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
International Small Cap Fund
Intrinsic Value Fund
Large Cap Value Fund
Mid Cap Growth Fund
Mid Cap Intrinsic Value Fund
Multi-Cap Opportunities Fund
Real Estate Fund
Small Cap Growth Fund
Socially Responsive Fund
Value Fund
Semi-Annual Report
February 28, 2017
Contents
THE FUNDS
President's Letter | 1 | ||||||
PORTFOLIO COMMENTARY | |||||||
Dividend Growth Fund | 2 | ||||||
Emerging Markets Equity Fund | 4 | ||||||
Equity Income Fund | 6 | ||||||
Focus Fund | 8 | ||||||
Genesis Fund | 10 | ||||||
Global Equity Fund | 12 | ||||||
Global Real Estate Fund | 14 | ||||||
Greater China Equity Fund | 16 | ||||||
Guardian Fund | 18 | ||||||
International Equity Fund | 20 | ||||||
International Select Fund | 22 | ||||||
International Small Cap Fund | 24 | ||||||
Intrinsic Value Fund | 26 | ||||||
Large Cap Value Fund | 28 | ||||||
Mid Cap Growth Fund | 30 | ||||||
Mid Cap Intrinsic Value Fund | 32 | ||||||
Multi-Cap Opportunities Fund | 34 | ||||||
Real Estate Fund | 36 | ||||||
Small Cap Growth Fund | 38 | ||||||
Socially Responsive Fund | 40 | ||||||
Value Fund | 42 | ||||||
FUND EXPENSE INFORMATION | 51 | ||||||
SCHEDULE OF INVESTMENTS | |||||||
Dividend Growth Fund | 55 | ||||||
Emerging Markets Equity Fund | 57 | ||||||
Positions by Industry | 60 | ||||||
Equity Income Fund | 61 |
Focus Fund | 65 | ||||||
Genesis Fund | 68 | ||||||
Global Equity Fund | 71 | ||||||
Positions by Industry | 73 | ||||||
Global Real Estate Fund | 74 | ||||||
Positions by Sector | 76 | ||||||
Greater China Equity Fund | 77 | ||||||
Guardian Fund | 80 | ||||||
International Equity Fund | 85 | ||||||
Positions by Industry | 87 | ||||||
International Select Fund | 88 | ||||||
Positions by Industry | 90 | ||||||
International Small Cap Fund | 91 | ||||||
Positions by Industry | 93 | ||||||
Intrinsic Value Fund | 94 | ||||||
Large Cap Value Fund | 96 | ||||||
Mid Cap Growth Fund | 98 | ||||||
Mid Cap Intrinsic Value Fund | 101 | ||||||
Multi-Cap Opportunities Fund | 103 | ||||||
Real Estate Fund | 105 | ||||||
Small Cap Growth Fund | 107 | ||||||
Socially Responsive Fund | 109 | ||||||
Value Fund | 111 | ||||||
FINANCIAL STATEMENTS | 113 | ||||||
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA | |||||||
Dividend Growth Fund | 177 | ||||||
Emerging Markets Equity Fund | 177 | ||||||
Equity Income Fund | 181 | ||||||
Focus Fund | 183 | ||||||
Genesis Fund | 185 | ||||||
Global Equity Fund | 187 | ||||||
Global Real Estate Fund | 189 | ||||||
Greater China Equity Fund | 191 | ||||||
Guardian Fund | 191 |
International Equity Fund | 195 | ||||||
International Select Fund | 199 | ||||||
International Small Cap Fund | 201 | ||||||
Intrinsic Value Fund | 201 | ||||||
Large Cap Value Fund | 203 | ||||||
Mid Cap Growth Fund | 207 | ||||||
Mid Cap Intrinsic Value Fund | 211 | ||||||
Multi-Cap Opportunities Fund | 213 | ||||||
Real Estate Fund | 215 | ||||||
Small Cap Growth Fund | 219 | ||||||
Socially Responsive Fund | 221 | ||||||
Value Fund | 225 | ||||||
Directory | 234 | ||||||
Proxy Voting Policies and Procedures | 235 | ||||||
Quarterly Portfolio Schedule | 235 | ||||||
Board Consideration of the Management and Sub-Advisory Agreements | 236 |
The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. ©2017 Neuberger Berman BD LLC, distributor. All rights reserved.
President's Letter
Dear Shareholder,
Coming on the heels of an era of heightened volatility, equity markets set new records several times this reporting period ending February 28, 2017, as investors weighed indications that steady macroeconomic improvement had finally replaced the secular stagnation phase the world has endured since the financial crisis.
The S&P 500® Index advanced over 10% during the past six months as investors' election-related fears gave way to a focus on the likelihood that the economic expansion has finally found solid footing. This assessment agrees with that of the Federal Reserve, which raised its key interest rate in December and a quarter-point mid-March.
Although the economy grew only 1.6%, as measured by annual real GDP growth in 2016, activity over the past several months has shown such growth may be sustainable. With unemployment now below 5%, the U.S. may have reached full employment, and wages are rising. Manufacturing has been expanding rapidly, and consumer spending and retail sales have been strong. Most corporate balance sheets appear healthy, with profits strong, and a weaker dollar is less of a headwind to multinationals than in recent years. The prospect of corporate tax reform and a reduction in business and environmental regulations also supported equities.
Improvements were evident outside the U.S. as well. An uptick in growth in the Eurozone and the UK has driven markets higher there, even as the Brexit remains something of an unknown. Emerging markets equities gained strength, as attention moved from weak commodities pricing to improving corporate earnings expectations. Economic data from China and India were positive, also helping to refocus the risk aversion seen at the beginning of this period.
Sector rotation, a feature of the markets over the past several years, continued this period. As sentiment became more positive, cyclical and economically sensitive sectors outperformed defensive areas such as Consumer Staples and Utilities. Equity correlations declined this period, meaning the divergence of performance between stocks in any given sector increased.
As we look ahead, risks remain serious, including rhetoric around tariffs and trade protectionism coming from the U.S. and likely to be matched by trading partners. Geopolitical instability also remains high. "Populism" in the U.S., France, and elsewhere may also lead to unrest and instability. As mentioned, the terms and impacts of Britain's exit from the EU remain unknown. Tensions between the West and Russia, and within the Middle East, persist, threatening markets with renewed uncertainty. Absent an unforeseen shock, however, our expectations are generally positive.
In our view, the characteristics of the current market, along with the possibility that the global economy could still stumble, form the basis of a "stock picker's market." Stock picking skill, research strength, and strict buy and sell disciplines can be an advantage in this type of market. Our managers continue to search for the companies best positioned to outperform peers in up markets, transcend weak markets, and expand within volatility.
Thank you for your confidence in Neuberger Berman. We look forward to continuing to serve you.
Sincerely,
ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS
1
Dividend Growth Fund Commentary
Neuberger Berman Dividend Growth Fund Institutional Class generated a 12.77% total return for the six months ended February 28, 2017, outperforming its benchmark, the S&P 500® Index, which posted a 10.01% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Dividend Growth Fund seeks to provide gross current income in-line with its benchmark, while also delivering capital appreciation driven by dividend per share growth. We believe this approach identifies companies with strong business models generating cash both to grow their businesses, while providing growing cash distributions to shareholders.
During this period the Fund benefitted from its allocation to banking/insurance stocks which were key contributors. Citizens Financial was the top overall contributor as investors bid up the Rhode Island-based regional bank in anticipation of future earnings growth. This stock traded at 0.6x book value when we purchased it and is still trading at a discount to its peers. Citizens Financial enjoys a steady retail mortgage, commercial lending and student loan business that is targeted to grow at 6–8% next year. From our perspective, rising interest rates and deregulation working in concert could unlock years of earnings and dividend growth potential. As we enter the next phase of the business cycle, we believe Financials will likely remain a critical element to portfolio construction in a rising rate environment.
Within Information Technology our holdings enjoy relatively mature businesses with reduced cyclicality, which could enable managements to remain focused on disciplined capital allocation, namely through compelling and growing dividend programs. Stock selection within the Information Technology sector drove returns, with Leidos Holdings rising to the top. In our view, this name could see meaningful acceleration of its dividend program given its strong leadership position within the cyber security arena.
Industrials delivered strong results driven in-part by CSX Corporation. Shares of the railroad company rallied sharply as speculation mounted that Hunter Harrison would take the helm as CEO. Mr. Harrison has a robust track record of unlocking value, and could be an asset especially if the United States embarks on large scale infrastructure projects, as the rails represent a vital link, transporting commodities used for construction.
Elsewhere, Health Care stocks were punished after President Donald Trump commented on bringing down high drug prices. While the Fund is underweight in Health Care, its exposure hindered results as Israeli-based Teva Pharmaceutical was among our greatest detractors and was ultimately sold in favor of opportunities elsewhere.
Throughout the period, being overweight in Materials, namely precious metals, drove returns. Though our Materials holdings were collectively accretive to absolute performance, Royal Gold was among our laggards. While this security has been subject to profit-taking, this royalty company is protected from capital and operating cost inflation. Moreover, this name has raised its dividend fifteen consecutive years and management has articulated a capital allocation plan whereby they plan to increase their dividend policy again in tandem with rising gold prices.
Lastly, sectors which traditionally house higher dividend yielding stocks, such as Utilities and REITs, posted strong returns in the first half of calendar year 2016 although they proceeded to give back ground thereafter as the U.S. 10-year Treasury yield trended higher. Telecommunication Services experienced downward pressure in anticipation of an uptick in the federal funds rate, which weighed on shares of Frontier Communications as this proved to be our greatest detractor.
Looking ahead, we believe the U.S. economy remains on solid ground supported by favorable employment data, wage growth, and inflationary trends. At this point, we feel that a few rate hikes from the Federal Reserve are warranted and have positioned the Fund accordingly. However, after several months of euphoria, we feel the market could be subject to increased volatility as issues surrounding tariffs, protectionism, and anti-globalization take shape. While President Trump's pro-growth agenda related to infrastructure, deregulation, and tax reforms holds great potential, we believe the market has priced in very little room for policy missteps.
Sincerely,
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.
2
Dividend Growth Fund
TICKER SYMBOLS
Institutional Class | NDGIX | ||||||
Class A | NDGAX | ||||||
Class C | NDGCX | ||||||
Class R6 | NRDGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 8.4 | % | |||
Consumer Staples | 8.3 | ||||
Energy | 7.9 | ||||
Financials | 13.8 | ||||
Health Care | 7.0 | ||||
Industrials | 10.9 | ||||
Information Technology | 21.0 | ||||
Materials | 7.3 | ||||
Real Estate | 2.8 | ||||
Telecommunication Services | 1.1 | ||||
Utilities | 1.3 | ||||
Short-Term Investment | 10.2 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/15/2015 | 12.77 | % | 29.69 | % | 20.46 | % | ||||||||||||
Class A | 12/15/2015 | 12.54 | % | 29.19 | % | 20.08 | % | ||||||||||||
Class C | 12/15/2015 | 12.25 | % | 28.21 | % | 19.11 | % | ||||||||||||
Class R6 | 12/15/2015 | 12.81 | % | 29.86 | % | 20.59 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | 6.03 | % | 21.76 | % | 14.35 | % | |||||||||||||
Class C | 11.25 | % | 27.21 | % | 19.11 | % | |||||||||||||
Index | |||||||||||||||||||
S&P 500® Index1,15 | 10.01 | % | 24.98 | % | 16.25 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 2.24%, 2.99%, 3.74% and 2.38% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.71%, 1.07%, 1.82% and 0.64% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for fiscal year 2016 have been restated to reflect actual expenses excluding organization expenses incurred during that period. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
3
Emerging Markets Equity Fund Commentary
Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 4.55% for the six months ended February 28, 2017, underperforming its benchmark, the MSCI Emerging Markets (EM) Index (Net), which reported returns of 5.51% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
EM equities closed up, after a period of negative sentiment gave way to a re-focusing on longer-term positives. Late in 2016, jitters related to the outcome of the U.S. election, including anti-China and trade protectionism rhetoric, caused EM equities to sell off, reversing a generally positive trend in 2016. More recently, however, EM equities rebounded, outperforming both the U.S. and international developed markets, on factors including the weakening of the U.S. dollar, an upsurge in EM earnings expectations, net inflows from overseas investors, and positive macroeconomic news from both China and India.
During this period, the MSCI EM Index (Net) was led by the Materials and Energy sectors, benefiting from a sector rotation toward more cyclical areas. Defensive Health Care and Consumer Staples closed down the most, on the other side of that trend. By country, Brazil, Poland, and Russia outperformed—with the first and the last benefiting as commodity-driven markets with currency appreciation tailwinds; weaker markets included Egypt, the Philippines, and Malaysia.
Within the portfolio, stock selection added to relative results this period—particularly within Information Technology and Consumer Discretionary—but sector allocation, an expression of our longer-term strategy, puts us at odds with the market, especially our overweight to Consumer Staples and underweight to Materials. Regionally, Korean, Malaysian and Taiwanese holdings outperformed, while holdings from within Brazil, Turkey, Thailand, Malaysia and China lagged.
Top contributors this period included Samsung Electronics and Itau Unibanco. Samsung, the Korean electronics and semiconductor giant, outperformed, reporting better-than-expected results from the first half of 2016, driven by its memory chip and components businesses. Itau, the leading Brazilian private-sector lender, announced better than expected quarterly earnings, as higher fee income offset slow lending activity.
Detractors included Ulker Biskuvi and PT Matahari Department Store. Ulker, the Turkish confectioner, was sold off on fears about weak Turkish consumer sentiment and subdued international demand as well as the local political environment. Matahari, the Indonesian retailer has disappointed on sales growth recently, but continues to invest in their properties. We continue to own the companies, believing they continue to offer opportunity over the longer term.
As we look ahead, we believe recent market-leading performance and fund inflows would suggest the post-U.S. election selloff was overdone. Despite an uncertain global economic and political backdrop, EM earnings growth turned positive in 2016 with the potential for continued growth in 2017.
Our overall positioning remains consistent: we continue to prefer domestic demand versus cyclically driven segments of the market. By country, we favor India—especially companies that serve the rural market and are in line to receive more support from the recently announced government budget. By contrast, we remain underweighted in many of the larger benchmark-weighted Chinese state owned enterprises, which are at the mercy of uncertain policy as the government prepares for a leadership transition. We remain pleased with our portfolio positioning and holdings, and anticipate stock picking will continue to be an advantage in the months 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.
4
Emerging Markets Equity Fund
TICKER SYMBOLS
Institutional Class | NEMIX | ||||||
Class A | NEMAX | ||||||
Class C | NEMCX | ||||||
Class R3 | NEMRX | ||||||
Class R6 | NREMX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 10/08/2008 | 4.55 | % | 28.65 | % | 1.48 | % | 8.25 | % | ||||||||||||||
Class A | 10/08/2008 | 4.46 | % | 28.42 | % | 1.24 | % | 8.00 | % | ||||||||||||||
Class C | 10/08/2008 | 4.10 | % | 27.41 | % | 0.49 | % | 7.19 | % | ||||||||||||||
Class R310 | 06/21/2010 | 4.24 | % | 27.85 | % | 0.82 | % | 7.68 | % | ||||||||||||||
Class R622 | 03/15/2013 | 4.61 | % | 28.82 | % | 1.55 | % | 8.30 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –1.54 | % | 21.03 | % | 0.05 | % | 7.24 | % | |||||||||||||||
Class C | 3.10 | % | 26.41 | % | 0.49 | % | 7.19 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI Emerging Markets Index (Net)1,15 | 5.51 | % | 29.46 | % | –0.37 | % | 6.76 | % | |||||||||||||||
MSCI Emerging Markets Index1,15 | 5.65 | % | 29.94 | % | –0.02 | % | 7.11 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.44%, 1.82%, 2.51%, 2.06% and 1.33% 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 1.26%, 1.51%, 2.26%, 1.92% and 1.19% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
5
Equity Income Fund Commentary
Neuberger Berman Equity Income Fund Institutional Class generated a 7.44% total return for the six months ended February 28, 2017, trailing its benchmark, the S&P 500® Index which posted a 10.01% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
During this period investors sold traditionally higher-yielding sectors. This rotation put pressure on bonds as the U.S. 10-year Treasury yield spiked 78 basis points during the six month period, settling at 2.36%—despite these headwinds the Fund captured 74% of the upside in the face of rising interest rates. This upside participation was attributed to portfolio construction, whereby several holdings counter-balanced interest rate sensitive areas of the portfolio.
The Fund benefitted from its allocation to banking/insurance stocks which were key contributors on an absolute basis. JPMorgan Chase, the largest U.S. bank by assets, was our top overall performer. Investors bid up the megabank as CEO/Chairman Jamie Dimon could have the wherewithal to increase earnings growth potential as rising interest rates and deregulation working in concert could unlock years of earnings and dividend growth potential. As we enter the next phase of the business cycle, we believe Financials will likely remain a critical element to portfolio construction in a rising rate environment.
Industrials delivered strong results with CSX Corporation rising to the top. Shares of the railroad company rallied sharply as speculation mounted that Hunter Harrison would take the helm as CEO. Mr. Harrison has a robust track record of unlocking value, and could be an asset especially if the United States embarks on large scale infrastructure projects as the rails represents a vital link, transporting commodities used for construction.
Within Information Technology, our holdings represent mature businesses with reduced cyclicality. Stock selection during the period was excellent with Western Digital being among our top contributors. The flash memory segment of the business posted strong results, generating $135mm in annual synergies during the past quarter. Sticking with Technology, shares of QUALCOMM tumbled after Apple, the U.S. Federal Trade Commission, and Korean antitrust authorities filed separate claims against the chipmaker. While these legal issues represent near-term headwinds, we feel QUALCOMM could be vindicated as the wireless architecture company invented the technology which enables modems used for smartphones to operate. We continue to closely monitor these developments.
Elsewhere, exposure to Real Estate Investment Trusts (REITs) hindered results as higher-yielding sectors experienced selling pressures. In aggregate, our holdings outperformed the broader S&P 500's Real Estate sector; however, exposure to mall operator Simon Property Group dampened returns. Ultimately, this security was sold in favor of opportunities elsewhere. Overall, we remain confident of a select group of REITs as our holdings remain diversified across property types that we believe we can benefit from continued positive momentum across the U.S. economy.
The Fund was underweighted in Consumer Staples which was additive since the sector lagged the overall index, but our exposure to Belgium's Anheuser-Busch InBev was among our top detractors. During the six-month period, the maker of Budweiser trailed analyst estimates as currency hedges from their Brazilian operations impacted results.
Looking ahead, we think the U.S. economy remains on solid ground supported by favorable employment data, wage growth, and inflationary trends. At this point, we feel a rate hike from the Federal Reserve is warranted and have positioned the Fund accordingly. However, after several months of euphoria we feel the market could be subject to increased volatility as issues surrounding tariffs, protectionism, and anti-globalization take shape. While President Trump's pro-growth agenda related to infrastructure, deregulation, and tax reforms holds great potential, we believe the market has priced in very little room for policy missteps.
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.
6
Equity Income Fund
TICKER SYMBOLS
Institutional Class | NBHIX | ||||||
Class A | NBHAX | ||||||
Class C | NBHCX | ||||||
Class R3 | NBHRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 5.0 | % | |||
Consumer Staples | 4.4 | ||||
Energy | 8.3 | ||||
Financials | 14.5 | ||||
Health Care | 5.6 | ||||
Industrials | 8.8 | ||||
Information Technology | 12.5 | ||||
Materials | 4.1 | ||||
Real Estate | 15.6 | ||||
Telecommunication Services | 1.1 | ||||
Utilities | 12.5 | ||||
Convertible Bonds | 7.5 | ||||
Short-Term Investment | 0.1 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class13 | 06/09/2008 | 7.44 | % | 21.26 | % | 8.74 | % | 7.45 | % | 7.71 | % | ||||||||||||||||
Class A13 | 06/09/2008 | 7.27 | % | 20.79 | % | 8.35 | % | 7.08 | % | 7.35 | % | ||||||||||||||||
Class C13 | 06/09/2008 | 6.83 | % | 19.84 | % | 7.54 | % | 6.41 | % | 6.70 | % | ||||||||||||||||
Class R313 | 06/21/2010 | 7.13 | % | 20.41 | % | 8.03 | % | 6.97 | % | 7.24 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A13 | 1.07 | % | 13.84 | % | 7.06 | % | 6.45 | % | 6.74 | % | |||||||||||||||||
Class C13 | 5.83 | % | 18.84 | % | 7.54 | % | 6.41 | % | 6.70 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.01 | % | 24.98 | % | 14.01 | % | 7.62 | % | 7.73 | % |
*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 performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.70%, 1.08%, 1.82% and 1.34% for Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
7
Focus Fund Commentary
Neuberger Berman Focus Fund Investor Class generated a 8.31% total return for the six months ended February 28, 2017, underperforming its benchmark, the S&P 500® Index (the Index), which provided a 10.01% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
An improving economic backdrop and the anticipation of corporate-friendly policy changes under a Trump presidency pushed the equity market to new heights during the past six months. Stocks vacillated at the start of the period as investors fretted that a healthy job market and rising inflation might prompt the Fed to tighten interest rates sooner than expected. Uncertainty during the days leading up to the U.S. Presidential election caused the market to dip as well. Equities soon rebounded however, fueled in part by a recovery in oil prices after OPEC reached an agreement to curb production, but more so due to Trump's victory in the Presidential election as he pledged to cut taxes, boost fiscal spending and lighten regulations for various industries. The stock rally continued despite a Fed rate increase in December, and persisted through the end of the period amidst growing optimism for the global economy and corporate profits.
Performance within the Index was mostly positive across the sectors with the exception of Real Estate. Financials was the best performing segment by far, and Industrials and Information Technology (IT) outperformed as well. Defensive areas such as Consumer Staples, Health Care and Telecommunication Services (Telecom) underperformed the market, as did the Energy sector.
The greatest contribution to Fund performance relative to the Index came from Telecom, and specifically our investment in T-Mobile (TMUS), which soared during the period. The company is experiencing strong earnings and revenue growth due largely to increasing subscribers as TMUS gains market share from its competitors. Our IT sector investments also lifted performance relative to the Index, most notably hardware and data storage provider, Western Digital Corp (WDC). WDC shares have risen amidst increasing sales for the company owing to strong customer growth, favorable product mix and solid execution of strategic initiatives. On the downside, Health Care was the largest source of relative loss for the Fund as our holdings on the whole declined versus a rise in the Index sector. This was largely due to Teva Pharmaceuticals (TEVA), which dropped alongside peers on anxiety surrounding an industry-wide Federal investigation into possible illegal drug pricing practices as well as management changes at the company. (TEVA was sold off during the period.) Industrials was another area of underperformance for the Fund, with the shortfall led by Johnson Controls (JCI). JCI shares sold-off after a disappointing fiscal-2017 revenue outlook, and shares fell again later in the period after the company announced a fiscal 1st quarter revenue miss and heightened costs related to its merger with Tyco.
The Fund's use of purchased and written options contributed positively to performance during the period.
We are taking a more cautious stance for the months ahead in light of the stock market's swift climb and equity valuations that we believe appear stretched relative to history. While the economy seems to be on solid footing, interest rates will be rising further, which we believe could cause some slowdown in growth. Furthermore, with a great deal of optimism currently baked into stock prices, the market could be derailed if Trump's policies are not enacted to the degree that investors expect. Geopolitical risks also remain a factor with upcoming elections in France and Germany. Accordingly, we remain focused on bottom-up investing and conduct extensive fundamental research on individual stocks, aiming 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.
8
Focus Fund
TICKER SYMBOLS
Investor Class | NBSSX | ||||||
Trust Class | NBFCX | ||||||
Advisor Class | NBFAX | ||||||
Institutional Class | NFALX | ||||||
Class A | NFAAX | ||||||
Class C | NFACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.5 | % | |||
Consumer Staples | 8.6 | ||||
Energy | 5.9 | ||||
Financials | 17.6 | ||||
Health Care | 13.3 | ||||
Industrials | 10.9 | ||||
Information Technology | 16.4 | ||||
Materials | 2.6 | ||||
Telecommunication Services | 4.9 | ||||
Utilities | 2.1 | ||||
Other | 0.0 | ||||
Short-Term Investment | 4.2 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS8
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/19/1955 | 8.31 | % | 24.85 | % | 12.97 | % | 6.20 | % | 10.44 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 8.23 | % | 24.70 | % | 12.75 | % | 5.98 | % | 10.43 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 8.16 | % | 24.44 | % | 12.59 | % | 5.79 | % | 10.37 | % | ||||||||||||||||
Institutional Class5 | 06/21/2010 | 8.42 | % | 25.11 | % | 13.17 | % | 6.33 | % | 10.47 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 8.17 | % | 24.63 | % | 12.75 | % | 6.07 | % | 10.42 | % | ||||||||||||||||
Class C19 | 06/21/2010 | 7.82 | % | 23.68 | % | 11.93 | % | 5.55 | % | 10.33 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 1.92 | % | 17.45 | % | 11.42 | % | 5.44 | % | 10.32 | % | |||||||||||||||||
Class C19 | 7.07 | % | 22.81 | % | 11.93 | % | 5.55 | % | 10.33 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.01 | % | 24.98 | % | 14.01 | % | 7.62 | % | 10.16 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.94%, 1.11%, 1.26%, 0.76%, 1.15%, and 1.90% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.11%, and 1.86% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
9
Genesis Fund Commentary
Neuberger Berman Genesis Fund Investor Class generated a 10.35% total return for the six months ended February 28, 2017, underperforming its benchmark, the Russell 2000® Index, which provided a 12.61% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a weak start, the U.S. stock market rallied and generated strong results during the reporting period. After declining in October, the market moved sharply higher over the last four months of the period. This turnaround was primarily driven by expectations for improving growth in the Trump administration. The overall U.S. stock market, as measured by the S&P 500® Index, rose 10.01% for the six-month period. Small-cap stocks produced even better results, as the Russell 2000 Index gained 12.61%. Within the market, more cyclical companies outperformed. Investors rotated to these securities as they believed they would be the beneficiaries of more robust growth.
While the Fund generated a strong absolute return, it typically lags the market during sharp rallies, and this period was no exception. The Fund's relative underperformance was driven by stock selection. The largest detractor was selection in the Materials sector. Within the sector, more cyclical companies outperformed "Steady Eddie" type companies that we favor. Stock selection in the Information Technology sector was also a headwind, as more cyclical industries, such as semiconductors, outperformed. Turning to individual stocks owned by the Fund, Manhattan Associates and RLI Corp. were among the largest detractors from performance. Manhattan Associates provides software solutions that enable the efficient movement of goods through the supply chain. While the company posted solid results, this was overshadowed by concerns regarding demand from its retail customers. RLI Corp. is a specialty property and casualty insurer. Its shares were dragged down by higher-than-expected losses in certain of its business lines. We do not believe this is a sign of broader underwriting problems.
On the upside, stock selection in the Consumer Discretionary sector was positive for performance. Adding the most value was our exposure to companies in the media industry. A number of the Fund's individual holdings also performed well, including Bank of the Ozarks and Rollins, Inc. Bank of the Ozarks underwrites complex real estate loans. The stock rallied sharply, reflecting optimism about deregulation, an improving economy and higher interest rates under a Trump presidency. Rollins, Inc. is a leading provider of pest and termite control. The stock performed well as the company continued to post solid results.
Sector allocation, overall, contributed to performance during the period. In particular, having no exposure to real estate investment trusts (REITs) was beneficial. We do not typically own REITs, as they do not meet our investment criteria. In addition, REITs are often viewed as bond-proxies and they underperformed this period given rising interest rates and investors' preference for more cyclical companies. Conversely, an overweight in the Consumer Staples sector was negative for results. Having no exposure to biotechnology stocks was also a drag on relative performance. 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.
Looking ahead, we believe there are a number of uncertainties that could impact the market and lead to increased volatility. It is yet to be seen how the pro-growth agenda of the Trump administration plays out. The market's rally since the election seems to have priced in a successful implementation of many of these initiatives. However, it could take more time than anticipated to see them lead to improved growth. In addition, there are questions on how growth could be impacted by ongoing Federal Reserve monetary policy normalization, the strengthening U.S. dollar and the consequences of U.S. protectionism efforts. Finally, there are numerous unresolved issues outside the U.S. Against this backdrop, we believe our high quality bias could be rewarded. In particular, we will look to maintain a diversified portfolio that emphasizes companies that consistently generate solid free cash flow, are profitable and maintain conservative balance sheets. In addition, we believe our companies with below average leverage or net cash balance sheets should be relative winners in a rising rate environment.
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.
10
Genesis Fund
TICKER SYMBOLS
Investor Class | NBGNX | ||||||
Trust Class | NBGEX | ||||||
Advisor Class | NBGAX | ||||||
Institutional Class | NBGIX | ||||||
Class R6 | NRGSX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 11.8 | % | |||
Consumer Staples | 6.2 | ||||
Energy | 2.2 | ||||
Financials | 18.0 | ||||
Health Care | 13.0 | ||||
Industrials | 21.0 | ||||
Information Technology | 18.0 | ||||
Materials | 8.2 | ||||
Real Estate | 0.3 | ||||
Short-Term Investments | 1.3 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
Investor Class | 09/27/1988 | 10.35 | % | 28.15 | % | 11.82 | % | 8.99 | % | 12.33 | % | ||||||||||||||||
Trust Class3 | 08/26/1993 | 10.31 | % | 28.04 | % | 11.73 | % | 8.92 | % | 12.31 | % | ||||||||||||||||
Advisor Class4 | 04/02/1997 | 10.15 | % | 27.69 | % | 11.42 | % | 8.63 | % | 12.09 | % | ||||||||||||||||
Institutional Class5 | 07/01/1999 | 10.44 | % | 28.36 | % | 12.01 | % | 9.20 | % | 12.48 | % | ||||||||||||||||
Class R623 | 03/15/2013 | 10.49 | % | 28.45 | % | 12.03 | % | 9.09 | % | 12.37 | % | ||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Index1,15 | 12.61 | % | 36.11 | % | 12.89 | % | 7.22 | % | 9.79 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.03%, 1.10%, 1.38%, 0.85% and 0.78% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratio for each of Institutional Class and Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
11
Global Equity Fund Commentary
Neuberger Berman Global Equity Fund Institutional Class generated a total return of 3.71% for the six months ended February 28, 2017, underperforming the 7.53% return of its benchmark, the MSCI All Country World Index (Net) (ACWI) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Global equity markets fared well this period, as the volatility that limited returns during 2016 seemed to fade. While U.S. election-related politics dominated headlines for most of this period—including fears about trade protectionism and nationalism—the U.S. economy continued its slow but steady recovery, and economic data from the Eurozone, the UK, and Japan have also improved. Emerging markets also rebounded toward the end of the period, as investors shifted from apprehension to opportunism, returning their focus to improving earnings and structural advantages.
Within the ACWI, Financials and Materials outperformed, benefiting from a shift in favor of more cyclical areas. Information Technology (IT) was also strong. Real Estate, Telecommunication Services (Telecom), and Consumer Staples saw negative returns, as defensive stocks fell from favor. By country, Brazil, Austria, and Poland led the ACWI; Egypt, the Philippines, and Israel lagged.
The Fund's underperformance this period resulted from stock selection, particularly within Financials and Materials. The portfolio was underexposed in two rallying industries: U.S. banks and metals & mining. Sector allocation, along with strong stock selection within IT and Telecom, was a benefit. By country, selection in Dutch stocks, and lack of exposure to Denmark, had the largest relative benefit, while stocks domiciled in U.S., UK, and Israel detracted the most.
Top individual contributors for the period included Apple and JPMorgan Chase. Apple, the smartphone designer and marketer, announced better than expected earnings with a successful launch of its iPhone 7. JP Morgan, the leading U.S. lender, benefited from improved earnings expectations driven by a post-election rise in short-term interest rates.
Teva Pharmaceutical and Nielsen were among detractors. Israeli-based Teva fell on news that three of its Copaxone patents had been invalidated; the position was subsequently reviewed and sold. Nielsen, the Netherlands-based TV and consumer ratings service announced weak results in retail measurement, where its clients are facing digital disruption.
Globally, the political environment remains full of uncertainties: whether the incoming U.S. administration will reduce global trade, how France and Germany will vote in their elections, and what will be the likely terms of the UK's exit from the EU. We anticipate higher interest rates in the U.S., but more muted increases elsewhere. We believe that the result is likely to mean that, despite some recent weakness, the U.S. dollar will remain at elevated levels, which could undermine the competitiveness of U.S. multinationals relative to their peers overseas. We suspect that the recent appreciation in other commodities will prove short lived.
Our portfolio positioning was relatively conservative as we entered 2017 and we are not currently tempted to add exposure to cyclical names that have performed strongly over the past few months. We continue to look for opportunities across countries, sectors and the market cap spectrum, with a focus on those that we believe can perform in an uncertain geopolitical and macroeconomic environment. We remain of the view that companies with attractive end markets and a differentiated offering to customers with a proven management team are most likely to offer investors the most attractive risk/return characteristics.
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.
12
Global Equity Fund
TICKER SYMBOLS
Institutional Class | NGQIX | ||||||
Class A | NGQAX | ||||||
Class C | NGQCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 06/30/2011 | 3.71 | % | 14.57 | % | 7.13 | % | 5.12 | % | ||||||||||||||
Class A | 06/30/2011 | 3.49 | % | 14.08 | % | 6.75 | % | 4.75 | % | ||||||||||||||
Class C | 06/30/2011 | 3.16 | % | 13.24 | % | 5.98 | % | 3.99 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –2.45 | % | 7.58 | % | 5.50 | % | 3.66 | % | |||||||||||||||
Class C | 2.16 | % | 12.24 | % | 5.98 | % | 3.99 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI All Country World Index (Net)1,15 | 7.53 | % | 22.07 | % | 8.25 | % | 7.17 | % | |||||||||||||||
MSCI All Country World Index1,15 | 7.76 | % | 22.76 | % | 8.84 | % | 7.74 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 8.47%, 8.92% and 9.60% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.11% and 1.86% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
13
Global Real Estate Fund Commentary
Neuberger Berman Global Real Estate Fund Institutional Class generated a –1.89% total return for the six months ended February 28, 2017, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index (Net), which generated a –3.11% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a weak start, the global stock market rallied sharply and generated solid results during the reporting period. This turnaround was partially driven by expectations for improving growth and rising corporate profits in 2017. Comparatively, global real estate investment trusts (REITs) posted weak results during the period. REITs were dragged down over the first half of the period given rising interest rates and a rotation to non-dividend paying stocks. However, a portion of these losses were recouped over the second half of the period. This turnaround was primarily driven by expectations for improving growth and rising corporate profits in the Trump administration.
Though it produced a negative absolute return, the Fund outperformed the benchmark during the reporting period. The Fund's positioning from the regional/country perspective added positively to relative results. From a regional perspective, underweights to North America and Europe, along with an overweight to Asia, were additive for results. In terms of country positioning, overweights to Canada and Hong Kong were rewarded, whereas overweights to France and Germany detracted from performance.
Stock selection was additive to relative performance. The largest detractors from results were the Fund's holdings in the Retail REITs and Industrial & Office REITs sectors. On the upside, our holdings in the Specialty REITs, Hotel & Lodging REITs and Real Estate Holding & Development sectors were the most additive for results.
We anticipate seeing continued modest U.S. economic growth in 2017. Turning to the Federal Reserve, after its rate move in December 2016, we think it will take a measured approach in terms of further rate hikes. We believe real estate fundamentals, not interest rates, will be the long-term driver of performance in the REIT market. Overseas, the UK continues to face uncertainties in the wake of the Brexit vote. At this point, UK REITs are trading at close to trough multiples and pricing in a nearly 20% asset value decline. On the Continental side, we remain positive on the stirrings of a recovery in the French economy. We also continue to be positive on both the German residential space and Sweden. Elsewhere, we believe the Asia-Pacific markets will be more affected by U.S. interest rate hikes and exchange rate volatility in 2017, as local interest rates in Hong Kong and Singapore may finally be adjusted upwards to follow the U.S. Australia is a defensive market considering the benign property cycle and higher cap rate. Finally, the Japanese real estate market will likely be a beneficiary of new reflation/stimulus policy and further yen weakness.
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.
14
Global Real Estate Fund
TICKER SYMBOLS
Institutional Class | NGRIX | ||||||
Class A | NGRAX | ||||||
Class C | NGRCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/30/2014 | –1.89 | % | 13.16 | % | 3.40 | % | ||||||||||||
Class A | 12/30/2014 | –2.04 | % | 12.80 | % | 3.03 | % | ||||||||||||
Class C | 12/30/2014 | –2.36 | % | 11.94 | % | 2.25 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –7.69 | % | 6.29 | % | 0.26 | % | |||||||||||||
Class C | –3.32 | % | 10.94 | % | 2.25 | % | |||||||||||||
Index | |||||||||||||||||||
FTSE EPRA/NAREIT Developed Index (Net)1,15 | –3.11 | % | 12.24 | % | 2.64 | % | |||||||||||||
FTSE EPRA/NAREIT Developed Index1,15 | –2.72 | % | 13.22 | % | 3.51 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 10.93%, 11.32% and 12.04% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
15
Greater China Equity Fund Commentary25
Neuberger Berman Greater China Equity Fund Institutional Class generated a 3.60% total return for the six months ended February 28, 2017, and underperformed its benchmark, the MSCI China Index (Net), which generated a 5.34% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
For the six months ended February 28, 2017, the Fund's main contributors to return relative to the benchmark included Consumer Discretionary (an overweight and stock selection, primarily within the automobile manufacturers, internet & direct marketing retail and household appliances sub-industries), Health Care (an overweight and stock selection among health care distributors) and Telecommunication Services (an underweight). Detractors from performance relative to the benchmark included Industrials (stock selection to a clean energy bus manufacturer, express delivery services and transportation), Financials (stock selection, primarily to insurance companies) and Real Estate (overweight and stock selection).
The Fund continues to focus on companies that have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 28, 2017, the Fund's largest sector overweight relative to the benchmark was Industrials, and the largest sector underweight was Energy. The Fund also held overweight positions in Consumer Discretionary and Consumer Staples, and underweight positions in Information Technology and Telecommunication Services. The Fund's top 10 positions comprised more than 53% of total portfolio assets at the end of February.
Over the past six months, performance of the Greater China equity markets continued to be volatile. In September, profit taking prompted markets to consolidate after first-half interim results season concluded, and the offshore Hong Kong market outperformed the domestic China A-shares market primarily due to Southbound flows following the China Insurance Regulatory Commission announcement allowing onshore insurers to invest via the Stock Connect program. After the China National Day holidays in October, China's State Council released guidelines for its debt to equity swap program, and the National Development and Reform Commission ("NDRC") proposed mixed ownership reform for six state-owned enterprises. Furthermore, macroeconomic data such as September's Purchasing Managers Index ("PMI") and 3Q 2016 GDP growth pointed towards a stabilizing economy, which in aggregate helped to buoy the onshore market. In November, the domestic China A-shares market and offshore Hong Kong market performance diverged, as the former advanced due to promising PMI data, investor anticipation of the Shenzhen-Hong Kong Stock Connect program and the NDRC accelerating infrastructure projects, while the latter was impacted by broader weakness amongst global equity markets after Donald Trump's victory in the U.S. presidential elections led to uncertainty surrounding foreign policies. Towards year-end, concerns over liquidity and regulators imposing tighter leverage controls continued renminbi depreciation leading to capital outflow and bond defaults resulted in a significant market correction. China equity markets rallied in January on the back of solid December macroeconomic data, better than expected 4Q 2016 GDP growth and improved investor sentiment due to the government tightening capital controls to alleviate capital outflow pressures. Despite the People's Bank of China raising interbank interest rates in early February, markets continued their upward trend because of January PMI and trade data, additional supply side reforms and policy expectations from the upcoming Chinese People's Political Consultative Conference (CPPCC) and National People's Congress (NPC) "two sessions" in March.
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.
16
Greater China Equity Fund
TICKER SYMBOLS
Institutional Class | NCEIX | ||||||
Class A | NCEAX | ||||||
Class C | NCECX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 12.8 | % | |||
Consumer Staples | 4.6 | ||||
Financials | 25.4 | ||||
Health Care | 4.1 | ||||
Industrials | 11.2 | ||||
Information Technology | 27.9 | ||||
Materials | 1.5 | ||||
Real Estate | 5.6 | ||||
Telecommunication Services | 3.0 | ||||
Utilities | 3.7 | ||||
Short-Term Investment | 0.2 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
EXCHANGE ALLOCATION
(as a % of Long Term Investments) | |||||
Mainland China | 28.2 | % | |||
Hong Kong | 55.3 | ||||
United States | 16.5 | ||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 07/17/2013 | 3.60 | % | 28.53 | % | 11.06 | % | ||||||||||||
Class A | 07/17/2013 | 3.42 | % | 28.02 | % | 10.82 | % | ||||||||||||
Class C | 07/17/2013 | 3.02 | % | 27.02 | % | 9.85 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –2.52 | % | 20.62 | % | 9.02 | % | |||||||||||||
Class C | 2.02 | % | 26.02 | % | 9.85 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI China Index (Net)1,15 | 5.34 | % | 31.13 | % | 6.84 | % | |||||||||||||
MSCI China Index1,15 | 5.36 | % | 31.40 | % | 7.06 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.77%, 2.19% and 2.86% 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%, 1.88% and 2.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
17
Guardian Fund Commentary
Neuberger Berman Guardian Fund Investor Class generated a 9.15% total return for the six months ended February 28, 2017, underperforming the 10.01% return of its benchmark, the S&P 500® Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a weak start, the U.S. stock market rallied sharply and generated strong results during the reporting period. After treading water in September, stocks declined in October amid mixed third quarter corporate profit results and uncertainties surrounding the November elections. The market then moved sharply higher over the last four months of the period. This turnaround was primarily driven by expectations for improving growth and rising corporate profits in the Trump administration.
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 do so, generate free cash flow that they 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 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 where we see 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 value.
The Fund's relative underperformance during the reporting period versus the Index was largely due to sector allocation. This was primarily driven by an overweight to Consumer Staples and an underweight to Financials. The Fund's modest cash position was also a headwind for results. Conversely, underweights to Real Estate and Health Care positively contributed to results from a sector allocation perspective during the reporting period.
Stock selection, overall, was a small negative for performance. In particular, holdings in the Consumer Discretionary, Financials and Consumer Staples sectors were the largest relative detractors from results. On the upside, stock selection in the Health Care, Telecommunication Services and Industrials sectors were the most beneficial for performance.
The Fund's use of purchased and written options contributed positively to performance during the period.
We entered 2017 with a fairly positive, albeit highly selective, outlook for equity markets, driven by solid recent economic data and the emergence of a more pro-business environment in the U.S. This improvement in business sentiment has been propelled by expectations of reduced regulation, lower corporate tax rates, repatriation of foreign earnings and increased fiscal stimulus which, if executed correctly, will provide a tailwind to growth and earnings. The timing, as well as the actual policies enacted, will have a divergent effect on the various subsectors of the market. Thus the policy details will matter. We believe there will be continued heightened volatility in 2017 particularly if implementation falls short of expectations in both magnitude and timing. In our view, the critical market dynamic is the shift from monetary policy to fiscal policy and its effect on growth, earnings, interest rates and the federal deficit. We believe government policy or lack thereof will matter a great deal in 2017 and beyond.
Sincerely,
CHARLES KANTOR
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
18
Guardian Fund
TICKER SYMBOLS
Investor Class | NGUAX | ||||||
Trust Class | NBGTX | ||||||
Advisor Class | NBGUX | ||||||
Institutional Class | NGDLX | ||||||
Class A | NGDAX | ||||||
Class C | NGDCX | ||||||
Class R3 | NGDRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 12.5 | % | |||
Consumer Staples | 11.5 | ||||
Energy | 6.5 | ||||
Financials | 11.6 | ||||
Health Care | 12.3 | ||||
Industrials | 15.3 | ||||
Information Technology | 18.1 | ||||
Materials | 2.3 | ||||
Real Estate | 1.0 | ||||
Telecommunication Services | 1.7 | ||||
Utilities | 4.8 | ||||
Other | 0.0 | ||||
Short-Term Investment | 2.4 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,11
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1950 | 9.15 | % | 22.22 | % | 11.88 | % | 6.66 | % | 11.03 | % | ||||||||||||||||
Trust Class3 | 08/03/1993 | 9.10 | % | 22.01 | % | 11.69 | % | 6.48 | % | 10.98 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 9.18 | % | 22.05 | % | 11.35 | % | 6.10 | % | 10.84 | % | ||||||||||||||||
Institutional Class5 | 05/27/2009 | 9.22 | % | 22.42 | % | 12.08 | % | 6.81 | % | 11.05 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 9.00 | % | 21.96 | % | 11.68 | % | 6.51 | % | 11.00 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 8.68 | % | 21.03 | % | 10.84 | % | 5.89 | % | 10.91 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 8.90 | % | 21.68 | % | 11.38 | % | 6.30 | % | 10.97 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 2.73 | % | 14.95 | % | 10.37 | % | 5.88 | % | 10.91 | % | |||||||||||||||||
Class C19 | 7.74 | % | 20.03 | % | 10.84 | % | 5.89 | % | 10.91 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.01 | % | 24.98 | % | 14.01 | % | 7.62 | % | 11.13 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.93%, 1.08%, 1.31%, 0.73%, 1.08%, 1.86% and 1.40% 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 total annual operating expense ratio for Advisor Class includes the class' repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
19
International Equity Fund Commentary
Neuberger Berman International Equity Fund Institutional Class generated a total return of 1.82% for the six months ended February 28, 2017, trailing its benchmark, the MSCI EAFE® Index (Net) (the Index), which provided a 4.90% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Much of the extreme volatility that limited international equity returns throughout 2016 seemed to fade as 2016 ended and the new year began. While U.S. election-related politics dominated headlines for most of this period—including fears about trade protectionism and nationalism, both of which bode poorly for the global economy—the U.S. economy continued its slow but steady recovery, and economic data from the Eurozone, the UK, and Japan have also improved.
Within the Index, the Financials, Materials, and Energy sectors outperformed significantly, beneficiaries of a sector rotation toward cyclical stocks that began in fourth quarter of 2016. Defensive areas such as Utilities, Telecommunication Services, and Consumer Staples posted small losses. By market, Austria, Australia and Norway led the Index, while Israel, Denmark, and Belgium lagged.
The portfolio's underperformance resulted from stock selection, primarily a case of being underexposed to Index stocks that rallied during the period. Underperformance was most significant within Industrials and Materials. By country, an overweight to Canada (not in the Index) was detrimental, as was the selection of holdings in Japan and Germany.
Individually, Teva Pharmaceuticals, which was sold, Nielsen Holdings and Peyto Exploration & Development were among detractors. Israeli-based Teva fell on news that three of its Copaxone patents had been invalidated. Nielsen, the Netherlands-based TV and consumer ratings service announced weak results in retail measurement, where its clients are facing digital disruption. Meanwhile, Peyto, the Canadian dry-gas producer, suffered as gas prices remained weak due to the mild winter.
Sector allocation was a benefit to performance, with an underweight to weak areas like Utilities, Consumer Staples and Real Estate. Stock selection in Information Technology and Healthcare was also beneficial, and by country, holdings from France, Switzerland and the Netherlands.
Check Point, ASML, and SPIE were among top contributors. Check Point and ASML were beneficiaries of solid earnings announcements, while SPIE announced a large strategic acquisition.
Globally, the political environment remains full of uncertainties: whether the incoming U.S. administration will reduce global trade, how France and Germany will vote in their elections, and what will be the likely terms of the UK's exit from the EU. We anticipate higher interest rates in the U.S., but more muted increases elsewhere. We believe that the result is likely to mean that, despite some recent weakness, the U.S. dollar will remain at elevated levels, which could undermine the competitiveness of U.S. multinationals relative to their peers overseas. We anticipate oil prices to continue their gradual move higher, but suspect that the recent appreciation in other commodities will prove short lived.
Our portfolio positioning was relatively conservative as we entered 2017 and we are not currently tempted to add exposure to cyclical names that have performed strongly over the past few months. We continue to look for opportunities across countries, sectors and the market cap spectrum, with a focus on those that we believe can perform in an uncertain geopolitical and macroeconomic environment. We remain of the view that companies with attractive end markets and a differentiated offering to customers with a proven management team are most likely to offer investors the most attractive risk/return characteristics.
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.
20
International Equity Fund
TICKER SYMBOLS
Investor Class | NIQVX | ||||||
Trust Class | NIQTX | ||||||
Institutional Class | NBIIX | ||||||
Class A | NIQAX | ||||||
Class C | NIQCX | ||||||
Class R6 | NRIQX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class12 | 01/28/2013 | 2.12 | % | 11.42 | % | 5.61 | % | 1.61 | % | 4.48 | % | ||||||||||||||||
Trust Class12 | 01/28/2013 | 2.06 | % | 11.40 | % | 5.54 | % | 1.58 | % | 4.45 | % | ||||||||||||||||
Institutional Class | 06/17/2005 | 1.82 | % | 11.25 | % | 5.71 | % | 1.66 | % | 4.52 | % | ||||||||||||||||
Class A12 | 01/28/2013 | 1.64 | % | 10.83 | % | 5.39 | % | 1.51 | % | 4.39 | % | ||||||||||||||||
Class C12 | 01/28/2013 | 1.29 | % | 10.01 | % | 4.74 | % | 1.20 | % | 4.11 | % | ||||||||||||||||
Class R622 | 09/03/2013 | 1.80 | % | 11.34 | % | 5.77 | % | 1.69 | % | 4.55 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A12 | –4.21 | % | 4.47 | % | 4.15 | % | 0.91 | % | 3.86 | % | |||||||||||||||||
Class C12 | 0.29 | % | 9.01 | % | 4.74 | % | 1.20 | % | 4.11 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index (Net)1,15 | 4.90 | % | 15.75 | % | 5.16 | % | 1.03 | % | 4.30 | % | |||||||||||||||||
MSCI EAFE® Index1,15 | 5.01 | % | 16.31 | % | 5.63 | % | 1.50 | % | 4.76 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.26%, 1.30%, 1.04%, 1.40%, 2.15% and 0.96% 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 0.86%, 1.22%, 1.97% and 0.78% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
21
International Select Fund Commentary
Neuberger Berman International Select Fund Trust Class generated a total return of 0.60% for the six months ended February 28, 2017, trailing its benchmark, the MSCI EAFE® Index (Net) (the Index), which provided a 4.90% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Much of the extreme volatility that limited international equity returns throughout 2016 seemed to fade as 2016 ended and the new year began. While U.S. election-related politics dominated headlines for most of this period—including fears about U.S. trade protectionism and nationalism, both of which bode poorly for the global economy—the U.S. economy continued its slow but steady recovery, and economic data from the Eurozone, the UK, and Japan have also improved.
Within the Index, the Financials, Materials, and Energy sectors outperformed significantly, beneficiaries of a sector rotation toward cyclical stocks that began in fourth quarter of 2016. Defensive areas such as Utilities, Telecommunication Services, and Consumer Staples posted small losses. By market, Austria, Australia and Norway led the Index, while Israel, Denmark, and Belgium lagged.
The portfolio's underperformance resulted from stock selection, primarily a case of being underexposed to Index stocks that rallied during the period. Underperformance was most significant within Industrials and Materials. By country, an overweight to Canada (not in the Index) was detrimental, as was the selection of holdings in Japan and Germany.
Individually, Teva Pharmaceuticals, which was sold, Nielsen Holdings and Givaudan were among detractors. Israeli-based Teva fell on news that three of its Copaxone patents had been invalidated. Nielsen, the Netherlands-based TV and consumer ratings service announced weak results in retail measurement, where its clients are facing digital disruption. Givaudan suffered in the broader market rotation towards more cyclically sensitive sectors, plus they announced some changes to the management team.
Sector allocation was a benefit to relative performance, with an underweight to weak areas like Consumer Staples, Utilities and Real Estate. Stock selection in Information Technology was beneficial, and by country, holdings from France, the Netherlands, and Sweden were also beneficial.
Check Point, ASML, and Valeo were among top contributors. Check Point and ASML were beneficiaries of solid earnings announcements, while Valeo, the French global auto parts supplier, saw strong growth from new, higher margin products.
Globally, the political environment remains full of uncertainties: whether the incoming U.S. administration will reduce global trade, how France and Germany will vote in their elections, and what will be the likely terms of the UK's exit from the EU. We anticipate higher interest rates in the U.S., but more muted increases elsewhere. We believe that the result is likely to mean that, despite some recent weakness, the U.S. dollar will remain at elevated levels, which could undermine the competitiveness of U.S. multinationals relative to their peers overseas. We anticipate oil prices to continue their gradual move higher, but suspect that the recent appreciation in other commodities will prove short lived.
Our portfolio positioning was relatively conservative as we entered 2017 and we are not currently tempted to add exposure to cyclical names that have performed strongly over the past few months. We continue to look for opportunities across countries, sectors and the market cap spectrum, with a focus on those that we believe can perform in an uncertain geopolitical and macroeconomic environment. We remain of the view that companies with attractive end markets and a differentiated offering to customers with a proven management team are most likely to offer investors the most attractive risk/return characteristics.
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.
22
International Select Fund
TICKER SYMBOLS
Trust Class | NILTX | ||||||
Institutional Class | NILIX | ||||||
Class A | NBNAX | ||||||
Class C | NBNCX | ||||||
Class R3 | NBNRX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 08/01/2006 | 0.60 | % | 9.67 | % | 4.23 | % | 1.24 | % | 2.38 | % | ||||||||||||||||
Institutional Class6 | 10/06/2006 | 0.89 | % | 10.12 | % | 4.61 | % | 1.59 | % | 2.73 | % | ||||||||||||||||
Class A14 | 12/20/2007 | 0.61 | % | 9.76 | % | 4.24 | % | 1.24 | % | 2.38 | % | ||||||||||||||||
Class C14 | 12/20/2007 | 0.27 | % | 8.86 | % | 3.45 | % | 0.55 | % | 1.72 | % | ||||||||||||||||
Class R314 | 05/27/2009 | 0.55 | % | 9.43 | % | 3.98 | % | 1.04 | % | 2.18 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A14 | –5.18 | % | 3.49 | % | 3.02 | % | 0.64 | % | 1.81 | % | |||||||||||||||||
Class C14 | –0.73 | % | 7.86 | % | 3.45 | % | 0.55 | % | 1.72 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index (Net)1,15 | 4.90 | % | 15.75 | % | 5.16 | % | 1.03 | % | 2.34 | % | |||||||||||||||||
MSCI EAFE® Index1,15 | 5.01 | % | 16.31 | % | 5.63 | % | 1.50 | % | 2.80 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.39%, 0.95%, 1.33%, 2.06% and 1.57% 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 1.15%, 0.80%, 1.16%, 1.91% and 1.41% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
23
International Small Cap Fund Commentary
From its inception, December 8, 2016, through the close of the reporting period ended February 28, 2017, Neuberger Berman International Small Cap Fund Institutional Class generated a total return of 9.40%, outperforming its benchmark, the MSCI EAFE® Small Cap Index (Net) (the Index), which provided a 7.23% return during the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Designed to capitalize on the value inherent in stocks of smaller and often under researched companies within developed international economies, the Fund is managed from the bottom up. Its management team focuses on company and stock fundamentals, with a strong emphasis on quality.
While U.S. election-related politics dominated headlines for most of this period—including fears about trade protectionism and nationalism, both of which bode poorly for the global economy—the U.S. economy continued its slow but steady recovery, and economic data from the Eurozone, the UK, and Japan also improved.
Within the Index, returns this period were driven by Telecommunication Services, Information Technology (IT), and Health Care stocks which were all up over double-digits. Although all Index sectors posted positive returns, Energy and Financials lagged as the rotation from value to growth we saw during the second half of 2016 subsided. By country, Switzerland, Denmark and Israel were among top performers, while Portugal, Finland and Hong Kong underperformed.
The portfolio outperformed the Index on the basis of strong stock selection, especially within Industrials, IT, and Financials. By country, performance was led by UK, French and Norwegian holdings. Top individual contributors this period included Bossard and Jenoptik, which both benefitted from solid results and Colliers International, which made a strategic acquisition.
Energy and Materials holdings detracted somewhat, and by country, selection in the Netherlands, Austria and Japan underperformed. Individual detractors included Ichigo and ASKUL Corporation, which both reported soft results, and Raging River Exploration, which suffered as oil prices weakened. Looking ahead, globally, the political environment remains full of uncertainties: whether the incoming U.S. administration will reduce global trade, how France and Germany will vote in their elections, and what will be the likely terms of the UK's exit from the EU. We anticipate higher interest rates in the U.S., but more muted increases elsewhere. We believe that the result is likely to mean that, despite some recent weakness, the U.S. dollar will remain at elevated levels, which could undermine the competitiveness of U.S. multinationals relative to their peers overseas. We anticipate oil prices to continue their gradual move higher, but suspect that the recent appreciation in other commodities will prove short-lived.
Our portfolio positioning was relatively conservative as we entered 2017 and we are not currently tempted to add exposure to cyclical names that have performed strongly over the past few months. We continue to look for opportunities across countries, sectors and the market cap spectrum, with a focus on those that we believe can perform in an uncertain geopolitical and macroeconomic environment. We remain of the view that companies with attractive end markets and a differentiated offering to customers with a proven management team are most likely to offer investors the most attractive risk/return characteristics.
Sincerely,
BENJAMIN SEGAL AND DAVID BUNAN
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.
24
International Small Cap Fund
TICKER SYMBOLS
Institutional Class | NIOIX | ||||||
Class A | NIOAX | ||||||
Class C | NIOCX | ||||||
Class R6 | NIORX |
PERFORMANCE HIGHLIGHTS9
Inception Date | Cumulative Total Return Ended 02/28/2017 Life of Fund | ||||||||||
At NAV | |||||||||||
Institutional Class | 12/08/2016 | 9.40 | % | ||||||||
Class A | 12/08/2016 | 9.30 | % | ||||||||
Class C | 12/08/2016 | 9.20 | % | ||||||||
Class R6 | 12/08/2016 | 9.50 | % | ||||||||
With Sales Charge | |||||||||||
Class A | 3.02 | % | |||||||||
Class C | 8.20 | % | |||||||||
Index | |||||||||||
MSCI EAFE® Small Cap Index (Net)1,15 | 7.23 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman 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 2.57%, 2.93%, 3.68% and 2.50% 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 1.06%, 1.42%, 2.17% and 0.99% 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 8, 2016 through February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
25
Intrinsic Value Fund Commentary
Neuberger Berman Intrinsic Value Fund Institutional Class generated an 11.17% total return for the six months ended February 28, 2017, underperforming its benchmark, the Russell 2000® Value Index (the Index), which returned 15.80%, for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
2016 was a volatile year for equity markets. Throughout most of the year the major theme in the investment landscape was the search for yield and investors were focused on dividends and low volatility. This mindset caused our strategy to lag the market rally since we don't typically own companies with these characteristics. Then, in November, Trump's surprising presidential election victory and a Republican win in both the House and Senate sent the stock market to record highs. Financial Services in particular profited as they can benefit most from lower taxes, regulatory reform and the inflationary aspects of the new administration's platform. Also, low levels of overseas revenues in Financial Services would limit risks from poor trade policies. Hence, during the last few months of 2016, an already difficult relative period of performance for our strategy was compounded by a meaningful underweighting of financial stocks.
A review of benchmark performance for 2016 revealed that smaller value indices outperformed larger value and growth indices as smaller capitalization and value sectors have greater exposure to purely domestic businesses and financial companies while larger value and growth indices have greater exposure to Technology and Health Care companies. Our strategy has a significant overweight in Technology, a market capitalization much larger than the Index, and derives close to 35% (more than twice that of the Index) of its revenues from overseas, all of which contributed to our underperformance in 2016. Over the six month period, stock selection in Technology and Health Care were the main drivers of the Fund's underperformance.
Stocks continued to move higher into 2017 driven by better economic data but also due to heightened expectations for tax and regulatory reform. The probability of a few Federal Reserve (Fed) rate hikes is high indicating confidence in ongoing economic improvement. While it is still early in the year, many of the trends that led to our underperformance in 2016 have helped the portfolio in 2017. Financials sector performance has weakened in recent months and our underweighting in Financial Services has helped the Fund's relative returns. In addition, our small contingent of regional banks and small financial companies has done well. Real estate investment trusts (REITs), an area where we are significantly underweight, have underperformed since the election due to rate hike concerns and the bond market decline amidst Trump's assurances of strong fiscal stimulus, and this has also helped the Fund's relative performance. Many of the Fund's Technology companies which performed poorly in 2016 have begun to rebound this year.
While ongoing improvement in the economy and corporate earnings support rising stock prices, we believe uncertainty regarding policy changes, the timing of anticipated Fed rate hikes and political risks in Europe (i.e., upcoming elections in France and Brexit negotiations) may lead to increased volatility. Stock correlations have fallen which could result in a better environment for active management in our view. We will endeavor to use market uncertainty to our benefit when shares of well managed and competitively advantaged companies are priced at attractive levels.
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.
