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

As filed with the Securities and Exchange Commission on November 1, 2017

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

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

Robert Conti

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: August 31

Date of reporting period: August 31, 2017

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

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

Item 1. Report to Shareholders.

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

Neuberger Berman
Equity Funds

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

Dividend Growth Fund

Emerging Markets Equity Fund

Equity Income Fund

Focus Fund

Genesis Fund

Global Equity Fund

Global Real Estate Fund

Greater China Equity Fund

Guardian Fund

International Equity Fund

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

International Select Fund

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

Annual Report

August 31, 2017

Contents

THE FUNDS

President's Letter					1
PORTFOLIO COMMENTARY
Dividend Growth Fund					2
Emerging Markets Equity Fund					5
Equity Income Fund					9
Focus Fund					12
Genesis Fund					15
Global Equity Fund					19
Global Real Estate Fund					22
Greater China Equity Fund					25
Guardian Fund					29
International Equity Fund					32
International Select Fund					35
International Small Cap Fund					38
Intrinsic Value Fund					42
Large Cap Value Fund					45
Mid Cap Growth Fund					48
Mid Cap Intrinsic Value Fund					51
Multi-Cap Opportunities Fund					54
Real Estate Fund					57
Small Cap Growth Fund					60
Socially Responsive Fund					63
Value Fund					67
FUND EXPENSE INFORMATION					77
SCHEDULE OF INVESTMENTS
Dividend Growth Fund					81
Emerging Markets Equity Fund					83
Positions by Industry					85
Equity Income Fund					87

Focus Fund					91
Genesis Fund					94
Global Equity Fund					97
Positions by Industry					99
Global Real Estate Fund					101
Positions by Sector					103
Greater China Equity Fund					105
Guardian Fund					107
International Equity Fund					112
Positions by Industry					114
International Select Fund					116
Positions by Industry					118
International Small Cap Fund					120
Positions by Industry					122
Intrinsic Value Fund					124
Large Cap Value Fund					127
Mid Cap Growth Fund					130
Mid Cap Intrinsic Value Fund					133
Multi-Cap Opportunities Fund					136
Real Estate Fund					138
Small Cap Growth Fund					140
Socially Responsive Fund					142
Value Fund					144
FINANCIAL STATEMENTS					147
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA
Dividend Growth Fund					211
Emerging Markets Equity Fund					211
Equity Income Fund					213
Focus Fund					215
Genesis Fund					217
Global Equity Fund					219
Global Real Estate Fund					221
Greater China Equity Fund					221
Guardian Fund					223

International Equity Fund					225
International Select Fund					229
International Small Cap Fund					231
Intrinsic Value Fund					231
Large Cap Value Fund					233
Mid Cap Growth Fund					235
Mid Cap Intrinsic Value Fund					239
Multi-Cap Opportunities Fund					241
Real Estate Fund					241
Small Cap Growth Fund					245
Socially Responsive Fund					247
Value Fund					249
Reports of Independent Registered Public Accounting Firms					258
Directory					261
Trustees and Officers					262
Proxy Voting Policies and Procedures					271
Quarterly Portfolio Schedule					271
Board Consideration of the Management and Sub-Advisory Agreement					272
Notice to Shareholders					274

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,

Stocks surged globally in the first eight months of 2017, as a period of volatility and limited returns driven by the 2016 U.S. election gave way to optimism around supportive economic data.

With global economic data remaining steady both in the U.S. and overseas, investors became more sanguine. Even given the period's weak start, the S&P 500^® Index advanced over 16% for the fiscal year ended August 31, 2017, just below developed international markets' returns. Emerging markets (measured by the MSCI Emerging Markets Index) outperformed significantly, up nearly 25%, as risk appetite grew on positive economic and earnings news. Cyclical sectors outperformed their defensive counterparts as part of this trend.

Focusing on the U.S., markets set new records several times despite serious geopolitical tensions, rising interest rates, persistent upheaval at the White House, and gridlock in Washington, D.C., placing meaningful reforms in doubt.

Taking a look at the data, U.S. GDP growth continued on its slow path at an annualized 3.0% in second quarter 2017. Although business and consumer confidence have improved, this has not yet translated into a significant uptick in economic growth. However, there appear to be some clear positives. Strong consumer balance sheets and moderate wage inflation, coupled with lower energy prices, are likely to continue to support consumer spending. An increase in commodity prices off of their 2015 lows has meant an increase in hiring in the mining and energy fields. In addition, U.S. manufacturers with overseas customers have benefited as the U.S. dollar has weakened from 2016 levels (in part due to the gridlock in Washington, D.C.).

Economic data weakened as this period closed, likely in response to Hurricane Harvey, which hit Houston, America's fourth largest city, on August 25^th. August data shows an unanticipated decline in retail sales, along with the year's first drop in industrial output—both at least in part due to the hurricane's impact. While longer-term impacts of Harvey (and other hurricanes in Florida and the Caribbean) remain unknown, there will be winners and losers, ranging from retail and insurance to auto and appliance replacement and construction. Oil prices have also increased since Harvey, both on demand and damage to oil refineries.

Looking ahead, while political concerns have taken a back seat for investors—not just in the U.S., but also in France and the UK—geopolitical instability remains high, with tensions between the West and Russia, and North Korea among the most alarming. Absent an unforeseen shock, however, our expectations are generally positive.

Given both uncertainties and low equity correlations, we anticipate the continuation of a market where fund performance will be driven by stock picking skill, research, and discipline. Our managers will continue to work to use any volatility to their advantage as they seek long-term opportunities to outperform.

As always, thank you for your confidence in Neuberger Berman.

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Dividend Growth Fund Commentary (Unaudited)

Neuberger Berman Dividend Growth Fund Institutional Class generated an 18.54% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the S&P 500^® Index (the "Index"), which rose 16.23% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund seeks to provide capital appreciation and income in-line with its benchmark. We believe this approach identifies companies with strong business models generating cash both to grow their businesses, and provide growing dividend distributions to shareholders.

On the macro front, the U.S. economy was largely supported by strong labor statistics, while improving economic data prompted the Federal Reserve (Fed) to raise its benchmark interest rate three times since December. Furthermore, Fed Chair Janet Yellen set out details to unwind the central bank's massive $4.5 trillion balance sheet, signaling the strength of the world's largest economy.

During the twelve month timeframe, the market pushed further into record territory as "growth" stocks outperformed "value" by a wide margin. Overall, nine out of eleven sectors posted gains with Information Technology, Financials and Industrials benefitting the most.

The Fund generated the bulk of its returns from its approximately 21% Information Technology average allocation during the fiscal year. Stock selection within this space was positive. Apple was one of the Fund's top contributors, as investors bid-up the tech giant leading up to its highly anticipated iPhone X product launch. In contrast, telecom operator Frontier Communications experienced selling pressures and proved to be our greatest detractor. Ultimately, this security was sold after revisiting our initial investment thesis.

On the commodity front, our holdings delivered mixed results. Within Materials, stock selection was generally strong as Canada's Lundin Mining was our top overall contributor. This business enjoys an international footprint, producing copper, nickel and zinc. During the fiscal year, strong copper prices were a tailwind as the red metal reached its highest level in nearly three years, supported in-part by a weaker U.S. dollar, and improving Chinese economic data. Elsewhere, the Fund's Energy exposure hindered results as Devon Energy moved in lockstep with lower oil prices. As it stands, the Fund ended the fiscal year slightly overweight Energy and our diverse holdings remain well positioned in the event of an Energy rebound.

Elsewhere, banking stocks were also key contributors as Citizens Financial was among our top performers. This stock traded at 0.6x book value at the time of purchase, and still trades at a discount to most peers. As we enter the next phase of the business cycle, Financials remain a critical element to portfolio construction in what is likely a rising rate environment.

Overall, the Fund's exposure to Health Care detracted from relative returns. Israeli based Teva Pharmaceutical modestly dampened returns, and was ultimately sold in favor of opportunities elsewhere.

Looking ahead, we believe the Fund remains positioned for future interest rate hikes—despite muted expectations for further tightening. Elsewhere, political gridlock could test investor confidence in the months to come. However, we remain optimistic that elected officials can embrace a measured approach when addressing complex issues, including tax reforms. Under this scenario, we believe any headwinds on the policy front could support a rotation from "growth" to "value". In short, we remain steadfast in our commitment to focusing on businesses that have been exhibiting growing free cash flow and capital allocation policies prioritizing dividend increases. We feel stocks exhibiting these characteristics have the potential to provide a cushion in times of market stress for risk-adverse investors.

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.

Dividend Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	12.8	%
Consumer Staples	6.7
Energy	7.1
Financials	14.8
Health Care	7.4
Industrials	10.5
Information Technology	18.9
Materials	8.6
Real Estate	1.6
Utilities	1.5
Short-Term Investment	10.1
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/15/2015		18.54	%		17.42	%
Class A	12/15/2015		18.10	%		17.04	%
Class C	12/15/2015		17.47	%		16.12	%
Class R6	12/15/2015		18.60	%		17.45	%
With Sales Charge
Class A			11.28	%		13.07	%
Class C			16.47	%		16.12	%
Index
S&P 500^® Index^1,15			16.23	%		14.84	%

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 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 annual period ended August 31, 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.

Dividend Growth Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

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

Emerging Markets Equity Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 24.76% for the fiscal year ended August 31, 2017, outperforming its benchmark, the MSCI Emerging Markets (EM) Index (Net) (the "Index"), which reported returns of 24.53% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Emerging markets equities solidly outperformed both developed international and U.S. equities this period. Negative sentiment in late 2016, driven by apprehension about the U.S. election (including anti-China and trade protectionism talk) caused EM equities to sell off briefly. However, as 2017 began, they rebounded decisively as an upsurge in EM earnings expectations and positive GDP revisions, inflows from investors with an appetite for higher risk/reward assets, and positive global growth trends overshadowed any concerns about rising U.S. interest rates.

Compared to the Index as a whole, the Information Technology (IT), Materials, and Financials sectors outperformed with the rotation to more cyclical areas. Defensive segments, such as Health Care, Utilities, and Consumer Staples, lagged. By country, Poland, Hungary, and Greece were top performers. At the other end of the spectrum, Pakistan (which was reclassified as an EM by MSCI at the end of May and added to the Index), Egypt and Qatar posted losses.

The Fund's outperformance was driven primarily by stock selection, with IT, Financials, Consumer Discretionary and Consumer Staples holdings most significant. By country, holdings from within China, Korea, and Taiwan strongly benefited Fund performance.

Top contributors included Tencent, the Chinese Internet consumer services giant, which continued to post strong top-line growth; Chinese electronics and lens company, Sunny Optical, which previewed new 3-D camera technologies; and Samsung, the Korean consumer electronics and semiconductor giant, on strong earnings and a perception of improving corporate governance.

On average, overweight positions in both Consumer Staples and Health Care, and stock selection within Telecommunication Services limited relative results. Our Philippines, UK-based and Indonesian holdings were weakest by country.

Individual detractors included PT Matahari, the Indonesian retailer, which disappointed on sales growth, but continues to invest in their properties; Ulker, the Turkish confectioner, which sold off on fears about weak Turkish consumer sentiment and subdued international demand; and Hikma Pharmaceuticals, the UK-listed Jordanian firm, which announced a delay in a key generic drug launch. We continue to own the names, believing they offer opportunity over the longer term.

While EM equities maintained their upward trajectory as investor flows continued to buoy markets and companies enjoyed earning upgrades, we are vigilant regarding several areas. First, the ongoing bribery scandal in Brazil potentially puts current reform initiatives at risk. We have not made any major trades but are closely monitoring the situation. Our second concern is the high level of debt permeating the Chinese economy, although we believe rising profitability for large corporates could aid their ability to service the debts investors are worried about.

Looking to the remainder of the year, we continue to prefer sectors tied to local market demand over global cyclically driven segments of the market. By sector, the largest portfolio overweights versus the Index are in Consumer Staples and IT. We believe both provide diverse opportunity sets. This overweight has been at the expense of the Financials and Energy sectors, which are the two largest underweights versus the Index. China remains the portfolio's largest underweight, in favor of a variety of smaller markets such as Mexico, where we have found attractive opportunities.

We are pleased with the quality and positioning of the current portfolio, as well as with the performance of our holdings this period. We anticipate that stock picking skills and research should continue to be advantageous as the year progresses.

Sincerely,

CONRAD SALDANHA
PORTFOLIO MANAGER

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

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

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

Emerging Markets Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			Life of Fund
AT NAV
Institutional Class	10/08/2008		24.76	%		6.49	%		9.93	%
Class A	10/08/2008		24.51	%		6.24	%		9.67	%
Class C	10/08/2008		23.57	%		5.43	%		8.85	%
Class R3¹⁰	06/21/2010		23.94	%		5.79	%		9.34	%
Class R6²²	03/15/2013		24.90	%		6.57	%		9.98	%
With Sales Charge
Class A			17.36	%		4.99	%		8.94	%
Class C			22.57	%		5.43	%		8.85	%
Index
MSCI Emerging Markets Index (Net)^1,15			24.53	%		5.30	%		8.36	%
MSCI Emerging Markets Index^1,15			24.99	%		5.67	%		8.73	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Emerging Markets Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated an 11.56% total return for the fiscal year ended August 31, 2017, underperforming its benchmark, the S&P 500^® Index (the "Index"), which posted a 16.23% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund strives to deliver a total return between stocks and bonds with limited volatility. This portfolio is diversified among dividend-paying stocks and convertible bonds, selected through extensive analysis of cash flow prospects, with the ability to sustain and grow dividends.

On the macro front, the U.S. economy was largely supported by strong labor statistics; while improving economic data prompted the Federal Reserve (Fed) to raise its benchmark interest rate three times since December. Furthermore, Fed Chair, Janet Yellen set out details to unwind the central bank's massive $4.5 trillion balance sheet, signaling the strength of the world's largest economy.

Overall, the IT sector made the largest contribution to the Fund's absolute returns. The Fund's approximately 11% allocation to IT represents mature businesses with reduced cyclicality and attractive valuations. Within this space, flash memory producer Western Digital proved to be our top performer, with results driven by supply/demand imbalances. In our view, strong free cash flow metrics will likely be a tailwind for dividend growth potential. In contrast, QUALCOMM detracted from results as ongoing legal claims weighed on the chipmaker.

On the consumer front, Best Buy was among our top contributors. While e-commerce has gained market share from brick and mortar outlets—Best Buy has effectively bucked this trend becoming the destination of choice for big ticket items such as TVs and home appliances. Management has mitigated headwinds from online retailers via its price match guarantee and during the period its shares surged to an all-time high. In reaction, the Fund reduced exposure as Best Buy reached our price target.

Elsewhere, the Fund's approximately 12% allocation to Financials remains a critical element to portfolio construction, acting as a counterbalance to stocks with inverse correlations to interest rates. JPMorgan Chase, the largest U.S. bank by assets, rose to the top as investors supported its shares in the wake of the presidential election. As we enter the next phase of the business cycle, we feel several of our asset sensitive banks can benefit from an improving economic landscape whereby rising interest rates and potential regulatory reforms work in concert for this sector.

Within Energy, Ensco Plc. and Occidental Petroleum dampened returns, moving in lockstep with lower oil prices. They were both ultimately sold with the proceeds recycled elsewhere. As it stands, we believe the Fund with its diverse holdings is well positioned in the event of a rebound across the energy complex.

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

Looking ahead, we believe the Fund remains positioned for future interest rate hikes—despite muted expectations for further tightening. Elsewhere, political gridlock could test investor confidence in the months to come. However, we remain optimistic that elected officials can embrace a measured approach when addressing complex issues, including tax reforms. Under this scenario, we believe any headwinds on the policy front could support a rotation from "growth" to "value". In short, we remain steadfast in our commitment, focusing on businesses that have been exhibiting healthy free cash flow growth funding attractive dividend yields. We feel stocks with these characteristics have the potential to provide a cushion in times of market stress for risk-adverse investors.

Sincerely,

RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS

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

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

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

Equity Income Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	2.5	%
Consumer Staples	5.5
Energy	6.6
Financials	11.5
Health Care	8.1
Industrials	7.7
Information Technology	10.6
Materials	5.8
Real Estate	19.2
Utilities	14.2
Convertible Bonds	4.4
Short-Term Investment	3.9
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2017
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹³	06/09/2008		11.56	%		8.65	%		7.58	%		7.71	%
Class A¹³	06/09/2008		11.17	%		8.24	%		7.19	%		7.35	%
Class C¹³	06/09/2008		10.34	%		7.44	%		6.48	%		6.69	%
Class R3¹³	06/21/2010		10.88	%		7.93	%		7.06	%		7.23	%
With Sales Charge
Class A¹³			4.75	%		6.97	%		6.56	%		6.77	%
Class C¹³			9.34	%		7.44	%		6.48	%		6.69	%
Index
S&P 500^® Index^1,15			16.23	%		14.34	%		7.61	%		7.90	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Equity Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹³

(000's Omitted)

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a 16.81% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the S&P 500^® Index (the "Index"), which provided a 16.23% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The bull market in U.S. equities persisted over the fiscal year with indexes breaking record levels throughout the period. The initial run-up in stocks occurred in the wake of President Trump's election victory, as investors grew increasingly hopeful that a new pro-business regime was forming in Washington, D.C. The stock market also benefited during the earlier months from a rise in oil prices after OPEC reached an agreement to curb production activity. Yet over the course of the year, the election afterglow faded for equities as news reports described turmoil within the new administration and policy changes faced legislative gridlock. Various geopolitical issues also surfaced and caused occasional pullbacks in the market. Overall, however, investor optimism remained steadfast in light of the more stable global economy and strong corporate earnings, and the U.S. Federal Reserve reaffirmed this sentiment as it continued to gradually increase interest rates in light of the healthier macro picture.

The best performing areas of the S&P 500 during the period were the Information Technology (IT) and Financials sectors, both of which benefited from the economic recovery and other macro factors. Energy was the weakest area of the market during the period due to a fall in oil prices, and the Telecommunication Services, Real Estate and Consumer Staples segments also underperformed as investors sought higher returns in more cyclical areas of the market.

The greatest contribution to Fund performance relative to the S&P 500 came from the Telecommunication Services sector. Specifically, our investment in T-Mobile yielded strong returns as the company gained market share, leading to robust earnings and revenue growth. IT also provided a significant lift to relative performance due in large part to our exposure to data storage provider Western Digital (WDC). We believe the future for WDC looks bright as it continues to grow its footprint in the ever-expanding flash memory industry through strategic acquisitions and internal initiatives. The largest detraction from relative performance stemmed from negative stock selection in Health Care. This was mainly due to Teva Pharmaceuticals (TEVA), which declined in the first half of the year alongside industry peers due to mounting pressure from a Federal investigation into possible illegal drug pricing practices. We exited our position in TEVA during the period. Financials was another area of relative loss for the Fund, as our holdings did not fare quite as well as those in that sector of the Index. Our lack of exposure to the capital markets industry had an adverse impact, and we were hurt within the insurance area as we owned Willis Tower Watson (which was sold during the period) and built up our position in American International Group.

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

We expect the domestic economy to continue progressing steadily while inflation remains subdued, which we believe is an auspicious environment for continued strength in corporate profits and further appreciation in stocks. However, as equities continue to climb, valuations are stretching, which could leave the market vulnerable to a sell-off if earnings fall short of expectations. The economic impact of tightening monetary policy also remains uncertain and could throw the stock market off course. We believe that our bottom-up investment strategy is the best way to navigate the current environment. We therefore conduct extensive fundamental research on individual stocks to create a portfolio that we believe can generate positive returns over an economic cycle.

Sincerely,

TIMOTHY CREEDON AND DAVID LEVINE
PORTFOLIO MANAGERS

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

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

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

Focus Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	13.2	%
Consumer Staples	8.0
Energy	5.9
Financials	17.7
Health Care	14.9
Industrials	11.1
Information Technology	17.7
Materials	3.4
Telecommunication Services	4.4
Utilities	2.6
Short-Term Investment	1.1
Options Purchased	0.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁸

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		16.81	%		13.88	%		6.47	%		10.49	%
Trust Class³	08/30/1993		16.61	%		13.66	%		6.25	%		10.47	%
Advisor Class⁴	09/03/1996		16.51	%		13.50	%		6.07	%		10.41	%
Institutional Class⁵	06/21/2010		17.04	%		14.07	%		6.61	%		10.51	%
Class A¹⁹	06/21/2010		16.58	%		13.65	%		6.33	%		10.47	%
Class C¹⁹	06/21/2010		15.76	%		12.84	%		5.78	%		10.37	%
With Sales Charge
Class A¹⁹			9.84	%		12.31	%		5.71	%		10.36	%
Class C¹⁹			14.95	%		12.84	%		5.78	%		10.37	%
Index
S&P 500^® Index^1,15			16.23	%		14.34	%		7.61	%		10.17	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Focus Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class generated a 10.19% total return for the fiscal year ended August 31, 2017, underperforming its benchmark, the Russell 2000^® Index (the "Index"), which provided a 14.91% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After some initial weakness, the U.S. stock market moved sharply higher over the last 10 months of the reporting period. This turnaround was partially driven by corporate profits that were generally better than expected and hopes for improving growth and less regulation under the Trump administration. The overall U.S. stock market, as measured by the S&P 500^® Index, rose 16.23% for the 12-month period. Small-cap stocks also produced strong results, as the Russell 2000 Index gained 14.91%.

The Fund generated a positive absolute return during the reporting period but lagged the benchmark, driven by stock selection. The largest detractor was our holdings in the Financials sector. In particular, our more growth-oriented bank holdings underperformed, reflecting concerns around sustainability of growth and/or credit risk. Stock selection in the Materials sector was also a headwind for results as more cyclical, lower quality companies outperformed "Steady Eddie" type companies that we favor. Elsewhere, holdings in the Health Care sector were negative for relative results. The relatively strong performance of our investments in the sector was overshadowed by the outstanding performance of the benchmark's biotechnology names. Turning to individual stocks owned by the Fund, Tractor Supply Co., RLI Corp., and Manhattan Associates, Inc. performed poorly. Tractor Supply operates retail stores focused on supplying the lifestyle needs of recreational farmers and ranchers. The stock underperformed as the company delivered disappointing results due to weakness in energy-related markets and deflationary pressures. RLI Corp. is a specialty property and casualty insurer focused on hard-to-write niche products. The stock underperformed due to lingering adverse development in its transportation segment. Manhattan Associates provides software solutions that enable the efficient movement of goods through the supply chain. The company reported decent results, but this was overshadowed by guidance that implied a slowdown in its business.

