$	0.32		$	0.36		$	(0.01	)	$	—		$	—		$	(0.01	)	$	—	$	6.65		5.76	%	$	3.6		8.67	%		1.15	%		0.64	%		41	%
8/31/2015	$	11.22	$	0.03		$	(0.38	)	$	(0.35	)	$	(0.73	)	$	(3.84	)	$	—		$	(4.57	)	$	—	$	6.30		(3.16	)%	$	3.2		4.76	%		1.15	%		0.35	%		18	%
8/31/2014	$	9.49	$	0.06		$	1.80		$	1.86		$	(0.04	)	$	(0.09	)	$	—		$	(0.13	)	$	—	$	11.22		19.67	%	$	38.9		1.72	%		1.15	%		0.54	%		39	%
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	%
Class A
8/31/2016	$	6.23	$	0.02		$	0.32		$	0.34		$	—		$	—		$	—		$	—		$	—	$	6.57		5.46	%	$	0.5		9.12	%		1.51	%		0.31	%		41	%
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	%

See Notes to Financial Highlights

201

202

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Equity Fund (cont'd)
Class C
8/31/2016	$	6.01	$	(0.03	)	$	0.31		$	0.28		$	—		$	—		$	—		$	—		$	—	$	6.29		4.66	%	$	0.2		9.80	%		2.26	%		(0.45	)%		41	%
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	%
Global Real Estate Fund
Institutional Class
8/31/2016	$	9.32	$	0.17		$	1.35		$	1.52		$	(0.22	)	$	(0.00	)	$	—		$	(0.22	)	$	—	$	10.62		16.49	%	$	2.1		10.93	%		1.00	%		1.68	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.08		$	(0.67	)	$	(0.59	)	$	(0.09	)	$	—		$	—		$	(0.09	)	$	—	$	9.32		(5.92	)%**	$	1.9		13.21	%^b*		1.00	%^b*		1.22	%^b*		16	%**
Class A
8/31/2016	$	9.31	$	0.13		$	1.35		$	1.48		$	(0.18	)	$	(0.00	)	$	—		$	(0.18	)	$	—	$	10.61		16.09	%	$	0.7		11.31	%		1.36	%		1.32	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.06		$	(0.67	)	$	(0.61	)	$	(0.08	)	$	—		$	—		$	(0.08	)	$	—	$	9.31		(6.19	)%**	$	0.6		13.62	%^b*		1.36	%^b*		0.94	%^b*		16	%**
Class C
8/31/2016	$	9.30	$	0.06		$	1.34		$	1.40		$	(0.11	)	$	(0.00	)	$	—		$	(0.11	)	$	—	$	10.59		15.15	%	$	0.3		12.04	%		2.11	%		0.56	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.01		$	(0.67	)	$	(0.66	)	$	(0.04	)	$	—		$	—		$	(0.04	)	$	—	$	9.30		(6.64	)%**	$	0.2		15.16	%^b*		2.11	%^b*		0.11	%^b*		16	%**
Greater China Equity Fund
Institutional Class
8/31/2016	$	11.64	$	0.05		$	1.32		$	1.37		$	(0.10	)	$	(1.41	)	$	—		$	(1.51	)	$	—	$	11.50		12.09	%	$	93.3		1.76	%		1.51	%^{^^}		0.44	%		120	%
8/31/2015	$	12.17	$	0.10		$	0.17		$	0.27		$	(0.09	)	$	(0.71	)	$	—		$	(0.80	)	$	—	$	11.64		2.15	%	$	103.4		1.61	%		1.50	%^{^^}		0.75	%		176	%
8/31/2014	$	10.16	$	0.10		$	2.06		$	2.16		$	—		$	(0.15	)	$	—		$	(0.15	)	$	—	$	12.17		21.37	%	$	72.1		1.83	%		1.50	%		0.90	%		171	%
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
8/31/2016	$	11.56	$	(0.01	)	$	1.39		$	1.38		$	(0.03	)	$	(1.41	)	$	—		$	(1.44	)	$	—	$	11.50		12.19	%	$	2.1		2.19	%		1.87	%^{^^}		(0.08	)%		120	%
8/31/2015	$	12.14	$	0.05		$	0.17		$	0.22		$	(0.09	)	$	(0.71	)	$	—		$	(0.80	)	$	—	$	11.56		1.68	%	$	4.0		2.00	%		1.86	%^{^^}		0.34	%		176	%
8/31/2014	$	10.16	$	0.13		$	2.00		$	2.13		$	—		$	(0.15	)	$	—		$	(0.15	)	$	—	$	12.14		21.07	%	$	1.7		2.30	%		1.86	%		1.19	%		171	%
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	%**