26
Intrinsic Value Fund
TICKER SYMBOLS
Institutional Class | NINLX | ||||||
Class A | NINAX | ||||||
Class C | NINCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 7.0 | % | |||
Energy | 1.0 | ||||
Financial Services | 10.3 | ||||
Health Care | 10.5 | ||||
Materials & Processing | 5.1 | ||||
Producer Durables | 18.4 | ||||
Technology | 37.9 | ||||
Utilities | 3.6 | ||||
Short-Term Investment | 6.2 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
AT NAV | |||||||||||||||||||||||||||
Institutional Class18 | 05/10/2010 | 11.17 | % | 25.59 | % | 12.17 | % | 7.70 | % | 11.26 | % | ||||||||||||||||
Class A18 | 05/10/2010 | 11.01 | % | 25.09 | % | 11.78 | % | 7.43 | % | 11.12 | % | ||||||||||||||||
Class C18 | 05/10/2010 | 10.59 | % | 24.16 | % | 10.93 | % | 6.90 | % | 10.84 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A18 | 4.66 | % | 17.90 | % | 10.46 | % | 6.80 | % | 10.78 | % | |||||||||||||||||
Class C18 | 9.59 | % | 23.16 | % | 10.93 | % | 6.90 | % | 10.84 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Value Index1,15 | 15.80 | % | 41.29 | % | 13.43 | % | 6.31 | % | 9.14 | % | |||||||||||||||||
Russell 2000® Index1,15 | 12.61 | % | 36.11 | % | 12.89 | % | 7.22 | % | 7.99 | % |
*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 performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.09%, 1.49% and 2.21% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
27
Large Cap Value Fund Commentary
Neuberger Berman Large Cap Value Fund Investor Class generated a 12.66% total return for the six months ended February 28, 2017, outperforming its benchmark, the Russell 1000® Value Index (the Index), which returned 11.07% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The equity market soared during the past six months due to rising optimism for a more business-friendly political environment as well as signs of a strengthening economy both at home and abroad. Early in the period, concerns about interest rate hikes in the U.S. and tightening monetary policies elsewhere led to some volatility in stocks. Uncertainty over the U.S. presidential election also caused the market to waver. Equities rebounded, however, and gained momentum after the Trump victory. Trump's promises to cut taxes, increase fiscal spending and soften regulatory oversight helped push the market to record levels. In addition oil and other commodities rose during this time, and although the U.S. Federal Reserve (Fed) raised interest rates in December and took a more hawkish tone later in the period, investors seemed to focus instead on the solid economic picture and healthy corporate profits.
Sector performance within the Index was largely positive with Financials the strongest returning area of the Index. Other cyclical areas such as Industrials, Information Technology (IT) and Materials also outperformed. The Energy sector lagged the overall Index, as did the more defensive segments such as Consumer Staples, Health Care, Telecommunication Services and Utilities.
The upside to Fund performance relative to the Index was driven mainly by Financials, and particularly our heavy exposure to bank stocks, which benefited from a rising interest rate environment as well as the prospect of lighter financial restrictions for the industry. Positive stock selection in IT also boosted relative performance. This was in large part due to data storage company Western Digital, whose stock is being rewarded for the Company's strong sales growth and successful cost-cutting initiatives. On the downside, the Fund lost the most ground in Consumer Discretionary due primarily to Ralph Lauren (RL). RL shares dropped on disappointing earnings results alongside other multi-national retailers as they faced challenges that included the possibility of an import tariff as well as a rising U.S. dollar. (RL was sold after the period). The Materials sector further detracted from relative performance owing to gold producer Newmont Mining Corp., which declined due to a fall in gold prices during the period.
Although the macro factors that have fueled the recent rise in stocks could continue to lift the market going forward, we believe that in light of the stock market's rapid ascent caution is prudent at this time. If Trump's anticipated policy changes disappoint investors in terms of timing or magnitude, we could see a reversal in equities. In addition, the Fed is pointing to a more aggressive tightening path and it remains to be seen what effect this will have on the economy and the stock market. We are also seeing rising geopolitical risks in Europe with the upcoming elections in France and Germany later this year. The myriad of external influences on the equity market is impossible to predict however, so we continue to focus our efforts on investing from the bottom up. We continue to find opportunities across the equities markets where we feel we can earn attractive risk adjusted returns. Our strategy remains uncovering underappreciated stocks with hidden value that can be realized as specific catalysts play out over time, and we believe that this approach is fundamental to creating a portfolio that can generate favorable risk adjusted 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.
28
Large Cap Value Fund
TICKER SYMBOLS
Investor Class | NPRTX | ||||||
Trust Class | NBPTX | ||||||
Advisor Class | NBPBX | ||||||
Institutional Class | NBPIX | ||||||
Class A | NPNAX | ||||||
Class C | NPNCX | ||||||
Class R3 | NPNRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 6.8 | % | |||
Consumer Staples | 6.7 | ||||
Energy | 8.6 | ||||
Financials | 32.1 | ||||
Health Care | 9.7 | ||||
Industrials | 10.9 | ||||
Information Technology | 2.8 | ||||
Materials | 6.9 | ||||
Telecommunication Services | 2.4 | ||||
Utilities | 2.8 | ||||
Short-Term Investment | 10.3 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 01/20/19752 | 12.66 | % | 38.98 | % | 12.93 | % | 5.19 | % | 12.63 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 12.61 | % | 38.82 | % | 12.72 | % | 5.00 | % | 12.54 | % | ||||||||||||||||
Advisor Class4 | 08/16/1996 | 12.53 | % | 38.59 | % | 12.55 | % | 4.84 | % | 12.41 | % | ||||||||||||||||
Institutional Class5 | 06/07/2006 | 12.73 | % | 39.24 | % | 13.11 | % | 5.37 | % | 12.68 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 12.54 | % | 38.68 | % | 12.67 | % | 5.03 | % | 12.59 | % | ||||||||||||||||
Class C19 | 06/21/2010 | 12.19 | % | 37.75 | % | 11.84 | % | 4.51 | % | 12.45 | % | ||||||||||||||||
Class R316 | 06/21/2010 | 12.42 | % | 38.34 | % | 12.37 | % | 4.85 | % | 12.54 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 6.07 | % | 30.69 | % | 11.34 | % | 4.41 | % | 12.43 | % | |||||||||||||||||
Class C19 | 11.19 | % | 36.75 | % | 11.84 | % | 4.51 | % | 12.45 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,15 | 11.07 | % | 29.13 | % | 14.02 | % | 6.20 | % | N/A |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.90%, 1.07%, 1.22%, 0.71%, 1.09%, 1.83% and 1.55% 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 0.70% and 1.37% for Institutional Class and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
29
Mid Cap Growth Fund Commentary
Neuberger Berman Mid Cap Growth Fund Investor Class generated a 7.98% total return for the six months ended February 28, 2017, ahead of its benchmark, the Russell Midcap® Growth Index, which returned 6.74% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The trailing six months were largely defined by all things Trump, from the last stages of a highly contentious election, his unexpected victory and finally to his unconventional and unpredictable approach to governing. For investors, of equal improbability has likely been the sustained post-election market surge, which has largely ignored the shock of the unanticipated and a rising tide of uncertainty to keep rolling to new highs. While one can certainly question whether this market has turned a blind eye to legitimate macro-level concerns, there are unquestionably key positives underpinning this rally, such as continued broadly net positive economic indicators and reasonably good top- and bottom-line results from companies. Boosted by a now clearer path to sustained monetary tightening and the economic vote of confidence that it represents, we also saw signs of a shift in the capital allocation process as companies appear to be dialing back their financial reallocations, away from dividend and share repurchase programs, and shifting more capital towards growth-oriented initiatives aimed at improving business efficiency and competitive positioning. We view these trends as positive for economic development, growth and our style of investing.
For the period, the portfolio was on average overweight Information Technology, Health Care, Financials, Telecommunication Services and Energy and underweight Consumer Staples, Real Estate, Consumer Discretionary, Materials and Industrials versus its benchmark. Broadly additive portfolio allocation decisions and positive stock selection, especially within Financials, Telecommunication Services, Industrials and Consumer Staples, were able to offset stock-specific weakness within Consumer Discretionary. Drilling down to our holdings, NVIDIA Corporation was the top performing holding, while Acuity Brands was the leading detractor. NVIDIA, a semiconductor company engaged in visual computing applications, consistently delivered very strong results led by their gaming segment. Acuity, a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications, delivered disappointing results which they attributed to internal manufacturing issues. We elected to exit our position in Acuity during the period.
While this new political reality makes for exceedingly good theater, we intend to remain focused on actual economic results, policy that actually becomes law, identifying underappreciated catalysts and corporate fundamentals. With 2017 earnings trending higher, we remain cautiously optimistic towards this highly resilient market, but with the caveat that we believe there are expectations for a Republican-controlled government and a failure to deliver in the sentiment-boosting areas of tax reform, deregulation and infrastructure spending could cause this bull to pause or take a step back. However, if this administration can find its footing and work with Congress to begin delivering on their promised legislative agenda, potentially boosting business and consumer confidence along the way, the opportunity is there to unlock 8+ post-financial crisis years of pent-up demand, which in turn could potentially expand economic growth and extend this rally.
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.
30
Mid Cap Growth Fund
TICKER SYMBOLS
Investor Class | NMANX | ||||||
Trust Class | NBMTX | ||||||
Advisor Class | NBMBX | ||||||
Institutional Class | NBMLX | ||||||
Class A | NMGAX | ||||||
Class C | NMGCX | ||||||
Class R3 | NMGRX | ||||||
Class R6 | NRMGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 17.7 | % | |||
Consumer Staples | 2.7 | ||||
Energy | 2.2 | ||||
Financials | 8.3 | ||||
Health Care | 18.9 | ||||
Industrials | 14.8 | ||||
Information Technology | 26.2 | ||||
Materials | 3.9 | ||||
Telecommunication Services | 1.0 | ||||
Other | 0.9 | ||||
Short-Term Investment | 3.4 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/01/19792 | 7.98 | % | 23.40 | % | 10.11 | % | 7.61 | % | 11.66 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 7.97 | % | 23.40 | % | 10.06 | % | 7.50 | % | 11.57 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 7.85 | % | 23.06 | % | 9.76 | % | 7.19 | % | 11.37 | % | ||||||||||||||||
Institutional Class5 | 04/19/2007 | 8.09 | % | 23.74 | % | 10.35 | % | 7.90 | % | 11.74 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 7.90 | % | 23.26 | % | 9.93 | % | 7.51 | % | 11.63 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 7.51 | % | 22.36 | % | 9.12 | % | 6.89 | % | 11.46 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 7.76 | % | 22.92 | % | 9.67 | % | 7.30 | % | 11.57 | % | ||||||||||||||||
Class R623 | 03/15/2013 | 8.14 | % | 23.86 | % | 10.36 | % | 7.73 | % | 11.69 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 1.68 | % | 16.16 | % | 8.64 | % | 6.87 | % | 11.46 | % | |||||||||||||||||
Class C19 | 6.51 | % | 21.36 | % | 9.12 | % | 6.89 | % | 11.46 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Growth Index1,15 | 6.74 | % | 21.54 | % | 12.32 | % | 8.13 | % | N/A | ||||||||||||||||||
Russell Midcap® Index1,15 | 8.91 | % | 26.81 | % | 13.63 | % | 8.04 | % | 13.35 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.96%, 0.99%, 1.25%, 0.76%, 1.12%, 1.88%, 1.39% and 0.67% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.87% and 1.37% for Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class and Class A includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
31
Mid Cap Intrinsic Value Fund Commentary
Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 12.85% total return for the six months ended February 28, 2017, outperforming its benchmark, the Russell Midcap® Value Index which gained 10.76% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
2016 was a volatile year for equity markets. In November, Trump's surprising presidential election victory and a Republican win in both the House and Senate sent the stock market to record highs. Stocks continued to move higher into 2017 on better economic data but also due to heightened expectations of tax and regulatory reform. The probability of a Federal Reserve (Fed) rate hike is high, indicating the Fed's confidence in continued economic improvement.
During the reporting period, performance benefitted from the Fund's overweight and stock selection in Technology and Producer Durables, the benchmark's two best performing sectors. Western Digital (Technology), the Fund's top performer, beat revenue and earnings estimates showing that the SanDisk acquisition continues to be accretive to the company's bottom line, and declared a $0.50 cash dividend for the quarter. General Dynamics (GD) (Producer Durables) reported positive 2017 guidance and was awarded several lucrative government defense contracts. GD also announced a dividend increase and expanded its share repurchase program. Additionally, stock selection in Financial Services helped performance. Comerica's self-help $400 million cost savings program is showing results and net interest income should benefit meaningfully from incremental rate hikes and debt maturities. A healthy level of company specific events enhanced the Fund's attractive return. A number of companies were acquired, disposed of significant assets, or made large acquisitions during the period. Notably, B/E Aerospace agreed to be acquired by Rockwell Collins for $62 per share in cash and stock, Johnson Controls completed its spin-off of Adient into an independent, publicly-traded company, On Semiconductor completed its acquisition of Fairchild and CBS agreed to combine its radio business with Entercom Communications in a tax-free merger.
On the negative side, overweights and stock selection in the Health Care and Consumer Staples sectors, the benchmark's worst performing sectors, hurt absolute and relative performance. Zimmer Biomet (Health Care) declined due to supply constraints which led to a temporary decrease in earnings and Hertz (Consumer Discretionary) dropped as earnings materially missed expectations due in large part to improper fleet sizing. GNC (Consumer Staples) materially missed earnings expectations and the CEO was fired. We decided to sell the position as our investment thesis changed due to increasing internet competition and a delay in the potential sale of the company. We also eliminated CoreCivic (Financial Services), as the Obama administration and Clinton's platform sought to reduce the use of private prisons and the stock declined significantly.
While ongoing improvement in the economy and corporate earnings support rising stock prices, we believe uncertainty regarding policy changes, the timing of anticipated Fed rate hikes and political risks in Europe (i.e., upcoming elections in France and Brexit negotiations) may lead to increased volatility. Stock correlations have fallen which could result in a better environment for active management. We believe that with continued U.S. economic growth the market can move up during the remainder of the year, but finding the right stocks will be the key to outperformance. We believe our strategy with its focus on quality companies undergoing change should fare well in such an environment.
Sincerely,
MICHAEL C. GREENE
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
32
Mid Cap Intrinsic Value Fund
TICKER SYMBOLS
Investor Class | NBRVX | ||||||
Trust Class | NBREX | ||||||
Institutional Class | NBRTX | ||||||
Class A | NBRAX | ||||||
Class C | NBRCX | ||||||
Class R3 | NBRRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 10.5 | % | |||
Consumer Staples | 4.0 | ||||
Energy | 9.0 | ||||
Financial Services | 16.5 | ||||
Health Care | 9.3 | ||||
Materials & Processing | 5.7 | ||||
Producer Durables | 19.9 | ||||
Technology | 19.5 | ||||
Utilities | 5.3 | ||||
Short-Term Investment | 0.3 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1999 | 12.85 | % | 29.47 | % | 13.32 | % | 6.85 | % | 9.66 | % | ||||||||||||||||
Trust Class3 | 06/10/1999 | 12.70 | % | 29.25 | % | 13.11 | % | 6.73 | % | 9.57 | % | ||||||||||||||||
Institutional Class5 | 03/08/2010 | 12.96 | % | 29.78 | % | 13.58 | % | 7.05 | % | 9.77 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 12.73 | % | 29.23 | % | 13.15 | % | 6.77 | % | 9.61 | % | ||||||||||||||||
Class C19 | 06/21/2010 | 12.30 | % | 28.30 | % | 12.31 | % | 6.24 | % | 9.31 | % | ||||||||||||||||
Class R316 | 06/21/2010 | 12.58 | % | 28.99 | % | 12.89 | % | 6.60 | % | 9.51 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 6.24 | % | 21.82 | % | 11.83 | % | 6.14 | % | 9.25 | % | |||||||||||||||||
Class C19 | 11.30 | % | 27.30 | % | 12.31 | % | 6.24 | % | 9.31 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Value Index1,15 | 10.76 | % | 31.84 | % | 14.75 | % | 7.67 | % | 9.72 | % | |||||||||||||||||
Russell Midcap® Index1,15 | 8.91 | % | 26.81 | % | 13.63 | % | 8.04 | % | 9.05 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.31%, 1.48%, 1.09%, 1.50%, 2.24% and 1.76% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 0.86%, 1.22%, 1.97% and 1.47% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
33
Multi-Cap Opportunities Fund Commentary
Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a 14.02% total return for the six months ended February 28, 2017 versus a 10.01% 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, ten of eleven sectors generated a positive return for the period. Financials, Industrials, and Information Technology (IT) outperformed relative to the overall benchmark. Consumer Discretionary, Consumer Staples, Energy, Health Care, Materials, Real Estate, Telecommunication Services, and Utilities underperformed relative to the overall benchmark. We believe solid corporate fundamentals and a reduction in macro uncertainty contributed to broad-based positive performance during the period.
Within the portfolio, stock selection in Industrials and IT benefitted performance relative to the benchmark, while stock selection in Consumer Discretionary and Financials detracted from relative performance. From a sector perspective, the overweight in Financials benefitted performance relative to the benchmark, while the overweight in Health Care detracted from relative performance. The portfolio finished the period with an overweight, relative to the benchmark, in the Financials, Health Care, Industrials, IT and Materials sectors. The portfolio completed the period with an underweight, relative to the benchmark, in the Consumer Discretionary, Consumer Staples, Energy, Real Estate, 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 investments have unique attributes (e.g., restructuring, spin-offs, post-bankruptcy equities) that require specific valuation methodologies and customized investment research. Opportunistic investments are companies that have become inexpensive for a tangible reason that we believe is temporary. Classic investments are those companies with long histories of shareholder friendly policies, high quality management teams and exceptional operating performance. We believe maintaining a balance of these three categories helps to mitigate risk within the portfolio. We continue to find investment opportunities across each investment category with attractive risk/return profiles.
We believe the current environment is attractive for free cash flow oriented investing. Many 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.
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.
34
Multi-Cap Opportunities Fund
TICKER SYMBOLS
Institutional Class | NMULX | ||||||
Class A | NMUAX | ||||||
Class C | NMUCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 2.1 | % | |||
Consumer Staples | 4.1 | ||||
Energy | 5.8 | ||||
Financials | 25.4 | ||||
Health Care | 16.1 | ||||
Industrials | 12.9 | ||||
Information Technology | 27.9 | ||||
Materials | 4.9 | ||||
Short-Term Investment | 0.8 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class17 | 12/21/2009 | 14.02 | % | 29.21 | % | 14.80 | % | 8.18 | % | 8.55 | % | ||||||||||||||||
Class A17 | 12/21/2009 | 13.84 | % | 28.78 | % | 14.38 | % | 7.90 | % | 8.28 | % | ||||||||||||||||
Class C17 | 12/21/2009 | 13.35 | % | 27.77 | % | 13.51 | % | 7.31 | % | 7.71 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A17 | 7.31 | % | 21.37 | % | 13.03 | % | 7.26 | % | 7.66 | % | |||||||||||||||||
Class C17 | 12.35 | % | 26.77 | % | 13.51 | % | 7.31 | % | 7.71 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.01 | % | 24.98 | % | 14.01 | % | 7.62 | % | 7.73 | % |
*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 performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.76%, 1.11% and 1.85% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
35
Real Estate Fund Commentary
Neuberger Berman Real Estate Fund Trust Class generated a –0.82% total return for the six months ended February 28, 2017, underperforming its benchmark, the FTSE NAREIT All Equity REITs Index, which generated a –0.72% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a weak start, the U.S. stock market rallied sharply and generated strong results during the reporting period. After treading water in September, stocks declined in October amid mixed corporate profit results and uncertainties surrounding the November elections. The market then moved sharply higher over the last four months of the period. This turnaround was primarily driven by expectations for improving growth and rising corporate profits in the Trump administration. The overall U.S. stock market, as measured by the S&P 500® Index, rose 10.01% for the six-month period. Comparatively, real estate investment trusts (REITs) posted weak results during the period. REITs were dragged down over the first half of the period given rising interest rates and a rotation to non-dividend paying stocks. However, much of these losses were recouped over the second half of the period as investor demand improved.
Stock selection was beneficial for relative performance during the reporting period. Contributing the most to results were our holdings in the Lodging/Resorts, Diversified and Apartments sectors. Marriott International, Inc., a Lodging/Resort company, Vornado Realty Trust, a Diversified REIT and Weyerhaeuser Company, a Timber REIT, were the largest contributors to absolute performance. The sectors that detracted the most from the Fund's results from a stock selection perspective were Specialty, Shopping Centers and Industrial. Several individual holdings were also negative for results, including Simon Property Group, a leading commercial real estate company with both regional malls and discount outlet centers, Kimco Realty Corp., a Shopping Center REIT and Ventas, Inc., a Health Care REIT.
Sector positioning, overall, modestly contributed to the Fund's performance during the reporting period. On the upside, overweights to Single Family Homes and Real Estate Operating Companies (non-REIT real estate-related securities), along with an underweight to Health Care, were the most beneficial for performance. Conversely, an underweight to Specialty, an overweight to Infrastructure REITs, an overweight to Shopping Centers and an underweight to Diversified were among the largest negatives for results.
The U.S. economy proved to be fairly resilient in 2016 despite a number of global headwinds. We anticipate seeing continued modest economic growth in 2017. Turning to the Federal Reserve, after its rate move in December 2016, it will likely take a measured approach in terms of further rate hikes. Since the U.S. Presidential election, interest rates have moved higher on expectations for improved economic growth. In our view, rising business and consumer confidence, potential fiscal stimulus and modest inflation should be supportive for the U.S. commercial property market. We believe real estate fundamentals, not interest rates, will be the long-term driver of performance in the REIT market. We believe real estate companies with sustainable cash flow and dividend growth have the potential to perform well. We are focused on companies with management teams that can capitalize on pricing differences between the public and private real estate markets. While the full implications of a Trump Presidency and Republican controlled Congress remain uncertain we are closely monitoring potential legislation that could impact the real estate market.
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.
36
Real Estate Fund
TICKER SYMBOLS
Trust Class | NBRFX | ||||||
Institutional Class | NBRIX | ||||||
Class A | NREAX | ||||||
Class C | NRECX | ||||||
Class R3 | NRERX | ||||||
Class R6 | NRREX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Apartments | 12.1 | % | |||
Data Centers | 6.3 | ||||
Diversified | 3.9 | ||||
Free Standing | 2.1 | ||||
Health Care | 9.0 | ||||
Industrial | 4.8 | ||||
Infrastructure | 9.3 | ||||
Lodging/Resorts | 3.2 | ||||
Manufactured Homes | 2.0 | ||||
Office | 12.0 | ||||
Real Estate Operating Companies | 2.0 | ||||
Regional Malls | 10.3 | ||||
Self Storage | 6.3 | ||||
Shopping Centers | 6.4 | ||||
Single Family Homes | 4.3 | ||||
Specialty | 1.5 | ||||
Timber | 3.9 | ||||
Short-Term Investment | 0.6 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,21
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 05/01/2002 | –0.82 | % | 14.68 | % | 9.39 | % | 5.09 | % | 11.40 | % | ||||||||||||||||
Institutional Class6 | 06/04/2008 | –0.79 | % | 14.85 | % | 9.58 | % | 5.26 | % | 11.53 | % | ||||||||||||||||
Class A14 | 06/21/2010 | –0.91 | % | 14.49 | % | 9.21 | % | 4.97 | % | 11.32 | % | ||||||||||||||||
Class C14 | 06/21/2010 | –1.25 | % | 13.67 | % | 8.40 | % | 4.44 | % | 10.94 | % | ||||||||||||||||
Class R314 | 06/21/2010 | –1.05 | % | 14.14 | % | 8.92 | % | 4.78 | % | 11.19 | % | ||||||||||||||||
Class R624 | 03/15/2013 | –0.68 | % | 14.95 | % | 9.63 | % | 5.20 | % | 11.49 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A14 | –6.59 | % | 7.87 | % | 7.92 | % | 4.35 | % | 10.87 | % | |||||||||||||||||
Class C14 | –2.12 | % | 12.68 | % | 8.40 | % | 4.44 | % | 10.94 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
FTSE NAREIT All Equity REITs Index1,15 | –0.72 | % | 17.81 | % | 11.72 | % | 4.89 | % | 10.56 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.41%, 1.05%, 1.42%, 2.18%, 1.68% and 0.98% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.85%, 1.21%, 1.96%, 1.46% and 0.78% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
37
Small Cap Growth Fund Commentary
Neuberger Berman Small Cap Growth Fund Investor Class generated an 11.68% total return for the six months ended February 28, 2017, ahead of its benchmark, the Russell 2000® Growth Index, which returned 9.39% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The trailing six months were largely defined by all things Trump, from the last stages of a highly contentious election, his unexpected victory and finally to his unconventional and unpredictable approach to governing. For investors, of equal improbability has likely been the sustained post-election market surge, which has largely ignored the shock of the unanticipated and a rising tide of uncertainty to keep rolling to new highs. While one can certainly question whether this market has turned a blind eye to legitimate macro-level concerns, there are unquestionably key positives underpinning this rally, such as continued broadly net positive economic indicators and reasonably good top- and bottom-line results from companies. Boosted by a now clearer path to sustained monetary tightening and the economic vote of confidence that it represents, we also saw signs of a shift in the capital allocation process as companies appear to be dialing back their financial reallocations, away from dividend and share repurchase programs, and shifting more capital towards growth-oriented initiatives aimed at improving business efficiency and competitive positioning. We view these trends as positive for economic development, growth and our style of investing.
For the period on average, the portfolio was overweighted in Health Care, Information Technology (IT), Energy, Financials and Industrials and underweighted in Real Estate, Materials, Consumer Staples, Telecommunication Services and Utilities. Strong stock selection within Health Care, along with positive contributions from our Industrials and Financials names, offset weakness within IT, Energy and Consumer Staples. Our allocation decisions proved fairly neutral as our underweight to Real Estate offset the negative effect of our underexposure to the Materials sector. Drilling down to our holdings, Exelixis, Inc. was the top performing holding, while Paylocity Holding Corporation was the leading detractor. Exelixis, a biopharmaceutical company engaged in developing and commercializing small molecule therapies for the treatment of cancer, was rewarded for continued strong execution and their attractive new development pipeline. Paylocity, a cloud-based provider of payroll and human capital management software solutions aimed at enabling medium-sized organizations to better manage their workforce, was negatively impacted by uncertainty around the future of the Affordable Care Act and what effect that could have on enrollment/participation growth rates. (Paylocity was sold during the period.)
While this new political reality makes for exceedingly good theater, we intend to remain focused on actual economic results, policy that actually becomes law, identifying underappreciated catalysts and corporate fundamentals. With 2017 earnings trending higher, we remain cautiously optimistic towards this highly resilient market, but with the caveat that we believe there are expectations for a Republican-controlled government and a failure to deliver in the sentiment-boosting areas of tax reform, deregulation and infrastructure spending could cause this bull to pause or take a step back. However, if this administration can find its footing and work with Congress to begin delivering on their promised legislative agenda, potentially boosting business and consumer confidence along the way, the opportunity is there to unlock 8+ post-financial crisis years of pent-up demand, which in turn could potentially expand economic growth and extend this rally.
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.
38
Small Cap Growth Fund
TICKER SYMBOLS
Investor Class | NBMIX | ||||||
Trust Class | NBMOX | ||||||
Advisor Class | NBMVX | ||||||
Institutional Class | NBSMX | ||||||
Class A | NSNAX | ||||||
Class C | NSNCX | ||||||
Class R3 | NSNRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.4 | % | |||
Consumer Staples | 1.3 | ||||
Energy | 2.4 | ||||
Financials | 7.2 | ||||
Health Care | 25.2 | ||||
Industrials | 16.8 | ||||
Information Technology | 22.8 | ||||
Materials | 3.3 | ||||
Real Estate | 0.6 | ||||
Short-Term Investment | 7.0 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/20/1998 | 11.68 | % | 36.54 | % | 10.44 | % | 6.39 | % | 8.41 | % | ||||||||||||||||
Trust Class3 | 11/03/1998 | 11.59 | % | 36.30 | % | 10.25 | % | 6.18 | % | 8.27 | % | ||||||||||||||||
Advisor Class4 | 05/03/2002 | 11.49 | % | 36.14 | % | 10.10 | % | 6.00 | % | 8.17 | % | ||||||||||||||||
Institutional Class5 | 04/01/2008 | 11.82 | % | 36.98 | % | 10.79 | % | 6.65 | % | 8.56 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 11.62 | % | 36.48 | % | 10.38 | % | 6.31 | % | 8.37 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 11.19 | % | 35.43 | % | 9.57 | % | 5.69 | % | 8.03 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 11.51 | % | 36.09 | % | 10.13 | % | 6.10 | % | 8.26 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 5.20 | % | 28.65 | % | 9.09 | % | 5.68 | % | 8.02 | % | |||||||||||||||||
Class C19 | 10.19 | % | 34.43 | % | 9.57 | % | 5.69 | % | 8.03 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Growth Index1,15 | 9.39 | % | 30.91 | % | 12.29 | % | 8.03 | % | 7.77 | % | |||||||||||||||||
Russell 2000® Index1,15 | 12.61 | % | 36.11 | % | 12.89 | % | 7.22 | % | 9.18 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 1.87%, 1.94%, 2.09%, 1.55%, 1.95%, 2.68% and 2.25% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.30%, 1.41%, 1.61%, 0.90%, 1.26%, 2.01% and 1.52% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
39
Socially Responsive Fund Commentary
Neuberger Berman Socially Responsive Fund Investor Class reported returns of 9.99% for the six months ended February 28, 2017, underperforming the 10.01% 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.)
As this period began, U.S. markets were volatile—as they had been throughout most of 2016. Post November's U.S. election, however, markets rebounded, reflecting continued confidence in the resilience of the U.S. economy and incrementally positive expectations of potential tax reform, regulatory relief and infrastructure spending.
The Fund's absolute performance was driven primarily by Financials holdings including Progressive Corporation, JPMorgan Chase, U.S. Bancorp, and American Express. Texas Instruments was also a top contributor. We believe these are responsibly run, well managed businesses.
Underperformers included Cimarex Energy, Gildan Activewear, Medtronic and Newell Brands and EQT Corporation—a newer holding. Some of these stocks had been strong performers with a recent weakness, in our opinion, generally on transitory concerns.
We used this period's early volatility to add names to the portfolio that met our quality and sustainability requirements, i.e. leadership in Environmental, Social and Governance ("ESG") practices, at attractive prices. Additions included EQT, Kroger, AmerisourceBergen, Novozymes, Comcast and Cognizant Technology Solutions. We believe that longer term, each of these businesses is positioned to outperform its peers and competitors. We sold holdings we considered fully valued. Sales included TJX Companies, Abbott Laboratories, BorgWarner, Fortive, Praxair, NOW Inc. and Level 3 Communications. Conviction in the ability of these businesses to grow at an advantage to their peers is reflected in position sizes with the top ten contributors contributing over 60% of the portfolio return for the period.
Looking ahead, we anticipate the slow and positive growth trend in the U.S. to continue, based on ongoing strength in consumer spending, strengthening in oil and commodities prices, and a smaller headwind from the strong dollar than we saw in 2014 and 2015. We also believe the Federal Reserve will continue to be measured in raising rates and supportive of growth.
Our primary concerns are geopolitical including volatility in the Middle East, the foreign policy gulf between Russia and the West, the rise of populist parties in Europe, and the uncertainty created by the Brexit. Further, the lack of transparency into policy actions in China raises the risk of unintended consequences as the government there struggles to strike a balance between curbing excessive speculation and sustainable long-term growth. Domestically, the lack of clarity on the new administration's trade and economic policies may also create volatility.
We believe the operating characteristics of the businesses we own can translate top-line growth in the low- to mid-single digits into stronger, advantaged bottom-line growth in a variety of economic environments. Absent an exogenous shock, our outlook is for continued slow growth for the global economy, but we believe our portfolio holdings also have the balance sheet strength and free cash flow generation that could enable them to weather global economic turmoil, should it occur.
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.
To read more on how we integrate sustainability issues into our investment process, please visit our SRI web site, Socially Responsive Investing, at http://www.nb.com/sri/.
40
Socially Responsive Fund
TICKER SYMBOLS
Investor Class | NBSRX | ||||||
Trust Class | NBSTX | ||||||
Institutional Class | NBSLX | ||||||
Class A | NRAAX | ||||||
Class C | NRACX | ||||||
Class R3 | NRARX | ||||||
Class R6 | NRSRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 10.4 | % | |||
Consumer Staples | 5.8 | ||||
Energy | 8.8 | ||||
Financials | 15.6 | ||||
Health Care | 16.5 | ||||
Industrials | 13.2 | ||||
Information Technology | 22.2 | ||||
Materials | 2.4 | ||||
Telecommunication Services | 2.4 | ||||
Utilities | 1.7 | ||||
Short-Term Investments | 1.0 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/16/1994 | 9.99 | % | 24.58 | % | 12.92 | % | 7.28 | % | 9.29 | % | ||||||||||||||||
Trust Class3 | 03/03/1997 | 9.92 | % | 24.32 | % | 12.72 | % | 7.09 | % | 9.12 | % | ||||||||||||||||
Institutional Class5 | 11/28/2007 | 10.11 | % | 24.81 | % | 13.13 | % | 7.46 | % | 9.37 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 9.93 | % | 24.37 | % | 12.70 | % | 7.13 | % | 9.23 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 9.51 | % | 23.39 | % | 11.86 | % | 6.50 | % | 8.95 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 9.73 | % | 23.99 | % | 12.43 | % | 6.92 | % | 9.13 | % | ||||||||||||||||
Class R623 | 03/15/2013 | 10.15 | % | 24.88 | % | 13.14 | % | 7.38 | % | 9.34 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 3.61 | % | 17.20 | % | 11.37 | % | 6.49 | % | 8.94 | % | |||||||||||||||||
Class C19 | 8.51 | % | 22.39 | % | 11.86 | % | 6.50 | % | 8.95 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.01 | % | 24.98 | % | 14.01 | % | 7.62 | % | 9.40 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 0.86%, 1.03%, 0.68%, 1.05%, 1.79%, 1.29% and 0.61% for Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
41
Value Fund Commentary
Neuberger Berman Value Fund Institutional Class generated a 12.73% total return for the six months ended February 28, 2017, outperforming its benchmark, the Russell 1000® Value Index (the Index), which returned 11.07% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The equity market soared during the past six months due to rising optimism for a more business-friendly political environment as well as signs of a strengthening economy both at home and abroad. Early in the period, concerns about interest rate hikes in the U.S. and tightening monetary policies elsewhere led to some volatility in stocks. Uncertainty over the U.S. presidential election also caused the market to waver. Equities rebounded, however, and gained momentum after the Trump victory. Trump's promises to cut taxes, increase fiscal spending and soften regulatory oversight helped push the market to record levels. In addition oil and other commodities rose during this time, and although the U.S. Federal Reserve (Fed) raised interest rates in December and took a more hawkish tone later in the period, investors seemed to focus instead on the solid economic picture and healthy corporate profits.
Sector performance within the Index was largely positive with Financials the strongest returning area of the Index. Other cyclical areas such as Industrials, Information Technology (IT) and Materials also outperformed. The Energy sector lagged the overall Index, as did the more defensive segments such as Consumer Staples, Health Care, Telecommunication Services and Utilities.
The upside to Fund performance relative to the Index was driven mainly by Financials, and particularly our heavy exposure to bank stocks, which benefited from a rising interest rate environment as well as the prospect of lighter financial restrictions for the industry. Positive stock selection in IT also boosted relative performance. This was in large part due to data storage company, Western Digital, whose stock is being rewarded for the Company's strong sales growth and successful cost-cutting initiatives. On the downside, the Fund lost the most ground in Consumer Discretionary due primarily to Ralph Lauren (RL). RL shares dropped on disappointing earnings results alongside other multi-national retailers as they faced challenges that included the possibility of an import tariff as well as a rising U.S. dollar (RL was sold after the period). The Materials sector further detracted from relative performance owing to gold producer Newmont Mining Corp., which declined due to a fall in gold prices during the period.
Although the macro factors that have fueled the recent rise in stocks could continue to lift the market going forward, we believe that in light of the stock market's rapid ascent caution is prudent at this time. If Trump's anticipated policy changes disappoint investors in terms of timing or magnitude, we could see a reversal in equities. In addition, the Fed is pointing to a more aggressive tightening path and it remains to be seen what effect this will have on the economy and the stock market. We are also seeing rising geopolitical risks in Europe with the upcoming elections in France and Germany later this year. The myriad of external influences on the equity market is impossible to predict however, so we continue to focus our efforts on investing from the bottom up. We continue to find opportunities across the equities markets where we feel we can earn attractive risk adjusted returns. Our strategy remains uncovering underappreciated stocks with hidden value that can be realized as specific catalysts play out over time, and we believe that this approach is fundamental to creating a portfolio that can generate favorable risk adjusted 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.
42
Value Fund
TICKER SYMBOLS
Institutional Class | NLRLX | ||||||
Class A | NVAAX | ||||||
Class C | NVACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 6.9 | % | |||
Consumer Staples | 6.7 | ||||
Energy | 8.7 | ||||
Financials | 32.3 | ||||
Health Care | 9.9 | ||||
Industrials | 10.8 | ||||
Information Technology | 2.8 | ||||
Materials | 7.0 | ||||
Telecommunication Services | 2.4 | ||||
Utilities | 2.8 | ||||
Short-Term Investment | 9.7 | ||||
Total | 100.0 | % |
* Derivatives, if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,9
Six Month | Average Annual Total Return Ended 02/28/2017 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2017 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class20 | 04/19/2010 | 12.73 | % | 39.42 | % | 12.83 | % | 8.02 | % | 8.21 | % | ||||||||||||||||
Class A20 | 03/02/2011 | 12.55 | % | 38.87 | % | 12.38 | % | 7.77 | % | 7.97 | % | ||||||||||||||||
Class C20 | 03/02/2011 | 12.10 | % | 37.92 | % | 11.56 | % | 7.29 | % | 7.51 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | 6.10 | % | 30.91 | % | 11.05 | % | 7.14 | % | 7.35 | % | |||||||||||||||||
Class C20 | 11.10 | % | 36.92 | % | 11.56 | % | 7.29 | % | 7.51 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,15 | 11.07 | % | 29.13 | % | 14.02 | % | 6.20 | % | 6.49 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through 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 performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2016 were 2.69%, 3.08% and 3.88% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2017 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
43
Endnotes
1 Please see "Glossary of Indices" on page 48 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 International Small Cap Fund, Neuberger Berman Multi-Cap Opportunities Fund and Neuberger Berman Value Fund were relatively small prior to September 2010, June 2008, August 2013, December 2016, January 2010 and April 2013, respectively which could have impacted Fund performance. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.
10 The performance information for Class R3 prior to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account differences in
44
Endnotes (cont'd)
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");
45
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.
25 Neuberger Berman Group LLC ("NBG LLC"), the parent company of Neuberger Berman Investment Advisers LLC ("NBIA" or "Management"), the investment manager to the Neuberger Berman Greater China Equity Fund (the
46
Endnotes (cont'd)
"Fund"), has announced that the Neuberger Berman Greater China Investment Team (the "GCI Team"), which includes Frank Yao and Lihui Tang, the portfolio managers to the Fund, will establish an independent business, Green Court Capital Management Limited ("Green Court"). NBIA believes it would be in the Fund's best interest to ensure continuity of management for the Fund and retain Green Court as a new sub-adviser to the Fund.
NBG LLC will retain an ongoing passive minority ownership stake in Green Court. Other than NBG LLC, all equity in Green Court will be owned by the GCI Team's professionals. As part of the transaction, all of the GCI Team's investment professionals, comprising portfolio managers Frank Yao and Lihui Tang, its research analysts and traders will move over to the new entity in the transition. There will be no change to the GCI Team's investment philosophy and process, including that used for the management of the Fund. The transition for the Fund is designed to be as seamless as possible.
The transaction is targeted to be effective in the second quarter of 2017. It is expected that a transfer of the Sub-Advisory Agreement between NBIA and Neuberger Berman Asia Limited with respect to the Fund (the "Current Sub-Advisory Agreement") would constitute an "assignment" which, by law, would automatically terminate the Current Sub-Advisory Agreement. Accordingly, the Fund's Board of Trustees (the "Board") considered and approved a new sub-advisory agreement between NBIA and Green Court (the "New Sub-Advisory Agreement"). The nature and level of the services provided under the New Sub-Advisory Agreement are expected to be the same as under the Current Sub-Advisory Agreement, and there will be no change in the fees incurred by the Fund.
As disclosed in the Fund's Prospectus, NBIA has obtained an exemptive order from the Securities and Exchange Commission that permits NBIA to engage an unaffiliated subadviser and to enter into a subadvisory agreement with an unaffiliated subadviser, upon the approval of the Board, without obtaining shareholder approval. Following approval of the New Sub-Advisory Agreement by the Board and completion of the transaction, the Fund's shareholders will be sent an information statement that contains additional information about Green Court and the New Sub-Advisory Agreement.
* 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 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. Following the consolidation, the investment professionals of NBM who provided services to any Fund 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 employed by any Fund, the nature or level of services provided to any Fund, 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 are provided by Neuberger Berman.
Following the Reorganization, the employees of NBM provide the same services to each Fund under the Agreements and Plans, except that they provide those services in their capacities as employees of Neuberger Berman. Further, the Reorganization did 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.
On January 1, 2017, the Funds' distributor, Neuberger Berman, changed its name to Neuberger Berman BD LLC.
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.
47
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. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience. | ||||||
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. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience. | ||||||
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.) Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience. |
48
Glossary of Indices (cont'd)
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. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience. | ||||||
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. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience. | ||||||
MSCI EAFE Small Cap Index: | The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the small cap segment of developed markets, excluding the United States and Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. | ||||||
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. |
49
Glossary of Indices (cont'd)
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. |
50
Information About Your Fund's Expenses (Unaudited)
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.
This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended February 28, 2017 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.
51
Expense Example (Unaudited)
Neuberger Berman Equity Funds | |||||||||||||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(1) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/16 | Ending Account Value 2/28/17 | Expenses Paid During the Period(2) 9/1/16 - 2/28/17 | Expense Ratio | Beginning Account Value 9/1/16 | Ending Account Value 2/28/17 | Expenses Paid During the Period(2) 9/1/16 - 2/28/17 | Expense Ratio | ||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,127.70 | $ | 3.64 | 0.69 | % | $ | 1,000.00 | $ | 1,021.37 | $ | 3.46 | 0.69 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,125.40 | $ | 5.53 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,122.50 | $ | 9.47 | 1.80 | % | $ | 1,000.00 | $ | 1,015.87 | $ | 9.00 | 1.80 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,128.10 | $ | 3.27 | 0.62 | % | $ | 1,000.00 | $ | 1,021.72 | $ | 3.11 | 0.62 | % | |||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,045.50 | $ | 6.39 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,044.60 | $ | 7.65 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,041.00 | $ | 11.44 | 2.26 | % | $ | 1,000.00 | $ | 1,013.59 | $ | 11.28 | 2.26 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,042.40 | $ | 9.72 | 1.92 | % | $ | 1,000.00 | $ | 1,015.27 | $ | 9.59 | 1.92 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,046.10 | $ | 6.04 | 1.19 | % | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | 1.19 | % | |||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,074.40 | $ | 3.55 | 0.69 | % | $ | 1,000.00 | $ | 1,021.37 | $ | 3.46 | 0.69 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,072.70 | $ | 5.45 | 1.06 | % | $ | 1,000.00 | $ | 1,019.54 | $ | 5.31 | 1.06 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,068.30 | $ | 9.28 | 1.81 | % | $ | 1,000.00 | $ | 1,015.82 | $ | 9.05 | 1.81 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,071.30 | $ | 6.88 | 1.34 | % | $ | 1,000.00 | $ | 1,018.15 | $ | 6.71 | 1.34 | % | |||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,083.10 | $ | 4.70 | 0.91 | % | $ | 1,000.00 | $ | 1,020.28 | $ | 4.56 | 0.91 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,082.30 | $ | 5.63 | 1.09 | % | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,081.60 | $ | 6.19 | 1.20 | % | $ | 1,000.00 | $ | 1,018.84 | $ | 6.01 | 1.20 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,084.20 | $ | 3.93 | 0.76 | % | $ | 1,000.00 | $ | 1,021.03 | $ | 3.81 | 0.76 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,081.70 | $ | 5.78 | 1.12 | % | $ | 1,000.00 | $ | 1,019.24 | $ | 5.61 | 1.12 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,078.20 | $ | 9.64 | 1.87 | % | $ | 1,000.00 | $ | 1,015.52 | $ | 9.35 | 1.87 | % | |||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,103.50 | $ | 5.27 | 1.01 | % | $ | 1,000.00 | $ | 1,019.79 | $ | 5.06 | 1.01 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,103.10 | $ | 5.63 | 1.08 | % | $ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | 1.08 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,101.50 | $ | 7.09 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,104.40 | $ | 4.44 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,104.90 | $ | 4.07 | 0.78 | % | $ | 1,000.00 | $ | 1,020.93 | $ | 3.91 | 0.78 | % | |||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,037.10 | $ | 4.90 | 0.97 | % | $ | 1,000.00 | $ | 1,019.98 | $ | 4.86 | 0.97 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,034.90 | $ | 6.81 | 1.35 | % | $ | 1,000.00 | $ | 1,018.10 | $ | 6.76 | 1.35 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,031.60 | $ | 10.58 | 2.10 | % | $ | 1,000.00 | $ | 1,014.38 | $ | 10.49 | 2.10 | % | |||||||||||||||||||
Global Real Estate Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | �� | $ | 981.10 | $ | 4.91 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | ||||||||||||||||||
Class A | $ | 1,000.00 | $ | 979.60 | $ | 6.68 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 976.40 | $ | 10.34 | 2.11 | % | $ | 1,000.00 | $ | 1,014.33 | $ | 10.54 | 2.11 | % | |||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,036.00 | $ | 7.62 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,034.20 | $ | 9.43 | 1.87 | % | $ | 1,000.00 | $ | 1,015.52 | $ | 9.35 | 1.87 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,030.20 | $ | 13.19 | 2.62 | % | $ | 1,000.00 | $ | 1,011.80 | $ | 13.07 | 2.62 | % | |||||||||||||||||||
Guardian Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,091.50 | $ | 4.62 | 0.89 | % | $ | 1,000.00 | $ | 1,020.38 | $ | 4.46 | 0.89 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,091.00 | $ | 5.34 | 1.03 | % | $ | 1,000.00 | $ | 1,019.69 | $ | 5.16 | 1.03 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,091.80 | $ | 5.39 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,092.20 | $ | 3.74 | 0.72 | % | $ | 1,000.00 | $ | 1,021.22 | $ | 3.61 | 0.72 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,090.00 | $ | 5.65 | 1.09 | % | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,086.80 | $ | 9.57 | 1.85 | % | $ | 1,000.00 | $ | 1,015.62 | $ | 9.25 | 1.85 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,089.00 | $ | 7.04 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % |
52
Expense Example (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(1) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/16 | Ending Account Value 2/28/17 | Expenses Paid During the Period(2) 9/1/16 - 2/28/17 | Expense Ratio | Beginning Account Value 9/1/16 | Ending Account Value 2/28/17 | Expenses Paid During the Period(2) 9/1/16 - 2/28/17 | Expense Ratio | ||||||||||||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,021.20 | $ | 5.31 | 1.06 | % | $ | 1,000.00 | $ | 1,019.54 | $ | 5.31 | 1.06 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,020.60 | $ | 5.51 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,018.20 | $ | 4.30 | 0.86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | 0.86 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.40 | $ | 6.10 | 1.22 | % | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | 1.22 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,012.90 | $ | 9.83 | 1.97 | % | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | 1.97 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,018.00 | $ | 3.85 | 0.77 | % | $ | 1,000.00 | $ | 1,020.98 | $ | 3.86 | 0.77 | % | |||||||||||||||||||
International Select Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,006.00 | $ | 6.02 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,008.90 | $ | 4.28 | 0.86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | 0.86 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,006.10 | $ | 6.02 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,002.70 | $ | 9.78 | 1.97 | % | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | 1.97 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,005.50 | $ | 7.31 | 1.47 | % | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | 1.47 | % | |||||||||||||||||||
International Small Cap Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,094.00 | $ | 2.50 | (3) | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | ||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,093.00 | $ | 3.36 | (3) | 1.41 | % | $ | 1,000.00 | $ | 1,017.80 | $ | 7.05 | 1.41 | % | ||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,092.00 | $ | 5.14 | (3) | 2.16 | % | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | 2.16 | % | ||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,095.00 | $ | 2.33 | (3) | 0.98 | % | $ | 1,000.00 | $ | 1,019.93 | $ | 4.91 | 0.98 | % | ||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,111.70 | $ | 5.29 | 1.01 | % | $ | 1,000.00 | $ | 1,019.79 | $ | 5.06 | 1.01 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,110.10 | $ | 7.17 | 1.37 | % | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | 1.37 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,105.90 | $ | 11.07 | 2.12 | % | $ | 1,000.00 | $ | 1,014.28 | $ | 10.59 | 2.12 | % | |||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,126.60 | $ | 4.53 | 0.86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | 0.86 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,126.10 | $ | 5.11 | 0.97 | % | $ | 1,000.00 | $ | 1,019.98 | $ | 4.86 | 0.97 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,125.30 | $ | 6.22 | 1.18 | % | $ | 1,000.00 | $ | 1,018.94 | $ | 5.91 | 1.18 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,127.30 | $ | 3.64 | 0.69 | % | $ | 1,000.00 | $ | 1,021.37 | $ | 3.46 | 0.69 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,125.40 | $ | 5.64 | 1.07 | % | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | 1.07 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,121.90 | $ | 9.58 | 1.82 | % | $ | 1,000.00 | $ | 1,015.77 | $ | 9.10 | 1.82 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,124.20 | $ | 7.16 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,079.80 | $ | 4.69 | 0.91 | % | $ | 1,000.00 | $ | 1,020.28 | $ | 4.56 | 0.91 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,079.70 | $ | 5.00 | 0.97 | % | $ | 1,000.00 | $ | 1,019.98 | $ | 4.86 | 0.97 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,078.50 | $ | 6.39 | 1.24 | % | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | 1.24 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,080.90 | $ | 3.77 | 0.73 | % | $ | 1,000.00 | $ | 1,021.17 | $ | 3.66 | 0.73 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,079.00 | $ | 5.77 | 1.12 | % | $ | 1,000.00 | $ | 1,019.24 | $ | 5.61 | 1.12 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,075.10 | $ | 9.62 | 1.87 | % | $ | 1,000.00 | $ | 1,015.52 | $ | 9.35 | 1.87 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,077.60 | $ | 7.06 | 1.37 | % | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | 1.37 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,081.40 | $ | 3.41 | 0.66 | % | $ | 1,000.00 | $ | 1,021.52 | $ | 3.31 | 0.66 | % | |||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,128.50 | $ | 5.28 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,127.00 | $ | 6.59 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,129.60 | $ | 4.49 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,127.30 | $ | 6.43 | 1.22 | % | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | 1.22 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,123.00 | $ | 10.37 | 1.97 | % | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | 1.97 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,125.80 | $ | 7.75 | 1.47 | % | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | 1.47 | % | |||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,140.20 | $ | 4.03 | 0.76 | % | $ | 1,000.00 | $ | 1,021.03 | $ | 3.81 | 0.76 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,138.40 | $ | 5.94 | 1.12 | % | $ | 1,000.00 | $ | 1,019.24 | $ | 5.61 | 1.12 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,133.50 | $ | 9.79 | 1.85 | % | $ | 1,000.00 | $ | 1,015.62 | $ | 9.25 | 1.85 | % |
53
Expense Example (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(1) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/16 | Ending Account Value 2/28/17 | Expenses Paid During the Period(2) 9/1/16 - 2/28/17 | Expense Ratio | Beginning Account Value 9/1/16 | Ending Account Value 2/28/17 | Expenses Paid During the Period(2) 9/1/16 - 2/28/17 | Expense Ratio | ||||||||||||||||||||||||||||
Real Estate Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 991.80 | $ | 5.19 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 992.10 | $ | 4.25 | 0.86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | 0.86 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 990.90 | $ | 6.02 | 1.22 | % | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | 1.22 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 987.50 | $ | 9.71 | 1.97 | % | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | 1.97 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 989.50 | $ | 7.25 | 1.47 | % | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | 1.47 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 993.20 | $ | 3.90 | 0.79 | % | $ | 1,000.00 | $ | 1,020.88 | $ | 3.96 | 0.79 | % | |||||||||||||||||||
Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,116.80 | $ | 6.25 | 1.19 | % | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | 1.19 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,115.90 | $ | 7.19 | 1.37 | % | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | 1.37 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,114.90 | $ | 7.92 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,118.20 | $ | 4.78 | 0.91 | % | $ | 1,000.00 | $ | 1,020.28 | $ | 4.56 | 0.91 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,116.20 | $ | 6.66 | 1.27 | % | $ | 1,000.00 | $ | 1,018.50 | $ | 6.36 | 1.27 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,111.90 | $ | 10.58 | 2.02 | % | $ | 1,000.00 | $ | 1,014.78 | $ | 10.09 | 2.02 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,115.10 | $ | 7.97 | 1.52 | % | $ | 1,000.00 | $ | 1,017.26 | $ | 7.60 | 1.52 | % | |||||||||||||||||||
Socially Responsive Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,099.90 | $ | 4.37 | 0.84 | % | $ | 1,000.00 | $ | 1,020.63 | $ | 4.21 | 0.84 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,099.20 | $ | 5.20 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,101.10 | $ | 3.49 | 0.67 | % | $ | 1,000.00 | $ | 1,021.47 | $ | 3.36 | 0.67 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,099.30 | $ | 5.41 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,095.10 | $ | 9.30 | 1.79 | % | $ | 1,000.00 | $ | 1,015.92 | $ | 8.95 | 1.79 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,097.30 | $ | 6.71 | 1.29 | % | $ | 1,000.00 | $ | 1,018.40 | $ | 6.46 | 1.29 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,101.50 | $ | 3.13 | 0.60 | % | $ | 1,000.00 | $ | 1,021.82 | $ | 3.01 | 0.60 | % | |||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,127.30 | $ | 3.69 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,125.50 | $ | 5.69 | 1.08 | % | $ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | 1.08 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,121.00 | $ | 9.57 | 1.82 | % | $ | 1,000.00 | $ | 1,015.77 | $ | 9.10 | 1.82 | % |
(1) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 181/365 (to reflect the one-half year period shown).
(2) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown), unless otherwise indicated.
(3) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 83/365 (to reflect the period shown of December 8, 2016 (Commencement of Operations) to February 28, 2017.