On the upside, stock selection in the Energy sector was positive for performance. Within energy services, we believe our holdings possess differentiated technologies, leading market positions, and strong competitive barriers. Within oil and gas production, we believe our holdings are among the most efficient producers in the industry. Elsewhere, stock selection in the Information Technology and Consumer Staples sectors were additive for results. A number of the Fund's individual holdings also performed well, including Cognex Corp., Rollins, Inc., and Rogers Corp. Cognex Corp. is a global leader in machine vision systems and software that enable high-precision and high-speed manufacturing. The stock rallied as the company delivered stronger-than-expected earnings results and provided a constructive outlook. Rollins, Inc. is a leading provider of pest and termite control. The stock performed well as the company reported revenue and earnings growth that exceeded expectations. Rogers Corp. manufactures and markets specialty materials and components for applications in the communications, computer, imaging and transportation markets. The company reported excellent results and provided guidance that implied continued strong demand for its products.

Sector allocation, overall, modestly contributed to relative 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 given rising interest rates and investors' preference for more cyclical companies. Conversely, having no exposure to biotechnology stocks was the largest detractor from 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 often access the capital markets.

Looking ahead, recent hurricane activity will clearly pose a challenge in gauging near term economic trends. We also feel that a number of uncertainties could impact the market and possibly lead to increased volatility. As discussed in previous commentaries, the Trump pro-growth economic agenda has largely stalled. Against this backdrop, economic growth might remain muted for the foreseeable future. As of now, it is unclear how the recent Federal Reserve's (Fed) interest rate increases will impact financial conditions, loan demand, and overall economic growth. In addition, the Fed's

attempts to shrink its balance sheet could introduce another layer of uncertainty. Geopolitical risks also seem to be increasing, with North Korea being a major wildcard. Lastly, numerous unresolved issues remain outside the U.S., including continued challenges in the European banking sector. Based on our views, we believe that the stocks that we own in the portfolio represent high quality businesses that should perform relatively well. We will continue to maintain a diversified portfolio that emphasizes companies that have consistently generated solid free cash flow and high returns on capital.

Sincerely,

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

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

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

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

Genesis Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	12.0	%
Consumer Staples	6.5
Energy	2.2
Financials	16.8
Health Care	12.9
Industrials	21.0
Information Technology	19.9
Materials	7.3
Real Estate	0.4
Short-Term Investments	1.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
Investor Class	09/27/1988		10.19	%		11.91	%		7.94	%		12.10	%
Trust Class³	08/26/1993		10.11	%		11.82	%		7.87	%		12.08	%
Advisor Class⁴	04/02/1997		9.81	%		11.51	%		7.58	%		11.86	%
Institutional Class⁵	07/01/1999		10.40	%		12.10	%		8.15	%		12.25	%
Class R6²³	03/15/2013		10.47	%		12.15	%		8.05	%		12.14	%
Index
Russell 2000^® Index^1,15			14.91	%		13.15	%		7.38	%		9.68	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Genesis Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Global Equity Fund Commentary (Unaudited)

Neuberger Berman Global Equity Fund Institutional Class generated a total return of 15.13% for the fiscal year ended August 31, 2017, underperforming the 17.11% return of its benchmark, the MSCI All Country World Index (Net) (the "Index") for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Global equity markets fared well this fiscal year, as the volatility that limited results in 2016 gave way to a period of rapidly rising returns. As 2017 began, investors' concerns about the U.S. election—including what trade protectionism and nationalism rhetoric might mean for global economic growth—began to lessen. Instead, the focus thus far in 2017 has been on steady to positive economic data from the U.S., Eurozone, UK, Japan, and emerging markets, as well as strong corporate earnings.

Compared to the Index as a whole, Information Technology (IT), Financials, and Materials outperformed, benefiting from a shift in favor of more cyclical areas given economic data. All sectors posted positive returns, but Energy—on weak commodity pricing—and defensive areas such as Telecommunication Services and Consumer Staples underperformed. By country, Austria, Poland and Hungary led the Index; Pakistan (which was reclassified as an emerging market by MSCI at the end of May and added to the Index), Israel, and Egypt were weakest, with each posting losses for the period.

The Fund's underperformance this period resulted from stock selection, particularly within Materials, Energy, and Health Care. By country, holdings from France, Canada and the U.S. underperformed.

Individual detractors included Nielsen, the Netherlands-based TV and consumer ratings service, which announced weak results in retail measurement; Israeli-based Teva, which fell on news that three of its Copaxone patents had been invalidated; and Range Resources, which underperformed with the weak Energy sector. Teva and Range Resources were sold.

Sector allocation, especially our overweight to IT and underweight to Real Estate, along with strong stock selection within IT and Consumer Discretionary was a benefit to relative performance. By country, companies domiciled in China, the Netherlands and Hong Kong had the largest relative benefit.

Top individual contributors for the period included Apple, the U.S. computer/smartphone marketer, which announced better-than-expected earnings from the iPhone 7 launch; Alibaba, the Chinese e-commerce giant, which raised future revenue expectations; and Dutch semiconductor specialist ASML, which benefited from solid earnings announcements.

Global equity markets have been strong calendar year-to-date through the end of August, with the MSCI EAFE^® Index and MSCI Emerging Markets Index outperforming U.S. equities by 5.12% and 16.36%, respectively. We think political risk is subsiding in the Eurozone and the European economic recovery is gathering momentum. Equity markets have reacted very positively. While valuations do not look particularly cheap in Europe, we believe they do look reasonable relative to U.S. peers. After several years of lackluster earnings, we are beginning to see the signs of what we think will be a significant rebound in European profits. While profit margins in Europe are still well below their mid 2000's peak, we believe that if the earnings recovery can be sustained, markets could yet move higher.

Given our efforts to achieve a lower risk profile of the Fund relative to the benchmark, it is gratifying that our stock selection is being rewarded and the portfolio is currently outpacing a fast-rising market year-to-date. We continue to look for opportunities across countries, sectors and the market cap spectrum. Given higher overall valuations, particularly in the U.S., we need to retain discipline around the prices we are paying for stocks. However, we continue to find companies that have had attractive secular growth drivers, stable demand and profit profiles, and proven management teams that appear underappreciated and, we believe, offer investors 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.

Global Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGQIX
Class A				NGQAX
Class C				NGQCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	06/30/2011		15.13	%		9.52	%		6.48	%
Class A	06/30/2011		14.85	%		9.15	%		6.13	%
Class C	06/30/2011		13.89	%		8.33	%		5.33	%
With Sales Charge
Class A			8.26	%		7.86	%		5.11	%
Class C			12.89	%		8.33	%		5.33	%
Index
MSCI All Country World Index (Net)^1,15			17.11	%		10.46	%		8.05	%
MSCI All Country World Index^1,15			17.75	%		11.06	%		8.64	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Global Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Global Real Estate Fund Commentary (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a 4.01% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index (Net) (the "Index"), which generated a –0.10% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a poor start, the global stock market rallied sharply and generated strong results during the reporting period. This turnaround was partially driven by corporate profits that were generally better than expected, strengthening global growth and hopes for improving growth and less regulation under the Trump administration. However, expectations for significant shifts in U.S. fiscal policy have been delayed, or the probability of success has been reduced. Comparatively, global real estate investment trusts (REITs) posted weak results during the period.

The Fund outperformed the benchmark during the reporting period. Stock selection was the primary driver of the Fund's results. On the upside, our holdings in the Specialty REITs, Hotel & Lodging REITs and Real Estate Holding & Development sectors were the most additive for returns. The largest detractors from relative performance were the Fund's holdings in the Industrial & Office REITs and Retail REITs sectors and lack of exposure to the Real Estate Services sector. The Fund's positioning from the regional/country perspective was relatively flat for results. From a regional perspective, an overweight to Asia Pacific ex-Japan was the most additive for results. In terms of country positioning, overweights to Hong Kong and Canada were rewarded, whereas an overweight to France and an underweight to Singapore detracted from performance.

We anticipate seeing modest economic growth in the U.S. for the year as a whole. The U.S. Federal Reserve (Fed), as expected, raised interest rates for a second time in calendar year 2017 at its meeting that concluded on June 14. Looking forward, we believe the Fed will likely take a measured approach in terms of further interest rate hikes. After moving higher following the U.S. presidential election, longer-term interest rates have declined thus far in 2017, balancing expectations for improved economic growth, with some level of political uncertainty. However, we believe real estate fundamentals, not interest rates, will be the long-term driver of performance in the REIT market. We think improved business and consumer confidence, potential fiscal stimulus, and modest inflation should be supportive for the U.S. commercial property market. We believe real estate companies with sustainable cash flow and dividend growth have the potential to perform well. Overseas, the UK continues to face uncertainty after the recent general election and as it becomes clear how Brexit will unfold. As a result, we are positive on structural change stories in the UK, but remain very wary of businesses exposed to the London office sector. We remain positive on residential properties in France and Germany, as well as mixed use properties in Sweden. Among the Asia-Pacific markets, we believe positive sentiment on Hong Kong and Singapore real estate stocks show no sign of abating. Meanwhile, the sharp rise in the bond yields of Australia and Japan have dented the performance of local real estate stocks. Long term, we still favor Australia for sector fundamentals that look to us to be healthy as well as Hong Kong for stock valuations that appear to us to be inexpensive.

Sincerely,

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

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

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

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

Global Real Estate Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/30/2014		4.01	%		5.02	%
Class A	12/30/2014		3.71	%		4.66	%
Class C	12/30/2014		2.96	%		3.87	%
With Sales Charge
Class A			–2.28	%		2.37	%
Class C			1.96	%		3.87	%
Index
FTSE EPRA/NAREIT Developed Index (Net)^1,15			–0.10	%		3.31	%
FTSE EPRA/NAREIT Developed Index^1,15			0.84	%		4.22	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Global Real Estate Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Greater China Equity Fund Commentary²⁵ (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a 38.46% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the MSCI China Index (Net) (the "Index"), which returned 35.00% over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the past 12 months, the China equity markets performed relatively well. 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 (flows from mainland China to Hong Kong market using the Stock Connect program) following the China Insurance Regulatory Commission announcement allowing onshore insurers to invest via the Stock Connect program. After the China National Day holidays, 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 (SOE). Furthermore, macroeconomic data such as September 2016's Purchasing Managers Index (PMI) and 3Q 2016 Gross Domestic Product (GDP) growth pointed towards a stabilizing economy. In November, the China A-shares market advanced as investors anticipated the Shenzhen-Hong Kong Stock Connect program and the NDRC accelerating infrastructure projects, while the offshore Hong Kong market was impacted by Donald Trump's victory in the U.S. presidential elections that led to uncertainty surrounding foreign policies. Towards calendar year-end 2016, 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 (PBoC) raising interbank interest rates in early February, markets continued their upward trend because of January's PMI and trade data, additional supply side reforms, and policy expectations from the upcoming "two sessions" in March.

Market performance remained positive in March despite the U.S. Federal Reserve and PBoC tightening monetary policy, but the offshore Hong Kong market outperformed as company earnings and SOE dividend policies came into focus. In April, the announcement to create the Xiong'an special economic zone in Hebei province led the China equity markets to rally, but the onshore China A-shares market experienced a correction towards month-end despite strong 1Q 2017 GDP growth. In May, investor sentiment improved after China's agreement with the U.S. on trade deals, conclusion of the Belt and Road Forum, and approval of the Hong Kong-China Bond Connect program. Both markets traded higher in June after the China Securities Regulatory Commission tightened regulations on stock selling by major shareholders, MSCI's inclusion of A-shares into their regional and country indices (to be effective in June 2018) and the government's capital markets reforms to streamline mergers & acquisitions approval processes. Strong 2Q 2017 GDP growth and better than expected June macroeconomic indicators led to strong performance of large cap names in July, and the offshore Hong Kong market outperformed due to an increase in southbound volumes. China equity markets corrected briefly in August amid escalating geopolitical tensions in the Korean Peninsula, but rallied later in the month after strong corporate earnings announced for the first half of 2017 and ongoing SOE and supply side reforms lifted investor sentiment.

For the 12-month fiscal period, the Fund's average overweight to Consumer Discretionary and underweight to Telecommunication Services and Energy contributed to performance relative to the Index. In contrast, the Fund's underweight to Information Technology and overweight to Industrials and Real Estate detracted from relative returns. Stock selection had a positive impact in Consumer Discretionary, Consumer Staples and Financials, whereas stock selection had a negative impact in Real Estate.

The Fund continues to focus on companies that have sustainable top and bottom line growth by looking at companies' operating cash flows from their recurring core businesses. As of August 31, 2017, the Fund's largest sector overweight relative to the Index was Financials, followed by Health Care and Industrials. The largest sector underweight was Information Technology, followed by Energy and Telecommunication Services. The Fund's top ten positions comprised more than 55% of total portfolio assets at the end of August.

The pace of the economic recovery that materialized last year has not waned, with momentum continuing through to 2Q2017. Macroeconomic indicators have continued to indicate a healthy economy, such as GDP growth, retail sales growth, fixed asset investments, exports and industrial production. This is in spite of regulatory/supervisory tightening on the part of the Chinese government, which has been aimed at controlling the growth of China's shadow banking sector. We believe this should have a long-term positive impact on the country's financial sector, but warrants careful management and execution given its impact on borrowing costs and liquidity conditions. We anticipate that this trend will continue through the remainder of 2017, although the pace of tightening has slowed somewhat in recent periods. For the time being, we believe the impact on the corporate sector should be relatively limited, given that company earnings have remained healthy. Given the recent strength of the China equity markets, valuation levels for certain companies are beginning to test fundamentals. To that end, we believe investors may benefit from employing a higher degree of selectivity towards the type of stocks to own, which resonates with our investment approach across all our portfolios. This is supported by the wide investment opportunity set spanning the entire China equity universe across Mainland China, Hong Kong and overseas listed companies, providing us with substantial breadth for stock picking.

As of September 20, 2017, the Fund closed to new investors because of capacity constraints associated with the Fund's investment strategy. The Fund closed to new investments, including investments from existing shareholders, effective at the close of business on October 17, 2017.

Sincerely,

LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS

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

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

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

Greater China Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	13.1	%
Consumer Staples	3.5
Financials	29.2
Health Care	5.9
Industrials	8.2
Information Technology	26.9
Materials	2.1
Real Estate	3.2
Telecommunication Services	2.0
Utilities	2.4
Short-Term Investment	3.5
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

EXCHANGE ALLOCATION

(as a % of Long Term Investments)
Mainland China	21.7	%
Hong Kong	56.2
United States	22.1
Total	100.0	%

PERFORMANCE HIGHLIGHTS²⁵

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	07/17/2013		38.46	%		17.63	%
Class A	07/17/2013		37.95	%		17.35	%
Class C	07/17/2013		36.91	%		16.35	%
With Sales Charge
Class A			30.03	%		15.68	%
Class C			35.91	%		16.35	%
Index
MSCI China Index (Net)^1,15			35.00	%		12.54	%
MSCI China Index^1,15			35.24	%		12.79	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Greater China Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class generated a 17.60% total return for the fiscal year ended August 31, 2017, outperforming the 16.23% 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 volatile start, the U.S. stock market rallied sharply and reached several all-time highs during the reporting period. This turnaround was mainly driven by better-than-expected corporate profits and hopes for improving growth and less regulation under the Trump administration. However, it appears that expectations for significant shifts in fiscal policy have been delayed, or the probability of success has been reduced. Nevertheless, the overall U.S. stock market, as measured by the S&P 500 Index, rose 16.23% for the 12-month period.

The Fund's investments fall into three buckets: Growth, Total Return and Opportunistic. Growth companies are those companies that have been growing their revenues and, as they do so, generate free cash flow that have been reinvested in the business at what we identify as attractive risk-adjusted returns. Total Return investments have demonstrated sustainable and/or growing streams of income that are underpinned by asset value and which may result in growing cash returns to shareholders (e.g., increased dividends, share repurchases, return of capital). Finally, Opportunistic investments are those where we find identifiable catalysts. This bucket may include companies with management changes, company reorganizations, merger and acquisition activity, "hidden assets," or other market dislocations that have the potential to unlock intrinsic value.¹

Stock selection, overall, drove the Fund's outperformance during the period. In particular, stock selection in the Telecommunication Services, Industrials and Utilities sectors were the most beneficial for relative performance. Conversely, holdings in the Health Care, Materials and Financials sectors were the largest detractors from results.

Sector allocation was a modest headwind for performance during the period. This was primarily driven by an underweight to Information Technology and overweight to Consumer Staples, on average during the fiscal period. The Fund's modest cash position was also a headwind for results. Conversely, underweights to Real Estate, Health Care and Energy contributed to results from a sector allocation perspective during the period.

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

We remain mindful that our constructive view for U.S. equities is not without risks. Despite generally positive U.S. and global economic data, the shift in policy from a highly transparent Federal Reserve to hazy fiscal policy presents potential for headline risks and spikes in volatility. There may be a disconnect between policy, rhetoric and implementation. We will be closely watching the Trump administration's actions on global trade as protectionist policies may impede economic growth or spur a trade war, both of which would hurt risk assets. Ultimately, we remain vigilant and continue to monitor key data points as we assess whether any geopolitical disruption, however small, could spill over into global markets.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

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

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

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

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

Guardian Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	16.1	%
Consumer Staples	7.1
Energy	5.5
Financials	9.3
Health Care	12.6
Industrials	17.3
Information Technology	22.5
Materials	2.5
Real Estate	1.8
Utilities	4.4
Short-Term Investment	0.9
Options Purchased	0.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS^7,11

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		17.60	%		13.05	%		6.88	%		11.06	%
Trust Class³	08/03/1993		17.37	%		12.86	%		6.70	%		11.01	%
Advisor Class⁴	09/03/1996		17.26	%		12.51	%		6.32	%		10.87	%
Institutional Class⁵	05/27/2009		17.72	%		13.25	%		7.04	%		11.09	%
Class A¹⁹	05/27/2009		17.28	%		12.84	%		6.72	%		11.04	%
Class C¹⁹	05/27/2009		16.53	%		12.00	%		6.06	%		10.94	%
Class R3¹⁶	05/27/2009		17.02	%		12.53	%		6.49	%		11.00	%
With Sales Charge
Class A¹⁹			10.54	%		11.51	%		6.09	%		10.94	%
Class C¹⁹			15.53	%		12.00	%		6.06	%		10.94	%
Index
S&P 500^® Index^1,15			16.23	%		14.34	%		7.61	%		11.14	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 expense ratio of the Class R3 shares was 1.37% after expense reimbursements and/or fee waivers. 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Guardian Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a total return of 15.82% for the fiscal year ended August 31, 2017, trailing its benchmark, the MSCI EAFE^® Index (Net) (the "Index"), which provided a 17.64% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

What began as a period of high volatility in international equity markets early this fiscal year slowly gave way to a period of steadily rising returns in calendar 2017. Early on, fears about a potential slowing in global economic growth—stemming primarily from U.S. election rhetoric and the likelihood of protectionist policy from the largest global economy—had ratcheted volatility upward. As the period continued, however, markets rebounded on strong corporate earnings and evidence of continued global economic growth in the U.S., UK, Eurozone, and Japan—and declining concerns over European elections and the shift toward tighter central bank policy.

Compared to the Index as a whole, Information Technology (IT), Materials, and Financials stocks outperformed, benefiting from a rotation toward cyclical stocks that began in late 2016. While all sectors saw positive results, Telecommunication Services, Health Care, and Real Estate lagged. Individually, Austria, Italy, and Spain saw the strongest returns within the Index. Weaker markets included Israel and New Zealand, both showing losses for the year, and Ireland.

The Fund benefited from strong stock selection within the Health Care, Consumer Discretionary, and IT sectors. Allocation decisions were generally additive, with an overweight to IT another significant positive for relative performance. By country, Swiss, UK-based, and French holdings contributed the most.

Standout contributors for the period included Alibaba, the Chinese e-commerce giant, which raised future revenue expectations; Keyence, the Japanese factory automation equipment supplier, which reported stronger-than-expected sales growth; and Dutch semiconductor specialist ASML, which benefited from solid earnings announcements.

Stock selection detracted from relative results within Energy, Telecommunication Services and Consumer Staples, but in each case, an underweight helped limit the effect. By country, the Fund's Canadian, German and French holdings underperformed.

Among individual detractors, Peyto, the Canadian dry-gas producer suffered as gas prices remained weak due to the mild winter, which left the firm vulnerable to a less profitable outlook if they could not cut costs. Home Capital, the Canadian specialty mortgage lender, struggled with regulatory and, ultimately, liquidity issues. A change of management and an investment from Berkshire Hathaway helped the shares rebound somewhat. Bezeq, the Israeli telecom, was held back by regulatory uncertainty. We exited all three positions.

Looking ahead, we believe political risk is subsiding in the Eurozone and the European economic recovery is gathering momentum. Equity markets have reacted very positively so far in 2017. In our opinion, while valuations do not look particularly cheap, they do look reasonable relative to U.S. peers. After several years of lackluster earnings, we believe we are beginning to see the signs of a significant rebound in European profits.

Given our efforts to achieve a lower risk profile of the portfolio relative to the Index, we are pleased with the portfolio's performance, especially within the fast-rising market year-to-date. We continue to look for opportunities across countries, sectors and the market cap spectrum.

Given higher overall valuations, we must retain discipline around the prices we are paying for stocks. However, we continue to find companies that have had attractive secular growth drivers, stable demand and profit profiles, and proven management teams, that appear to us to be underappreciated and that we believe offer investors 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.

International Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹²	01/28/2013		15.97	%		8.28	%		2.33	%		5.38	%
Trust Class¹²	01/28/2013		15.92	%		8.22	%		2.30	%		5.36	%
Institutional Class	06/17/2005		15.82	%		8.42	%		2.39	%		5.44	%
Class A¹²	01/28/2013		15.32	%		8.04	%		2.22	%		5.29	%
Class C¹²	01/28/2013		14.48	%		7.29	%		1.86	%		4.99	%
Class R6²²	09/03/2013		15.85	%		8.49	%		2.43	%		5.46	%
With Sales Charge
Class A¹²			8.68	%		6.77	%		1.61	%		4.78	%
Class C¹²			13.48	%		7.29	%		1.86	%		4.99	%
Index
MSCI EAFE^® Index (Net)^1,15			17.64	%		8.48	%		1.62	%		5.10	%
MSCI EAFE^® Index^1,15			18.19	%		8.97	%		2.10	%		5.58	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

International Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class generated a total return of 15.57% for the fiscal year ended August 31, 2017, trailing its benchmark, the MSCI EAFE^® Index (Net) (the "Index"), which provided a 17.64% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund benefited most from strong stock selection and an overweight in IT. Stock selection was also beneficial within the Health Care and Consumer Discretionary sectors. Underweights to the relatively weak Consumer Staples and Real Estate sectors also helped. By country, French, Japanese, and Swiss names added most.