See Notes to Financial Highlights

203

204

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater China Equity Fund (cont'd)
Class C
8/31/2016	$	11.45	$	(0.07	)	$	1.30		$	1.23		$	—		$	(1.41	)	$	—	$	(1.41	)	$	—	$	11.27		10.93	%	$	0.1		2.86	%		2.62	%^{^^}		(0.65	)%		120	%
8/31/2015	$	12.03	$	(0.07	)	$	0.20		$	0.13		$	—		$	(0.71	)	$	—	$	(0.71	)	$	—	$	11.45		0.93	%	$	0.2		2.80	%		2.61	%^{^^}		(0.52	)%		176	%
8/31/2014	$	10.15	$	(0.02	)	$	2.05		$	2.03		$	—		$	(0.15	)	$	—	$	(0.15	)	$	—	$	12.03		20.09	%	$	0.1		2.85	%		2.61	%		(0.20	)%		171	%
Period from 7/17/2013^{^} to 8/31/2013	$	10.00	$	(0.03	)	$	0.18		$	0.15		$	—		$	—		$	—	$	—		$	—	$	10.15		1.50	%**	$	0.1		19.16	%^b*		2.61	%^b*		(2.41	)%^b*		20	%**
Guardian Fund
Investor Class
8/31/2016	$	17.13	$	0.09		$	1.21		$	1.30		$	(0.12	)	$	(1.86	)	$	—	$	(1.98	)	$	—	$	16.45		8.45	%	$	993.3		0.93	%		0.93	%		0.58	%		99	%
8/31/2015	$	20.43	$	0.12		$	(0.64	)	$	(0.52	)	$	(0.15	)	$	(2.63	)	$	—	$	(2.78	)	$	—	$	17.13		(3.03	)%	$	1,034.9		0.87	%		0.87	%		0.65	%		31	%
8/31/2014	$	18.58	$	0.16		$	3.70		$	3.86		$	(0.10	)	$	(1.91	)	$	—	$	(2.01	)	$	0.00	$	20.43		21.87	%^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	%
Trust Class
8/31/2016	$	12.05	$	0.04		$	0.82		$	0.86		$	(0.09	)	$	(1.86	)	$	—	$	(1.95	)	$	—	$	10.96		8.31	%	$	70.6		1.08	%		1.08	%		0.41	%		99	%
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	%
Advisor Class
8/31/2016	$	14.33	$	0.03		$	0.99		$	1.02		$	(0.02	)	$	(1.86	)	$	—	$	(1.88	)	$	—	$	13.47		8.03	%	$	0.2		1.31	%		1.31	%^§		0.20	%		99	%
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	%
Institutional Class
8/31/2016	$	17.17	$	0.12		$	1.22		$	1.34		$	(0.15	)	$	(1.86	)	$	—	$	(2.01	)	$	—	$	16.50		8.68	%	$	59.0		0.72	%		0.72	%		0.73	%		99	%
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	%

See Notes to Financial Highlights

205

206

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Guardian Fund (cont'd)
Class A
8/31/2016	$	11.92	$	0.03		$	0.82		$	0.85		$	(0.09	)	$	(1.86	)	$	—	$	(1.95	)	$	—	$	10.82		8.32	%	$	6.6		1.07	%		1.07	%		0.27	%		99	%
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	%
Class C
8/31/2016	$	13.97	$	(0.04	)	$	0.96		$	0.92		$	—		$	(1.86	)	$	—	$	(1.86	)	$	—	$	13.03		7.47	%	$	2.4		1.85	%		1.85	%		(0.34	)%		99	%
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	%
Class R3
8/31/2016	$	14.31	$	0.02		$	0.99		$	1.01		$	(0.04	)	$	(1.86	)	$	—	$	(1.90	)	$	—	$	13.42		8.00	%	$	0.6		1.39	%		1.36	%		0.15	%		99	%
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	%
International Equity Fund
Investor Class
8/31/2016	$	19.78	$	0.24		$	0.67		$	0.91		$	(0.09	)	$	—		$	—	$	(0.09	)	$	—	$	20.60		4.60	%	$	104.0		1.26	%		1.08	%		1.20	%		30	%
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
8/31/2016	$	22.06	$	0.26		$	0.75		$	1.01		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	23.02		4.59	%	$	48.4		1.30	%		1.12	%		1.15	%		30	%
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

See Notes to Financial Highlights

207

208

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund (cont'd)
Institutional Class
8/31/2016	$	10.72	$	0.16	$	0.35		$	0.51		$	(0.14	)	$	—	$	—	$	(0.14	)	$	—	$	11.09		4.78	%	$	1,184.3		1.03	%		0.85	%^§		1.46	%		30	%
8/31/2015	$	11.32	$	0.13	$	(0.53	)	$	(0.40	)	$	(0.20	)	$	—	$	—	$	(0.20	)	$	—	$	10.72		(3.51	)%	$	886.5		1.07	%		0.85	%^§		1.11	%		25	%
8/31/2014	$	10.26	$	0.17	$	1.09		$	1.26		$	(0.20	)	$	—	$	—	$	(0.20	)	$	0.00	$	11.32		12.38	%^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	%
Class A
8/31/2016	$	22.00	$	0.23	$	0.75		$	0.98		$	(0.06	)	$	—	$	—	$	(0.06	)	$	—	$	22.92		4.48	%	$	104.9		1.40	%		1.21	%		1.05	%		30	%
8/31/2015	$	23.01	$	0.25	$	(1.15	)	$	(0.90	)	$	(0.11	)	$	—	$	—	$	(0.11	)	$	—	$	22.00		(3.90	)%	$	91.0		1.43	%		1.21	%^§		1.09	%		25	%
8/31/2014	$	20.69	$	0.28	$	2.19		$	2.47		$	(0.15	)	$	—	$	—	$	(0.15	)	$	0.00	$	23.01		11.98	%^g	$	26.2		1.45	%		1.21	%		1.23	%		34	%
Period from 1/28/2013^{^} to 8/31/2013	$	20.05	$	0.19	$	0.45		$	0.64		$	—		$	—	$	—	$	—		$	—	$	20.69		3.19	%**	$	12.8		1.55	%*		1.28	%*		1.57	%*		44	%^Øa
Class C
8/31/2016	$	21.65	$	0.08	$	0.72		$	0.80		$	—		$	—	$	—	$	—		$	—	$	22.45		3.70	%	$	14.7		2.16	%		1.96	%		0.37	%		30	%
8/31/2015	$	22.72	$	0.00	$	(1.05	)	$	(1.05	)	$	(0.02	)	$	—	$	—	$	(0.02	)	$	—	$	21.65		(4.61	)%	$	11.2		2.18	%		1.96	%		0.02	%		25	%
8/31/2014	$	20.50	$	0.13	$	2.15		$	2.28		$	(0.06	)	$	—	$	—	$	(0.06	)	$	0.00	$	22.72		11.16	%^g	$	6.1		2.21	%		1.96	%		0.59	%		34	%
Period from 1/28/2013^{^} to 8/31/2013	$	19.97	$	0.09	$	0.44		$	0.53		$	—		$	—	$	—	$	—		$	—	$	20.50		2.65	%**	$	1.9		2.51	%*		2.08	%*		0.74	%*		44	%^Øa
Class R6
8/31/2016	$	10.81	$	0.16	$	0.38		$	0.54		$	(0.15	)	$	—	$	—	$	(0.15	)	$	—	$	11.20		5.02	%	$	46.7		0.96	%		0.78	%		1.49	%		30	%
8/31/2015	$	11.42	$	0.14	$	(0.54	)	$	(0.40	)	$	(0.21	)	$	—	$	—	$	(0.21	)	$	—	$	10.81		(3.49	)%	$	32.7		0.99	%		0.77	%^§		1.24	%		25	%
Period from 9/3/2013^{^} to 8/31/2014	$	10.26	$	0.08	$	1.19		$	1.27		$	(0.11	)	$	—	$	—	$	(0.11	)	$	0.00	$	11.42		12.46	%**^g	$	21.9		1.12	%*		0.79	%*		0.73	%*		34	%^Ø
International Select Fund
Trust Class
8/31/2016	$	10.59	$	0.11	$	0.27		$	0.38		$	(0.09	)	$	—	$	—	$	(0.09	)	$	—	$	10.88		3.65	%	$	7.8		1.39	%		1.25	%		1.06	%		22	%
8/31/2015	$	11.21	$	0.09	$	(0.59	)	$	(0.50	)	$	(0.12	)	$	—	$	—	$	(0.12	)	$	—	$	10.59		(4.47	)%	$	10.2		1.33	%		1.25	%		0.76	%		24	%
8/31/2014	$	10.14	$	0.13	$	1.04		$	1.17		$	(0.10	)	$	—	$	—	$	(0.10	)	$	0.00	$	11.21		11.56	%^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	%