54
Schedule of Investments Dividend Growth Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 87.1% | |||||||||||
Aerospace & Defense 3.4% | |||||||||||
General Dynamics Corp. | 3,175 | $ | 602 | ||||||||
Raytheon Co. | 2,950 | 455 | |||||||||
1,057 | |||||||||||
Air Freight & Logistics 1.1% | |||||||||||
United Parcel Service, Inc. Class B | 3,250 | 344 | |||||||||
Banks 8.1% | |||||||||||
Citizens Financial Group, Inc. | 18,700 | 699 | |||||||||
Comerica, Inc. | 8,400 | 599 | |||||||||
JPMorgan Chase & Co. | 7,550 | 684 | |||||||||
PNC Financial Services Group, Inc. | 4,100 | 521 | |||||||||
2,503 | |||||||||||
Building Products 1.3% | |||||||||||
Johnson Controls International PLC | 9,689 | 406 | |||||||||
Communications Equipment 1.7% | |||||||||||
Cisco Systems, Inc. | 14,950 | 511 | |||||||||
Consumer Finance 1.8% | |||||||||||
Synchrony Financial | 14,975 | 543 | |||||||||
Containers & Packaging 2.0% | |||||||||||
Packaging Corp. of America | 6,800 | 629 | |||||||||
Diversified Telecommunication Services 1.1% | |||||||||||
Frontier Communications Corp. | 117,500 | 344 | |||||||||
Electric Utilities 1.3% | |||||||||||
Exelon Corp. | 11,150 | 409 | |||||||||
Electrical Equipment 1.5% | |||||||||||
Hubbell, Inc. | 4,000 | 474 | |||||||||
Electronic Equipment, Instruments & Components 3.3% | |||||||||||
CDW Corp. | 7,750 | 456 | |||||||||
TE Connectivity Ltd. | 7,300 | 544 | |||||||||
1,000 | |||||||||||
Energy Equipment & Services 1.1% | |||||||||||
Schlumberger Ltd. | 4,125 | 332 | |||||||||
Equity Real Estate Investment Trusts 2.8% | |||||||||||
American Tower Corp. | 4,000 | 459 | |||||||||
Parkway, Inc. | 18,500 | 388 | |||||||||
847 |
Number of Shares | Value (000's) | ||||||||||
Food Products 6.3% | |||||||||||
Bunge Ltd. | 8,150 | $ | 667 | ||||||||
Conagra Brands, Inc. | 9,700 | 400 | |||||||||
Mondelez International, Inc. Class A | 8,850 | 389 | |||||||||
Pinnacle Foods, Inc. | 8,550 | 488 | |||||||||
1,944 | |||||||||||
Health Care Providers & Services 1.2% | |||||||||||
Express Scripts Holding Co.* | 5,100 | 360 | |||||||||
Hotels, Restaurants & Leisure 1.8% | |||||||||||
Carnival Corp. | 9,700 | 543 | |||||||||
Household Durables 1.7% | |||||||||||
Whirlpool Corp. | 2,950 | 527 | |||||||||
Insurance 3.9% | |||||||||||
Chubb Ltd. | 3,975 | 549 | |||||||||
MetLife, Inc. | 12,200 | 640 | |||||||||
1,189 | |||||||||||
IT Services 3.6% | |||||||||||
Automatic Data Processing, Inc. | 5,075 | 521 | |||||||||
Leidos Holdings, Inc. | 11,100 | 591 | |||||||||
1,112 | |||||||||||
Machinery 1.1% | |||||||||||
Kennametal Inc. | 9,100 | 338 | |||||||||
Media 1.8% | |||||||||||
Comcast Corp. Class A | 15,000 | 561 | |||||||||
Metals & Mining 5.3% | |||||||||||
Lundin Mining Corp.* | 97,150 | 585 | |||||||||
Rio Tinto PLC ADR | 10,000 | 415 | |||||||||
Royal Gold, Inc. | 9,400 | 621 | |||||||||
1,621 | |||||||||||
Oil, Gas & Consumable Fuels 6.8% | |||||||||||
Devon Energy Corp. | 13,900 | 603 | |||||||||
EOG Resources, Inc. | 5,950 | 577 | |||||||||
Noble Energy, Inc. | 14,000 | 510 | |||||||||
Suncor Energy, Inc. | 12,850 | 402 | |||||||||
2,092 | |||||||||||
Pharmaceuticals 3.3% | |||||||||||
Bristol-Myers Squibb Co. | 8,600 | 488 | |||||||||
Eli Lilly & Co. | 6,500 | 538 | |||||||||
1,026 |
Number of Shares | Value (000's) | ||||||||||
Road & Rail 2.4% | |||||||||||
CSX Corp. | 15,150 | $ | 736 | ||||||||
Semiconductors & Semiconductor Equipment 5.0% | |||||||||||
Applied Materials, Inc. | 16,050 | 581 | |||||||||
Maxim Integrated Products, Inc. | 12,800 | 567 | |||||||||
QUALCOMM, Inc. | 7,200 | 407 | |||||||||
1,555 | |||||||||||
Software 3.6% | |||||||||||
Microsoft Corp. | 9,150 | 585 | |||||||||
Oracle Corp. | 12,350 | 526 | |||||||||
1,111 | |||||||||||
Specialty Retail 1.1% | |||||||||||
Williams-Sonoma, Inc. | 7,100 | 345 | |||||||||
Technology Hardware, Storage & Peripherals 3.8% | |||||||||||
Apple, Inc. | 4,375 | 600 | |||||||||
Western Digital Corp. | 7,600 | 584 | |||||||||
1,184 | |||||||||||
Textiles, Apparel & Luxury Goods 1.9% | |||||||||||
Coach, Inc. | 15,650 | 596 | |||||||||
Tobacco 2.0% | |||||||||||
British American Tobacco PLC | 9,600 | 605 | |||||||||
Total Common Stocks (Cost $22,844) | 26,844 | ||||||||||
Preferred Stock 2.5% | |||||||||||
Pharmaceuticals 2.5% | |||||||||||
Allergan PLC, Ser. A, 5.50% (Cost $647) | 895 | 768 | |||||||||
Short-Term Investment 10.1% | |||||||||||
Investment Company 10.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(a) (Cost $3,128) | 3,128,052 | 3,128 | |||||||||
Total Investments 99.7% (Cost $26,619) | 30,740 | ||||||||||
Other Assets Less Liabilities 0.3% | 93 | ||||||||||
Net Assets 100.0% | $ | 30,833 |
See Notes to Financial Statements
55
Schedule of Investments Dividend Growth Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 26,844 | $ | — | $ | — | $ | 26,844 | |||||||||
Preferred Stock(a) | 768 | — | — | 768 | |||||||||||||
Short-Term Investment | — | 3,128 | — | 3,128 | |||||||||||||
Total Investments | $ | 27,612 | $ | 3,128 | $ | — | $ | 30,740 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
56
Schedule of Investments Emerging Markets Equity Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 93.5% | |||||||||||
Brazil 7.5% | |||||||||||
AMBEV SA ADR | 914,400 | $ | 5,203 | ||||||||
BM& FBOVESPA SA | 996,800 | 6,073 | |||||||||
CCR SA | 428,100 | 2,479 | |||||||||
Cielo SA | 536,208 | 4,682 | |||||||||
Energisa SA | 539,900 | 3,917 | |||||||||
Hypermarcas SA | 307,100 | 2,666 | |||||||||
Itau Unibanco Holding SA, Preference Shares | 1,003,067 | 12,845 | |||||||||
Kroton Educacional SA | 964,300 | 4,226 | |||||||||
42,091 | |||||||||||
Chile 1.0% | |||||||||||
SACI Falabella | 704,820 | 5,704 | |||||||||
China 20.0% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 52,700 | 5,423 | |||||||||
Baidu, Inc. ADR* | 48,900 | 8,515 | |||||||||
Beijing Enterprises Holdings Ltd. | 888,400 | 4,646 | |||||||||
Changyou.com Ltd. ADR* | 167,700 | 4,632 | |||||||||
China Everbright International Ltd. | 6,821,900 | 8,841 | |||||||||
China Life Insurance Co. Ltd., H Shares | 382,900 | 1,167 | |||||||||
China Medical System Holdings Ltd. | 3,161,800 | 5,148 | |||||||||
China Mobile Ltd. | 953,000 | 10,509 | |||||||||
China State Construction International Holdings Ltd. | 3,471,400 | 5,679 | |||||||||
China Vanke Co. Ltd., H Shares | 1,498,123 | 3,763 | |||||||||
CNOOC Ltd. | 3,944,600 | 4,665 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 16,924,400 | 11,097 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,240,700 | 3,423 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 1,304,400 | 6,956 | |||||||||
Sunny Optical Technology Group Co. Ltd. | 1,127,400 | 7,254 |
Number of Shares | Value (000's) | ||||||||||
Tencent Holdings Ltd. | 770,000 | $ | 20,532 | ||||||||
112,250 | |||||||||||
Czech Republic 0.8% | |||||||||||
Komercni Banka A/S | 127,840 | 4,597 | |||||||||
Hong Kong 2.7% | |||||||||||
AIA Group Ltd. | 748,800 | 4,731 | |||||||||
Galaxy Entertainment Group Ltd. | 535,200 | 2,565 | |||||||||
Haier Electronics Group Co. Ltd. | 2,607,700 | 4,797 | |||||||||
Sino Biopharmaceutical Ltd. | 3,526,200 | 3,043 | |||||||||
15,136 | |||||||||||
India 10.0% | |||||||||||
Cairn India Ltd. | 1,378,310 | 5,867 | |||||||||
Cummins India Ltd. | 434,513 | 5,770 | |||||||||
Dabur India Ltd. | 995,149 | 4,122 | |||||||||
Dewan Housing Finance Corp. Ltd. | 981,346 | 4,891 | |||||||||
Glenmark Pharmaceuticals Ltd. | 327,130 | 4,526 | |||||||||
HDFC Bank Ltd. ADR | 66,800 | 4,789 | |||||||||
Housing Development Finance Corp. Ltd. | 246,680 | 5,069 | |||||||||
ITC Ltd. | 679,530 | 2,662 | |||||||||
L&T Technology Services Ltd.(a) | 96,000 | 1,112 | |||||||||
Parag Milk Foods Ltd.*(a) | 663,279 | 2,235 | |||||||||
PNB Housing Finance Ltd.*(a) | 208,244 | 3,340 | |||||||||
Power Grid Corp. of India Ltd. | 2,003,949 | 5,780 | |||||||||
Prestige Estates Projects Ltd. | 997,845 | 2,543 | |||||||||
SH Kelkar & Co. Ltd.(a) | 706,370 | 3,151 | |||||||||
55,857 | |||||||||||
Indonesia 3.3% | |||||||||||
PT AKR Corporindo Tbk | 4,153,300 | 1,978 | |||||||||
PT Bank Negara Indonesia Persero Tbk | 12,695,300 | 5,950 |
Number of Shares | Value (000's) | ||||||||||
PT Gudang Garam Tbk | 932,000 | $ | 4,602 | ||||||||
PT Matahari Department Store Tbk | 3,316,400 | 3,394 | |||||||||
PT Sumber Alfaria Trijaya Tbk | 56,636,000 | 2,314 | |||||||||
18,238 | |||||||||||
Jordan 0.6% | |||||||||||
Hikma Pharmaceuticals PLC | 126,900 | 3,386 | |||||||||
Korea 14.1% | |||||||||||
Amorepacific Corp. | 5,310 | 1,414 | |||||||||
Com2uS Corp. | 43,536 | 4,216 | |||||||||
Coway Co. Ltd. | 114,330 | 9,049 | |||||||||
Hyundai Motor Co. | 26,700 | 3,530 | |||||||||
Kangwon Land, Inc.* | 152,400 | 4,764 | |||||||||
LG Chem Ltd. | 32,085 | 8,030 | |||||||||
NAVER Corp. | 9,070 | 6,225 | |||||||||
Orion Corp. | 9,090 | 5,740 | |||||||||
Samsung Electronics Co. Ltd. | 12,995 | 22,088 | |||||||||
SFA Engineering Corp. | 77,562 | 4,452 | |||||||||
SK Hynix, Inc. | 228,575 | 9,440 | |||||||||
78,948 | |||||||||||
Malaysia 0.6% | |||||||||||
Inari Amertron Bhd | 8,099,950 | 3,484 | |||||||||
Mexico 5.1% | |||||||||||
Corp. Inmobiliaria Vesta SAB de CV | 2,749,500 | 3,366 | |||||||||
Fomento Economico Mexicano SAB de CV | 705,400 | 5,687 | |||||||||
Grupo Financiero Banorte SAB de CV, O Shares | 1,037,000 | 5,160 | |||||||||
Grupo GICSA SA de CV* | 3,150,000 | 1,739 | |||||||||
Grupo Mexico SAB de CV Series B | 1,928,800 | 5,844 | |||||||||
Infraestructura Energetica Nova SAB de CV | 999,700 | 4,282 |
See Notes to Financial Statements
57
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Unifin Financiera SAPI de CV | 1,057,000 | $ | 2,391 | ||||||||
28,469 | |||||||||||
Peru 0.8% | |||||||||||
Credicorp Ltd. | 26,600 | 4,379 | |||||||||
Philippines 3.1% | |||||||||||
Ayala Corp. | 251,080 | 3,940 | |||||||||
Metropolitan Bank & Trust Co. | 2,980,110 | 4,807 | |||||||||
Pilipinas Shell Petroleum Corp.* | 2,459,890 | 3,821 | |||||||||
SM Investments Corp. | 161,400 | 2,131 | |||||||||
Universal Robina Corp. | 837,960 | 2,670 | |||||||||
17,369 | |||||||||||
Russia 4.6% | |||||||||||
Detsky Mir PJSC(a)(b) | 1,780,700 | 2,592 | |||||||||
LUKOIL PJSC ADR | 103,565 | 5,476 | |||||||||
LUKOIL PJSC ADR | 78,985 | 4,186 | |||||||||
Magnit PJSC(b) | 30,680 | 4,803 | |||||||||
X5 Retail Group NV GDR* | 279,825 | 8,479 | |||||||||
25,536 | |||||||||||
South Africa 6.5% | |||||||||||
Alexander Forbes Group Holdings Ltd. | 4,819,100 | 2,568 | |||||||||
Bid Corp. Ltd. | 265,579 | 5,324 | |||||||||
FirstRand Ltd. | 1,648,265 | 6,247 | |||||||||
JSE Ltd. | 349,415 | 4,337 |
Number of Shares | Value (000's) | ||||||||||
Life Healthcare Group Holdings Ltd. | 2,212,300 | $ | 5,651 | ||||||||
Naspers Ltd., N Shares | 52,220 | 8,351 | |||||||||
Sasol Ltd. | 133,065 | 3,784 | |||||||||
36,262 | |||||||||||
Taiwan, Province of China 9.8% | |||||||||||
Accton Technology Corp. | 3,218,400 | 5,929 | |||||||||
Advanced Ceramic X Corp. | 396,800 | 4,130 | |||||||||
Delta Electronics, Inc. | 1,075,200 | 5,982 | |||||||||
Elite Material Co. Ltd. | 886,600 | 3,246 | |||||||||
eMemory Technology, Inc. | 355,900 | 5,095 | |||||||||
Hu Lane Associate, Inc. | 606,900 | 3,012 | |||||||||
Kingpak Technology, Inc. | 458,048 | 3,370 | |||||||||
MediaTek, Inc. | 601,200 | 4,381 | |||||||||
Parade Technologies Ltd. | 525,400 | 5,569 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,350,739 | 14,402 | |||||||||
55,116 |
Number of Shares | Value (000's) | ||||||||||
Thailand 0.9% | |||||||||||
Bangkok Dusit Medical Services PCL(b) | 3,637,800 | $ | 2,095 | ||||||||
CP ALL PCL | (b) | 1,811,800 | 3,114 | ||||||||
5,209 | |||||||||||
Turkey 2.1% | |||||||||||
Akbank TAS | 1,741,835 | 4,159 | |||||||||
Tofas Turk Otomobil Fabrikasi A/S | 504,835 | 3,771 | |||||||||
Ulker Biskuvi Sanayi A/S | 699,250 | 3,549 | |||||||||
11,479 | |||||||||||
Total Common Stocks (Cost $456,878) | 523,510 | ||||||||||
Short-Term Investment 5.8% | |||||||||||
Investment Company 5.8% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(c) (Cost $32,618) | 32,617,891 | 32,618 | |||||||||
Total Investments 99.3% (Cost $489,496) | 556,128 | ||||||||||
Other Assets Less Liabilities 0.7% | 3,996 | ||||||||||
Net Assets 100.0% | $ | 560,124 |
* 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 February 28, 2017, these securities amounted to approximately $12,430,000 or 2.2% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.
(b) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at February 28, 2017 amounted to approximately $12,604,000, which represents approximately 2.3% of net assets of the Fund.
(c) Represents 7-day effective yield as of February 28, 2017.
See Notes to Financial Statements
58
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Brazil | $ | 5,203 | $ | 36,888 | $ | — | $ | 42,091 | |||||||||||
Russia | 18,141 | 7,395 | — | 25,536 | |||||||||||||||
Taiwan | — | 55,116 | — | 55,116 | |||||||||||||||
Thailand | — | 5,209 | — | 5,209 | |||||||||||||||
Other Common Stocks(a) | 395,558 | — | — | 395,558 | |||||||||||||||
Total Common Stocks | 418,902 | 104,608 | — | 523,510 | |||||||||||||||
Short-Term Investment | — | 32,618 | — | 32,618 | |||||||||||||||
Total Investments | $ | 418,902 | $ | 137,226 | $ | — | $ | 556,128 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2017, certain securities were transferred from one level (as of August 31, 2016) to another. Based on beginning of period market values as of September 1, 2016, approximately $57,953,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2017, due to foreign exchanges having been closed and, therefore, no prices having been readily available for the securities as of that date. In addition, approximately $5,627,000 was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of February 28, 2017. These securities had been categorized as Level 2 as of August 31, 2016, 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
59
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 57,783 | 10.3 | % | |||||||
Internet Software & Services | 40,695 | 7.3 | % | ||||||||
Semiconductors & Semiconductor Equipment | 38,887 | 6.9 | % | ||||||||
Electronic Equipment, Instruments & Components | 27,788 | 5.0 | % | ||||||||
Food & Staples Retailing | 24,034 | 4.3 | % | ||||||||
Oil, Gas & Consumable Fuels | 24,015 | 4.3 | % | ||||||||
Technology Hardware, Storage & Peripherals | 22,088 | 3.9 | % | ||||||||
Pharmaceuticals | 18,769 | 3.4 | % | ||||||||
Insurance | 16,277 | 2.9 | % | ||||||||
Chemicals | 14,965 | 2.7 | % | ||||||||
Food Products | 14,194 | 2.5 | % | ||||||||
Household Durables | 13,846 | 2.5 | % | ||||||||
Thrifts & Mortgage Finance | 13,300 | 2.4 | % | ||||||||
Diversified Financial Services | 12,755 | 2.3 | % | ||||||||
Real Estate Management & Development | 11,411 | 2.0 | % | ||||||||
Beverages | 10,890 | 1.9 | % | ||||||||
Wireless Telecommunication Services | 10,509 | 1.9 | % | ||||||||
Capital Markets | 10,410 | 1.9 | % | ||||||||
Communications Equipment | 10,059 | 1.8 | % | ||||||||
Electric Utilities | 9,697 | 1.7 | % | ||||||||
Multiline Retail | 9,098 | 1.6 | % | ||||||||
Software | 8,848 | 1.6 | % | ||||||||
Commercial Services & Supplies | 8,841 | 1.6 | % | ||||||||
Media | 8,351 | 1.5 | % | ||||||||
Health Care Providers & Services | 7,746 | 1.4 | % | ||||||||
Hotels, Restaurants & Leisure | 7,329 | 1.3 | % | ||||||||
Automobiles | 7,301 | 1.3 | % | ||||||||
Tobacco | 7,264 | 1.3 | % | ||||||||
Industrial Conglomerates | 6,777 | 1.2 | % | ||||||||
Metals & Mining | 5,844 | 1.0 | % | ||||||||
Machinery | 5,770 | 1.0 | % | ||||||||
Construction & Engineering | 5,679 | 1.0 | % | ||||||||
Personal Products | 5,536 | 1.0 | % | ||||||||
IT Services | 4,682 | 0.8 | % | ||||||||
Gas Utilities | 4,282 | 0.8 | % | ||||||||
Diversified Consumer Services | 4,226 | 0.8 | % | ||||||||
Auto Components | 3,012 | 0.5 | % | ||||||||
Specialty Retail | 2,592 | 0.5 | % | ||||||||
Transportation Infrastructure | 2,479 | 0.4 | % | ||||||||
Consumer Finance | 2,391 | 0.4 | % | ||||||||
Trading Companies & Distributors | 1,978 | 0.4 | % | ||||||||
Professional Services | 1,112 | 0.2 | % | ||||||||
Short-Term Investment and Other Assets—Net | 36,614 | 6.5 | % | ||||||||
$ | 560,124 | 100.0 | % |
See Notes to Financial Statements
60
Schedule of Investments Equity Income Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 88.9% | |||||||||||
Aerospace & Defense 2.1% | |||||||||||
Lockheed Martin Corp. | 134,030 | $ | 35,730 | ||||||||
Air Freight & Logistics 1.0% | |||||||||||
United Parcel Service, Inc. Class B | 158,100 | 16,721 | |||||||||
Banks 8.7% | |||||||||||
First Hawaiian, Inc. | 1,044,350 | 33,085 | |||||||||
JPMorgan Chase & Co.(a) | 458,200 | 41,522 | |||||||||
PNC Financial Services Group, Inc. | 259,700 | 33,042 | |||||||||
Umpqua Holdings Corp. | 2,219,700 | 41,752 | |||||||||
149,401 | |||||||||||
Beverages 0.5% | |||||||||||
Anheuser-Busch InBev NV ADR | 85,000 | 9,307 | |||||||||
Capital Markets 0.9% | |||||||||||
Virtu Financial, Inc. Class A | 919,700 | 15,957 | |||||||||
Chemicals 1.5% | |||||||||||
Agrium, Inc. | 260,300 | 25,145 | |||||||||
Communications Equipment 2.1% | |||||||||||
Cisco Systems, Inc.(a)(b) | 1,044,800 | 35,711 | |||||||||
Containers & Packaging 1.7% | |||||||||||
International Paper Co.(a) | 568,700 | 29,970 | |||||||||
Diversified Telecommunication Services 1.1% | |||||||||||
AT&T, Inc. | 433,500 | 18,116 | |||||||||
Electric Utilities 6.1% | |||||||||||
Edison International(a) | 384,000 | 30,620 | |||||||||
Exelon Corp. | 954,000 | 35,022 | |||||||||
NextEra Energy, Inc. | 302,300 | 39,601 | |||||||||
105,243 | |||||||||||
Energy Equipment & Services 2.8% | |||||||||||
Helmerich & Payne, Inc. | 588,900 | 40,263 | |||||||||
Schlumberger Ltd. | 101,300 | 8,141 | |||||||||
48,404 |
Number of Shares | Value (000's) | ||||||||||
Equity Real Estate Investment Trusts 17.9% | |||||||||||
Blackstone Mortgage Trust, Inc. Class A | 648,900 | $ | 20,207 | ||||||||
Crown Castle International Corp. | 191,500 | 17,911 | |||||||||
DCT Industrial Trust, Inc. | 549,200 | 26,274 | |||||||||
Douglas Emmett, Inc. | 742,600 | 29,956 | |||||||||
EPR Properties | 448,300 | 34,501 | |||||||||
Equinix, Inc.(a) | 66,700 | 25,084 | |||||||||
Host Hotels & Resorts, Inc. | 1,406,000 | 25,294 | |||||||||
Iron Mountain, Inc. | 1,005,500 | 36,550 | |||||||||
Prologis, Inc.(a) | 674,500 | 34,433 | |||||||||
Starwood Property Trust, Inc. | 892,300 | 20,398 | |||||||||
Weyerhaeuser Co. | 1,065,100 | 35,915 | |||||||||
306,523 | |||||||||||
Food Products 1.8% | |||||||||||
Conagra Brands, Inc.(a) | 731,000 | 30,124 | |||||||||
Household Products 2.0% | |||||||||||
Procter & Gamble Co.(a) | 384,500 | 35,016 | |||||||||
Industrial Conglomerates 1.5% | |||||||||||
Siemens AG | 198,000 | 25,759 | |||||||||
Insurance 2.4% | |||||||||||
MetLife, Inc. | 772,700 | 40,520 | |||||||||
IT Services 2.7% | |||||||||||
Leidos Holdings, Inc. | 381,507 | 20,334 | |||||||||
Paychex, Inc. | 424,400 | 26,067 | |||||||||
46,401 | |||||||||||
Media 2.4% | |||||||||||
Regal Entertainment Group Class A | 1,934,500 | 41,746 | |||||||||
Metals & Mining 0.9% | |||||||||||
Rio Tinto PLC ADR | 369,300 | 15,333 | |||||||||
Multi-Utilities 6.3% | |||||||||||
Ameren Corp.(a) | 670,300 | 36,659 | |||||||||
Black Hills Corp. | 297,300 | 19,289 | |||||||||
DTE Energy Co.(a) | 360,100 | 36,507 | |||||||||
WEC Energy Group, Inc. | 259,800 | 15,658 | |||||||||
108,113 |
Number of Shares | Value (000's) | ||||||||||
Oil, Gas & Consumable Fuels 4.4% | |||||||||||
Occidental Petroleum Corp. | 332,700 | $ | 21,809 | ||||||||
ONEOK, Inc. | 212,900 | 11,507 | |||||||||
Suncor Energy, Inc. | 1,335,300 | 41,835 | |||||||||
75,151 | |||||||||||
Pharmaceuticals 3.6% | |||||||||||
Eli Lilly & Co. | 253,000 | 20,951 | |||||||||
GlaxoSmithKline PLC ADR | 192,000 | 7,964 | |||||||||
Johnson & Johnson | 269,100 | 32,887 | |||||||||
61,802 | |||||||||||
Road & Rail 3.7% | |||||||||||
CSX Corp. | 520,000 | 25,251 | |||||||||
Union Pacific Corp. | 355,300 | 38,351 | |||||||||
63,602 | |||||||||||
Semiconductors & Semiconductor Equipment 3.7% | |||||||||||
Maxim Integrated Products, Inc. | 810,400 | 35,901 | |||||||||
QUALCOMM, Inc.(a) | 475,600 | 26,862 | |||||||||
62,763 | |||||||||||
Software 2.2% | |||||||||||
Microsoft Corp.(a) | 581,000 | 37,172 | |||||||||
Specialty Retail 2.6% | |||||||||||
Best Buy Co., Inc. | 641,000 | 28,287 | |||||||||
Williams-Sonoma, Inc. | 330,826 | 16,075 | |||||||||
44,362 | |||||||||||
Technology Hardware, Storage & Peripherals 1.8% | |||||||||||
Western Digital Corp.(a) | 411,000 | 31,598 | |||||||||
Transportation Infrastructure 0.5% | |||||||||||
Sydney Airport | 1,771,137 | 8,229 | |||||||||
Total Common Stocks (Cost $1,261,570) | 1,523,919 | ||||||||||
Preferred Stocks 3.0% | |||||||||||
Oil, Gas & Consumable Fuels 1.0% | |||||||||||
El Paso Energy Capital Trust I, 4.75% | 350,000 | 17,535 | |||||||||
Pharmaceuticals 2.0% | |||||||||||
Allergan PLC, Ser. A, 5.50% | 40,000 | 34,311 | |||||||||
Total Preferred Stocks (Cost $47,272) | 51,846 |
See Notes to Financial Statements
61
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Principal Amount | Value (000's) | ||||||||||
Convertible Bonds 7.5% | |||||||||||
Consumer Finance 0.5% | |||||||||||
Encore Capital Group, Inc. Co., 3.25%, due 3/15/22 | $ | 8,940,000 | $ | 8,940 | |||||||
Equity Real Estate Investment Trusts 2.2% | |||||||||||
Colony Starwood Homes, 3.50%, due 1/15/22(c) | 2,600,000 | 2,699 | |||||||||
Extra Space Storage LP, 3.13%, due 10/1/35(c) | 33,260,000 | 35,193 | |||||||||
37,892 | |||||||||||
Insurance 0.5% | |||||||||||
AmTrust Financial Services, Inc., 2.75%, due 12/15/44 | 10,050,000 | 7,990 | |||||||||
Internet & Direct Marketing Retail 0.9% | |||||||||||
Priceline Group, Inc., 0.90%, due 9/15/21 | 12,900,000 | 14,448 | |||||||||
Internet Software & Services 1.4% | |||||||||||
LinkedIn Corp., 0.50%, due 11/1/19 | 8,600,000 | 8,616 | |||||||||
WebMD Health Corp., 2.63%, due 6/15/23(c) | 14,810,000 | 14,107 | |||||||||
Zillow Group, Inc., 2.00%, due 12/1/21(c) | 1,740,000 | 1,732 | |||||||||
24,455 |
Principal Amount | Value (000's) | ||||||||||
Media 0.6% | |||||||||||
Liberty Media Corp-Liberty Formula One, 1.00%, due 1/30/23(c) | $ | 2,170,000 | $ | 2,260 | |||||||
Live Nation Entertainment, Inc., 2.50%, due 5/15/19 | 3,260,000 | 3,482 | |||||||||
World Wrestling Entertainment, Inc., 3.38%, due 12/15/23(c) | 4,340,000 | 4,592 | |||||||||
10,334 | |||||||||||
Oil Field Equipment & Services 0.1% | |||||||||||
Ensco Jersey Finance Ltd., 3.00%, due 1/31/24(c)(d) | 2,235,000 | 2,278 | |||||||||
Oil, Gas & Consumable Fuels 0.5% | |||||||||||
Golar LNG Ltd., 2.75%, due 2/15/22(c) | 8,950,000 | 9,034 | |||||||||
Software 0.8% | |||||||||||
Nice Systems, Inc., 1.25%, due 1/15/24(c) | 4,331,000 | 4,526 | |||||||||
Verint Systems, Inc., 1.50%, due 6/1/21 | 8,700,000 | 8,249 | |||||||||
12,775 | |||||||||||
Total Convertible Bonds (Cost $123,533) | 128,146 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 0.1% | |||||||||||
Investment Company 0.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(b)(e) (Cost $1,833) | 1,832,717 | $ | 1,833 | ||||||||
Total Investments 99.5% (Cost $1,434,208) | 1,705,744 | ||||||||||
Other Assets Less Liabilities 0.5%(f) | 9,369 | ||||||||||
Net Assets 100.0% | $ | 1,715,113 |
(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 with obligations for options written with a total value of approximately $32,079,000.
(c) 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 February 28, 2017, these securities amounted to approximately $76,421,000 or 4.5% of net assets for the Fund. Securities denoted with (c) but without (d) have been deemed by the investment manager to be liquid.
(d) Illiquid security.
(e) Represents 7-day effective yield as of February 28, 2017.
(f) Includes the impact of the Fund's open positions in derivatives at February 28, 2017.
See Notes to Financial Statements
62
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Derivative Instruments
Written option contracts ("options written")
At February 28, 2017, the Fund had outstanding options written as follows:
Name of Issuer | Contracts | Exercise Price | Expiration Date | Market Value of Options | |||||||||||||||
Best Buy Co, Inc., Call | 250 | $ | 45 | 3/17/2017 | $ | (44,000 | ) | ||||||||||||
Best Buy Co, Inc., Call | 250 | 47 | 6/16/2017 | (61,250 | ) | ||||||||||||||
Caterpillar, Inc., Put | 250 | 75 | 8/18/2017 | (27,875 | ) | ||||||||||||||
Cisco Systems, Inc., Call | 250 | 35 | 10/20/2017 | (35,875 | ) | ||||||||||||||
Conagra Foods, Inc., Call | 248 | 43 | 6/16/2017 | (22,940 | ) | ||||||||||||||
Conagra Foods, Inc., Call | 250 | 44 | 9/15/2017 | (27,500 | ) | ||||||||||||||
CSX Corp., Call | 250 | 44 | 8/18/2017 | (168,750 | ) | ||||||||||||||
CSX Corp., Call | 250 | 52.5 | 8/18/2017 | (60,625 | ) | ||||||||||||||
Eli Lilly & Co., Call | 250 | 85 | 7/21/2017 | (73,875 | ) | ||||||||||||||
Eli Lilly & Co., Call | 250 | 90 | 7/21/2017 | (32,625 | ) | ||||||||||||||
Equinix, Inc., Call | 100 | 410 | 6/16/2017 | (57,000 | ) | ||||||||||||||
International Paper Co., Call | 250 | 55 | 7/21/2017 | (48,250 | ) | ||||||||||||||
JPMorgan Chase & Co., Call | 221 | 72.5 | 3/17/2017 | (402,773 | ) | ||||||||||||||
JPMorgan Chase & Co., Call | 250 | 75 | 6/16/2017 | (401,875 | ) | ||||||||||||||
JPMorgan Chase & Co., Call | 246 | 95 | 6/16/2017 | (50,553 | ) | ||||||||||||||
Lockheed Martin Corp., Call | 100 | 295 | 9/15/2017 | (32,000 | ) | ||||||||||||||
Maxim Integrated Products, Inc., Call | 250 | 47 | 8/18/2017 | (39,375 | ) | ||||||||||||||
Maxim Integrated Products, Inc., Call | 250 | 48 | 8/18/2017 | (31,875 | ) | ||||||||||||||
Microsoft Corp., Call | 250 | 65 | 4/21/2017 | (25,250 | ) | ||||||||||||||
Microsoft Corp., Call | 250 | 67.5 | 6/16/2017 | (27,250 | ) | ||||||||||||||
PNC Financial Services Group, Inc., Call | 250 | 105 | 5/19/2017 | (570,625 | ) | ||||||||||||||
PNC Financial Services Group, Inc., Call | 200 | 125 | 5/19/2017 | (124,500 | ) | ||||||||||||||
PNC Financial Services Group, Inc., Call | 200 | 140 | 8/18/2017 | (50,900 | ) | ||||||||||||||
Procter & Gamble Co, Call | 200 | 92.5 | 6/16/2017 | (37,500 | ) | ||||||||||||||
Procter & Gamble Co., Call | 200 | 90 | 4/21/2017 | (46,100 | ) | ||||||||||||||
Union Pacific Corp., Call | 150 | 120 | 6/16/2017 | (20,100 | ) | ||||||||||||||
Union Pacific Corp., Call | 150 | 125 | 8/18/2017 | (22,125 | ) | ||||||||||||||
Western Digital Corp., Call | 200 | 80 | 4/21/2017 | (43,500 | ) | ||||||||||||||
Western Digital Corp., Call | 200 | 90 | 7/21/2017 | (41,200 | ) | ||||||||||||||
Total (premium received: $1,008,403) | $ | (2,628,066 | ) |
See Notes to Financial Statements
63
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
At February 28, 2017, the Fund had deposited $8,036 in a segregated account to cover requirements on options written.
Options written for the Fund for the six months ended February 28, 2017 were:
Number of Contracts | Premium Received | ||||||||
Outstanding 8/31/2016 | 7,786 | $ | 1,183,778 | ||||||
Options written | 11,935 | 1,779,876 | |||||||
Options expired | (350 | ) | (136,972 | ) | |||||
Options exercised | (1,854 | ) | (200,464 | ) | |||||
Options closed | (11,102 | ) | (1,617,815 | ) | |||||
Outstanding 2/28/2017 | 6,415 | $ | 1,008,403 |
For the six months ended February 28, 2017, the Fund had an average market value of $(1,832,312) in options written. At February 28, 2017, the Fund had pledged securities in the amount of $70,131,598 to cover collateral requirements for 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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,523,919 | $ | — | $ | — | $ | 1,523,919 | |||||||||
Preferred Stocks(a) | 51,846 | — | — | 51,846 | |||||||||||||
Convertible Bonds(a) | — | 128,146 | — | 128,146 | |||||||||||||
Short-Term Investment | — | 1,833 | — | 1,833 | |||||||||||||
Total Investments | $ | 1,575,765 | $ | 129,979 | $ | — | $ | 1,705,744 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the period ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) 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 February 28, 2017:
Other Financial Instruments | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Options written | |||||||||||||||||
Liabilities | $ | (2,628 | ) | $ | — | $ | — | $ | (2,628 | ) | |||||||
Total | $ | (2,628 | ) | $ | — | $ | — | $ | (2,628 | ) |
See Notes to Financial Statements
64
Schedule of Investments Focus Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.2% | |||||||||||
Aerospace & Defense 2.5% | |||||||||||
General Dynamics Corp. | 94,000 | $ | 17,842 | ||||||||
Banks 8.9% | |||||||||||
Comerica, Inc. | 300,000 | 21,384 | |||||||||
JPMorgan Chase & Co. | 475,000 | 43,044 | |||||||||
64,428 | |||||||||||
Building Products 3.0% | |||||||||||
Johnson Controls International PLC | 520,000 | 21,809 | |||||||||
Capital Markets 3.0% | |||||||||||
Intercontinental Exchange, Inc. | 382,000 | 21,824 | |||||||||
Chemicals 1.2% | |||||||||||
WR Grace & Co. | 127,000 | 8,997 | |||||||||
Communications Equipment 2.6% | |||||||||||
Motorola Solutions, Inc. | 235,000 | 18,558 | |||||||||
Food & Staples Retailing 3.2% | |||||||||||
Wal-Mart Stores, Inc. | 325,000 | 23,052 | |||||||||
Food Products 1.3% | |||||||||||
Blue Buffalo Pet Products, Inc.*(a) | 400,000 | 9,776 | |||||||||
Health Care Equipment & Supplies 1.7% | |||||||||||
Zimmer Biomet Holdings, Inc. | 107,000 | 12,527 | |||||||||
Health Care Providers & Services 2.6% | |||||||||||
Centene Corp.* | 270,000 | 19,035 | |||||||||
Household Durables 5.9% | |||||||||||
Newell Brands, Inc. | 310,000 | 15,200 | |||||||||
Whirlpool Corp. | 153,000 | 27,324 | |||||||||
42,524 | |||||||||||
Independent Power and Renewable Electricity Producers 2.1% | |||||||||||
Calpine Corp.* | 1,300,000 | 15,223 | |||||||||
Insurance 5.8% | |||||||||||
Athene Holding Ltd. Class A* | 370,980 | 19,280 | |||||||||
Chubb Ltd. | 163,000 | 22,521 | |||||||||
41,801 | |||||||||||
Internet & Catalog Retail 4.5% | |||||||||||
Amazon.com, Inc.*(a) | 10,000 | 8,450 | |||||||||
Expedia, Inc. | 123,000 | 14,642 | |||||||||
Liberty Interactive Corp. QVC Group Class A* | 500,000 | 9,440 | |||||||||
32,532 |
Number of Shares | Value (000's) | ||||||||||
Internet Software & Services 4.2% | |||||||||||
Alphabet, Inc. Class A* | 18,500 | $ | 15,631 | ||||||||
Alphabet, Inc. Class C* | 18,500 | 15,230 | |||||||||
30,861 | |||||||||||
Life Sciences Tools & Services 2.6% | |||||||||||
Quintiles IMS Holdings, Inc.* | 247,680 | 19,168 | |||||||||
Media 3.2% | |||||||||||
Charter Communications, Inc. Class A* | 41,000 | 13,246 | |||||||||
Twenty-First Century Fox, Inc. Class A | 334,000 | 9,993 | |||||||||
23,239 | |||||||||||
Metals & Mining 1.4% | |||||||||||
Agnico-Eagle Mines Ltd. | 127,000 | 5,386 | |||||||||
BHP Billiton Ltd. ADR | 120,000 | 4,538 | |||||||||
9,924 | |||||||||||
Oil, Gas & Consumable Fuels 5.9% | |||||||||||
Cabot Oil & Gas Corp. | 835,000 | 18,287 | |||||||||
EOG Resources, Inc. | 176,000 | 17,070 | |||||||||
Williams Cos., Inc. | 272,000 | 7,708 | |||||||||
43,065 | |||||||||||
Personal Products 1.8% | |||||||||||
Estee Lauder Cos., Inc. Class A | 156,000 | 12,925 | |||||||||
Pharmaceuticals 6.4% | |||||||||||
Allergan PLC(a) | 126,000 | 30,847 | |||||||||
Eli Lilly & Co. | 186,000 | 15,403 | |||||||||
46,250 | |||||||||||
Professional Services 1.9% | |||||||||||
TransUnion* | 381,935 | 14,166 | |||||||||
Road & Rail 3.6% | |||||||||||
Avis Budget Group, Inc.*(a) | 517,000 | 17,878 | |||||||||
CSX Corp. | 166,000 | 8,061 | |||||||||
25,939 | |||||||||||
Semiconductors & Semiconductor Equipment 2.3% | |||||||||||
ASML Holding NV | 135,000 | 16,428 | |||||||||
Software 5.0% | |||||||||||
Activision Blizzard, Inc. | 209,000 | 9,432 | |||||||||
Oracle Corp. | 303,000 | 12,905 | |||||||||
Symantec Corp. | 486,000 | 13,885 | |||||||||
36,222 |
Number of Shares | Value (000's) | ||||||||||
Technology Hardware, Storage & Peripherals 2.4% | |||||||||||
Western Digital Corp.(b) | 225,281 | $ | 17,320 | ||||||||
Tobacco 2.3% | |||||||||||
British American Tobacco PLC ADR | 260,000 | 16,598 | |||||||||
Wireless Telecommunication Services 4.9% | |||||||||||
T-Mobile US, Inc.* | 575,000 | 35,955 | |||||||||
Total Common Stocks (Cost $606,215) | 697,988 | ||||||||||
Number of Contracts | |||||||||||
Options Purchased 0.0% | |||||||||||
Call Options 0.0% | |||||||||||
Road & Rail 0.0% | |||||||||||
CSX Corp. 5/19/17 @ 50 | 600 | 140 | |||||||||
CSX Corp. 5/19/17 @ 52.5 | 200 | 28 | |||||||||
168 | |||||||||||
Put Options 0.0% | |||||||||||
Technology Hardware, Storage & Peripherals 0.0% | |||||||||||
Western Digital Corp. 4/21/17 @ 70 | 150 | 20 | |||||||||
Total Options Purchased (Cost $216) | 188 | ||||||||||
Number of Shares | |||||||||||
Short-Term Investment 4.2% | |||||||||||
Investment Company 4.2% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(b)(c) (Cost $30,625) | 30,625,027 | 30,625 | |||||||||
Total Investments 100.4% (Cost $637,056) | 728,801 | ||||||||||
Other Assets Less Liabilities (0.4)%(d) | (2,747 | ) | |||||||||
Net Assets 100.0% | $ | 726,054 |
See Notes to Financial Statements
65
Schedule of Investments Focus Fund (Unaudited) (cont'd)
* 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 with obligations for options written with a total value of approximately $47,945,000.
(c) Represents 7-day effective yield as of February 28, 2017.
(d) Includes the impact of the Fund's open positions in derivatives at February 28, 2017.
Derivative Instruments
Written option contracts ("options written")
At February 28, 2017, the Fund had outstanding options written as follows:
Name of Issuer | Contracts | Exercise Price | Expiration Date | Market Value of Options | |||||||||||||||
Avis Budget Group, Inc., Call | 800 | $ | 42 | 3/17/2017 | $ | (0 | )(a)(b) | ||||||||||||
Avis Budget Group, Inc., Call | 200 | 44 | 3/17/2017 | (0 | )(a)(b) | ||||||||||||||
Avis Budget Group, Inc., Put | 1,000 | 32 | 3/17/2017 | (37,500 | ) | ||||||||||||||
Centene Corp., Put | 100 | 47.5 | 3/17/2017 | (0 | )(a)(b) | ||||||||||||||
Centene Corp., Put | 150 | 57.5 | 3/17/2017 | (0 | )(a)(b) | ||||||||||||||
CSX Corp., Call | 200 | 60 | 5/19/2017 | (5,500 | ) | ||||||||||||||
Western Digital Corp., Call | 150 | 75 | 4/21/2017 | (67,500 | ) | ||||||||||||||
Williams Cos., Inc., Put | 400 | 27.5 | 3/17/2017 | (15,600 | ) | ||||||||||||||
Williams Cos., Inc., Put | 100 | 28 | 3/10/2017 | (4,700 | ) | ||||||||||||||
Williams Cos., Inc., Put | 300 | 28 | 3/17/2017 | (17,850 | ) | ||||||||||||||
Total (premium received: $314,788) | $ | (148,650 | ) |
(a) Amount less than one dollar.
(b) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Trustees.
At February 28, 2017, the Fund had deposited $27,940 in a segregated account to cover requirements on options written.
Options written for the Fund for the six months ended February 28, 2017 were:
Number of Contracts | Premium Received | ||||||||||
Outstanding 8/31/2016 | 2,990 | $ | 467,978 | ||||||||
Options written | 9,354 | 745,760 | |||||||||
Options expired | (5,844 | ) | (577,907 | ) | |||||||
Options exercised | (1,090 | ) | (79,359 | ) | |||||||
Options closed | (2,010 | ) | (241,684 | ) | |||||||
Outstanding 2/28/2017 | 3,400 | $ | 314,788 |
For the six months ended February 28, 2017, the Fund had an average market value of $228,988 in options purchased, and $(133,957) in options written, respectively. At February 28, 2017, the Fund had pledged securities in the amount of $14,618,460 to cover collateral requirements for options written.
See Notes to Financial Statements
66
Schedule of Investments Focus Fund (Unaudited) (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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 697,988 | $ | — | $ | — | $ | 697,988 | |||||||||
Options Purchased(a) | 188 | — | — | 188 | |||||||||||||
Short-Term Investment | — | 30,625 | — | 30,625 | |||||||||||||
Total Investments | $ | 698,176 | $ | 30,625 | $ | — | $ | 728,801 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
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 February 28, 2017:
Other Financial Instruments | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||
Options written | |||||||||||||||||
Liabilities | $ | (149 | ) | $ | — | $ | (0 | )(b) | $ | (149 | ) | ||||||
Total | $ | (149 | ) | $ | — | $ | (0 | )(b) | $ | (149 | ) |
(a) 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 9/1/2016 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2017 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) Other Financial Instruments: | |||||||||||||||||||||||||||||||||||||||||||
Options Written(c) | $ | (0 | )(b) | $ | — | $ | 30 | $ | 100 | $ | 0 | (b) | $ | (130 | ) | $ | — | $ | — | $ | (0 | )(b) | $ | 130 | |||||||||||||||||||
Total | $ | (0 | )(b) | $ | — | $ | 30 | $ | 100 | $ | 0 | (b) | $ | (130 | ) | $ | — | $ | — | $ | (0 | )(b) | $ | 130 |
(b) Amount less than one thousand.
(c) As of the six months ended February 28, 2017, 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 six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
67
Schedule of Investments Genesis Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.8% | |||||||||||
Aerospace & Defense 0.3% | |||||||||||
Astronics Corp.*(a) | 1,209,764 | $ | 40,539 | ||||||||
Air Freight & Logistics 0.6% | |||||||||||
Forward Air Corp. | 1,356,263 | 67,203 | |||||||||
Airlines 0.7% | |||||||||||
Allegiant Travel Co. | 452,600 | 78,798 | |||||||||
Auto Components 1.7% | |||||||||||
Gentex Corp. | 2,849,028 | 59,915 | |||||||||
LCI Industries(a) | 1,248,124 | 134,423 | |||||||||
194,338 | |||||||||||
Automobiles 0.5% | |||||||||||
Thor Industries, Inc. | 545,055 | 60,403 | |||||||||
Banks 14.0% | |||||||||||
Bank of Hawaii Corp.(a) | 2,260,337 | 190,908 | |||||||||
Bank of the Ozarks, Inc. | 3,210,205 | 175,695 | |||||||||
BankUnited, Inc. | 3,192,655 | 126,525 | |||||||||
BOK Financial Corp. | 1,438,776 | 118,641 | |||||||||
Columbia Banking System, Inc. | 934,180 | 37,264 | |||||||||
Community Bank System, Inc. | 1,735,928 | 103,131 | |||||||||
Cullen/Frost Bankers, Inc. | 1,841,645 | 170,297 | |||||||||
CVB Financial Corp.(a) | 6,161,087 | 146,326 | |||||||||
First Financial Bankshares, Inc. | 3,041,452 | 133,824 | |||||||||
First Hawaiian, Inc. | 951,880 | 30,156 | |||||||||
FNB Corp. | 7,400,151 | 115,220 | |||||||||
Glacier Bancorp, Inc. | 947,290 | 34,974 | |||||||||
LegacyTexas Financial Group, Inc.(a) | 2,638,198 | 112,361 | |||||||||
PacWest Bancorp | 1,980,251 | 109,112 | |||||||||
1,604,434 | |||||||||||
Beverages 0.2% | |||||||||||
MGP Ingredients, Inc. | 660,475 | 29,213 | |||||||||
Building Products 1.8% | |||||||||||
AAON, Inc. | 2,509,330 | 84,439 | |||||||||
AO Smith Corp. | 1,862,891 | 93,815 |
Number of Shares | Value (000's) | ||||||||||
Patrick Industries, Inc.* | 347,570 | $ | 27,754 | ||||||||
206,008 | |||||||||||
Capital Markets 2.7% | |||||||||||
Artisan Partners Asset Management, Inc. Class A | 1,566,118 | 44,556 | |||||||||
FactSet Research Systems, Inc. | 520,885 | 92,665 | |||||||||
MarketAxess Holdings, Inc. | 762,351 | 148,834 | |||||||||
OM Asset Management PLC | 1,624,800 | 24,226 | |||||||||
310,281 | |||||||||||
Chemicals 4.1% | |||||||||||
Balchem Corp. | 1,347,614 | 117,471 | |||||||||
Chase Corp. | 44,589 | 4,078 | |||||||||
NewMarket Corp. | 67,532 | 29,423 | |||||||||
Quaker Chemical Corp. | 430,300 | 56,662 | |||||||||
RPM International, Inc. | 1,014,744 | 54,076 | |||||||||
Sensient Technologies Corp.(a) | 2,588,985 | 206,963 | |||||||||
468,673 | |||||||||||
Commercial Services & Supplies 4.0% | |||||||||||
Healthcare Services Group, Inc. | 2,963,476 | 122,629 | |||||||||
Ritchie Bros. Auctioneers, Inc. | 2,887,385 | 97,276 | |||||||||
Rollins, Inc. | 4,738,240 | 173,230 | |||||||||
UniFirst Corp. | 484,590 | 64,499 | |||||||||
457,634 | |||||||||||
Communications Equipment 1.4% | |||||||||||
NetScout Systems, Inc.* | 4,414,764 | 163,125 | |||||||||
Construction & Engineering 1.0% | |||||||||||
Valmont Industries, Inc. | 723,549 | 113,778 | |||||||||
Construction Materials 1.6% | |||||||||||
Eagle Materials, Inc. | 1,768,755 | 183,438 | |||||||||
Containers & Packaging 1.2% | |||||||||||
AptarGroup, Inc. | 1,889,565 | 140,791 | |||||||||
Distributors 2.1% | |||||||||||
Pool Corp.(a) | 2,081,538 | 238,773 |
Number of Shares | Value (000's) | ||||||||||
Electrical Equipment 0.6% | |||||||||||
AZZ, Inc. | 1,253,141 | $ | 73,497 | ||||||||
Electronic Equipment, Instruments & Components 4.1% | |||||||||||
Cognex Corp. | 1,434,419 | 110,178 | |||||||||
Littelfuse, Inc. | 1,107,501 | 178,806 | |||||||||
Rogers Corp.*(a) | 1,087,566 | 89,735 | |||||||||
Zebra Technologies Corp. Class A* | 1,003,619 | 91,038 | |||||||||
469,757 | |||||||||||
Energy Equipment & Services 0.8% | |||||||||||
Dril-Quip, Inc.* | 257,000 | 15,767 | |||||||||
Natural Gas Services Group, Inc.* | 484,830 | 12,629 | |||||||||
Pason Systems, Inc.(a) | 4,268,457 | 58,555 | |||||||||
86,951 | |||||||||||
Food Products 3.1% | |||||||||||
Blue Buffalo Pet Products, Inc.* | 3,324,258 | 81,245 | |||||||||
Cal-Maine Foods, Inc. | 1,330,925 | 50,509 | |||||||||
Calavo Growers, Inc.(a) | 1,173,812 | 66,203 | |||||||||
J & J Snack Foods Corp. | 623,191 | 83,383 | |||||||||
Lancaster Colony Corp. | 524,236 | 69,094 | |||||||||
350,434 | |||||||||||
Health Care Equipment & Supplies 6.5% | |||||||||||
Abaxis, Inc. | 581,110 | 28,968 | |||||||||
Atrion Corp. | 56,842 | 27,742 | |||||||||
Cantel Medical Corp. | 891,103 | 73,168 | |||||||||
Dentsply Sirona, Inc. | 1,835,813 | 116,611 | |||||||||
Haemonetics Corp.* | 1,168,458 | 43,619 | |||||||||
IDEXX Laboratories, Inc.* | 1,273,379 | 184,564 | |||||||||
Neogen Corp.* | 379,200 | 24,595 | |||||||||
West Pharmaceutical Services, Inc. | 2,907,718 | 239,799 | |||||||||
739,066 | |||||||||||
Health Care Providers & Services 3.1% | |||||||||||
Chemed Corp. | 802,650 | 143,313 | |||||||||
Henry Schein, Inc.* | 702,460 | 120,514 | |||||||||
Surgery Partners, Inc.* | 1,200,080 | 27,002 | |||||||||
U.S. Physical Therapy, Inc.(a) | 842,305 | 63,720 | |||||||||
354,549 |
See Notes to Financial Statements
68
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Hotels, Restaurants & Leisure 2.9% | |||||||||||
Cheesecake Factory, Inc. | 1,604,895 | $ | 97,979 | ||||||||
Cracker Barrel Old Country Store, Inc. | 536,692 | 86,402 | |||||||||
Papa John's International, Inc. | 859,630 | 67,842 | |||||||||
Texas Roadhouse, Inc. | 1,906,045 | 80,626 | |||||||||
332,849 | |||||||||||
Household Products 2.9% | |||||||||||
Church & Dwight Co., Inc. | 4,171,822 | 207,924 | |||||||||
Energizer Holdings, Inc. | 1,497,630 | 82,160 | |||||||||
WD-40 Co. | 345,060 | 37,922 | |||||||||
328,006 | |||||||||||
Industrial Conglomerates 0.4% | |||||||||||
Raven Industries, Inc. | 1,383,990 | 40,897 | |||||||||
Insurance 1.3% | |||||||||||
AMERISAFE, Inc. | 697,200 | 44,830 | |||||||||
RLI Corp. | 1,719,679 | 100,515 | |||||||||
145,345 | |||||||||||
IT Services 1.2% | |||||||||||
Jack Henry & Associates, Inc. | 1,413,333 | 132,528 | |||||||||
Life Sciences Tools & Services 2.7% | |||||||||||
Bio-Techne Corp. | 1,434,560 | 152,523 | |||||||||
ICON PLC* | 1,378,455 | 115,473 | |||||||||
PAREXEL International Corp.* | 574,435 | 37,160 | |||||||||
305,156 | |||||||||||
Machinery 8.8% | |||||||||||
Donaldson Co., Inc. | 1,141,250 | 49,017 | |||||||||
Franklin Electric Co., Inc. | 1,248,397 | 52,308 | |||||||||
Graco, Inc. | 675,717 | 61,328 | |||||||||
Lindsay Corp.(a) | 632,405 | 50,637 | |||||||||
Middleby Corp.* | 1,059,663 | 146,986 | |||||||||
Nordson Corp. | 1,059,158 | 127,141 | |||||||||
RBC Bearings, Inc.*(a) | 1,542,215 | 143,888 | |||||||||
Tennant Co.(a) | 911,627 | 64,042 | |||||||||
Toro Co. | 2,757,316 | 166,018 | |||||||||
Wabtec Corp. | 1,820,645 | 145,870 | |||||||||
1,007,235 | |||||||||||
Marine 0.5% | |||||||||||
Kirby Corp.* | 763,780 | 52,853 |
Number of Shares | Value (000's) | ||||||||||
Media 2.0% | |||||||||||
Gray Television, Inc.*(a) | 4,394,265 | $ | 59,762 | ||||||||
Nexstar Media Group, Inc.(a) | 2,476,256 | 170,738 | |||||||||
230,500 | |||||||||||
Metals & Mining 0.4% | |||||||||||
Compass Minerals International, Inc. | 676,173 | 51,254 | |||||||||
Oil, Gas & Consumable Fuels 1.5% | |||||||||||
Centennial Resource Development, Inc. Class A* | 1,478,650 | 27,813 | |||||||||
Diamondback Energy, Inc.* | 290,661 | 29,316 | |||||||||
Matador Resources Co.* | 1,973,865 | 47,511 | |||||||||
Rice Energy, Inc.* | 1,225,200 | 22,850 | |||||||||
RSP Permian, Inc.* | 1,082,120 | 42,733 | |||||||||
170,223 | |||||||||||
Paper & Forest Products 0.8% | |||||||||||
Stella-Jones, Inc. | 3,004,645 | 93,156 | |||||||||
Pharmaceuticals 0.8% | |||||||||||
Heska Corp.* | 335,082 | 31,076 | |||||||||
Prestige Brands Holdings, Inc.* | 1,051,555 | 59,539 | |||||||||
90,615 | |||||||||||
Professional Services 0.9% | |||||||||||
Exponent, Inc.(a) | 1,851,480 | 106,368 | |||||||||
Real Estate Management & Development 0.3% | |||||||||||
FirstService Corp. | 517,415 | 29,901 | |||||||||
Semiconductors & Semiconductor Equipment 1.8% | |||||||||||
MKS Instruments, Inc. | 1,073,030 | 70,391 | |||||||||
Power Integrations, Inc.(a) | 2,070,800 | 130,874 | |||||||||
201,265 | |||||||||||
Software 9.5% | |||||||||||
Aspen Technology, Inc.* | 2,642,595 | 153,640 | |||||||||
Blackbaud, Inc. | 467,630 | 33,444 | |||||||||
Computer Modelling Group Ltd.(a)(b) | 4,499,880 | 34,998 | |||||||||
Constellation Software, Inc. | 270,022 | 127,124 | |||||||||
Descartes Systems Group, Inc.* | 457,613 | 9,633 |
Number of Shares | Value (000's) | ||||||||||
Fair Isaac Corp. | 1,488,673 | $ | 193,632 | ||||||||
Manhattan Associates, Inc.* | 3,358,268 | 168,417 | |||||||||
Monotype Imaging Holdings, Inc.(a) | 2,893,486 | 58,304 | |||||||||
Nice Ltd. ADR | 710,601 | 48,498 | |||||||||
Progress Software Corp. | 883,285 | 25,333 | |||||||||
Qualys, Inc.* | 1,680,780 | 58,743 | |||||||||
Tyler Technologies, Inc.* | 1,173,542 | 177,968 | |||||||||
1,089,734 | |||||||||||
Specialty Retail 2.6% | |||||||||||
Asbury Automotive Group, Inc.* | 877,650 | 57,179 | |||||||||
Lithia Motors, Inc. Class A | 1,105,760 | 105,788 | |||||||||
Monro Muffler Brake, Inc. | 945,685 | 54,377 | |||||||||
Tractor Supply Co. | 1,091,892 | 77,426 | |||||||||
294,770 | |||||||||||
Trading Companies & Distributors 1.4% | |||||||||||
Applied Industrial Technologies, Inc. | 667,254 | 42,070 | |||||||||
Watsco, Inc. | 801,554 | 118,847 | |||||||||
160,917 | |||||||||||
Total Common Stocks (Cost $6,187,393) | 11,295,255 | ||||||||||
Short-Term Investments 1.3% | |||||||||||
Investment Companies 1.3% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(c) | 56,828,714 | 56,829 | |||||||||
State Street Institutional Treasury Plus Money Market Fund Premier Class, 0.41%(c) | 93,530,161 | 93,530 | |||||||||
Total Short-Term Investments (Cost $150,359) | 150,359 | ||||||||||
Total Investments 100.1% (Cost $6,337,752) | 11,445,614 | ||||||||||
Other Assets Less Liabilities (0.1)% | (7,657 | ) | |||||||||
Net Assets 100.0% | $ | 11,437,957 |
See Notes to Financial Statements
69
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Affiliated company. (see Note F of Notes to Financial Statements).
(b) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at February 28, 2017, amounted to approximately $34,998,000, which represents approximately 0.3% of net assets of the Fund.
(c) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Software | $ | 1,054,736 | $ | 34,998 | $ | — | $ | 1,089,734 | |||||||||
Other Common Stocks(a) | 10,205,521 | — | — | 10,205,521 | |||||||||||||
Total Common Stocks | 11,260,257 | 34,998 | — | 11,295,255 | |||||||||||||
Short-Term Investments | — | 150,359 | — | 150,359 | |||||||||||||
Total Investments | $ | 11,260,257 | $ | 185,357 | $ | — | $ | 11,445,614 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, certain securities were transferred from one level (as of August 31, 2016) to another. Based on beginning of period market values as of September 1, 2016, approximately $151,744,000 was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of February 28, 2017. These securities had been categorized as Level 2 as of August 31, 2016, due to the use of methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of these securities.