Standout contributors for the period included Alibaba, the Chinese e-commerce giant, which raised future revenue expectations; Dutch semiconductor specialist ASML, which benefited from solid earnings announcements; and Keyence, the Japanese factory automation equipment supplier, which reported stronger-than-expected sales growth.

Stock selection and an overweight to Industrials detracted most from relative performance. Selection within Materials and Energy also detracted. By country, Canadian, German and Norwegian names underperformed.

Among individual detractors, Peyto, the Canadian dry-gas producer suffered as gas prices remained weak due to the mild winter, which left the firm vulnerable to a less profitable outlook if they could not cut costs. Teva, the Israeli pharmaceuticals manufacturer, was hurt by a mixture of continued price pressure, change of management and lowered forward guidance. The Fund exited positions in Teva and Peyto.

Sincerely,

BENJAMIN SEGAL
PORTFOLIO MANAGER

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

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

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

International Select Fund (Unaudited)

TICKER SYMBOLS

Trust Class				NILTX
Institutional Class				NILIX
Class A				NBNAX
Class C				NBNCX
Class R3				NBNRX
Class R6				NRILX

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	08/01/2006		15.57	%		7.45	%		1.94	%		3.55	%
Institutional Class⁶	10/06/2006		16.13	%		7.83	%		2.31	%		3.91	%
Class A¹⁴	12/20/2007		15.60	%		7.44	%		1.95	%		3.56	%
Class C¹⁴	12/20/2007		14.70	%		6.63	%		1.21	%		2.88	%
Class R3¹⁴	05/27/2009		15.26	%		7.16	%		1.72	%		3.35	%
Class R6²⁴	04/17/2017		15.79	%		7.49	%		1.96	%		3.57	%
With Sales Charge
Class A¹⁴			8.95	%		6.18	%		1.35	%		3.01	%
Class C¹⁴			13.70	%		6.63	%		1.21	%		2.88	%
Index
MSCI EAFE^® Index (Net)^1,15			17.64	%		8.48	%		1.62	%		3.29	%
MSCI EAFE^® Index^1,15			18.19	%		8.97	%		2.10	%		3.77	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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, and the estimated total annual operating expense ratio for fiscal year 2017 is 0.87% for Class R6 (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.15%, 0.80%, 1.16%, 1.91% and1.41% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2017 is 0.73% for Class R6 after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

International Select Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

International Small Cap Fund Commentary (Unaudited)

From its inception, December 8, 2016, through the close of the fiscal period ended August 31, 2017, Neuberger Berman International Small Cap Fund Institutional Class generated a total return of 27.40%, outperforming its benchmark, the MSCI EAFE^® Small Cap Index (Net) (the "Index"), which provided a 23.53% return for 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.

Looking at the market, U.S. election-related fears raised volatility during the early part of this period—with worries about trade protectionism and nationalism, both of which bode poorly for global economic growth. However, as 2017 began, the growth outlook improved, notably in Europe, which allowed a shift from volatility to a period of steadily rising returns. Small cap stocks outperformed their larger cap counterparts this period as the focus returned to domestic growth prospects.

All sectors within the Index posted positive results this period except Energy, with Utilities, Information Technology and Telecommunication Services outperforming the Index as a whole. In addition to Energy, Real Estate and Consumer Discretionary stocks, though posting double-digit returns, underperformed the Index. By country, Denmark, Italy and Germany were among the top performers, while Hong Kong, Norway, and Singapore lagged the Index.

The Fund outperformed the Index primarily on the basis of strong stock selection. Stock selection was especially advantageous within Industrials, Consumer Discretionary, and Financials. By country, stocks from Japan, the UK and Germany outperformed.

Top individual contributors this period included Daifuku, a Japanese automation specialist, which reported strong revenue and earnings growth; Trigano, a French recreational vehicle maker, which continued to consolidate the European market and benefited from an improving economy; and Jenoptik, a German industrial optics company, which benefited from solid results.

Holdings in Energy, Health Care, and Materials detracted somewhat from relative results, and by country, allocations to Austria, Belgium, and Switzerland underperformed. Individual detractors included Canada's Raging River Exploration, which suffered as oil prices weakened, and was sold; Ion Beam Applications, a Belgium-based medical technology company, which lowered sales and margin guidance due to project delays and increased competition; and Ichigo, a Japanese real estate investment trust, which reported soft results.

Looking ahead, we believe political risk is subsiding in the Eurozone and the European economic recovery is gathering momentum. Equity markets have reacted very positively so far in 2017. In our opinion, while valuations do not seem particularly cheap, they do seem reasonable relative to U.S. peers. After several years of lackluster earnings, we believe we are beginning to see the signs of a significant rebound in European profits.

Given our efforts to achieve a lower risk profile of the Fund relative to the Index, we are pleased with the Fund's performance, especially within the fast-rising market year-to-date. We continue to look for opportunities across countries, sectors and the market cap spectrum.

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.

International Small Cap Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NIOIX
Class A				NIOAX
Class C				NIOCX
Class R6				NIORX

PERFORMANCE HIGHLIGHTS⁹

	Inception Date	Cumulative Total Return Ended 08/31/2017 Life of Fund
At NAV
Institutional Class	12/08/2016		27.40	%
Class A	12/08/2016		27.00	%
Class C	12/08/2016		26.30	%
Class R6	12/08/2016		27.40	%
With Sales Charge
Class A			19.70	%
Class C			25.30	%
Index
MSCI EAFE^® Small Cap Index (Net)^1,15			23.53	%

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

As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2017 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 August 31, 2017 can be found in the Financial Highlights section of this report.

International Small Cap Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a 16.59% total return for the fiscal year ended August 31, 2017 outperforming its benchmark, Russell 2000^® Value Index (the "Index"), which returned 13.47% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

In our opinion, two thoughts seem to be gaining credibility with investors. First, the broader legislative agenda of the Republican administration is at risk and second, in broad measures, the world economy is improving. Against this backdrop it is not surprising that companies and sectors positioned to benefit from global growth outpaced domestically focused companies. Larger cap and growth indices with greater exposure to Technology and Health Care companies outperformed this fiscal year. The Fund, with a significant overweight in Technology, a market capitalization much larger than the Index and a relatively high percentage of its revenues derived from overseas, benefitted from these themes, making up much of the relative performance ground lost to last year's "Trump trade," which favored small domestic financials.

As discussed in our previous communication, many of the trends that led to the Fund's underperformance in 2016 helped the Fund in 2017. Financial sector performance remained depressed and our underweight in Financials helped the Fund's relative returns. The Energy sector continued to be plagued by weak oil and gas prices and the Fund benefitted from our minimal commitment to this sector. Many of the Fund's Technology companies, which performed poorly in 2016, rebounded this year. Mercury Systems, a defense electronics company, executed well and recent acquisitions nearly doubled its Radio Frequency and Microwave business. Verint, FormFactor and FireEye were also solid performers. However, a number of the Fund's Technology holdings struggled. KEYW Holding, TiVo and Rambus are a few of the names that seemed a bit out of sync with the Technology recovery this year. KEYW's government Cyber/IT unit was hurt by lack of forward progress on the U.S. government budget. Investors remain concerned about TiVo's legal dispute with Comcast and possible license revenue losses in 2018. Recently Bloomberg reported that Rambus retained advisers to explore strategic options.

The Fund benefitted most from its investments in Producer Durables. Aerovironment, a market leader in the manufacture of small Unmanned Aircraft System vehicles, Spirit AeroSystems, a company engaged in the design and manufacture of commercial aero structures and systems, and Itron, a technology and services company dedicated to the resourceful use of electricity, natural gas, and water, all performed well. Several of the Fund's Health Care investments posted solid absolute and relative gains. Notable contributors for the period were Molina Healthcare where the founding family was fired by their Board, Intersect ENT, whose management continues to execute well in the face of Medicare reimbursement pressure, and Charles River Laboratories, which delivered solid returns and we believe is well positioned to benefit from an anticipated recovery in early stage drug development. There were also some Health Care laggards—Accuray, Fluidigm and Analogic all underperformed.

During the period, a number of companies merged or were acquired. The Fund added new names at a reasonable pace, some in Health Care and Consumer-related sectors, further increasing our commitment to these sectors. Several positions were eliminated.

Despite near-term risks from conflicts in Washington, D.C. regarding a host of issues, the potential for further interest rate hikes, and geopolitical turmoil mainly due to the escalation of tensions with North Korea, we foresee ongoing economic growth and strong corporate earnings that will support a continuing bull market.

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

Sincerely,

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

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

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

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

Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NINLX
Class A				NINAX
Class C				NINCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	8.1	%
Consumer Staples	1.2
Energy	0.5
Financial Services	8.7
Health Care	13.0
Materials & Processing	4.1
Producer Durables	18.9
Technology	34.9
Utilities	4.2
Short-Term Investment	6.4
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2017
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁸	05/10/2010		16.59	%		13.46	%		7.71	%		11.22	%
Class A¹⁸	05/10/2010		16.20	%		13.07	%		7.42	%		11.08	%
Class C¹⁸	05/10/2010		15.36	%		12.23	%		6.85	%		10.78	%
With Sales Charge
Class A¹⁸			9.55	%		11.74	%		6.79	%		10.75	%
Class C¹⁸			14.36	%		12.23	%		6.85	%		10.78	%
Index
Russell 2000^® Value Index^1,15			13.47	%		12.51	%		6.46	%		8.79	%
Russell 2000^® Index^1,15			14.91	%		13.15	%		7.38	%		7.89	%

*The inception date for Neuberger Berman Intrinsic Value Fund Institutional Class, Class A, and Class C shares is May 10, 2010. Performance prior to that date is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund"); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"), which had similar investment goals, strategies, and portfolio management team. See endnote 18 for more information.

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Intrinsic Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁸

(000's Omitted)

Large Cap Value Fund Commentary (Unaudited)

Neuberger Berman Large Cap Value Fund Investor Class generated a 15.88% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the Russell 1000^® Value Index (the "Index"), which returned 11.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a rather choppy start to the fiscal year, the U.S. stock market climbed sharply, propelled by optimism surrounding President Trump's election victory and his pro-business agenda of tax cuts, regulatory easing, and increased infrastructure spending. Rising commodity prices and a steadily improving global economy further bolstered equities and enabled the U.S. Federal Reserve to continue on its path of increasing interest rates. Geopolitical risks caused occasional dips in the market, however, and the post-election tailwind abated as the current administration grappled with internal struggles, fueling skepticism that there would be any meaningful policy changes in the near future. Nonetheless equity indexes continued to reach new heights as investors were enticed by strong corporate earnings against the backdrop of healthy employment levels, low inflation and moderately rising GDP, which fueled expectations for continued profit growth ahead.

Within the Index, sector performance was mixed with Financials generating the strongest returns owing to the anticipated easing of regulations, stable economy and rising interest rates. The favorable macro picture also drove outperformance relative to the overall Index in Materials and Information Technology. The Energy, Real Estate and Telecommunication Services sectors posted negative returns for the period. Energy faltered as oil prices fell and the latter two segments declined in large part due to sector rotation as investors favored other areas of the equity market.

Financials were the largest source of upside to Fund performance relative the Index. Our heavier exposure to banks, including Citigroup, was especially beneficial as the industry continued to soar on expectations of less strict oversight under President Trump as well as the improving macro environment and interest rate increases. Favorable stress test results during the period also lifted these stocks in the latter part of the year. Consumer Staples was another area of relative strength, with the largest boost coming from retailer Wal-Mart, whose stock rose as the company made strategic moves to enhance its business and adapt to the proliferation of online shopping. On the downside, negative stock selection within Health Care hurt relative performance. One weak spot in this area was health care equipment stock Zimmer Biomet Holdings, which declined during the year on disappointing earnings and lowered guidance, as well as the departure of its CEO. Underperformance within Materials was also negative for the Fund on a relative basis due in part to our underweight in the chemicals area, which was a strong component of the Index.

As the equity bull market enters another year, valuations are running high, yet we believe stocks seem poised to appreciate further as corporate earnings growth projections remain strong given the support of steady economic growth, tepid inflation, rising commodity prices and a weak U.S. dollar. Still, we remain cautious in light of the stock market's relentless ascent, which in our view could leave it vulnerable to sharp corrections if earnings expectations are not met or if tighter monetary policy begins to dampen the economy.

Therefore, we continue to explore all areas of the market for price dislocations that we believe could turn into rewarding investment opportunities. Our portfolio construction strategy entails 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 generating favorable returns over the long term.

Sincerely,

ELI M. SALZMANN
PORTFOLIO MANAGER

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

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

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

Large Cap Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	7.9	%
Consumer Staples	11.6
Energy	9.6
Financials	19.8
Health Care	13.3
Industrials	5.4
Information Technology	1.8
Materials	7.6
Real Estate	0.5
Telecommunication Services	0.9
Utilities	5.0
Short-Term Investment	16.6
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		15.88	%		13.28	%		5.18	%		12.54	%
Trust Class³	08/30/1993		15.77	%		13.08	%		5.00	%		12.46	%
Advisor Class⁴	08/16/1996		15.51	%		12.89	%		4.83	%		12.32	%
Institutional Class⁵	06/07/2006		16.04	%		13.47	%		5.36	%		12.59	%
Class A¹⁹	06/21/2010		15.65	%		13.02	%		5.01	%		12.50	%
Class C¹⁹	06/21/2010		14.84	%		12.20	%		4.45	%		12.36	%
Class R3¹⁶	06/21/2010		15.27	%		12.72	%		4.81	%		12.45	%
With Sales Charge
Class A¹⁹			9.00	%		11.70	%		4.39	%		12.34	%
Class C¹⁹			13.84	%		12.20	%		4.45	%		12.36	%
Index
Russell 1000^® Value Index^1,15			11.58	%		13.25	%		5.96	%		N/A

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Large Cap Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Growth Fund Investor Class generated a 15.80% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the Russell Midcap^® Growth Index (the "Index"), which returned 14.52% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the 12-month reporting period, the highly resilient U.S. market continued its upward trajectory, but not without challenges to that positive momentum. Whether it was the fluctuating volatility associated with oil prices, the U.S. dollar and economic news out of China, nuclear gamesmanship on the Korean peninsula or the stunning outcome of a highly cynical and nationalistic campaign for the White House and subsequent legislative fits and starts of a governing party still trying to find its footing, it has been a wild ride. Fortunately, this bull market has largely turned a deaf ear to the macro noise and political gridlock and maintained the embedded optimism that has been a big part of this post-election surge. The good news, likely lost amid the headlines, is that economic trends remained broadly positive and companies generally continued to execute and deliver reasonably good earnings. Boosted by a clearer and hawkish-leaning path to sustained monetary tightening by the Federal Reserve, we also saw signs of a shift away from the now 8+ year post-financial crisis trend favoring financial reallocations in the forms of share-repurchase and dividend programs. The move towards more strategic and forward-thinking capital reinvestment, along with a return to relevancy for fundamentals, proved beneficial to the managers' style of investing. Lastly, there is no denying that valuations have become elevated, especially with growth handily outpacing value, but we believe that strong corporate earnings continue to provide the necessary counterbalance to prices.

During the fiscal year, the Fund was on average overweight versus the benchmark in Information Technology (IT), Health Care, Financials, Energy and Telecommunication Services and underweight Real Estate, Consumer Staples, Consumer Discretionary, Materials and Industrials. Driven by strong top- and bottom-line results, IT was the leading contributor to performance, while election headlines and the "repeal and replace" saga broadly weighed on our Health Care names. At the industry level, our underweight allocation, coupled with strong stock selection in Food Products effectively minimized the negative impact of continued deflation in staples, while a spate of sales management issues hindered top-line results across our Health Care Equipment & Supplies names. Drilling down to our holdings, NVIDIA, a semiconductor company engaged in visual computing applications, consistently delivered strong results from their gaming segment and benefited from positive expectations around the potential for their virtual and assisted reality technology, while O'Reilly Automotive, a specialty retailer and supplier of automotive aftermarket parts and supplies, fell short of expectations for the most recent quarter and was further pressured by the potential for increased competition from Amazon. We sold off both of these positions.

We remain cautiously optimistic that this resilient market can continue to be a conducive environment for active growth managers. Looking ahead, we believe a big unknown for the market remains the embedded optimism currently tied to anticipated pro-growth policies and what happens if that sentiment evaporates in the face of continued political missteps and policy delays. Since we don't hold much sway over Washington, D.C. or believe we can consistently predict market temperament swings, we will instead remain focused on seeking higher qualitative growth companies that we believe are capable of consistently delivering compelling fundamentals, as earnings will be the one highly visible and critical driver of this current bull market that we can evaluate objectively, as our ability to assess the top- and bottom-line potential and current results of companies, around which to build an investment portfolio, is something we believe we can do well, whereas we can't control all of the conflicting statements out of Washington, D.C. about policy.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Mid Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	16.5	%
Consumer Staples	1.7
Energy	1.4
Financials	8.0
Health Care	20.6
Industrials	16.0
Information Technology	29.4
Materials	3.2
Short-Term Investment	3.2
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		15.80	%		11.83	%		7.13	%		11.70	%
Trust Class³	08/30/1993		15.75	%		11.77	%		7.04	%		11.61	%
Advisor Class⁴	09/03/1996		15.47	%		11.47	%		6.73	%		11.41	%
Institutional Class⁵	04/19/2007		16.03	%		12.06	%		7.42	%		11.78	%
Class A¹⁹	05/27/2009		15.58	%		11.64	%		7.02	%		11.67	%
Class C¹⁹	05/27/2009		14.69	%		10.81	%		6.36	%		11.49	%
Class R3¹⁶	05/27/2009		15.30	%		11.37	%		6.80	%		11.61	%
Class R6²³	03/15/2013		16.13	%		12.11	%		7.27	%		11.73	%
With Sales Charge
Class A¹⁹			8.92	%		10.33	%		6.39	%		11.50	%
Class C¹⁹			13.69	%		10.81	%		6.36	%		11.49	%
Index
Russell Midcap^® Growth Index^1,15			14.52	%		13.99	%		8.32	%		N/A
Russell Midcap^® Index^1,15			12.44	%		14.11	%		8.14	%		13.26	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Intrinsic Value Fund Commentary (Unaudited)

The Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 17.19% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the Russell Midcap^® Value Index (the "Index"), which returned 10.82% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

U.S. equity markets were up for the period. While the world economy continued to improve, investors became increasingly concerned with President Trump's ability to move his agenda through Congress. Larger cap and growth indices have outperformed the overall market so far this year—a reversal of 2016's market dynamics, which favored small value-oriented equities.

Fund performance benefitted most from Technology and Producer Durables on both an absolute and relative basis. In Technology, Western Digital, the top performer, reported another solid quarter raising its gross-margin and earnings-per-share guidance amid good execution and strong demand for the company's broad portfolio of storage products. ON Semiconductor reported a strong second quarter beating estimates. Macroeconomic data and reports from its customers point to increased demand for ON's products going forward. Other notable Technology winners were Skyworks Solutions and CheckPoint Software. Both companies have been executing well and reported several strong quarters. In Producer Durables, Spirit AeroSystems, Orbital ATK, General Dynamics, and Itron, all performed well. Spirit resolved its pricing dispute with Boeing, increasing long-term visibility and supporting an increase to their long-term free cash flow margin guidance. Orbital and General Dynamics continue to report solid results. Both companies announced dividend increases and expanded their share repurchase programs. Itron executed well on its cost savings initiative. Additionally, stock selection in Financial Services helped performance. Comerica's cost savings program improved fees and expense trends, loan growth rebounded and the company increased its dividend.

A healthy level of company specific events were announced during the period. Several of the companies the Fund invested in were acquired, disposed of significant assets, or made large acquisitions during the period. Of particular note since our last communication, Whole Foods Market agreed to be acquired by Amazon for $42 per share (we sold out of the position after the merger was announced but before it was completed), Starwood Waypoint announced an all stock merger with Invitation Homes, Lions Gate Entertainment sold its interest in EPIX to MGM, and Wyndham Worldwide announced plans to spin-off its hotel business.

On the negative side, the Fund's overweight and stock selection in the Health Care sector hurt performance. Teva Pharmaceutical's shares were trounced after the company reported an extremely disappointing earnings forecast due to price erosion from increased competition in the generic drug space. This outlook led the company to cut their dividend by 75%. Zimmer Biomet also exhibited underwhelming performance and reduced guidance due to lingering production delays and slower than expected sales recapture. Perrigo lowered its earnings forecast and the CEO unexpectedly retired. Several consumer holdings also had a negative impact on performance. Hertz materially missed expectations due in large part to improper fleet sizing and was subsequently sold by the Fund. Macy's lowered its earnings forecast due to a continued decrease in mall traffic. TreeHouse Foods decreased guidance as it continues to be impacted by pricing pressure from its retail partners. GNC and Deckers Outdoor materially missed earnings expectations and were eliminated from our portfolio as our investment thesis for both companies changed.

We believe near-term risks from conflicts in Washington, D.C. regarding the debt ceiling, the budget, Obamacare and tax reform, the potential for further interest rate hikes by the Federal Reserve, and geopolitical turmoil could pressure stocks through the remainder of the year. However, we anticipate ongoing economic growth, strong corporate earnings, and low inflation rates, which will support a continuing bull market as long as they remain in place.

Sincerely,

MICHAEL C. GREENE
PORTFOLIO MANAGER

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

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

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

Mid Cap Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	13.7	%
Consumer Staples	1.7
Energy	8.6
Financial Services	15.1
Health Care	10.5
Materials & Processing	3.2
Producer Durables	19.0
Technology	19.2
Utilities	5.4
Short-Term Investment	3.6
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		17.19	%		14.15	%		7.20	%		9.60	%
Trust Class³	06/10/1999		16.85	%		13.93	%		7.08	%		9.51	%
Institutional Class⁵	03/08/2010		17.40	%		14.40	%		7.41	%		9.72	%
Class A¹⁹	06/21/2010		16.95	%		13.97	%		7.11	%		9.56	%
Class C¹⁹	06/21/2010		16.09	%		13.13	%		6.54	%		9.24	%
Class R3¹⁶	06/21/2010		16.62	%		13.70	%		6.92	%		9.45	%
With Sales Charge
Class A¹⁹			10.22	%		12.64	%		6.48	%		9.20	%
Class C¹⁹			15.09	%		13.13	%		6.54	%		9.24	%
Index
Russell Midcap^® Value Index^1,15			10.82	%		14.22	%		7.82	%		9.44	%
Russell Midcap^® Index^1,15			12.44	%		14.11	%		8.14	%		8.98	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Multi-Cap Opportunities Fund Commentary (Unaudited)

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a 20.27% total return for the fiscal year ended August 31, 2017, versus a 16.23% 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, positive performance was broad-based as nine of eleven sectors generated a positive return for the year. Financials, Industrials, and Information Technology (IT) outperformed relative to the overall Index. Consumer Discretionary, Consumer Staples, Energy, Health Care, Materials, Real Estate, Telecommunication Services, and Utilities all lagged the overall Index. We believe declining stock correlations over the course of the year contributed to the dispersion in performance across sectors.