See Notes to Financial Highlights

209

210

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Select Fund (cont'd)
Institutional Class
8/31/2016	$	10.58	$	0.16		$	0.25		$	0.41		$	(0.13	)	$	—		$	—	$	(0.13	)	$	—	$	10.86		3.94	%	$	211.7		0.94	%		0.90	%		1.51	%		22	%
8/31/2015	$	11.21	$	0.13		$	(0.60	)	$	(0.47	)	$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	10.58		(4.18	)%	$	216.4		0.93	%		0.90	%		1.16	%		24	%
8/31/2014	$	10.14	$	0.18		$	1.03		$	1.21		$	(0.14	)	$	—		$	—	$	(0.14	)	$	0.00	$	11.21		11.98	%^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	%
Class A
8/31/2016	$	10.51	$	0.13		$	0.26		$	0.39		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	10.80		3.69	%	$	4.6		1.33	%		1.24	%		1.25	%		22	%
8/31/2015	$	11.14	$	0.08		$	(0.59	)	$	(0.51	)	$	(0.12	)	$	—		$	—	$	(0.12	)	$	—	$	10.51		(4.62	)%	$	3.8		1.31	%		1.24	%		0.71	%		24	%
8/31/2014	$	10.07	$	0.14		$	1.03		$	1.17		$	(0.10	)	$	—		$	—	$	(0.10	)	$	0.00	$	11.14		11.69	%^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	%
Class C
8/31/2016	$	10.36	$	0.04		$	0.26		$	0.30		$	(0.02	)	$	—		$	—	$	(0.02	)	$	—	$	10.64		2.89	%	$	3.2		2.06	%		2.00	%		0.39	%		22	%
8/31/2015	$	10.97	$	0.01		$	(0.58	)	$	(0.57	)	$	(0.04	)	$	—		$	—	$	(0.04	)	$	—	$	10.36		(5.23	)%	$	3.7		2.04	%		2.00	%		0.06	%		24	%
8/31/2014	$	9.93	$	0.05		$	1.02		$	1.07		$	(0.03	)	$	—		$	—	$	(0.03	)	$	0.00	$	10.97		10.79	%^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	%
Class R3
8/31/2016	$	10.43	$	0.10		$	0.25		$	0.35		$	(0.07	)	$	—		$	—	$	(0.07	)	$	—	$	10.71		3.33	%	$	3.8		1.57	%		1.51	%		0.95	%		22	%
8/31/2015	$	11.05	$	0.06		$	(0.58	)	$	(0.52	)	$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	10.43		(4.71	)%	$	3.4		1.55	%		1.51	%		0.56	%		24	%
8/31/2014	$	10.01	$	0.11		$	1.02		$	1.13		$	(0.09	)	$	—		$	—	$	(0.09	)	$	0.00	$	11.05		11.35	%^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	%
Intrinsic Value Fund
Institutional Class
8/31/2016	$	14.34	$	(0.05	)	$	0.43		$	0.38		$	—		$	(0.70	)	$	—	$	(0.70	)	$	—	$	14.02		2.96	%	$	611.3		1.08	%		1.00	%		(0.38	)%		17	%
8/31/2015	$	14.98	$	(0.06	)	$	0.21		$	0.15		$	—		$	(0.79	)	$	—	$	(0.79	)	$	—	$	14.34		1.36	%	$	420.3		1.10	%		1.00	%		(0.41	)%		22	%
8/31/2014	$	12.81	$	(0.06	)	$	2.80		$	2.74		$	(0.03	)	$	(0.54	)	$	—	$	(0.57	)	$	0.00	$	14.98		21.74	%^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	%