See Notes to Financial Statements
70
Schedule of Investments Global Equity Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.8% | |||||||||||
Australia 1.3% | |||||||||||
Insurance Australia Group Ltd. | 11,830 | $ | 54 | ||||||||
Canada 5.1% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 1,480 | 66 | |||||||||
Home Capital Group, Inc. | 845 | 17 | |||||||||
Kinaxis, Inc.* | 710 | 39 | |||||||||
Suncor Energy, Inc. | 1,240 | 38 | |||||||||
Waste Connections, Inc. | 675 | 59 | |||||||||
219 | |||||||||||
China 3.6% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 605 | 62 | |||||||||
Baidu, Inc. ADR* | 300 | 52 | |||||||||
Haier Electronics Group Co. Ltd. | 20,800 | 39 | |||||||||
153 | |||||||||||
France 5.0% | |||||||||||
Air Liquide SA | 291 | 31 | |||||||||
BNP Paribas SA | 560 | 33 | |||||||||
Sodexo SA | 535 | 59 | |||||||||
Valeo SA | 810 | 50 | |||||||||
Virbac SA* | 220 | 39 | |||||||||
212 | |||||||||||
Germany 3.3% | |||||||||||
Continental AG | 245 | 50 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 474 | 59 | |||||||||
SAP SE ADR | 370 | 34 | |||||||||
143 | |||||||||||
Hong Kong 0.4% | |||||||||||
Techtronic Industries Co. Ltd. | 5,500 | 20 | |||||||||
Israel 2.7% | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 25,605 | 46 | |||||||||
Check Point Software Technologies Ltd.* | 690 | 68 | |||||||||
114 | |||||||||||
Japan 2.8% | |||||||||||
Daikin Industries Ltd. | 450 | 43 | |||||||||
Kao Corp. | 450 | 23 | |||||||||
Sundrug Co. Ltd. | 150 | 10 |
Number of Shares | Value (000's) | ||||||||||
Toyota Motor Corp. | 750 | $ | 42 | ||||||||
118 | |||||||||||
Netherlands 5.6% | |||||||||||
AerCap Holdings NV* | 1,270 | 58 | |||||||||
ASML Holding NV | 795 | 96 | |||||||||
Intertrust NV(a) | 1,635 | 29 | |||||||||
NXP Semiconductors NV* | 559 | 58 | |||||||||
241 | |||||||||||
Spain 0.5% | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 3,088 | 20 | |||||||||
Switzerland 7.3% | |||||||||||
Cie Financiere Richemont SA | 608 | 45 | |||||||||
Givaudan SA | 31 | 56 | |||||||||
Julius Baer Group Ltd.* | 1,235 | 61 | |||||||||
Roche Holding AG | 226 | 55 | |||||||||
SGS SA | 24 | 51 | |||||||||
Sonova Holding AG | 320 | 42 | |||||||||
310 | |||||||||||
United Kingdom 11.2% | |||||||||||
Aon PLC | 550 | 64 | |||||||||
Barclays PLC | 13,848 | 39 | |||||||||
Howden Joinery Group PLC | 9,155 | 49 | |||||||||
Prudential PLC | 2,978 | 59 | |||||||||
RELX PLC | 1,845 | 34 | |||||||||
Spectris PLC | 1,584 | 48 | |||||||||
St. James's Place PLC | 3,524 | 46 | |||||||||
TalkTalk Telecom Group PLC | 12,190 | 27 | |||||||||
Travis Perkins PLC | 2,325 | 44 | |||||||||
Virgin Money Holdings UK PLC | 7,869 | 32 | |||||||||
Worldpay Group PLC(a) | 10,805 | 36 | |||||||||
478 | |||||||||||
United States 50.0% | |||||||||||
Activision Blizzard, Inc. | 935 | 42 | |||||||||
Alphabet, Inc. Class A* | 45 | 38 | |||||||||
Alphabet, Inc. Class C* | 45 | 37 | |||||||||
Amazon.com, Inc.* | 98 | 83 | |||||||||
Apple, Inc. | 718 | �� | 98 | ||||||||
Biogen, Inc.* | 104 | 30 | |||||||||
BlackRock, Inc. | 145 | 56 |
Number of Shares | Value (000's) | ||||||||||
Blue Buffalo Pet Products, Inc.* | 2,565 | $ | 63 | ||||||||
Cabot Oil & Gas Corp. | 1,720 | 38 | |||||||||
Cardinal Health, Inc. | 895 | 73 | |||||||||
CDW Corp. | 1,055 | 62 | |||||||||
Centene Corp.* | 580 | 41 | |||||||||
CVS Health Corp. | 685 | 55 | |||||||||
EOG Resources, Inc. | 498 | 48 | |||||||||
Estee Lauder Cos., Inc. Class A | 508 | 42 | |||||||||
Fidelity National Information Services, Inc. | 780 | 64 | |||||||||
First Republic Bank | 580 | 54 | |||||||||
Gilead Sciences, Inc. | 395 | 28 | |||||||||
Graco, Inc. | 690 | 63 | |||||||||
Halliburton Co. | 370 | 20 | |||||||||
Henry Schein, Inc.* | 439 | 75 | |||||||||
Intercontinental Exchange, Inc. | 1,055 | 60 | |||||||||
JPMorgan Chase & Co. | 740 | 67 | |||||||||
Medtronic PLC | 652 | 53 | |||||||||
Milacron Holdings Corp.* | 2,405 | 44 | |||||||||
Mobileye NV* | 1,005 | 46 | |||||||||
Monsanto Co. | 370 | 42 | |||||||||
Nielsen Holdings PLC | 1,270 | 56 | |||||||||
Nordstrom, Inc. | 530 | 25 | |||||||||
Pioneer Natural Resources Co. | 260 | 48 | |||||||||
Range Resources Corp. | 820 | 23 | |||||||||
RPM International, Inc. | 985 | 53 | |||||||||
Samsonite International SA | 9,350 | 28 | |||||||||
Schlumberger Ltd. | 479 | 39 | |||||||||
Sealed Air Corp. | 1,300 | 61 | |||||||||
Sensata Technologies Holding NV* | 1,610 | 66 | |||||||||
Service Corp. International | 1,005 | 31 | |||||||||
TE Connectivity Ltd. | 595 | 44 | |||||||||
T-Mobile US, Inc.* | 1,025 | 64 | |||||||||
VF Corp. | 795 | 42 | |||||||||
Visa, Inc. Class A | 630 | 55 | |||||||||
Wabtec Corp. | 500 | 40 | |||||||||
Western Digital Corp. | 550 | 42 | |||||||||
2,139 | |||||||||||
Total Common Stocks (Cost $3,791) | 4,221 |
See Notes to Financial Statements
71
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 1.1% | |||||||||||
Investment Company 1.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(b) (Cost $49) | 49,110 | $ | 49 | ||||||||
Total Investments 99.9% (Cost $3,840) | 4,270 | ||||||||||
Other Assets Less Liabilities 0.1% | 3 | ||||||||||
Net Assets 100.0% | $ | 4,273 |
* 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 February 28, 2017, these securities amounted to approximately $65,000 or 1.5% 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 February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 4,221 | $ | — | $ | — | $ | 4,221 | |||||||||
Short-Term Investment | — | 49 | — | 49 | |||||||||||||
Total Investments | $ | 4,221 | $ | 49 | $ | — | $ | 4,270 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
72
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 245 | 5.7 | % | |||||||
Software | 229 | 5.4 | % | ||||||||
Insurance | 223 | 5.2 | % | ||||||||
Oil, Gas & Consumable Fuels | 195 | 4.6 | % | ||||||||
Health Care Providers & Services | 189 | 4.4 | % | ||||||||
Internet Software & Services | 189 | 4.4 | % | ||||||||
Chemicals | 182 | 4.3 | % | ||||||||
Capital Markets | 177 | 4.1 | % | ||||||||
Professional Services | 170 | 4.0 | % | ||||||||
IT Services | 155 | 3.6 | % | ||||||||
Electronic Equipment, Instruments & Components | 154 | 3.6 | % | ||||||||
Semiconductors & Semiconductor Equipment | 154 | 3.6 | % | ||||||||
Trading Companies & Distributors | 151 | 3.5 | % | ||||||||
Machinery | 147 | 3.4 | % | ||||||||
Technology Hardware, Storage & Peripherals | 140 | 3.3 | % | ||||||||
Food & Staples Retailing | 131 | 3.1 | % | ||||||||
Textiles, Apparel & Luxury Goods | 115 | 2.7 | % | ||||||||
Auto Components | 100 | 2.3 | % | ||||||||
Health Care Equipment & Supplies | 95 | 2.2 | % | ||||||||
Pharmaceuticals | 94 | 2.2 | % | ||||||||
Internet & Catalog Retail | 83 | 1.9 | % | ||||||||
Diversified Telecommunication Services | 73 | 1.7 | % | ||||||||
Electrical Equipment | 66 | 1.6 | % | ||||||||
Personal Products | 65 | 1.5 | % | ||||||||
Wireless Telecommunication Services | 64 | 1.5 | % | ||||||||
Food Products | 63 | 1.5 | % | ||||||||
Containers & Packaging | 61 | 1.4 | % | ||||||||
Commercial Services & Supplies | 59 | 1.4 | % | ||||||||
Energy Equipment & Services | 59 | 1.4 | % | ||||||||
Hotels, Restaurants & Leisure | 59 | 1.4 | % | ||||||||
Household Durables | 59 | 1.4 | % | ||||||||
Household Products | 59 | 1.4 | % | ||||||||
Biotechnology | 58 | 1.4 | % | ||||||||
Building Products | 43 | 1.0 | % | ||||||||
Automobiles | 42 | 1.0 | % | ||||||||
Diversified Consumer Services | 31 | 0.7 | % | ||||||||
Multiline Retail | 25 | 0.6 | % | ||||||||
Thrifts & Mortgage Finance | 17 | 0.4 | % | ||||||||
Short-Term Investment and Other Assets—Net | 52 | 1.2 | % | ||||||||
$ | 4,273 | 100.0 | % |
See Notes to Financial Statements
73
Schedule of Investments Global Real Estate Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.0% | |||||||||||
Australia 6.8% | |||||||||||
Goodman Group | 7,101 | $ | 41 | ||||||||
Investa Office Fund | 9,990 | 36 | |||||||||
Mirvac Group | 21,579 | 36 | |||||||||
Scentre Group | 18,687 | 62 | |||||||||
175 | |||||||||||
Canada 3.7% | |||||||||||
Allied Properties Real Estate Investment Trust | 845 | 22 | |||||||||
Brookfield Asset Management, Inc. Class A | 1,256 | 45 | |||||||||
Canadian Apartment Properties REIT | 1,184 | 29 | |||||||||
96 | |||||||||||
France 4.5% | |||||||||||
ICADE | 660 | 47 | |||||||||
Unibail-Rodamco SE | 296 | 67 | |||||||||
Unibail-Rodamco SE | 3 | 1 | |||||||||
115 | |||||||||||
Germany 3.4% | |||||||||||
ADO Properties SA(a) | 750 | 27 | |||||||||
Deutsche Wohnen AG | 1,768 | 61 | |||||||||
88 | |||||||||||
Hong Kong 8.1% | |||||||||||
Henderson Land Development Co. Ltd. | 12,544 | 73 | |||||||||
Hongkong Land Holdings Ltd. | 4,822 | 33 | |||||||||
Sun Hung Kai Properties Ltd. | 7,053 | 103 | |||||||||
209 | |||||||||||
Japan 11.2% | |||||||||||
Activia Properties, Inc. | 5 | 25 | |||||||||
Kenedix Retail REIT Corp. | 12 | 29 | |||||||||
Mitsubishi Estate Co. Ltd. | 2,989 | 58 | |||||||||
Mitsui Fudosan Co. Ltd. | 2,922 | 66 | |||||||||
Mitsui Fudosan Logistics Park, Inc.* | 6 | 18 | |||||||||
Nippon Accommodations Fund, Inc. | 6 | 26 |
Number of Shares | Value (000's) | ||||||||||
Nippon Building Fund, Inc. | 7 | $ | 39 | ||||||||
Sumitomo Realty & Development Co. Ltd. | 949 | 26 | |||||||||
287 | |||||||||||
Singapore 2.1% | |||||||||||
Ascendas Real Estate Investment Trust | 13,750 | 25 | |||||||||
CapitaLand Ltd. | 10,787 | 28 | |||||||||
53 | |||||||||||
Spain 1.0% | |||||||||||
Axiare Patrimonio SOCIMI SA | 1,750 | 25 | |||||||||
Sweden 1.6% | |||||||||||
Hufvudstaden AB, A Shares | 2,563 | 40 | |||||||||
United Kingdom 3.1% | |||||||||||
Safestore Holdings PLC | 4,634 | 22 | |||||||||
Segro PLC | 5,111 | 31 | |||||||||
Shaftesbury PLC | 2,326 | 27 | |||||||||
80 | |||||||||||
United States 53.5% | |||||||||||
American Homes 4 Rent Class A | 1,133 | 27 | |||||||||
Apartment Investment & Management Co. Class A | 905 | 42 | |||||||||
Boston Properties, Inc. | 385 | 54 | |||||||||
Colony Starwood Homes | 794 | 26 | |||||||||
Corporate Office Properties Trust | 1,073 | 37 | |||||||||
Crown Castle International Corp. | 677 | 63 | |||||||||
CyrusOne, Inc. | 663 | 34 | |||||||||
DCT Industrial Trust, Inc. | 424 | 20 | |||||||||
Douglas Emmett, Inc. | 657 | 26 | |||||||||
EPR Properties | 330 | 25 | |||||||||
Equinix, Inc. | 161 | 61 | |||||||||
Equity Lifestyle Properties, Inc. | 435 | 35 | |||||||||
Equity Residential | 861 | 54 | |||||||||
Essex Property Trust, Inc. | 202 | 47 | |||||||||
Federal Realty Investment Trust | 204 | 29 |
Number of Shares | Value (000's) | ||||||||||
GGP, Inc. | 1,509 | $ | 37 | ||||||||
HCP, Inc. | 1,000 | 33 | |||||||||
Healthcare Trust of America, Inc. Class A | 774 | 25 | |||||||||
Highwoods Properties, Inc. | 658 | 35 | |||||||||
Invitation Homes, Inc.* | 1,250 | 27 | |||||||||
Kimco Realty Corp. | 1,749 | 42 | |||||||||
Kite Realty Group Trust | 1,119 | 25 | |||||||||
Marriott International, Inc. Class A | 620 | 54 | |||||||||
Mid-America Apartment Communities, Inc. | 400 | 41 | |||||||||
National Retail Properties, Inc. | 855 | 39 | |||||||||
Prologis, Inc. | 903 | 46 | |||||||||
Public Storage | 334 | 76 | |||||||||
Simon Property Group, Inc. | 589 | 109 | |||||||||
SL Green Realty Corp. | 375 | 42 | |||||||||
Ventas, Inc. | 476 | 31 | |||||||||
Vornado Realty Trust | 490 | 54 | |||||||||
Welltower, Inc. | 732 | 51 | |||||||||
Weyerhaeuser Co. | 768 | 26 | |||||||||
1,373 | |||||||||||
Total Common Stocks (Cost $2,481) | 2,541 | ||||||||||
Short-Term Investment 0.6% | |||||||||||
Investment Company 0.6% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(b) (Cost $17) | 16,540 | 17 | |||||||||
Total Investments 99.6% (Cost $2,498) | 2,558 | ||||||||||
Other Assets Less Liabilities 0.4% | 9 | ||||||||||
Net Assets 100.0% | $ | 2,567 |
See Notes to Financial Statements
74
Schedule of Investments Global Real Estate Fund (Unaudited) (cont'd)
* 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 February 28, 2017, these securities amounted to approximately $27,000 or 1.1% 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 February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
United Kindgom | $ | 53 | $ | 27 | $ | — | $ | 80 | |||||||||
Other Common Stocks(a) | 2,461 | — | — | 2,461 | |||||||||||||
Total Common Stocks | 2,514 | 27 | — | 2,541 | |||||||||||||
Short-Term Investment | — | 17 | — | 17 | |||||||||||||
Total Investments | $ | 2,514 | $ | 44 | $ | — | $ | 2,558 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Sector summary.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
75
Schedule of Investments Global Real Estate Fund (Unaudited) (cont'd)
POSITIONS BY SECTOR
Sector | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Industrial & Office REITs | $ | 645 | 25.1 | % | |||||||
Real Estate Holding & Development | 560 | 21.8 | % | ||||||||
Retail REITs | 467 | 18.2 | % | ||||||||
Residential REITs | 390 | 15.2 | % | ||||||||
Specialty REITs | 334 | 13.0 | % | ||||||||
Diversified REITs | 91 | 3.6 | % | ||||||||
Hotel & Lodging REITs | 54 | 2.1 | % | ||||||||
Short-Term Investment and Other Assets-Net | 26 | 1.0 | % | ||||||||
$ | 2,567 | 100.0 | % |
See Notes to Financial Statements
76
Schedule of Investments Greater China Equity Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 86.7% | |||||||||||
Air Freight & Logistics 2.8% | |||||||||||
ZTO Express Cayman, Inc. ADR* | 190,441 | $ | 2,455 | ||||||||
Automobiles 3.3% | |||||||||||
Great Wall Motor Co. Ltd., H Shares | 545,000 | 670 | |||||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 1,352,000 | 2,267 | |||||||||
2,937 | |||||||||||
Banks 16.0% | |||||||||||
Bank of China Ltd., H Shares | 11,711,000 | 5,929 | |||||||||
China Construction Bank Corp., H Shares | 3,149,000 | 2,592 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 8,777,911 | 5,755 | |||||||||
14,276 | |||||||||||
Beverages 2.9% | |||||||||||
Kweichow Moutai Co. Ltd. Class A | 15,936 | 823 | |||||||||
Wuliangye Yibin Co. Ltd. Class A | 313,070 | 1,803 | |||||||||
2,626 | |||||||||||
Commercial Services & Supplies 3.5% | |||||||||||
Beijing Originwater Technology Co. Ltd. Class A | 183,256 | 437 | |||||||||
China Everbright International Ltd. | 2,063,000 | 2,673 | |||||||||
3,110 | |||||||||||
Construction Materials 0.3% | |||||||||||
Anhui Conch Cement Co. Ltd. Class A | 96,500 | 287 | |||||||||
Diversified Consumer Services 1.0% | |||||||||||
New Oriental Education & Technology Group, Inc. ADR* | 18,881 | 914 |
Number of Shares | Value (000's) | ||||||||||
Electronic Equipment, Instruments & Components 2.6% | |||||||||||
GoerTek, Inc. Class A | 308,223 | $ | 1,336 | ||||||||
Hangzhou Hikvision Digital Technology Co. Ltd. Class A | 231,900 | 945 | |||||||||
2,281 | |||||||||||
Health Care Providers & Services 0.0% | |||||||||||
Huadong Medicine Co. Ltd. Class A | 2,000 | 23 | |||||||||
Household Durables 3.0% | |||||||||||
Gree Electric Appliances, Inc. of Zhuhai Class A | 531,800 | 2,124 | |||||||||
Midea Group Co. Ltd. Class A | 108,800 | 505 | |||||||||
2,629 | |||||||||||
Independent Power and Renewable Electricity Producers 0.8% | |||||||||||
Huadian Fuxin Energy Corp. Ltd., H Shares | 3,080,000 | 754 | |||||||||
Insurance 8.9% | |||||||||||
China Taiping Insurance Holdings Co. Ltd.* | 563,000 | 1,319 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,052,000 | 3,135 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 653,500 | 3,485 | |||||||||
7,939 | |||||||||||
Internet Software & Services 24.6% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 76,784 | 7,901 | |||||||||
Baidu, Inc. ADR* | 7,252 | 1,263 | |||||||||
Baozun, Inc. ADR* | 46,099 | 663 | |||||||||
NetEase, Inc. ADR | 2,968 | 905 | |||||||||
SINA Corp.* | 12,000 | 834 |
Number of Shares | Value (000's) | ||||||||||
Tencent Holdings Ltd. | 325,400 | $ | 8,677 | ||||||||
Wangsu Science & Technology Co. Ltd. Class A(a)(b) | 196,104 | 1,399 | |||||||||
Weibo Corp. ADR* | 6,155 | 311 | |||||||||
21,953 | |||||||||||
Pharmaceuticals 3.0% | |||||||||||
CSPC Pharmaceutical Group Ltd. | 2,190,000 | 2,680 | |||||||||
Real Estate Management & Development 5.5% | |||||||||||
China Overseas Land & Investment Ltd. | 830,000 | 2,555 | |||||||||
CIFI Holdings Group Co. Ltd. | 1,754,000 | 588 | |||||||||
Poly Real Estate Group Co. Ltd. Class A | 1,242,787 | 1,713 | |||||||||
4,856 | |||||||||||
Transportation Infrastructure 2.7% | |||||||||||
Shanghai International Airport Co. Ltd. Class A | 601,278 | 2,401 | |||||||||
Water Utilities 2.8% | |||||||||||
Beijing Enterprises Water Group Ltd. | 3,474,000 | 2,484 | |||||||||
Wireless Telecommunication Services 3.0% | |||||||||||
China Mobile Ltd. | 242,000 | 2,669 | |||||||||
Total Common Stocks (Cost $72,156) | 77,274 |
See Notes to Financial Statements
77
Schedule of Investments Greater China Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Participatory Notes 11.2% | |||||||||||
Beverages 1.6% | |||||||||||
Kweichow Moutai Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 8/17/18(c) | 18,000 | $ | 930 | ||||||||
Kweichow Moutai Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/9/17(c) | 9,300 | 480 | |||||||||
1,410 | |||||||||||
Commercial Services & Supplies 1.8% | |||||||||||
Beijing Originwater Technology Co. Ltd., Class A (issuer UBS AG), Expiration Date 4/27/17(c) | 133,641 | 319 | |||||||||
Beijing Originwater Technology Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 9/17/24(c) | 42,300 | 101 | |||||||||
Beijing Originwater Technology Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 3/15/19(c) | 263,317 | 628 | |||||||||
Beijing Originwater Technology Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/16/18(c) | 234,486 | 559 | |||||||||
1,607 | |||||||||||
Construction Materials 1.1% | |||||||||||
Anhui Conch Cement Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 10/24/18(c) | 338,600 | 1,010 |
Number of Shares | Value (000's) | ||||||||||
Health Care Providers & Services 1.0% | |||||||||||
Huadong Medicine Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/10/18(c) | 35,602 | $ | 403 | ||||||||
Huadong Medicine Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/26/23(c) | 43,941 | 497 | |||||||||
900 | |||||||||||
Household Durables 5.2% | |||||||||||
Gree Electric Appliances, Inc., Class A (issuer UBS AG), Expiration Date 10/27/17(c) | 11,268 | 45 | |||||||||
Midea Group Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 9/23/23(c) | 10,400 | 48 | |||||||||
Midea Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/20/17(c) | 54,900 | 255 | |||||||||
Midea Group Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 12/20/17(c) | 385,385 | 1,787 | |||||||||
Midea Group Co. Ltd., Class A (issuer Goldman Sachs International), Expiration Date 2/27/18(c) | 222,655 | 1,033 | |||||||||
Midea Group Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/10/18(c) | 326,470 | 1,514 | |||||||||
4,682 |
Number of Shares | Value (000's) | ||||||||||
Internet Software & Services 0.2% | |||||||||||
Wangsu Science & Technology Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 9/2/18(a)(b)(c) | 21,700 | $ | 155 | ||||||||
Transportation Infrastructure 0.3% | |||||||||||
Shanghai International Airport Co. Ltd., Class A (issuer Macquarie Bank Ltd.), Expiration Date 10/30/17(c) | 61,189 | 244 | |||||||||
Total Participatory Notes (Cost $9,108) | 10,008 | ||||||||||
Short-Term Investment 0.2% | |||||||||||
Investment Company 0.2% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(d) (Cost $161) | 160,596 | 161 | |||||||||
Total Investments 98.1% (Cost $81,425) | 87,443 | ||||||||||
Other Assets Less Liabilities 1.9% | 1,651 | ||||||||||
Net Assets 100.0% | $ | 89,094 |
See Notes to Financial Statements
78
Schedule of Investments Greater China Equity Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Illiquid security.
(b) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at February 28, 2017, amounted to approximately $1,554,000, which represents approximately 1.7% of net assets of the Fund.
(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 February 28, 2017, these securities amounted to approximately $10,008,000 or 11.2% of net assets for the Fund. Securities denoted with (c) but without (a) have been deemed by the investment manager to be liquid.
(d) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks | |||||||||||||||||
Internet Software & Services | $ | 20,554 | $ | 1,399 | $ | — | $ | 21,953 | |||||||||
Other Common Stocks(a) | 55,321 | — | — | 55,321 | |||||||||||||
Total Common Stocks | 75,875 | 1,399 | — | 77,274 | |||||||||||||
Participatory Notes | |||||||||||||||||
Internet Software & Services | — | 155 | — | 155 | |||||||||||||
Other Participatory Notes(a) | 9,853 | — | — | 9,853 | |||||||||||||
Total Participatory Notes | 9,853 | 155 | — | 10,008 | |||||||||||||
Short-Term Investment | — | 161 | — | 161 | |||||||||||||
Total Investments | $ | 85,728 | $ | 1,715 | $ | — | $ | 87,443 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another
See Notes to Financial Statements
79
Schedule of Investments Guardian Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.7% | |||||||||||
Aerospace & Defense 4.4% | |||||||||||
General Dynamics Corp. | 170,255 | $ | 32,316 | ||||||||
Raytheon Co. | 124,000 | 19,115 | |||||||||
51,431 | |||||||||||
Airlines 2.1% | |||||||||||
Delta Air Lines, Inc.(a) | 480,000 | 23,966 | |||||||||
Banks 5.0% | |||||||||||
JPMorgan Chase & Co. | 327,115 | 29,643 | |||||||||
U.S. Bancorp | 507,685 | 27,923 | |||||||||
57,566 | |||||||||||
Beverages 1.7% | |||||||||||
PepsiCo, Inc. | 180,000 | 19,868 | |||||||||
Biotechnology 3.1% | |||||||||||
Celgene Corp.* | 168,640 | 20,829 | |||||||||
Gilead Sciences, Inc. | 220,230 | 15,522 | |||||||||
36,351 | |||||||||||
Capital Markets 5.3% | |||||||||||
BlackRock, Inc. | 38,500 | 14,917 | |||||||||
Brookfield Asset Management, Inc. Class A | 745,765 | 26,915 | |||||||||
CME Group, Inc. | 164,175 | 19,941 | |||||||||
61,773 | |||||||||||
Chemicals 2.3% | |||||||||||
Ashland Global Holdings, Inc. | 218,625 | 26,379 | |||||||||
Commercial Services & Supplies 1.4% | |||||||||||
Stericycle, Inc.* | 191,275 | 15,853 | |||||||||
Consumer Finance 1.0% | |||||||||||
Synchrony Financial | 308,280 | 11,172 | |||||||||
Diversified Telecommunication Services 1.7% | |||||||||||
SBA Communications Corp.* | 175,300 | 20,294 | |||||||||
Electric Utilities 2.9% | |||||||||||
Brookfield Infrastructure Partners LP | 933,685 | 33,687 | |||||||||
Electronic Equipment, Instruments & Components 2.3% | |||||||||||
CDW Corp. | 452,000 | 26,623 | |||||||||
Energy Equipment & Services 1.8% | |||||||||||
Schlumberger Ltd. | 265,570 | 21,341 |
Number of Shares | Value (000's) | ||||||||||
Equity Real Estate Investment Trusts 1.0% | |||||||||||
Weyerhaeuser Co.(a) | 361,015 | $ | 12,173 | ||||||||
Food & Staples Retailing 7.5% | |||||||||||
Costco Wholesale Corp. | 110,100 | 19,508 | |||||||||
CVS Health Corp.(b) | 306,000 | 24,657 | |||||||||
Kroger Co. | 250,000 | 7,950 | |||||||||
Whole Foods Market, Inc.(a) | 1,143,660 | 35,076 | |||||||||
87,191 | |||||||||||
Food Products 2.3% | |||||||||||
Conagra Brands, Inc.(a) | 626,000 | 25,798 | |||||||||
Lamb Weston Holdings, Inc. | 29,144 | 1,142 | |||||||||
26,940 | |||||||||||
Health Care Equipment & Supplies 2.9% | |||||||||||
Dentsply Sirona, Inc. | 528,425 | 33,566 | |||||||||
Health Care Providers & Services 4.8% | |||||||||||
DaVita, Inc.* | 470,000 | 32,623 | |||||||||
UnitedHealth Group, Inc. | 138,170 | 22,850 | |||||||||
55,473 | |||||||||||
Hotels, Restaurants & Leisure 2.5% | |||||||||||
McDonald's Corp. | 137,775 | 17,587 | |||||||||
Starbucks Corp.(a) | 207,000 | 11,772 | |||||||||
29,359 | |||||||||||
Industrial Conglomerates 1.4% | |||||||||||
3M Co. | 87,215 | 16,252 | |||||||||
Insurance 0.3% | |||||||||||
Athene Holding Ltd. Class A* | 70,800 | 3,679 | |||||||||
Internet & Catalog Retail 3.1% | |||||||||||
Amazon.com, Inc.* | 27,800 | 23,492 | |||||||||
Priceline Group, Inc.* | 7,440 | 12,828 | |||||||||
36,320 | |||||||||||
Internet Software & Services 5.4% | |||||||||||
Alphabet, Inc. Class A* | 41,420 | 34,997 | |||||||||
eBay, Inc.* | 831,530 | 28,189 | |||||||||
63,186 |
Number of Shares | Value (000's) | ||||||||||
IT Services 2.2% | |||||||||||
Visa, Inc. Class A | 297,010 | $26,119 | |||||||||
Machinery 1.6% | |||||||||||
Allison Transmission Holdings, Inc. | 519,229 | 18,682 | |||||||||
Multi-Utilities 1.9% | |||||||||||
WEC Energy Group, Inc. | 360,000 | 21,697 | |||||||||
Oil, Gas & Consumable Fuels 4.7% | |||||||||||
Cabot Oil & Gas Corp. | 395,920 | 8,671 | |||||||||
Enbridge, Inc. | 751,975 | 31,470 | |||||||||
Kinder Morgan, Inc. | 671,385 | 14,307 | |||||||||
54,448 | |||||||||||
Pharmaceuticals 0.7% | |||||||||||
Bristol-Myers Squibb Co. | 144,590 | 8,200 | |||||||||
Professional Services 2.5% | |||||||||||
IHS Markit Ltd.* | 728,000 | 28,975 | |||||||||
Nielsen Holdings PLC | 1,000 | 44 | |||||||||
29,019 | |||||||||||
Road & Rail 1.9% | |||||||||||
CSX Corp. | 147,455 | 7,160 | |||||||||
Norfolk Southern Corp. | 128,000 | 15,492 | |||||||||
22,652 | |||||||||||
Semiconductors & Semiconductor Equipment 1.2% | |||||||||||
Texas Instruments, Inc. | 180,000 | 13,792 | |||||||||
Software 4.1% | |||||||||||
Microsoft Corp. | 474,000 | 30,327 | |||||||||
salesforce. com, inc.* | 210,000 | 17,083 | |||||||||
47,410 | |||||||||||
Specialty Retail 5.4% | |||||||||||
Home Depot, Inc. | 203,000 | 29,417 | |||||||||
TJX Cos., Inc. | 195,000 | 15,298 | |||||||||
Tractor Supply Co.(a) | 249,000 | 17,656 | |||||||||
62,371 |
See Notes to Financial Statements
80
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Technology Hardware, Storage & Peripherals 2.8% | |||||||||||
Apple, Inc. | 237,500 | $ | 32,535 | ||||||||
Textiles, Apparel & Luxury Goods 1.5% | |||||||||||
PVH Corp.(a) | 191,875 | 17,576 | |||||||||
Total Common Stocks (Cost $953,117) | 1,124,944 | ||||||||||
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% | |||||||||||
Call Options 0.0% | |||||||||||
Food & Staples Retailing 0.0% | |||||||||||
Whole Foods Market, Inc. 5/19/17 @ 33 (Cost $147) | 2,400 | $ | 167 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 2.4% | |||||||||||
Investment Company 2.4% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(b)(d) (Cost $27,301) | 27,300,541 | $ | 27,301 | ||||||||
Total Investments 99.8% (Cost $989,265) | 1,161,112 | ||||||||||
Other Assets Less Liabilities 0.2%(e) | 2,572 | ||||||||||
Net Assets 100.0% | $ | 1,163,684 |
* 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 with obligations for options written with a total value of approximately $51,958,000.
(c) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at February 28, 2017, amounted to approximately $8,700,000, which represents approximately 0.7% of net assets of the Fund.
(d) Represents 7-day effective yield as of February 28, 2017.
(e) Includes the impact of the Fund's open positions in derivatives at February 28, 2017.
(f) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.
At February 28, 2017, this security amounted to approximately $8,700,000, which represents 0.8% of net assets of the Fund.
(000's omitted) Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets | Fair Value Value as of 2/28/2017 | Percentage of Net Assets as of 2/28/2017 | ||||||||||||||||||
Moderna Therapeutics (Series F Preferred Shares) | 8/10/2016 | $ | 8,700 | 0.8 | % | $ | 8,700 | 0.8 | % |
See Notes to Financial Statements
81
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
Derivative Instruments
Written option contracts ("options written")
At February 28, 2017, the Fund had outstanding options written as follows:
Name of Issuer | Contracts | Exercise Price | Expiration Date | Market Value of Options | |||||||||||||||
Ashland Global Holdings, Inc., Put | 204 | $ | 110 | 4/21/2017 | $ | (12,750 | ) | ||||||||||||
CSX Corp., Call | 750 | 52.5 | 5/19/2017 | (106,875 | ) | ||||||||||||||
Enbridge, Inc., Put | 445 | 37.5 | 7/21/2017 | (36,713 | ) | ||||||||||||||
JPMorgan Chase & Co., Call | 320 | 87.5 | 3/17/2017 | (116,800 | ) | ||||||||||||||
PVH Corp., Call | 90 | 105 | 3/17/2017 | (1,125 | ) | ||||||||||||||
SBA Communications Corp., Put | 300 | 90 | 6/16/2017 | (13,500 | ) | ||||||||||||||
SBA Communications Corp., Put | 166 | 95 | 9/15/2017 | (31,125 | ) | ||||||||||||||
Schlumberger Ltd., Call | 500 | 90 | 5/19/2017 | (14,500 | ) | ||||||||||||||
Stericycle, Inc., Put | 480 | 70 | 5/19/2017 | (40,800 | ) | ||||||||||||||
Stericycle, Inc., Call | 395 | 85 | 5/19/2017 | (144,175 | ) | ||||||||||||||
Synchrony Financial, Call | 335 | 37 | 6/16/2017 | (60,300 | ) | ||||||||||||||
Tractor Supply Co., Put | 150 | 70 | 4/21/2017 | (28,500 | ) | ||||||||||||||
Weyerhaeuser Co., Put | 813 | 28 | 4/21/2017 | (12,195 | ) | ||||||||||||||
Whole Foods Market, Inc., Put | 2,400 | 26 | 5/19/2017 | (75,600 | ) | ||||||||||||||
Total (premium received: $1,028,091) | $ | (694,958 | ) |
At February 28, 2017, the Fund had deposited $6,827 in a segregated account to cover requirements on options written.
Options written for the Fund for the six months ended February 28, 2017 were:
Number of Contracts | Premium Received | ||||||||
Outstanding 8/31/2016 | 8,177 | $ | 1,306,100 | ||||||
Options written | 14,289 | 1,874,844 | |||||||
Options expired | (6,913 | ) | (771,562 | ) | |||||
Options exercised | (1,755 | ) | (177,919 | ) | |||||
Options closed | (6,450 | ) | (1,203,372 | ) | |||||
Outstanding 2/28/2017 | 7,348 | $ | 1,028,091 |
For the six months ended February 28, 2017, the Fund had an average market value of $164,132 in options purchased, and $(686,564) in options written, respectively. At February 28, 2017, the Fund had pledged securities in the amount of $52,451,008 to cover collateral requirements for options written.
See Notes to Financial Statements
82
Schedule of Investments Guardian Fund (Unaudited) (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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(b) | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,124,944 | $ | — | $ | — | $ | 1,124,944 | |||||||||
Preferred Stock(a) | — | — | 8,700 | 8,700 | |||||||||||||
Options Purchased(a) | 167 | — | — | 167 | |||||||||||||
Short-Term Investment | — | 27,301 | — | 27,301 | |||||||||||||
Total Investments | $ | 1,125,111 | $ | 27,301 | $ | 8,700 | $ | 1,161,112 |
(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 9/1/2016 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2017 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2017 | ||||||||||||||||||||||||||||||||||
(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 February 28, 2017.
Asset class | Fair value at 2/28/2017 | Valuation techniques | Unobservable input | Amount or range per unit | Input value per unit | Impact to valuation from decrease in input(c) | |||||||||||||||||||||
Preferred Stock | $ | 8,699,997 | Market Transaction Method | Transaction Price | $ | 8.78 | $ | 8.78 | Decrease |
(c) 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
83
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) 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 February 28, 2017:
Other Financial Instruments | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||
Options written | |||||||||||||||||
Liabilities | $ | (695 | ) | $ | — | $ | — | $ | (695 | ) | |||||||
Total | $ | (695 | ) | $ | — | $ | — | $ | (695 | ) |
(a) 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 9/1/2016 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2017 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) Other Financial Instruments: | |||||||||||||||||||||||||||||||||||||||||||
Options Written(c) | $ | (0 | )(b) | $ | — | $ | 43 | $ | (43 | ) | $ | 0 | (b) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Total | $ | (0 | )(b) | $ | — | $ | 43 | $ | (43 | ) | $ | 0 | (b) | $ | — | $ | — | $ | — | $ | — | $ | — |
(b) Amount less than one thousand.
(c) At the beginning of the period, the Fund's Level 3 investments were valued based on using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2017.
See Notes to Financial Statements
84
Schedule of Investments International Equity Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.4% | |||||||||||
Australia 2.4% | |||||||||||
Insurance Australia Group Ltd. | 5,400,496 | $ | 24,843 | ||||||||
Reliance Worldwide Corp. Ltd. | 3,800,000 | 8,129 | |||||||||
Steadfast Group Ltd. | 1,694,869 | 3,119 | |||||||||
36,091 | |||||||||||
Austria 1.2% | |||||||||||
Andritz AG | 352,545 | 18,417 | |||||||||
Belgium 0.7% | |||||||||||
Ontex Group NV | 350,940 | 10,767 | |||||||||
Canada 6.2% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 403,000 | 17,920 | |||||||||
ATS Automation Tooling Systems, Inc.* | 1,107,600 | 11,258 | |||||||||
Home Capital Group, Inc. | 462,800 | 9,220 | |||||||||
Kinaxis, Inc.* | 205,100 | 11,177 | |||||||||
MacDonald, Dettwiler & Associates Ltd. | 163,133 | 8,068 | |||||||||
Peyto Exploration & Development Corp. | 527,100 | 10,786 | |||||||||
Raging River Exploration, Inc.* | 890,600 | 6,028 | |||||||||
Suncor Energy, Inc. | 652,996 | 20,329 | |||||||||
94,786 | |||||||||||
China 2.8% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 223,100 | 22,957 | |||||||||
Baidu, Inc. ADR* | 109,400 | 19,050 | |||||||||
42,007 | |||||||||||
Denmark 1.6% | |||||||||||
Nets A/S*(a) | 690,350 | 11,658 | |||||||||
Sydbank A/S | 370,396 | 12,817 | |||||||||
24,475 | |||||||||||
France 11.6% | |||||||||||
Air Liquide SA | 144,950 | 15,648 | |||||||||
Arkema SA | 205,906 | 19,960 | |||||||||
BNP Paribas SA | 195,999 | 11,447 | |||||||||
Elior Group(a) | 437,740 | 9,824 | |||||||||
Pernod-Ricard SA | 172,250 | 19,690 |
Number of Shares | Value (000's) | ||||||||||
Publicis Groupe SA | 153,305 | $ | 10,334 | ||||||||
Sodexo SA | 145,480 | 15,959 | |||||||||
SPIE SA | 797,022 | 19,247 | |||||||||
TOTAL SA | 439,335 | 21,899 | |||||||||
Valeo SA | 368,740 | 22,661 | |||||||||
Virbac SA* | 57,471 | 10,308 | |||||||||
176,977 | |||||||||||
Germany 8.5% | |||||||||||
Brenntag AG | 275,780 | 15,812 | |||||||||
Continental AG | 76,955 | 15,612 | |||||||||
CTS Eventim AG & Co. KGaA | 223,785 | 8,137 | |||||||||
Deutsche Boerse AG* | 126,519 | 10,843 | |||||||||
GEA Group AG | 234,300 | 9,119 | |||||||||
Gerresheimer AG | 265,768 | 20,838 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 160,130 | 20,001 | |||||||||
SAP SE ADR | 318,700 | 29,696 | |||||||||
130,058 | |||||||||||
Hong Kong 1.6% | |||||||||||
HKBN Ltd. | 14,531,800 | 16,941 | |||||||||
Techtronic Industries Co. Ltd. | 1,901,800 | 6,811 | |||||||||
23,752 | |||||||||||
Ireland 1.1% | |||||||||||
Greencore Group PLC | 5,105,237 | 16,445 | |||||||||
Israel 2.8% | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 8,397,019 | 14,991 | |||||||||
Check Point Software Technologies Ltd.* | 274,000 | 27,101 | |||||||||
42,092 | |||||||||||
Italy 0.9% | |||||||||||
Azimut Holding SpA | 818,180 | 13,738 | |||||||||
Japan 11.3% | |||||||||||
Daikin Industries Ltd. | 198,400 | 18,834 | |||||||||
Kansai Paint Co. Ltd. | 922,400 | 17,915 | |||||||||
Kao Corp. | 157,800 | 8,148 | |||||||||
Keyence Corp. | 84,400 | 32,650 | |||||||||
Kose Corp. | 84,100 | 7,201 | |||||||||
Nabtesco Corp. | 345,050 | 9,598 |
Number of Shares | Value (000's) | ||||||||||
Santen Pharmaceutical Co. Ltd. | 990,100 | $ | 14,189 | ||||||||
Shionogi & Co. Ltd. | 332,000 | 16,248 | |||||||||
SMC Corp. | 68,800 | 19,505 | |||||||||
Sundrug Co. Ltd. | 72,000 | 4,736 | |||||||||
Toyota Motor Corp. | 412,300 | 23,359 | |||||||||
172,383 | |||||||||||
Netherlands 6.7% | |||||||||||
AerCap Holdings NV* | 445,700 | 20,190 | |||||||||
ASML Holding NV | 285,866 | 34,661 | |||||||||
Heineken NV | 93,900 | 7,749 | |||||||||
Koninklijke Ahold Delhaize NV | 874,554 | 18,586 | |||||||||
NXP Semiconductors NV* | 197,500 | 20,305 | |||||||||
101,491 | |||||||||||
Norway 1.5% | |||||||||||
Skandiabanken ASA*(a) | 1,736,895 | 15,953 | |||||||||
Statoil ASA | 391,795 | 6,935 | |||||||||
22,888 | |||||||||||
Spain 1.3% | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 1,105,278 | 7,234 | |||||||||
Euskaltel SA(a) | 1,391,889 | 13,165 | |||||||||
20,399 | |||||||||||
Sweden 0.9% | |||||||||||
Nordea Bank AB | 1,210,145 | 14,184 | |||||||||
Switzerland 13.5% | |||||||||||
Bucher Industries AG | 58,030 | 16,554 | |||||||||
Cie Financiere Richemont SA | 169,025 | 12,454 | |||||||||
Givaudan SA | 12,550 | 22,792 | |||||||||
Julius Baer Group Ltd.* | 443,240 | 21,691 | |||||||||
Novartis AG | 183,945 | 14,359 | |||||||||
Partners Group Holding AG | 39,045 | 20,429 | |||||||||
Roche Holding AG | 82,654 | 20,138 |
See Notes to Financial Statements
85
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
SGS SA | 8,970 | $ | 19,068 | ||||||||
Sonova Holding AG | 117,995 | 15,496 | |||||||||
Tecan Group AG | 160,548 | 26,775 | |||||||||
UBS Group AG | 983,645 | 15,151 | |||||||||
204,907 | |||||||||||
United Kingdom 19.0% | |||||||||||
Aon PLC | 199,500 | 23,072 | |||||||||
Barclays PLC | 6,130,488 | 17,230 | |||||||||
Biffa PLC*(a) | 3,029,605 | 6,898 | |||||||||
Bunzl PLC | 741,314 | 20,743 | |||||||||
Clinigen Group PLC | 1,920,329 | 19,778 | |||||||||
Compass Group PLC | 866,484 | 16,106 | |||||||||
DCC PLC | 229,753 | 19,571 | |||||||||
Howden Joinery Group PLC | 1,317,460 | 6,995 | |||||||||
Lloyds Banking Group PLC | 26,212,572 | 22,335 | |||||||||
Prudential PLC | 1,083,008 | 21,602 | |||||||||
RELX PLC | 1,168,411 | 21,820 | |||||||||
RPS Group PLC | 3,031,975 | 9,293 | |||||||||
Spectris PLC | 582,864 | 17,575 |
Number of Shares | Value (000's) | ||||||||||
St. James's Place PLC | 1,263,069 | $ | 16,535 | ||||||||
TalkTalk Telecom Group PLC | 4,530,840 | 9,884 | |||||||||
Travis Perkins PLC | 813,788 | 15,369 | |||||||||
Unilever NV | 244,600 | 11,561 | |||||||||
Worldpay Group PLC(a) | 3,945,433 | 13,287 | |||||||||
289,654 | |||||||||||
United States 3.8% | |||||||||||
Nielsen Holdings PLC | 421,602 | 18,702 | |||||||||
Samsonite International SA | 4,959,700 | 15,046 | |||||||||
Sensata Technologies Holding NV* | 282,500 | 11,597 | |||||||||
TE Connectivity Ltd. | 160,600 | 11,960 | |||||||||
57,305 | |||||||||||
Total Common Stocks (Cost $1,404,820) | 1,512,816 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 0.2% | |||||||||||
Investment Company 0.2% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(b) (Cost $3,805) | 3,804,831 | $ | 3,805 | ||||||||
Total Investments 99.6% (Cost $1,408,625) | 1,516,621 | ||||||||||
Other Assets Less Liabilities 0.4% | 5,540 | ||||||||||
Net Assets 100.0% | $ | 1,522,161 |
* 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 February 28, 2017, these securities amounted to approximately $70,785,000 or 4.7% 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 February 28, 2017.
The following is a summary, categorized by Level (see Note A of Notes to Schedules of Investments), of inputs used to value the Fund's investments as of February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,512,816 | $ | — | $ | — | $ | 1,512,816 | |||||||||
Short-Term Investment | — | 3,805 | — | 3,805 | |||||||||||||
Total Investments | $ | 1,512,816 | $ | 3,805 | $ | — | $ | 1,516,621 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
86
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 101,200 | 6.6 | % | |||||||
Insurance | 89,171 | 5.9 | % | ||||||||
Machinery | 84,451 | 5.5 | % | ||||||||
Capital Markets | 81,852 | 5.4 | % | ||||||||
Trading Companies & Distributors | 79,109 | 5.2 | % | ||||||||
Chemicals | 76,315 | 5.0 | % | ||||||||
Pharmaceuticals | 75,242 | 5.0 | % | ||||||||
Software | 67,974 | 4.5 | % | ||||||||
Life Sciences Tools & Services | 67,391 | 4.4 | % | ||||||||
Oil, Gas & Consumable Fuels | 65,977 | 4.3 | % | ||||||||
Electronic Equipment, Instruments & Components | 62,185 | 4.1 | % | ||||||||
Professional Services | 59,590 | 3.9 | % | ||||||||
Diversified Telecommunication Services | 54,981 | 3.6 | % | ||||||||
Semiconductors & Semiconductor Equipment | 54,966 | 3.6 | % | ||||||||
Internet Software & Services | 42,007 | 2.8 | % | ||||||||
Hotels, Restaurants & Leisure | 41,889 | 2.8 | % | ||||||||
Food & Staples Retailing | 41,242 | 2.7 | % | ||||||||
Auto Components | 38,273 | 2.5 | % | ||||||||
Personal Products | 37,677 | 2.5 | % | ||||||||
Textiles, Apparel & Luxury Goods | 27,500 | 1.8 | % | ||||||||
Beverages | 27,439 | 1.8 | % | ||||||||
Building Products | 26,963 | 1.8 | % | ||||||||
IT Services | 24,945 | 1.6 | % | ||||||||
Automobiles | 23,359 | 1.5 | % | ||||||||
Household Products | 20,001 | 1.3 | % | ||||||||
Industrial Conglomerates | 19,571 | 1.3 | % | ||||||||
Construction & Engineering | 19,247 | 1.3 | % | ||||||||
Media | 18,471 | 1.2 | % | ||||||||
Food Products | 16,445 | 1.1 | % | ||||||||
Commercial Services & Supplies | 16,191 | 1.1 | % | ||||||||
Health Care Equipment & Supplies | 15,496 | 1.0 | % | ||||||||
Electrical Equipment | 11,597 | 0.8 | % | ||||||||
Thrifts & Mortgage Finance | 9,220 | 0.6 | % | ||||||||
Aerospace & Defense | 8,068 | 0.5 | % | ||||||||
Household Durables | 6,811 | 0.4 | % | ||||||||
Short-Term Investment and Other Assets—Net | 9,345 | 0.6 | % | ||||||||
$ | 1,522,161 | 100.0 | % |
See Notes to Financial Statements
87
Schedule of Investments International Select Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.4% | |||||||||||
Australia 2.0% | |||||||||||
Brambles Ltd. | 121,298 | $ | 866 | ||||||||
Insurance Australia Group Ltd. | 833,453 | 3,834 | |||||||||
4,700 | |||||||||||
Austria 1.2% | |||||||||||
Andritz AG | 53,850 | 2,813 | |||||||||
Canada 4.2% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 74,100 | 3,295 | |||||||||
Home Capital Group, Inc. | 80,800 | 1,610 | |||||||||
Peyto Exploration & Development Corp. | 81,100 | 1,659 | |||||||||
Suncor Energy, Inc. | 100,534 | 3,130 | |||||||||
9,694 | |||||||||||
China 2.9% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 34,100 | 3,509 | |||||||||
Baidu, Inc. ADR* | 18,200 | 3,169 | |||||||||
6,678 | |||||||||||
Denmark 1.0% | |||||||||||
Nets A/S*(a) | 135,410 | 2,287 | |||||||||
France 13.1% | |||||||||||
Air Liquide SA | 22,176 | 2,394 | |||||||||
Arkema SA | 31,555 | 3,059 | |||||||||
BNP Paribas SA | 39,745 | 2,321 | |||||||||
Elior Group(a) | 81,690 | 1,833 | |||||||||
Pernod-Ricard SA | 26,445 | 3,023 | |||||||||
Publicis Groupe SA | 31,438 | 2,119 | |||||||||
Schneider Electric SE | 39,889 | 2,700 | |||||||||
Sodexo SA | 22,200 | 2,435 | |||||||||
SPIE SA | 119,905 | 2,896 | |||||||||
TOTAL SA | 67,631 | 3,371 | |||||||||
Valeo SA | 68,025 | 4,181 | |||||||||
30,332 | |||||||||||
Germany 9.0% | |||||||||||
Brenntag AG | 42,030 | 2,410 | |||||||||
Continental AG | 14,390 | 2,919 | |||||||||
CTS Eventim AG & Co. KGaA | 34,500 | 1,254 | |||||||||
Deutsche Boerse AG* | 28,097 | 2,408 |
Number of Shares | Value (000's) | ||||||||||
GEA Group AG | 36,010 | $ | 1,402 | ||||||||
Gerresheimer AG | 20,375 | 1,598 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 29,755 | 3,717 | |||||||||
SAP SE ADR | 55,885 | 5,207 | |||||||||
20,915 | |||||||||||
Hong Kong 0.7% | |||||||||||
Techtronic Industries Co. Ltd. | 439,100 | 1,572 | |||||||||
Israel 3.3% | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 1,539,645 | 2,749 | |||||||||
Check Point Software Technologies Ltd.* | 49,000 | 4,846 | |||||||||
7,595 | |||||||||||
Italy 0.9% | |||||||||||
Azimut Holding SpA | 125,640 | 2,110 | |||||||||
Japan 12.9% | |||||||||||
Daikin Industries Ltd. | 30,400 | 2,886 | |||||||||
Kansai Paint Co. Ltd. | 176,500 | 3,428 | |||||||||
Kao Corp. | 36,200 | 1,869 | |||||||||
Keyence Corp. | 13,600 | 5,261 | |||||||||
Kose Corp. | 12,800 | 1,096 | |||||||||
Nabtesco Corp. | 52,900 | 1,471 | |||||||||
Santen Pharmaceutical Co. Ltd. | 204,800 | 2,935 | |||||||||
Shionogi & Co. Ltd. | 50,800 | 2,486 | |||||||||
SMC Corp. | 12,900 | 3,657 | |||||||||
Sundrug Co. Ltd. | 10,900 | 717 | |||||||||
Toyota Motor Corp. | 72,500 | 4,108 | |||||||||
29,914 | |||||||||||
Netherlands 7.6% | |||||||||||
AerCap Holdings NV* | 68,100 | 3,085 | |||||||||
ASML Holding NV | 49,435 | 5,994 | |||||||||
Heineken NV | 21,400 | 1,766 | |||||||||
Koninklijke Ahold Delhaize NV | 163,897 | 3,483 | |||||||||
NXP Semiconductors NV* | 31,300 | 3,218 | |||||||||
17,546 |
Number of Shares | Value (000's) | ||||||||||
Norway 0.5% | |||||||||||
Statoil ASA | 60,300 | $ | 1,067 | ||||||||
Spain 0.5% | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 170,074 | 1,113 | |||||||||
Sweden 1.5% | |||||||||||
Nordea Bank AB | 307,700 | 3,606 | |||||||||
Switzerland 12.9% | |||||||||||
Cie Financiere Richemont SA | 26,045 | 1,919 | |||||||||
Givaudan SA | 2,251 | 4,088 | |||||||||
Julius Baer Group Ltd.* | 54,440 | 2,664 | |||||||||
Novartis AG | 47,801 | 3,732 | |||||||||
Partners Group Holding AG | 5,925 | 3,100 | |||||||||
Roche Holding AG | 19,836 | 4,833 | |||||||||
SGS SA | 2,012 | 4,277 | |||||||||
Sonova Holding AG | 18,000 | 2,364 | |||||||||
UBS Group AG | 180,750 | 2,784 | |||||||||
29,761 | |||||||||||
United Kingdom 19.3% | |||||||||||
Aon PLC | 39,800 | 4,603 | |||||||||
Barclays PLC | 1,120,931 | 3,150 | |||||||||
Bunzl PLC | 133,139 | 3,725 | |||||||||
Compass Group PLC | 132,040 | 2,454 | |||||||||
DCC PLC | 31,515 | 2,685 | |||||||||
Howden Joinery Group PLC | 506,725 | 2,691 | |||||||||
Lloyds Banking Group PLC | 4,564,411 | 3,889 | |||||||||
Prudential PLC | 167,326 | 3,338 | |||||||||
RELX PLC | 215,823 | 4,030 | |||||||||
Spectris PLC | 88,992 | 2,683 | |||||||||
St. James's Place PLC | 196,132 | 2,568 | |||||||||
TalkTalk Telecom Group PLC | 810,890 | 1,769 | |||||||||
Travis Perkins PLC | 139,725 | 2,639 | |||||||||
Unilever NV | 49,500 | 2,340 | |||||||||
Worldpay Group PLC(a) | 603,715 | 2,033 | |||||||||
44,597 |
See Notes to Financial Statements
88
Schedule of Investments International Select Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
United States 4.9% | |||||||||||
Mobileye NV* | 27,500 | $ | 1,252 | ||||||||
Nielsen Holdings PLC | 66,600 | 2,954 | |||||||||
Samsonite International SA | 759,400 | 2,304 | |||||||||
Sensata Technologies Holding NV* | 57,100 | 2,344 | |||||||||
TE Connectivity Ltd. | 32,900 | 2,450 | |||||||||
11,304 | |||||||||||
Total Common Stocks (Cost $205,339) | 227,604 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 1.2% | |||||||||||
Investment Company 1.2% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(b) (Cost $2,762) | 2,761,654 | $ | 2,762 | ||||||||
Total Investments 99.6% (Cost $208,101) | 230,366 | ||||||||||
Other Assets Less Liabilities 0.4% | 944 | ||||||||||
Net Assets 100.0% | $ | 231,310 |
* 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 February 28, 2017, these securities amounted to approximately $6,153,000 or 2.7% 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 February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 227,604 | $ | — | $ | — | $ | 227,604 | |||||||||
Short-Term Investment | — | 2,762 | — | 2,762 | |||||||||||||
Total Investments | $ | 227,604 | $ | 2,762 | $ | — | $ | 230,366 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
89
Schedule of Investments International Select Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Trading Companies & Distributors | $ | 14,550 | 6.3 | % | |||||||
Insurance | 14,343 | 6.2 | % | ||||||||
Banks | 14,079 | 6.1 | % | ||||||||
Pharmaceuticals | 13,986 | 6.0 | % | ||||||||
Capital Markets | 13,066 | 5.6 | % | ||||||||
Chemicals | 12,969 | 5.6 | % | ||||||||
Software | 11,305 | 4.9 | % | ||||||||
Professional Services | 11,261 | 4.9 | % | ||||||||
Electronic Equipment, Instruments & Components | 10,394 | 4.5 | % | ||||||||
Machinery | 9,343 | 4.0 | % | ||||||||
Oil, Gas & Consumable Fuels | 9,227 | 4.0 | % | ||||||||
Semiconductors & Semiconductor Equipment | 9,212 | 4.0 | % | ||||||||
Food & Staples Retailing | 7,495 | 3.2 | % | ||||||||
Auto Components | 7,100 | 3.1 | % | ||||||||
Hotels, Restaurants & Leisure | 6,722 | 2.9 | % | ||||||||
Internet Software & Services | 6,678 | 2.9 | % | ||||||||
Personal Products | 5,305 | 2.3 | % | ||||||||
Electrical Equipment | 5,044 | 2.2 | % | ||||||||
Beverages | 4,789 | 2.1 | % | ||||||||
Diversified Telecommunication Services | 4,518 | 2.0 | % | ||||||||
IT Services | 4,320 | 1.9 | % | ||||||||
Textiles, Apparel & Luxury Goods | 4,223 | 1.8 | % | ||||||||
Automobiles | 4,108 | 1.8 | % | ||||||||
Household Products | 3,717 | 1.6 | % | ||||||||
Media | 3,373 | 1.4 | % | ||||||||
Construction & Engineering | 2,896 | 1.2 | % | ||||||||
Building Products | 2,886 | 1.2 | % | ||||||||
Industrial Conglomerates | 2,685 | 1.2 | % | ||||||||
Health Care Equipment & Supplies | 2,364 | 1.0 | % | ||||||||
Thrifts & Mortgage Finance | 1,610 | 0.7 | % | ||||||||
Life Sciences Tools & Services | 1,598 | 0.7 | % | ||||||||
Household Durables | 1,572 | 0.7 | % | ||||||||
Commercial Services & Supplies | 866 | 0.4 | % | ||||||||
Short-Term Investment and Other Assets—Net | 3,706 | 1.6 | % | ||||||||
$ | 231,310 | 100.0 | % |
See Notes to Financial Statements
90
Schedule of Investments International Small Cap Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 90.6% | |||||||||||
Australia 3.7% | |||||||||||
Monash IVF Group Ltd. | 7,175 | $ | 10 | ||||||||
nib holdings Ltd. | 2,850 | 12 | |||||||||
Reliance Worldwide Corp. Ltd.* | 4,450 | 9 | |||||||||
Steadfast Group Ltd. | 5,785 | 11 | |||||||||
42 | |||||||||||
Austria 1.0% | |||||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 155 | 11 | |||||||||
Belgium 2.0% | |||||||||||
Ion Beam Applications | 270 | 12 | |||||||||
Ontex Group NV | 355 | 11 | |||||||||
23 | |||||||||||
Canada 5.3% | |||||||||||
Advantage Oil & Gas Ltd.* | 1,000 | 6 | |||||||||
ATS Automation Tooling Systems, Inc.* | 1,200 | 12 | |||||||||
Colliers International Group, Inc. | 300 | 15 | |||||||||
Kinaxis, Inc.* | 300 | 16 | |||||||||
Raging River Exploration, Inc.* | 1,550 | 11 | |||||||||
60 | |||||||||||
China 0.4% | |||||||||||
Noah Holdings Ltd. ADR* | 200 | 5 | |||||||||
Denmark 2.8% | |||||||||||
Schouw & Co. AB | 205 | 16 | |||||||||
Sydbank A/S | 425 | 15 | |||||||||
31 | |||||||||||
Finland 1.1% | |||||||||||
Kemira OYJ | 980 | 12 | |||||||||
France 5.2% | |||||||||||
Axway Software SA | 415 | 14 | |||||||||
Criteo SA ADR* | 300 | 14 | |||||||||
Trigano SA | 185 | 17 | |||||||||
Virbac SA* | 80 | 14 | |||||||||
59 | |||||||||||
Germany 5.2% | |||||||||||
Jenoptik AG | 750 | 17 | |||||||||
SAF-Holland SA | 850 | 12 | |||||||||
Stabilus SA | 230 | 13 | |||||||||
Washtec AG | 265 | 17 | |||||||||
59 |
Number of Shares | Value (000's) | ||||||||||
Ireland 1.2% | |||||||||||
Greencore Group PLC | 4,310 | $ | 14 | ||||||||
Italy 0.7% | |||||||||||
Azimut Holding SpA | 470 | 8 | |||||||||
Japan 19.3% | |||||||||||
Aeon Delight Co. Ltd. | 400 | 12 | |||||||||
Amano Corp. | 800 | 16 | |||||||||
Ariake Japan Co. Ltd. | 300 | 17 | |||||||||
ASKUL Corp. | 300 | 9 | |||||||||
Azbil Corp. | 400 | 13 | |||||||||
Chugoku Marine Paints Ltd. | 1,900 | 14 | |||||||||
Daifuku Co. Ltd. | 700 | 16 | |||||||||
Daikyonishikawa Corp. | 800 | 11 | |||||||||
Ichigo, Inc. | 3,000 | 9 | |||||||||
Nihon Parkerizing Co. Ltd. | 900 | 11 | |||||||||
Okamoto Industries, Inc. | 1,000 | 9 | |||||||||
Prestige International, Inc. | 1,800 | 15 | |||||||||
Relo Group, Inc. | 100 | 15 | |||||||||
Sato Holdings Corp. | 600 | 13 | |||||||||
SHO-BOND Holdings Co. Ltd. | 300 | 13 | |||||||||
Shoei Co. Ltd. | 600 | 14 | |||||||||
Sun Frontier Fudousan Co. Ltd. | 1,100 | 10 | |||||||||
217 | |||||||||||
Netherlands 3.4% | |||||||||||
Corbion NV | 505 | 13 | |||||||||
Intertrust NV(a) | 705 | 12 | |||||||||
Refresco Group NV(a) | 875 | 13 | |||||||||
38 | |||||||||||
Norway 2.7% | |||||||||||
Borregaard ASA | 1,500 | 17 | |||||||||
Skandiabanken ASA*(a) | 1,460 | 13 | |||||||||
30 | |||||||||||
Singapore 1.1% | |||||||||||
Haw Par Corp. Ltd. | 1,600 | 12 |
Number of Shares | Value (000's) | ||||||||||
Spain 2.5% | |||||||||||
Applus Services SA* | 1,350 | $ | 16 | ||||||||
Euskaltel SA(a) | 1,325 | 12 | |||||||||
28 | |||||||||||
Sweden 4.2% | |||||||||||
Byggmax Group AB | 1,820 | 13 | |||||||||
Capio AB(a) | 1,445 | 7 | |||||||||
Cloetta AB | 3,565 | 14 | |||||||||
Thule Group AB(a) | 810 | 13 | |||||||||
47 | |||||||||||
Switzerland 12.8% | |||||||||||
Ascom Holding AG | 755 | 13 | |||||||||
Autoneum Holding AG | 50 | 13 | |||||||||
Belimo Holding AG | 5 | 17 | |||||||||
Bossard Holding AG Class A* | 95 | 16 | |||||||||
Comet Holding AG* | 10 | 11 | |||||||||
Conzzeta AG | 15 | 12 | |||||||||
Interroll Holding AG | 10 | 12 | |||||||||
Komax Holding AG | 55 | 14 | |||||||||
Tecan Group AG | 75 | 13 | |||||||||
u-blox Holding AG* | 60 | 12 | |||||||||
VZ Holding AG | 35 | 11 | |||||||||
144 | |||||||||||
United Kingdom 16.0% | |||||||||||
Ascential PLC | 3,770 | 14 | |||||||||
Biffa PLC*(a) | 4,685 | 11 | |||||||||
Big Yellow Group PLC | 1,210 | 11 | |||||||||
Clarkson PLC | 285 | 9 | |||||||||
Clinigen Group Plc | 1,390 | 14 | |||||||||
CVS Group PLC | 750 | 10 | |||||||||
Dechra Pharmaceuticals PLC | 620 | 12 | |||||||||
Diploma PLC | 1,135 | 15 | |||||||||
Essentra PLC | 2,025 | 14 | |||||||||
Johnson Service Group PLC | 10,025 | 14 | |||||||||
Restore PLC | 3,220 | 14 | |||||||||
RPS Group PLC | 6,480 | 20 |
See Notes to Financial Statements
91
Schedule of Investments International Small Cap Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Victoria PLC* | 2,025 | $ | 11 | ||||||||
Volution Group PLC | 5,025 | 11 | |||||||||
180 | |||||||||||
Total Common Stocks (Cost $928) | 1,020 | ||||||||||
Exchange Traded Fund 4.7% | |||||||||||
United States 4.7% | |||||||||||
iShares MSCI EAFE Small-Cap ETF (Cost $52) | 1,000 | 53 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 3.2% | |||||||||||
Investment Company 3.2% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(b) (Cost $36) | 36,011 | $ | 36 | ||||||||
Total Investments 98.5% (Cost $1,016) | 1,109 | ||||||||||
Other Assets Less Liabilities 1.5% | 17 | ||||||||||
Net Assets 100.0% | $ | 1,126 |
* 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 February 28, 2017, these securities amounted to approximately $81,000 or 7.2% 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 February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,020 | $ | — | $ | — | $ | 1,020 | |||||||||
Exchange Traded Fund | 53 | — | — | 53 | |||||||||||||
Short-Term Investment | — | 36 | — | 36 | |||||||||||||
Total Investments | $ | 1,073 | $ | 36 | $ | — | $ | 1,109 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the period ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
92