Within the Fund, positioning benefited relative performance, driven primarily by an overweight to Financials and IT. Stock selection in Industrials and Energy also benefited relative performance. Stock selection in Health Care and IT detracted from relative performance during the year. The Fund ended the fiscal year with an overweight, relative to the Index, in the Financials, Industrials, IT, and Materials sectors. The Fund ended the fiscal year with an underweight, relative to the Index, in the Consumer Discretionary, Consumer Staples, Energy, and Health Care sectors, and had no exposure to the 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 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 appear healthy and free cash flow generation has been strong. As a result, we believe 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, and selective and highly accretive acquisitions—all can accrue to the benefit of equity holders. When company specific drivers are in focus, it is our view that high conviction active managers have the potential to add value for their clients through stock selection. We believe deep fundamental analysis centered on free cash flow and capital structure efficiency may be an important driver of performance going forward.

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

Sincerely,

RICHARD S. NACKENSON
PORTFOLIO MANAGER

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

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

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

Multi-Cap Opportunities Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	1.7	%
Consumer Staples	6.1
Energy	4.7
Financials	23.7
Health Care	12.4
Industrials	16.9
Information Technology	27.7
Materials	5.5
Short-Term Investment	1.3
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2017
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁷	12/21/2009		20.27	%		15.20	%		8.24	%		8.67	%
Class A¹⁷	12/21/2009		19.85	%		14.80	%		7.94	%		8.39	%
Class C¹⁷	12/21/2009		18.95	%		13.93	%		7.32	%		7.82	%
With Sales Charge
Class A¹⁷			12.98	%		13.45	%		7.30	%		7.80	%
Class C¹⁷			17.95	%		13.93	%		7.32	%		7.82	%
Index
S&P 500^® Index^1,15			16.23	%		14.34	%		7.61	%		7.90	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁷

(000's Omitted)

Real Estate Fund Commentary (Unaudited)

Neuberger Berman Real Estate Fund Trust Class generated a 2.89% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the FTSE NAREIT All Equity REITs Index (the "Index"), which generated a 1.85% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a poor start, the U.S. stock market rallied sharply and reached several all-time highs during the reporting period. After relatively flat results in September 2016, stocks declined in October, as corporate profits were mixed and there were uncertainties surrounding the November elections. The market then moved sharply higher over the last ten months of the period. This turnaround was partially driven by corporate profits that were generally better-than-expected and hopes for improving growth and less regulations under the Trump administration. However, expectations for significant shifts in fiscal policy have been delayed, or the probability of success has been reduced. Nevertheless, the overall U.S. stock market, as measured by the S&P 500^® Index, rose 16.23% for the 12-month period. Comparatively, real estate investment trusts (REITs) posted weaker results during the period.

The Fund outperformed its benchmark during the reporting period. Stock selection was the most beneficial for relative performance. Contributing the most to results were our holdings in the Lodging/Resorts, Data Centers and Infrastructure REITs sectors. American Tower, an Infrastructure REIT, Marriott International, Inc., a Lodging/Resorts company and Equinix, Inc., a Data Center REIT, were the largest contributors to performance. Sectors that detracted from the Fund's results from a stock selection perspective included Specialty, Regional Malls and Shopping Centers. 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 GGP, Inc., a Regional Mall REIT.

Sector positioning, overall, modestly contributed to the Fund's performance during the reporting period. On the upside, overweights to Real Estate Operating Companies (non-REIT real estate related securities), Data Centers, and Single Family Homes were the most beneficial for performance. Conversely, underweights to Specialty and Industrial REITs, along with an overweight to Regional Malls, were the largest negatives for results.

We anticipate seeing relatively modest economic growth for the year as a whole. The U.S. Federal Reserve (Fed), as expected, raised interest rates for a second time in calendar year 2017 at its meeting that concluded on June 14. Looking forward, we believe the Fed will likely take a measured approach in terms of further interest rate hikes. After moving higher following the U.S. presidential election, longer-term interest rates have declined thus far in 2017, balancing expectations for improved economic growth, with some level of political uncertainty. However, we believe real estate fundamentals, not interest rates, will be the long-term driver of performance in the REIT market. We think improved business and consumer confidence, potential fiscal stimulus, and modest inflation should be supportive for the U.S. commercial property market. We believe real estate companies with sustainable cash flow and dividend growth have the potential to perform well.

Sincerely,

STEVE SHIGEKAWA AND BRIAN C. JONES
PORTFOLIO CO-MANAGERS

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

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

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

Real Estate Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Apartments	12.5	%
Data Centers	8.8
Diversified	3.4
Free Standing	1.0
Health Care	9.0
Industrial	7.9
Infrastructure	13.8
Lodging/Resorts	3.8
Manufactured Homes	2.2
Office	9.7
Real Estate Operating Companies	2.2
Regional Malls	8.5
Self Storage	3.9
Shopping Centers	4.0
Single Family Homes	3.4
Specialty	1.3
Timber	3.7
Short-Term Investment	0.9
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS^7,21

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		2.89	%		7.98	%		7.25	%		11.28	%
Institutional Class⁶	06/04/2008		3.01	%		8.17	%		7.43	%		11.40	%
Class A¹⁴	06/21/2010		2.63	%		7.78	%		7.10	%		11.18	%
Class C¹⁴	06/21/2010		1.89	%		6.98	%		6.53	%		10.79	%
Class R3¹⁴	06/21/2010		2.45	%		7.52	%		6.91	%		11.05	%
Class R6²⁴	03/15/2013		3.16	%		8.24	%		7.38	%		11.36	%
With Sales Charge
Class A¹⁴			–3.26	%		6.52	%		6.47	%		10.75	%
Class C¹⁴			0.99	%		6.98	%		6.53	%		10.79	%
Index
FTSE NAREIT All Equity REITs Index^1,15			1.85	%		9.87	%		6.60	%		10.38	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Real Estate Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Small Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Small Cap Growth Fund Investor Class generated a 21.99% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the Russell 2000^® Growth Index (the "Index"), which returned 16.39% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the 12-month reporting period, the highly resilient U.S. market continued its upward trajectory, but not without challenges to that positive momentum. Whether it was the fluctuating volatility associated with oil prices, the U.S. dollar and economic news out of China, nuclear gamesmanship on the Korean peninsula, or the stunning outcome of a highly cynical and nationalistic campaign for the White House and subsequent legislative fits and starts of a governing party still trying to find its footing, it has been a wild ride. Fortunately, this bull market has largely turned a deaf ear to the macro noise and political gridlock and maintained the embedded optimism that has been a big part of this post-election surge. The good news, likely lost amid the headlines, is that economic trends remained broadly positive and companies generally continued to execute and deliver reasonably good earnings. With the markets boosted by a clearer and hawkish-leaning path to sustained monetary tightening by the Federal Reserve, we also saw signs of a shift away from the now 8+ year post-financial crisis trend favoring financial reallocations in the forms of share-repurchase and dividend programs. The move towards more strategic and forward-thinking capital reinvestment, along with a return to relevancy for fundamentals, proved beneficial to our style of investing. Lastly, there is no denying that valuations have become elevated, especially with growth handily outpacing value, but we believe that strong corporate earnings and compelling catalysts continue to provide the necessary counterbalance to prices.

During the fiscal year, the Fund was on average overweight versus the Index in Health Care, Information Technology (IT), Energy, Consumer Discretionary and Financials and underweight Industrials, Real Estate, Materials, Consumer Staples, Telecommunication Services and Utilities. Driven by strong stock selection across the sector, Health Care was the leading contributor to performance, while various business execution issues related to inventory, manufacturing and M&A negatively impacted our IT allocation. At the industry level, compelling underlying science and positive catalysts within our overweight to Biotechnology proved strongly additive to performance, while the aforementioned execution issues resulted in disappointing results and guidance for a number of our Semiconductors & Semiconductor Equipment names. Drilling down to our holdings, Exelixis, a biopharmaceutical company engaged in developing and commercializing therapies for the treatment of cancer, delivered strong execution and continued to develop an attractive product pipeline, while Paylocity, a cloud-based provider of payroll and human capital management software solutions, was pressured by post-election worries around the sustainability of Affordable Care Act enrollment and participation growth rates. We sold Paylocity.

We remain cautiously optimistic that this market will remain resilient and continue to be a conducive environment for active growth managers. Looking ahead, we believe a big unknown for the market remains the embedded optimism currently tied to anticipated pro-growth policies and what happens if that sentiment evaporates in the face of continued political missteps and policy delays. Since we don't hold much sway over Washington, D.C. or believe we can consistently predict market temperament swings, we will instead remain focused on identifying underappreciated catalysts and seeking higher qualitative growth companies that we believe are capable of consistently delivering compelling fundamentals, as top- and bottom-line results will be the highly visible and critical drivers of this current bull market that we can evaluate objectively.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Small Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	13.6	%
Consumer Staples	1.7
Energy	1.4
Financials	4.9
Health Care	29.8
Industrials	17.4
Information Technology	27.2
Materials	2.1
Real Estate	1.1
Short-Term Investment	0.8
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		21.99	%		12.32	%		6.17	%		8.69	%
Trust Class³	11/03/1998		21.74	%		12.13	%		5.96	%		8.54	%
Advisor Class⁴	05/03/2002		21.58	%		11.98	%		5.78	%		8.44	%
Institutional Class⁵	04/01/2008		22.31	%		12.67	%		6.45	%		8.84	%
Class A¹⁹	05/27/2009		21.88	%		12.27	%		6.09	%		8.64	%
Class C¹⁹	05/27/2009		21.00	%		11.43	%		5.43	%		8.29	%
Class R3¹⁶	05/27/2009		21.58	%		11.98	%		5.87	%		8.52	%
With Sales Charge
Class A¹⁹			14.87	%		10.94	%		5.46	%		8.30	%
Class C¹⁹			20.00	%		11.43	%		5.43	%		8.29	%
Index
Russell 2000^® Growth Index^1,15			16.39	%		13.75	%		8.21	%		7.91	%
Russell 2000^® Index^1,15			14.91	%		13.15	%		7.38	%		9.04	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Small Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Socially Responsive Fund Commentary (Unaudited)

Neuberger Berman Socially Responsive Fund Investor Class reported a total return of 13.54% for the fiscal year ended August 31, 2017, trailing the 16.23% return of its benchmark, the S&P 500^® Index (the "Index"), during 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 going into the November election, given policy and regulatory uncertainty. However, post the election, markets rebounded, reflecting incrementally positive expectations of potential tax reform, regulatory relief, and infrastructure spending.

The market continued its upward trajectory through this period's close and set new highs. However, returns have been narrow, with mega-capitalization technology stocks driving significant returns in the Index. Returns of established businesses have lagged, reflecting investors' concern around growth and profit implications of these incumbents. We believe this has resulted in some attractive opportunities, as the market has indiscriminately penalized stocks of established businesses without distinguishing between business models, industry structure, and quality of management.

Top individual detractors this period included W.W. Grainger, Kroger, and Advance Auto Parts. All three businesses saw stock valuations impacted on rising worries about Amazon's competitive threat. The Fund continues to own these names, as we believe these businesses will benefit as markets begin to shift towards a focus on fundamentals, including the opportunity of operating in a fragmented industry, as well as the benefits and competitive advantages of incumbent business models.

Top contributors included Progressive Corp., Ryanair, and Novozymes. Long-term holding Progressive Corp. continuing to demonstrate profitable growth in the auto insurance industry. Ryanair benefited as the company continued to report strong operating performance and investor fears around Brexit started to dissipate. Novozymes, an addition during the fiscal year, produces, distributes and sells enzymes to a broad range of end users globally. We believe the long-term opportunity to replace petro-chemicals via enzymes is a secular opportunity, as typically enzymes are a more cost-efficient and sustainable solution.

Consistent with our investment process, we took advantage of transitory market concerns to opportunistically buy well-positioned businesses while we exited positions based on valuation or where we found replacements that in our view offered a superior risk return profile.

Looking ahead, we anticipate the slow, positive growth trend in the U.S. to continue, based on ongoing strength in consumer spending and a lack of visible excesses in the economy. Actions by the Federal Reserve are likely to result in gradually rising interest rates, but, in our view, should remain in a range that is still supportive of growth.

Our primary concerns continue to be geopolitical. Domestically, we believe the new administration's ability to negotiate with Congress on the framework for trade, tax, healthcare and immigration policies continues to be a risk and a likely source of equity volatility.

Outside the U.S., geopolitical volatility, especially in the Middle East, ongoing tensions with Russia, an increasingly belligerent North Korea, and the continued uncertainty created by Brexit could likely be sources of market volatility. Further, in our opinion, China's continuing efforts to strike a balance between curbing excess speculation and sustainable long-term growth could create volatility in China's economic growth.

We believe the businesses we hold can translate top-line growth into stronger, advantaged bottom-line growth in a variety of economic environments, supported by competitive advantages, attractive return on capital profiles, and demonstrated leadership practices in environmental, social and governance practices.

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/.

Socially Responsive Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	14.9	%
Consumer Staples	5.8
Energy	7.2
Financials	15.5
Health Care	15.0
Industrials	11.9
Information Technology	21.4
Materials	2.5
Real Estate	2.6
Utilities	1.5
Short-Term Investments	1.7
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2017
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		13.54	%		13.68	%		7.07	%		9.23	%
Trust Class³	03/03/1997		13.41	%		13.50	%		6.88	%		9.06	%
Institutional Class⁵	11/28/2007		13.78	%		13.90	%		7.25	%		9.31	%
Class A¹⁹	05/27/2009		13.36	%		13.46	%		6.90	%		9.16	%
Class C¹⁹	05/27/2009		12.53	%		12.62	%		6.24	%		8.87	%
Class R3¹⁶	05/27/2009		13.04	%		13.20	%		6.69	%		9.07	%
Class R6²³	03/15/2013		13.84	%		13.94	%		7.18	%		9.28	%
With Sales Charge
Class A¹⁹			6.84	%		12.12	%		6.27	%		8.89	%
Class C¹⁹			11.53	%		12.62	%		6.24	%		8.87	%
Index
S&P 500^® Index^1,15			16.23	%		14.34	%		7.61	%		9.45	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Socially Responsive Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Value Fund Commentary (Unaudited)

Neuberger Berman Value Fund Institutional Class generated a 16.18% total return for the fiscal year ended August 31, 2017, outperforming its benchmark, the Russell 1000^® Value Index (the "Index"), which returned 11.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a rather choppy start to the fiscal year, the U.S. stock market climbed sharply, propelled by optimism surrounding President Trump's election victory and his pro-business agenda of tax cuts, regulatory easing and increased infrastructure spending. Rising commodity prices and a steadily improving global economy further bolstered equities and enabled the U.S. Federal Reserve to continue on its path of increasing interest rates. Geopolitical risks caused occasional dips in the market, however, and the post-election tailwind abated as the current administration grappled with internal struggles, fueling skepticism that there would be any meaningful policy changes in the near future. Nonetheless, equity indexes continued to reach new heights as investors were enticed by strong corporate earnings against the backdrop of healthy employment levels, low inflation and moderately rising GDP, which fueled expectations for continued profit growth ahead.

Within the Index, sector performance was mixed, with Financials generating the strongest returns, owing to the anticipated easing of regulations, stable economy and rising interest rates. The favorable macro picture also drove outperformance relative to the overall Index in Materials and Information Technology. The Energy, Real Estate and Telecommunication Services sectors posted negative returns for the period. Energy faltered as oil prices fell and the latter two segments declined in large part due to sector rotation as investors favored other areas of the equity market.

Financials were the largest source of upside to Fund performance relative to the Index. Our heavier exposure to banks, including Citigroup, was especially beneficial as the industry continued to soar on expectations of less strict oversight under President Trump as well as the improving macro environment and interest rate increases. Favorable stress test results during the period also lifted these stocks in the latter part of the year. Consumer Staples was another area of relative strength, with the largest boost coming from retailer Wal-Mart, whose stock rose as the company made strategic moves to enhance its business and adapt to the proliferation of online shopping. On the downside, negative stock selection within Health Care hurt relative performance. One weak spot in this area was health care equipment stock Zimmer Biomet Holdings, which declined during the year on disappointing earnings and lowered guidance, as well as the departure of its CEO. Underperformance within Materials was also negative for the Fund on a relative basis, due in part to our underweight in the chemicals area, which was a strong component of the Index.

Therefore, we continue to explore all areas of the market for price dislocations that could turn into rewarding investment opportunities. Our portfolio construction strategy entails 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 generating favorable returns over the long term.

Sincerely,

ELI M. SALZMANN
PORTFOLIO MANAGER

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

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

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

Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLRLX
Class A				NVAAX
Class C				NVACX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	8.2	%
Consumer Staples	11.9
Energy	9.9
Financials	20.4
Health Care	13.6
Industrials	5.5
Information Technology	2.0
Materials	7.8
Real Estate	0.5
Telecommunication Services	1.0
Utilities	5.2
Short-Term Investment	14.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2017
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class²⁰	04/19/2010		16.18	%		13.04	%		7.71	%		8.12	%
Class A²⁰	03/02/2011		15.83	%		12.60	%		7.45	%		7.87	%
Class C²⁰	03/02/2011		14.92	%		11.77	%		6.92	%		7.39	%
With Sales Charge
Class A²⁰			9.19	%		11.27	%		6.81	%		7.28	%
Class C²⁰			13.92	%		11.77	%		6.92	%		7.39	%
Index
Russell 1000^® Value Index^1,15			11.58	%		13.25	%		5.96	%		6.22	%

*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 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.

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 annual period ended August 31, 2017 can be found in the Financial Highlights section of this report.

Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT²⁰

(000's Omitted)

Endnotes

1 Please see "Glossary of Indices" on page 74 for a description of indices. Please note that individuals cannot invest directly in any index. The indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC* ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

2 This date reflects when Management first became the investment manager to the Fund.

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

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

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

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

7 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from those other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

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

9 Neuberger Berman Global Real Estate Fund and Neuberger Berman International Small Cap Fund are relatively small. Each of Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Multi-Cap Opportunities Fund and Neuberger Berman Value Fund were relatively small prior to September 2010, June 2008, August 2013, January 2010 and April 2013, respectively. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund and could have an impact on performance.

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

Endnotes (cont'd)

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

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

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

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

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

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

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

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

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

Endnotes (cont'd)

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

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

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

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

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

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

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

25 As previously announced, on April 28, 2017, NBIA retained Green Court Capital Management Limited as the sub-adviser to Neuberger Berman Greater China Equity Fund, replacing Neuberger Berman Asia Limited. The nature

Endnotes (cont'd)

and level of the services provided under the New Sub-Advisory Agreement are the same as under the previous Sub-Advisory Agreement, and there will be no change in the fees incurred by the Fund. Neuberger Berman Group LLC ("NBG LLC") retains an ongoing passive minority ownership stake in Green Court. Other than NBG LLC, all equity in Green Court is owned by its professionals.

* 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 ("NBIA" or "Management"). 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.

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 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, 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.

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 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, 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.

Glossary of Indices (cont'd)

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

Information About Your Fund's Expenses (Unaudited)

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

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended August 31, 2017 and held for the entire period. The table illustrates the Fund's costs in two ways:

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses in the table are meant to highlight your ongoing costs only and do not include any transaction costs, such as sales charges (loads) (if applicable). Therefore, the information under the heading "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Example (Unaudited)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/17		Ending Account Value 8/31/17		Expenses Paid During the Period⁽¹⁾3/1/17 - 8/31/17		Expense Ratio			Beginning Account Value 3/1/17		Ending Account Value 8/31/17		Expenses Paid During the Period⁽²⁾3/1/17 - 8/31/17		Expense Ratio
Dividend Growth Fund
Institutional Class	$	1,000.00	$	1,051.20	$	3.57		0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class A	$	1,000.00	$	1,049.50	$	5.42		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class C	$	1,000.00	$	1,045.50	$	9.28		1.80	%	$	1,000.00	$	1,016.13	$	9.15		1.80	%
Class R6	$	1,000.00	$	1,050.40	$	3.20		0.62	%	$	1,000.00	$	1,022.08	$	3.16		0.62	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	1,193.40	$	6.91		1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class A	$	1,000.00	$	1,191.90	$	8.29		1.50	%	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class C	$	1,000.00	$	1,187.00	$	12.40		2.25	%	$	1,000.00	$	1,013.86	$	11.42		2.25	%
Class R3	$	1,000.00	$	1,189.00	$	10.54		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6	$	1,000.00	$	1,193.90	$	6.53		1.18	%	$	1,000.00	$	1,019.26	$	6.01		1.18	%
Equity Income Fund
Institutional Class	$	1,000.00	$	1,038.30	$	3.49		0.68	%	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Class A	$	1,000.00	$	1,036.40	$	5.34		1.04	%	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Class C	$	1,000.00	$	1,032.80	$	9.17		1.79	%	$	1,000.00	$	1,016.18	$	9.10		1.79	%
Class R3	$	1,000.00	$	1,035.00	$	6.82		1.33	%	$	1,000.00	$	1,018.50	$	6.77		1.33	%
Focus Fund
Investor Class	$	1,000.00	$	1,078.40	$	4.77		0.91	%⁽⁴⁾	$	1,000.00	$	1,020.62	$	4.63		0.91	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,077.40	$	5.76		1.10	%⁽⁴⁾	$	1,000.00	$	1,019.66	$	5.60		1.10	%⁽⁴⁾
Advisor Class	$	1,000.00	$	1,077.20	$	6.60		1.26	%⁽⁴⁾	$	1,000.00	$	1,018.85	$	6.41		1.26	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,079.50	$	3.93		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	1,077.80	$	5.81		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C	$	1,000.00	$	1,073.60	$	9.72		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Genesis Fund
Investor Class	$	1,000.00	$	998.50	$	5.09		1.01	%⁽⁴⁾	$	1,000.00	$	1,020.11	$	5.14		1.01	%⁽⁴⁾
Trust Class	$	1,000.00	$	998.20	$	5.49		1.09	%⁽⁴⁾	$	1,000.00	$	1,019.71	$	5.55		1.09	%⁽⁴⁾
Advisor Class	$	1,000.00	$	997.00	$	6.74		1.34	%⁽⁴⁾	$	1,000.00	$	1,018.45	$	6.82		1.34	%⁽⁴⁾
Institutional Class	$	1,000.00	$	999.50	$	4.23		0.84	%⁽⁴⁾	$	1,000.00	$	1,020.97	$	4.28		0.84	%⁽⁴⁾
Class R6	$	1,000.00	$	999.80	$	3.88		0.77	%⁽⁴⁾	$	1,000.00	$	1,021.32	$	3.92		0.77	%⁽⁴⁾
Global Equity Fund
Institutional Class	$	1,000.00	$	1,110.10	$	3.99		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	1,109.80	$	5.90		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C	$	1,000.00	$	1,104.00	$	9.86		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	1,060.20	$	5.24		1.01	%	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Class A	$	1,000.00	$	1,058.70	$	7.11		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class C	$	1,000.00	$	1,054.50	$	10.98		2.12	%	$	1,000.00	$	1,014.52	$	10.76		2.12	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	1,336.40	$	8.83		1.50	%	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class A	$	1,000.00	$	1,333.90	$	10.94		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class C	$	1,000.00	$	1,329.00	$	15.32		2.61	%	$	1,000.00	$	1,012.05	$	13.24		2.61	%
Guardian Fund
Investor Class	$	1,000.00	$	1,077.40	$	4.66		0.89	%⁽⁴⁾	$	1,000.00	$	1,020.72	$	4.53		0.89	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,075.80	$	5.55		1.06	%⁽⁴⁾	$	1,000.00	$	1,019.86	$	5.40		1.06	%⁽⁴⁾
Advisor Class	$	1,000.00	$	1,074.00	$	7.16		1.37	%⁽⁴⁾	$	1,000.00	$	1,018.30	$	6.97		1.37	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,077.90	$	3.72		0.71	%⁽⁴⁾	$	1,000.00	$	1,021.63	$	3.62		0.71	%⁽⁴⁾
Class A	$	1,000.00	$	1,076.00	$	5.70		1.09	%⁽⁴⁾	$	1,000.00	$	1,019.71	$	5.55		1.09	%⁽⁴⁾
Class C	$	1,000.00	$	1,072.20	$	9.51		1.82	%⁽⁴⁾	$	1,000.00	$	1,016.03	$	9.25		1.82	%⁽⁴⁾
Class R3	$	1,000.00	$	1,074.50	$	7.11		1.36	%⁽⁴⁾	$	1,000.00	$	1,018.35	$	6.92		1.36	%⁽⁴⁾