See Notes to Financial Highlights

211

212

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Intrinsic Value Fund (cont'd)
Class A
8/31/2016	$	14.06	$	(0.10	)	$	0.42		$	0.32		$	—		$	(0.70	)	$	—	$	(0.70	)	$	—	$	13.68		2.58	%	$	44.5		1.48	%		1.36	%		(0.72	)%		17	%
8/31/2015	$	14.76	$	(0.11	)	$	0.20		$	0.09		$	—		$	(0.79	)	$	—	$	(0.79	)	$	—	$	14.06		0.96	%	$	44.3		1.50	%		1.36	%		(0.77	)%		22	%
8/31/2014	$	12.65	$	(0.11	)	$	2.76		$	2.65		$	(0.00	)	$	(0.54	)	$	—	$	(0.54	)	$	0.00	$	14.76		21.31	%^g	$	13.5		1.51	%		1.36	%		(0.77	)%		24	%
8/31/2013	$	10.16	$	0.00		$	2.67		$	2.67		$	—		$	(0.18	)	$	—	$	(0.18	)	$	—	$	12.65		26.61	%	$	13.9		1.58	%		1.36	%		0.01	%		25	%
8/31/2012	$	10.22	$	(0.05	)	$	1.07		$	1.02		$	—		$	(1.08	)	$	—	$	(1.08	)	$	—	$	10.16		11.62	%	$	8.4		1.61	%		1.36	%		(0.51	)%		30	%
Class C
8/31/2016	$	13.48	$	(0.18	)	$	0.39		$	0.21		$	—		$	(0.70	)	$	—	$	(0.70	)	$	—	$	12.99		1.85	%	$	25.2		2.20	%		2.11	%		(1.47	)%		17	%
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	%
Large Cap Value Fund
Investor Class
8/31/2016	$	27.46	$	0.31		$	2.85		$	3.16		$	(0.31	)	$	(2.06	)	$	—	$	(2.37	)	$	—	$	28.25		13.16	%	$	1,069.8		0.90	%		0.90	%		1.20	%		126	%
8/31/2015	$	33.92	$	0.33		$	(2.51	)	$	(2.18	)	$	(0.29	)	$	(3.99	)	$	—	$	(4.28	)	$	—	$	27.46		(7.19	)%	$	1,045.6		0.86	%		0.86	%		1.08	%		153	%
8/31/2014	$	32.40	$	0.34		$	6.62		$	6.96		$	(0.42	)	$	(5.02	)	$	—	$	(5.44	)	$	0.00	$	33.92		23.57	%^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	%
Trust Class
8/31/2016	$	18.74	$	0.18		$	1.80		$	1.98		$	(0.28	)	$	(2.06	)	$	—	$	(2.34	)	$	—	$	18.38		12.97	%	$	77.6		1.07	%		1.07	%		1.03	%		126	%
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	%
Advisor Class
8/31/2016	$	14.63	$	0.11		$	1.32		$	1.43		$	(0.28	)	$	(2.06	)	$	—	$	(2.34	)	$	—	$	13.72		12.81	%	$	145.9		1.22	%		1.22	%		0.88	%		126	%
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	%

See Notes to Financial Highlights

213

214

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund (cont'd)
Institutional Class
8/31/2016	$	27.64	$	0.36		$	2.87		$	3.23		$	(0.34	)	$	(2.06	)	$	—	$	(2.40	)	$	—	$	28.47		13.38	%	$	56.2		0.71	%		0.70	%		1.38	%		126	%
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	%
Class A
8/31/2016	$	18.74	$	0.17		$	1.80		$	1.97		$	(0.29	)	$	(2.06	)	$	—	$	(2.35	)	$	—	$	18.36		12.94	%	$	3.2		1.09	%		1.09	%		1.02	%		126	%
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	%
Class C
8/31/2016	$	13.94	$	0.03		$	1.24		$	1.27		$	(0.16	)	$	(2.06	)	$	—	$	(2.22	)	$	—	$	12.99		12.09	%	$	2.1		1.83	%		1.83	%		0.26	%		126	%
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	%
Class R3
8/31/2016	$	14.82	$	0.10		$	1.33		$	1.43		$	(0.26	)	$	(2.06	)	$	—	$	(2.32	)	$	—	$	13.93		12.58	%	$	0.1		1.54	%		1.36	%		0.75	%		126	%
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	%
Mid Cap Growth Fund
Investor Class
8/31/2016	$	14.29	$	(0.04	)	$	(0.26	)	$	(0.30	)	$	—		$	(1.12	)	$	—	$	(1.12	)	$	0.01	$	12.88		(1.70	)%^h	$	415.1		0.95	%		0.95	%		(0.34	)%		63	%
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	%

See Notes to Financial Highlights

215

216

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund (cont'd)
Trust Class
8/31/2016	$	23.90	$	(0.08	)	$	(0.42	)	$	(0.50	)	$	—	$	(1.12	)	$	—	$	(1.12	)	$	0.03	$	22.31		(1.77	)%^h	$	66.7		0.98	%		0.98	%		(0.37	)%		63	%
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	%
Advisor Class
8/31/2016	$	24.31	$	(0.14	)	$	(0.42	)	$	(0.56	)	$	—	$	(1.12	)	$	—	$	(1.12	)	$	0.02	$	22.65		(2.04	)%^h	$	11.5		1.24	%		1.24	%		(0.63	)%		63	%
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	%
Institutional Class
8/31/2016	$	14.59	$	(0.02	)	$	(0.27	)	$	(0.29	)	$	—	$	(1.12	)	$	—	$	(1.12	)	$	0.02	$	13.20		(1.52	)%^h	$	307.6		0.75	%		0.75	%^§		(0.14	)%		63	%
8/31/2015	$	14.89	$	(0.05	)	$	1.51		$	1.46		$	—	$	(1.76	)	$	—	$	(1.76	)	$	—	$	14.59		10.98	%	$	423.3		0.75	%		0.75	%^§		(0.34	)%		50	%
8/31/2014	$	13.56	$	(0.04	)	$	2.37		$	2.33		$	—	$	(1.00	)	$	—	$	(1.00	)	$	0.00	$	14.89		17.74	%^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	%
Class A
8/31/2016	$	23.85	$	(0.11	)	$	(0.42	)	$	(0.53	)	$	—	$	(1.12	)	$	—	$	(1.12	)	$	0.03	$	22.23		(1.91	)%^h	$	76.9		1.11	%		1.11	%^§		(0.51	)%		63	%
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	%
Class C
8/31/2016	$	23.70	$	(0.26	)	$	(0.41	)	$	(0.67	)	$	—	$	(1.12	)	$	—	$	(1.12	)	$	0.01	$	21.92		(2.62	)%^h	$	10.9		1.88	%		1.86	%		(1.24	)%		63	%
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	%