Schedule of Investments International Small Cap Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Commercial Services & Supplies | $ | 99 | 8.8 | % | |||||||
Machinery | 96 | 8.5 | % | ||||||||
Chemicals | 90 | 8.0 | % | ||||||||
Food Products | 61 | 5.4 | % | ||||||||
Electronic Equipment, Instruments & Components | 57 | 5.1 | % | ||||||||
Exchange Traded Fund | 53 | 4.7 | % | ||||||||
Auto Components | 50 | 4.4 | % | ||||||||
Real Estate Management & Development | 49 | 4.3 | % | ||||||||
Pharmaceuticals | 38 | 3.4 | % | ||||||||
Building Products | 37 | 3.3 | % | ||||||||
Trading Companies & Distributors | 31 | 2.7 | % | ||||||||
Leisure Products | 30 | 2.6 | % | ||||||||
Software | 30 | 2.6 | % | ||||||||
Banks | 28 | 2.5 | % | ||||||||
Professional Services | 28 | 2.5 | % | ||||||||
Life Sciences Tools & Services | 27 | 2.4 | % | ||||||||
Capital Markets | 24 | 2.1 | % | ||||||||
Insurance | 23 | 2.0 | % | ||||||||
Oil, Gas & Consumable Fuels | 17 | 1.5 | % | ||||||||
Health Care Providers & Services | 17 | 1.5 | % | ||||||||
Internet Software & Services | 14 | 1.2 | % | ||||||||
Media | 14 | 1.2 | % | ||||||||
Beverages | 13 | 1.2 | % | ||||||||
Communications Equipment | 13 | 1.2 | % | ||||||||
Construction & Engineering | 13 | 1.2 | % | ||||||||
Specialty Retail | 13 | 1.2 | % | ||||||||
Diversified Telecommunication Services | 12 | 1.1 | % | ||||||||
Health Care Equipment & Supplies | 12 | 1.1 | % | ||||||||
Semiconductors & Semiconductor Equipment | 12 | 1.1 | % | ||||||||
Equity Real Estate Investment Trust | 11 | 1.0 | % | ||||||||
Household Durables | 11 | 1.0 | % | ||||||||
Energy Equipment & Services | 11 | 1.0 | % | ||||||||
Personal Products | 11 | 1.0 | % | ||||||||
Biotechnology | 10 | 0.9 | % | ||||||||
Internet & Catalog Retail | 9 | 0.8 | % | ||||||||
Marine | 9 | 0.8 | % | ||||||||
Short-Term Investment and Other Assets—Net | 53 | 4.7 | % | ||||||||
$ | 1,126 | 100.0 | % |
See Notes to Financial Statements
93
Schedule of Investments Intrinsic Value Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 92.6% | |||||||||||
Aerospace & Defense 9.1% | |||||||||||
Aerovironment, Inc.* | 309,059 | $ | 8,351 | ||||||||
KEYW Holding Corp.* | 1,170,506 | 11,611 | |||||||||
Mercury Systems, Inc.* | 489,260 | 18,279 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 175,190 | 10,793 | |||||||||
Teledyne Technologies, Inc.* | 63,252 | 8,312 | |||||||||
Textron, Inc. | 185,639 | 8,781 | |||||||||
66,127 | |||||||||||
Banks 6.5% | |||||||||||
Alimco Financial Corp.* | 82,370 | 73 | |||||||||
BankUnited, Inc. | 228,604 | 9,060 | |||||||||
Comerica, Inc. | 128,274 | 9,143 | |||||||||
Huntington Bancshares, Inc. | 776,130 | 10,975 | |||||||||
TCF Financial Corp. | 526,600 | 9,163 | |||||||||
Texas Capital Bancshares, Inc.* | 96,895 | 8,638 | |||||||||
47,052 | |||||||||||
Building Products 0.5% | |||||||||||
Owens Corning | 63,500 | 3,714 | |||||||||
Commercial Services & Supplies 2.7% | |||||||||||
Clean Harbors, Inc.* | 186,814 | 10,828 | |||||||||
Covanta Holding Corp. | 554,300 | 8,979 | |||||||||
19,807 | |||||||||||
Communications Equipment 7.3% | |||||||||||
ARRIS International PLC* | 617,369 | 15,928 | |||||||||
Ciena Corp.* | 498,283 | 13,125 | |||||||||
Infinera Corp.* | 1,275,600 | 13,840 | |||||||||
Sonus Networks, Inc.* | 617,700 | 3,644 | |||||||||
Viavi Solutions, Inc.* | 591,500 | 5,927 | |||||||||
52,464 |
Number of Shares | Value (000's) | ||||||||||
Construction & Engineering 2.1% | |||||||||||
KBR, Inc. | 613,700 | $ | 9,236 | ||||||||
Valmont Industries, Inc. | 39,300 | 6,180 | |||||||||
15,416 | |||||||||||
Containers & Packaging 4.1% | |||||||||||
Avery Dennison Corp. | 176,736 | 14,265 | |||||||||
Crown Holdings, Inc.* | 281,100 | 15,064 | |||||||||
29,329 | |||||||||||
Electronic Equipment, Instruments & Components 4.1% | |||||||||||
II-VI, Inc.* | 90,730 | 3,230 | |||||||||
Itron, Inc.* | 155,731 | 10,076 | |||||||||
Maxwell Technologies, Inc.* | 606,500 | 3,081 | |||||||||
OSI Systems, Inc.* | 107,700 | 8,123 | |||||||||
VeriFone Systems, Inc.* | 254,890 | 5,268 | |||||||||
29,778 | |||||||||||
Energy Equipment & Services 1.0% | |||||||||||
ION Geophysical Corp.* | 49,731 | 266 | |||||||||
McDermott International, Inc.* | 376,700 | 2,773 | |||||||||
TETRA Technologies, Inc.* | 893,792 | 4,013 | |||||||||
7,052 | |||||||||||
Equity Real Estate Investment Trusts 1.5% | |||||||||||
InfraREIT, Inc. | 193,700 | 3,225 | |||||||||
Uniti Group, Inc. | 266,000 | 7,706 | |||||||||
10,931 | |||||||||||
Health Care Equipment & Supplies 2.5% | |||||||||||
Accuray, Inc.* | 1,417,739 | 7,301 | |||||||||
Analogic Corp. | 78,300 | 6,448 | |||||||||
AtriCure, Inc.* | 58,177 | 1,062 | |||||||||
Haemonetics Corp.* | 91,500 | 3,416 | |||||||||
18,227 | |||||||||||
Health Care Providers & Services 1.9% | |||||||||||
Acadia Healthcare Co., Inc.* | 123,100 | 5,505 | |||||||||
Molina Healthcare, Inc.* | 167,061 | 8,104 | |||||||||
13,609 |
Number of Shares | Value (000's) | ||||||||||
Health Care Technology 1.7% | |||||||||||
Allscripts Healthcare Solutions, Inc.* | 999,300 | $ | 12,172 | ||||||||
Independent Power and Renewable Electricity Producers 3.2% | |||||||||||
Atlantic Power Corp.* | 1,365,858 | 3,210 | |||||||||
Dynegy, Inc.* | 310,400 | 2,495 | |||||||||
NRG Energy, Inc. | 466,900 | 7,732 | |||||||||
Ormat Technologies, Inc. | 171,941 | 9,479 | |||||||||
22,916 | |||||||||||
IT Services 7.4% | |||||||||||
Acxiom Corp.* | 379,800 | 10,832 | |||||||||
CoreLogic, Inc.* | 409,225 | 16,038 | |||||||||
DST Systems, Inc. | 82,819 | 9,905 | |||||||||
NeuStar, Inc. Class A* | 512,909 | 17,003 | |||||||||
53,778 | |||||||||||
Life Sciences Tools & Services 3.9% | |||||||||||
Charles River Laboratories International, Inc.* | 229,571 | 19,965 | |||||||||
Fluidigm Corp.* | 483,659 | 3,173 | |||||||||
Luminex Corp.* | 283,900 | 5,275 | |||||||||
28,413 | |||||||||||
Machinery 3.5% | |||||||||||
Harsco Corp.* | 510,400 | 7,197 | |||||||||
ITT, Inc. | 125,400 | 5,137 | |||||||||
Manitowoc Co., Inc.* | 693,600 | 4,217 | |||||||||
Meritor, Inc.* | 366,650 | 5,995 | |||||||||
Twin Disc, Inc.* | 169,357 | 3,099 | |||||||||
25,645 | |||||||||||
Marine 0.2% | |||||||||||
Danaos Corp.* | 536,159 | 1,287 | |||||||||
Metals & Mining 1.6% | |||||||||||
Cliffs Natural Resources, Inc.* | 1,075,300 | 11,463 | |||||||||
Pharmaceuticals 0.4% | |||||||||||
Intersect ENT, Inc.* | 214,326 | 2,915 | |||||||||
Road & Rail 3.2% | |||||||||||
Avis Budget Group, Inc.* | 381,600 | 13,196 | |||||||||
Ryder System, Inc. | 134,604 | 10,250 | |||||||||
23,446 |
See Notes to Financial Statements
94
Schedule of Investments Intrinsic Value Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 9.5% | |||||||||||
CEVA, Inc.* | 145,200 | $ | 4,850 | ||||||||
Cypress Semiconductor Corp. | 577,635 | 7,665 | |||||||||
FormFactor, Inc.* | 620,603 | 6,609 | |||||||||
MACOM Technology Solutions Holdings, Inc.* | 276,263 | 12,733 | |||||||||
Mellanox Technologies Ltd.* | 269,750 | 13,056 | |||||||||
Rambus, Inc.* | 1,085,044 | 13,628 | |||||||||
Veeco Instruments, Inc.* | 370,000 | 10,120 | |||||||||
68,661 | |||||||||||
Software 10.2% | |||||||||||
Covisint Corp.* | 999,205 | 1,998 | |||||||||
FireEye, Inc.* | 674,800 | 7,598 | |||||||||
Nuance Communications, Inc.* | 957,800 | 16,311 | |||||||||
Seachange International, Inc.* | 770,067 | 1,918 | |||||||||
Silver Spring Networks, Inc.* | 796,176 | 9,761 |
Number of Shares | Value (000's) | ||||||||||
TiVo Corp. | 747,230 | $ | 13,824 | ||||||||
VASCO Data Security International, Inc.* | 271,400 | 3,528 | |||||||||
Verint Systems, Inc.* | 498,661 | 18,825 | |||||||||
73,763 | |||||||||||
Specialty Retail 3.0% | |||||||||||
Express, Inc.* | 398,200 | 4,476 | |||||||||
New York & Co., Inc.* | 288,900 | 664 | |||||||||
Office Depot, Inc. | 1,073,267 | 4,476 | |||||||||
RH* | 205,924 | 6,268 | |||||||||
Select Comfort Corp.* | 235,900 | 5,541 | |||||||||
21,425 | |||||||||||
Technology Hardware, Storage & Peripherals 0.2% | |||||||||||
Quantum Corp.* | 1,768,800 | 1,539 | |||||||||
Textiles, Apparel & Luxury Goods 1.3% | |||||||||||
Crocs, Inc.* | 464,400 | 3,088 | |||||||||
Deckers Outdoor Corp.* | 120,100 | 6,345 | |||||||||
9,433 | |||||||||||
Total Common Stocks (Cost $566,817) | 670,362 |
Number of Shares | Value (000's) | ||||||||||
Convertible Preferred Stock 0.4% | |||||||||||
Independent Power and Renewable Electricity Producers 0.4% | |||||||||||
Dynegy, Inc., 7.00%, due 7/1/19 (Cost $5,199) | 51,100 | $ | 3,117 | ||||||||
Short-Term Investment 6.2% | |||||||||||
Investment Company 6.2% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(a) (Cost $44,781) | 44,780,793 | 44,781 | |||||||||
Total Investments 99.2% (Cost $616,797) | 718,260 | ||||||||||
Other Assets Less Liabilities 0.8% | 5,764 | ||||||||||
Net Assets 100.0% | $ | 724,024 |
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 670,362 | $ | — | $ | — | $ | 670,362 | |||||||||
Convertible Preferred Stock(a) | 3,117 | — | — | 3,117 | |||||||||||||
Short-Term Investment | — | 44,781 | — | 44,781 | |||||||||||||
Total Investments | $ | 673,479 | $ | 44,781 | $ | — | $ | 718,260 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
95
Schedule of Investments Large Cap Value Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 90.7% | |||||||||||
Airlines 1.2% | |||||||||||
Delta Air Lines, Inc. | 345,357 | $ | 17,244 | ||||||||
Banks 21.6% | |||||||||||
Bank of America Corp. | 1,191,853 | 29,415 | |||||||||
BB&T Corp. | 312,424 | 15,065 | |||||||||
Citigroup, Inc. | 1,010,006 | 60,408 | |||||||||
Commerce Bancshares, Inc. | 72,357 | 4,271 | |||||||||
JPMorgan Chase & Co. | 793,050 | 71,866 | |||||||||
KeyCorp | 461,852 | 8,669 | |||||||||
M&T Bank Corp. | 177,919 | 29,707 | |||||||||
PNC Financial Services Group, Inc. | 300,502 | 38,233 | |||||||||
SunTrust Banks, Inc. | 250,389 | 14,896 | |||||||||
Synovus Financial Corp. | 101,680 | 4,293 | |||||||||
U.S. Bancorp | 270,225 | 14,862 | |||||||||
Wells Fargo & Co. | 501,799 | 29,044 | |||||||||
320,729 | |||||||||||
Beverages 0.5% | |||||||||||
Coca-Cola Co. | 183,308 | 7,692 | |||||||||
Biotechnology 0.1% | |||||||||||
Celgene Corp.* | 12,363 | 1,527 | |||||||||
Capital Markets 7.4% | |||||||||||
Bank of New York Mellon Corp. | 1,070,500 | 50,463 | |||||||||
CME Group, Inc. | 203,381 | 24,703 | |||||||||
Goldman Sachs Group, Inc. | 140,386 | 34,824 | |||||||||
109,990 | |||||||||||
Communications Equipment 1.0% | |||||||||||
Cisco Systems, Inc. | 435,891 | 14,899 | |||||||||
Containers & Packaging 0.6% | |||||||||||
Crown Holdings, Inc.* | 94,553 | 5,067 | |||||||||
Sealed Air Corp. | 89,909 | 4,179 | |||||||||
9,246 | |||||||||||
Diversified Telecommunication Services 2.4% | |||||||||||
AT&T, Inc. | 397,131 | 16,596 | |||||||||
Verizon Communications, Inc. | 391,880 | 19,449 | |||||||||
36,045 |
Number of Shares | Value (000's) | ||||||||||
Electric Utilities 2.8% | |||||||||||
American Electric Power Co., Inc. | 163,417 | $ | 10,944 | ||||||||
Exelon Corp. | 844,832 | 31,014 | |||||||||
41,958 | |||||||||||
Electrical Equipment 3.3% | |||||||||||
AMETEK, Inc. | 56,689 | 3,060 | |||||||||
Eaton Corp. PLC | 640,170 | 46,079 | |||||||||
49,139 | |||||||||||
Energy Equipment & Services 1.5% | |||||||||||
Schlumberger Ltd. | 277,581 | 22,306 | |||||||||
Food & Staples Retailing 3.0% | |||||||||||
Wal-Mart Stores, Inc. | 541,482 | 38,407 | |||||||||
Whole Foods Market, Inc. | 215,238 | 6,602 | |||||||||
45,009 | |||||||||||
Health Care Equipment & Supplies 2.7% | |||||||||||
Abbott Laboratories | 190,615 | 8,593 | |||||||||
Danaher Corp. | 70,306 | 6,015 | |||||||||
Medtronic PLC | 134,874 | 10,912 | |||||||||
Zimmer Biomet Holdings, Inc. | 125,375 | 14,679 | |||||||||
40,199 | |||||||||||
Health Care Providers & Services 0.2% | |||||||||||
Tenet Healthcare Corp.* | 136,040 | 2,626 | |||||||||
Hotels, Restaurants & Leisure 5.3% | |||||||||||
Carnival Corp. | 1,059,550 | 59,282 | |||||||||
McDonald's Corp. | 154,394 | 19,708 | |||||||||
78,990 | |||||||||||
Household Durables 0.0% | |||||||||||
Whirlpool Corp. | 784 | 140 | |||||||||
Household Products 3.2% | |||||||||||
Procter & Gamble Co. | 518,918 | 47,258 | |||||||||
Industrial Conglomerates 1.9% | |||||||||||
3M Co. | 8,054 | 1,501 | |||||||||
General Electric Co. | 868,922 | 25,902 | |||||||||
27,403 |
Number of Shares | Value (000's) | ||||||||||
Insurance 3.4% | |||||||||||
Athene Holding Ltd. Class A* | 125,515 | $ | 6,523 | ||||||||
Chubb Ltd. | 44,245 | 6,113 | |||||||||
Lincoln National Corp. | 412,626 | 28,950 | |||||||||
MetLife, Inc. | 181,633 | 9,525 | |||||||||
51,111 | |||||||||||
Machinery 4.7% | |||||||||||
Caterpillar, Inc. | 250,650 | 24,228 | |||||||||
Illinois Tool Works, Inc. | 56,645 | 7,478 | |||||||||
Joy Global, Inc. | 1,155,271 | 32,567 | |||||||||
WABCO Holdings, Inc.* | 51,339 | 5,764 | |||||||||
70,037 | |||||||||||
Media 0.2% | |||||||||||
Discovery Communications, Inc. Class C* | 105,993 | 2,975 | |||||||||
Metals & Mining 6.4% | |||||||||||
BHP Billiton Ltd. ADR | 827,254 | 31,287 | |||||||||
Newmont Mining Corp. | 1,857,563 | 63,603 | |||||||||
94,890 | |||||||||||
Multiline Retail 0.8% | |||||||||||
Target Corp. | 211,956 | 12,457 | |||||||||
Oil, Gas & Consumable Fuels 7.2% | |||||||||||
Cabot Oil & Gas Corp. | 746,285 | 16,344 | |||||||||
EOG Resources, Inc. | 181,492 | 17,603 | |||||||||
Exxon Mobil Corp. | 768,402 | 62,486 | |||||||||
Kinder Morgan, Inc. | 278,622 | 5,937 | |||||||||
Phillips 66 | 65,810 | 5,146 | |||||||||
107,516 | |||||||||||
Pharmaceuticals 6.9% | |||||||||||
Johnson & Johnson | 231,316 | 28,269 | |||||||||
Merck & Co., Inc. | 509,161 | 33,539 | |||||||||
Pfizer, Inc. | 1,175,275 | 40,100 | |||||||||
101,908 |
See Notes to Financial Statements
96
Schedule of Investments Large Cap Value Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 0.7% | |||||||||||
NXP Semiconductors NV* | 92,578 | $ | 9,518 | ||||||||
Technology Hardware, Storage & Peripherals 1.2% | |||||||||||
Western Digital Corp. | 229,962 | 17,679 | |||||||||
Textiles, Apparel & Luxury Goods 0.5% | |||||||||||
Ralph Lauren Corp. | 90,989 | 7,218 | |||||||||
Total Common Stocks (Cost $1,129,952) | 1,347,709 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investment 10.4% | |||||||||||
Investment Company 10.4% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(a) (Cost $154,857) | 154,857,024 | $ | 154,857 | ||||||||
Total Investments 101.1% | 1,502,566 (Cost $1,284,809) | ||||||||||
Other Assets Less Liabilities (1.1)% | (16,255 | ) | |||||||||
Net Assets 100.0% | $ | 1,486,311 |
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,347,709 | $ | — | $ | — | $ | 1,347,709 | |||||||||
Short-Term Investment | — | 154,857 | — | 154,857 | |||||||||||||
Total Investments | $ | 1,347,709 | $ | 154,857 | $ | — | $ | 1,502,566 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
97
Schedule of Investments Mid Cap Growth Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 95.7% | |||||||||||
Aerospace & Defense 0.3% | |||||||||||
KLX, Inc.* | 65,000 | $ | 3,272 | ||||||||
Airlines 1.2% | |||||||||||
Alaska Air Group, Inc. | 135,000 | 13,206 | |||||||||
Automobiles 0.5% | |||||||||||
Thor Industries, Inc. | 50,000 | 5,541 | |||||||||
Banks 3.2% | |||||||||||
Comerica, Inc. | 95,000 | 6,772 | |||||||||
Signature Bank* | 90,000 | 14,176 | |||||||||
SVB Financial Group* | 80,000 | 15,271 | |||||||||
36,219 | |||||||||||
Biotechnology 4.5% | |||||||||||
BioMarin Pharmaceutical, Inc.* | 75,000 | 7,045 | |||||||||
Incyte Corp.* | 165,000 | 21,962 | |||||||||
Neurocrine Biosciences, Inc.* | 240,000 | 10,598 | |||||||||
TESARO, Inc.* | 60,000 | 11,302 | |||||||||
50,907 | |||||||||||
Capital Markets 3.5% | |||||||||||
Affiliated Managers Group, Inc. | 50,000 | 8,396 | |||||||||
CBOE Holdings, Inc. | 182,500 | 14,244 | |||||||||
Raymond James Financial, Inc. | 210,000 | 16,498 | |||||||||
39,138 | |||||||||||
Chemicals 3.9% | |||||||||||
RPM International, Inc. | 204,500 | 10,898 | |||||||||
Scotts Miracle-Gro Co. | 133,500 | 12,099 | |||||||||
Sensient Technologies Corp. | 170,000 | 13,590 | |||||||||
WR Grace & Co. | 100,000 | 7,084 | |||||||||
43,671 | |||||||||||
Commercial Services & Supplies 2.1% | |||||||||||
Cintas Corp. | 90,000 | 10,621 | |||||||||
Waste Connections, Inc. | 150,000 | 13,108 | |||||||||
23,729 | |||||||||||
Communications Equipment 2.3% | |||||||||||
Finisar Corp.* | 100,000 | 3,348 | |||||||||
Harris Corp. | 65,000 | 7,143 |
Number of Shares | Value (000's) | ||||||||||
Lumentum Holdings, Inc.* | 145,000 | $ | 6,656 | ||||||||
Motorola Solutions, Inc. | 115,000 | 9,082 | |||||||||
26,229 | |||||||||||
Distributors 1.0% | |||||||||||
LKQ Corp.* | 360,000 | 11,369 | |||||||||
Diversified Consumer Services 2.0% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 162,000 | 11,196 | |||||||||
Service Corp. International | 350,000 | 10,755 | |||||||||
21,951 | |||||||||||
Electrical Equipment 0.5% | |||||||||||
Rockwell Automation, Inc. | 35,000 | 5,289 | |||||||||
Electronic Equipment, Instruments & Components 4.1% | |||||||||||
Amphenol Corp. Class A | 209,500 | 14,500 | |||||||||
CDW Corp. | 282,500 | 16,639 | |||||||||
Cognex Corp. | 93,000 | 7,143 | |||||||||
Trimble, Inc.* | 235,000 | 7,292 | |||||||||
45,574 | |||||||||||
Energy Equipment & Services 0.4% | |||||||||||
U.S. Silica Holdings, Inc. | 100,000 | 5,057 | |||||||||
Food Products 2.7% | |||||||||||
Conagra Brands, Inc. | 135,000 | 5,563 | |||||||||
Lamb Weston Holdings, Inc. | 130,000 | 5,095 | |||||||||
Pinnacle Foods, Inc. | 235,000 | 13,426 | |||||||||
Post Holdings, Inc.* | 77,500 | 6,345 | |||||||||
30,429 | |||||||||||
Health Care Equipment & Supplies 9.3% | |||||||||||
ABIOMED, Inc.* | 80,000 | 9,438 | |||||||||
C.R. Bard, Inc. | 50,000 | 12,262 | |||||||||
Edwards Lifesciences Corp.* | 100,000 | 9,404 | |||||||||
Hill-Rom Holdings, Inc. | 125,000 | 8,306 | |||||||||
Hologic, Inc.* | 125,000 | 5,072 |
Number of Shares | Value (000's) | ||||||||||
Integra LifeSciences Holdings Corp.* | 200,000 | $ | 8,548 | ||||||||
Nevro Corp.* | 110,000 | 10,559 | |||||||||
NuVasive, Inc.* | 235,000 | 17,569 | |||||||||
Penumbra, Inc.* | 125,000 | 9,600 | |||||||||
Wright Medical Group NV* | 500,000 | 13,940 | |||||||||
104,698 | |||||||||||
Health Care Providers & Services 2.6% | |||||||||||
Centene Corp.* | 127,500 | 8,989 | |||||||||
Envision Healthcare Corp.* | 125,000 | 8,750 | |||||||||
HealthSouth Corp. | 270,000 | 11,426 | |||||||||
29,165 | |||||||||||
Hotels, Restaurants & Leisure 3.3% | |||||||||||
Aramark | 272,500 | 9,739 | |||||||||
MGM Resorts International* | 400,000 | 10,516 | |||||||||
Red Rock Resorts, Inc. Class A | 350,000 | 7,690 | |||||||||
Vail Resorts, Inc. | 50,000 | 9,059 | |||||||||
37,004 | |||||||||||
Household Durables 1.4% | |||||||||||
Newell Brands, Inc. | 320,000 | 15,690 | |||||||||
Industrial Conglomerates 1.5% | |||||||||||
Roper Technologies, Inc. | 80,000 | 16,736 | |||||||||
Insurance 1.6% | |||||||||||
Assurant, Inc. | 120,000 | 11,880 | |||||||||
Athene Holding Ltd. Class A* | 125,000 | 6,496 | |||||||||
18,376 | |||||||||||
Internet & Catalog Retail 0.8% | |||||||||||
Expedia, Inc. | 77,000 | 9,166 | |||||||||
Internet Software & Services 2.3% | |||||||||||
CoStar Group, Inc.* | 82,500 | 16,762 | |||||||||
MercadoLibre, Inc. | 42,500 | 8,962 | |||||||||
25,724 |
See Notes to Financial Statements
98
Schedule of Investments Mid Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
IT Services 5.6% | |||||||||||
CSRA, Inc. | 290,000 | $ | 8,648 | ||||||||
Euronet Worldwide, Inc.* | 130,000 | 10,761 | |||||||||
Fiserv, Inc.* | 116,500 | 13,444 | |||||||||
Global Payments, Inc. | 140,000 | 11,157 | |||||||||
Vantiv, Inc. Class A* | 290,000 | 18,960 | |||||||||
62,970 | |||||||||||
Life Sciences Tools & Services 0.5% | |||||||||||
Bio-Rad Laboratories, Inc. Class A* | 30,000 | 5,839 | |||||||||
Machinery 3.6% | |||||||||||
Fortive Corp. | 175,000 | 10,089 | |||||||||
IDEX Corp. | 130,000 | 11,985 | |||||||||
Milacron Holdings Corp.* | 359,700 | 6,532 | |||||||||
Stanley Black & Decker, Inc. | 90,000 | 11,443 | |||||||||
40,049 | |||||||||||
Media 0.7% | |||||||||||
DISH Network Corp. Class A* | 135,000 | 8,370 | |||||||||
Multiline Retail 0.7% | |||||||||||
Dollar Tree, Inc.* | 100,000 | 7,668 | |||||||||
Oil, Gas & Consumable Fuels 1.7% | |||||||||||
Concho Resources, Inc.* | 85,500 | 11,324 | |||||||||
Diamondback Energy, Inc.* | 77,500 | 7,817 | |||||||||
19,141 | |||||||||||
Pharmaceuticals 1.9% | |||||||||||
Jazz Pharmaceuticals PLC* | 32,500 | 4,310 | |||||||||
Zoetis, Inc. | 330,000 | 17,592 | |||||||||
21,902 | |||||||||||
Professional Services 1.5% | |||||||||||
WageWorks, Inc.* | 223,500 | 17,209 | |||||||||
Road & Rail 1.9% | |||||||||||
J.B. Hunt Transport Services, Inc. | 140,000 | 13,744 | |||||||||
Old Dominion Freight Line, Inc.* | 80,000 | 7,341 | |||||||||
21,085 |
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 5.9% | |||||||||||
Lam Research Corp. | 105,000 | $ | 12,447 | ||||||||
MACOM Technology Solutions Holdings, Inc.* | 225,000 | 10,370 | |||||||||
Microchip Technology, Inc. | 65,000 | 4,714 | |||||||||
Microsemi Corp.* | 230,000 | 11,919 | |||||||||
Monolithic Power Systems, Inc. | 150,000 | 13,195 | |||||||||
NVIDIA Corp. | 130,000 | 13,192 | |||||||||
65,837 | |||||||||||
Software 6.1% | |||||||||||
Activision Blizzard, Inc. | 290,000 | 13,088 | |||||||||
Electronic Arts, Inc.* | 150,000 | 12,975 | |||||||||
Guidewire Software, Inc.* | 107,500 | 5,874 | |||||||||
Proofpoint, Inc.* | 147,500 | 11,618 | |||||||||
ServiceNow, Inc.* | 125,500 | 10,908 | |||||||||
Tyler Technologies, Inc.* | 40,000 | 6,066 | |||||||||
Ultimate Software Group, Inc.* | 40,000 | 7,736 | |||||||||
68,265 | |||||||||||
Specialty Retail 7.3% | |||||||||||
Burlington Stores, Inc.* | 233,000 | 20,739 | |||||||||
Five Below, Inc.* | 175,000 | 6,746 | |||||||||
O'Reilly Automotive, Inc.* | 62,500 | 16,982 | |||||||||
Ross Stores, Inc. | 297,500 | 20,403 | |||||||||
Tractor Supply Co. | 120,000 | 8,509 | |||||||||
Ulta Beauty, Inc.* | 34,000 | 9,297 | |||||||||
82,676 |
Number of Shares | Value (000's) | ||||||||||
Trading Companies & Distributors 2.3% | |||||||||||
HD Supply Holdings, Inc.* | 210,000 | $ | 9,030 | ||||||||
United Rentals, Inc.* | 72,500 | 9,282 | |||||||||
W.W. Grainger, Inc. | 30,000 | 7,439 | |||||||||
25,751 | |||||||||||
Wireless Telecommunication Services 1.0% | |||||||||||
T-Mobile US, Inc.* | 185,000 | 11,568 | |||||||||
Total Common Stocks (Cost $814,991) | 1,076,470 | ||||||||||
Exchange Traded Fund 0.9% | |||||||||||
iShares Russell Mid-Cap Growth ETF (Cost $9,621) | 100,000 | 10,346 | |||||||||
Short-Term Investment 3.4% | |||||||||||
Investment Company 3.4% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(a) (Cost $37,624) | 37,623,830 | 37,624 | |||||||||
Total Investments 100.0% (Cost $862,236) | 1,124,440 | ||||||||||
Other Assets Less Liabilities 0.0% | 397 | ||||||||||
Net Assets 100.0% | $ | 1,124,837 |
See Notes to Financial Statements
99
Schedule of Investments Mid Cap Growth Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,076,470 | $ | — | $ | — | $ | 1,076,470 | |||||||||
Exchange Traded Fund | 10,346 | — | — | 10,346 | |||||||||||||
Short-Term Investment | — | 37,624 | — | 37,624 | |||||||||||||
Total Investments | $ | 1,086,816 | $ | 37,624 | $ | — | $ | 1,124,440 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
100
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.5% | |||||||||||
Aerospace & Defense 9.5% | |||||||||||
B/E Aerospace, Inc. | 37,600 | $ | 2,391 | ||||||||
General Dynamics Corp. | 15,650 | 2,971 | |||||||||
Orbital ATK, Inc. | 22,900 | 2,116 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 23,100 | 1,423 | |||||||||
8,901 | |||||||||||
Airlines 2.2% | |||||||||||
American Airlines Group, Inc. | 44,300 | 2,054 | |||||||||
Banks 7.1% | |||||||||||
BankUnited, Inc. | 81,300 | 3,222 | |||||||||
BB&T Corp. | 30,600 | 1,476 | |||||||||
Comerica, Inc. | 27,700 | 1,974 | |||||||||
6,672 | |||||||||||
Building Products 2.5% | |||||||||||
Johnson Controls International PLC | 55,008 | 2,307 | |||||||||
Capital Markets 2.0% | |||||||||||
State Street Corp. | 24,100 | 1,921 | |||||||||
Chemicals 4.2% | |||||||||||
Ashland Global Holdings, Inc. | 20,400 | 2,461 | |||||||||
Valvoline, Inc. | 68,500 | 1,536 | |||||||||
3,997 | |||||||||||
Commercial Services & Supplies 2.3% | |||||||||||
Covanta Holding Corp. | 136,100 | 2,205 | |||||||||
Construction & Engineering 3.0% | |||||||||||
Valmont Industries, Inc. | 18,200 | 2,862 | |||||||||
Containers & Packaging 1.8% | |||||||||||
Avery Dennison Corp. | 20,700 | 1,671 | |||||||||
Electric Utilities 1.5% | |||||||||||
Edison International | 18,100 | 1,443 | |||||||||
Electronic Equipment, Instruments & Components 3.0% | |||||||||||
Flex Ltd.* | 90,000 | 1,484 | |||||||||
Itron, Inc.* | 20,900 | 1,352 | |||||||||
2,836 | |||||||||||
Equity Real Estate Investment Trusts 4.1% | |||||||||||
Colony Starwood Homes | 56,860 | 1,871 | |||||||||
Starwood Property Trust, Inc. | 86,200 | 1,970 | |||||||||
3,841 |
Number of Shares | Value (000's) | ||||||||||
Food & Staples Retailing 3.9% | |||||||||||
Whole Foods Market, Inc. | 120,300 | $ | 3,690 | ||||||||
Health Care Equipment & Supplies 3.3% | |||||||||||
Zimmer Biomet Holdings, Inc. | 26,400 | 3,091 | |||||||||
Hotels, Restaurants & Leisure 1.2% | |||||||||||
Wyndham Worldwide Corp. | 13,200 | 1,099 | |||||||||
Household Durables 1.5% | |||||||||||
Whirlpool Corp. | 7,900 | 1,411 | |||||||||
Independent Power and Renewable Electricity Producers 1.7% | |||||||||||
AES Corp. | 141,200 | 1,627 | |||||||||
IT Services 3.9% | |||||||||||
Amdocs Ltd. | 31,000 | 1,880 | |||||||||
Teradata Corp.* | 58,400 | 1,816 | |||||||||
3,696 | |||||||||||
Life Sciences Tools & Services 1.9% | |||||||||||
Quintiles IMS Holdings, Inc.* | 23,100 | 1,788 | |||||||||
Media 2.7% | |||||||||||
CBS Corp. Class B | 20,900 | 1,378 | |||||||||
Lions Gate Entertainment Corp. Class A | 21,600 | 578 | |||||||||
Lions Gate Entertainment Corp. Class B* | 21,600 | 539 | |||||||||
2,495 | |||||||||||
Multi-Utilities 2.0% | |||||||||||
CenterPoint Energy, Inc. | 69,400 | 1,896 | |||||||||
Multiline Retail 1.1% | |||||||||||
Macy's, Inc. | 32,200 | 1,070 | |||||||||
Oil, Gas & Consumable Fuels 7.2% | |||||||||||
Cabot Oil & Gas Corp. | 80,000 | 1,752 | |||||||||
Devon Energy Corp. | 41,100 | 1,782 | |||||||||
ONEOK, Inc. | 35,600 | 1,924 | |||||||||
Williams Cos., Inc. | 48,200 | 1,366 | |||||||||
6,824 | |||||||||||
Pharmaceuticals 4.0% | |||||||||||
Perrigo Co. PLC | 26,900 | 2,011 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 50,900 | 1,783 3,794 | |||||||||
Road & Rail 2.1% | |||||||||||
Avis Budget Group, Inc.* | 56,100 | 1,940 |
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 5.8% | |||||||||||
ON Semiconductor Corp.* | 188,500 | $ | 2,852 | ||||||||
Skyworks Solutions, Inc. | 27,900 | 2,645 | |||||||||
5,497 | |||||||||||
Software 4.9% | |||||||||||
Check Point Software Technologies Ltd.* | 23,800 | 2,354 | |||||||||
Nuance Communications, Inc.* | 129,900 | 2,212 | |||||||||
4,566 | |||||||||||
Specialty Retail 1.9% | |||||||||||
Best Buy Co., Inc. | 19,500 | 861 | |||||||||
Office Depot, Inc. | 212,100 | 884 | |||||||||
1,745 | |||||||||||
Technology Hardware, Storage & Peripherals 3.1% | |||||||||||
Western Digital Corp. | 37,436 | 2,878 | |||||||||
Trading Companies & Distributors 3.1% | |||||||||||
AerCap Holdings NV* | 63,400 | 2,872 | |||||||||
Total Common Stocks (Cost $75,683) | 92,689 | ||||||||||
Rights 0.0% | |||||||||||
Food & Staples Retailing 0.0% | |||||||||||
Safeway, Inc. (Casa Ley)*(a)(b) | 21,100 | 5 | |||||||||
Safeway, Inc. (Property Development Centers)*(a)(b) | 21,100 | 1 | |||||||||
Total Rights (Cost $22) | 6 | ||||||||||
Short-Term Investment 0.3% | |||||||||||
Investment Company 0.3% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(c) (Cost $314) | 314,274 | 314 | |||||||||
Total Investments 98.8% (Cost $76,019) | 93,009 | ||||||||||
Other Assets Less Liabilities 1.2% | 1,125 | ||||||||||
Net Assets 100.0% | $ | 94,134 |
See Notes to Financial Statements
101
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Illiquid Security.
(b) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at February 28, 2017, amounted to approximately $6,000, which represents approximately 0.0% of net assets of the Fund.
(c) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(b) | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 92,689 | $ | — | $ | — | $ | 92,689 | |||||||||
Rights(a) | — | — | 6 | 6 | |||||||||||||
Short-Term Investment | — | 314 | — | 314 | |||||||||||||
Total Investments | $ | 92,689 | $ | 314 | $ | 6 | $ | 93,009 |
(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 9/1/2016 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2017 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) Investments in Securities: | |||||||||||||||||||||||||||||||||||||||||||
Rights(c) | |||||||||||||||||||||||||||||||||||||||||||
Food & Staples Retailing | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6 | $ | — | |||||||||||||||||||||||
Total | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6 | $ | — |
(c) As of the six months ended February 28, 2017, 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 six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
102
Schedule of Investments Multi-Cap Opportunities Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.3% | |||||||||||
Aerospace & Defense 3.7% | |||||||||||
Boeing Co. | 170,000 | $ | 30,639 | ||||||||
Raytheon Co. | 245,000 | 37,767 | |||||||||
68,406 | |||||||||||
Banks 5.6% | |||||||||||
JPMorgan Chase & Co. | 1,150,000 | 104,213 | |||||||||
Capital Markets 12.5% | |||||||||||
Charles Schwab Corp. | 1,400,000 | 56,574 | |||||||||
Goldman Sachs Group, Inc. | 420,000 | 104,185 | |||||||||
Intercontinental Exchange, Inc. | 1,265,000 | 72,270 | |||||||||
233,029 | |||||||||||
Chemicals 2.2% | |||||||||||
Methanex Corp. | 530,000 | 27,030 | |||||||||
Scotts Miracle-Gro Co. | 160,000 | 14,501 | |||||||||
41,531 | |||||||||||
Communications Equipment 8.2% | |||||||||||
Cisco Systems, Inc. | 2,070,000 | 70,752 | |||||||||
Motorola Solutions, Inc. | 1,040,000 | 82,129 | |||||||||
152,881 | |||||||||||
Containers & Packaging 2.7% | |||||||||||
Sealed Air Corp. | 1,062,000 | 49,362 | |||||||||
Diversified Financial Services 5.0% | |||||||||||
Berkshire Hathaway, Inc. Class B* | 545,000 | 93,424 | |||||||||
Electrical Equipment 1.5% | |||||||||||
Rockwell Automation, Inc. | 190,000 | 28,709 | |||||||||
Energy Equipment & Services 2.7% | |||||||||||
Schlumberger Ltd. | 630,000 | 50,627 | |||||||||
Food & Staples Retailing 2.3% | |||||||||||
US Foods Holding Corp.* | 1,560,000 | 42,978 |
Number of Shares | Value (000's) | ||||||||||
Food Products 1.8% | |||||||||||
Mondelez International, Inc. Class A | 780,000 | $ | 34,258 | ||||||||
Health Care Equipment & Supplies 2.2% | |||||||||||
Hill-Rom Holdings, Inc. | 630,000 | 41,864 | |||||||||
Health Care Providers & Services 9.9% | |||||||||||
Aetna, Inc. | 290,000 | 37,340 | |||||||||
Cardinal Health, Inc. | 475,000 | 38,651 | |||||||||
HCA Holdings, Inc.* | 873,600 | 76,213 | |||||||||
Henry Schein, Inc.* | 190,000 | 32,596 | |||||||||
184,800 | |||||||||||
Hotels, Restaurants & Leisure 1.1% | |||||||||||
Bloomin' Brands, Inc. | 1,145,000 | 19,568 | |||||||||
Industrial Conglomerates 2.6% | |||||||||||
3M Co. | 262,000 | 48,824 | |||||||||
Insurance 2.3% | |||||||||||
Chubb Ltd. | 310,000 | 42,833 | |||||||||
Internet Software & Services 5.4% | |||||||||||
Alphabet, Inc. Class C* | 100,000 | 82,321 | |||||||||
eBay, Inc.* | 555,000 | 18,814 | |||||||||
101,135 | |||||||||||
IT Services 2.5% | |||||||||||
PayPal Holdings, Inc.* | 1,100,000 | 46,200 | |||||||||
Machinery 3.5% | |||||||||||
Stanley Black & Decker, Inc. | 515,000 | 65,482 | |||||||||
Media 0.2% | |||||||||||
Twenty-First Century Fox, Inc. Class A | 100,000 | 2,992 | |||||||||
Oil, Gas & Consumable Fuels 3.1% | |||||||||||
Cabot Oil & Gas Corp. | 850,000 | 18,615 | |||||||||
EOG Resources, Inc. | 400,000 | 38,796 | |||||||||
57,411 |
Number of Shares | Value (000's) | ||||||||||
Pharmaceuticals 4.0% | |||||||||||
Allergan PLC | 60,000 | $ | 14,689 | ||||||||
Pfizer, Inc. | 1,750,000 | 59,710 | |||||||||
74,399 | |||||||||||
Road & Rail 1.6% | |||||||||||
CSX Corp. | 615,000 | 29,864 | |||||||||
Software 5.9% | |||||||||||
Activision Blizzard, Inc. | 950,000 | 42,873 | |||||||||
Microsoft Corp. | 70,000 | 4,479 | |||||||||
Symantec Corp. | 2,200,000 | 62,854 | |||||||||
110,206 | |||||||||||
Technology Hardware, Storage & Peripherals 5.9% | |||||||||||
Apple, Inc. | 421,000 | 57,673 | |||||||||
NCR Corp.* | 1,075,000 | 51,675 | |||||||||
109,348 | |||||||||||
Textiles, Apparel & Luxury Goods 0.9% | |||||||||||
NIKE, Inc. Class B | 305,000 | 17,434 | |||||||||
Total Common Stocks (Cost $1,221,541) | 1,851,778 | ||||||||||
Short-Term Investment 0.8% | |||||||||||
Investment Company 0.8% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(a) (Cost $14,815) | 14,815,123 | 14,815 | |||||||||
Total Investments 100.1% (Cost $1,236,356) | 1,866,593 | ||||||||||
Other Assets Less Liabilities (0.1)% | (964 | ) | |||||||||
Net Assets 100.0% | $ | 1,865,629 |
See Notes to Financial Statements
103
Schedule of Investments Multi-Cap Opportunities Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 1,851,778 | $ | — | $ | — | $ | 1,851,778 | |||||||||
Short-Term Investment | — | 14,815 | — | 14,815 | |||||||||||||
Total Investments | $ | 1,851,778 | $ | 14,815 | $ | — | $ | 1,866,593 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
104
Schedule of Investments Real Estate Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.6% | |||||||||||
Apartments 11.9% | |||||||||||
Apartment Investment & Management Co. Class A | 238,075 | $ | 11,078 | ||||||||
AvalonBay Communities, Inc. | 32,192 | 5,916 | |||||||||
Equity Residential | 316,150 | 19,940 | |||||||||
Essex Property Trust, Inc. | 70,775 | 16,611 | |||||||||
Mid-America Apartment Communities, Inc. | 139,347 | 14,315 | |||||||||
67,860 | |||||||||||
Data Centers 6.3% | |||||||||||
CoreSite Realty Corp. | 102,275 | 9,212 | |||||||||
CyrusOne, Inc. | 187,025 | 9,519 | |||||||||
Equinix, Inc. | 44,659 | 16,795 | |||||||||
35,526 | |||||||||||
Diversified 3.9% | |||||||||||
Vornado Realty Trust | 202,198 | 22,216 | |||||||||
Free Standing 2.1% | |||||||||||
National Retail Properties, Inc. | 263,925 | 11,940 | |||||||||
Health Care 8.9% | |||||||||||
HCP, Inc. | 376,950 | 12,360 | |||||||||
Healthcare Trust of America, Inc. Class A | 227,075 | 7,305 | |||||||||
OMEGA Healthcare Investors, Inc. | 160,025 | 5,224 | |||||||||
Ventas, Inc. | 170,055 | 11,062 | |||||||||
Welltower, Inc. | 209,265 | 14,728 | |||||||||
50,679 | |||||||||||
Hotels, Restaurants & Leisure 3.2% | |||||||||||
Marriott International, Inc. Class A | 209,040 | 18,184 |
Number of Shares | Value (000's) | ||||||||||
Industrial 4.7% | |||||||||||
DCT Industrial Trust, Inc. | 173,300 | $ | 8,291 | ||||||||
Prologis, Inc. | 363,438 | 18,553 | |||||||||
26,844 | |||||||||||
Infrastructure 9.2% | |||||||||||
American Tower Corp. | 279,000 | 32,027 | |||||||||
Crown Castle International Corp. | 215,025 | 20,111 | |||||||||
52,138 | |||||||||||
Manufactured Homes 2.0% | |||||||||||
Equity LifeStyle Properties, Inc. | 143,385 | 11,416 | |||||||||
Office 11.9% | |||||||||||
Boston Properties, Inc. | 135,609 | 18,854 | |||||||||
Corporate Office Properties Trust | 227,275 | 7,748 | |||||||||
Douglas Emmett, Inc. | 199,000 | 8,028 | |||||||||
Highwoods Properties, Inc. | 216,800 | 11,380 | |||||||||
Kilroy Realty Corp. | 103,350 | 7,973 | |||||||||
SL Green Realty Corp. | 119,475 | 13,462 | |||||||||
67,445 | |||||||||||
Real Estate Management & Development 2.0% | |||||||||||
Brookfield Asset Management, Inc. Class A | 311,940 | 11,258 | |||||||||
Regional Malls 10.2% | |||||||||||
GGP, Inc. | 538,757 | 13,394 | |||||||||
Pennsylvania REIT | 283,225 | 4,673 | |||||||||
Simon Property Group, Inc. | 217,198 | 40,051 | |||||||||
58,118 | |||||||||||
Self Storage 6.2% | |||||||||||
Extra Space Storage, Inc. | 150,515 | 11,919 | |||||||||
Public Storage | 102,325 | 23,275 | |||||||||
35,194 |
Number of Shares | Value (000's) | ||||||||||
Shopping Centers 6.4% | |||||||||||
Federal Realty Investment Trust | 53,900 | $ | 7,585 | ||||||||
Kimco Realty Corp. | 509,795 | 12,363 | |||||||||
Kite Realty Group Trust | 214,450 | 4,857 | |||||||||
Regency Centers Corp. | 161,007 | 11,327 | |||||||||
36,132 | |||||||||||
Single Family Homes 4.3% | |||||||||||
American Homes 4 Rent Class A | 341,175 | 8,110 | |||||||||
Colony Starwood Homes | 251,900 | 8,287 | |||||||||
Invitation Homes, Inc.* | 364,525 | 7,943 | |||||||||
24,340 | |||||||||||
Specialty 1.5% | |||||||||||
EPR Properties | 107,550 | 8,277 | |||||||||
Timber 3.9% | |||||||||||
Weyerhaeuser Co. | 656,399 | 22,134 | |||||||||
Total Common Stocks (Cost $517,833) | 559,701 | ||||||||||
Short-Term Investment 0.6% | |||||||||||
Investment Company 0.6% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(a) (Cost $3,336) | 3,336,377 | 3,336 | |||||||||
Total Investments 99.2% (Cost $521,169) | 563,037 | ||||||||||
Other Assets Less Liabilities 0.8% | 4,434 | ||||||||||
Net Assets 100.0% | $ | 567,471 |
See Notes to Financial Statements
105
Schedule of Investments Real Estate Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 559,701 | $ | — | $ | — | $ | 559,701 | |||||||||
Short-Term Investment | — | 3,336 | — | 3,336 | |||||||||||||
Total Investments | $ | 559,701 | $ | 3,336 | $ | — | $ | 563,037 |
(a) The Schedule of Investments provides information on the sector categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
106
Schedule of Investments Small Cap Growth Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 91.5% | |||||||||||
Aerospace & Defense 3.2% | |||||||||||
HEICO Corp. Class A | 16,000 | $ | 1,135 | ||||||||
KLX, Inc.* | 21,500 | 1,083 | |||||||||
2,218 | |||||||||||
Auto Components 2.1% | |||||||||||
Dorman Products, Inc.* | 11,000 | 860 | |||||||||
LCI Industries | 5,500 | 592 | |||||||||
1,452 | |||||||||||
Banks 4.3% | |||||||||||
BNC Bancorp | 29,000 | 1,042 | |||||||||
Seacoast Banking Corp. of Florida* | 48,500 | 1,127 | |||||||||
Webster Financial Corp. | 15,000 | 824 | |||||||||
2,993 | |||||||||||
Beverages 0.7% | |||||||||||
MGP Ingredients, Inc. | 11,000 | 487 | |||||||||
Biotechnology 9.0% | |||||||||||
ACADIA Pharmaceuticals, Inc.* | 17,885 | 682 | |||||||||
Agenus, Inc.* | 72,500 | 307 | |||||||||
Exelixis, Inc.* | 9,000 | 194 | |||||||||
Fate Therapeutics, Inc.* | 78,600 | 337 | |||||||||
Ignyta, Inc.* | 50,000 | 440 | |||||||||
Loxo Oncology, Inc.* | 10,000 | 444 | |||||||||
Neurocrine Biosciences, Inc.* | 25,000 | 1,104 | |||||||||
PTC Therapeutics, Inc.* | 5,500 | 75 | |||||||||
Puma Biotechnology, Inc.* | 3,000 | 110 | |||||||||
Sage Therapeutics, Inc.* | 9,000 | 607 | |||||||||
Spark Therapeutics, Inc.* | 4,000 | 255 | |||||||||
Sunesis Pharmaceuticals, Inc.* | 140,555 | 592 | |||||||||
TESARO, Inc.* | 5,000 | 942 | |||||||||
Xenon Pharmaceuticals, Inc.* | 15,600 | 125 | |||||||||
6,214 |
Number of Shares | Value (000's) | ||||||||||
Building Products 0.8% | |||||||||||
Gibraltar Industries, Inc.* | 14,000 | $ | 580 | ||||||||
Capital Markets 1.6% | |||||||||||
MarketAxess Holdings, Inc. | 5,500 | 1,074 | |||||||||
Chemicals 2.3% | |||||||||||
GCP Applied Technologies, Inc.* | 10,000 | 263 | |||||||||
Sensient Technologies Corp. | 17,000 | 1,359 | |||||||||
1,622 | |||||||||||
Commercial Services & Supplies 1.7% | |||||||||||
Healthcare Services Group, Inc. | 28,000 | 1,159 | |||||||||
Communications Equipment 1.7% | |||||||||||
Finisar Corp.* | 10,000 | 335 | |||||||||
Lumentum Holdings, Inc.* | 18,000 | 826 | |||||||||
1,161 | |||||||||||
Containers & Packaging 0.9% | |||||||||||
Greif, Inc. Class A | 11,000 | 627 | |||||||||
Diversified Consumer Services 1.5% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 15,000 | 1,037 | |||||||||
Electrical Equipment 0.9% | |||||||||||
Generac Holdings, Inc.* | 16,000 | 625 | |||||||||
Energy Equipment & Services 0.5% | |||||||||||
U.S. Silica Holdings, Inc. | 7,500 | 379 | |||||||||
Equity Real Estate Investment Trusts 0.6% | |||||||||||
CyrusOne, Inc. | 7,500 | 382 | |||||||||
Health Care Equipment & Supplies 11.8% | |||||||||||
ABIOMED, Inc.* | 7,000 | 826 | |||||||||
Cardiovascular Systems, Inc.* | 34,000 | 966 | |||||||||
iRhythm Technologies, Inc.* | 6,000 | 231 | |||||||||
K2M Group Holdings, Inc.* | 37,500 | 752 | |||||||||
Nevro Corp.* | 10,000 | 960 | |||||||||
NuVasive, Inc.* | 21,000 | 1,570 | |||||||||
Oxford Immunotec Global PLC* | 51,257 | 692 | |||||||||
Penumbra, Inc.* | 4,500 | 346 | |||||||||
Wright Medical Group NV* | 54,000 | 1,505 |
Number of Shares | Value (000's) | ||||||||||
Zosano Pharma Corp.* | 100,000 | $ | 268 | ||||||||
8,116 | |||||||||||
Health Care Providers & Services 1.1% | |||||||||||
Acadia Healthcare Co., Inc.* | 17,000 | 760 | |||||||||
Hotels, Restaurants & Leisure 4.1% | |||||||||||
Cheesecake Factory, Inc. | 8,000 | 488 | |||||||||
Red Rock Resorts, Inc. Class A | 34,500 | 758 | |||||||||
Texas Roadhouse, Inc. | 12,000 | 508 | |||||||||
Vail Resorts, Inc. | 6,000 | 1,087 | |||||||||
2,841 | |||||||||||
Household Durables 0.9% | |||||||||||
Cavco Industries, Inc.* | 5,000 | 596 | |||||||||
Insurance 1.2% | |||||||||||
Primerica, Inc. | 10,000 | 808 | |||||||||
Internet Software & Services 2.8% | |||||||||||
Q2 Holdings, Inc.* | 22,500 | 809 | |||||||||
Wix.com Ltd.* | 18,000 | 1,121 | |||||||||
1,930 | |||||||||||
IT Services 1.1% | |||||||||||
Euronet Worldwide, Inc.* | 9,000 | 745 | |||||||||
Life Sciences Tools & Services 1.6% | |||||||||||
PRA Health Sciences, Inc.* | 18,500 | 1,092 | |||||||||
Machinery 3.5% | |||||||||||
Colfax Corp.* | 13,000 | 495 | |||||||||
John Bean Technologies Corp. | 10,000 | 894 | |||||||||
Kennametal Inc. | 14,000 | 519 | |||||||||
Milacron Holdings Corp.* | 28,000 | 508 | |||||||||
2,416 | |||||||||||
Marine 0.7% | |||||||||||
Kirby Corp.* | 7,500 | 519 | |||||||||
Media 1.1% | |||||||||||
Cable One, Inc. | 1,250 | 782 | |||||||||
Multiline Retail 1.0% | |||||||||||
Ollie's Bargain Outlet Holdings, Inc.* | 23,000 | 721 | |||||||||
Oil, Gas & Consumable Fuels 1.8% | |||||||||||
Jagged Peak Energy, Inc.* | 46,500 | 640 | |||||||||
Matador Resources Co.* | 25,000 | 602 | |||||||||
1,242 |
See Notes to Financial Statements
107
Schedule of Investments Small Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Pharmaceuticals 1.3% | |||||||||||
Clearside Biomedical, Inc.* | 57,500 | $ | 451 | ||||||||
GW Pharmaceuticals PLC ADR* | 2,200 | 275 | |||||||||
Pacira Pharmaceuticals, Inc.* | 4,000 | 175 | |||||||||
901 | |||||||||||
Professional Services 2.0% | |||||||||||
WageWorks, Inc.* | 17,500 | 1,347 | |||||||||
Road & Rail 1.5% | |||||||||||
Genesee & Wyoming, Inc. Class A* | 14,000 | 1,038 | |||||||||
Semiconductors & Semiconductor Equipment 6.2% | |||||||||||
Inphi Corp.* | 23,000 | 1,080 | |||||||||
MACOM Technology Solutions Holdings, Inc.* | 27,500 | 1,267 | |||||||||
Microsemi Corp.* | 13,000 | 674 | |||||||||
Monolithic Power Systems, Inc. | 14,500 | 1,275 | |||||||||
4,296 |
Number of Shares | Value (000's) | ||||||||||
Software 10.7% | |||||||||||
Descartes Systems Group, Inc.* | 43,500 | $ | 916 | ||||||||
Ellie Mae, Inc.* | 6,500 | 621 | |||||||||
Gigamon, Inc.* | 20,000 | 681 | |||||||||
Guidewire Software, Inc.* | 6,500 | 355 | |||||||||
Proofpoint, Inc.* | 20,000 | 1,575 | |||||||||
Take-Two Interactive Software, Inc.* | 31,500 | 1,795 | |||||||||
Tyler Technologies, Inc.* | 2,250 | 341 | |||||||||
Ultimate Software Group, Inc.* | 5,500 | 1,064 | |||||||||
7,348 | |||||||||||
Specialty Retail 2.5% | |||||||||||
Burlington Stores, Inc.* | 10,000 | 890 | |||||||||
Five Below, Inc.* | 21,000 | 810 | |||||||||
1,700 | |||||||||||
Tobacco 0.6% | |||||||||||
Turning Point Brands, Inc.* | 30,000 | 395 |
Number of Shares | Value (000's) | ||||||||||
Trading Companies & Distributors 2.2% | |||||||||||
Air Lease Corp. | 20,000 | $ | 779 | ||||||||
H&E Equipment Services, Inc. | 27,000 | 708 | |||||||||
1,487 | |||||||||||
Total Common Stocks (Cost $53,536) | 63,090 | ||||||||||
Short-Term Investment 7.0% | |||||||||||
Investment Company 7.0% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.46%(a) (Cost $4,780) | 4,779,853 | 4,780 | |||||||||
Total Investments 98.5% (Cost $58,316) | 67,870 | ||||||||||
Other Assets Less Liabilities 1.5% | 1,059 | ||||||||||
Net Assets 100.0% | $ | 68,929 |
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 63,090 | $ | — | $ | — | $ | 63,090 | |||||||||
Short-Term Investment | — | 4,780 | — | 4,780 | |||||||||||||
Total Investments | $ | 63,090 | $ | 4,780 | $ | — | $ | 67,870 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
108
Schedule of Investments Socially Responsive Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.1% | |||||||||||
Airlines 2.2% | |||||||||||
Ryanair Holdings PLC ADR* | 613,209 | $ | 50,130 | ||||||||
Auto Components 2.8% | |||||||||||
Delphi Automotive PLC | 854,742 | 65,072 | |||||||||
Banks 5.4% | |||||||||||
JPMorgan Chase & Co. | 651,421 | 59,032 | |||||||||
U.S. Bancorp | 1,204,578 | 66,252 | |||||||||
125,284 | |||||||||||
Capital Markets 2.9% | |||||||||||
Intercontinental Exchange, Inc. | 1,176,961 | 67,240 | |||||||||
Communications Equipment 3.4% | |||||||||||
Motorola Solutions, Inc. | 475,820 | 37,576 | |||||||||
NetScout Systems, Inc.* | 1,155,410 | 42,692 | |||||||||
80,268 | |||||||||||
Consumer Finance 2.7% | |||||||||||
American Express Co. | 798,435 | 63,923 | |||||||||
Electric Utilities 1.7% | |||||||||||
Eversource Energy | 660,850 | 38,765 | |||||||||
Energy Equipment & Services 2.7% | |||||||||||
Schlumberger Ltd. | 771,031 | 61,960 | |||||||||
Equity Real Estate Investment Trusts 2.4% | |||||||||||
Weyerhaeuser Co. | 1,674,253 | 56,456 | |||||||||
Food & Staples Retailing 2.1% | |||||||||||
Kroger Co. | 1,517,286 | 48,250 | |||||||||
Health Care Equipment & Supplies 9.3% | |||||||||||
Becton, Dickinson & Co. | 500,848 | 91,680 | |||||||||
Danaher Corp. | 816,970 | 69,892 | |||||||||
Medtronic PLC | 697,756 | 56,455 | |||||||||
218,027 | |||||||||||
Health Care Providers & Services 5.0% | |||||||||||
Amerisource Bergen Corp. | 901,040 | 82,454 | |||||||||
Premier, Inc. Class A* | 1,125,914 | 35,388 | |||||||||
117,842 |
Number of Shares | Value (000's) | ||||||||||
Household Durables 3.9% | |||||||||||
Newell Brands, Inc. | 1,856,625 | $ | 91,030 | ||||||||
Industrial Conglomerates 2.1% | |||||||||||
3M Co. | 256,756 | 47,846 | |||||||||
Insurance 4.7% | |||||||||||
Progressive Corp. | 2,774,917 | 108,721 | |||||||||
Internet Software & Services 5.6% | |||||||||||
Alphabet, Inc. Class A* | 69,916 | 59,074 | |||||||||
eBay, Inc.* | 2,124,822 | 72,032 | |||||||||
131,106 | |||||||||||
IT Services 5.3% | |||||||||||
Alliance Data Systems Corp. | 142,983 | 34,742 | |||||||||
Cognizant Technology Solutions Corp. Class A* | 756,989 | 44,867 | |||||||||
MasterCard, Inc. Class A | 408,992 | 45,177 | |||||||||
124,786 | |||||||||||
Media 2.5% | |||||||||||
Comcast Corp. Class A | 1,566,925 | 58,634 | |||||||||
Oil, Gas & Consumable Fuels 6.1% | |||||||||||
Cimarex Energy Co. | 245,596 | 30,876 | |||||||||
EQT Corp. | 732,483 | 43,869 | |||||||||
Noble Energy, Inc. | 1,872,151 | 68,165 | |||||||||
142,910 | |||||||||||
Personal Products 3.8% | |||||||||||
Unilever NV | 1,855,827 | 87,836 | |||||||||
Pharmaceuticals 2.1% | |||||||||||
Roche Holding AG | 204,012 | 49,706 | |||||||||
Professional Services 3.6% | |||||||||||
Manpower Group, Inc. | 407,996 | 39,592 | |||||||||
Robert Half International, Inc. | 931,883 | 44,954 | |||||||||
84,546 | |||||||||||
Road & Rail 2.0% | |||||||||||
J.B. Hunt Transport Services, Inc. | 475,305 | 46,661 |
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 4.8% | |||||||||||
Texas Instruments, Inc. | 1,471,709 | $ | 112,762 | ||||||||
Software 3.0% | |||||||||||
Intuit, Inc. | 560,731 | 70,338 | |||||||||
Specialty Chemicals 2.4% | |||||||||||
Novozymes A/S B Shares | 1,447,822 | 55,690 | |||||||||
Textiles, Apparel & Luxury Goods 1.3% | |||||||||||
Gildan Activewear, Inc. | 1,159,262 | 29,422 | |||||||||
Trading Companies & Distributors 3.3% | |||||||||||
W.W. Grainger, Inc. | 315,161 | 78,147 | |||||||||
Total Common Stocks (Cost $1,669,769) | 2,313,358 | ||||||||||
Principal Amount | |||||||||||
Short-Term Investments 1.0% | |||||||||||
Certificates of Deposit 0.0% | |||||||||||
Carver Federal Savings Bank Self Help Credit Union, 0.20%, due 3/23/17 | $ | 100,000 | 100 | ||||||||
Self Help Credit Union, 0.25%, due 4/3/17 | 250,000 | 250 | |||||||||
Self Help Credit Union, 0.25%, due 5/16/17 | 250,000 | 250 | |||||||||
600 | |||||||||||
Number of Shares | |||||||||||
Investment Company 1.0% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(a) | 23,507,375 | 23,507 | |||||||||
Total Short-Term Investments (Cost $24,107) | 24,107 | ||||||||||
Total Investments 100.1% (Cost $1,693,876) | 2,337,465 | ||||||||||
Other Assets Less Liabilities (0.1)% | (1,872 | ) | |||||||||
Net Assets 100.0% | $ | 2,335,593 |
See Notes to Financial Statements
109
Schedule of Investments Socially Responsive Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 2,313,358 | $ | — | $ | — | $ | 2,313,358 | |||||||||
Short-Term Investments(a) | — | 24,107 | — | 24,107 | |||||||||||||
Total Investments | $ | 2,313,358 | $ | 24,107 | $ | — | $ | 2,337,465 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
110
Schedule of Investments Value Fund (Unaudited) February 28, 2017
Number of Shares | Value (000's) | ||||||||||
Common Stocks 91.0% | |||||||||||
Airlines 1.2% | |||||||||||
Delta Air Lines, Inc. | 4,383 | $ | 219 | ||||||||
Banks 21.6% | |||||||||||
Bank of America Corp. | 15,011 | 370 | |||||||||
BB&T Corp. | 3,937 | 190 | |||||||||
Citigroup, Inc. | 12,718 | 761 | |||||||||
Commerce Bancshares, Inc. | 1,005 | 59 | |||||||||
JPMorgan Chase & Co. | 9,988 | 905 | |||||||||
KeyCorp | 5,995 | 113 | |||||||||
M&T Bank Corp. | 2,241 | 374 | |||||||||
PNC Financial Services Group, Inc. | 3,807 | 484 | |||||||||
SunTrust Banks, Inc. | 3,154 | 188 | |||||||||
Synovus Financial Corp. | 1,418 | 60 | |||||||||
U.S. Bancorp | 3,403 | 187 | |||||||||
Wells Fargo & Co. | 6,320 | 366 | |||||||||
4,057 | |||||||||||
Beverages 0.5% | |||||||||||
Coca-Cola Co. | 2,314 | 97 | |||||||||
Biotechnology 0.1% | |||||||||||
Celgene Corp.* | 156 | 19 | |||||||||
Capital Markets 7.4% | |||||||||||
Bank of New York Mellon Corp. | 13,502 | 636 | |||||||||
CME Group, Inc. | 2,578 | 313 | |||||||||
Goldman Sachs Group, Inc. | 1,780 | 442 | |||||||||
1,391 | |||||||||||
Communications Equipment 1.0% | |||||||||||
Cisco Systems, Inc. | 5,550 | 190 | |||||||||
Containers & Packaging 0.6% | |||||||||||
Crown Holdings, Inc.* | 1,193 | 64 | |||||||||
Sealed Air Corp. | 1,149 | 53 | |||||||||
117 | |||||||||||
Diversified Telecommunication Services 2.4% | |||||||||||
AT&T, Inc. | 5,027 | 210 | |||||||||
Verizon Communications, Inc. | 4,962 | 246 | |||||||||
456 | |||||||||||
Electric Utilities 2.8% | |||||||||||
American Electric Power Co., Inc. | 2,063 | 138 | |||||||||
Exelon Corp. | 10,640 | 391 | |||||||||
529 |
Number of Shares | Value (000's) | ||||||||||
Electrical Equipment 3.1% | |||||||||||
Eaton Corp. PLC | 8,063 | $ | 580 | ||||||||
Energy Equipment & Services 1.5% | |||||||||||
Schlumberger Ltd. | 3,489 | 280 | |||||||||
Food & Staples Retailing 3.0% | |||||||||||
Wal-Mart Stores, Inc. | 6,820 | 484 | |||||||||
Whole Foods Market, Inc. | 2,705 | 83 | |||||||||
567 | |||||||||||
Health Care Equipment & Supplies 2.9% | |||||||||||
Abbott Laboratories | 2,397 | 108 | |||||||||
Danaher Corp. | 887 | 76 | |||||||||
Medtronic PLC | 2,056 | 167 | |||||||||
Zimmer Biomet Holdings, Inc. | 1,582 | 185 | |||||||||
536 | |||||||||||
Health Care Providers & Services 0.2% | |||||||||||
Tenet Healthcare Corp.* | 1,713 | 33 | |||||||||
Hotels, Restaurants & Leisure 5.4% | |||||||||||
Carnival Corp. | 13,436 | 752 | |||||||||
McDonald's Corp. | 1,966 | 251 | |||||||||
1,003 | |||||||||||
Household Products 3.2% | |||||||||||
Procter & Gamble Co. | 6,581 | 599 | |||||||||
Industrial Conglomerates 1.9% | |||||||||||
3M Co. | 101 | 19 | |||||||||
General Electric Co. | 11,006 | 328 | |||||||||
347 | |||||||||||
Insurance 3.5% | |||||||||||
Athene Holding Ltd. Class A* | 1,591 | 83 | |||||||||
Chubb Ltd. | 621 | 86 | |||||||||
Lincoln National Corp. | 5,222 | 366 | |||||||||
MetLife, Inc. | 2,309 | 121 | |||||||||
656 | |||||||||||
Machinery 4.7% | |||||||||||
Caterpillar, Inc. | 3,157 | 305 | |||||||||
Illinois Tool Works, Inc. | 713 | 94 | |||||||||
Joy Global, Inc. | 14,657 | 413 | |||||||||
WABCO Holdings, Inc.* | 648 | 73 | |||||||||
885 | |||||||||||
Media 0.2% | |||||||||||
Discovery Communications, Inc. Class C* | 1,338 | 38 |
Number of Shares | Value (000's) | ||||||||||
Metals & Mining 6.4% | |||||||||||
BHP Billiton Ltd. ADR | 10,419 | $ | 394 | ||||||||
Newmont Mining Corp. | 23,524 | 806 | |||||||||
1,200 | |||||||||||
Multiline Retail 0.9% | |||||||||||
Target Corp. | 2,958 | 174 | |||||||||
Oil, Gas & Consumable Fuels 7.3% | |||||||||||
Cabot Oil & Gas Corp. | 9,435 | 207 | |||||||||
EOG Resources, Inc. | 2,299 | 223 | |||||||||
Exxon Mobil Corp. | 9,746 | 792 | |||||||||
Kinder Morgan, Inc. | 3,506 | 75 | |||||||||
Phillips 66 | 823 | 64 | |||||||||
1,361 | |||||||||||
Pharmaceuticals 6.9% | |||||||||||
Johnson & Johnson | 2,913 | 356 | |||||||||
Merck & Co., Inc. | 6,464 | 426 | |||||||||
Pfizer, Inc. | 14,800 | 505 | |||||||||
1,287 | |||||||||||
Semiconductors & Semiconductor Equipment 0.6% | |||||||||||
NXP Semiconductors NV* | 1,176 | 121 | |||||||||
Technology Hardware, Storage & Peripherals 1.2% | |||||||||||
Western Digital Corp. | 2,894 | 222 | |||||||||
Textiles, Apparel & Luxury Goods 0.5% | |||||||||||
Ralph Lauren Corp. | 1,178 | 93 | |||||||||
Total Common Stocks (Cost $15,000) | 17,057 | ||||||||||
Short-Term Investment 9.8% | |||||||||||
Investment Company 9.8% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 0.42%(a) (Cost $1,836) | 1,836,088 | 1,836 | |||||||||
Total Investments 100.8% (Cost $16,836) | 18,893 | ||||||||||
Other Assets Less Liabilities (0.8)% | (155 | ) | |||||||||
Total Net Assets 100.0% | $ | 18,738 |
See Notes to Financial Statements
111
Schedule of Investments Value Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2017.