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/17		Ending Account Value 8/31/17		Expenses Paid During the Period⁽¹⁾3/1/17 - 8/31/17			Expense Ratio			Beginning Account Value 3/1/17		Ending Account Value 8/31/17		Expenses Paid During the Period⁽²⁾3/1/17 - 8/31/17		Expense Ratio
International Equity Fund
Investor Class	$	1,000.00	$	1,135.60	$	5.65			1.05	%⁽⁴⁾	$	1,000.00	$	1,019.91	$	5.35		1.05	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,135.80	$	5.87			1.09	%⁽⁴⁾	$	1,000.00	$	1,019.71	$	5.55		1.09	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,137.50	$	4.58			0.85	%⁽⁴⁾	$	1,000.00	$	1,020.92	$	4.33		0.85	%⁽⁴⁾
Class A	$	1,000.00	$	1,134.60	$	6.51			1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	1,130.20	$	10.52			1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R6	$	1,000.00	$	1,138.00	$	4.15			0.77	%	$	1,000.00	$	1,021.32	$	3.92		0.77	%
International Select Fund
Trust Class	$	1,000.00	$	1,148.80	$	6.23			1.15	%	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Institutional Class	$	1,000.00	$	1,151.10	$	4.34			0.80	%	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class A	$	1,000.00	$	1,149.00	$	6.28			1.16	%	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C	$	1,000.00	$	1,143.90	$	10.32			1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R3	$	1,000.00	$	1,146.30	$	7.63			1.41	%	$	1,000.00	$	1,018.10	$	7.17		1.41	%
Class R6	$	1,000.00	$	1,116.90	$	2.90	⁽³⁾		0.73	%	$	1,000.00	$	1,021.53	$	3.72		0.73	%
International Small Cap Fund
Institutional Class	$	1,000.00	$	1,164.50	$	5.73			1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class A	$	1,000.00	$	1,161.90	$	7.68			1.41	%	$	1,000.00	$	1,018.10	$	7.17		1.41	%
Class C	$	1,000.00	$	1,156.60	$	11.74			2.16	%	$	1,000.00	$	1,014.32	$	10.97		2.16	%
Class R6	$	1,000.00	$	1,163.50	$	5.34			0.98	%	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	1,048.80	$	5.16			1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class A	$	1,000.00	$	1,046.80	$	7.02			1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class C	$	1,000.00	$	1,043.10	$	10.87			2.11	%	$	1,000.00	$	1,014.57	$	10.71		2.11	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	1,028.60	$	4.40			0.86	%⁽⁴⁾	$	1,000.00	$	1,020.87	$	4.38		0.86	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,028.00	$	5.32			1.04	%⁽⁴⁾	$	1,000.00	$	1,019.96	$	5.30		1.04	%⁽⁴⁾
Advisor Class	$	1,000.00	$	1,026.50	$	6.08			1.19	%⁽⁴⁾	$	1,000.00	$	1,019.21	$	6.06		1.19	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,029.40	$	3.58			0.70	%⁽⁴⁾	$	1,000.00	$	1,021.68	$	3.57		0.70	%⁽⁴⁾
Class A	$	1,000.00	$	1,027.60	$	5.42			1.06	%⁽⁴⁾	$	1,000.00	$	1,019.86	$	5.40		1.06	%⁽⁴⁾
Class C	$	1,000.00	$	1,023.60	$	9.23			1.81	%⁽⁴⁾	$	1,000.00	$	1,016.08	$	9.20		1.81	%⁽⁴⁾
Class R3	$	1,000.00	$	1,025.40	$	6.94			1.36	%⁽⁴⁾	$	1,000.00	$	1,018.35	$	6.92		1.36	%⁽⁴⁾
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	1,072.50	$	4.75			0.91	%⁽⁴⁾	$	1,000.00	$	1,020.62	$	4.63		0.91	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,072.10	$	5.01			0.96	%⁽⁴⁾	$	1,000.00	$	1,020.37	$	4.89		0.96	%⁽⁴⁾
Advisor Class	$	1,000.00	$	1,070.70	$	6.37			1.22	%⁽⁴⁾	$	1,000.00	$	1,019.06	$	6.21		1.22	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,073.50	$	3.71			0.71	%⁽⁴⁾	$	1,000.00	$	1,021.63	$	3.62		0.71	%⁽⁴⁾
Class A	$	1,000.00	$	1,071.20	$	5.79			1.11	%⁽⁴⁾	$	1,000.00	$	1,019.61	$	5.65		1.11	%⁽⁴⁾
Class C	$	1,000.00	$	1,066.80	$	9.69			1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R3	$	1,000.00	$	1,070.00	$	7.10			1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class R6	$	1,000.00	$	1,073.90	$	3.35			0.64	%⁽⁴⁾	$	1,000.00	$	1,021.98	$	3.26		0.64	%⁽⁴⁾
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	1,038.40	$	5.29			1.03	%⁽⁴⁾	$	1,000.00	$	1,020.01	$	5.24		1.03	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,036.80	$	6.42			1.25	%⁽⁴⁾	$	1,000.00	$	1,018.90	$	6.36		1.25	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,039.30	$	4.37			0.85	%⁽⁴⁾	$	1,000.00	$	1,020.92	$	4.33		0.85	%⁽⁴⁾
Class A	$	1,000.00	$	1,037.40	$	6.21			1.21	%⁽⁴⁾	$	1,000.00	$	1,019.11	$	6.16		1.21	%⁽⁴⁾
Class C	$	1,000.00	$	1,033.80	$	10.05			1.96	%⁽⁴⁾	$	1,000.00	$	1,015.32	$	9.96		1.96	%⁽⁴⁾
Class R3	$	1,000.00	$	1,035.90	$	7.49			1.46	%	$	1,000.00	$	1,017.85	$	7.43		1.46	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/17		Ending Account Value 8/31/17		Expenses Paid During the Period⁽¹⁾3/1/17 - 8/31/17		Expense Ratio			Beginning Account Value 3/1/17		Ending Account Value 8/31/17		Expenses Paid During the Period⁽²⁾3/1/17 - 8/31/17		Expense Ratio
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	1,054.80	$	3.83		0.74	%⁽⁴⁾	$	1,000.00	$	1,021.48	$	3.77		0.74	%⁽⁴⁾
Class A	$	1,000.00	$	1,052.80	$	5.59		1.08	%⁽⁴⁾	$	1,000.00	$	1,019.76	$	5.50		1.08	%⁽⁴⁾
Class C	$	1,000.00	$	1,049.40	$	9.40		1.82	%⁽⁴⁾	$	1,000.00	$	1,016.03	$	9.25		1.82	%⁽⁴⁾
Real Estate Fund
Trust Class	$	1,000.00	$	1,037.50	$	5.34		1.04	%	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Institutional Class	$	1,000.00	$	1,038.40	$	4.37		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	1,035.70	$	6.21		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	1,031.80	$	10.04		1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R3	$	1,000.00	$	1,035.30	$	7.49		1.46	%	$	1,000.00	$	1,017.85	$	7.43		1.46	%
Class R6	$	1,000.00	$	1,038.70	$	4.01		0.78	%	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	1,092.30	$	6.38		1.21	%⁽⁴⁾	$	1,000.00	$	1,019.11	$	6.16		1.21	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,091.30	$	7.22		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Advisor Class	$	1,000.00	$	1,090.60	$	7.96		1.51	%⁽⁴⁾	$	1,000.00	$	1,017.59	$	7.68		1.51	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,093.80	$	4.75		0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class A	$	1,000.00	$	1,091.90	$	6.64		1.26	%	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C	$	1,000.00	$	1,088.20	$	10.58		2.01	%	$	1,000.00	$	1,015.07	$	10.21		2.01	%
Class R3	$	1,000.00	$	1,090.30	$	7.96		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Socially Responsive Fund
Investor Class	$	1,000.00	$	1,032.20	$	4.35		0.85	%⁽⁴⁾	$	1,000.00	$	1,020.92	$	4.33		0.85	%⁽⁴⁾
Trust Class	$	1,000.00	$	1,031.80	$	5.17		1.01	%⁽⁴⁾	$	1,000.00	$	1,020.11	$	5.14	��	1.01	%⁽⁴⁾
Institutional Class	$	1,000.00	$	1,033.30	$	3.38		0.66	%⁽⁴⁾	$	1,000.00	$	1,021.88	$	3.36		0.66	%⁽⁴⁾
Class A	$	1,000.00	$	1,031.20	$	5.22		1.02	%⁽⁴⁾	$	1,000.00	$	1,020.06	$	5.19		1.02	%⁽⁴⁾
Class C	$	1,000.00	$	1,027.60	$	9.05		1.77	%⁽⁴⁾	$	1,000.00	$	1,016.28	$	9.00		1.77	%⁽⁴⁾
Class R3	$	1,000.00	$	1,030.10	$	6.50		1.27	%⁽⁴⁾	$	1,000.00	$	1,018.80	$	6.46		1.27	%⁽⁴⁾
Class R6	$	1,000.00	$	1,033.60	$	3.02		0.59	%⁽⁴⁾	$	1,000.00	$	1,022.23	$	3.01		0.59	%⁽⁴⁾
Value Fund
Institutional Class	$	1,000.00	$	1,030.70	$	3.63		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class A	$	1,000.00	$	1,029.10	$	5.52		1.08	%	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class C	$	1,000.00	$	1,025.20	$	9.34		1.83	%	$	1,000.00	$	1,015.98	$	9.30		1.83	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown), unless otherwise indicated.

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

(3) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 137/365 (to reflect the period shown of April 17, 2017 (Commencement of Operations) to August 31, 2017).

(4) Custodian Out-of-Pocket Expenses Refunded, as listed in Note G of the Notes to Financial Statements, is non-recurring. See Notes to Financial Highlights for the annualized ratio of net expenses to average daily net assets for the year ended August 31, 2107, had the Funds not received the refund as listed in Note G of the Notes to Financial Statements.

Schedule of Investments Dividend Growth Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 87.7%
Aerospace & Defense 3.7%
General Dynamics Corp.		3,175	$	639
Raytheon Co.		4,050		737
				1,376
Banks 9.8%
Citigroup, Inc.		10,400		708
Citizens Financial Group, Inc.		18,700		620
Comerica, Inc.		8,400		573
FNB Corp.		45,000		571
JPMorgan Chase & Co.		7,550		686
PNC Financial Services Group, Inc.		4,100		514
				3,672
Biotechnology 2.2%
Gilead Sciences, Inc.		9,700		812
Communications Equipment 1.3%
Cisco Systems, Inc.		14,950		481
Consumer Finance 1.5%
Synchrony Financial		18,275		563
Containers & Packaging 2.0%
Packaging Corp. of America		6,800		764
Electric Utilities 1.4%
Exelon Corp.		14,250		540
Electrical Equipment 1.2%
Hubbell, Inc.		4,000		451
Electronic Equipment, Instruments & Components 3.2%
CDW Corp.		7,750		491
TE Connectivity Ltd.		8,600		685
				1,176
Energy Equipment & Services 2.0%
Schlumberger Ltd.		11,700		743
Equity Real Estate Investment Trusts 1.6%
American Tower Corp.		4,000		592
Food & Staples Retailing 1.9%
Wal-Mart Stores, Inc.		9,000		703
Food Products 3.2%
Bunge Ltd.		9,350		698
Mondelez International, Inc. Class A		12,350		502
				1,200

	Number of Shares		Value (000's)
Hotels, Restaurants & Leisure 3.8%
Carnival Corp.		9,700	$	674
MGM Resorts International		22,000		725
				1,399
Industrial Conglomerates 2.0%
Honeywell International, Inc.		5,400		747
Insurance 3.4%
Aon PLC		5,350		744
Hartford Financial Services Group, Inc.		10,000		541
				1,285
IT Services 2.7%
Automatic Data Processing, Inc.		3,275		349
Leidos Holdings, Inc.		11,100		647
				996
Machinery 1.6%
Caterpillar, Inc.		5,000		587
Media 5.8%
CBS Corp. Class B		11,000		705
Comcast Corp. Class A		17,750		721
Interpublic Group of Cos., Inc.		36,400		733
				2,159
Metals & Mining 6.6%
Lundin Mining Corp.		97,150		734
Rio Tinto PLC ADR		17,200		844
Royal Gold, Inc.		9,400		877
				2,455
Oil, Gas & Consumable Fuels 5.1%
Devon Energy Corp.		21,800		685
EOG Resources, Inc.		6,750		574
Suncor Energy, Inc.		20,250		634
				1,893
Pharmaceuticals 3.2%
Bristol-Myers Squibb Co.		11,100		671
Eli Lilly & Co.		6,500		529
				1,200

	Number of Shares		Value (000's)
Road & Rail 2.0%
CSX Corp.		15,150	$	760
Semiconductors & Semiconductor Equipment 4.0%
Applied Materials, Inc.		8,500		383
Maxim Integrated Products, Inc.		14,950		698
QUALCOMM, Inc.		8,200		429
				1,510
Software 3.8%
Microsoft Corp.		9,150		684
Oracle Corp.		14,350		722
				1,406
Specialty Retail 1.4%
Williams-Sonoma, Inc.		11,500		529
Technology Hardware, Storage & Peripherals 3.9%
Apple, Inc.		4,375		718
Western Digital Corp.		8,350		737
				1,455
Textiles, Apparel & Luxury Goods 1.8%
Coach, Inc.		15,650		653
Tobacco 1.6%
British American Tobacco PLC		9,600		600
Total Common Stocks (Cost $27,346)				32,707
Preferred Stock 2.0%
Pharmaceuticals 2.0%
Allergan PLC, Ser. A, 5.50% (Cost $647)		895		733
Short-Term Investment 10.0%
Investment Company 10.0%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(a) (Cost $3,748)		3,748,473		3,748
Total Investments 99.7% (Cost $31,741)				37,188
Other Assets Less Liabilities 0.3%				117
Net Assets 100.0%			$	37,305

See Notes to Financial Statements

Schedule of Investments Dividend Growth Fund (cont'd)

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	32,707	$	—	$	—	$	32,707
Preferred Stock^(a)		733		—		—		733
Short-Term Investment		—		3,748		—		3,748
Total Investments	$	33,440	$	3,748	$	—	$	37,188

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 94.3%
Brazil 6.7%
Atacadao Distribuicao Comercio e Industria Ltda*		1,339,300	$	6,722
B3 SA—Brasil Bolsa Balcao		1,635,100		11,490
Cielo SA		623,229		4,441
Energisa SA		1,087,717		8,559
Hypermarcas SA		717,600		6,727
Itau Unibanco Holding SA, Preference Shares		1,083,967		13,895
Kroton Educacional SA		1,257,900		7,181
				59,015
Chile 1.1%
SACI Falabella		919,355		9,264
China 23.6%
Alibaba Group Holding Ltd. ADR*		68,800		11,816
Baidu, Inc. ADR*		72,000		16,420
Beijing Enterprises Holdings Ltd.		1,158,900		6,471
Changyou.com Ltd. ADR*		167,700		6,711
China Everbright International Ltd.		8,896,900		11,755
China Medical System Holdings Ltd.		4,123,800		7,588
China Mobile Ltd.		1,242,500		13,178
China State Construction International Holdings Ltd.		3,701,900		5,364
China Vanke Co. Ltd., H Shares		429,309		1,286
CNOOC Ltd.		5,146,600		6,156
Industrial & Commercial Bank of China Ltd., H Shares		22,075,400		16,530
PICC Property & Casualty Co. Ltd., H Shares		3,714,500		6,977
Ping An Insurance Group Co. of China Ltd., H Shares		2,472,000		19,632

	Number of Shares		Value (000's)
Sunny Optical Technology Group Co. Ltd.		1,479,400	$	21,211
Tencent Holdings Ltd.		1,004,400		42,226
Vipshop Holdings Ltd. ADR*		674,818		6,283
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		1,444,200		7,557
				207,161
Czech Republic 0.8%
Komercni Banka A/S		166,755		7,349
Hong Kong 2.9%
ASM Pacific Technology Ltd.		694,000		8,585
Galaxy Entertainment Group Ltd.		697,200		4,374
Haier Electronics Group Co. Ltd.*		1,575,200		4,187
Sino Biopharmaceutical Ltd.		9,782,800		8,588
				25,734
India 9.0%
Cummins India Ltd.		566,778		8,114
Dabur India Ltd.		1,444,969		7,144
Dewan Housing Finance Corp. Ltd.		952,266		7,521
Glenmark Pharmaceuticals Ltd.*		426,715		4,065
HDFC Bank Ltd. ADR		87,200		8,496
Housing Development Finance Corp. Ltd.		255,435		7,112
ICICI Bank Ltd.		1,410,322		6,581
ITC Ltd.		886,365		3,917
Parag Milk Foods Ltd.^(a)		630,579		2,510
Power Grid Corp. of India Ltd.		2,613,939		8,936
Prestige Estates Projects Ltd.*		1,119,440		4,781
SH Kelkar & Co. Ltd.^(a)		706,370		2,641
Vedanta Ltd.		1,519,335		7,339
				79,157

	Number of Shares		Value (000's)
Indonesia 1.4%
PT Bank Negara Indonesia Persero Tbk		9,249,600	$	5,096
PT Gudang Garam Tbk		144,100		747
PT Matahari Department Store Tbk		4,325,900		3,242
PT Sumber Alfaria Trijaya Tbk		56,636,000		2,887
				11,972
Jordan 0.2%
Hikma Pharmaceuticals PLC		120,785		1,955
Korea 15.4%
Amorepacific Corp.		6,275		1,603
Com2uS Corp.		57,436		5,552
Coway Co. Ltd.		149,135		13,067
Hyundai Motor Co.		33,125		4,127
Kangwon Land, Inc.		236,385		7,233
Korea Aerospace Industries Ltd.		175,086		7,181
LG Chem Ltd.		41,855		14,068
Mando Corp.		37,525		7,970
NAVER Corp.		7,755		5,193
Orion Corp.*		78,025		6,041
Samsung Electronics Co. Ltd.		18,535		38,069
SFA Engineering Corp.		207,659		6,971
SK Hynix, Inc.		298,145		18,138
				135,213
Malaysia 0.7%
Inari Amertron Bhd		10,565,650		6,297
Mexico 4.8%
Fomento Economico Mexicano SAB de CV		919,400		9,208
Grupo Financiero Banorte SAB de CV, O Shares		1,351,200		9,220
Grupo GICSA SA de CV*		5,012,200		3,367

See Notes to Financial Statements

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

	Number of Shares		Value (000's)
Grupo Mexico SAB de CV Series B		2,516,100	$	8,303
Infraestructura Energetica Nova SAB de CV		1,304,100		7,111
Unifin Financiera SAPI de CV		1,378,700		4,742
				41,951
Peru 0.8%
Credicorp Ltd.		34,600		7,018
Philippines 1.9%
Ayala Corp.		321,720		5,784
GT Capital Holdings, Inc.		112,280		2,453
Metropolitan Bank & Trust Co.		2,980,020		5,102
Pilipinas Shell Petroleum Corp.		2,210,860		2,850
Universal Robina Corp.		268,390		766
				16,955
Poland 2.2%
Dino Polska SA*^(a)		594,472		9,828
PLAY Communications SA*^(a)		922,419		9,309
				19,137
Russia 3.7%
Detsky Mir PJSC^(a)(b)		2,345,390		4,040
LUKOIL PJSC ADR		187,600		9,427
Magnit PJSC^(b)		37,705		7,020
X5 Retail Group NV GDR*		302,280		12,333
				32,820

	Number of Shares		Value (000's)
South Africa 6.4%
Bid Corp. Ltd.		346,424	$	7,868
FirstRand Ltd.		2,149,970		9,178
JSE Ltd.		627,170		6,497
Life Healthcare Group Holdings Ltd.		3,873,098		7,851
Naspers Ltd., N Shares		73,890		16,705
Sasol Ltd.		262,460		7,906
				56,005
Taiwan, Province of China 9.8%
Accton Technology Corp.		2,235,600		5,852
Advanced Ceramic X Corp.		246,500		3,512
Delta Electronics, Inc.		1,401,200		7,684
Elite Advanced Laser Corp.		1,322,880		4,669
Elite Material Co. Ltd.		1,676,100		8,442
eMemory Technology, Inc.		315,400		4,358
Hu Lane Associate, Inc.		450,000		2,505
Kingpak Technology, Inc.		444,048		3,112
MediaTek, Inc.		783,200		7,020
Parade Technologies Ltd.		670,400		10,685
Taiwan Semiconductor Manufacturing Co. Ltd.		3,866,839		27,740
				85,579

		Number of Shares		Value (000's)
Thailand 0.7%
CP ALL PCL	^(b)		3,221,900	$	6,016
Turkey 2.2%
Akbank TAS			1,157,450		3,465
Mavi Giyim Sanayi Ve Ticaret A/S Class B*^(a)			320,440		4,259
Tofas Turk Otomobil Fabrikasi A/S			649,405		5,942
Ulker Biskuvi Sanayi A/S			912,095		5,451
					19,117
Total Common Stocks (Cost $648,951)					827,715
Preferred Stock 0.1%
India 0.1%
Vedanta Ltd., 7.50% (Cost $725)			60,773,400		968
Short-Term Investment 5.4%
Investment Company 5.4%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(c) (Cost $47,431)			47,430,512		47,431
Total Investments 99.8% (Cost $697,107)					876,114
Other Assets Less Liabilities 0.2%					1,335
Net Assets 100.0%				$	877,449

* 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 August 31, 2017, these securities amounted to approximately $32,587,000, which represents 3.7% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees (the "Board"). Total value of all such securities at August 31, 2017 amounted to approximately $17,076,000, which represents 1.9% of net assets of the Fund.