See Notes to Financial Highlights

217

218

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund (cont'd)
Class R3
8/31/2016	$	24.31	$	(0.16	)	$	(0.42	)	$	(0.58	)	$	—		$	(1.12	)	$	—	$	(1.12	)	$	0.02	$	22.63		(2.12	)%^h	$	13.7		1.38	%		1.36	%		(0.74	)%		63	%
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	%
Class R6
8/31/2016	$	14.62	$	(0.00	)	$	(0.27	)	$	(0.27	)	$	—		$	(1.12	)	$	—	$	(1.12	)	$	0.01	$	13.24		(1.44	)%^h	$	193.7		0.66	%		0.66	%		(0.02	)%		63	%
8/31/2015	$	14.91	$	(0.04	)	$	1.51		$	1.47		$	—		$	(1.76	)	$	—	$	(1.76	)	$	—	$	14.62		11.04	%	$	88.6		0.67	%		0.67	%^§		(0.26	)%		50	%
8/31/2014	$	13.57	$	(0.03	)	$	2.38		$	2.35		$	—		$	(1.01	)	$	—	$	(1.01	)	$	0.00	$	14.91		17.89	%^g	$	22.5		0.68	%		0.68	%		(0.21	)%		63	%
Period from 3/15/2013^{^} to 8/31/2013	$	12.77	$	(0.01	)	$	0.81		$	0.80		$	—		$	—		$	—	$	—		$	—	$	13.57		6.26	%**	$	0.1		7.22	%*		0.68	%*		(0.13	)%*		46	%^Ø
Mid Cap Intrinsic Value Fund
Investor Class
8/31/2016	$	20.99	$	0.16		$	0.79		$	0.95		$	(0.10	)	$	(2.13	)	$	—	$	(2.23	)	$	—	$	19.71		5.85	%	$	37.9		1.30	%		1.15	%		0.86	%		29	%
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	%
Trust Class
8/31/2016	$	17.71	$	0.12		$	0.64		$	0.76		$	(0.10	)	$	(2.13	)	$	—	$	(2.23	)	$	—	$	16.24		5.80	%	$	10.3		1.48	%		1.25	%		0.77	%		29	%
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	%
Institutional Class
8/31/2016	$	21.02	$	0.22		$	0.79		$	1.01		$	(0.15	)	$	(2.13	)	$	—	$	(2.28	)	$	—	$	19.75		6.18	%	$	22.7		1.09	%		0.85	%		1.18	%		29	%
8/31/2015	$	23.59	$	0.13		$	(0.37	)	$	(0.24	)	$	(0.25	)	$	(2.08	)	$	—	$	(2.33	)	$	—	$	21.02		(0.90	)%	$	34.0		1.07	%		0.85	%		0.59	%		50	%
8/31/2014	$	20.33	$	0.33		$	4.17		$	4.50		$	(0.37	)	$	(0.87	)	$	—	$	(1.24	)	$	0.00	$	23.59		22.99	%^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	%

See Notes to Financial Highlights

219

220

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund (cont'd)
Class A
8/31/2016	$	17.70	$	0.13		$	0.62		$	0.75		$	(0.11	)	$	(2.13	)	$	—	$	(2.24	)	$	—	$	16.21		5.76	%	$	13.3		1.49	%		1.21	%		0.81	%		29	%
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	%
Class C
8/31/2016	$	17.45	$	0.01		$	0.61		$	0.62		$	(0.06	)	$	(2.13	)	$	—	$	(2.19	)	$	—	$	15.88		5.01	%	$	3.7		2.23	%		1.96	%		0.05	%		29	%
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	%
Class R3
8/31/2016	$	17.70	$	0.09		$	0.62		$	0.71		$	(0.09	)	$	(2.13	)	$	—	$	(2.22	)	$	—	$	16.19		5.54	%	$	1.4		1.75	%		1.46	%		0.56	%		29	%
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	%
Multi-Cap Opportunities Fund
Institutional Class
8/31/2016	$	15.31	$	0.15		$	1.18		$	1.33		$	(0.15	)	$	(0.41	)	$	—	$	(0.56	)	$	—	$	16.08		8.94	%	$	1,757.2		0.76	%		0.76	%		0.99	%		18	%
8/31/2015	$	16.27	$	0.13		$	(0.43	)	$	(0.30	)	$	(0.15	)	$	(0.51	)	$	—	$	(0.66	)	$	—	$	15.31		(1.80	)%	$	2,191.4		0.73	%		0.73	%		0.84	%		27	%
8/31/2014	$	13.56	$	0.16		$	2.88		$	3.04		$	(0.11	)	$	(0.22	)	$	—	$	(0.33	)	$	0.00	$	16.27		22.65	%^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	%
Class A
8/31/2016	$	15.18	$	0.09		$	1.17		$	1.26		$	(0.08	)	$	(0.41	)	$	—	$	(0.49	)	$	—	$	15.95		8.53	%	$	73.0		1.11	%		1.11	%		0.62	%		18	%
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	%