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 February 28, 2017:
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | |||||||||||||||||
Common Stocks(a) | $ | 17,057 | $ | — | $ | — | $ | 17,057 | |||||||||
Short-Term Investment | — | 1,836 | — | 1,836 | |||||||||||||
Total Investments | $ | 17,057 | $ | 1,836 | $ | — | $ | 18,893 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2017, no securities were transferred from one level (as of August 31, 2016) to another.
See Notes to Financial Statements
112
Statements of Assets and Liabilities (Unaudited)
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 | ||||||||||||||||||||||||||||||||||
February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 30,740 | $ | 556,128 | $ | 1,705,744 | $ | 728,801 | $ | 9,277,497 | $ | 4,270 | $ | 2,558 | $ | 87,443 | $ | 1,161,112 | $ | 1,516,621 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | 2,168,117 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
30,740 | 556,128 | 1,705,744 | 728,801 | 11,445,614 | 4,270 | 2,558 | 87,443 | 1,161,112 | 1,516,621 | ||||||||||||||||||||||||||||||||||
Cash | — | — | 151 | 2 | — | — | — | — | 171 | — | |||||||||||||||||||||||||||||||||
Foreign currency* | — | 126 | — | — | — | — | 25 | 263 | — | — | |||||||||||||||||||||||||||||||||
Cash collateral segregated for option contracts (Note A) | — | — | 8 | 28 | — | — | — | — | 7 | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 75 | 1,472 | 8,751 | 475 | 11,672 | 17 | 5 | — | 2,658 | 4,200 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | — | 2,490 | 13,724 | 2,745 | 9,036 | 7 | — | 3,778 | 1,525 | 2,360 | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 29 | 1,087 | 3,863 | 13 | 18,142 | 10 | — | 5 | 110 | 1,172 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | 22 | — | — | — | — | 22 | 24 | — | — | — | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 39 | 70 | 39 | 55 | 205 | 13 | 27 | 17 | 109 | 115 | |||||||||||||||||||||||||||||||||
Total Assets | 30,905 | 561,373 | 1,732,280 | 732,119 | 11,484,669 | 4,339 | 2,639 | 91,506 | 1,165,692 | 1,524,468 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Options contracts written, at value** (Note A) | — | — | 2,628 | 149 | — | — | — | — | 695 | — | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | — | 17 | — | — | — | — | — | 14 | |||||||||||||||||||||||||||||||||
Payable for securities purchased | — | 451 | 11,274 | 4,841 | 18,552 | — | — | 2,263 | — | — | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 5 | 157 | 1,914 | 437 | 19,658 | — | — | — | 383 | 1,141 | |||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 11 | 417 | 630 | 292 | 5,770 | 2 | 2 | 74 | 444 | 716 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | — | 28 | 530 | 160 | 1,727 | — | — | 5 | 238 | 237 | |||||||||||||||||||||||||||||||||
Payable to trustees | 1 | 1 | 1 | 1 | — | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||
Payable for organization costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 55 | 195 | 190 | 168 | 1,005 | 63 | 69 | 69 | 247 | 198 | |||||||||||||||||||||||||||||||||
Total Liabilities | 72 | 1,249 | 17,167 | 6,065 | 46,712 | 66 | 72 | 2,412 | 2,008 | 2,307 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 30,833 | $ | 560,124 | $ | 1,715,113 | $ | 726,054 | $ | 11,437,957 | $ | 4,273 | $ | 2,567 | $ | 89,094 | $ | 1,163,684 | $ | 1,522,161 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 26,360 | $ | 557,782 | $ | 1,403,158 | $ | 599,791 | $ | 5,590,092 | $ | 3,867 | $ | 2,554 | $ | 94,249 | $ | 961,503 | $ | 1,627,315 | |||||||||||||||||||||||
Undistributed net investment income (loss) | 75 | — | 2,082 | 198 | 5,887 | 3 | — | — | — | — | |||||||||||||||||||||||||||||||||
Distributions in excess of net investment income | — | (390 | ) | — | — | — | — | (40 | ) | (410 | ) | (655 | ) | (2,520 | ) | ||||||||||||||||||||||||||||
Accumulated net realized gains (losses) on investments | 277 | (63,962 | ) | 39,961 | 34,154 | 734,116 | (25 | ) | (7 | ) | (10,763 | ) | 30,700 | (210,373 | ) | ||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) in value of investments | 4,121 | 66,694 | 269,912 | 91,911 | 5,107,862 | 428 | 60 | 6,018 | 172,136 | 107,739 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 30,833 | $ | 560,124 | $ | 1,715,113 | $ | 726,054 | $ | 11,437,957 | $ | 4,273 | $ | 2,567 | $ | 89,094 | $ | 1,163,684 | $ | 1,522,161 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 644,387 | $ | 1,886,579 | $ | — | $ | — | $ | — | $ | 1,022,692 | $ | 101,273 | |||||||||||||||||||||||
Trust Class | — | — | — | 65,494 | 1,710,667 | — | — | — | 66,703 | 43,145 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 3,861 | 274,488 | — | — | — | 219 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 26,823 | 404,880 | 1,161,787 | 7,130 | 3,664,490 | 3,742 | 2,049 | 87,022 | 65,961 | 1,226,857 | |||||||||||||||||||||||||||||||||
Class A | 925 | 38,393 | 235,463 | 3,365 | — | 411 | 264 | 1,835 | 5,787 | 81,527 | |||||||||||||||||||||||||||||||||
Class C | 3,022 | 5,459 | 316,158 | 1,817 | — | 120 | 254 | 237 | 1,758 | 13,375 | |||||||||||||||||||||||||||||||||
Class R3 | — | 1,046 | 1,705 | — | — | — | — | — | 564 | — | |||||||||||||||||||||||||||||||||
Class R6 | 63 | 110,346 | — | — | 3,901,733 | — | — | — | — | 55,984 |
See Notes to Financial Statements
113
114
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
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 | ||||||||||||||||||||||||||||||||||
February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 25,272 | 55,690 | — | — | — | 64,363 | 4,836 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 4,410 | 27,590 | — | — | — | 6,739 | 1,843 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 648 | 11,892 | — | — | — | 17 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 2,181 | 24,310 | 90,936 | 279 | 62,385 | 550 | 202 | 7,338 | 4,143 | 110,200 | |||||||||||||||||||||||||||||||||
Class A | 75 | 2,317 | 18,500 | 230 | — | 61 | 26 | 154 | 594 | 3,507 | |||||||||||||||||||||||||||||||||
Class C | 246 | 341 | 25,015 | 326 | — | 19 | 25 | 20 | 144 | 588 | |||||||||||||||||||||||||||||||||
Class R3 | — | 64 | 134 | — | — | — | — | — | 45 | — | |||||||||||||||||||||||||||||||||
Class R6 | 5 | 6,623 | — | — | 66,435 | — | — | — | — | 4,984 | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 25.50 | $ | 33.88 | $ | — | $ | — | $ | — | $ | 15.89 | $ | 20.94 | |||||||||||||||||||||||
Trust Class | — | — | — | 14.85 | 62.00 | — | — | — | 9.90 | 23.41 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 5.96 | 23.08 | — | — | — | 12.70 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 12.30 | 16.65 | 12.78 | 25.53 | 58.74 | 6.81 | 10.14 | 11.86 | 15.92 | 11.13 | |||||||||||||||||||||||||||||||||
Class R3 | — | 16.24 | 12.70 | — | — | — | — | — | 12.61 | — | |||||||||||||||||||||||||||||||||
Class R6 | 12.31 | 16.66 | — | — | 58.73 | — | — | — | — | 11.23 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 12.33 | $ | 16.57 | $ | 12.73 | $ | 14.66 | $ | — | $ | 6.74 | $ | 10.14 | $ | 11.89 | $ | 9.74 | $ | 23.25 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 13.08 | $ | 17.58 | $ | 13.51 | $ | 15.55 | $ | — | $ | 7.15 | $ | 10.76 | $ | 12.62 | $ | 10.33 | $ | 24.67 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 12.31 | $ | 15.99 | $ | 12.64 | $ | 5.57 | $ | — | $ | 6.44 | $ | 10.12 | $ | 11.61 | $ | 12.18 | $ | 22.74 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 26,619 | $ | 489,496 | $ | 1,434,208 | $ | 637,056 | $ | 5,001,495 | $ | 3,840 | $ | 2,498 | $ | 81,425 | $ | 989,265 | $ | 1,408,625 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | 1,336,257 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 26,619 | $ | 489,496 | $ | 1,434,208 | $ | 637,056 | $ | 6,337,752 | $ | 3,840 | $ | 2,498 | $ | 81,425 | $ | 989,265 | $ | 1,408,625 | |||||||||||||||||||||||
Total cost of foreign currency | $ | — | $ | 126 | $ | — | $ | — | $ | — | $ | — | $ | 25 | $ | 263 | $ | — | $ | — | |||||||||||||||||||||||
**Premium received from option contracts written | $ | — | $ | — | $ | 1,008 | $ | 315 | $ | — | $ | — | $ | — | $ | — | $ | 1,028 | $ | — |
‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.
^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See Notes to Financial Statements
115
116
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 230,366 | $ | 1,109 | $ | 718,260 | $ | 1,502,566 | $ | 1,124,440 | $ | 93,009 | $ | 1,866,593 | $ | 563,037 | $ | 67,870 | $ | 2,337,465 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
230,366 | 1,109 | 718,260 | 1,502,566 | 1,124,440 | 93,009 | 1,866,593 | 563,037 | 67,870 | 2,337,465 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency* | 1 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Cash collateral segregated for option contracts (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 707 | 1 | 348 | 2,988 | 745 | 61 | 2,663 | 577 | 24 | 4,285 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | 295 | — | 11,945 | 37,292 | 3,760 | 1,365 | — | 5,474 | 2,297 | 7,589 | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 106 | — | 926 | 167 | 748 | 18 | 702 | 541 | 200 | 3,595 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | — | 32 | — | — | — | — | — | — | 18 | — | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 44 | 69 | 32 | 102 | 69 | 30 | 62 | 51 | 39 | 82 | |||||||||||||||||||||||||||||||||
Total Assets | 231,519 | 1,211 | 731,511 | 1,543,115 | 1,129,762 | 94,483 | 1,870,020 | 569,680 | 70,448 | 2,353,016 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Options contracts written, at value** (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | — | — | 5,659 | 54,811 | 1,660 | — | 1,935 | 456 | 1,397 | 11,878 | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | — | — | 1,231 | 819 | 2,423 | 240 | 1,200 | 1,212 | 3 | 3,920 | |||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 98 | 1 | 445 | 560 | 434 | 26 | 748 | 344 | 45 | 830 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | 22 | — | 65 | 353 | 206 | 30 | 265 | 62 | — | 475 | |||||||||||||||||||||||||||||||||
Payable to trustees | 1 | 9 | 1 | 2 | 1 | 1 | 1 | 1 | 3 | 1 | |||||||||||||||||||||||||||||||||
Payable for organization costs | — | 21 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 88 | 54 | 86 | 259 | 201 | 52 | 242 | 134 | 71 | 319 | |||||||||||||||||||||||||||||||||
Total Liabilities | 209 | 85 | 7,487 | 56,804 | 4,925 | 349 | 4,391 | 2,209 | 1,519 | 17,423 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 231,310 | $ | 1,126 | $ | 724,024 | $ | 1,486,311 | $ | 1,124,837 | $ | 94,134 | $ | 1,865,629 | $ | 567,471 | $ | 68,929 | $ | 2,335,593 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 239,285 | $ | 1,031 | $ | 598,084 | $ | 1,259,377 | $ | 841,911 | $ | 76,843 | $ | 1,181,272 | $ | 503,088 | $ | 66,486 | $ | 1,646,660 | |||||||||||||||||||||||
Undistributed net investment income (loss) | — | (2 | ) | (1,508 | ) | 8,355 | (2,987 | ) | 40 | 1,869 | — | (627 | ) | 3,939 | |||||||||||||||||||||||||||||
Distributions in excess of net investment income | (953 | ) | — | — | — | — | — | — | (3,482 | ) | — | — | |||||||||||||||||||||||||||||||
Accumulated net realized gains (losses) on investments | (29,248 | ) | 4 | 25,985 | 822 | 23,709 | 261 | 52,251 | 25,997 | (6,484 | ) | 41,475 | |||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) in value of investments | 22,226 | 93 | 101,463 | 217,757 | 262,204 | 16,990 | 630,237 | 41,868 | 9,554 | 643,519 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 231,310 | $ | 1,126 | $ | 724,024 | $ | 1,486,311 | $ | 1,124,837 | $ | 94,134 | $ | 1,865,629 | $ | 567,471 | $ | 68,929 | $ | 2,335,593 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 1,160,732 | $ | 431,275 | $ | 40,373 | $ | — | $ | — | $ | 46,692 | $ | 740,750 | |||||||||||||||||||||||
Trust Class | 7,557 | — | — | 80,393 | 65,962 | 11,326 | — | 172,736 | 4,027 | 251,148 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 154,854 | 11,600 | — | — | — | 1,892 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 212,061 | 689 | 655,033 | 84,491 | 301,085 | 25,687 | 1,754,785 | 207,850 | 10,017 | 807,169 | |||||||||||||||||||||||||||||||||
Class A | 4,217 | 109 | 45,056 | 3,228 | 66,380 | 12,555 | 69,717 | 99,223 | 3,612 | 122,559 | |||||||||||||||||||||||||||||||||
Class C | 2,986 | 109 | 23,935 | 2,521 | 9,925 | 2,697 | 41,127 | 22,026 | 1,789 | 55,568 | |||||||||||||||||||||||||||||||||
Class R3 | 4,489 | — | — | 92 | 14,385 | 1,496 | — | 21,837 | 900 | 35,507 | |||||||||||||||||||||||||||||||||
Class R6 | — | 219 | — | — | 224,225 | — | — | 43,799 | — | 322,892 |
See Notes to Financial Statements
117
118
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | February 28, 2017 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 37,774 | 32,539 | 1,825 | — | — | 1,550 | 20,395 | |||||||||||||||||||||||||||||||||
Trust Class | 698 | — | — | 4,099 | 2,815 | 623 | — | 13,115 | 123 | 12,095 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 10,794 | 488 | — | — | — | 91 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 19,655 | 63 | 42,609 | 2,731 | 22,122 | 1,161 | 99,149 | 15,729 | 324 | 22,213 | |||||||||||||||||||||||||||||||||
Class A | 393 | 10 | 3,010 | 165 | 2,845 | 691 | 3,961 | 7,536 | 110 | 5,974 | |||||||||||||||||||||||||||||||||
Class C | 281 | 10 | 1,691 | 186 | 433 | 152 | 2,419 | 1,672 | 89 | 2,787 | |||||||||||||||||||||||||||||||||
Class R3 | 421 | — | — | 6 | 606 | 83 | — | 1,661 | 43 | 1,751 | |||||||||||||||||||||||||||||||||
Class R6 | — | 20 | — | — | 16,415 | — | — | 3,316 | — | 8,883 | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 30.73 | $ | 13.25 | $ | 22.13 | $ | — | $ | — | $ | 30.12 | $ | 36.32 | |||||||||||||||||||||||
Trust Class | 10.82 | — | — | 19.61 | 23.43 | 18.19 | — | 13.17 | 32.63 | 20.76 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 14.35 | 23.77 | — | — | — | 20.87 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 10.79 | 10.94 | 15.37 | 30.94 | 13.61 | 22.13 | 17.70 | 13.21 | 30.93 | 36.34 | |||||||||||||||||||||||||||||||||
Class R3 | 10.66 | — | — | 14.59 | 23.73 | 18.13 | — | 13.14 | 20.93 | 20.27 | |||||||||||||||||||||||||||||||||
Class R6 | — | 10.95 | — | — | 13.66 | — | — | 13.21 | — | 36.35 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 10.74 | $ | 10.93 | $ | 14.97 | $ | 19.57 | $ | 23.33 | $ | 18.16 | $ | 17.60 | $ | 13.17 | �� | $ | 32.96 | $ | 20.52 | ||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 11.40 | $ | 11.60 | $ | 15.88 | $ | 20.76 | $ | 24.75 | $ | 19.27 | $ | 18.67 | $ | 13.97 | $ | 34.97 | $ | 21.77 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 10.63 | $ | 10.92 | $ | 14.15 | $ | 13.55 | $ | 22.91 | $ | 17.77 | $ | 17.00 | $ | 13.18 | $ | 20.07 | $ | 19.94 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 208,101 | $ | 1,016 | $ | 616,797 | $ | 1,284,809 | $ | 862,236 | $ | 76,019 | $ | 1,236,356 | $ | 521,169 | $ | 58,316 | $ | 1,693,876 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 208,101 | $ | 1,016 | $ | 616,797 | $ | 1,284,809 | $ | 862,236 | $ | 76,019 | $ | 1,236,356 | $ | 521,169 | $ | 58,316 | $ | 1,693,876 | |||||||||||||||||||||||
Total cost of foreign currency | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
**Premium received from option contracts written | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.
^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See Notes to Financial Statements
119
120
Statements of Assets and Liabilities (Unaudited)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
VALUE FUND | |||||||
February 28, 2017 | |||||||
Assets | |||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||
Unaffiliated issuers | $ | 18,893 | |||||
Affiliated issuers | — | ||||||
18,893 | |||||||
Cash | — | ||||||
Foreign currency* | — | ||||||
Cash collateral segregated for option contracts (Note A) | — | ||||||
Dividends and interest receivable | 38 | ||||||
Receivable for securities sold | 487 | ||||||
Receivable for Fund shares sold | — | ||||||
Receivable from Management—net (Note B) | 14 | ||||||
Prepaid expenses and other assets | 29 | ||||||
Total Assets | 19,461 | ||||||
Liabilities | |||||||
Options contracts written, at value** (Note A) | — | ||||||
Due to custodian | — | ||||||
Payable for securities purchased | 672 | ||||||
Payable for Fund shares redeemed | 2 | ||||||
Payable to investment manager—net (Note B) | 8 | ||||||
Payable to administrator—net (Note B) | — | ||||||
Payable to trustees | 1 | ||||||
Payable for organization costs | — | ||||||
Accrued expenses and other payables | 40 | ||||||
Total Liabilities | 723 | ||||||
Net Assets | $ | 18,738 | |||||
Net Assets consist of: | |||||||
Paid-in capital | $ | 16,319 | |||||
Undistributed net investment income (loss) | 132 | ||||||
Distributions in excess of net investment income | — | ||||||
Accumulated net realized gains (losses) on investments | 230 | ||||||
Net unrealized appreciation (depreciation) in value of investments | 2,057 | ||||||
Net Assets | $ | 18,738 | |||||
Net Assets | |||||||
Investor Class | $ | — | |||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 10,587 | ||||||
Class A | 4,675 | ||||||
Class C | 3,476 | ||||||
Class R3 | — | ||||||
Class R6 | — |
See Notes to Financial Statements
121
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
VALUE FUND | |||||||
February 28, 2017 | |||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 602 | ||||||
Class A | 267 | ||||||
Class C | 203 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Net Asset Value, offering and redemption price per share | |||||||
Investor Class | $ | — | |||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 17.60 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Net Asset Value and redemption price per share | |||||||
Class A | $ | 17.51 | |||||
Offering Price per share | |||||||
Class A‡ | $ | 18.58 | |||||
Net Asset Value and offering price per share | |||||||
Class C^ | $ | 17.09 | |||||
*Cost of Investments: | |||||||
Unaffiliated issuers | $ | 16,836 | |||||
Affiliated issuers | — | ||||||
Total cost of investments | $ | 16,836 | |||||
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
122
Statements of Operations (Unaudited)
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 Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 302 | $ | 3,569 | $ | 25,545 | $ | 3,669 | $ | 54,360 | $ | 27 | $ | 33 | $ | 284 | $ | 9,222 | $ | 9,267 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | 12,628 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 3 | 37 | 1,437 | 64 | 264 | — | — | 1 | 44 | 108 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (1 | ) | (462 | ) | (283 | ) | (11 | ) | (613 | ) | (1 | ) | (2 | ) | (13 | ) | (192 | ) | (793 | ) | |||||||||||||||||||||||
Total income | $ | 304 | $ | 3,144 | $ | 26,699 | $ | 3,722 | $ | 66,639 | $ | 26 | $ | 31 | $ | 272 | $ | 9,074 | $ | 8,582 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 60 | 2,338 | 3,991 | 1,847 | 35,613 | 14 | 11 | 475 | 2,817 | 5,810 | |||||||||||||||||||||||||||||||||
Administration fees (Note B) | 7 | 142 | 494 | 211 | 3,230 | 1 | 1 | 26 | 334 | 440 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 619 | 1,778 | — | — | — | 977 | 100 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 113 | 2,862 | — | — | — | 113 | 76 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 6 | 446 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 10 | 150 | 489 | 3 | 1,581 | 2 | 1 | 38 | 28 | 526 | |||||||||||||||||||||||||||||||||
Class A | — | 30 | 235 | 3 | — | — | — | 2 | 6 | 90 | |||||||||||||||||||||||||||||||||
Class C | 1 | 5 | 320 | 2 | — | — | — | — | 2 | 14 | |||||||||||||||||||||||||||||||||
Class R3 | — | 1 | 2 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 11 | — | — | 353 | — | — | — | — | 5 | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 33 | — | — | — | — | 33 | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 5 | 328 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class A | 1 | 37 | 294 | 4 | — | 1 | 1 | 2 | 7 | 113 | |||||||||||||||||||||||||||||||||
Class C | 5 | 26 | 1,601 | 10 | — | 1 | 1 | 1 | 11 | 69 | |||||||||||||||||||||||||||||||||
Class R3 | — | 3 | 6 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 202 | 581 | — | — | — | 392 | 57 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 1 | 10 | — | — | — | 1 | 2 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 32 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | — | 61 | 6 | — | 25 | — | — | 17 | — | 10 | |||||||||||||||||||||||||||||||||
Class A | — | 8 | 15 | 1 | — | — | — | 1 | 1 | 10 | |||||||||||||||||||||||||||||||||
Class C | — | — | 7 | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | 1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 3 | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Organization expense (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Audit fees | 20 | 30 | 33 | 30 | 33 | 29 | 28 | 28 | 31 | 31 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 25 | 318 | 161 | 99 | 716 | 28 | 24 | 54 | 134 | 236 | |||||||||||||||||||||||||||||||||
Insurance expense | — | 7 | 43 | 13 | 178 | — | — | 2 | 20 | 26 | |||||||||||||||||||||||||||||||||
Legal fees | 33 | 38 | 37 | 36 | 38 | 42 | 38 | 42 | 41 | 37 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 56 | 57 | 42 | 45 | 134 | 21 | 23 | 24 | 53 | 81 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | 177 | — | — | — | — | 113 | |||||||||||||||||||||||||||||||||
Shareholder reports | 1 | 11 | 58 | 18 | 463 | 1 | — | 1 | 36 | 47 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 24 | 24 | 24 | 24 | 26 | 24 | 24 | 24 | 24 | 24 | |||||||||||||||||||||||||||||||||
Interest expense | — | — | 4 | 2 | 1 | — | — | 3 | (Note E) | 2 | — | ||||||||||||||||||||||||||||||||
Miscellaneous | 1 | 32 | 58 | 20 | 289 | 4 | 4 | 6 | 46 | 58 | |||||||||||||||||||||||||||||||||
Total expenses | 244 | 3,329 | 7,921 | 3,347 | 48,897 | 168 | 156 | 746 | 5,111 | 7,978 |
See Notes to Financial Statements
123
124
Statements of Operations (Unaudited) (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 Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (156 | ) | (325 | ) | — | (1 | ) | — | (145 | ) | (141 | ) | (88 | ) | — | (1 | ) | ||||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | — | — | — | — | (1,320 | ) | ||||||||||||||||||||||||||||||||
Custodian out-of-pocket expenses refunded (Note G) | — | — | (1 | ) | (73 | ) | (289 | ) | — | — | — | (127 | ) | (494 | ) | ||||||||||||||||||||||||||||
Total net expenses | 88 | 3,004 | 7,920 | 3,273 | 48,608 | 23 | 15 | 658 | 4,984 | 6,163 | |||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 216 | $ | 140 | $ | 18,779 | $ | 449 | $ | 18,031 | $ | 3 | $ | 16 | $ | (386 | ) | $ | 4,090 | $ | 2,419 | ||||||||||||||||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Sales of investment securities of unaffiliated issuers | 398 | 6,567 | 36,362 | 41,602 | 844,190 | (3 | ) | 12 | 3,075 | * | 40,069 | 9,242 | |||||||||||||||||||||||||||||||
Sales of investment securities of affiliated issuers | — | — | — | — | 55,571 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | (1 | ) | (119 | ) | (14 | ) | — | (11 | ) | (1 | ) | — | (45 | ) | (14 | ) | (267 | ) | |||||||||||||||||||||||||
Option contracts written | — | — | 1,033 | 406 | — | — | — | — | 1,500 | — | |||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | 1 | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities | 2,332 | 16,723 | ** | 62,197 | 14,098 | (263,719 | ) | 151 | (125 | ) | 614 | 53,342 | 13,473 | ||||||||||||||||||||||||||||||
Affiliated investment securities | — | — | — | — | 429,121 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | — | 64 | (6 | ) | — | — | — | — | 2 | (2 | ) | (92 | ) | ||||||||||||||||||||||||||||||
Option contracts written | — | — | (1,273 | ) | 2 | — | — | — | — | (48 | ) | — | |||||||||||||||||||||||||||||||
Net gain (loss) on investments | 2,729 | 23,235 | 98,300 | 56,109 | 1,065,152 | 147 | (113 | ) | 3,646 | 94,847 | 22,356 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,945 | $ | 23,375 | $ | 117,079 | $ | 56,558 | $ | 1,083,183 | $ | 150 | $ | (97 | ) | $ | 3,260 | $ | 98,937 | $ | 24,775 |
* Reversal of capital gains tax $6,061.
** Change in accrued foreign capital gains tax amounted to $(282,181).
See Notes to Financial Statements
125
126
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Period December 8, 2016 (Commencement of Operations) to February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 1,383 | $ | 1 | $ | 2,210 | $ | 14,716 | $ | 3,187 | $ | 1,074 | $ | 13,429 | $ | 8,120 | $ | 113 | $ | 19,277 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 10 | — | 55 | 223 | 57 | 5 | 12 | 11 | 5 | 46 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (125 | ) | — | — | — | (4 | ) | (6 | ) | (37 | ) | (13 | ) | — | (362 | ) | |||||||||||||||||||||||||||
Total income | $ | 1,268 | $ | 1 | $ | 2,265 | $ | 14,939 | $ | 3,240 | $ | 1,073 | $ | 13,404 | $ | 8,118 | $ | 118 | $ | 18,961 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 617 | 2 | 2,757 | 3,478 | 2,736 | 246 | 4,787 | 2,415 | 280 | 5,288 | |||||||||||||||||||||||||||||||||
Administration fees (Note B) | 67 | — | 206 | 422 | 324 | 27 | 542 | 181 | 20 | 677 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 1,106 | 411 | 38 | — | — | 44 | 715 | |||||||||||||||||||||||||||||||||
Trust Class | 13 | — | — | 136 | 108 | 18 | — | 314 | 7 | 435 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 253 | 19 | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 93 | — | 279 | 31 | 133 | 10 | 766 | 101 | 4 | 338 | |||||||||||||||||||||||||||||||||
Class A | 4 | — | 42 | 3 | 72 | 12 | 65 | 105 | 3 | 125 | |||||||||||||||||||||||||||||||||
Class C | 3 | — | 24 | 2 | 10 | 3 | 39 | 25 | 2 | 53 | |||||||||||||||||||||||||||||||||
Class R3 | 4 | — | — | — | 14 | 2 | — | 23 | 1 | 33 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 20 | — | — | 4 | — | 32 | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | 4 | — | — | 40 | — | 5 | — | 92 | 2 | 128 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 186 | 14 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class A | 5 | — | 53 | 4 | 90 | 15 | 82 | 131 | 4 | 156 | |||||||||||||||||||||||||||||||||
Class C | 16 | — | 120 | 11 | 50 | 16 | 193 | 124 | 9 | 264 | |||||||||||||||||||||||||||||||||
Class R3 | 10 | — | — | — | 34 | 4 | — | 56 | 3 | 84 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 357 | 217 | 17 | — | — | 41 | 295 | |||||||||||||||||||||||||||||||||
Trust Class | 4 | — | — | 2 | 1 | 1 | — | 18 | 1 | 5 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 2 | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 1 | — | 6 | 1 | 5 | 1 | 308 | 3 | 1 | 9 | |||||||||||||||||||||||||||||||||
Class A | 1 | — | 10 | — | 7 | 2 | 12 | 7 | 1 | 9 | |||||||||||||||||||||||||||||||||
Class C | — | — | 2 | — | 2 | 1 | 4 | 2 | — | 2 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 3 | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 2 | — | — | 1 | — | 2 | |||||||||||||||||||||||||||||||||
Organization expense (Note A) | — | 70 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Audit fees | 31 | 9 | 13 | 30 | 13 | 13 | 13 | 30 | 13 | 13 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 83 | 24 | 82 | 167 | 133 | 41 | 151 | 102 | 45 | 211 | |||||||||||||||||||||||||||||||||
Insurance expense | 4 | — | 10 | 24 | 21 | 2 | 35 | 13 | 1 | 40 | |||||||||||||||||||||||||||||||||
Legal fees | 37 | 19 | 47 | 45 | 36 | 36 | 36 | 36 | 43 | 37 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 50 | 8 | 49 | 61 | 72 | 44 | 32 | 56 | 52 | 69 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | 4 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | 6 | 1 | 74 | 42 | 46 | 5 | 25 | 36 | 9 | 84 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 24 | 9 | 24 | 25 | 24 | 24 | 24 | 24 | 25 | 24 | |||||||||||||||||||||||||||||||||
Interest expense | 2 | — | — | — | — | — | 15 | 5 | — | — | |||||||||||||||||||||||||||||||||
Miscellaneous | 14 | 3 | 18 | 20 | 31 | 3 | 48 | 17 | 4 | 69 | |||||||||||||||||||||||||||||||||
Total expenses | 1,093 | 145 | 3,816 | 6,448 | 4,653 | 586 | 7,177 | 3,923 | 620 | 9,199 |
See Notes to Financial Statements
127
128
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Period December 8, 2016 (Commencement of Operations) to February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | For the Six Months Ended February 28, 2017 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (75 | ) | (142 | ) | (156 | ) | — | (1 | ) | (15 | ) | — | (780 | ) | (219 | ) | — | ||||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | (74 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Custodian out-of-pocket expenses refunded (Note G) | — | — | — | (167 | ) | (79 | ) | (22 | ) | (1 | ) | — | (4 | ) | (94 | ) | |||||||||||||||||||||||||||
Total net expenses | 1,018 | 3 | 3,660 | 6,281 | 4,573 | 475 | 7,176 | 3,143 | 397 | 9,105 | |||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 250 | $ | (2 | ) | $ | (1,395 | ) | $ | 8,658 | $ | (1,333 | ) | $ | 598 | $ | 6,228 | $ | 4,975 | $ | (279 | ) | $ | 9,856 | |||||||||||||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Sales of investment securities of unaffiliated issuers | 2,224 | — | 28,641 | 59,123 | 39,205 | 892 | 53,656 | 30,680 | 6,556 | 79,367 | |||||||||||||||||||||||||||||||||
Sales of investment securities of affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | (47 | ) | 4 | — | — | — | — | — | — | — | 87 | ||||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities | (109 | ) | 93 | 45,639 | 100,898 | 47,064 | 9,359 | 178,252 | (47,305 | ) | 1,038 | 126,587 | |||||||||||||||||||||||||||||||
Affiliated investment securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | (9 | ) | — | — | — | — | — | — | — | — | (5 | ) | |||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net gain (loss) on investments | 2,059 | 97 | 74,280 | 160,021 | 86,269 | 10,251 | 231,908 | (16,625 | ) | 7,594 | 206,036 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,309 | $ | 95 | $ | 72,885 | $ | 168,679 | $ | 84,936 | $ | 10,849 | $ | 238,136 | $ | (11,650 | ) | $ | 7,315 | $ | 215,892 |
See Notes to Financial Statements
129
130
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
VALUE FUND | |||||||
For the Six Months Ended February 28, 2017 | |||||||
Investment Income: | |||||||
Income (Note A): | |||||||
Dividend income—unaffiliated issuers | $ | 197 | |||||
Dividend income—affiliated issuers (Note F) | — | ||||||
Interest income—unaffiliated issuers | 2 | ||||||
Foreign taxes withheld (Note A) | — | ||||||
Total income | $ | 199 | |||||
Expenses: | |||||||
Investment management fees (Note B) | 51 | ||||||
Administration fees (Note B) | 5 | ||||||
Administration fees (Note B): | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 5 | ||||||
Class A | 6 | ||||||
Class C | 2 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Distribution fees (Note B): | |||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | — | ||||||
Class A | 7 | ||||||
Class C | 11 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Shareholder servicing agent fees: | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 1 | ||||||
Class A | 1 | ||||||
Class C | — | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Organization expense (Note A) | — | ||||||
Audit fees | 28 | ||||||
Custodian and accounting fees | 18 | ||||||
Insurance expense | — | ||||||
Legal fees | 45 | ||||||
Registration and filing fees | 22 | ||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | ||||||
Shareholder reports | 1 | ||||||
Trustees' fees and expenses | 24 | ||||||
Interest expense | — | ||||||
Miscellaneous | 1 | ||||||
Total expenses | 228 |
See Notes to Financial Statements
131
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
VALUE FUND | |||||||
For the Six Months Ended February 28, 2017 | |||||||
Expenses reimbursed by Management (Note B) | (139 | ) | |||||
Investment management fees waived (Note B) | — | ||||||
Total net expenses | 89 | ||||||
Net investment income (loss) | $ | 110 | |||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | |||||||
Net realized gain (loss) on: | |||||||
Sales of investment securities of unaffiliated issuers | 1,188 | ||||||
Sales of investment securities of affiliated issuers | — | ||||||
Foreign currency | — | ||||||
Option contracts written | — | ||||||
Net increase from payments by affiliates (Note B) | — | ||||||
Change in net unrealized appreciation (depreciation) in value of: | |||||||
Unaffiliated investment securities | 907 | ||||||
Affiliated investment securities | — | ||||||
Foreign currency | — | ||||||
Option contracts written | — | ||||||
Net gain (loss) on investments | 2,095 | ||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,205 |
See Notes to Financial Statements
132
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 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Period from December 15, 2015 (Commencement of Operations) to August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | 216 | $ | 280 | $ | 140 | $ | 3,015 | $ | 18,779 | $ | 52,236 | $ | 449 | $ | 4,443 | $ | 18,031 | $ | 40,519 | |||||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 397 | (120 | ) | 6,448 | (32,525 | ) | 37,381 | 63,571 | 42,008 | 76,979 | 899,750 | 955,524 | |||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | 1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 2,332 | 1,789 | 16,787 | 92,414 | 60,918 | 88,146 | 14,100 | (36,876 | ) | 165,402 | 133,370 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,945 | 1,949 | 23,375 | 62,904 | 117,079 | 203,953 | 56,558 | 44,546 | 1,083,183 | 1,129,413 | |||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (2,166 | ) | (4,272 | ) | (7,859 | ) | (7,480 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (337 | ) | (798 | ) | (894 | ) | (1,035 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (53 | ) | (115 | ) | (765 | ) | (419 | ) | |||||||||||||||||||||||||||||
Institutional Class | (420 | ) | — | (1,629 | ) | (1,980 | ) | (15,801 | ) | (33,197 | ) | (38 | ) | (221 | ) | (11,370 | ) | (13,363 | ) | ||||||||||||||||||||||||
Class A | (4 | ) | — | (105 | ) | (70 | ) | (3,037 | ) | (6,196 | ) | (18 | ) | (45 | ) | — | — | ||||||||||||||||||||||||||
Class C | — | — | — | — | (2,963 | ) | (5,844 | ) | (16 | ) | (53 | ) | — | — | |||||||||||||||||||||||||||||
Class R3 | — | — | (1 | ) | (2 | ) | (29 | ) | (65 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Class R6 | (1 | ) | — | (595 | ) | (673 | ) | — | — | — | — | (14,130 | ) | (13,260 | ) | ||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (52,641 | ) | (27,199 | ) | (179,026 | ) | (261,273 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (9,025 | ) | (5,819 | ) | (96,426 | ) | (167,895 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (1,043 | ) | (710 | ) | (36,943 | ) | (69,131 | ) | |||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | (33,962 | ) | (44,180 | ) | (608 | ) | (1,116 | ) | (209,556 | ) | (345,517 | ) | |||||||||||||||||||||||||||
Class A | — | — | — | — | (7,322 | ) | (9,346 | ) | (446 | ) | (307 | ) | — | — | |||||||||||||||||||||||||||||
Class C | — | — | — | — | (10,044 | ) | (13,040 | ) | (591 | ) | (399 | ) | — | — | |||||||||||||||||||||||||||||
Class R3 | — | — | — | — | (73 | ) | (112 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | (214,988 | ) | (281,756 | ) | |||||||||||||||||||||||||||||||
Total distributions to shareholders | (425 | ) | — | (2,330 | ) | (2,725 | ) | (73,231 | ) | (111,980 | ) | (66,982 | ) | (41,054 | ) | (771,957 | ) | (1,161,129 | ) | ||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 3,095 | 5,207 | 127,402 | 166,774 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 568 | 1,694 | 85,035 | 131,035 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 263 | 637 | 30,781 | 50,785 | |||||||||||||||||||||||||||||||||
Institutional Class | 4,465 | 20,184 | 116,845 | 113,068 | 130,028 | 179,243 | 1,383 | 2,431 | 366,538 | 868,352 | |||||||||||||||||||||||||||||||||
Class A | 649 | 716 | 18,996 | 15,370 | 17,521 | 30,839 | 174 | 463 | — | — | |||||||||||||||||||||||||||||||||
Class C | 2,901 | 601 | 808 | 567 | 12,912 | 25,033 | 49 | 522 | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | 265 | 476 | 123 | 566 | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 1,000 | 3,119 | 11,499 | — | — | — | — | 428,565 | 656,719 |
See Notes to Financial Statements
133
134
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 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Period from December 15, 2015 (Commencement of Operations) to August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 49,229 | 28,301 | 180,857 | 259,291 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 9,313 | 6,580 | 96,408 | 164,812 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 1,094 | 825 | 36,009 | 64,441 | |||||||||||||||||||||||||||||||||
Institutional Class | 419 | — | 845 | 1,168 | 41,729 | 64,068 | 510 | 505 | 202,793 | 330,269 | |||||||||||||||||||||||||||||||||
Class A | 4 | — | 87 | 49 | 9,216 | 13,328 | 451 | 340 | — | — | |||||||||||||||||||||||||||||||||
Class C | — | — | — | — | 9,157 | 13,078 | 542 | 358 | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | 1 | 62 | 120 | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | 595 | 673 | — | — | — | — | 229,031 | 295,016 | |||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (29,978 | ) | (54,961 | ) | (166,429 | ) | (618,036 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (10,656 | ) | (28,349 | ) | (300,298 | ) | (555,220 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (643 | ) | (3,048 | ) | (45,135 | ) | (267,459 | ) | |||||||||||||||||||||||||||||
Institutional Class | (727 | ) | (1,547 | ) | (46,562 | ) | (145,964 | ) | (116,079 | ) | (668,925 | ) | (1,519 | ) | (23,239 | ) | (523,374 | ) | (1,402,884 | ) | |||||||||||||||||||||||
Class A | (7 | ) | (562 | ) | (5,807 | ) | (8,099 | ) | (40,474 | ) | (104,754 | ) | (262 | ) | (1,796 | ) | — | — | |||||||||||||||||||||||||
Class C | (8 | ) | (667 | ) | (720 | ) | (2,251 | ) | (48,014 | ) | (113,279 | ) | (512 | ) | (1,284 | ) | — | — | |||||||||||||||||||||||||
Class R3 | — | — | (478 | ) | (183 | ) | (1,180 | ) | (1,912 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Class R6 | — | (1,057 | ) | (5,094 | ) | (6,354 | ) | — | — | — | — | (265,700 | ) | (429,375 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 7,696 | 18,668 | 82,899 | (19,980 | ) | 15,001 | (562,595 | ) | 23,101 | (64,814 | ) | 482,483 | (285,480 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 10,216 | 20,617 | 103,944 | 40,199 | 58,849 | (470,622 | ) | 12,677 | (61,322 | ) | 793,709 | (317,196 | ) | ||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 20,617 | — | 456,180 | 415,981 | 1,656,264 | 2,126,886 | 713,377 | 774,699 | 10,644,248 | 10,961,444 | |||||||||||||||||||||||||||||||||
End of period | $ | 30,833 | $ | 20,617 | $ | 560,124 | $ | 456,180 | $ | 1,715,113 | $ | 1,656,264 | $ | 726,054 | $ | 713,377 | $ | 11,437,957 | $ | 10,644,248 | |||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | 75 | $ | 284 | $ | — | $ | 1,800 | $ | 2,082 | $ | 5,133 | $ | 198 | $ | 2,377 | $ | 5,887 | $ | 22,874 | |||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | (390 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
See Notes to Financial Statements
135
136
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 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | 3 | $ | 21 | $ | 16 | $ | 44 | $ | (386 | ) | $ | 394 | $ | 4,090 | $ | 6,656 | $ | 2,419 | $ | 18,769 | ||||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | (4 | ) | 37 | 12 | 10 | 3,030 | (11,779 | ) | 41,555 | 204,671 | 8,975 | 13,946 | |||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 151 | 161 | (125 | ) | 383 | 616 | 25,024 | 53,292 | (119,815 | ) | 13,381 | 29,718 | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 150 | 219 | (97 | ) | 437 | 3,260 | 13,639 | 98,937 | 91,512 | 24,775 | 62,433 | ||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (6,263 | ) | (7,114 | ) | (449 | ) | (510 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (588 | ) | (694 | ) | (155 | ) | (126 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (1 | ) | (0 | ) | — | — | |||||||||||||||||||||||||||||||
Institutional Class | (20 | ) | (6 | ) | (46 | ) | (44 | ) | (359 | ) | (857 | ) | (523 | ) | (699 | ) | (16,444 | ) | (12,200 | ) | |||||||||||||||||||||||
Class A | (1 | ) | — | (7 | ) | (12 | ) | (1 | ) | (6 | ) | (49 | ) | (63 | ) | (159 | ) | (269 | ) | ||||||||||||||||||||||||
Class C | — | — | (4 | ) | (3 | ) | — | — | (6 | ) | — | — | — | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | (2 | ) | (2 | ) | — | — | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | (776 | ) | (499 | ) | |||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (108,442 | ) | (109,463 | ) | — | — | |||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (10,943 | ) | (14,321 | ) | — | — | |||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (29 | ) | (37 | ) | — | — | |||||||||||||||||||||||||||||||
Institutional Class | (25 | ) | — | (8 | ) | (0 | ) | — | (11,719 | ) | (6,846 | ) | (8,681 | ) | — | — | |||||||||||||||||||||||||||
Class A | (3 | ) | — | (1 | ) | (0 | ) | — | (270 | ) | (916 | ) | (1,333 | ) | — | — | |||||||||||||||||||||||||||
Class C | (1 | ) | — | (1 | ) | (0 | ) | — | (17 | ) | (330 | ) | (316 | ) | — | — | |||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | (72 | ) | (68 | ) | — | — | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total distributions to shareholders | (50 | ) | (6 | ) | (67 | ) | (59 | ) | (360 | ) | (12,869 | ) | (135,010 | ) | (142,791 | ) | (17,983 | ) | (13,604 | ) | |||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 5,554 | 9,981 | 3,416 | 8,007 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 2,509 | 4,128 | 2,094 | 7,668 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 8 | 149 | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 6 | 615 | — | 1 | 8,454 | 47,239 | 10,381 | 12,277 | 225,373 | 490,552 | |||||||||||||||||||||||||||||||||
Class A | 20 | 202 | 4 | 4 | 327 | 8,257 | 440 | 4,814 | 18,609 | 50,530 | |||||||||||||||||||||||||||||||||
Class C | — | 19 | — | 16 | 83 | — | 263 | 631 | 1,130 | 7,343 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | 172 | 127 | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | 17,737 | 18,266 |
See Notes to Financial Statements
137
138
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 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 108,145 | 109,903 | 432 | 491 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 11,422 | 14,782 | 150 | 122 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 30 | 34 | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 45 | 6 | 54 | 12 | 106 | 4,363 | 7,112 | 8,851 | 14,597 | 10,984 | |||||||||||||||||||||||||||||||||
Class A | 3 | — | 3 | 8 | — | 273 | 906 | 1,331 | 92 | 163 | |||||||||||||||||||||||||||||||||
Class C | 1 | — | 1 | — | — | 16 | 220 | 212 | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | 43 | 45 | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | 775 | 498 | |||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (56,605 | ) | (124,444 | ) | (8,119 | ) | (26,294 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (11,945 | ) | (43,451 | ) | (8,237 | ) | (16,752 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (44 | ) | (232 | ) | — | — | |||||||||||||||||||||||||||||||
Institutional Class | (38 | ) | (367 | ) | (45 | ) | (12 | ) | (17,620 | ) | (62,736 | ) | (8,744 | ) | (50,412 | ) | (200,974 | ) | (240,561 | ) | |||||||||||||||||||||||
Class A | (119 | ) | (135 | ) | (383 | ) | (18 | ) | (644 | ) | (10,239 | ) | (1,617 | ) | (79,367 | ) | (42,402 | ) | (40,438 | ) | |||||||||||||||||||||||
Class C | (35 | ) | (103 | ) | (15 | ) | — | (1 | ) | (31 | ) | (925 | ) | (714 | ) | (2,616 | ) | (4,269 | ) | ||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | (200 | ) | (85 | ) | — | — | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | (9,823 | ) | (6,388 | ) | |||||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | (117 | ) | 237 | (381 | ) | 11 | (9,295 | ) | (12,858 | ) | 67,125 | (131,440 | ) | 12,234 | 259,922 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (17 | ) | 450 | (545 | ) | 389 | (6,395 | ) | (12,088 | ) | 31,052 | (182,719 | ) | 19,026 | 308,751 | ||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 4,290 | 3,840 | 3,112 | 2,723 | 95,489 | 107,577 | 1,132,632 | 1,315,351 | 1,503,135 | 1,194,384 | |||||||||||||||||||||||||||||||||
End of period | $ | 4,273 | $ | 4,290 | $ | 2,567 | $ | 3,112 | $ | 89,094 | $ | 95,489 | $ | 1,163,684 | $ | 1,132,632 | $ | 1,522,161 | $ | 1,503,135 | |||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | 3 | $ | 21 | $ | — | $ | 1 | $ | — | $ | 336 | $ | — | $ | 2,687 | $ | — | $ | 13,044 | |||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | (40 | ) | $ | — | $ | (410 | ) | $ | — | $ | (655 | ) | $ | — | $ | (2,520 | ) | $ | — |
See Notes to Financial Statements
139
140
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Period from December 8, 2016 (Commencement of Operations) to February 28, 2017 (Unaudited) | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | 250 | $ | 3,428 | $ | (2 | ) | $ | (1,395 | ) | $ | (2,517 | ) | $ | 8,658 | $ | 15,124 | $ | (1,333 | ) | $ | (2,989 | ) | ||||||||||||||||
Net realized gain (loss) on investments (Note A) | 2,177 | 3,771 | 4 | 28,641 | 13,887 | 59,123 | 2,357 | 39,205 | 46,790 | ||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | 1,007 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (118 | ) | 1,260 | 93 | 45,639 | 18,804 | 100,898 | 137,870 | 47,064 | (68,458 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,309 | 8,459 | 95 | 72,885 | 30,174 | 168,679 | 155,351 | 84,936 | (23,650 | ) | |||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | (7,325 | ) | (11,530 | ) | — | — | ||||||||||||||||||||||||||||
Trust Class | (84 | ) | (91 | ) | — | — | — | (794 | ) | (1,539 | ) | — | — | ||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | (1,953 | ) | (2,955 | ) | — | — | ||||||||||||||||||||||||||||
Institutional Class | (3,092 | ) | (2,723 | ) | — | — | — | (560 | ) | (711 | ) | — | — | ||||||||||||||||||||||||||
Class A | (48 | ) | (35 | ) | — | — | — | (35 | ) | (53 | ) | — | — | ||||||||||||||||||||||||||
Class C | (11 | ) | (7 | ) | — | — | — | (21 | ) | (27 | ) | — | — | ||||||||||||||||||||||||||
Class R3 | (42 | ) | (22 | ) | — | — | — | (1 | ) | (1 | ) | — | — | ||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | (32,301 | ) | (76,307 | ) | (19,685 | ) | (33,896 | ) | ||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | (3,644 | ) | (11,016 | ) | (1,759 | ) | (4,306 | ) | ||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | (8,877 | ) | (21,422 | ) | (310 | ) | (570 | ) | ||||||||||||||||||||||||||
Institutional Class | — | — | — | (8,811 | ) | (20,020 | ) | (1,923 | ) | (4,239 | ) | (13,469 | ) | (34,461 | ) | ||||||||||||||||||||||||
Class A | — | — | — | (609 | ) | (2,291 | ) | (158 | ) | (367 | ) | (2,041 | ) | (5,057 | ) | ||||||||||||||||||||||||
Class C | — | — | — | (365 | ) | (1,408 | ) | (141 | ) | (334 | ) | (276 | ) | (525 | ) | ||||||||||||||||||||||||
Class R3 | — | — | — | — | — | (4 | ) | (10 | ) | (370 | ) | (647 | ) | ||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | (9,481 | ) | (11,059 | ) | ||||||||||||||||||||||||||||
Total distributions to shareholders | (3,277 | ) | (2,878 | ) | — | (9,785 | ) | (23,719 | ) | (57,737 | ) | (130,511 | ) | (47,391 | ) | (90,521 | ) | ||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | 13,208 | 15,530 | 4,838 | 30,726 | ||||||||||||||||||||||||||||||
Trust Class | 247 | 703 | — | — | — | 4,472 | 4,646 | 6,004 | 13,829 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | 9,249 | 11,413 | 1,313 | 4,806 | ||||||||||||||||||||||||||||||
Institutional Class | 43,105 | 15,103 | 631 | 72,166 | 334,188 | 28,707 | 7,155 | 30,109 | 135,219 | ||||||||||||||||||||||||||||||
Class A | 992 | 2,006 | 101 | 9,888 | 30,062 | 1,285 | 1,185 | 4,353 | 34,869 | ||||||||||||||||||||||||||||||
Class C | 434 | 121 | 100 | 1,372 | 6,203 | 920 | 776 | 549 | 5,176 | ||||||||||||||||||||||||||||||
Class R3 | 1,505 | 1,396 | — | — | — | 20 | 3 | 1,892 | 6,637 | ||||||||||||||||||||||||||||||
Class R6 | — | — | 200 | — | — | — | — | 33,043 | 135,445 |
See Notes to Financial Statements
141
142
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Period from December 8, 2016 (Commencement of Operations) to February 28, 2017 (Unaudited) | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | |||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | 38,220 | 84,421 | 18,588 | 31,963 | ||||||||||||||||||||||||||||||
Trust Class | 81 | 88 | — | — | — | 4,359 | 12,472 | 1,758 | 4,301 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | 10,811 | 23,911 | 249 | 461 | ||||||||||||||||||||||||||||||
Institutional Class | 3,030 | 2,673 | — | 7,762 | 17,259 | 2,396 | 4,727 | 13,315 | 34,137 | ||||||||||||||||||||||||||||||
Class A | 43 | 31 | — | 589 | 2,112 | 190 | 402 | 1,933 | 4,971 | ||||||||||||||||||||||||||||||
Class C | 3 | 2 | — | 298 | 1,094 | 132 | 246 | 264 | 500 | ||||||||||||||||||||||||||||||
Class R3 | 35 | 20 | — | — | — | — | 8 | 323 | 591 | ||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | 9,371 | 10,862 | ||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | (53,791 | ) | (112,554 | ) | (19,877 | ) | (46,371 | ) | ||||||||||||||||||||||||||
Trust Class | (566 | ) | (3,237 | ) | — | — | — | (11,274 | ) | (43,086 | ) | (11,629 | ) | (36,422 | ) | ||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | (17,792 | ) | (43,929 | ) | (2,054 | ) | (3,648 | ) | ||||||||||||||||||||||||||
Institutional Class | (44,875 | ) | (27,684 | ) | — | (93,596 | ) | (168,231 | ) | (8,282 | ) | (42,832 | ) | (59,441 | ) | (237,894 | ) | ||||||||||||||||||||||
Class A | (1,412 | ) | (1,364 | ) | (1 | ) | (13,620 | ) | (31,554 | ) | (1,673 | ) | (1,221 | ) | (20,171 | ) | (53,600 | ) | |||||||||||||||||||||
Class C | (697 | ) | (657 | ) | — | (4,966 | ) | (7,010 | ) | (749 | ) | (1,365 | ) | (2,212 | ) | (2,505 | ) | ||||||||||||||||||||||
Class R3 | (849 | ) | (1,127 | ) | — | — | — | (2 | ) | (13 | ) | (2,230 | ) | (5,380 | ) | ||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | (19,246 | ) | (33,454 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 1,076 | (11,926 | ) | 1,031 | (20,107 | ) | 184,123 | 20,406 | (78,105 | ) | (8,958 | ) | 35,219 | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 108 | (6,345 | ) | 1,126 | 42,993 | 190,578 | 131,348 | (53,265 | ) | 28,587 | (78,952 | ) | |||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||
Beginning of period | 231,202 | 237,547 | — | 681,031 | 490,453 | 1,354,963 | 1,408,228 | 1,096,250 | 1,175,202 | ||||||||||||||||||||||||||||||
End of period | $ | 231,310 | $ | 231,202 | $ | 1,126 | $ | 724,024 | $ | 681,031 | $ | 1,486,311 | $ | 1,354,963 | $ | 1,124,837 | $ | 1,096,250 | |||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | — | $ | 2,074 | $ | (2 | ) | $ | (1,508 | ) | $ | (113 | ) | $ | 8,355 | $ | 10,386 | $ | (2,987 | ) | $ | (1,654 | ) | ||||||||||||||||
Distributions in excess of net investment income at end of period | $ | (953 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
See Notes to Financial Statements
143
144
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | 598 | $ | 852 | $ | 6,228 | $ | 19,635 | $ | 4,975 | $ | 9,963 | $ | (279 | ) | $ | (582 | ) | $ | 9,856 | $ | 17,184 | |||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 892 | (701 | ) | 53,656 | 71,256 | 30,680 | 90,375 | 6,556 | (12,590 | ) | 79,454 | 91,678 | |||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 9,359 | 4,256 | 178,252 | 69,607 | (47,305 | ) | 48,034 | 1,038 | 8,835 | 126,582 | 119,695 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 10,849 | 4,407 | 238,136 | 160,498 | (11,650 | ) | 148,372 | 7,315 | (4,337 | ) | 215,892 | 228,557 | |||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | (201 | ) | (190 | ) | — | — | �� | — | — | — | (4,454 | ) | (4,849 | ) | |||||||||||||||||||||||||||||
Trust Class | (67 | ) | (59 | ) | — | — | (2,588 | ) | (3,347 | ) | — | — | (2,808 | ) | (3,097 | ) | |||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | (194 | ) | (235 | ) | (14,890 | ) | (19,825 | ) | (3,405 | ) | (5,052 | ) | — | — | (6,309 | ) | (6,167 | ) | |||||||||||||||||||||||||
Class A | (78 | ) | (82 | ) | (284 | ) | (486 | ) | (1,361 | ) | (1,575 | ) | — | — | (1,404 | ) | (1,475 | ) | |||||||||||||||||||||||||
Class C | (11 | ) | (13 | ) | — | (26 | ) | (223 | ) | (146 | ) | — | — | (226 | ) | (188 | ) | ||||||||||||||||||||||||||
Class R3 | (7 | ) | (7 | ) | — | — | (265 | ) | (232 | ) | — | — | (316 | ) | (265 | ) | |||||||||||||||||||||||||||
Class R6 | — | — | — | — | (615 | ) | (569 | ) | — | — | (2,872 | ) | (2,260 | ) | |||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | (4,071 | ) | — | — | — | — | — | (2,547 | ) | (26,356 | ) | (40,560 | ) | |||||||||||||||||||||||||||||
Trust Class | — | (1,358 | ) | — | — | (19,782 | ) | (17,429 | ) | — | (255 | ) | (16,367 | ) | (26,827 | ) | |||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (199 | ) | — | — | ||||||||||||||||||||||||||||||||
Institutional Class | — | (3,332 | ) | (45,988 | ) | (56,652 | ) | (24,242 | ) | (24,580 | ) | — | (998 | ) | (28,362 | ) | (39,602 | ) | |||||||||||||||||||||||||
Class A | — | (1,707 | ) | (1,737 | ) | (2,628 | ) | (11,329 | ) | (9,296 | ) | — | (225 | ) | (8,167 | ) | (12,413 | ) | |||||||||||||||||||||||||
Class C | — | (474 | ) | (1,066 | ) | (1,252 | ) | (2,637 | ) | (2,189 | ) | — | (188 | ) | (3,469 | ) | (4,776 | ) | |||||||||||||||||||||||||
Class R3 | — | (174 | ) | — | — | (2,420 | ) | (1,705 | ) | — | (105 | ) | (2,219 | ) | (2,843 | ) | |||||||||||||||||||||||||||
Class R6 | — | — | — | — | (4,373 | ) | (2,354 | ) | — | — | (11,964 | ) | (13,351 | ) | |||||||||||||||||||||||||||||
Total distributions to shareholders | (558 | ) | (11,702 | ) | (63,965 | ) | (80,869 | ) | (73,240 | ) | (68,474 | ) | — | (4,517 | ) | (115,293 | ) | (158,673 | ) | ||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 871 | 2,183 | — | — | — | — | 750 | 968 | 25,569 | 75,553 | |||||||||||||||||||||||||||||||||
Trust Class | 291 | 434 | — | — | 7,124 | 22,476 | 82 | 312 | 18,342 | 35,105 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 106 | 467 | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 3,781 | 7,328 | 40,383 | 93,383 | 26,437 | 87,082 | 963 | 2,475 | 92,058 | 212,232 | |||||||||||||||||||||||||||||||||
Class A | 1,404 | 4,006 | 7,078 | 13,768 | 11,913 | 37,989 | 605 | 1,084 | 13,542 | 27,754 | |||||||||||||||||||||||||||||||||
Class C | 316 | 1,122 | 2,637 | 5,123 | 668 | 2,210 | 329 | 451 | 4,908 | 9,208 | |||||||||||||||||||||||||||||||||
Class R3 | 159 | 604 | — | — | 3,589 | 8,186 | 179 | 1,026 | 4,764 | 9,985 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 6,080 | 17,098 | — | — | 37,081 | 167,892 |
See Notes to Financial Statements
145
146
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 191 | 4,057 | — | — | — | — | — | 2,498 | 29,967 | 43,969 | |||||||||||||||||||||||||||||||||
Trust Class | 67 | 1,391 | — | — | 22,213 | 20,576 | — | 249 | 19,071 | 29,722 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | 196 | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 190 | 3,513 | 11,082 | 12,661 | 23,827 | 23,584 | — | 680 | 31,378 | 41,836 | |||||||||||||||||||||||||||||||||
Class A | 68 | 1,394 | 1,939 | 2,761 | 12,066 | 10,136 | — | 222 | 8,921 | 12,834 | |||||||||||||||||||||||||||||||||
Class C | 8 | 254 | 955 | 1,106 | 2,465 | 1,968 | — | 170 | 3,144 | 4,114 | |||||||||||||||||||||||||||||||||
Class R3 | 6 | 171 | — | — | 2,488 | 1,808 | — | 84 | 2,408 | 3,009 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 4,988 | 2,922 | — | — | 14,836 | 15,611 | |||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | (3,046 | ) | (8,233 | ) | — | — | — | — | (3,036 | ) | (4,410 | ) | (91,280 | ) | (167,651 | ) | |||||||||||||||||||||||||||
Trust Class | (520 | ) | (2,571 | ) | — | — | (42,947 | ) | (105,898 | ) | (926 | ) | (925 | ) | (61,531 | ) | (110,618 | ) | |||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (531 | ) | (962 | ) | — | — | |||||||||||||||||||||||||||||||
Institutional Class | (3,664 | ) | (19,558 | ) | (217,854 | ) | (615,578 | ) | (69,154 | ) | (220,377 | ) | (1,352 | ) | (11,757 | ) | (101,426 | ) | (251,018 | ) | |||||||||||||||||||||||
Class A | (3,564 | ) | (5,823 | ) | (18,700 | ) | (48,887 | ) | (28,997 | ) | (80,084 | ) | (835 | ) | (2,448 | ) | (33,588 | ) | (48,836 | ) | |||||||||||||||||||||||
Class C | (1,689 | ) | (842 | ) | (5,910 | ) | (14,416 | ) | (6,822 | ) | (7,907 | ) | (513 | ) | (756 | ) | (7,176 | ) | (11,809 | ) | |||||||||||||||||||||||
Class R3 | (217 | ) | (449 | ) | — | — | (6,100 | ) | (9,775 | ) | (463 | ) | (925 | ) | (5,631 | ) | (9,928 | ) | |||||||||||||||||||||||||
Class R6 | — | — | — | — | (6,908 | ) | (8,819 | ) | — | — | (117,209 | ) | (49,013 | ) | |||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | (5,348 | ) | (11,019 | ) | (178,390 | ) | (550,079 | ) | (37,070 | ) | (196,825 | ) | (4,642 | ) | (11,301 | ) | (111,852 | ) | 39,951 | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 4,943 | (18,314 | ) | (4,219 | ) | (470,450 | ) | (121,960 | ) | (116,927 | ) | 2,673 | (20,155 | ) | (11,253 | ) | 109,835 | ||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 89,191 | 107,505 | 1,869,848 | 2,340,298 | 689,431 | 806,358 | 66,256 | 86,411 | 2,346,846 | 2,237,011 | |||||||||||||||||||||||||||||||||
End of period | $ | 94,134 | $ | 89,191 | $ | 1,865,629 | $ | 1,869,848 | $ | 567,471 | $ | 689,431 | $ | 68,929 | $ | 66,256 | $ | 2,335,593 | $ | 2,346,846 | |||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | 40 | $ | — | $ | 1,869 | $ | 10,815 | $ | — | $ | — | $ | (627 | ) | $ | — | $ | 3,939 | $ | 12,472 | ||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | — | $ | — | $ | (3,482 | ) | $ | — | $ | — | $ | (348 | ) | $ | — | $ | — |
See Notes to Financial Statements
147
148
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
VALUE FUND | |||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||
Increase (Decrease) in Net Assets: | |||||||||||
From Operations: | |||||||||||
Net investment income (loss) (Note A) | $ | 110 | $ | 173 | |||||||
Net realized gain (loss) on investments (Note A) | 1,188 | (848 | ) | ||||||||
Net increase from payments by affiliates (Note B) | — | — | |||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 907 | 1,907 | |||||||||
Net increase (decrease) in net assets resulting from operations | 2,205 | 1,232 | |||||||||
Distributions to Shareholders From (Note A): | |||||||||||
Net investment income: | |||||||||||
Investor Class | — | — | |||||||||
Trust Class | — | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | (84 | ) | (141 | ) | |||||||
Class A | (25 | ) | (53 | ) | |||||||
Class C | (19 | ) | (3 | ) | |||||||
Class R3 | — | — | |||||||||
Class R6 | — | — | |||||||||
Net realized gain on investments: | |||||||||||
Investor Class | — | — | |||||||||
Trust Class | — | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | — | (126 | ) | ||||||||
Class A | — | (69 | ) | ||||||||
Class C | — | (7 | ) | ||||||||
Class R3 | — | — | |||||||||
Class R6 | — | — | |||||||||
Total distributions to shareholders | (128 | ) | (399 | ) | |||||||
From Fund Share Transactions (Note D): | |||||||||||
Proceeds from shares sold: | |||||||||||
Investor Class | — | — | |||||||||
Trust Class | — | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | 3,734 | 2,513 | |||||||||
Class A | 5,314 | 406 | |||||||||
Class C | 2,874 | 126 | |||||||||
Class R3 | — | — | |||||||||
Class R6 | — | — | |||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||
Investor Class | — | — | |||||||||
Trust Class | — | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | 84 | 267 | |||||||||
Class A | 25 | 105 | |||||||||
Class C | 19 | 10 | |||||||||
Class R3 | — | — | |||||||||
Class R6 | — | — |
See Notes to Financial Statements
149
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
VALUE FUND | |||||||||||
Six Months Ended February 28, 2017 (Unaudited) | Year Ended August 31, 2016 | ||||||||||
Payments for shares redeemed: | |||||||||||
Investor Class | — | — | |||||||||
Trust Class | — | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | (3,578 | ) | (7,301 | ) | |||||||
Class A | (5,151 | ) | (4,190 | ) | |||||||
Class C | (137 | ) | (161 | ) | |||||||
Class R3 | — | — | |||||||||
Class R6 | — | — | |||||||||
Net increase (decrease) from Fund share transactions | 3,184 | (8,225 | ) | ||||||||
Net Increase (Decrease) in Net Assets | 5,261 | (7,392 | ) | ||||||||
Net Assets: | |||||||||||
Beginning of period | 13,477 | 20,869 | |||||||||
End of period | $ | 18,738 | $ | 13,477 | |||||||
Undistributed net investment income (loss) at end of period | $ | 132 | $ | 150 | |||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — |
See Notes to Financial Statements
150
Notes to Financial Statements Equity Funds (Unaudited)
Note A—Summary of Significant Accounting Policies:
1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the 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 International Small Cap Fund ("International Small Cap"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman 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-one offer Institutional Class shares, twenty offer Class A shares, twenty offer Class C shares, ten offer Class R3 shares and eight offer Class R6 shares. Dividend Growth had no operations until December 15, 2015, other than matters relating to its organization and registration of shares under the 1933 Act. International Small Cap had no operations until December 8, 2016, other than matters relating to its organization and registration of shares under the 1933 Act. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.