See Notes to Financial Statements

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

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Banks	$	82,752		9.4	%
Semiconductors & Semiconductor Equipment		81,195		9.3	%
Internet Software & Services		75,655		8.6	%
Electronic Equipment, Instruments & Components		53,717		6.1	%
Food & Staples Retailing		52,674		6.0	%
Technology Hardware, Storage & Peripherals		38,069		4.3	%
Pharmaceuticals		28,923		3.3	%
Insurance		26,609		3.0	%
Chemicals		24,615		2.8	%
Wireless Telecommunication Services		22,487		2.6	%
Oil, Gas & Consumable Fuels		18,433		2.1	%
Capital Markets		17,987		2.1	%
Electric Utilities		17,495		2.0	%
Diversified Financial Services		17,415		2.0	%
Household Durables		17,254		2.0	%
Media		16,705		1.9	%
Metals & Mining		16,610		1.9	%
Food Products		14,768		1.7	%
Thrifts & Mortgage Finance		14,633		1.7	%
Multiline Retail		12,506		1.4	%
Software		12,263		1.4	%
Commercial Services & Supplies		11,755		1.3	%
Hotels, Restaurants & Leisure		11,607		1.3	%
Auto Components		10,475		1.2	%
Automobiles		10,069		1.2	%
Real Estate Management & Development		9,434		1.1	%
Communications Equipment		9,364		1.1	%
Beverages		9,208		1.1	%
Personal Products		8,747		1.0	%
Machinery		8,114		0.9	%
Health Care Providers & Services		7,851		0.9	%
Electrical Equipment		7,557		0.9	%
Aerospace & Defense		7,181		0.8	%
Diversified Consumer Services		7,181		0.8	%
Gas Utilities		7,111		0.8	%
Industrial Conglomerates		6,471		0.7	%
Internet & Direct Marketing Retail		6,283		0.7	%
Construction & Engineering		5,364		0.6	%
Consumer Finance		4,742		0.5	%
Tobacco		4,664		0.5	%
IT Services		4,441		0.5	%
Textiles, Apparel & Luxury Goods		4,259		0.5	%
Specialty Retail		4,040		0.4	%
Short-Term Investment and Other Assets—Net		48,766		5.6	%
	$	877,449		100.0	%

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Malaysia	$	—	$	6,297	$	—	$	6,297
Russia		21,760		11,060		—		32,820
Thailand		—		6,016		—		6,016
Other Common Stocks^(a)		782,582		—		—		782,582
Total Common Stocks		804,342		23,373		—		827,715
Preferred Stock^(a)		968		—		—		968
Short-Term Investment		—		47,431		—		47,431
Total Investments	$	805,310	$	70,804	$	—	$	876,114

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 87.1%
Aerospace & Defense 2.4%
Lockheed Martin Corp.		134,030	$	40,931
Banks 7.7%
First Hawaiian, Inc.		847,200		22,951
FNB Corp.		1,150,000		14,593
JPMorgan Chase & Co.^(a)		411,100		37,365
PNC Financial Services Group, Inc.		164,700		20,655
Umpqua Holdings Corp.		2,008,000		35,140
				130,704
Biotechnology 2.3%
Gilead Sciences, Inc.		459,100		38,431
Capital Markets 1.0%
Virtu Financial, Inc. Class A		919,700		16,509
Chemicals 1.0%
Agrium, Inc.		177,400		17,392
Communications Equipment 1.0%
Cisco Systems, Inc.^(a)(b)		539,500		17,377
Containers & Packaging 1.8%
International Paper Co.^(a)		568,700		30,636
Electric Utilities 4.8%
Exelon Corp.		954,000		36,128
NextEra Energy, Inc.		302,300		45,499
				81,627
Energy Equipment & Services 1.4%
Helmerich & Payne, Inc.		563,600		23,863
Equity Real Estate Investment Trusts 17.0%
Alexandria Real Estate Equities, Inc.		148,000		17,954
Crown Castle International Corp.		191,500		20,766
DCT Industrial Trust, Inc.		549,200		32,046

	Number of Shares		Value (000's)
Douglas Emmett, Inc.		742,600	$	28,932
Easterly Government Properties, Inc.		221,500		4,443
Equinix, Inc.^(a)		66,700		31,243
Host Hotels & Resorts, Inc.		1,406,000		25,477
Iron Mountain, Inc.		1,005,500		39,637
Physicians Realty Trust		1,189,000		22,270
Prologis, Inc.		473,300		29,988
Weyerhaeuser Co.		1,065,100		34,733
				287,489
Food & Staples Retailing 2.1%
Wal-Mart Stores, Inc.		450,000		35,131
Food Products 1.4%
Bunge Ltd.		328,000		24,479
Household Products 2.0%
Procter & Gamble Co.^(a)		364,600		33,642
Industrial Conglomerates 1.5%
Siemens AG		198,000		25,881
IT Services 1.4%
Paychex, Inc.		424,400		24,203
Media 1.5%
Interpublic Group of Cos., Inc.		1,257,000		25,316
Metals & Mining 2.9%
Rio Tinto PLC ADR		1,015,050		49,819
Mortgage Real Estate Investment 2.4%
Blackstone Mortgage Trust, Inc. Class A		648,900		20,343
Starwood Property Trust, Inc.		892,300		19,818
				40,161
Multi-Utilities 9.3%
Ameren Corp.		670,300		40,211
Black Hills Corp.		297,300		20,924
DTE Energy Co.		360,100		40,447
NiSource, Inc.		1,415,400		38,032
WEC Energy Group, Inc.		259,800		16,944
				156,558

	Number of Shares		Value (000's)
Oil, Gas & Consumable Fuels 5.0%
ONEOK, Inc.		483,700	$	26,197
Pembina Pipeline Corp.		510,000		16,438
Suncor Energy, Inc.		1,335,300		41,835
				84,470
Pharmaceuticals 4.3%
Eli Lilly & Co.		253,000		20,566
GlaxoSmithKline PLC ADR		395,000		15,891
Johnson & Johnson		269,100		35,621
				72,078
Road & Rail 2.6%
CSX Corp.		116,700		5,858
Norfolk Southern Corp.		128,900		15,535
Union Pacific Corp.		216,700		22,819
				44,212
Semiconductors & Semiconductor Equipment 4.4%
Maxim Integrated Products, Inc.		655,700		30,595
QUALCOMM, Inc.		305,300		15,958
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		740,000		27,358
				73,911
Software 2.1%
Microsoft Corp.^(a)		486,100		36,346
Specialty Retail 1.1%
Best Buy Co., Inc.		50,000		2,713
Williams- Sonoma, Inc.		330,826		15,218
				17,931
Technology Hardware, Storage & Peripherals 1.6%
Western Digital Corp.^(a)		309,200		27,293

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

	Number of Shares		Value (000's)
Transportation Infrastructure 1.1%
Sydney Airport		3,179,137	$	18,702
Total Common Stocks) (Cost $1,206,434)				1,475,092
Preferred Stocks 2.0%
Equity Real Estate Investment Trusts 0.3%
Farmland Partners, Inc., Ser. B, 6.00%^(c)		218,000		5,875
Oil, Gas & Consumable Fuel 0.2%
El Paso Energy Capital Trust I, 4.75%		63,465		3,110
Pharmaceuticals 1.5%
Allergan PLC, Ser. A, 5.50%		31,500		25,806
Total Preferred Stocks (Cost $33,666)				34,791
	Principal Amount
Convertible Bonds 6.6%
Communications Equipment 0.2%
Finisar Corp., 0.50%, due 12/15/36^(d)	$	2,685,000		2,581
Consumer Finance 0.6%
Encore Capital Group, Inc., 3.25%, due 3/15/22^(d)		8,940,000		9,739

	Principal Amount		Value (000's)
Equity Real Estate Investment Trusts 2.3%
Colony Starwood Homes, 3.50%, due 1/15/22^(d)	$	2,600,000	$	2,941
Extra Space Storage LP, 3.13%, due 10/1/35^(d)		33,260,000		35,983
				38,924
Health Care Providers & Services 0.1%
Teladoc, Inc., 3.00%, due 12/15/22^(d)		1,800,000		1,934
Internet & Direct Marketing Retail 1.1%
Liberty Expedia Holdings, Inc., 1.00%, due 6/30/47^(d)		3,615,000		3,841
Priceline Group, Inc., 0.90%, due 9/15/21		12,900,000		14,698
				18,539
Internet Software & Services 0.6%
LinkedIn Corp., 0.50%, due 11/1/19		8,600,000		8,573
Zillow Group, Inc., 2.00%, due 12/1/21^(d)		1,740,000		1,865
				10,438
Media 0.4%
Liberty Media Corp-Liberty Formula One, 1.00%, due 1/30/23^(d)		2,170,000		2,620

	Principal Amount		Value (000's)
World Wrestling Entertainment, Inc., 3.38%, due 12/15/23^(d)	$	4,340,000	$	4,782
				7,402
Oil, Gas & Consumable Fuel 0.5%
Golar LNG Ltd., 2.75%, due 2/15/22^(d)		8,950,000		8,335
Software 0.8%
Nice Systems, Inc., 1.25%, due 1/15/24^(d)		4,331,000		4,783
Verint Systems, Inc., 1.50%, due 6/1/21		8,700,000		8,352
				13,135
Total Convertible Bonds (Cost $103,156)				111,027
	Number of Shares
Short-Term Investment 3.9%
Investment Company 3.9%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b)(e) (Cost $65,904)		65,904,482		65,904
Total Investments 99.6% (Cost $1,409,160)				1,686,814
Other Assets Less Liabilities 0.4%^(f)				6,238
Net Assets 100.0%			$	1,693,052

(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 $78,131,000.

(c) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of August 31, 2017.

(d) 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 August 31, 2017, these securities amounted to approximately $79,404,000, which represents 4.7% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(e) Represents 7-day effective yield as of August 31, 2017.

(f) Includes the impact of the Fund's open positions in derivatives at August 31, 2017.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

Derivative Instruments

Written option contracts ("options written")

At August 31, 2017, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Aerospace & Defense
Lockheed Martin Corp.		100	$	(3,053,900	)	$	305	12/15/2017	$	(106,500	)
Lockheed Martin Corp.		100		(3,053,900	)		310	1/19/2018		(95,500	)
Lockheed Martin Corp.		100		(3,053,900	)		320	1/19/2018		(55,500	)
Lockheed Martin Corp.		100		(3,053,900	)		330	3/16/2018		(51,500	)
										(309,000	)
Banks
JPMorgan Chase & Co.		250		(2,272,250	)		105	3/16/2018		(20,750	)
PNC Financial Services Group, Inc.		150		(1,881,150	)		145	1/19/2018		(9,375	)
PNC Financial Services Group, Inc.		150		(1,881,150	)		150	2/16/2018		(7,650	)
										(37,775	)
Biotechnology
Gilead Sciences, Inc.		150		(1,255,650	)		90	12/15/2017		(26,924	)
Gilead Sciences, Inc.		150		(1,255,650	)		92.5	1/19/2018		(26,175	)
Gilead Sciences, Inc.		150		(1,255,650	)		95	2/16/2018		(24,679	)
										(77,778	)
Electric Utilities
NextEra Energy, Inc.		150		(2,257,650	)		150	12/15/2017		(70,500	)
Equity Real Estate Investment Trusts
Crown Castle International Corp.		250		(2,711,000	)		110	1/19/2018		(76,250	)
Crown Castle International Corp.		200		(2,168,800	)		115	4/20/2018		(46,500	)
DCT Industrial Trust, Inc.		250		(1,458,750	)		60	3/16/2018		(41,875	)
Equinix, Inc.		50		(2,342,050	)		480	12/15/2017		(78,000	)
Equinix, Inc.		50		(2,342,050	)		500	12/15/2017		(42,750	)
Prologis, Inc.		250		(1,584,000	)		60	11/17/2017		(101,250	)
Prologis, Inc.		250		(1,584,000	)		65	2/16/2018		(50,000	)
										(436,625	)
Metals & Mining
Rio Tinto PLC		250		(1,227,000	)		57.5	4/20/2018		(30,874	)
Rio Tinto PLC		250		(1,227,000	)		50	12/15/2017		(61,875	)
Rio Tinto PLC		250		(1,227,000	)		52.5	1/19/2018		(48,750	)
Rio Tinto PLC		250		(1,227,000	)		55	3/16/2018		(42,500	)
										(183,999	)
Multi-Utilities
Ameren Corp.		250		(1,499,750	)		65	3/16/2018		(13,750	)
Software
Microsoft Corp.		250		(1,869,250	)		72.5	9/15/2017		(63,250	)
Microsoft Corp.		250		(1,869,250	)		75	10/20/2017		(40,750	)
Microsoft Corp.		250		(1,869,250	)		80	1/19/2018		(33,750	)
Microsoft Corp.		250		(1,869,250	)		82.5	2/16/2018		(28,625	)
										(166,375	)

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Specialty Retail
Best Buy Co., Inc.		250	$	(1,356,500	)	$	55	9/15/2017	$	(22,000	)
Best Buy Co., Inc.		250		(1,356,500	)		65	12/15/2017		(19,500	)
										(41,500	)
Total (premiums received: $770,792)									$	(1,337,302	)
Puts
Energy Equipment & Services
Helmerich & Payne, Inc.		150	$	(635,100	)	$	52.5	9/15/2017	$	(152,250	)
Helmerich & Payne, Inc.		150		(635,100	)		45	12/15/2017		(75,750	)
										(228,000	)
Food & Staples Retailing
CVS Health Corp.		200		(1,546,800	)		70	1/19/2018		(27,400	)
Leisure Products
Mattel, Inc.		500		(811,000	)		17	1/19/2018		(83,750	)
Specialty Retail
Home Depot, Inc.		200		(2,997,400	)		120	1/19/2018		(15,200	)
Total (premiums received: $148,301)									$	(354,350	)
Total Options Written (premiums received: $919,093)									$	(1,691,652	)

For the year ended August 31, 2017, the Fund had an average market value of $(1,690,455) in options written. The Fund had securities pledged in the amount of $27,280,097 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,475,092	$	—	$	—	$	1,475,092
Preferred Stocks^(a)		34,791		—		—		34,791
Convertible Bonds^(a)		—		111,027		—		111,027
Short-Term Investment		—		65,904		—		65,904
Total Investments	$	1,509,883	$	176,931	$	—	$	1,686,814

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

As of the year ended August 31, 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 August 31, 2017:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(1,692	)	$	—	$	—	$	(1,692	)
Total	$	(1,692	)	$	—	$	—	$	(1,692	)

See Notes to Financial Statements

Schedule of Investments Focus Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 99.0%
Aerospace & Defense 1.5%
General Dynamics Corp.		57,000	$	11,477
Airlines 1.0%
Alaska Air Group, Inc.		98,000		7,317
Banks 7.9%
Comerica, Inc.		345,000		23,546
JPMorgan Chase & Co.		390,000		35,447
				58,993
Biotechnology 5.6%
BioMarin Pharmaceutical, Inc.*		81,000		7,305
Gilead Sciences, Inc.		409,000		34,238
				41,543
Building Products 1.5%
Johnson Controls International PLC		280,000		11,085
Capital Markets 3.0%
Intercontinental Exchange, Inc.		352,000		22,764
Chemicals 1.2%
WR Grace & Co.		127,000		9,078
Communications Equipment 2.8%
Motorola Solutions, Inc.		235,000		20,708
Containers & Packaging 1.1%
Crown Holdings, Inc.*		133,000		7,851
Food & Staples Retailing 3.5%
Wal-Mart Stores, Inc.		335,000		26,153
Food Products 2.9%
Blue Buffalo Pet Products, Inc.*^(a)		270,000		6,955
Conagra Brands, Inc.		460,000		14,932
				21,887
Health Care Equipment & Supplies 2.9%
Zimmer Biomet Holdings, Inc.		192,000		21,940
Household Durables 4.9%
Newell Brands, Inc.		310,000		14,967
Whirlpool Corp.		128,000		21,967
				36,934

	Number of Shares		Value (000's)
Household Products 1.6%
Energizer Holdings, Inc.		265,000	$	11,700
Independent Power and Renewable Electricity Producers 2.6%
Calpine Corp.*		1,300,000		19,110
Insurance 6.8%
American International Group, Inc.		200,000		12,096
Athene Holding Ltd. Class A*		449,880		24,073
Chubb Ltd.		101,000		14,284
				50,453
Internet & Direct Marketing Retail 3.5%
Amazon.com, Inc.*^(a)		10,000		9,806
Expedia, Inc.		110,000		16,320
				26,126
Internet Software & Services 4.1%
Alphabet, Inc. Class A*		15,500		14,806
Alphabet, Inc. Class C*		16,495		15,494
				30,300
Life Sciences Tools & Services 3.1%
Quintiles IMS Holdings, Inc.*		243,000		23,335
Media 3.9%
Charter Communications, Inc. Class A*		50,000		19,927
Twenty-First Century Fox, Inc. Class A		334,000		9,215
				29,142
Metals & Mining 1.2%
Alcoa Corp.*		202,000		8,864
Oil, Gas & Consumable Fuels 5.9%
Cabot Oil & Gas Corp.		835,000		21,334
EOG Resources, Inc.		176,000		14,958
Phillips 66		90,000		7,543
				43,835
Pharmaceuticals 3.3%
Allergan PLC^(a)		109,000		25,013
Professional Services 1.6%
TransUnion*		255,000		12,204

	Number of Shares		Value (000's)
Road & Rail 5.5%
Avis Budget Group, Inc.*^(a)		604,500	$	21,901
CSX Corp.		380,000		19,076
				40,977
Semiconductors & Semiconductor Equipment 2.3%
ASML Holding NV		111,500		17,429
Software 6.1%
Activision Blizzard, Inc.		209,000		13,702
Oracle Corp.		303,000		15,250
Symantec Corp.		550,000		16,489
				45,441
Specialty Retail 0.8%
Advance Auto Parts, Inc.		64,000		6,266
Technology Hardware, Storage & Peripherals 2.5%
Western Digital Corp.^(b)		213,000		18,802
Wireless Telecommunication Services 4.4%
T-Mobile US, Inc.*		510,000		33,002
Total Common Stocks (Cost $620,030)				739,729
Short-Term Investment 1.1%
Investment Company 1.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(b)(c) (Cost $7,888)		7,888,323		7,888
Total Purchased Options 0.0%^(d)(e)(Cost $56)				36
Total Investments 100.1% (Cost $627,974)				747,653
Liabilities Less Other Assets (0.1)%^(f)				(583	)
Net Assets 100.0%			$	747,070

See Notes to Financial Statements

Schedule of Investments Focus Fund (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 $24,483,000.

(d) Represents less than 0.05% of net assets.

(e) See "Purchased option contracts" under Derivative Instruments.

(f) Includes the impact of the Fund's open positions in derivatives at August 31, 2017.

Derivative Instruments

Purchased option contracts ("options purchased")

At August 31, 2017, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Road & Rail
CSX Corp.		400	$	2,008,000	$	55	11/17/2017	$	36,000
Total Options Purchased (cost: $56,484)								$	36,000

Written option contracts ("options written")

At August 31, 2017, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Road & Rail
Avis Budget Group, Inc.		200	$	(724,600	)	$	36	10/20/2017	$	(57,000	)
Avis Budget Group, Inc.		100		(362,300	)		38	10/20/2017		(19,500	)
Total (premiums received: $42,649)									$	(76,500	)
Puts
Biotechnology
BioMarin Pharmaceutical, Inc.		200		(1,803,800	)	$	80	9/15/2017	$	(3,500	)
Food Products
Blue Buffalo Pet Products, Inc.		400		(1,030,400	)		20	9/15/2017		(0	)^(a)
Road & Rail
CSX Corp.		400		(2,008,000	)		50	11/17/2017		(99,400	)
Specialty Retail
Advance Auto Parts, Inc.		100		(979,000	)		85	10/20/2017		(8,750	)
Advance Auto Parts, Inc.		300		(2,937,000	)		90	10/20/2017		(51,750	)
										(60,500	)
Total (premiums received: $259,450)									$	(163,400	)
Total Options Written (premiums received: $302,099)									$	(239,900	)

(a) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees (the "Board").

See Notes to Financial Statements

Schedule of Investments Focus Fund (cont'd)

For the year ended August 31, 2017, the Fund had an average market value of $174,833 in options purchased and $(172,719) in options written, respectively. The Fund had securities pledged in the amount of $15,288,210 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	739,729	$	—	$	—	$	739,729
Options Purchased^(a)		36		—		—		36
Short-Term Investment		—		7,888		—		7,888
Total Investments	$	739,765	$	7,888	$	—	$	747,653

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

As of the year ended August 31, 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 August 31, 2017:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(a)			Total
Options Written
Liabilities	$	(240	)	$	—	$	(0	)	$	(240	)
Total	$	(240	)	$	—	$	(0	)	$	(240	)

(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 8/31/2017			Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2017
Other Financial Instruments: (000's omitted)
Options Written^(b)	$	(0	)	$	—	$	30	$	(14	)	$	(0	)	$	(16	)	$	—	$	—	$	(0	)	$	16
Total	$	(0	)	$	—	$	30	$	(14	)	$	(0	)	$	(16	)	$	—	$	—	$	(0	)	$	16

(b)As of the year ended August 31, 2017, these investments were valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. As of the year ended August 31, 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.