See Notes to Financial Highlights

221

222

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Multi-Cap Opportunities Fund (cont'd)
Class C
8/31/2016	$	14.73	$	(0.02	)	$	1.13		$	1.11		$	(0.01	)	$	(0.41	)	$	—	$	(0.42	)	$	—	$	15.42		7.73	%	$	39.6		1.85	%		1.85	%		(0.11	)%		18	%
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	%
Real Estate Fund
Trust Class
8/31/2016	$	13.60	$	0.19		$	2.60		$	2.79		$	(0.20	)	$	(1.07	)	$	—	$	(1.27	)	$	—	$	15.12		21.59	%	$	212.4		1.41	%		1.04	%		1.34	%		49	%
8/31/2015	$	14.70	$	0.18		$	(0.37	)	$	(0.19	)	$	(0.18	)	$	(0.73	)	$	—	$	(0.91	)	$	—	$	13.60		(1.54	)%	$	250.8		1.39	%		1.04	%		1.24	%		33	%
8/31/2014	$	12.96	$	0.16		$	2.56		$	2.72		$	(0.17	)	$	(0.81	)	$	—	$	(0.98	)	$	0.00	$	14.70		22.36	%^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	%
Institutional Class
8/31/2016	$	13.64	$	0.22		$	2.61		$	2.83		$	(0.23	)	$	(1.07	)	$	—	$	(1.30	)	$	—	$	15.17		21.84	%	$	259.1		1.05	%		0.85	%		1.53	%		49	%
8/31/2015	$	14.74	$	0.21		$	(0.37	)	$	(0.16	)	$	(0.21	)	$	(0.73	)	$	—	$	(0.94	)	$	—	$	13.64		(1.34	)%	$	336.5		1.03	%		0.85	%		1.42	%		33	%
8/31/2014	$	12.99	$	0.18		$	2.57		$	2.75		$	(0.19	)	$	(0.81	)	$	—	$	(1.00	)	$	0.00	$	14.74		22.63	%^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	%
Class A
8/31/2016	$	13.60	$	0.17		$	2.60		$	2.77		$	(0.18	)	$	(1.07	)	$	—	$	(1.25	)	$	—	$	15.12		21.37	%	$	118.8		1.42	%		1.21	%		1.16	%		49	%
8/31/2015	$	14.69	$	0.15		$	(0.35	)	$	(0.20	)	$	(0.16	)	$	(0.73	)	$	—	$	(0.89	)	$	—	$	13.60		(1.65	)%	$	137.0		1.41	%		1.21	%		1.04	%		33	%
8/31/2014	$	12.95	$	0.14		$	2.55		$	2.69		$	(0.14	)	$	(0.81	)	$	—	$	(0.95	)	$	0.00	$	14.69		22.17	%^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	%
Class C
8/31/2016	$	13.60	$	0.06		$	2.60		$	2.66		$	(0.07	)	$	(1.07	)	$	—	$	(1.14	)	$	—	$	15.12		20.45	%	$	29.3		2.17	%		1.96	%		0.39	%		49	%
8/31/2015	$	14.68	$	0.04		$	(0.35	)	$	(0.31	)	$	(0.04	)	$	(0.73	)	$	—	$	(0.77	)	$	—	$	13.60		(2.38	)%	$	29.9		2.17	%		1.96	%		0.30	%		33	%
8/31/2014	$	12.94	$	0.04		$	2.55		$	2.59		$	(0.04	)	$	(0.81	)	$	—	$	(0.85	)	$	0.00	$	14.68		21.24	%^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	%

See Notes to Financial Highlights

223

224

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Real Estate Fund (cont'd)
Class R3
8/31/2016	$	13.58	$	0.12		$	2.60		$	2.72		$	(0.14	)	$	(1.07	)	$	—	$	(1.21	)	$	—	$	15.09		21.03	%	$	25.0		1.68	%		1.46	%		0.87	%		49	%
8/31/2015	$	14.68	$	0.12		$	(0.37	)	$	(0.25	)	$	(0.12	)	$	(0.73	)	$	—	$	(0.85	)	$	—	$	13.58		(1.94	)%	$	22.4		1.66	%		1.46	%		0.81	%		33	%
8/31/2014	$	12.94	$	0.10		$	2.56		$	2.66		$	(0.11	)	$	(0.81	)	$	—	$	(0.92	)	$	0.00	$	14.68		21.89	%^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	%
Class R6
8/31/2016	$	13.64	$	0.21		$	2.62		$	2.83		$	(0.24	)	$	(1.07	)	$	—	$	(1.31	)	$	—	$	15.16		21.85	%	$	45.0		0.98	%		0.78	%		1.48	%		49	%
8/31/2015	$	14.74	$	0.21		$	(0.36	)	$	(0.15	)	$	(0.22	)	$	(0.73	)	$	—	$	(0.95	)	$	—	$	13.64		(1.26	)%	$	29.9		0.97	%		0.78	%		1.40	%		33	%
8/31/2014	$	12.99	$	0.18		$	2.59		$	2.77		$	(0.21	)	$	(0.81	)	$	—	$	(1.02	)	$	0.00	$	14.74		22.72	%^g	$	26.3		0.98	%		0.78	%		1.33	%		36	%
Period from 3/15/2013^{^} to 8/31/2013	$	14.11	$	0.06		$	(1.04	)	$	(0.98	)	$	(0.02	)	$	(0.12	)	$	—	$	(0.14	)	$	—	$	12.99		(6.96	)%**	$	8.3		1.11	%*		0.78	%*		0.95	%*		33	%^Ø
Small Cap Growth Fund
Investor Class
8/31/2016	$	29.50	$	(0.21	)	$	(0.77	)	$	(0.98	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	26.97		(3.16	)%	$	44.0		1.87	%		1.21	%		(0.83	)%		164	%
8/31/2015	$	27.44	$	(0.28	)	$	2.34		$	2.06		$	—		$	—		$	—	$	—		$	—	$	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	%
Trust Class
8/31/2016	$	31.89	$	(0.27	)	$	(0.82	)	$	(1.09	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	29.25		(3.27	)%	$	4.4		1.93	%		1.37	%		(0.99	)%		164	%
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	%
Advisor Class
8/31/2016	$	21.03	$	(0.20	)	$	(0.56	)	$	(0.76	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	18.72		(3.40	)%	$	2.1		2.08	%		1.51	%		(1.13	)%		164	%
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	%