A 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 ("NBIA" or "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.
151
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, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.
152
The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of Interactive Data Pricing and Reference Data LLC ("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). The Board has also approved the use of Interactive to evaluate the prices of foreign debt securities as of the time as of which a Fund's share price is calculated. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign income securities, in the absence of precise information about the market values of these foreign securities as of the time as of which a Fund's share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
3 Foreign currency translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain (loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.
4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount on securities for Equity Income, accretion of original issue discount, where applicable, and accretion of discount on short-term investments, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain (loss) on investments are proceeds from the settlements of class action litigation in which the Funds participated as class members. The amounts of such proceeds for the six months ended February 28, 2017 were $32, $78,257, $35,599, $48 and $15,398, for Intrinsic Value, Large Cap Value, Mid Cap Intrinsic Value, Multi-Cap Opportunities and Small Cap Growth, 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 International Small Cap, to continue to, and the intention of International Small Cap, 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
153
filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 28, 2017, the Funds did not have any unrecognized tax positions.
At February 28, 2017, selected fund information on a U.S. federal income tax basis was as follows:
(000's omitted) | Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Dividend Growth | $ | 26,613 | $ | 4,493 | $ | 366 | $ | 4,127 | |||||||||||
Emerging Markets Equity | 491,802 | 89,205 | 24,879 | 64,326 | |||||||||||||||
Equity Income | 1,433,450 | 282,369 | 10,075 | 272,294 | |||||||||||||||
Focus | 638,725 | 102,484 | 12,408 | 90,076 | |||||||||||||||
Genesis | 6,352,455 | 5,166,884 | 73,725 | 5,093,159 | |||||||||||||||
Global Equity | 3,862 | 639 | 231 | 408 | |||||||||||||||
Global Real Estate | 2,545 | 106 | 93 | 13 | |||||||||||||||
Greater China Equity | 83,069 | 7,008 | 2,634 | 4,374 | |||||||||||||||
Guardian | 988,874 | 184,840 | 12,602 | 172,238 | |||||||||||||||
International Equity | 1,410,279 | 193,412 | 87,070 | 106,342 | |||||||||||||||
International Select | 208,939 | 35,510 | 14,083 | 21,427 | |||||||||||||||
International Small Cap | 1,016 | 103 | 10 | 93 | |||||||||||||||
Intrinsic Value | 617,412 | 136,157 | 35,309 | 100,848 | |||||||||||||||
Large Cap Value | 1,302,352 | 214,412 | 14,198 | 200,214 | |||||||||||||||
Mid Cap Growth | 862,129 | 267,233 | 4,922 | 262,311 | |||||||||||||||
Mid Cap Intrinsic Value | 75,738 | 20,301 | 3,030 | 17,271 | |||||||||||||||
Multi-Cap Opportunities | 1,236,860 | 633,164 | 3,431 | 629,733 | |||||||||||||||
Real Estate | 522,187 | 50,673 | 9,823 | 40,850 | |||||||||||||||
Small Cap Growth | 58,350 | 10,265 | 745 | 9,520 | |||||||||||||||
Socially Responsive | 1,694,112 | 662,394 | 19,041 | 643,353 | |||||||||||||||
Value | 17,140 | 1,904 | 151 | 1,753 |
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
154
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 | ) | ||||||||||
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 | $ | — | (b) | $ | — | $ | — | (b) | $ | — | $ | — | (b) | $ | — | $ | — | (b) | $ | — | |||||||||||||||
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 | (a) | 341 | — | (a) | — | — | (a) | 58,570 | 24,956 | (a) | |||||||||||||||||||||||
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 |
155
Distributions Paid From: | |||||||||||||||||||||||||||||||||||
Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 |
(a) Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.
(b) 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 |
156
The temporary 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.
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(a) | $ | 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 |
(a) 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
157
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 | — | — |
6 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.
Emerging Markets Equity accrues deferred capital gains tax on unrealized gains for certain securities of issuers domiciled in India. At February 28, 2017, there were no outstanding balances of accrued deferred capital gains tax for Emerging Markets Equity.
Effective November 17, 2014 ("Effective Date"), a change in the capital gains tax provision for Greater China Equity arose due to changes in the tax rules in the People's Republic of China ("PRC"). Capital gains derived from the trading of PRC equity investments after the Effective Date are temporarily exempt from PRC withholding tax. 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, 2016, $43,359 of capital gains taxes on gains previously realized were reversed and are included as part of net realized gain (loss) on investments in the Statements of Changes in Net Assets. During the six months ended February 28, 2017, $6,061 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 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 February 28, 2017, these Funds estimated these amounts for the period January 1, 2017 to February 28, 2017 within the financial statements because the 2017 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, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted 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.
158
8 Organization expenses: Costs incurred by International Small Cap in connection with its organization, which amounted to $70,462 and are reflected in Organization expense in the Statements of Operations, have been expensed as incurred.
9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies 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 six months ended February 28, 2017, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2017. 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 six months ended February 28, 2017, Equity Income, Focus and Guardian used options written and Focus and Guardian used purchased option contracts ("options purchased"). Equity Income used options written 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 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 options written 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, to manage or adjust the risk profile of the Fund or the risk of individual positions. Guardian used options purchased to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas, to manage or adjust the risk profile of the Fund or the risk of individual positions.
Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, the Fund realizes a gain or loss and the liability is eliminated.
When a Fund writes a call option on an underlying asset it does not own, its exposure on such an option is theoretically unlimited. 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
159
market price of the security. If a covered call or a put option that a Fund has written expires unexercised, the Fund will realize a gain in the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.
Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, the Fund realizes a gain or loss and the asset is eliminated.
For purchased call options, a Fund's loss is limited to the amount of the option premium paid.
At February 28, 2017, 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
(000's omitted)
Derivative Type | Statements of Assets and Liabilities Location | Equity Risk | Total | ||||||||||||
Focus | |||||||||||||||
Options purchased | Investments in securities, at value | $ | 188 | $ | 188 | ||||||||||
Total Value—Assets | $ | 188 | $ | 188 | |||||||||||
Guardian | |||||||||||||||
Options purchased | Investments in securities, at value | $ | 167 | $ | 167 | ||||||||||
Total Value—Assets | $ | 167 | $ | 167 |
Liability Derivatives
(000's omitted)
Derivative Type | Statements of Assets and Liabilities Location | Equity Risk | Total | ||||||||||||
Equity Income | |||||||||||||||
Options written | Option contracts written, at value | $ | (2,628 | ) | $ | (2,628 | ) | ||||||||
Total Value—Liabilities | $ | (2,628 | ) | $ | (2,628 | ) | |||||||||
Focus | |||||||||||||||
Options written | Option contracts written, at value | $ | (149 | ) | $ | (149 | ) | ||||||||
Total Value—Liabilities | $ | (149 | ) | $ | (149 | ) | |||||||||
Guardian | |||||||||||||||
Options written | Option contracts written, at value | $ | (695 | ) | $ | (695 | ) | ||||||||
Total Value—Liabilities | $ | (695 | ) | $ | (695 | ) |
The impact of the use of these derivative instruments on the Statements of Operations during the six months ended February 28, 2017, was as follows:
Realized Gain (Loss)
(000's omitted)
Derivative Type | Statements of Operations Location | Equity Risk | Total | ||||||||||||
Equity Income | |||||||||||||||
Options written | Net realized gain (loss) on: option contracts written | $ | 1,033 | $ | 1,033 | ||||||||||
Total Realized Gain (Loss) | $ | 1,033 | $ | 1,033 | |||||||||||
Focus | |||||||||||||||
Options purchased | Net realized gain (loss) on: sales of investment securities of unaffiliated issuers | $ | (25 | ) | $ | (25 | ) | ||||||||
Options written | Net realized gain (loss) on: option contracts written | 406 | 406 | ||||||||||||
Total Realized Gain (Loss) | $ | 381 | $ | 381 |
160
Realized Gain (Loss)
(000's omitted)
Derivative Type | Statements of Operations Location | Equity Risk | Total | ||||||||||||
Guardian | |||||||||||||||
Options purchased | Net realized gain (loss) on: sales of investment securities of unaffiliated issuers | $ | (533 | ) | $ | (533 | ) | ||||||||
Options written | Net realized gain (loss) on: option contracts written | 1,500 | 1,500 | ||||||||||||
Total Realized Gain (Loss) | $ | 967 | $ | 967 |
Change in Appreciation/(Depreciation)
(000's omitted)
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 | $ | (1,273 | ) | $ | (1,273 | ) | ||||||||
Total Change in Appreciation/ (Depreciation) | $ | (1,273 | ) | $ | (1,273 | ) | |||||||||
Focus | |||||||||||||||
Options purchased | Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment securities | $ | (25 | ) | $ | (25 | ) | ||||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | 2 | 2 | ||||||||||||
Total Change in Appreciation/(Depreciation) | $ | (23 | ) | $ | (23 | ) | |||||||||
Guardian | |||||||||||||||
Options purchased | Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities | $ | 249 | $ | 249 | ||||||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | (48 | ) | (48 | ) | ||||||||||
Total Change in Appreciation/(Depreciation) | $ | 201 | 201 |
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 six months ended February 28, 2017 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 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act. 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.
161
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 $1.0 billion | 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 | % | ||||||||||||||||||||
For Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||
1.00 | % | 0.975 | % | 0.95 | % | 0.925 | % | 0.90 | % | 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 | % | ||||||||||||||||||||
For International Equity(a): | |||||||||||||||||||||||||||||||||||
0.85 | % | 0.825 | % | 0.80 | % | 0.775 | % | 0.75 | % | 0.725 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||||
For International Small Cap: | |||||||||||||||||||||||||||||||||||
0.85 | % | 0.825 | % | 0.80 | % | 0.775 | % | 0.75 | % | 0.725 | % | 0.725 | % | 0.70 | % | ||||||||||||||||||||
For Equity Income, Focus, Guardian, International Select, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value(a), Socially Responsive and Value: | |||||||||||||||||||||||||||||||||||
0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.45 | % | 0.425 | % | 0.425 | % | 0.40 | % | ||||||||||||||||||||
For Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||
0.60 | % | 0.575 | % | 0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.475 | % | 0.45 | % | ||||||||||||||||||||
For Global Equity(b): | |||||||||||||||||||||||||||||||||||
0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||||
For Greater China Equity: | |||||||||||||||||||||||||||||||||||
1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | 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 | % | 0.45 | % |
(a) 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 December 19, 2016, Management has voluntarily agreed to waive its management fee in the amount of 0.36% of the average daily net asset of Mid Cap Intrinsic Value (0.15% effective September 1, 2016, 2.89% effective August 31, 2016, 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). Management may, at its sole discretion, modify or terminate these voluntary waivers without notice to International Equity or Mid Cap Intrinsic Value. For the six months ended February 28, 2017, such waived fees amounted to $1,320,328 and $74,309 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.
162
(b) Prior to December 8, 2016, Global Equity paid Management a fee at the annual rate of 0.750% of the first $250 million of the Fund's average daily net assets, 0.725% of the next $250 million, 0.700% of the next $250 million, 0.675% of the next $250 million, 0.650% of the next $500 million, 0.625% of the next $2.5 billion, and 0.600% of average daily net assets in excess of $4 billion.
Accordingly, for the six months ended February 28, 2017, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets, as follows:
Effective Rate | Effective Rate | ||||||||||||||
Dividend Growth | 0.50 | % | International Small Cap | 0.85 | % | ||||||||||
Emerging Markets Equity | 0.99 | % | Intrinsic Value | 0.80 | % | ||||||||||
Equity Income | 0.49 | % | Large Cap Value | 0.49 | % | ||||||||||
Focus | 0.53 | % | Mid Cap Growth | 0.51 | % | ||||||||||
Genesis | 0.66 | % | Mid Cap Intrinsic Value | 0.55 | %(b) | ||||||||||
Global Equity | 0.66 | % | Multi-Cap Opportunities | 0.53 | % | ||||||||||
Global Real Estate | 0.80 | % | Real Estate | 0.80 | % | ||||||||||
Greater China Equity | 1.10 | % | Small Cap Growth | 0.85 | % | ||||||||||
Guardian | 0.51 | % | Socially Responsive | 0.47 | % | ||||||||||
International Equity | 0.79 | %(a) | Value | 0.55 | % | ||||||||||
International Select | 0.55 | % |
(a) 0.61% annual effective net rate of the Fund's average daily net assets.
(b) 0.38% 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 (commitment fees relating to borrowings are treated as interest for purposes of this exclusion); 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.
163
During the six months ended February 28, 2017, the following classes repaid Management under their contractual expense limitation agreements as follows:
Class | Expenses Repaid to Management | ||||||
Genesis Institutional Class | $ | 111,352 | |||||
Genesis Class R6 | 65,989 | ||||||
International Equity Institutional Class | 111,751 | ||||||
International Equity Class A | 389 | ||||||
Large Cap Value Institutional Class | 243 | ||||||
Mid Cap Growth Class A | 4,068 |
At February 28, 2017, contingent liabilities to Management under the agreements were as follows:
Expenses Reimbursed in Fiscal Year Ending August 31, | |||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||
Dividend Growth Institutional Class | 0.69 | % | 8/31/20 | $ | — | $ | — | $ | 215,047 | (b) | $ | 146,367 | |||||||||||||||
Dividend Growth Class A | 1.05 | % | 8/31/20 | — | — | 9,994 | (b) | 2,941 | |||||||||||||||||||
Dividend Growth Class C | 1.80 | % | 8/31/20 | — | — | 9,444 | (b) | 6,428 | |||||||||||||||||||
Dividend Growth Class R6 | �� | 0.62 | % | 8/31/20 | — | — | 15,585 | (b) | 397 | ||||||||||||||||||
Emerging Markets Equity Institutional Class | 1.25 | % | 8/31/20 | 883,913 | 744,668 | 528,129 | 226,530 | ||||||||||||||||||||
Emerging Markets Equity Class A | 1.50 | % | 8/31/20 | 50,753 | 48,822 | 54,600 | 39,847 | ||||||||||||||||||||
Emerging Markets Equity Class C | 2.25 | % | 8/31/20 | 17,603 | 19,353 | 13,399 | 5,564 | ||||||||||||||||||||
Emerging Markets Equity Class R3 | 1.91 | % | 8/31/20 | 937 | 1,334 | 1,403 | 589 | ||||||||||||||||||||
Emerging Markets Equity Class R6 | 1.18 | % | 8/31/20 | 122,377 | 135,893 | 127,742 | 52,022 | ||||||||||||||||||||
Equity Income Institutional Class | 0.80 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Equity Income Class A | 1.16 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Equity Income Class C | 1.91 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Equity Income Class R3 | 1.41 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Focus Trust Class | 1.50 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Focus Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Institutional Class | 0.75 | % | 8/31/20 | 488 | 1,518 | 755 | 275 | ||||||||||||||||||||
Focus Class A | 1.11 | % | 8/31/20 | 716 | 1,255 | 1,451 | 499 | ||||||||||||||||||||
Focus Class C | 1.86 | % | 8/31/20 | 432 | 708 | 893 | 350 | ||||||||||||||||||||
Genesis Trust Class | 1.50 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Genesis Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Institutional Class | 0.85 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Class R6 | 0.78 | % | 8/31/20 | — | — | — | — |
164
Expenses Reimbursed in Fiscal Year Ending August 31, | |||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||
Global Equity Institutional Class | 0.75 | %(c) | 8/31/20 | $ | 209,198 | $ | 249,720 | $ | 240,098 | $ | 124,866 | ||||||||||||||||
Global Equity Class A | 1.11 | %(c) | 8/31/20 | 2,167 | 14,226 | 38,361 | 15,860 | ||||||||||||||||||||
Global Equity Class C | 1.86 | %(c) | 8/31/20 | 962 | 5,783 | 16,073 | 4,644 | ||||||||||||||||||||
Global Real Estate Institutional Class | 1.00 | % | 8/31/20 | — | 185,406 | (d) | 197,159 | 105,212 | |||||||||||||||||||
Global Real Estate Class A | 1.36 | % | 8/31/20 | — | 58,526 | (d) | 64,529 | 22,247 | |||||||||||||||||||
Global Real Estate Class C | 2.11 | % | 8/31/20 | — | 24,504 | (d) | 25,169 | 13,490 | |||||||||||||||||||
Greater China Equity Institutional Class | 1.50 | % | 8/31/20 | 192,642 | 126,917 | 229,329 | 85,202 | ||||||||||||||||||||
Greater China Equity Class A | 1.86 | % | 8/31/20 | 1,747 | 5,487 | 7,590 | 2,486 | ||||||||||||||||||||
Greater China Equity Class C | 2.61 | % | 8/31/20 | 262 | 301 | 320 | 161 | ||||||||||||||||||||
Guardian Trust Class | 1.50 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Guardian Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Institutional Class | 0.75 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Guardian Class A | 1.11 | % | 8/31/20 | — | — | — | 3 | ||||||||||||||||||||
Guardian Class C | 1.86 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Guardian Class R3 | 1.36 | % | 8/31/20 | 114 | 82 | 148 | 46 | ||||||||||||||||||||
International Equity Investor Class | 1.40 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
International Equity Trust Class | 2.00 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
International Equity Institutional Class | 0.85 | % | 8/31/22 | 99,978 | — | — | — | ||||||||||||||||||||
International Equity Class A | 1.21 | % | 8/31/20 | 8,490 | — | 10,042 | — | ||||||||||||||||||||
International Equity Class C | 1.96 | % | 8/31/20 | 1,864 | 280 | 2,521 | 325 | ||||||||||||||||||||
International Equity Class R6 | 0.78 | % | 8/31/20 | — | (e) | — | — | — | |||||||||||||||||||
International Select Trust Class | 1.15 | %(f) | 8/31/20 | 10,676 | 9,396 | 12,258 | 6,238 | ||||||||||||||||||||
International Select Institutional Class | 0.80 | %(f) | 8/31/20 | 58,089 | 59,089 | 91,989 | 63,763 | ||||||||||||||||||||
International Select Class A | 1.16 | %(f)(g) | 8/31/20 | 414 | 526 | 1,276 | 1,299 | ||||||||||||||||||||
International Select Class C | 1.91 | %(f) | 8/31/20 | 2,144 | 1,857 | 1,955 | 1,170 | ||||||||||||||||||||
International Select Class R3 | 1.41 | %(f) | 8/31/20 | 1,072 | 1,371 | 2,218 | 1,584 | ||||||||||||||||||||
International Small Cap Institutional Class | 1.05 | % | 8/31/20 | — | — | — | 85,586 | (h) | |||||||||||||||||||
International Small Cap Class A | 1.41 | % | 8/31/20 | — | — | — | 14,105 | (h) | |||||||||||||||||||
International Small Cap Class C | 2.16 | % | 8/31/20 | — | — | — | 14,088 | (h) | |||||||||||||||||||
International Small Cap Class R6 | 0.98 | % | 8/31/20 | — | — | — | 28,186 | (h) | |||||||||||||||||||
Intrinsic Value Institutional Class | 1.00 | % | 8/31/20 | 301,614 | 339,659 | 357,588 | 131,683 | ||||||||||||||||||||
Intrinsic Value Class A | 1.36 | % | 8/31/20 | 28,502 | 36,399 | 58,200 | 18,321 | ||||||||||||||||||||
Intrinsic Value Class C | 2.11 | % | 8/31/20 | 17,367 | 20,071 | 22,495 | 6,419 | ||||||||||||||||||||
Large Cap Value Trust Class | 1.50 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Institutional Class | 0.70 | % | 8/31/20 | — | — | 6,188 | — | ||||||||||||||||||||
Large Cap Value Class A | 1.11 | % | 8/31/20 | — | — | — | — |
165
Expenses Reimbursed in Fiscal Year Ending August 31, | |||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||
Large Cap Value Class C | 1.86 | % | 8/31/20 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Large Cap Value Class R3 | 1.36 | % | 8/31/20 | 82 | 150 | 126 | 44 | ||||||||||||||||||||
Mid Cap Growth Trust Class | 1.50 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Institutional Class | 0.75 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class A | 1.11 | % | 8/31/20 | 15,439 | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class C | 1.86 | % | 8/31/20 | 2,505 | 1,402 | 1,762 | 461 | ||||||||||||||||||||
Mid Cap Growth Class R3 | 1.36 | % | 8/31/20 | 1,797 | 1,071 | 2,657 | 781 | ||||||||||||||||||||
Mid Cap Growth Class R6 | 0.68 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Investor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Trust Class | 1.25 | % | 8/31/22 | — | 5,256 | 8,167 | 1,264 | ||||||||||||||||||||
Mid Cap Intrinsic Value Institutional Class | 0.85 | % | 8/31/20 | — | 9,129 | 24,711 | 6,629 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class A | 1.21 | % | 8/31/20 | — | 6,396 | 17,891 | 5,250 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class C | 1.96 | % | 8/31/20 | — | 1,380 | 4,388 | 1,340 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class R3 | 1.46 | % | 8/31/20 | 52 | 508 | 1,736 | 583 | ||||||||||||||||||||
Multi-Cap Opportunities Institutional Class | 1.00 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Class A | 1.36 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Class C | 2.11 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Real Estate Trust Class | 1.50 | %(g) | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Real Estate Institutional Class | 0.85 | % | 8/31/22 | 816,914 | 815,170 | 588,136 | 225,898 | ||||||||||||||||||||
Real Estate Class A | 1.21 | % | 8/31/20 | 372,300 | �� | 344,493 | 261,138 | 110,404 | |||||||||||||||||||
Real Estate Class C | 1.96 | % | 8/31/20 | 95,657 | 82,751 | 62,906 | 26,624 | ||||||||||||||||||||
Real Estate Class R3 | 1.46 | % | 8/31/20 | 40,926 | 50,187 | 50,219 | 24,681 | ||||||||||||||||||||
Real Estate Class R6 | 0.78 | % | 8/31/20 | 29,648 | 58,201 | 70,754 | 42,070 | ||||||||||||||||||||
Small Cap Growth Investor Class | 1.30 | %(g) | 8/31/22 | 191,312 | 192,273 | 243,435 | 127,312 | ||||||||||||||||||||
Small Cap Growth Trust Class | 1.40 | %(g) | 8/31/22 | 33,978 | 25,160 | 24,155 | 12,235 | ||||||||||||||||||||
Small Cap Growth Advisor Class | 1.60 | %(g) | 8/31/22 | 14,531 | 12,075 | 10,968 | 5,154 | ||||||||||||||||||||
Small Cap Growth Institutional Class | 0.90 | % | 8/31/20 | 95,342 | 110,976 | 94,448 | 31,671 | ||||||||||||||||||||
Small Cap Growth Class A | 1.26 | % | 8/31/20 | 27,894 | 26,864 | 26,066 | 11,944 | ||||||||||||||||||||
Small Cap Growth Class C | 2.01 | % | 8/31/20 | 9,511 | 10,703 | 13,463 | 6,004 | ||||||||||||||||||||
Small Cap Growth Class R3 | 1.51 | % | 8/31/20 | 3,105 | 4,955 | 8,774 | 4,092 | ||||||||||||||||||||
Socially Responsive Trust Class | 1.50 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Institutional Class | 0.75 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class A | 1.11 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class C | 1.86 | % | 8/31/20 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class R3 | 1.36 | % | 8/31/20 | — | — | — | — |
166
Expenses Reimbursed in Fiscal Year Ending August 31, | |||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||
Socially Responsive Class R6 | 0.68 | % | 8/31/20 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Value Institutional Class | 0.75 | %(g) | 8/31/20 | 156,019 | 166,414 | 172,294 | 75,834 | ||||||||||||||||||||
Value Class A | 1.11 | %(g) | 8/31/20 | 94,620 | 98,718 | 87,821 | 43,502 | ||||||||||||||||||||
Value Class C | 1.86 | %(g) | 8/31/20 | 7,224 | 7,048 | 9,526 | 15,436 |
(a) Expense limitation per annum of the respective class's average daily net assets.
(b) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.
(c) Prior to December 8, 2016, the contractual expense limitation was 1.15% for Institutional Class, 1.51% for Class A and 2.26% for Class C.
(d) Period from December 30, 2014 (Commencement of Operations) to August 31, 2015.
(e) Period from September 3, 2013 (Commencement of Operations) to August 31, 2014.
(f) Prior to December 8, 2016, the contractual expense limitation was 1.25% for Trust Class, 0.90% for Institutional Class, 1.30% for Class A, 2.00% for Class C and 1.51% for Class R3.
(g) 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; 0.71% from September 18, 2015 to December 29, 2015; 0.70% from June 22, 2015 to September 17, 2015; 0.69% from March 13, 2015 to June 21, 2015; 0.70% prior to March 13, 2015), 1.08% (effective June 15, 2016; 1.09% from December 30, 2015 to June 14, 2016; 1.10% from September 18, 2015 to December 29, 2015; 1.07% from June 22, 2015 to September 17, 2015; 1.10% from March 13, 2015 to June 21, 2015; 1.08% from December 12, 2014 to March 12, 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 1.82% (effective June 15, 2016; 1.83% from September 18, 2015 to June 14, 2016; 1.82% from March 13, 2015 to September 17, 2015; 1.83% from December 12, 2014 to March 12, 2015; 1.86% prior to December 12, 2014), respectively, per annum of their average daily net assets. For the six months ended February 28, 2017, 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 $733, $350,743, $19,989, $0, $883, $2,646, $879 and $435, 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.
(h) Period from December 8, 2016 (Commencement of Operations) to February 28, 2017.
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 47 of this Semi-Annual Report, the services previously provided by Neuberger Berman under the subadvisory agreements are being provided by NBIA as of January 1, 2016.
167
Each Fund also has a distribution agreement with Neuberger Berman BD LLC (the "Distributor") with respect to each class of shares. The Distributor acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears the advertising and promotion expenses.
However, the Distributor receives fees from the Trust Class of 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, the Distributor's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor receives from each of these respective classes a fee at the annual rate of 0.10% of such Trust Class's, 0.25% of such Advisor Class's, 0.25% of such Class A's, 1.00% of such Class C's and 0.50% of such Class R3's average daily net assets. The Distributor receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.
Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.
For the six months ended February 28, 2017, 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 Class A | $ | 1,105 | $ | — | $ | — | $ | — | |||||||||||
Dividend Growth Class C | — | 5,345 | — | — | |||||||||||||||
Emerging Markets Equity Class A | 2,014 | — | — | — | |||||||||||||||
Emerging Markets Equity Class C | — | 260 | — | — | |||||||||||||||
Equity Income Class A | 15,956 | — | — | — | |||||||||||||||
Equity Income Class C | — | 8,496 | — | — | |||||||||||||||
Focus Class A | — | — | — | — | |||||||||||||||
Focus Class C | — | — | — | — | |||||||||||||||
Global Equity Class A | — | — | — | — | |||||||||||||||
Global Equity Class C | — | 2 | — | — | |||||||||||||||
Global Real Estate Class A | — | — | — | — | |||||||||||||||
Global Real Estate Class C | — | 32 | — | — | |||||||||||||||
Greater China Equity Class A | 137 | — | — | — | |||||||||||||||
Greater China Equity Class C | — | — | — | — | |||||||||||||||
Guardian Class A | 119 | — | — | — | |||||||||||||||
Guardian Class C | — | 7 | — | — | |||||||||||||||
International Equity Class A | 437 | — | — | — | |||||||||||||||
International Equity Class C | — | 2,202 | — | — |
168
Underwriter | Broker-Dealer | ||||||||||||||||||
Net Initial Sales Charge | CDSC | Net Initial Sales Charge | CDSC | ||||||||||||||||
International Select Class A | $ | 4 | $ | — | $ | — | $ | — | |||||||||||
International Select Class C | — | — | — | — | |||||||||||||||
International Small Cap Class A(a) | — | — | — | — | |||||||||||||||
International Small Cap Class C(a) | — | — | — | — | |||||||||||||||
Intrinsic Value Class A | 2,896 | — | — | — | |||||||||||||||
Intrinsic Value Class C | — | 1,751 | — | — | |||||||||||||||
Large Cap Value Class A | 1,127 | — | — | — | |||||||||||||||
Large Cap Value Class C | — | 1,211 | — | — | |||||||||||||||
Mid Cap Growth Class A | 4,259 | — | — | — | |||||||||||||||
Mid Cap Growth Class C | — | 3,899 | — | — | |||||||||||||||
Mid Cap Intrinsic Value Class A | 312 | — | — | — | |||||||||||||||
Mid Cap Intrinsic Value Class C | — | 1,521 | — | — | |||||||||||||||
Multi-Cap Opportunities Class A | 2,662 | — | — | — | |||||||||||||||
Multi-Cap Opportunities Class C | — | 2,853 | — | — | |||||||||||||||
Real Estate Class A | 1,382 | — | — | — | |||||||||||||||
Real Estate Class C | — | 4,723 | — | — | |||||||||||||||
Small Cap Growth Class A | 267 | — | — | — | |||||||||||||||
Small Cap Growth Class C | — | 176 | — | — | |||||||||||||||
Socially Responsive Class A | 17,293 | — | — | — | |||||||||||||||
Socially Responsive Class C | — | 6,979 | — | — | |||||||||||||||
Value Class A | 1,719 | — | — | — | |||||||||||||||
Value Class C | — | 1,015 | — | — |
(a) Period from December 8, 2016 (Commencement of Operations) to February 28, 2017.
For the six months ended February 28, 2017, Equity Income and Focus each recorded a capital contribution from Management in the amount of $1,250 and $1,145, respectively. These amounts were paid in connection with losses incurred in the execution of a trade for Equity Income and valuation of a corporate action for Focus.
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.
169
Note C—Securities Transactions:
During the six months ended February 28, 2017, 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 | $ | 10,820 | $ | 4,439 | International Small Cap(a) | $ | 1,028 | $ | 48 | ||||||||||||||
Emerging Markets Equity | 124,599 | 55,112 | Intrinsic Value | 83,219 | 123,007 | ||||||||||||||||||
Equity Income | 450,895 | 467,968 | Large Cap Value | 420,023 | 497,809 | ||||||||||||||||||
Focus | 332,416 | 369,609 | Mid Cap Growth | 243,886 | 297,218 | ||||||||||||||||||
Genesis | 1,555,130 | 1,829,711 | Mid Cap Intrinsic Value | 16,474 | 21,687 | ||||||||||||||||||
Global Equity | 222 | 453 | Multi-Cap Opportunities | 188,174 | 420,590 | ||||||||||||||||||
Global Real Estate | 739 | 1,183 | Real Estate | 149,232 | 244,298 | ||||||||||||||||||
Greater China Equity | 43,828 | 51,202 | Small Cap Growth | 58,107 | 67,287 | ||||||||||||||||||
Guardian | 223,709 | 263,434 | Socially Responsive | 378,115 | 588,594 | ||||||||||||||||||
International Equity | 215,082 | 152,203 | Value | 11,830 | 9,442 | ||||||||||||||||||
International Select | 34,417 | 30,118 |
(a) Period from December 8, 2016 (Commencement of Operations) to February 28, 2017.
During the six months ended February 28, 2017, no brokerage commissions on securities transactions were paid to affiliated brokers.
Note D—Fund Share Transactions:
Share activity for the six months ended February 28, 2017 and for the year ended August 31, 2016 was as follows:
For the Six Months Ended February 28, 2017 | For the Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
(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 | 378 | 36 | (63 | ) | 351 | 1,972 | — | (142 | ) | 1,830 | (a) | ||||||||||||||||||||||||
Class A | 55 | 0 | z | (0 | )z | 55 | 70 | — | (50 | ) | 20 | (a) | |||||||||||||||||||||||
Class C | 246 | 0 | z | (0 | )z | 246 | 60 | — | (60 | ) | 0 | z(a) | |||||||||||||||||||||||
Class R6 | — | — | — | — | 100 | — | (95 | ) | 5 | (a) | |||||||||||||||||||||||||
Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 7,268 | 56 | �� | (2,933 | ) | 4,391 | 7,953 | 83 | (10,171 | ) | (2,135 | ) | |||||||||||||||||||||||
Class A | 1,201 | 6 | (366 | ) | 841 | 1,078 | 3 | (570 | ) | 511 | |||||||||||||||||||||||||
Class C | 51 | — | (47 | ) | 4 | 41 | — | (165 | ) | (124 | ) | ||||||||||||||||||||||||
Class R3 | 17 | 0 | z | (30 | ) | (13 | ) | 34 | 0 | z | (13 | ) | 21 | ||||||||||||||||||||||
Class R6 | 196 | 39 | (312 | ) | (77 | ) | 764 | 48 | (425 | ) | 387 |
170
For the Six Months Ended February 28, 2017 | For the Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
(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 | 10,410 | 3,364 | (9,308 | ) | 4,466 | 15,255 | 5,579 | (57,368 | ) | (36,534 | ) | ||||||||||||||||||||||||
Class A | 1,413 | 745 | (3,254 | ) | (1,096 | ) | 2,639 | 1,164 | (8,961 | ) | (5,158 | ) | |||||||||||||||||||||||
Class C | 1,044 | 745 | (3,894 | ) | (2,105 | ) | 2,158 | 1,150 | (9,755 | ) | (6,447 | ) | |||||||||||||||||||||||
Class R3 | 10 | 5 | (95 | ) | (80 | ) | 48 | 11 | (168 | ) | (109 | ) | |||||||||||||||||||||||
Focus: | |||||||||||||||||||||||||||||||||||
Investor Class | 121 | 2,051 | (1,188 | ) | 984 | 209 | 1,150 | (2,214 | ) | (855 | ) | ||||||||||||||||||||||||
Trust Class | 37 | 666 | (701 | ) | 2 | 111 | 431 | (1,843 | ) | (1,301 | ) | ||||||||||||||||||||||||
Advisor Class | 41 | 195 | (93 | ) | 143 | 83 | 111 | (399 | ) | (205 | ) | ||||||||||||||||||||||||
Institutional Class | 55 | 21 | (61 | ) | 15 | 97 | 21 | (980 | ) | (862 | ) | ||||||||||||||||||||||||
Class A | 11 | 33 | (17 | ) | 27 | 31 | 23 | (124 | ) | (70 | ) | ||||||||||||||||||||||||
Class C | 8 | 103 | (82 | ) | 29 | 69 | 50 | (178 | ) | (59 | ) | ||||||||||||||||||||||||
Genesis: | |||||||||||||||||||||||||||||||||||
Investor Class | 3,754 | 5,506 | (4,934 | ) | 4,326 | 5,103 | 8,432 | (17,909 | ) | (4,374 | ) | ||||||||||||||||||||||||
Trust Class | 1,409 | 1,603 | (5,009 | ) | (1,997 | ) | 2,360 | 3,071 | (9,793 | ) | (4,362 | ) | |||||||||||||||||||||||
Advisor Class | 1,305 | 1,608 | (1,921 | ) | 992 | 2,144 | 2,934 | (10,618 | ) | (5,540 | ) | ||||||||||||||||||||||||
Institutional Class | 6,384 | 3,561 | (9,065 | ) | 880 | 16,116 | 6,478 | (26,335 | ) | (3,741 | ) | ||||||||||||||||||||||||
Class R6 | 7,396 | 4,023 | (4,673 | ) | 6,746 | 12,364 | 5,788 | (7,989 | ) | 10,163 | |||||||||||||||||||||||||
Global Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 1 | 7 | (6 | ) | 2 | 96 | 1 | (58 | ) | 39 | |||||||||||||||||||||||||
Class A | 3 | 1 | (19 | ) | (15 | ) | 32 | — | (22 | ) | 10 | ||||||||||||||||||||||||
Class C | — | 0 | z | (5 | ) | (5 | ) | 3 | — | (17 | ) | (14 | ) | ||||||||||||||||||||||
Global Real Estate: | |||||||||||||||||||||||||||||||||||
Institutional Class | — | 6 | (5 | ) | 1 | 0 | z | 1 | (1 | ) | 0 | z | |||||||||||||||||||||||
Class A | 1 | 0 | z | (40 | ) | (39 | ) | 0 | z | 1 | (2 | ) | (1 | ) | |||||||||||||||||||||
Class C | — | 0 | z | (2 | ) | (2 | ) | 2 | 0 | z | — | 2 | |||||||||||||||||||||||
Greater China Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 746 | 10 | (1,525 | ) | (769 | ) | 4,367 | 389 | (5,538 | ) | (782 | ) | |||||||||||||||||||||||
Class A | 28 | 0 | z | (56 | ) | (28 | ) | 690 | 24 | (877 | ) | (163 | ) | ||||||||||||||||||||||
Class C | 7 | — | (0 | )z | 7 | — | 1 | (2 | ) | (1 | ) | ||||||||||||||||||||||||
Guardian: | |||||||||||||||||||||||||||||||||||
Investor Class | 349 | 7,181 | (3,555 | ) | 3,975 | 620 | 7,174 | (7,829 | ) | (35 | ) | ||||||||||||||||||||||||
Trust Class | 240 | 1,218 | (1,158 | ) | 300 | 386 | 1,446 | (4,008 | ) | (2,176 | ) | ||||||||||||||||||||||||
Advisor Class | 1 | 2 | (3 | ) | (0 | )z | 12 | 3 | (19 | ) | (4 | ) | |||||||||||||||||||||||
Institutional Class | 643 | 471 | (549 | ) | 565 | 767 | 577 | (3,250 | ) | (1,906 | ) | ||||||||||||||||||||||||
Class A | 45 | 98 | (155 | ) | (12 | ) | 416 | 132 | (6,594 | ) | (6,046 | ) | |||||||||||||||||||||||
Class C | 21 | 19 | (78 | ) | (38 | ) | 51 | 17 | (59 | ) | 9 | ||||||||||||||||||||||||
Class R3 | 13 | 4 | (15 | ) | 2 | 10 | 4 | (7 | ) | 7 |
171
For the Six Months Ended February 28, 2017 | For the Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
(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 | 168 | 22 | (402 | ) | (212 | ) | 402 | 25 | (1,331 | ) | (904 | ) | |||||||||||||||||||||||
Trust Class | 93 | 7 | (362 | ) | (262 | ) | 346 | 5 | (752 | ) | (401 | ) | |||||||||||||||||||||||
Institutional Class | 20,697 | 1,388 | (18,641 | ) | 3,444 | 45,647 | 1,013 | (22,630 | ) | 24,030 | |||||||||||||||||||||||||
Class A | 815 | 4 | (1,889 | ) | (1,070 | ) | 2,299 | 7 | (1,865 | ) | 441 | ||||||||||||||||||||||||
Class C | 50 | — | (119 | ) | (69 | ) | 337 | — | (197 | ) | 140 | ||||||||||||||||||||||||
Class R6 | 1,636 | 73 | (899 | ) | 810 | 1,696 | 45 | (592 | ) | 1,149 | |||||||||||||||||||||||||
International Select: | |||||||||||||||||||||||||||||||||||
Trust Class | 23 | 8 | (54 | ) | (23 | ) | 66 | 8 | (317 | ) | (243 | ) | |||||||||||||||||||||||
Institutional Class | 3,978 | 295 | (4,104 | ) | 169 | 1,457 | 252 | (2,674 | ) | (965 | ) | ||||||||||||||||||||||||
Class A | 96 | 4 | (136 | ) | (36 | ) | 193 | 3 | (130 | ) | 66 | ||||||||||||||||||||||||
Class C | 43 | 0 | z | (67 | ) | (24 | ) | 12 | 0 | z | (64 | ) | (52 | ) | |||||||||||||||||||||
Class R3 | 144 | 3 | (80 | ) | 67 | 134 | 2 | (108 | ) | 28 | |||||||||||||||||||||||||
International Small Cap: | |||||||||||||||||||||||||||||||||||
Institutional Class(b) | 63 | — | — | 63 | — | — | — | — | |||||||||||||||||||||||||||
Class A(b) | 10 | — | (0 | )z | 10 | — | — | — | — | ||||||||||||||||||||||||||
Class C(b) | 10 | — | — | 10 | — | — | — | — | |||||||||||||||||||||||||||
Class R6(b) | 20 | — | — | 20 | — | — | — | — | |||||||||||||||||||||||||||
Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 4,915 | 521 | (6,423 | ) | (987 | ) | 25,670 | 1,318 | (12,710 | ) | 14,278 | ||||||||||||||||||||||||
Class A | 680 | 40 | (964 | ) | (244 | ) | 2,339 | 165 | (2,403 | ) | 101 | ||||||||||||||||||||||||
Class C | 99 | 22 | (368 | ) | (247 | ) | 496 | 89 | (563 | ) | 22 | ||||||||||||||||||||||||
Large Cap Value: | |||||||||||||||||||||||||||||||||||
Investor Class | 440 | 1,274 | (1,813 | ) | (99 | ) | 605 | 3,565 | (4,378 | ) | (208 | ) | |||||||||||||||||||||||
Trust Class | 234 | 228 | (586 | ) | (124 | ) | 275 | 808 | (2,634 | ) | (1,551 | ) | |||||||||||||||||||||||
Advisor Class | 651 | 772 | (1,261 | ) | 162 | 886 | 2,074 | (3,420 | ) | (460 | ) | ||||||||||||||||||||||||
Institutional Class | 955 | 79 | (278 | ) | 756 | 271 | 198 | (1,621 | ) | (1,152 | ) | ||||||||||||||||||||||||
Class A | 66 | 10 | (86 | ) | (10 | ) | 66 | 26 | (73 | ) | 19 | ||||||||||||||||||||||||
Class C | 69 | 10 | (56 | ) | 23 | 66 | 22 | (116 | ) | (28 | ) | ||||||||||||||||||||||||
Class R3 | 1 | 0 | z | (0 | )z | 1 | 0 | z | 1 | (1 | ) | 0 | z | ||||||||||||||||||||||
Mid Cap Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 376 | 1,481 | (1,555 | ) | 302 | 2,763 | 2,578 | (3,714 | ) | 1,627 | |||||||||||||||||||||||||
Trust Class | 266 | 79 | (521 | ) | (176 | ) | 642 | 201 | (1,690 | ) | (847 | ) | |||||||||||||||||||||||
Advisor Class | 58 | 11 | (90 | ) | (21 | ) | 215 | 21 | (166 | ) | 70 | ||||||||||||||||||||||||
Institutional Class | 2,296 | 1,034 | (4,517 | ) | (1,187 | ) | 10,390 | 2,690 | (18,789 | ) | (5,709 | ) | |||||||||||||||||||||||
Class A | 194 | 87 | (898 | ) | (617 | ) | 1,629 | 232 | (2,689 | ) | (828 | ) | |||||||||||||||||||||||
Class C | 25 | 12 | (101 | ) | (64 | ) | 237 | 23 | (120 | ) | 140 | ||||||||||||||||||||||||
Class R3 | 84 | 14 | (98 | ) | 0 | z | 302 | 27 | (245 | ) | 84 | ||||||||||||||||||||||||
Class R6 | 2,524 | 725 | (1,465 | ) | 1,784 | 10,337 | 854 | (2,620 | ) | 8,571 |
172
For the Six Months Ended February 28, 2017 | For the Year Ended August 31, 2016 | ||||||||||||||||||||||||||||||||||
(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 | 42 | 9 | (148 | ) | (97 | ) | 116 | 231 | (432 | ) | (85 | ) | |||||||||||||||||||||||
Trust Class | 17 | 4 | (30 | ) | (9 | ) | 28 | 96 | (165 | ) | (41 | ) | |||||||||||||||||||||||
Institutional Class | 181 | 9 | (178 | ) | 12 | 378 | 200 | (1,045 | ) | (467 | ) | ||||||||||||||||||||||||
Class A | 83 | 4 | (214 | ) | (127 | ) | 264 | 96 | (379 | ) | (19 | ) | |||||||||||||||||||||||
Class C | 19 | 0 | z | (101 | ) | (82 | ) | 72 | 18 | (57 | ) | 33 | |||||||||||||||||||||||
Class R3 | 10 | 0 | z | (12 | ) | (2 | ) | 37 | 12 | (31 | ) | 18 | |||||||||||||||||||||||
Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||
Institutional Class | 2,401 | 669 | (13,198 | ) | (10,128 | ) | 6,282 | 844 | (40,964 | ) | (33,838 | ) | |||||||||||||||||||||||
Class A | 424 | 118 | (1,159 | ) | (617 | ) | 915 | 185 | (3,291 | ) | (2,191 | ) | |||||||||||||||||||||||
Class C | 164 | 60 | (374 | ) | (150 | ) | 352 | 76 | (991 | ) | (563 | ) | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||
Trust Class | 525 | 1,770 | (3,223 | ) | (928 | ) | 1,581 | 1,493 | (7,466 | ) | (4,392 | ) | |||||||||||||||||||||||
Institutional Class | 1,948 | 1,891 | (5,190 | ) | (1,351 | ) | 6,130 | 1,707 | (15,421 | ) | (7,584 | ) | |||||||||||||||||||||||
Class A | 878 | 962 | (2,161 | ) | (321 | ) | 2,661 | 736 | (5,616 | ) | (2,219 | ) | |||||||||||||||||||||||
Class C | 51 | 197 | (512 | ) | (264 | ) | 155 | 143 | (557 | ) | (259 | ) | |||||||||||||||||||||||
Class R3 | 262 | 199 | (455 | ) | 6 | 571 | 131 | (693 | ) | 9 | |||||||||||||||||||||||||
Class R6 | 461 | 396 | (508 | ) | 349 | 1,175 | 211 | (610 | ) | 776 | |||||||||||||||||||||||||
Small Cap Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 27 | — | (108 | ) | (81 | ) | 38 | 95 | (173 | ) | (40 | ) | |||||||||||||||||||||||
Trust Class | 2 | — | (31 | ) | (29 | ) | 11 | 9 | (34 | ) | (14 | ) | |||||||||||||||||||||||
Advisor Class | 6 | — | (27 | ) | (21 | ) | 25 | 11 | (55 | ) | (19 | ) | |||||||||||||||||||||||
Institutional Class | 33 | — | (48 | ) | (15 | ) | 94 | 25 | (466 | ) | (347 | ) | |||||||||||||||||||||||
Class A | 19 | — | (27 | ) | (8 | ) | 40 | 8 | (89 | ) | (41 | ) | |||||||||||||||||||||||
Class C | 17 | — | (27 | ) | (10 | ) | 24 | 10 | (46 | ) | (12 | ) | |||||||||||||||||||||||
Class R3 | 9 | — | (23 | ) | (14 | ) | 55 | 5 | (53 | ) | 7 | ||||||||||||||||||||||||
Socially Responsive: | |||||||||||||||||||||||||||||||||||
Investor Class | 736 | 869 | (2,631 | ) | (1,026 | ) | 2,321 | 1,365 | (5,077 | ) | (1,391 | ) | |||||||||||||||||||||||
Trust Class | 903 | 967 | (3,055 | ) | (1,185 | ) | 1,800 | 1,560 | (5,630 | ) | (2,270 | ) | |||||||||||||||||||||||
Institutional Class | 2,638 | 910 | (2,911 | ) | 637 | 6,451 | 1,298 | (7,648 | ) | 101 | |||||||||||||||||||||||||
Class A | 677 | 458 | (1,690 | ) | (555 | ) | 1,444 | 681 | (2,544 | ) | (419 | ) | |||||||||||||||||||||||
Class C | 254 | 166 | (369 | ) | 51 | 490 | 224 | (625 | ) | 89 | |||||||||||||||||||||||||
Class R3 | 238 | 125 | (286 | ) | 77 | 524 | 161 | (525 | ) | 160 | |||||||||||||||||||||||||
Class R6 | 1,054 | 430 | (3,401 | ) | (1,917 | ) | 5,148 | 484 | (1,510 | ) | 4,122 | ||||||||||||||||||||||||
Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 229 | 5 | (211 | ) | 23 | 177 | 20 | (529 | ) | (332 | ) | ||||||||||||||||||||||||
Class A | 335 | 1 | (315 | ) | 21 | 29 | 8 | (300 | ) | (263 | ) | ||||||||||||||||||||||||
Class C | 175 | 1 | (9 | ) | 167 | 9 | 1 | (12 | ) | (2 | ) |
173
(a) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.