See Notes to Financial Statements

Schedule of Investments Genesis Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.6%
Aerospace & Defense 0.3%
Astronics Corp.*^(a)		1,138,109	$	29,921
Air Freight & Logistics 0.6%
Forward Air Corp.		1,275,925		66,310
Airlines 0.5%
Allegiant Travel Co.		456,613		53,880
Auto Components 1.8%
Fox Factory Holding Corp.*		777,210		31,088
Gentex Corp.		2,580,185		47,140
LCI Industries		1,222,875		120,820
				199,048
Automobiles 0.5%
Thor Industries, Inc.		512,781		55,709
Banks 12.4%
Bank of Hawaii Corp.^(a)		2,181,636		170,451
Bank of the Ozarks		3,020,046		129,741
BankUnited, Inc.		1,717,488		57,158
BOK Financial Corp.		1,390,822		111,933
Columbia Banking System, Inc.		1,471,605		54,700
Community Bank System, Inc.		1,697,077		87,332
Cullen/Frost Bankers, Inc.		1,757,166		147,953
CVB Financial Corp.^(a)		5,937,653		122,909
First Financial Bankshares, Inc.		2,861,293		114,595
First Hawaiian, Inc.		1,119,435		30,325
FNB Corp.		7,063,640		89,638
Glacier Bancorp, Inc.		1,297,215		43,081
Lakeland Financial Corp.		484,105		21,039
LegacyTexas Financial Group, Inc.^(a)		2,481,903		89,324
PacWest Bancorp		1,561,379		70,496
				1,340,675

	Number of Shares		Value (000's)
Beverages 0.4%
MGP Ingredients, Inc.^(a)		847,383	$	47,648
Building Products 1.9%
AAON, Inc.		2,590,286		84,443
AO Smith Corp.		1,683,940		93,779
Patrick Industries, Inc.*		380,115		28,129
				206,351
Capital Markets 3.0%
Artisan Partners Asset Management, Inc. Class A		1,660,813		50,987
FactSet Research Systems, Inc.		490,030		77,023
Houlihan Lokey, Inc.		904,665		32,613
MarketAxess Holdings, Inc.		717,192		138,382
OM Asset Management PLC		2,054,185		29,026
				328,031
Chemicals 3.5%
Balchem Corp.		1,267,781		95,033
Chase Corp.		153,787		14,379
NewMarket Corp.		63,525		26,586
Quaker Chemical Corp.		453,249		63,101
Sensient Technologies Corp.^(a)		2,485,181		179,306
				378,405
Commercial Services & Supplies 4.2%
Healthcare Services Group, Inc.		2,608,547		133,558
MSA Safety, Inc.		423,635		30,866
Ritchie Bros. Auctioneers, Inc.		1,628,738		48,439
Rollins, Inc.		3,810,904		169,242
UniFirst Corp.		509,008		73,093
				455,198
Communications Equipment 1.3%
NetScout Systems, Inc.*		4,272,673		139,930
Construction & Engineering 0.9%
Valmont Industries, Inc.		680,683		97,712

	Number of Shares		Value (000's)
Construction Materials 1.5%
Eagle Materials, Inc.		1,663,982	$	161,822
Containers & Packaging 1.2%
AptarGroup, Inc.		1,603,125		134,037
Distributors 1.8%
Pool Corp.		1,958,235		195,216
Diversified Consumer Services 0.5%
Bright Horizons Family Solutions, Inc.*		699,485		55,910
Electrical Equipment 0.7%
AZZ, Inc.^(a)		1,499,039		73,303
Electronic Equipment, Instruments & Components 5.2%
Cognex Corp.		1,306,285		142,346
Littelfuse, Inc.		1,041,911		193,962
Rogers Corp.*^(a)		1,145,268		135,771
Zebra Technologies Corp. Class A*		889,908		91,741
				563,820
Energy Equipment & Services 0.6%
Pason Systems, Inc.^(a)		4,695,341		67,613
Food Products 3.3%
Blue Buffalo Pet Products, Inc.*		3,127,353		80,561
Cal-Maine Foods, Inc.*		1,252,095		45,639
Calavo Growers, Inc.^(a)		1,104,279		74,152
J & J Snack Foods Corp.		586,281		74,745
Lancaster Colony Corp.		656,126		76,419
				351,516
Health Care Equipment & Supplies 6.4%
Abaxis, Inc.		421,547		19,484
Atrion Corp.		63,388		39,437
Cantel Medical Corp.		943,247		76,639
Dentsply Sirona, Inc.		931,477		52,693
Haemonetics Corp.*		1,047,143		45,048
Heska Corp.*^(a)		392,697		39,945
IDEXX Laboratories, Inc.*		1,036,080		161,038
Neogen Corp.*		379,200		26,127
West Pharmaceutical Services, Inc.		2,710,147		235,891
				696,302

See Notes to Financial Statements

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value (000's)
Health Care Providers & Services 3.2%
Chemed Corp.		755,100	$	148,974
Henry Schein, Inc.*		623,601		108,307
Tivity Health, Inc.*		960,805		37,663
U.S. Physical Therapy, Inc.^(a)		792,415		47,466
				342,410
Hotels, Restaurants & Leisure 2.6%
Cheesecake Factory, Inc.		1,314,947		54,478
Cracker Barrel Old Country Store, Inc.		504,912		75,060
Papa John's International, Inc.		811,673		60,705
Texas Roadhouse, Inc.		1,793,140		85,085
				275,328
Household Products 2.8%
Church & Dwight Co., Inc.		3,496,350		175,412
Energizer Holdings, Inc.		1,557,829		68,778
WD-40 Co.		504,337		54,948
				299,138
Industrial Conglomerates 0.4%
Raven Industries, Inc.		1,353,992		37,912
Insurance 1.3%
AMERISAFE, Inc.		908,220		48,862
RLI Corp.		1,792,022		95,909
				144,771
IT Services 1.3%
Jack Henry & Associates, Inc.		1,329,614		137,043
Life Sciences Tools & Services 2.8%
Bio-Techne Corp.		1,359,335		168,259
ICON PLC*		1,150,864		130,496
				298,755
Machinery 8.5%
Donaldson Co., Inc.		1,034,120		48,862
Franklin Electric Co., Inc.		1,110,175		42,797
Graco, Inc.		635,695		73,429
Lindsay Corp.^(a)		594,944		51,504
Middleby Corp.*		996,898		121,323
Nordson Corp.		936,210		102,328
RBC Bearings, Inc.*^(a)		1,450,858		159,986
Tennant Co.		857,615		52,272

	Number of Shares		Value (000's)
Toro Co.		2,558,105	$	157,784
Wabtec Corp.		1,580,373		111,527
				921,812
Marine 0.4%
Kirby Corp.*		753,703		47,182
Media 2.4%
Cable One, Inc.		54,615		41,439
Gray Television, Inc.*^(a)		4,247,791		60,743
Nexstar Media Group, Inc. Class A^(a)		2,523,996		151,945
				254,127
Oil, Gas & Consumable Fuels 1.5%
Centennial Resource Development, Inc. Class A*		2,241,431		38,754
Matador Resources Co.*		3,655,443		86,195
RSP Permian, Inc.*		1,275,924		40,039
				164,988
Paper & Forest Products 1.0%
Stella-Jones, Inc.		2,826,679		107,954
Pharmaceuticals 0.5%
Prestige Brands Holdings, Inc.*		989,269		50,166
Professional Services 1.1%
Exponent, Inc.^(a)		1,723,752		117,388
Real Estate Management & Development 0.4%
FirstService Corp.		654,995		45,679
Semiconductors & Semiconductor Equipment 2.5%
Cabot Microelectronics Corp.		566,180		40,550
MKS Instruments, Inc.		1,031,453		84,940
Power Integrations, Inc.^(a)		2,029,349		147,838
				273,328
Software 9.5%
Aspen Technology, Inc.*		2,560,934		161,979
Blackbaud, Inc.		558,755		47,165
Computer Modelling Group Ltd.^(a)(b)		4,240,438		30,766
Constellation Software, Inc.		227,989		127,068

	Number of Shares		Value (000's)
Fair Isaac Corp.		1,410,681	$	198,567
Manhattan Associates, Inc.*		3,347,374		140,757
Monotype Imaging Holdings, Inc.^(a)		2,722,100		49,678
Qualys, Inc.*		1,745,452		82,909
Tyler Technologies, Inc.*		1,104,024		190,775
				1,029,664
Specialty Retail 2.4%
Asbury Automotive Group, Inc.*		828,125		44,594
Lithia Motors, Inc. Class A		1,043,962		112,748
Monro, Inc.		892,196		42,558
Tractor Supply Co.		1,027,223		61,130
				261,030
Trading Companies & Distributors 1.5%
Applied Industrial Technologies, Inc.		627,734		35,781
Richelieu Hardware Ltd.^(b)		357,205		8,776
Watsco, Inc.		774,903		114,190
				158,747
Total Common Stocks (Cost $6,161,155)				10,665,779
Short-Term Investments 1.0%
Investment Companies 1.0%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(c)		57,009,405		57,009
State Street Institutional Treasury Plus Money Market Fund Premier Class, 0.93%^(c)		54,756,943		54,757
Total Short-Term Investments (Cost $111,766)				111,766
Total Investments 99.6% (Cost $6,272,921)				10,777,545
Other Assets Less Liabilities 0.4%				42,300
Net Assets 100.0%			$	10,819,845

See Notes to Financial Statements

Schedule of Investments Genesis Fund (cont'd)

* Non-income producing security.

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

(b) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees (the "Board"). Total value of all such securities at August 31, 2017 amounted to approximately $39,542,000, which represents approximately 0.4% of net assets of the Fund.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Software	$	998,898	$	30,766	$	—	$	1,029,664
Trading Companies & Distributors		149,971		8,776		—		158,747
Other Common Stocks^(a)		9,477,368		—		—		9,477,368
Total Common Stocks		10,626,237		39,542		—		10,665,779
Short-Term Investments		—		111,766		—		111,766
Total Investments	$	10,626,237	$	151,308	$	—	$	10,777,545

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

As of the year ended August 31, 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 August 31, 2017. These securities had been categorized as Level 2 as of August 31, 2016, due to the use of methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of these securities.

See Notes to Financial Statements

Schedule of Investments Global Equity Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.8%
Australia 1.3%
Insurance Australia Group Ltd.		11,830	$	60
Belgium 0.4%
KBC Group NV		232		19
Canada 5.0%
Alimentation Couche-Tard, Inc. Class B		1,480		71
Kinaxis, Inc.*		931		55
Suncor Energy, Inc.		1,259		39
Waste Connections, Inc.		1,012		67
				232
China 3.7%
Alibaba Group Holding Ltd. ADR*		605		104
Baidu, Inc. ADR*		300		68
				172
France 4.1%
Air Liquide SA		291		36
Sodexo SA		535		62
Valeo SA		810		54
Virbac SA*		220		37
				189
Germany 3.6%
Continental AG		245		55
Henkel AG & Co. KGaA, Preference Shares		474		64
SAP SE ADR		468		49
				168
Hong Kong 2.6%
AIA Group Ltd.		6,800		52
Haier Electronics Group Co. Ltd.*		14,350		38
Techtronic Industries Co. Ltd.		5,500		29
				119
Israel 2.1%
Check Point Software Technologies Ltd.*		880		99
Japan 4.4%
Bridgestone Corp.		560		24
Daikin Industries Ltd.		450		45
Hoya Corp.		500		29
Kao Corp.		600		38
Kose Corp.		225		28
Toyota Motor Corp.		750		42
				206

	Number of Shares		Value (000's)
Netherlands 4.6%
AerCap Holdings NV*		1,270	$	64
ASML Holding NV		795		123
Intertrust NV^(a)		1,653		27
				214
Norway 1.0%
Skandiabanken ASA^(a)		4,342		45
Spain 0.7%
Banco Bilbao Vizcaya Argentaria SA		3,654		32
Switzerland 7.4%
Cie Financiere Richemont SA		608		54
Givaudan SA		31		63
Julius Baer Group Ltd.*		1,235		69
Roche Holding AG		226		57
SGS SA		24		54
Sonova Holding AG		270		46
				343
United Kingdom 10.0%
Aon PLC		550		77
Howden Joinery Group PLC		9,155		50
Prudential PLC		2,164		51
RELX PLC		1,845		40
Spectris PLC		1,605		48
St. James's Place PLC		3,584		53
Travis Perkins PLC		2,366		46
Virgin Money Holdings UK PLC		13,519		47
Worldpay Group PLC^(a)		9,755		53
				465
United States 47.9%
Activision Blizzard, Inc.		935		61
Alphabet, Inc. Class A*		45		43
Alphabet, Inc. Class C*		45		42
Amazon.com, Inc.*		98		96
Apple, Inc.		718		118
Biogen, Inc.*		231		73
BlackRock, Inc.		145		61
Blue Buffalo Pet Products, Inc.*		2,565		66
Cabot Oil & Gas Corp.		2,570		66

	Number of Shares		Value (000's)
Cardinal Health, Inc.		645	$	44
CDW Corp.		1,055		67
Centene Corp.*		580		52
Core Laboratories NV		342		30
CVS Health Corp.		685		53
Delphi Automotive PLC		400		39
EOG Resources, Inc.		668		57
Estee Lauder Cos., Inc. Class A		508		54
Expedia, Inc.		163		24
Fidelity National Information Services, Inc.		780		72
First Republic Bank		580		56
Gilead Sciences, Inc.		395		33
Graco, Inc.		690		80
Halliburton Co.		790		31
Henry Schein, Inc.*		330		57
Intercontinental Exchange, Inc.		1,055		68
JPMorgan Chase & Co.		740		67
Medtronic PLC		652		53
Milacron Holdings Corp.*		2,405		38
Monsanto Co.		370		43
Nielsen Holdings PLC		1,270		49
RPM International, Inc.		985		48
Samsonite International SA		9,350		38
Sealed Air Corp.		1,300		58
Sensata Technologies Holding NV*		1,610		72
Service Corp. International		1,005		36
T-Mobile US, Inc.*		1,025		66
TE Connectivity Ltd.		615		49
VF Corp.		795		50
Visa, Inc. Class A		630		65
Western Digital Corp.		550		49
				2,224
Total Common Stocks (Cost $3,642)				4,587

See Notes to Financial Statements

Schedule of Investments Global Equity Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investment 1.9%
Investment Company 1.9%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b) (Cost $89)		89,085	$	89
Total Investments 100.7% (Cost $3,731)				4,676
Liabilities Less Other Assets (0.7)%				(32	)
Net Assets 100.0%			$	4,644

* 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 August 31, 2017, these securities amounted to approximately $125,000, which represents 2.7% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of August 31, 2017.

See Notes to Financial Statements

Schedule of Investments Global Equity Fund (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Banks	$	266		5.7	%
Software		264		5.7	%
Internet Software & Services		257		5.5	%
Capital Markets		251		5.4	%
Insurance		240		5.2	%
Chemicals		190		4.1	%
IT Services		190		4.1	%
Auto Components		172		3.7	%
Professional Services		170		3.7	%
Technology Hardware, Storage & Peripherals		167		3.6	%
Electronic Equipment, Instruments & Components		164		3.5	%
Oil, Gas & Consumable Fuels		162		3.5	%
Trading Companies & Distributors		160		3.5	%
Health Care Providers & Services		153		3.3	%
Textiles, Apparel & Luxury Goods		142		3.1	%
Health Care Equipment & Supplies		128		2.8	%
Food & Staples Retailing		124		2.7	%
Semiconductors & Semiconductor Equipment		123		2.6	%
Internet & Direct Marketing Retail		120		2.6	%
Personal Products		120		2.6	%
Machinery		118		2.5	%
Biotechnology		106		2.3	%
Pharmaceuticals		94		2.0	%
Electrical Equipment		72		1.6	%
Commercial Services & Supplies		67		1.4	%
Household Durables		67		1.4	%
Food Products		66		1.4	%
Wireless Telecommunication Services		66		1.4	%
Household Products		64		1.4	%
Hotels, Restaurants & Leisure		62		1.3	%
Energy Equipment & Services		61		1.3	%
Containers & Packaging		58		1.2	%
Building Products		45		1.0	%
Automobiles		42		0.9	%
Diversified Consumer Services		36		0.8	%
Short-Term Investment and Other Liabilities—Net		57		1.2	%
	$	4,644		100.0	%

See Notes to Financial Statements

Schedule of Investments Global Equity Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	4,587	$	—	$	—	$	4,587
Short-Term Investment		—		89		—		89
Total Investments	$	4,587	$	89	$	—	$	4,676

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

100

Schedule of Investments Global Real Estate Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 101.8%
Australia 6.8%
Goodman Group		7,793	$	51
Investa Office Fund		10,963		39
Mirvac Group		23,681		44
Scentre Group		20,507		63
				197
Canada 3.7%
Allied Properties Real Estate Investment Trust		975		30
Brookfield Asset Management, Inc. Class A		1,022		40
Canadian Apartment Properties REIT		1,376		38
				108
France 5.2%
ICADE		758		67
Unibail-Rodamco SE		328		84
				151
Germany 4.2%
ADO Properties SA^(a)		823		40
Deutsche Wohnen SE		1,940		83
				123
Hong Kong 8.6%
Cheung Kong Property Holdings Ltd.		10,082		88
Sun Hung Kai Properties Ltd.		9,740		163
				251
Japan 10.2%
Activia Properties, Inc.		5		22
Mitsubishi Estate Co. Ltd.		3,280		57
Mitsui Fudosan Co. Ltd.		3,207		69
Mitsui Fudosan Logistics Park, Inc.		7		20
Nippon Accommodations Fund, Inc.		13		53
Nippon Building Fund, Inc.		8		43

	Number of Shares		Value (000's)
Sumitomo Realty & Development Co. Ltd.		1,041	$	31
				295
Singapore 2.2%
Ascendas Real Estate Investment Trust		15,089		30
CapitaLand Ltd.		11,838		33
				63
Spain 1.3%
Axiare Patrimonio SOCIMI SA		1,920		37
Sweden 1.7%
Hufvudstaden AB, A Shares		2,813		50
United Kingdom 3.7%
Safestore Holdings PLC		5,086		27
SEGRO PLC		6,730		47
Shaftesbury PLC		2,553		33
				107
United States 54.2%
Alexandria Real Estate Equities, Inc.		343		42
American Homes 4 Rent Class A		1,518		34
American Tower Corp.		797		118
Apartment Investment & Management Co. Class A		1,026		46
Boston Properties, Inc.		423		51
CyrusOne, Inc.		1,048		66
Douglas Emmett, Inc.		1,008		39
Duke Realty Corp.		1,544		46
EPR Properties		362		25
Equinix, Inc.		197		92
Equity Lifestyle Properties, Inc.		478		43
Equity Residential		945		63
Essex Property Trust, Inc.		211		56
Extra Space Storage, Inc.		407		32
Federal Realty Investment Trust		223		28
GGP, Inc.		1,941		40

	Number of Shares		Value (000's)
Healthcare Trust of America, Inc. Class A		1,069	$	33
Highwoods Properties, Inc.		722		38
Kimco Realty Corp.		2,342		46
Marriott International, Inc. Class A		694		72
Mid-America Apartment Communities, Inc.		439		47
National Retail Properties, Inc.		554		23
Prologis, Inc.		1,504		95
Public Storage		184		38
Simon Property Group, Inc.		679		106
Starwood Waypoint Homes		1,146		43
Ventas, Inc.		732		50
Vornado Realty Trust		886		66
Welltower, Inc.		896		66
Weyerhaeuser Co.		887		29
				1,573
Total Common Stocks (Cost $2,774)				2,955
Short-Term Investment 1.2%
Investment Company 1.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(b) (Cost $34)		34,253		34
Total Investments 103.0% (Cost $2,808)				2,989
Liabilities Less Other Assets (3.0)%				(86	)
Net Assets 100.0%			$	2,903

See Notes to Financial Statements

101

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

(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 August 31, 2017, these securities amounted to approximately $40,000, which represents 1.4% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of August 31, 2017.