See Notes to Financial Highlights

225

226

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Institutional Class
8/31/2016	$	30.11	$	(0.14	)	$	(0.76	)	$	(0.90	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	27.66		(2.82	)%	$	9.4		1.55	%		0.90	%		(0.53	)%		164	%
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	%
Class A
8/31/2016	$	32.15	$	(0.25	)	$	(0.82	)	$	(1.07	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	29.53		(3.18	)%	$	3.5		1.95	%		1.26	%		(0.88	)%		164	%
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	%
Class C
8/31/2016	$	20.44	$	(0.28	)	$	(0.56	)	$	(0.84	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	18.05		(3.92	)%	$	1.8		2.68	%		2.01	%		(1.63	)%		164	%
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	%
Class R3
8/31/2016	$	21.09	$	(0.20	)	$	(0.57	)	$	(0.77	)	$	—		$	(1.55	)	$	—	$	(1.55	)	$	—	$	18.77		(3.44	)%	$	1.1		2.24	%		1.51	%		(1.12	)%		164	%
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	%
Socially Responsive Fund
Investor Class
8/31/2016	$	33.23	$	0.24		$	3.10		$	3.34		$	(0.22	)	$	(1.85	)	$	—	$	(2.07	)	$	—	$	34.50		10.49	%	$	739.0		0.86	%		0.86	%		0.74	%		25	%
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	%

See Notes to Financial Highlights

227

228

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Socially Responsive Fund (cont'd)
Trust Class
8/31/2016	$	20.47	$	0.11		$	1.85		$	1.96		$	(0.21	)	$	(1.85	)	$	—	$	(2.06	)	$	—	$	20.37		10.29	%	$	270.6		1.03	%		1.03	%		0.58	%		25	%
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	%
Institutional Class
8/31/2016	$	33.28	$	0.30		$	3.11		$	3.41		$	(0.29	)	$	(1.85	)	$	—	$	(2.14	)	$	—	$	34.55		10.70	%	$	745.5		0.67	%		0.67	%		0.93	%		25	%
8/31/2015	$	37.00	$	0.33		$	(0.12	)	$	0.21		$	(0.33	)	$	(3.60	)	$	—	$	(3.93	)	$	—	$	33.28		0.46	%	$	714.8		0.67	%		0.67	%		0.94	%		28	%
8/31/2014	$	32.70	$	0.37		$	6.49		$	6.86		$	(0.35	)	$	(2.21	)	$	—	$	(2.56	)	$	0.00	$	37.00		21.76	%^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	%
Class A
8/31/2016	$	20.28	$	0.11		$	1.83		$	1.94		$	(0.22	)	$	(1.85	)	$	—	$	(2.07	)	$	—	$	20.15		10.27	%	$	131.6		1.05	%		1.05	%		0.56	%		25	%
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	%
Class C
8/31/2016	$	19.74	$	(0.04	)	$	1.78		$	1.74		$	(0.07	)	$	(1.85	)	$	—	$	(1.92	)	$	—	$	19.56		9.44	%	$	53.5		1.79	%		1.79	%		(0.19	)%		25	%
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	%
Class R3
8/31/2016	$	20.07	$	0.06		$	1.81		$	1.87		$	(0.17	)	$	(1.85	)	$	—	$	(2.02	)	$	—	$	19.92		10.01	%	$	33.3		1.29	%		1.29	%		0.30	%		25	%
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	%