(b) Period from December 8, 2016 (Commencement of Operations) to February 28, 2017.
z Amount less than one thousand.
Note E—Line of Credit:
At February 28, 2017, each Fund (other than Neuberger Berman International Small Cap 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) a federal funds effective rate plus 1.00% per annum or (b) a Eurodollar rate for a one-month period plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable and the level of its access to the Credit Facility, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at February 28, 2017.
During the period from September 1, 2016 through February 28, 2017, the following Fund had borrowings under the Credit Facility:
Fund | Number of Days Borrowed | Greatest Amount Borrowed | Average Interest Rate | Interest Paid(a) | |||||||||||||||
Greater China Equity | 7 | $ | 11,020,000 | 1.53 | % | $ | 2,472 |
(a) Interest Paid is reflected in the Statements of Operations under the caption "Interest expense".
Note F—Investments In Affiliates(a):
Balance of Shares Held August 31, 2016 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2017 | Value February 28, 2017 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
Genesis | |||||||||||||||||||||||||||||||
Abaxis, Inc.(b) | 1,161,900 | — | 580,790 | 581,110 | $ | 28,968,334 | $ | 224,720 | $ | 9,383,191 | |||||||||||||||||||||
Astronics Corp. | 1,050,865 | 32,900 | 31,630 | 1,052,135 | 40,539,192 | — | * | (573,570 | ) | ||||||||||||||||||||||
Bank of Hawaii Corp. | 2,218,312 | 44,700 | 2,675 | 2,260,337 | 190,908,063 | 2,194,958 | 44,507 | ||||||||||||||||||||||||
Calavo Growers, Inc. | 613,702 | 580,900 | 20,790 | 1,173,812 | 66,202,997 | 536,312 | 158,855 | ||||||||||||||||||||||||
Computer Modelling Group Ltd. | 4,651,700 | — | 151,820 | 4,499,880 | 34,997,560 | 697,057 | (14,961 | ) | |||||||||||||||||||||||
CVB Financial Corp. | 5,731,072 | 437,300 | 7,285 | 6,161,087 | 146,325,816 | 1,435,313 | 38,047 | ||||||||||||||||||||||||
Exponent, Inc. | 1,968,670 | — | 117,190 | 1,851,480 | 106,367,526 | 343,219 | 4,727,215 | ||||||||||||||||||||||||
Gray Television, Inc. | 4,097,350 | 513,115 | 216,200 | 4,394,265 | 59,762,004 | — | * | (1,504,097 | ) | ||||||||||||||||||||||
Hibbett Sports, Inc.(b) | 1,132,969 | 1,132,969 | — | — | — | * | 27,301,824 | ||||||||||||||||||||||||
LCI Industries(c) | 1,094,569 | 187,730 | 34,175 | 1,248,124 | 134,422,955 | 552,885 | 1,062,557 |
174
Balance of Shares Held August 31, 2016 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2017 | Value February 28, 2017 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
LegacyTexas Financial Group, Inc. | 1,878,818 | 762,500 | 3,120 | 2,638,198 | $ | 112,360,853 | $ | 687,905 | $ | 37,531 | |||||||||||||||||||||
Lindsay Corp. | 668,350 | — | 35,945 | 632,405 | 50,636,668 | 371,751 | (252,055 | ) | |||||||||||||||||||||||
Monotype Imaging Holdings, Inc. | 3,058,306 | — | 164,820 | 2,893,486 | 58,303,743 | 654,457 | (1,397,575 | ) | |||||||||||||||||||||||
Nexstar Media Group, Inc.(d) | 2,019,021 | 516,435 | 59,200 | 2,476,256 | 170,737,851 | 1,197,092 | 520,247 | ||||||||||||||||||||||||
Pason Systems, Inc. | 3,679,657 | 588,800 | — | 4,268,457 | 58,554,693 | 988,325 | — | ||||||||||||||||||||||||
Pool Corp. | 2,053,498 | 140,300 | 112,260 | 2,081,538 | 238,773,224 | 38,098 | 6,983,604 | ||||||||||||||||||||||||
Power Integrations, Inc. | 2,073,300 | 2,500 | 2,070,800 | 130,874,560 | 559,116 | 10,490 | |||||||||||||||||||||||||
RBC Bearings, Inc. | 1,347,240 | 201,200 | 6,225 | 1,542,215 | 143,888,660 | — | * | 57,966 | |||||||||||||||||||||||
Rogers Corp. | 1,149,551 | — | 61,985 | 1,087,566 | 89,735,071 | — | * | (587,230 | ) | ||||||||||||||||||||||
Sensient Technologies Corp. | 2,824,245 | — | 235,260 | 2,588,985 | 206,963,461 | 1,612,437 | 9,107,319 | ||||||||||||||||||||||||
Tennant Co. | 963,802 | — | 52,175 | 911,627 | 64,041,797 | 387,456 | 142,334 | ||||||||||||||||||||||||
U.S. Physical Therapy, Inc. | 791,800 | 70,500 | 19,995 | 842,305 | 63,720,373 | 146,591 | 324,571 | ||||||||||||||||||||||||
Total | $ | 2,197,085,401 | $ | 12,627,692 | $ | 55,570,770 |
(a) Affiliated issuers, as defined in the 1940 Act.
(b) At February 28, 2017, the issuers of these companies were no longer affiliated with Genesis.
(c) Effective January 3, 2017, this security underwent a name change from Drew Industries, Inc.
(d) Effective January 17, 2017, this security underwent a name change from Nexstar Broadcasting Group, Inc. Class A.
* Security did not produce income during the last twelve months.
Other: At February 28, 2017, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.25%, 0.01% and 0.23%, of the outstanding shares of Emerging Markets Equity, Genesis and International Select, respectively.
In addition, at February 28, 2017, affiliated investors owned 0.21%, 0.01%, 0.02%, 64.34%, 99.07%, 5.19%, 0.00%, 97.16% 0.01%, 0.01%, 0.08% and 0.30% of the outstanding shares of Dividend Growth, Emerging Markets Equity, Focus, Global Equity, Global Real Estate, Greater China Equity, International Equity, International Small Cap, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value and Value, respectively.
175
Note G—Custodian Out-of-Pocket Expenses
In May 2016, the Funds' custodian, State Street, announced that it had identified inconsistencies in the way in which certain Funds were invoiced for categories of expenses, particularly those deemed "out-of-pocket" costs, from 1998 through November 2015. The amounts in the table below represent the refunded expenses and interest determined to be payable to certain Funds for the period in question. These amounts were refunded to those Funds by State Street during the period ended February 28, 2017.
Expenses Refunded | Interest Paid to the Funds | ||||||||||
Equity Income | $ | 1,268 | $ | 68 | |||||||
Focus | 73,297 | 8,507 | |||||||||
Genesis | 288,737 | 21,840 | |||||||||
Guardian | 127,308 | 15,909 | |||||||||
International Equity | 493,553 | 60,646 | |||||||||
Large Cap Value | 167,263 | 14,872 | |||||||||
Mid Cap Growth | 79,093 | 8,282 | |||||||||
Mid Cap Intrinsic Value | 21,954 | 1,795 | |||||||||
Multi-Cap Opportunities | 625 | 5 | |||||||||
Small Cap Growth | 4,397 | 1,456 | |||||||||
Socially Responsive | 94,334 | 7,420 |
Note H—Recent Accounting Pronouncement:
In October 2016, the U.S. Securities and Exchange Commission ("SEC") adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Funds' financial statements and related disclosures.
Note I—Unaudited Financial Information:
The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.
176
Financial Highlights
The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 to $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.11 | $ | 0.11 | $ | 1.30 | $ | 1.41 | $ | (0.22 | ) | $ | — | $ | — | $ | (0.22 | ) | $ | — | $ | 12.30 | 12.77 | %** | $ | 26.8 | 2.01 | %* | 0.69 | %* | 1.87 | %* | 20 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.09 | $ | 0.09 | $ | 1.29 | $ | 1.38 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | 12.33 | 12.54 | %** | $ | 0.9 | 2.43 | %* | 1.05 | %* | 1.49 | %* | 20 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.00 | $ | 0.04 | $ | 1.32 | $ | 1.36 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | 12.31 | 12.25 | %** | $ | 3.0 | 3.09 | %* | 1.80 | %* | 0.63 | %* | 20 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.11 | $ | 0.11 | $ | 1.31 | $ | 1.42 | $ | (0.22 | ) | $ | — | $ | — | $ | (0.22 | ) | $ | — | $ | 12.31 | 12.81 | %** | $ | 0.1 | 1.96 | %* | 0.62 | %* | 1.93 | %* | 20 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.01 | $ | 0.01 | $ | 0.71 | $ | 0.72 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | 16.65 | 4.55 | %** | $ | 404.9 | 1.39 | %* | 1.26 | %* | 0.08 | %* | 12 | %** | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
177
178
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.92 | $ | (0.01 | ) | $ | 0.71 | $ | 0.70 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | 16.57 | 4.46 | %** | $ | 38.4 | 1.77 | %* | 1.51 | %* | (0.17 | )%* | 12 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.36 | $ | (0.07 | ) | $ | 0.70 | $ | 0.63 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15.99 | 4.10 | %** | $ | 5.5 | 2.47 | %* | 2.26 | %* | (0.95 | )%* | 12 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.59 | $ | (0.05 | ) | $ | 0.71 | $ | 0.66 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | 16.24 | 4.24 | %** | $ | 1.0 | 2.01 | %* | 1.92 | %* | (0.62 | )%* | 12 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.02 | $ | 0.01 | $ | 0.72 | $ | 0.73 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | 16.66 | 4.61 | %** | $ | 110.3 | 1.29 | %* | 1.19 | %* | 0.12 | %* | 12 | %** | |||||||||||||||||||||||||||||||||
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 |
See Notes to Financial Highlights
179
180
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.45 | $ | 0.16 | $ | 0.75 | $ | 0.91 | $ | (0.19 | ) | $ | (0.39 | ) | $ | — | $ | (0.58 | ) | $ | 0.00 | $ | 12.78 | 7.44 | %**h | $ | 1,161.8 | 0.69 | %* | 0.69 | %* | 2.56 | %* | 28 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.40 | $ | 0.13 | $ | 0.75 | $ | 0.88 | $ | (0.16 | ) | $ | (0.39 | ) | $ | — | $ | (0.55 | ) | $ | 0.00 | $ | 12.73 | 7.27 | %**h | $ | 235.5 | 1.06 | %* | 1.06 | %* | 2.18 | %* | 28 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.32 | $ | 0.09 | $ | 0.74 | $ | 0.83 | $ | (0.12 | ) | $ | (0.39 | ) | $ | — | $ | (0.51 | ) | $ | 0.00 | $ | 12.64 | 6.83 | %**h | $ | 316.2 | 1.81 | %* | 1.81 | %* | 1.43 | %* | 28 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.37 | $ | 0.12 | $ | 0.74 | $ | 0.86 | $ | (0.14 | ) | $ | (0.39 | ) | $ | — | $ | (0.53 | ) | $ | 0.00 | $ | 12.70 | 7.13 | %**h | $ | 1.7 | 1.34 | %* | 1.34 | %* | 1.88 | %* | 28 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
181
182
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 25.81 | $ | 0.02 | $ | 1.98 | $ | 2.00 | $ | (0.09 | ) | $ | (2.22 | ) | $ | — | $ | (2.31 | ) | $ | 0.00 | $ | 25.50 | 8.31 | %**h | $ | 644.4 | 0.93 | %* | 0.92 | %*c | 0.14 | %*c | 49 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.98 | $ | (0.00 | ) | $ | 1.17 | $ | 1.17 | $ | (0.08 | ) | $ | (2.22 | ) | $ | — | $ | (2.30 | ) | $ | 0.00 | $ | 14.85 | 8.23 | %**h | $ | 65.5 | 1.11 | %* | 1.10 | %*c | (0.04 | )%*c | 49 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 7.80 | $ | (0.00 | ) | $ | 0.49 | $ | 0.49 | $ | (0.11 | ) | $ | (2.22 | ) | $ | — | $ | (2.33 | ) | $ | 0.00 | $ | 5.96 | 8.16 | %**h | $ | 3.9 | 1.27 | %* | 1.23 | %*c | (0.17 | )%*c | 49 | %** | |||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 25.86 | $ | 0.04 | $ | 1.99 | $ | 2.03 | $ | (0.14 | ) | $ | (2.22 | ) | $ | — | $ | (2.36 | ) | $ | 0.00 | $ | 25.53 | 8.42 | %**h | $ | 7.1 | 0.76 | %* | 0.76 | %* | 0.30 | %* | 49 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
183
184
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Focus Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.82 | $ | (0.00 | ) | $ | 1.15 | $ | 1.15 | $ | (0.09 | ) | $ | (2.22 | ) | $ | — | $ | (2.31 | ) | $ | 0.00 | $ | 14.66 | 8.17 | %**h | $ | 3.4 | 1.15 | %* | 1.12 | %* | (0.06 | )%* | 49 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 7.41 | $ | (0.03 | ) | $ | 0.47 | $ | 0.44 | $ | (0.06 | ) | $ | (2.22 | ) | $ | — | $ | (2.28 | ) | $ | 0.00 | $ | 5.57 | 7.82 | %**h | $ | 1.8 | 1.90 | %* | 1.87 | %* | (0.81 | )%* | 49 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 34.13 | $ | 0.04 | $ | 3.38 | $ | 3.42 | $ | (0.15 | ) | $ | (3.52 | ) | $ | — | $ | (3.67 | ) | $ | — | $ | 33.88 | 10.35 | %** | $ | 1,886.6 | 1.02 | %* | 1.02 | %*c | 0.22 | %*c | 15 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 59.52 | $ | 0.05 | $ | 5.98 | $ | 6.03 | $ | (0.03 | ) | $ | (3.52 | ) | $ | — | $ | (3.55 | ) | $ | — | $ | 62.00 | 10.31 | %** | $ | 1,710.7 | 1.10 | %* | 1.09 | %*c | 0.14 | %*c | 15 | %** | ||||||||||||||||||||||||||||||||
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
185
186
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Genesis Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 24.31 | $ | (0.01 | ) | $ | 2.37 | $ | 2.36 | $ | (0.07 | ) | $ | (3.52 | ) | $ | — | $ | (3.59 | ) | $ | — | $ | 23.08 | 10.15 | %** | $ | 274.5 | 1.37 | %* | 1.36 | %*c | (0.13 | )%*c | 15 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 56.64 | $ | 0.11 | $ | 5.70 | $ | 5.81 | $ | (0.19 | ) | $ | (3.52 | ) | $ | — | $ | (3.71 | ) | $ | — | $ | 58.74 | 10.44 | %** | $ | 3,664.5 | 0.85 | %* | 0.85 | %§*c | 0.38 | %*c | 15 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 56.65 | $ | 0.13 | $ | 5.70 | $ | 5.83 | $ | (0.23 | ) | $ | (3.52 | ) | $ | — | $ | (3.75 | ) | $ | — | $ | 58.73 | 10.49 | %** | $ | 3,901.7 | 0.78 | %* | 0.78 | %§*c | 0.46 | %*c | 15 | %** | ||||||||||||||||||||||||||||||||
8/31/2016 | $ | 56.50 | $ | 0.29 | $ | 5.67 | $ | 5.96 | $ | (0.26 | ) | $ | (5.55 | ) | $ | — | $ | (5.81 | ) | $ | — | $ | 56.65 | 11.69 | % | $ | 3,381.7 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 6.65 | $ | 0.01 | $ | 0.23 | $ | 0.24 | $ | (0.03 | ) | $ | (0.05 | ) | $ | — | $ | (0.08 | ) | $ | — | $ | 6.81 | 3.71 | %** | $ | 3.7 | 7.95 | %* | 0.97 | %* | 0.25 | %* | 5 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
187
188
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 6.57 | $ | (0.00 | ) | $ | 0.23 | $ | 0.23 | $ | (0.01 | ) | $ | (0.05 | ) | $ | — | $ | (0.06 | ) | $ | — | $ | 6.74 | 3.49 | %** | $ | 0.4 | 8.40 | %* | 1.35 | %* | (0.11 | )%* | 5 | %** | |||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 6.29 | $ | (0.03 | ) | $ | 0.23 | $ | 0.20 | $ | — | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 6.44 | 3.16 | %** | $ | 0.1 | 9.10 | %* | 2.10 | %* | (0.86 | )%* | 5 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.62 | $ | 0.07 | $ | (0.28 | ) | $ | (0.21 | ) | $ | (0.23 | ) | $ | (0.04 | ) | $ | — | $ | (0.27 | ) | $ | — | $ | 10.14 | (1.89 | )%** | $ | 2.0 | 11.59 | %* | 1.00 | %* | 1.35 | %* | 27 | %** | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.61 | $ | 0.05 | $ | (0.28 | ) | $ | (0.23 | ) | $ | (0.20 | ) | $ | (0.04 | ) | $ | — | $ | (0.24 | ) | $ | — | $ | 10.14 | (2.04 | )%** | $ | 0.3 | 11.87 | %* | 1.36 | %* | 1.03 | %* | 27 | %** | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.59 | $ | 0.01 | $ | (0.27 | ) | $ | (0.26 | ) | $ | (0.17 | ) | $ | (0.04 | ) | $ | — | $ | (0.21 | ) | $ | — | $ | 10.12 | (2.36 | )%** | $ | 0.3 | 12.70 | %* | 2.11 | %* | 0.25 | %* | 27 | %** | ||||||||||||||||||||||||||||||
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 | %** |
See Notes to Financial Highlights
189
190
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.50 | $ | (0.05 | ) | $ | 0.46 | $ | 0.41 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | 11.86 | 3.60 | %** | $ | 87.0 | 1.72 | %* | 1.51 | %^^* | (0.87 | )%* | 52 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.50 | $ | (0.07 | ) | $ | 0.46 | $ | 0.39 | $ | (0.00 | ) | $ | — | $ | — | $ | (0.00 | ) | $ | — | $ | 11.89 | 3.42 | %** | $ | 1.8 | 2.13 | %* | 1.87 | %^^* | (1.25 | )%* | 52 | %** | ||||||||||||||||||||||||||||||||
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 | %** | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.27 | $ | (0.12 | ) | $ | 0.46 | $ | 0.34 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11.61 | 3.02 | %** | $ | 0.2 | 2.81 | %* | 2.62 | %^^* | (2.11 | )%* | 52 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.45 | $ | 0.06 | $ | 1.34 | $ | 1.40 | $ | (0.11 | ) | $ | (1.85 | ) | $ | — | $ | (1.96 | ) | $ | — | $ | 15.89 | 9.15 | %** | $ | 1,022.7 | 0.92 | %* | 0.90 | %*c | 0.72 | %*c | 20 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
191
192
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.96 | $ | 0.03 | $ | 0.86 | $ | 0.89 | $ | (0.10 | ) | $ | (1.85 | ) | $ | — | $ | (1.95 | ) | $ | — | $ | 9.90 | 9.10 | %** | $ | 66.7 | 1.08 | %* | 1.05 | %*c | 0.56 | %*c | 20 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.47 | $ | 0.04 | $ | 1.09 | $ | 1.13 | $ | (0.05 | ) | $ | (1.85 | ) | $ | — | $ | (1.90 | ) | $ | — | $ | 12.70 | 9.18 | %** | $ | 0.2 | 1.39 | %* | 0.22 | %*c | 0.44 | %*c | 20 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.50 | $ | 0.07 | $ | 1.34 | $ | 1.41 | $ | (0.14 | ) | $ | (1.85 | ) | $ | — | $ | (1.99 | ) | $ | — | $ | 15.92 | 9.22 | %** | $ | 66.0 | 0.73 | %* | 0.72 | %*c | 0.90 | %*c | 20 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.82 | $ | 0.03 | $ | 0.84 | $ | 0.87 | $ | (0.10 | ) | $ | (1.85 | ) | $ | — | $ | (1.95 | ) | $ | — | $ | 9.74 | 9.00 | %** | $ | 5.8 | 1.11 | %* | 1.10 | %*c | 0.50 | %*c | 20 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
193
194
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.03 | $ | (0.02 | ) | $ | 1.05 | $ | 1.03 | $ | (0.03 | ) | $ | (1.85 | ) | $ | — | $ | (1.88 | ) | $ | — | $ | 12.18 | 8.68 | %** | $ | 1.8 | 1.85 | %* | 1.85 | %*c | (0.24 | )%*c | 20 | %** | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.42 | $ | 0.02 | $ | 1.07 | $ | 1.09 | $ | (0.05 | ) | $ | (1.85 | ) | $ | — | $ | (1.90 | ) | $ | — | $ | 12.61 | 8.90 | %** | $ | 0.6 | 1.38 | %* | 1.36 | %*c | 0.27 | %*c | 20 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 20.60 | $ | 0.09 | $ | 0.34 | $ | 0.43 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | 20.94 | 2.12 | %** | $ | 101.3 | 1.24 | %* | 0.73 | %*c | 0.43 | %*c | 11 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 23.02 | $ | 0.09 | $ | 0.38 | $ | 0.47 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | 23.41 | 2.06 | %** | $ | 43.1 | 1.28 | %* | 0.75 | %*c | 0.42 | %*c | 11 | %** | |||||||||||||||||||||||||||||||||
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
195
196
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.09 | $ | 0.02 | $ | 0.17 | $ | 0.19 | $ | (0.15 | ) | $ | — | $ | — | $ | (0.15 | ) | $ | — | $ | 11.13 | 1.82 | %** | $ | 1,226.9 | 1.04 | %* | 0.86 | %§* | 0.30 | %* | 11 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 22.92 | $ | (0.00 | ) | $ | 0.37 | $ | 0.37 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | 23.25 | 1.64 | %** | $ | 81.5 | 1.40 | %* | 1.22 | %§* | (0.04 | )%* | 11 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 22.45 | $ | (0.09 | ) | $ | 0.38 | $ | 0.29 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 22.74 | 1.29 | %** | $ | 13.4 | 2.15 | %* | 1.97 | %* | (0.80 | )%* | 11 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 11.20 | $ | 0.02 | $ | 0.17 | $ | 0.19 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | 11.23 | 1.80 | %** | $ | 56.0 | 0.95 | %* | 0.77 | %* | 0.39 | %* | 11 | %** | |||||||||||||||||||||||||||||||||
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 9/30/2013^ 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 |
See Notes to Financial Highlights
197
198
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
International Select Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.88 | $ | (0.00 | ) | $ | 0.06 | $ | 0.06 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | 10.82 | 0.60 | %** | $ | 7.6 | 1.38 | %* | 1.21 | %* | (0.08 | )%* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.86 | $ | 0.01 | $ | 0.08 | $ | 0.09 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | 10.79 | 0.89 | %** | $ | 212.1 | 0.92 | %* | 0.86 | %* | 0.27 | %* | 14 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.80 | $ | (0.00 | ) | $ | 0.06 | $ | 0.06 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | 10.74 | 0.61 | %** | $ | 4.2 | 1.30 | %* | 1.21 | %* | (0.04 | )%* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.64 | $ | (0.04 | ) | $ | 0.07 | $ | 0.03 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | 10.63 | 0.27 | %** | $ | 3.0 | 2.04 | %* | 1.97 | %* | (0.85 | )%* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
199
200
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
International Select Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 10.71 | $ | (0.02 | ) | $ | 0.07 | $ | 0.05 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | 10.66 | 0.55 | %** | $ | 4.5 | 1.55 | %* | 1.47 | %* | (0.38 | )%* | 14 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
International Small Cap Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/8/2016^ to 2/28/2017 (Unaudited) | $ | 10.00 | $ | (0.01 | ) | $ | 0.95 | $ | 0.94 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.94 | 9.40 | %** | $ | 0.7 | 37.46 | %*b | 1.05 | %*b | (0.49 | )%*b | 5 | %** | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/8/2016^ to 2/28/2017 (Unaudited) | $ | 10.00 | $ | (0.02 | ) | $ | 0.95 | $ | 0.93 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.93 | 9.30 | %** | $ | 0.1 | 37.90 | %*b | 1.41 | %*b | (0.85 | )%*b | 5 | %** | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/8/2016^ to 2/28/2017 (Unaudited) | $ | 10.00 | $ | (0.04 | ) | $ | 0.96 | $ | 0.92 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.92 | 9.20 | %** | $ | 0.1 | 38.65 | %*b | 2.16 | %*b | (1.60 | )%*b | 5 | %** | ||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/8/2016^ to 2/28/2017 (Unaudited) | $ | 10.00 | $ | (0.01 | ) | $ | 0.96 | $ | 0.95 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.95 | 9.50 | %** | $ | 0.2 | 37.42 | %*b | 0.98 | %*b | (0.42 | )%*b | 5 | %** | ||||||||||||||||||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 14.02 | $ | (0.03 | ) | $ | 1.59 | $ | 1.56 | $ | — | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | — | $ | 15.37 | 11.17 | %** | $ | 655.0 | 1.05 | %* | 1.01 | %* | (0.35 | )%* | 13 | %** | ||||||||||||||||||||||||||||||||
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
201
202
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.68 | $ | (0.05 | ) | $ | 1.55 | $ | 1.50 | $ | — | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | — | $ | 14.97 | 11.01 | %** | $ | 45.1 | 1.45 | %* | 1.37 | %* | (0.70 | )%* | 13 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.99 | $ | (0.10 | ) | $ | 1.47 | $ | 1.37 | $ | — | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | — | $ | 14.15 | 10.59 | %** | $ | 23.9 | 2.17 | %* | 2.12 | %* | (1.45 | )%* | 13 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 28.25 | $ | 0.19 | $ | 3.36 | $ | 3.55 | $ | (0.20 | ) | $ | (0.87 | ) | $ | — | $ | (1.07 | ) | $ | — | $ | 30.73 | 12.66 | %** | $ | 1,160.7 | 0.88 | %* | 0.87 | %*c | 1.25 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 18.38 | $ | 0.11 | $ | 2.18 | $ | 2.29 | $ | (0.19 | ) | $ | (0.87 | ) | $ | — | $ | (1.06 | ) | $ | — | $ | 19.61 | 12.61 | %** | $ | 80.4 | 1.06 | %* | 1.01 | %*c | 1.11 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
203
204
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.72 | $ | 0.07 | $ | 1.62 | $ | 1.69 | $ | (0.19 | ) | $ | (0.87 | ) | $ | — | $ | (1.06 | ) | $ | — | $ | 14.35 | 12.53 | %** | $ | 154.9 | 1.21 | %* | 1.19 | %*c | 0.92 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 28.47 | $ | 0.22 | $ | 3.38 | $ | 3.60 | $ | (0.26 | ) | $ | (0.87 | ) | $ | — | $ | (1.13 | ) | $ | — | $ | 30.94 | 12.73 | %** | $ | 84.5 | 0.71 | %* | 0.70 | %§*c | 1.46 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 18.36 | $ | 0.10 | $ | 2.18 | $ | 2.28 | $ | (0.20 | ) | $ | (0.87 | ) | $ | — | $ | (1.07 | ) | $ | — | $ | 19.57 | 12.54 | %** | $ | 3.2 | 1.08 | %* | 1.07 | %*c | 1.04 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.99 | $ | 0.02 | $ | 1.54 | $ | 1.56 | $ | (0.13 | ) | $ | (0.87 | ) | $ | — | $ | (1.00 | ) | $ | — | $ | 13.55 | 12.19 | %** | $ | 2.5 | 1.82 | %* | 1.82 | %*c | 0.31 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
205
206
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.93 | $ | 0.06 | $ | 1.65 | $ | 1.71 | $ | (0.18 | ) | $ | (0.87 | ) | $ | — | $ | (1.05 | ) | $ | — | $ | 14.59 | 12.42 | %** | $ | 0.1 | 1.48 | %* | 1.36 | %*c | 0.79 | %*c | 32 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 12.88 | $ | (0.02 | ) | $ | 1.01 | $ | 0.99 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 13.25 | 7.98 | %** | $ | 431.3 | 0.91 | %* | 0.92 | %*c | (0.32 | )%*c | 23 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 22.31 | $ | (0.04 | ) | $ | 1.78 | $ | 1.74 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 23.43 | 7.97 | %** | $ | 66.0 | 0.97 | %* | 0.98 | %*c | (0.38 | )%*c | 23 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 22.65 | $ | (0.07 | ) | $ | 1.81 | $ | 1.74 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 23.77 | 7.85 | %** | $ | 11.6 | 1.24 | %* | 1.24 | %*c | (0.64 | )%*c | 23 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
207
208
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.20 | $ | (0.01 | ) | $ | 1.04 | $ | 1.03 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 13.61 | 8.09 | %** | $ | 301.1 | 0.73 | %* | 0.73 | %*c | (0.13 | )%*c | 23 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 22.23 | $ | (0.06 | ) | $ | 1.78 | $ | 1.72 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 23.33 | 7.90 | %** | $ | 66.4 | 1.12 | %* | 1.12 | %§*c | (0.52 | )%*c | 23 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 21.92 | $ | (0.14 | ) | $ | 1.75 | $ | 1.61 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 22.91 | 7.51 | %** | $ | 9.9 | 1.88 | %* | 1.87 | %* | (1.27 | )%* | 23 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 22.63 | $ | (0.09 | ) | $ | 1.81 | $ | 1.72 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 23.73 | 7.76 | %** | $ | 14.4 | 1.38 | %* | 1.37 | %* | (0.77 | )%* | 23 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
209
210
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 13.24 | $ | (0.00 | ) | $ | 1.04 | $ | 1.04 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 13.66 | 8.14 | %** | $ | 224.2 | 0.66 | %* | 0.66 | %* | (0.06 | )%* | 23 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 19.71 | $ | 0.14 | $ | 2.39 | $ | 2.53 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | 22.13 | 12.85 | %** | $ | 40.4 | 1.27 | %* | 1.06 | %*c | 1.35 | %*c | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.24 | $ | 0.10 | $ | 1.96 | $ | 2.06 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | 18.19 | 12.70 | %** | $ | 11.3 | 1.45 | %* | 1.25 | %*c | 1.14 | %*c | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 19.75 | $ | 0.16 | $ | 2.39 | $ | 2.55 | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | — | $ | 22.13 | 12.96 | %** | $ | 25.7 | 1.08 | %* | 0.86 | %*c | 1.52 | %*c | 19 | %** | |||||||||||||||||||||||||||||||||
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
211
212
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.21 | $ | 0.10 | $ | 1.96 | $ | 2.06 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | 18.16 | 12.73 | %** | $ | 12.6 | 1.47 | %* | 1.22 | %*c | 1.19 | %*c | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.88 | $ | 0.04 | $ | 1.91 | $ | 1.95 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | 17.77 | 12.30 | %** | $ | 2.7 | 2.22 | %* | 1.97 | %*c | 0.45 | %*c | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.19 | $ | 0.08 | $ | 1.95 | $ | 2.03 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | 18.13 | 12.58 | %** | $ | 1.5 | 1.72 | %* | 1.47 | %* | 0.95 | %* | 19 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 16.08 | $ | 0.06 | $ | 2.15 | $ | 2.21 | $ | (0.14 | ) | $ | (0.45 | ) | $ | — | $ | (0.59 | ) | $ | — | $ | 17.70 | 14.02 | %** | $ | 1,754.8 | 0.76 | %* | 0.76 | %*c | 0.73 | %*c | 10 | %** | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
213
214
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.95 | $ | 0.03 | $ | 2.14 | $ | 2.17 | $ | (0.07 | ) | $ | (0.45 | ) | $ | — | $ | (0.52 | ) | $ | — | $ | 17.60 | 13.84 | %** | $ | 69.7 | 1.12 | %* | 1.12 | %*c | 0.37 | %*c | 10 | %** | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.42 | $ | (0.03 | ) | $ | 2.06 | $ | 2.03 | $ | — | $ | (0.45 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | 17.00 | 13.35 | %** | $ | 41.1 | 1.85 | %* | 1.85 | %*c | (0.37 | )%*c | 10 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.12 | $ | 0.11 | $ | (0.33 | ) | $ | (0.22 | ) | $ | (0.19 | ) | $ | (1.54 | ) | $ | — | $ | (1.73 | ) | $ | — | $ | 13.17 | (0.82 | )%** | $ | 172.7 | 1.42 | %* | 1.05 | %* | 1.65 | %* | 25 | %** | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.17 | $ | 0.12 | $ | (0.34 | ) | $ | (0.22 | ) | $ | (0.20 | ) | $ | (1.54 | ) | $ | — | $ | (1.74 | ) | $ | — | $ | 13.21 | (0.79 | )%** | $ | 207.9 | 1.06 | %* | 0.86 | %* | 1.83 | %* | 25 | %** | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
215
216
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.12 | $ | 0.10 | $ | (0.33 | ) | $ | (0.23 | ) | $ | (0.18 | ) | $ | (1.54 | ) | $ | — | $ | (1.72 | ) | $ | — | $ | 13.17 | (0.91 | )%** | $ | 99.2 | 1.43 | %* | 1.22 | %* | 1.47 | %* | 25 | %** | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.12 | $ | 0.05 | $ | (0.33 | ) | $ | (0.28 | ) | $ | (0.12 | ) | $ | (1.54 | ) | $ | — | $ | (1.66 | ) | $ | — | $ | 13.18 | (1.25 | )%** | $ | 22.0 | 2.18 | %* | 1.97 | %* | 0.73 | %* | 25 | %** | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.09 | $ | 0.08 | $ | (0.33 | ) | $ | (0.25 | ) | $ | (0.16 | ) | $ | (1.54 | ) | $ | — | $ | (1.70 | ) | $ | — | $ | 13.14 | (1.05 | )%** | $ | 21.8 | 1.69 | %* | 1.47 | %* | 1.22 | %* | 25 | %** | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.16 | $ | 0.13 | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.21 | ) | $ | (1.54 | ) | $ | — | $ | (1.75 | ) | $ | — | $ | 13.21 | (0.68 | )%** | $ | 43.8 | 0.99 | %* | 0.79 | %* | 1.87 | %* | 25 | %** | ||||||||||||||||||||||||||||||
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 |
See Notes to Financial Highlights
217
218
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 26.97 | $ | (0.12 | ) | $ | 3.27 | $ | 3.15 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 30.12 | 11.68 | %** | $ | 46.7 | 1.88 | %* | 1.20 | %*c | (0.84 | )%*c | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 29.25 | $ | (0.15 | ) | $ | 3.53 | $ | 3.38 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32.63 | 11.59 | %** | $ | 4.0 | 1.97 | %* | 1.37 | %* | (1.03 | )%* | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 18.72 | $ | (0.11 | ) | $ | 2.26 | $ | 2.15 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.87 | 11.49 | %** | $ | 1.9 | 2.13 | %* | 1.51 | %*c | (1.16 | )%*c | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 27.66 | $ | (0.08 | ) | $ | 3.35 | $ | 3.27 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 30.93 | 11.82 | %** | $ | 10.0 | 1.60 | %* | 0.91 | %* | (0.55 | )%* | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
219
220
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 29.53 | $ | (0.14 | ) | $ | 3.57 | $ | 3.43 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32.96 | 11.62 | %** | $ | 3.6 | 1.99 | %* | 1.27 | %* | (0.91 | )%* | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 18.05 | $ | (0.15 | ) | $ | 2.17 | $ | 2.02 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.07 | 11.19 | %** | $ | 1.8 | 2.72 | %* | 2.02 | %* | (1.66 | )%* | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 18.77 | $ | (0.11 | ) | $ | 2.27 | $ | 2.16 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.93 | 11.51 | %** | $ | 0.9 | 2.28 | %* | 1.52 | %* | (1.16 | )%* | 91 | %** | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 34.50 | $ | 0.14 | $ | 3.23 | $ | 3.37 | $ | (0.23 | ) | $ | (1.32 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | 36.32 | 9.99 | %** | $ | 740.8 | 0.86 | %* | 0.85 | %*c | 0.83 | %*c | 17 | %** | ||||||||||||||||||||||||||||||||
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
221
222
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 20.37 | $ | 0.07 | $ | 1.87 | $ | 1.94 | $ | (0.23 | ) | $ | (1.32 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | 20.76 | 9.92 | %** | $ | 251.1 | 1.02 | %* | 1.01 | %*c | 0.66 | %*c | 17 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 34.55 | $ | 0.18 | $ | 3.23 | $ | 3.41 | $ | (0.30 | ) | $ | (1.32 | ) | $ | — | $ | (1.62 | ) | $ | — | $ | 36.34 | 10.11 | %** | $ | 807.2 | 0.67 | %* | 0.67 | %*c | 1.02 | %*c | 17 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 20.15 | $ | 0.06 | $ | 1.86 | $ | 1.92 | $ | (0.23 | ) | $ | (1.32 | ) | $ | — | $ | (1.55 | ) | $ | — | $ | 20.52 | 9.93 | %** | $ | 122.6 | 1.04 | %* | 1.04 | %*c | 0.63 | %*c | 17 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 19.56 | $ | (0.01 | ) | $ | 1.80 | $ | 1.79 | $ | (0.09 | ) | $ | (1.32 | ) | $ | — | $ | (1.41 | ) | $ | — | $ | 19.94 | 9.51 | %** | $ | 55.6 | 1.79 | %* | 1.79 | %*c | (0.10 | )%*c | 17 | %** | |||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
223
224
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 19.92 | $ | 0.04 | $ | 1.82 | $ | 1.86 | $ | (0.19 | ) | $ | (1.32 | ) | $ | — | $ | (1.51 | ) | $ | — | $ | 20.27 | 9.73 | %** | $ | 35.5 | 1.29 | %* | 1.29 | %*c | 0.40 | %*c | 17 | %** | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 34.57 | $ | 0.19 | $ | 3.23 | $ | 3.42 | $ | (0.32 | ) | $ | (1.32 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | 36.35 | 10.15 | %** | $ | 322.9 | 0.60 | %* | 0.60 | %*c | 1.08 | %*c | 17 | %** | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.72 | $ | 0.12 | $ | 1.88 | $ | 2.00 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | 17.60 | 12.73 | %** | $ | 10.6 | 2.19 | %* | 0.70 | %* | 1.45 | %* | 56 | %** | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.62 | $ | 0.08 | $ | 1.88 | $ | 1.96 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | 17.51 | 12.55 | %** | $ | 4.7 | 2.60 | %* | 1.08 | %* | 1.03 | %* | 56 | %** | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
225
226
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Return†d | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets#i | Ratio of Net Expenses to Average Net Assets‡i | Ratio of Net Investment Income/ (Loss) to Average Net Assetsi | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2017 (Unaudited) | $ | 15.33 | $ | 0.03 | $ | 1.82 | $ | 1.85 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | 17.09 | 12.10 | %** | $ | 3.5 | 3.28 | %* | 1.82 | %* | 0.33 | %* | 56 | %** | |||||||||||||||||||||||||||||||||
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
227
228
Notes to Financial Highlights Equity Funds (Unaudited)
† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses. Total return would have been the same for each of the respective years if the funds had not received the refund listed in Note G of the Notes to Financial Statements.
# 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, 2016 and 2017) and Value (2016) and/or reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. 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:
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||
2017 | 2016 | 2015 | |||||||||||||
Greater China Equity Institutional Class | 1.51 | % | 1.51 | % | 1.50 | % | |||||||||
Greater China Equity Class A | 1.87 | % | 1.87 | % | 1.86 | % | |||||||||
Greater China Equity Class C | 2.62 | % | 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:
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2017 | 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 | % | — | 0.85 | % | — | — | ||||||||||||||||||
Genesis Class R6 | 0.78 | % | 0.78 | % | — | 0.78 | % | — | — | ||||||||||||||||||
Guardian Advisor Class | — | 1.26 | % | — | — | 1.30 | % | 1.33 | % | ||||||||||||||||||
Guardian Institutional Class | — | — | — | — | — | 0.74 | % |
229
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Guardian Class A | — | — | — | 1.08 | % | 1.10 | % | — | |||||||||||||||||||
Guardian Class C | — | — | — | 1.84 | % | — | — | ||||||||||||||||||||
International Equity Institutional Class | 0.84 | % | 0.85 | % | 0.83 | % | — | — | — | ||||||||||||||||||
International Equity Class A | 1.22 | % | — | 1.20 | % | — | — | — | |||||||||||||||||||
International Equity Class R6 | — | — | 0.76 | % | — | — | — | ||||||||||||||||||||
Large Cap Value Institutional Class | 0.69 | % | — | 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 | % | 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.
c Custodian Out-of-Pocket Expenses Refunded, as listed in Note G, which is non-recurring, is included in these ratios on a non-annualized basis.
d The class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the six months ended February 28, 2017.
230
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
Except for the Fund classes listed below, the class action proceeds received in 2016, 2015, 2014, 2013 and 2012, if any, had no impact on the Funds' total returns for the years ended August 31, 2016, 2015, 2014, 2013 and 2012. Had the Fund classes listed below not received class action proceeds in 2016, 2015, 2014, 2013 and/or 2012, total return based on per share NAV for the years ended August 31, 2016, 2015, 2014, 2013 and/or 2012 would have been:
Year Ended August 31, | |||||||||||||||||||||||
2016 | 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 | (3.27 | )% | 7.07 | % | — | 23.81 | % | — | |||||||||||||||
Small Cap Growth Trust Class | (3.40 | )% | 6.86 | % | — | 23.45 | % | — | |||||||||||||||
Small Cap Growth Advisor Class | (3.50 | )% | 6.72 | % | — | 23.31 | % | — | |||||||||||||||
Small Cap Growth Institutional Class | (2.99 | )% | 7.41 | % | — | 24.05 | % | — | |||||||||||||||
Small Cap Growth Class A | (3.31 | )% | 7.05 | % | — | 23.84 | % | — | |||||||||||||||
Small Cap Growth Class C | (4.02 | )% | 6.37 | % | — | 22.92 | % | — | |||||||||||||||
Small Cap Growth Class R3 | (3.54 | )% | 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.
h The voluntary contribution listed in Note B of the Notes to Financial Statements had no impact on the Fund's total return for the six months ended February 28, 2017. 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 | )% |
231
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
i Had the Funds not received the refund listed in Note G of the Notes to Financial Statements, the annualized ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:
Annualized Ratio of Net Expenses to Average Daily Net Assets | Annualized Ratio of Net Investment Income/(Loss) to Average Daily Net Assets | ||||||||||
Equity Income Institutional Class | 0.69 | % | 2.56 | % | |||||||
Equity Income Class A | 1.06 | % | 2.18 | % | |||||||
Equity Income Class C | 1.81 | % | 1.43 | % | |||||||
Equity Income Class R3 | 1.34 | % | 1.88 | % | |||||||
Focus Investor Class | 0.93 | % | 0.13 | % | |||||||
Focus Trust Class | 1.11 | % | (0.05 | )% | |||||||
Focus Advisor Class | 1.27 | % | (0.21 | )% | |||||||
Genesis Investor Class | 1.02 | % | 0.22 | % | |||||||
Genesis Trust Class | 1.10 | % | 0.13 | % | |||||||
Genesis Advisor Class | 1.37 | % | (0.14 | )% | |||||||
Genesis Institutional Class | 0.85 | % | 0.38 | % | |||||||
Genesis Class R6 | 0.78 | % | 0.46 | % | |||||||
Guardian Investor Class | 0.92 | % | 0.71 | % | |||||||
Guardian Trust Class | 1.08 | % | 0.53 | % | |||||||
Guardian Advisor Class | 1.39 | % | 0.23 | % | |||||||
Guardian Institutional Class | 0.73 | % | 0.90 | % | |||||||
Guardian Class A | 1.11 | % | 0.49 | % | |||||||
Guardian Class C | 1.85 | % | (0.25 | )% | |||||||
Guardian Class R3 | 1.37 | % | 0.27 | % | |||||||
International Equity Investor Class | 1.06 | % | 0.10 | % | |||||||
International Equity Trust Class | 1.10 | % | 0.07 | % | |||||||
International Equity Institutional Class | 0.86 | % | 0.30 | % | |||||||
Large Cap Value Investor Class | 0.88 | % | 1.24 | % | |||||||
Large Cap Value Trust Class | 1.06 | % | 1.06 | % | |||||||
Large Cap Value Advisor Class | 1.21 | % | 0.91 | % | |||||||
Large Cap Value Institutional Class | 0.71 | % | 1.45 | % | |||||||
Large Cap Value Class A | 1.08 | % | 1.03 | % | |||||||
Large Cap Value Class C | 1.82 | % | 0.31 | % | |||||||
Large Cap Value Class R3 | 1.37 | % | 0.78 | % | |||||||
Mid Cap Growth Investor Class | 0.91 | % | (0.31 | )% | |||||||
Mid Cap Growth Trust Class | 0.97 | % | (0.37 | )% | |||||||
Mid Cap Growth Advisor Class | 1.24 | % | (0.65 | )% | |||||||
Mid Cap Growth Institutional Class | 0.73 | % | (0.13 | )% | |||||||
Mid Cap Growth Class A | 1.12 | % | (0.52 | )% | |||||||
Mid Cap Growth Class R6 | 0.66 | % | (0.06 | )% |
232
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
Annualized Ratio of Net Expenses to Average Daily Net Assets | Annualized Ratio of Net Investment Income/(Loss) to Average Daily Net Assets | ||||||||||
Mid Cap Intrinsic Value Investor Class | 1.11 | % | 1.29 | % | |||||||
Mid Cap Intrinsic Value Trust Class | 1.26 | % | 1.14 | % | |||||||
Mid Cap Intrinsic Value Institutional Class | 0.86 | % | 1.52 | % | |||||||
Mid Cap Intrinsic Value Class A | 1.22 | % | 1.19 | % | |||||||
Mid Cap Intrinsic Value Class C | 1.97 | % | 0.45 | % | |||||||
Multi-Cap Opportunities Institutional Class | 0.76 | % | 0.73 | % | |||||||
Multi-Cap Opportunities Class A | 1.12 | % | 0.37 | % | |||||||
Multi-Cap Opportunities Class C | 1.85 | % | (0.37 | )% | |||||||
Small Cap Growth Investor Class | 1.21 | % | (0.85 | )% | |||||||
Small Cap Growth Advisor Class | 1.51 | % | (1.15 | )% | |||||||
Socially Responsive Investor Class | 0.86 | % | 0.90 | % | |||||||
Socially Responsive Trust Class | 1.02 | % | 0.72 | % | |||||||
Socially Responsive Institutional Class | 0.67 | % | 1.09 | % | |||||||
Socially Responsive Class A | 1.04 | % | 0.70 | % | |||||||
Socially Responsive Class C | 1.79 | % | (0.03 | )% | |||||||
Socially Responsive Class R3 | 1.29 | % | 0.47 | % | |||||||
Socially Responsive Class R6 | 0.60 | % | 1.15 | % |
233
Directory
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Intermediary Client Services 800.366.6264
Distributor
Neuberger Berman BD LLC
1290 Avenue of the Americas
New York, NY 10104-0002
800.877.9700 or 212.476.8800
Intermediary Client Services
800.366.6264
Sub-Adviser
Neuberger Berman Asia Limited
Jardine House, 1 Connaught Place
Suites 2010-2020, 20th Floor
Central Hong Kong
Custodian and Shareholder Servicing Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
For Investor Class Shareholders
Address correspondence to:
Neuberger Berman Funds
Boston Service Center
P.O. Box 8403
Boston, MA 02266-8403
800.877.9700 or 212.476.8800
For Class A, Class C, Class R3 and Class R6 Shareholders:
Please contact your investment provider
For Trust Class, Advisor Class and Institutional Class Shareholders
Address correspondence to:
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Attn: Intermediary Client Services
800.366.6264
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firms
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Tait, Weller & Baker LLP
1818 Market Street
Suite 2400
Philadelphia, PA 19103
234
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the Securities and Exchange Commission's website, at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available upon request, without charge, by calling 800-877-9700 (toll-free), on the Securities and Exchange Commission's website at www.sec.gov, and on Management's website at www.nb.com.
Quarterly Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities and Exchange Commission's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).
235
Board Consideration of the Management and Sub-Advisory Agreements
On an annual basis, the Board of Trustees (the "Board") of Neuberger Berman Equity Funds (the "Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Investment Advisers LLC ("NBIA" or "Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (the "Management Agreements") with respect to 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 Intrinsic Value Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Real Estate Fund, Neuberger Berman Small Cap Growth Fund, Neuberger Berman Socially Responsive Fund and Neuberger Berman Value Fund (each a "Fund" and collectively, the "Funds") and the sub-advisory agreement between Management and Neuberger Berman Asia Limited ("NB Asia") with respect to Neuberger Berman Greater China Equity Fund (the "Sub-Advisory Agreement" and collectively with the Management Agreements, the "Agreements"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 18, 2016, the Board, including the Independent Fund Trustees, approved the continuation of the Agreement(s) for each Fund.
In evaluating the Agreement(s) with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to ensure that Management and NB Asia have time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including investment performance reports and related portfolio information for each Fund, as well as periodic reports on, among other matters, pricing and valuation; brokerage and execution; compliance; and shareholder and other services provided by Management, NB Asia and their affiliates. To assist the Board in its deliberations regarding the annual contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports that feed into the Contract Review Committee, which reviews and takes account of the information.
The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management and NB Asia.
In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreement(s) to each Fund and whether the Agreement(s) were in the best interests of each Fund and Fund shareholders. The Board considered all factors it deemed relevant with respect to each Fund, including the following factors: (1) the nature, extent, and quality of the services provided by Management and NB Asia; (2) the investment performance of each Fund compared to an appropriate market index and a peer group of investment companies; (3) the costs of the services provided and the profit or loss realized by Management and its affiliates from their relationship with each Fund; (4) the extent to which economies of scale have been or might be realized as each Fund grows; and (5) whether fee or service levels reflect any such potential economies of scale for the benefit of each Fund's
236
shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the overall costs and benefits of the Agreement(s) to each Fund and, through the Funds, their shareholders.
With respect to the nature, extent and quality of the services provided, the Board considered the investment philosophy and decision-making processes of Management and NB Asia, and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management and NB Asia who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting and compliance services. The Board also considered Management's and NB Asia's policies and practices regarding brokerage and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. The Board also reviewed whether Management used brokers to execute Fund transactions that provide research and other services to Management and the types of benefits potentially derived from such services by Management, the Funds and other clients of Management. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Funds, and considered information regarding Management's processes for managing risk. In addition, the Board noted the positive compliance history of Management and NB Asia, as no significant compliance problems were reported to the Board with respect to either firm. The Board also considered the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Funds.
As in past years, the Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management and NB Asia in response to recent market conditions, such as regulatory concerns about current trading issues, market liquidity and potential volatility, and considered the overall performance of Management and NB Asia in this context.
The Board factored into its evaluation of the Funds' fees and performance a consideration of the limitations inherent in the methodology for constructing peer groups and determining which investment companies should be included in the peer groups. With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, both on an absolute basis and relative to an appropriate benchmark index and the average performance of a composite peer group (as constructed by an independent organization) of investment companies pursuing broadly similar strategies. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. In the case of those Funds that had underperformed their benchmark indices and/or peer groups, the Board discussed with Management each Fund's performance and steps that Management had taken, or intended to take, to improve performance. In the case of certain Funds, the Board met with the Portfolio Managers of those Funds during the period since the last contract renewal to discuss the Fund's performance. The Board noted that in some cases, a new Portfolio Manager had assumed responsibility for the Fund. The Board also considered Management's responsiveness with respect to the Funds that experienced lagging performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Fund's Agreement(s) and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreement(s) notwithstanding a Fund's underperformance.
With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreement(s) as compared to a peer group of comparable funds. The Board also considered any fall-out benefits likely to accrue to Management, NB Asia or their affiliates from their relationship with each Fund. The Board also considered the profitability of Management and its affiliates from their association with the Funds, and year-over-year changes in each of Management's reported expense categories.
The Board reviewed a comparison of each Fund's management fee and total expense ratio to a peer group of comparable funds. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fees paid to Management, but it was not clear whether this was the case for all funds in the peer
237
group. The Board compared each Fund's contractual and actual management fees to the mean and median of the contractual and actual management fees, respectively, of that Fund's peer group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) Where a Fund's management fee was higher than the peer group mean and/or median, the Board considered whether specific portfolio management, administration or oversight needs contributed to the management fee. In addition, the Board considered the contractual limit on expenses of certain classes of each Fund. The Board noted that Management incurred a loss on certain of the Funds during the review period. The Board also noted that for some classes of certain Funds, the overall expense ratio of each class is maintained through expense reimbursements by Management.
With regard to the investment performance of each Fund and the costs of the services provided to each Fund, the Board considered the following information. Where a Fund has more than one class of shares outstanding, information for one class has been provided as identified below. For each Fund, the Board looked at the single class provided below as a proxy for all of the Fund's classes.
• Neuberger Berman Emerging Markets Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period, but lower than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1 and 3-year periods, but lower for the 5-year period. The Fund was launched in 2008 and therefore does not have 10-year performance.
• Neuberger Berman Equity Income Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period, but lower than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods. The Fund's Institutional Class was launched in 2008 and therefore does not have 10-year performance.
• Neuberger Berman Focus Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods, and equal to the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 3 and 5-year periods, but lower for the 10-year period.
• Neuberger Berman Genesis Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both higher than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period, lower than the median for the 3 and 5-year periods, and equal to the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 5 and 10-year periods, but lower for the 3-year period.
• Neuberger Berman Global Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, and the actual management fee net of fees waived by Management was equal to the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1 and 3-year periods. The Fund was launched in 2011 and therefore does not have 5 or 10-year performance.
• Neuberger Berman Global Real Estate Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee net of fees waived by Management was higher than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period. The Board also considered that, as
238
compared to its benchmark, the Fund's performance was higher for the 1-year period. The Fund was launched in 2014 and therefore does not have 3, 5 or 10-year performance.
• Neuberger Berman Greater China Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee net of fees waived by Management was higher than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period. The Fund was launched in 2013 and therefore does not have 3, 5 or 10-year performance.
• Neuberger Berman Guardian Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1 and 5-year periods, but higher for the 3-year period. The Board noted that a new Portfolio Manager assumed responsibility for the Fund in October 2015. The Fund's Institutional Class was launched in 2009 and therefore does not have 10-year performance.
• Neuberger Berman International Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods, but lower than the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 3 and 5-year periods, but lower for the 10-year period.
• Neuberger Berman International Select (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods, and equal to the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 3 and 5-year periods. The Fund was launched in 2006 and therefore does not have 10-year performance.
• Neuberger Berman Intrinsic Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both higher than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 5-year periods, but higher than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1 and 3-year periods, but lower for the 5-year period. The Fund's Institutional Class was launched in 2010 and therefore does not have 10-year performance.
• Neuberger Berman Large Cap Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median, but the actual management fee was higher than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods. The Fund's Institutional Class was launched in 2006 and therefore does not have 10-year performance.
• Neuberger Berman Mid Cap Growth Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was equal to the median for the 1-year period, lower than the median for the 3-year period, and higher than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher
239
for the 1 and 5-year periods, but lower for the 3-year period. The Fund's Institutional Class was launched in 2007 and therefore does not have 10-year performance.
• Neuberger Berman Mid Cap Intrinsic Value Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 10-year periods, but higher than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 5 and 10-year periods, but higher for the 3-year period.
• Neuberger Berman Multi-Cap Opportunities Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 3 and 5-year periods. The Fund's Institutional Class was launched in 2009 and therefore does not have 10-year performance.
• Neuberger Berman Real Estate Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period, but lower than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period, but lower for the 3 and 5-year periods. The Fund's Institutional Class was launched in 2008 and therefore does not have 10-year performance.
• Neuberger Berman Small Cap Growth Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3 and 10-year periods, but higher than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 5 and 10-year periods, but higher for the 3-year period. The Board noted that a new Portfolio Manager assumed responsibility for the Fund in November 2015.
• Neuberger Berman Socially Responsive Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 3 and 5-year periods. The Fund's Institutional Class was launched in 2007 and therefore does not have 10-year performance.
• Neuberger Berman Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods. The Fund's Institutional Class was launched in 2010 and therefore does not have 10-year performance.
The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the comparable Fund to the fees charged to any such funds and/or separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to a comparable Fund and any such funds and/or separate accounts, including any breakpoints, and determined that differences in fees and fee structures were consistent with the management and other services provided.
240
The Board also evaluated any apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints and whether any such breakpoints are set at appropriate asset levels. As in past years, the Board gave careful thought to the size of any breakpoints in the Funds' advisory fees and the asset levels at which they are set. It also considered whether the fees were set at an appropriate level and compared the fee structures to that of the peer group. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services that were required by new regulations or regulatory interpretations, impelled by changes in the securities markets or the business landscape, and/or requested by the Board. In concluding that the benefits accruing to Management and affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund, the Board reviewed specific data as to Management's profit or loss on each Fund for a recent period. The Board also considered Management's cost allocation methodology. The Board recognized that Management and NB Asia should be entitled to earn a reasonable level of profits for services they provide to the Funds and, based on its review, concluded that Management's and NB Asia's reported level of profitability on each Fund was reasonable.
Conclusions
In approving the continuation of the Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreement(s) is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management and NB Asia could be expected to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of an underperforming Fund, that it retained confidence in Management's and NB Asia's capabilities to manage the Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with the Funds were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.
241
Neuberger Berman International Small Cap Fund: Initial Consideration of the Management Agreement
At a meeting held on September 14, 2016, the Board of Trustees (the "Board") of Neuberger Berman Equity Funds (the "Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Investment Advisers LLC ("Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), evaluated and approved the management agreement with Management (the "Agreement") with respect to Neuberger Berman International Small Cap Fund (the "Fund"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel").
In evaluating the Agreement, the Board, including the Independent Fund Trustees, reviewed materials provided by Management and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Fund.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year and for the annual consideration of continuance of contracts for other series of the Trust. To assist the Board in its deliberations regarding the annual contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports that feed into the Contract Review Committee, which reviews and takes account of the information.
The Independent Fund Trustees receive, at least annually, from Independent Counsel a memorandum discussing the legal standards for their consideration of management and advisory agreements. During the course of their deliberations regarding their review of the Agreement, the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.
In connection with its approval of the Agreement, the Board evaluated the terms of the Agreement, the overall fairness of the Agreement to the Fund and whether the Agreement was in the best interests of the Fund and its shareholders. The Board considered all factors it deemed relevant with respect to the Fund, including the following factors: (1) the nature, extent, and quality of the services to be provided by Management; (2) the expected costs of the services to be provided by Management; (3) the extent to which economies of scale might be realized as the Fund grows; and (4) whether proposed fee levels reflect any such potential economies of scale for the benefit of the Fund's shareholders. The Board's determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the overall costs and benefits of the Agreement to the Fund and, through the Fund, its shareholders.
With respect to the nature, extent and quality of the services to be provided, the Board considered the investment philosophy and decision-making processes of Management and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management who would perform services for the Fund. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance services. The Board also considered Management's policies and practices regarding brokerage and allocation of portfolio transactions for the Fund. The Board also reviewed whether Management would use brokers to execute Fund transactions that provide research and other services to Management and the types of benefits potentially derived from such services by Management, the Fund and other clients of Management. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Fund, and considered information regarding Management's processes for managing risk. In addition, the Board noted the positive compliance history of Management as no significant compliance problems were reported to the Board with respect to the firm. The Board also considered the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Fund.
242
The Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management in response to recent market conditions, such as regulatory concerns about current trading issues, market liquidity and potential volatility, and considered the overall performance of Management in this context.
With respect to the overall fairness of the Agreement, the Board considered the fee structures proposed for the Fund under the Agreement for the four classes to be registered initially as compared to a peer group of comparable funds. The Board also considered any fall-out benefits likely to accrue to Management or its affiliates from their relationship with the Fund. The Board reviewed a comparison of the Fund's proposed management fee and total expense ratio to a peer group of comparable funds and determined that, for three of the four classes, the total expenses projected were above the median relative to the peer group. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fees paid to Management, but it was not clear whether this was the case for all funds in the peer group. In addition, the Board considered the proposed contractual limit on expenses of each class of the Fund. The Board also considered whether it would be appropriate to evaluate any anticipated economies of scale in relation to the services Management would provide to the Fund, noting that it may be too soon to anticipate the economies at the start-up phase of a fund. The Board concluded that the benefits expected to accrue to Management and its affiliates by virtue of their relationship to the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.
Conclusions
In approving the Agreement, the Board concluded that the terms of the Agreement are fair and reasonable to the Fund and that approval of the Agreement is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to provide a high level of service to the Fund; that the Fund's proposed fee structure appeared to the Board to be reasonable given the nature, extent and quality of services expected to be provided; and that the benefits expected to accrue to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.
243
This page has been left blank intentionally
244
This page has been left blank intentionally
245
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104–0002
Shareholder Services
800.877.9700
Intermediary Client Services
800.366.6264
www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 887.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.
I0134 04/17
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have |
concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure. |
(b) | There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a)(1) | A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Advisers Management Trust’s Form N-CSRS, Investment Company Act file number 811-04255 (filed August 25, 2016). |
(a)(2) | The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith. |
(a)(3) | Not applicable to the Registrant. |
(b) | The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith. |