See Notes to Financial Highlights

229

230

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Socially Responsive Fund (cont'd)
Class R6
8/31/2016	$	33.30	$	0.32		$	3.11		$	3.43		$	(0.31	)	$	(1.85	)	$	—	$	(2.16	)	$	—	$	34.57		10.78	%	$	373.4		0.60	%		0.60	%		0.96	%		25	%
8/31/2015	$	37.03	$	0.36		$	(0.14	)	$	0.22		$	(0.35	)	$	(3.60	)	$	—	$	(3.95	)	$	—	$	33.30		0.51	%	$	222.4		0.60	%		0.60	%		1.02	%		28	%
8/31/2014	$	32.71	$	0.39		$	6.51		$	6.90		$	(0.37	)	$	(2.21	)	$	—	$	(2.58	)	$	0.00	$	37.03		21.88	%^g	$	279.6		0.60	%		0.60	%		1.11	%		36	%
Period from 3/15/2013^{^} to 8/31/2013	$	31.16	$	0.14		$	1.41		$	1.55		$	—		$	—		$	—	$	—		$	—	$	32.71		4.97	%**	$	249.6		0.62	%*		0.62	%*		0.94	%*		35	%^Ø
Value Fund
Institutional Class
8/31/2016	$	14.35	$	0.20		$	1.61		$	1.81		$	(0.23	)	$	(0.21	)	$	—	$	(0.44	)	$	—	$	15.72		13.23	%	$	9.1		2.68	%		0.72	%^{^^}		1.40	%		118	%
8/31/2015	$	16.51	$	0.19		$	(1.35	)	$	(1.16	)	$	(0.15	)	$	(0.85	)	$	—	$	(1.00	)	$	—	$	14.35		(7.42	)%	$	13.1		1.82	%		0.70	%		1.24	%		166	%
8/31/2014	$	13.52	$	0.17		$	2.92		$	3.09		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	16.51		22.98	%	$	12.6		2.41	%		0.70	%		1.12	%		129	%
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	%
Class A
8/31/2016	$	14.25	$	0.14		$	1.60		$	1.74		$	(0.16	)	$	(0.21	)	$	—	$	(0.37	)	$	—	$	15.62		12.70	%	$	3.8		3.08	%		1.10	%^{^^}		1.02	%		118	%
8/31/2015	$	16.40	$	0.13		$	(1.33	)	$	(1.20	)	$	(0.10	)	$	(0.85	)	$	—	$	(0.95	)	$	—	$	14.25		(7.71	)%	$	7.3		2.21	%		1.08	%		0.84	%		166	%
8/31/2014	$	13.44	$	0.11		$	2.90		$	3.01		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	16.40		22.43	%	$	8.0		2.80	%		1.10	%		0.74	%		129	%
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	%
Class C
8/31/2016	$	14.02	$	0.04		$	1.57		$	1.61		$	(0.09	)	$	(0.21	)	$	—	$	(0.30	)	$	—	$	15.33		11.92	%	$	0.5		3.87	%		1.84	%^{^^}		0.29	%		118	%
8/31/2015	$	16.18	$	0.01		$	(1.32	)	$	(1.31	)	$	(0.00	)	$	(0.85	)	$	—	$	(0.85	)	$	—	$	14.02		(8.44	)%	$	0.5		2.98	%		1.83	%		0.07	%		166	%
8/31/2014	$	13.31	$	(0.01	)	$	2.88		$	2.87		$	—		$	—		$	—	$	—		$	—	$	16.18		21.56	%	$	0.6		3.57	%		1.86	%		(0.05	)%		129	%
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	%

See Notes to Financial Highlights

231

232

Notes to Financial Highlights Equity Funds

† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

# 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) 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 without taking into consideration any expense reductions related to expense offset arrangements. Had Greater China Equity and Value not utilized the Line of Credit, or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:

	Year Ended August 31,
	2016			2015
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	%
Value Institutional Class		0.71	%		—
Value Class A		1.10	%		—
Value Class C		1.84	%		—

§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:

	Year Ended August 31,
	2016			2015			2014			2013			2012
Equity Income Institutional Class		—			—			—			—			0.70	%
Equity Income Class A		—			—			—			—			1.07	%
Equity Income Class C		—			—			—			—			1.82	%
Equity Income Class R3		—			—			1.32	%		1.31	%		1.35	%
Genesis Institutional Class		0.85	%		—			0.85	%		—			—
Genesis Class R6		0.78	%		—			0.78	%		—			—
Guardian Advisor Class		1.26	%		—			—			1.30	%		1.33	%
Guardian Institutional Class		—			—			—			—			0.74	%
Guardian Class A		—			—			1.08	%		1.10	%		—
Guardian Class C		—			—			1.84	%		—			—
International Equity Institutional Class		0.85	%		0.83	%		—			—			—

233

Notes to Financial Highlights Equity Funds (cont'd)

	Year Ended August 31,
	2016			2015			2014			2013			2012
International Equity Class A		—			1.20	%		—			—			—
International Equity Class R6		—			0.76	%		—			—			—
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	%
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 Class A		—			—			—			1.08	%		1.11	%
Socially Responsive Class C		—			—			—			1.83	%		—
Socially Responsive Class R3		—			—			—			—			1.32	%

^ The date investment operations commenced.

@ 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, 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.

234

Notes to Financial Highlights Equity Funds (cont'd)

d Except for the Fund classes listed below, the class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the year ended August 31, 2016. Had the Fund classes listed below not received class action proceeds in 2016, total return based on per share NAV for the year ended August 31, 2016 would have been:

Small Cap Growth Investor Class	(3.27	)%
Small Cap Growth Trust Class	(3.40	)%
Small Cap Growth Advisor Class	(3.50	)%
Small Cap Growth Institutional Class	(2.99	)%
Small Cap Growth Class A	(3.31	)%
Small Cap Growth Class C	(4.02	)%
Small Cap Growth Class R3	(3.54	)%

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	%		—

g The voluntary contributions received in 2014 had no impact on the Funds' total returns for the year ended August 31, 2014.

235

Notes to Financial Highlights Equity Funds (cont'd)

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 year ended August 31, 2016, would have been:

Mid Cap Growth Investor Class	(1.78	)%
Mid Cap Growth Trust Class	(1.90	)%
Mid Cap Growth Advisor Class	(2.13	)%
Mid Cap Growth Institutional Class	(1.66	)%
Mid Cap Growth Class A	(2.04	)%
Mid Cap Growth Class C	(2.66	)%
Mid Cap Growth Class R3	(2.21	)%
Mid Cap Growth Class R6	(1.51	)%

236

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Global Real Estate Fund, Neuberger Berman Greater China Equity Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Real Estate Fund, and Neuberger Berman Value Fund, fourteen of the series constituting Neuberger Berman Equity Funds (the "Trust") as of August 31, 2016, and the related statements of operations for the period then ended, the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2016, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

237

Report of Independent Registered Public Accounting Firm

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above-mentioned series of the Neuberger Berman Equity Funds, at August 31, 2016, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
October 24, 2016

238

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
Neuberger Berman Equity Funds

We have audited the accompanying statements of assets and liabilities of the Neuberger Berman Intrinsic Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Small Cap Growth Fund, and Neuberger Berman Socially Responsive Fund, each a series of Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2016, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above mentioned series of the Trust, as of August 31, 2016, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
October 17, 2016

239

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