See Notes to Financial Statements

102

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

POSITIONS BY SECTOR

Sector	Investments at Value (000's omitted)			Percentage of Net Assets
Industrial & Office REITs	$	841			29.0	%
Real Estate Holding & Development		614			21.2	%
Residential REITs		467			16.1	%
Retail REITs		423			14.5	%
Specialty REITs		400			13.8	%
Diversified REITs		138			4.8	%
Hotel & Lodging REITs		72			2.4	%
Short-Term Investment and Other Liabilities—Net		(52	)		(1.8	)%
	$	2,903			100.0	%

See Notes to Financial Statements

103

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,955	$	—	$	—	$	2,955
Short-Term Investment		—		34		—		34
Total Investments	$	2,955	$	34	$	—	$	2,989

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

104

Schedule of Investments Greater China Equity Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 91.0%
Air Freight & Logistics 2.7%
ZTO Express Cayman, Inc. ADR*		261,441	$	3,569
Automobiles 2.1%
Guangzhou Automobile Group Co. Ltd., H Shares		1,388,000		2,738
Banks 18.0%
Bank of China Ltd., H Shares		8,965,000		4,720
China Construction Bank Corp., H Shares		10,447,000		9,158
Industrial & Commercial Bank of China Ltd., H Shares		13,011,911		9,743
				23,621
Beverages 2.9%
Kweichow Moutai Co. Ltd. Class A		50,946		3,792
Commercial Services & Supplies 2.1%
China Everbright International Ltd.		2,118,000		2,798
Construction Materials 1.4%
Anhui Conch Cement Co. Ltd. Class A		511,200		1,819
Diversified Consumer Services 0.8%
New Oriental Education & Technology Group, Inc. ADR*		13,366		1,093
Electronic Equipment, Instruments & Components 2.0%
AAC Technologies Holdings, Inc.		18,000		328
GoerTek, Inc. Class A		694,856		2,275
				2,603
Health Care Providers & Services 1.4%
Huadong Medicine Co. Ltd. Class A		251,700		1,802
Huadong Medicine Co. Ltd. Class A		4,000		29
				1,831

	Number of Shares		Value (000's)
Household Durables 5.6%
Gree Electric Appliances, Inc. of Zhuhai Class A		1,017,113	$	5,959
Midea Group Co. Ltd. Class A		229,400		1,426
				7,385
Independent Power and Renewable Electricity Producers 0.2%
China Everbright Greentech Ltd.*^(a)		376,469		308
Insurance 11.0%
China Taiping Insurance Holdings Co. Ltd.		852,800		2,588
New China Life Insurance Co. Ltd., H Shares		577,800		3,699
PICC Property & Casualty Co. Ltd., H Shares		1,374,000		2,581
Ping An Insurance Group Co. of China Ltd., H Shares		697,500		5,539
				14,407
Internet & Direct Marketing Retail 1.8%
Ctrip.com International Ltd. ADR*		44,778		2,304
Internet Software & Services 24.6%
Alibaba Group Holding Ltd. ADR*		66,894		11,488
Baidu, Inc. ADR*		13,816		3,151
Baozun, Inc. ADR*		30,299		824
NetEase, Inc. ADR		5,868		1,619
SINA Corp.*		33,599		3,421
Tencent Holdings Ltd.		282,200		11,864
				32,367
Pharmaceuticals 3.8%
China Medical System Holdings Ltd.		971,000		1,787

	Number of Shares		Value (000's)
CSPC Pharmaceutical Group Ltd.		2,024,000	$	3,160
				4,947
Real Estate Management & Development 3.2%
CIFI Holdings Group Co. Ltd.		5,054,000		2,842
Longfor Properties Co. Ltd.		555,000		1,333
				4,175
Transportation Infrastructure 3.2%
Guangzhou Baiyun International Airport Co. Ltd. Class A		2,096,093		4,258
Water Utilities 2.2%
Beijing Enterprises Water Group Ltd.*		3,382,000		2,874
Wireless Telecommunication Services 2.0%
China Mobile Ltd.		252,000		2,673
Total Common Stocks (Cost $97,301)				119,562
Participatory Notes 4.5%
Beverages 0.6%
Kweichow Moutai Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 8/17/18^(a)		2,200		164
Kweichow Moutai Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/9/17^(a)		7,600		566
				730
Construction Materials 0.7%
Anhui Conch Cement Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 10/24/18^(a)		242,800		864

See Notes to Financial Statements

105

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

	Number of Shares		Value (000's)
Health Care Providers & Services 0.6%
Huadong Medicine Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/19/23^(a)		87,882	$	629
Huadong Medicine Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/10/18^(a)		29,604		212
				841
Household Durables 2.6%
Midea Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/20/17^(a)		15,300		95

	Number of Shares		Value (000's)
Midea Group Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 12/20/17^(a)		360,185	$	2,239
Midea Group Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 9/23/23^(a)		10,400		65
Midea Group Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/10/18^(a)		168,170		1,045
				3,444
Total Participatory Notes (Cost $3,854)				5,879

	Number of Shares		Value (000's)
Short-Term Investment 3.4%
Investment Company 3.4%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(b) (Cost $4,548)		4,548,207	$	4,548
Total Investments 98.9% (Cost $105,703)				129,989
Other Assets Less Liabilities 1.1%				1,420
Net Assets 100.0%			$	131,409

* 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 August 31, 2017, these securities amounted to approximately $6,187,000, which represents 4.7% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	119,562	$	—	$	—	$	119,562
Participatory Notes^(a)		5,879		—		—		5,879
Short-Term Investment		—		4,548		—		4,548
Total Investments	$	125,441	$	4,548	$	—	$	129,989

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

106

Schedule of Investments Guardian Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.4%
Aerospace & Defense 4.6%
General Dynamics Corp.		155,255	$	31,261
Raytheon Co.		129,000		23,479
				54,740
Air Freight & Logistics 0.3%
Expeditors International of Washington, Inc.		55,000		3,085
Airlines 1.8%
Delta Air Lines, Inc.^(a)		459,000		21,660
Banks 3.7%
JPMorgan Chase & Co.		294,505		26,768
U.S. Bancorp		326,325		16,724
				43,492
Beverages 1.7%
PepsiCo, Inc.		180,000		20,831
Biotechnology 3.6%
Celgene Corp.*		164,250		22,819
Gilead Sciences, Inc.		234,910		19,665
				42,484
Capital Markets 5.7%
BlackRock, Inc.		38,500		16,132
Brookfield Asset Management, Inc. Class A		745,765		29,495
CME Group, Inc.		174,180		21,912
				67,539
Chemicals 2.5%
Ashland Global Holdings, Inc.		218,625		13,566
PPG Industries, Inc.		45,000		4,694
Valvoline, Inc.		526,000		11,199
				29,459
Electric Utilities 3.2%
Brookfield Infrastructure Partners LP		868,060		38,307
Electronic Equipment, Instruments & Components 2.4%
CDW Corp.		452,000		28,666
Energy Equipment & Services 1.2%
Schlumberger Ltd.		220,000		13,972

	Number of Shares		Value (000's)
Equity Real Estate Investment Trusts 1.8%
SBA Communications Corp.*		84,555	$	12,983
Weyerhaeuser Co.^(a)		265,515		8,659
				21,642
Food & Staples Retailing 3.4%
Costco Wholesale Corp.^(b)		120,100		18,824
CVS Health Corp.^(b)		278,000		21,501
				40,325
Food Products 1.9%
Conagra Brands, Inc.^(a)		700,000		22,722
Health Care Equipment & Supplies 3.0%
Dentsply Sirona, Inc.		620,805		35,119
Health Care Providers & Services 4.7%
DaVita, Inc.*		497,000		29,104
UnitedHealth Group, Inc.		133,710		26,595
				55,699
Hotels, Restaurants & Leisure 2.7%
McDonald's Corp.		134,000		21,436
Starbucks Corp.^(a)		190,805		10,467
				31,903
Industrial Conglomerates 1.5%
3M Co.		87,215		17,820
Internet & Direct Marketing Retail 6.5%
Amazon.com, Inc.*		27,195		26,667
Expedia, Inc.		214,725		31,857
Priceline Group, Inc.*		5,795		10,733
TripAdvisor, Inc.*		192,520		8,226
				77,483
Internet Software & Services 8.3%
Alphabet, Inc. Class A*		42,860		40,941
eBay, Inc.*		770,070		27,823
Facebook, Inc. Class A*		174,180		29,954
				98,718

	Number of Shares		Value (000's)
IT Services 3.3%
PayPal Holdings, Inc.*		145,015	$	8,945
Visa, Inc. Class A		297,010		30,746
				39,691
Machinery 1.6%
Allison Transmission Holdings, Inc.		545,000		18,928
Multi-Utilities 1.2%
WEC Energy Group, Inc.		218,000		14,218
Oil, Gas & Consumable Fuels 4.4%
Cabot Oil & Gas Corp.		729,435		18,637
Enbridge, Inc.		834,700		33,380
				52,017
Pharmaceuticals 0.7%
Bristol-Myers Squibb Co.		131,465		7,951
Professional Services 4.7%
IHS Markit Ltd.*		640,000		29,978
Verisk Analytics, Inc.*		321,000		26,017
				55,995
Road & Rail 1.3%
Norfolk Southern Corp.		128,000		15,426
Software 5.1%
Microsoft Corp.		540,000		40,376
salesforce.com, inc.*		217,565		20,775
				61,151
Specialty Retail 4.9%
Home Depot, Inc.		200,000		29,974
TJX Cos., Inc.		123,000		8,893
Tractor Supply Co.^(a)		328,275		19,535
				58,402
Technology Hardware, Storage & Peripherals 3.3%
Apple, Inc.		237,500		38,950
Textiles, Apparel & Luxury Goods 1.9%
PVH Corp.^(a)		184,000		23,164
Trading Companies & Distributors 1.5%
HD Supply Holdings, Inc.*		527,035		17,550
Total Common Stocks (Cost $958,887)				1,169,109

See Notes to Financial Statements

107

Schedule of Investments Guardian Fund (cont'd)

	Number of Shares		Value (000's)
Preferred Stock 0.7%
Health Care
Moderna Therapeutics Ser. F^(c)(h) (Cost $8,700)		990,888	$	8,700
Short-Term Investment 0.9%
Investment Company 0.9%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b)(f) (Cost $10,760)		10,759,681		10,760
Total Purchased Options 0.0%^(d)(e)(Cost $430)				143
Total Investments 100.0% (Cost $978,777)				1,188,712
Liabilities Less Other Assets^(g) (0.0)%^(d)				(431	)
Net Assets 100.0%			$	1,188,281

* 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 $49,357,000.

(c) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees (the "Board"). Total value of all such securities at August 31, 2017 amounted to approximately $8,700,000, which represents 0.7% of net assets of the Fund.

(d) Represents less than 0.05%.

(e) See "Purchased option contracts" under Derivative Instruments.

(f) Represents 7-day effective yield as of August 31, 2017.

(g) Includes the impact of the Fund's open positions in derivatives at August 31, 2017.

(h) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.

At August 31, 2017, this security amounted to approximately $8,700,000, which represents 0.7% 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 8/31/2017				Percentage of Net Assets as of 8/31/2017
Moderna Therapeutics (Series F Preferred Shares)				8/10/2016				$	8,700				0.8	%		$	8,700				0.7	%

See Notes to Financial Statements

108

Schedule of Investments Guardian Fund (cont'd)

Derivative Instruments

Purchased option contracts ("options purchased")

At August 31, 2017, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Food & Staples Retailing
Sprouts Farmers Market, Inc.		2,850	$	5,682,900	$	25	12/15/2017	$	142,500
Total Options Purchased (cost: $430,407)								$	142,500

Written option contracts ("options written")

At August 31, 2017, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Chemicals
Ashland Global Holdings, Inc.		455	$	(2,823,275	)	$	70	10/20/2017	$	(4,550	)
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corp.		1,550		(3,960,250	)		27	10/20/2017		(89,125	)
Road & Rail
Norfolk Southern Corp.		350		(4,218,200	)		125	12/15/2017		(147,000	)
Total (premiums received: $432,577)									$	(240,675	)
Puts
Chemicals
Ashland Global Holdings, Inc.		524		(3,251,420	)	$	60	10/20/2017	$	(48,470	)
Food & Staples Retailing
Costco Wholesale Corp.		200		(3,134,800	)		150	10/20/2017		(38,500	)
IT Services
PayPal Holdings, Inc.		690		(4,255,920	)		55	10/20/2017		(29,670	)
PayPal Holdings, Inc.		1,030		(6,353,040	)		50	6/15/2018		(177,160	)
										(206,830	)
Professional Services
Verisk Analytics, Inc.		350		(2,836,750	)		75	12/15/2017		(33,250	)
Total (premiums received: $642,805)									$	(327,050	)
Total Options Written (premiums received: $1,075,382)									$	(567,725	)

For the year ended August 31, 2017, the Fund had an average market value of $220,801 in options purchased and $(736,774) in options written, respectively. The Fund had securities pledged in the amount of $25,078,340 to cover collateral requirements for options written.

See Notes to Financial Statements

109

Schedule of Investments Guardian Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	1,169,109	$	—	$	—	$	1,169,109
Preferred Stock^(a)		—		—		8,700		8,700
Options Purchased^(a)		143		—		—		143
Short-Term Investment		—		10,760		—		10,760
Total Investments	$	1,169,252	$	10,760	$	8,700	$	1,188,712

(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 8/31/2017		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2017
Investments in Securities: (000's omitted)
Preferred Stock
Health Care	$	8,700	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	8,700	$	—
Total	$	8,700	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	8,700	$	—

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of August 31, 2017.

Asset
class

Fair value
at 8/31/2017

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

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.

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

110

Schedule of Investments Guardian Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of August 31, 2017:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(a)		Total
Options Written
Liabilities	$	(568	)	$	—	$	—	$	(568	)
Total	$	(568	)	$	—	$	—	$	(568	)

(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 8/31/2017		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2017
Other Financial Instruments: (000's omitted)
Options Written^(c)	$	(0	)	$	—	$	43	$	(43	)	$	0	$	—	$	—	$	—	$	—	$	—
Total	$	(0	)	$	—	$	43	$	(43	)	$	0	$	—	$	—	$	—	$	—	$	—

(b) Amount less than one thousand.

(c) At the beginning of the year the Fund's Level 3 investments were valued based on using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. As of the year ended August 31, 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.

See Notes to Financial Statements

111

Schedule of Investments International Equity Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 96.2%
Australia 2.1%
Insurance Australia Group Ltd.		5,522,416	$	28,140
Reliance Worldwide Corp. Ltd.		3,800,000		10,996
				39,136
Austria 1.1%
Andritz AG		360,510		19,617
Belgium 1.3%
KBC Group NV		84,731		6,963
Ontex Group NV		501,306		17,104
				24,067
Canada 4.8%
Alimentation Couche-Tard, Inc. Class B		544,241		25,989
ATS Automation Tooling Systems, Inc.*		1,132,600		11,437
Kinaxis, Inc.*		319,232		18,733
MacDonald, Dettwiler & Associates Ltd.		166,733		9,174
Suncor Energy, Inc.		678,598		21,264
				86,597
China 3.5%
Alibaba Group Holding Ltd. ADR*		224,800		38,607
Baidu, Inc. ADR*		110,800		25,268
				63,875
Denmark 1.9%
Nets A/S*^(a)		787,072		19,465
Sydbank A/S		378,751		14,774
				34,239
Finland 0.7%
Huhtamaki OYJ		335,473		13,051
France 10.1%
Air Liquide SA		148,220		18,095
Arkema SA		210,561		22,880
Elior Group SA^(a)		447,625		11,883
Pernod-Ricard SA		176,140		24,072
Sodexo SA		188,318		21,977
SPIE SA		815,017		23,087
TOTAL SA		454,524		23,507
Valeo SA		377,060		25,218
Virbac SA*		83,738		14,001
				184,720

	Number of Shares		Value (000's)
Germany 7.5%
Brenntag AG		282,000	$	14,944
Continental AG		78,700		17,759
CTS Eventim AG & Co. KGaA		430,589		18,971
Deutsche Boerse AG		129,379		13,829
Gerresheimer AG		199,993		15,733
Henkel AG & Co. KGaA, Preference Shares		163,750		21,940
SAP SE ADR		325,900		34,203
				137,379
Hong Kong 1.8%
HKBN Ltd.		19,127,800		18,331
Techtronic Industries Co. Ltd.		2,815,300		14,570
				32,901
Ireland 0.9%
Greencore Group PLC		6,282,818		16,655
Israel 1.7%
Check Point Software Technologies Ltd.*		280,300		31,357
Italy 1.0%
Azimut Holding SpA		836,650		17,629
Japan 13.9%
Bridgestone Corp.		408,700		17,544
Daikin Industries Ltd.		295,500		29,554
Hoya Corp.		259,600		14,865
Ichigo, Inc.		2,929,000		9,458
Kansai Paint Co. Ltd.		943,300		23,931
Kao Corp.		223,900		13,976
Keyence Corp.		85,000		44,273
Kose Corp.		125,800		15,791
Nabtesco Corp.		352,850		12,341
Santen Pharmaceutical Co. Ltd.		1,012,500		15,712
Shionogi & Co. Ltd.		339,500		17,896
SMC Corp.		70,300		24,114
Toyota Motor Corp.		249,100		14,010
				253,465

	Number of Shares		Value (000's)
Netherlands 5.9%
AerCap Holdings NV*		553,350	$	27,834
ASML Holding NV		292,321		45,413
Heineken NV		177,992		18,674
Intertrust NV^(a)		428,305		6,883
Koninklijke Ahold Delhaize NV		471,144		8,469
				107,273
Norway 1.1%
Skandiabanken ASA^(a)		1,943,223		20,039
Spain 1.4%
Banco Bilbao Vizcaya Argentaria SA		1,151,156		10,171
Euskaltel SA^(a)		1,423,304		14,506
				24,677
Sweden 0.9%
Nordea Bank AB		1,237,460		16,649
Switzerland 13.0%
Bucher Industries AG		59,345		20,871
Cie Financiere Richemont SA		172,840		15,455
Givaudan SA		12,830		26,223
Julius Baer Group Ltd.*		453,240		25,334
Novartis AG		188,095		15,868
Partners Group Holding AG		39,930		25,900
Roche Holding AG		84,524		21,463
SGS SA		9,170		20,493
Sonova Holding AG		95,495		16,142
Tecan Group AG		164,173		32,819
UBS Group AG*		1,005,855		16,573
				237,141
United Kingdom 17.5%
Aon PLC		201,900		28,096
Barclays PLC		6,268,883		15,491
Biffa PLC^(a)		3,582,087		10,457
Bunzl PLC		767,519		22,926
Clinigen Group PLC		1,963,684		28,312
Compass Group PLC		885,683		18,920
DCC PLC		180,503		16,444
Howden Joinery Group PLC		1,347,210		7,421

See Notes to Financial Statements

112

Schedule of Investments International Equity Fund (cont'd)

	Number of Shares		Value (000's)
Lloyds Banking Group PLC		28,050,374		$23,149
Prudential PLC		1,136,197		26,674
RELX PLC		1,194,786		26,126
RPS Group PLC		3,100,420		11,576
Spectris PLC		603,984		18,073
St. James's Place PLC		1,325,333		19,760
Travis Perkins PLC		854,623		16,632
Unilever NV		253,638		15,100
Worldpay Group PLC^(a)		2,768,407		14,928
				320,085

	Number of Shares		Value (000's)
United States 4.1%
Core Laboratories NV		71,604	$	6,314
Nielsen Holdings PLC		431,302		16,756
Samsonite International SA		5,071,900		20,707
Sensata Technologies Holding NV*		387,200		17,292
TE Connectivity Ltd.		165,540		13,177
				74,246
Total Common Stocks (Cost $1,492,446)				1,754,798

	Number of Shares		Value (000's)
Short-Term Investment 3.6%
Investment Company 3.6%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b) (Cost $65,700)		65,699,772	$	65,700
Total Investments 99.8% (Cost $1,558,146)				1,820,498
Other Assets Less Liabilities 0.2%				4,323
Net Assets 100.0%			$	1,824,821

* 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 August 31, 2017, these securities amounted to approximately $98,161,000, which represents 5.4% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of August 31, 2017.

See Notes to Financial Statements

113

Schedule of Investments International Equity Fund (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Capital Markets	$	119,025		6.5	%
Banks		107,236		5.9	%
Chemicals		91,129		5.0	%
Trading Companies & Distributors		89,757		4.9	%
Machinery		88,380		4.8	%
Pharmaceuticals		84,940		4.7	%
Software		84,293		4.6	%
Insurance		82,910		4.5	%
Life Sciences Tools & Services		76,864		4.2	%
Electronic Equipment, Instruments & Components		75,523		4.1	%
Professional Services		70,258		3.9	%
Internet Software & Services		63,875		3.5	%
Personal Products		61,971		3.4	%
Auto Components		60,521		3.3	%
Hotels, Restaurants & Leisure		52,780		2.9	%
Semiconductors & Semiconductor Equipment		45,413		2.5	%
Commercial Services & Supplies		45,120		2.5	%
Oil, Gas & Consumable Fuels		44,771		2.5	%
Beverages		42,746		2.3	%
Building Products		40,550		2.2	%
Textiles, Apparel & Luxury Goods		36,162		2.0	%
Food & Staples Retailing		34,458		1.9	%
IT Services		34,393		1.9	%
Diversified Telecommunication Services		32,837		1.8	%
Health Care Equipment & Supplies		31,007		1.7	%
Household Products		21,940		1.2	%
Media		18,971		1.0	%
Electrical Equipment		17,292		1.0	%
Food Products		16,655		0.9	%
Industrial Conglomerates		16,444		0.9	%
Household Durables		14,570		0.8	%
Automobiles		14,010		0.8	%
Containers & Packaging		13,051		0.7	%
Real Estate Management & Development		9,458		0.5	%
Aerospace & Defense		9,174		0.5	%
Energy Equipment & Services		6,314		0.4	%
Short-Term Investment and Other Assets—Net		70,023		3.8	%
	$	1,824,821		100.0	%

See Notes to Financial Statements

114

Schedule of Investments International Equity Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,754,798	$	—	$	—	$	1,754,798
Short-Term Investment		—		65,700		—		65,700
Total Investments	$	1,754,798	$	65,700	$	—	$	1,820,498

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

115

Schedule of Investments International Select Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 97.3%
Australia 1.9%
Brambles Ltd.		112,716	$	834
Insurance Australia Group Ltd.		762,488		3,886
				4,720
Austria 1.1%
Andritz AG		49,265		2,681
Belgium 0.4%
KBC Group NV		12,368		1,016
Canada 2.9%
Alimentation Couche-Tard, Inc. Class B		86,411		4,126
Suncor Energy, Inc.		93,043		2,916
				7,042
China 4.4%
Alibaba Group Holding Ltd. ADR*		40,600		6,973
Baidu, Inc. ADR*		16,700		3,808
				10,781
Denmark 1.4%
Nets A/S*^(a)		142,255		3,518
France 12.2%
Air Liquide SA		20,286		2,477
Arkema SA		28,870		3,137
Elior Group SA^(a)		77,780		2,065
L'Oreal SA		11,593		2,448
Pernod-Ricard SA		24,200		3,307
Schneider Electric SE*		36,489		2,942
Sodexo SA		25,575		2,985
SPIE SA		109,695		3,107
TOTAL SA		62,356		3,225
Valeo SA		62,235		4,162
				29,855
Germany 7.9%
Brenntag AG		38,450		2,038
Continental AG		13,160		2,969
CTS Eventim AG & Co. KGaA		57,910		2,551
Deutsche Boerse AG		25,707		2,748
Henkel AG & Co. KGaA, Preference Shares		27,225		3,648
SAP SE ADR		51,185		5,372
				19,326
Hong Kong 2.1%
AIA Group Ltd.		326,900		2,508
Techtronic Industries Co. Ltd.		510,100		2,640
				5,148

	Number of Shares		Value (000's)
Israel 2.6%
Check Point Software Technologies Ltd.*		55,889	$	6,252
Italy 1.0%
Azimut Holding SpA		114,940		2,422
Japan 15.8%
Bridgestone Corp.		54,600		2,344
Daikin Industries Ltd.		35,000		3,500
Hoya Corp.		22,900		1,311
Kansai Paint Co. Ltd.		161,500		4,097
Kao Corp.		40,600		2,534
Keyence Corp.		12,500		6,511
Kose Corp.		22,800		2,862
Nabtesco Corp.		48,400		1,693
Omron Corp.		27,200		1,366
Santen Pharmaceutical Co. Ltd.		187,400		2,908
Shionogi & Co. Ltd.		54,100		2,852
SMC Corp.		11,700		4,013
Toyota Motor Corp.		45,100		2,537
				38,528
Netherlands 6.2%
AerCap Holdings NV*		75,400		3,793
ASML Holding NV		45,150		7,014
Heineken NV		24,255		2,545
Koninklijke Ahold Delhaize NV		96,102		1,727
				15,079
Spain 0.6%
Banco Bilbao Vizcaya Argentaria SA		179,955		1,590
Sweden 1.5%
Nordea Bank AB		281,500		3,787
Switzerland 12.5%
Cie Financiere Richemont SA		23,825		2,130
Givaudan SA		2,056		4,202
Julius Baer Group Ltd.*		49,805		2,784
Novartis AG		43,731		3,689
Partners Group Holding AG		5,420		3,516
Roche Holding AG		18,146		4,608
SGS SA		1,842		4,116
Sonova Holding AG		16,465		2,783
UBS Group AG*		165,360		2,725
				30,553

	Number of Shares		Value (000's)
United Kingdom 17.3%
Aon PLC		36,300	$	5,052
Barclays PLC		1,025,496		2,534
Bunzl PLC		123,324		3,684
Compass Group PLC		120,690		2,578
DCC PLC		20,970		1,910
Howden Joinery Group PLC		463,580		2,554
Lloyds Banking Group PLC		4,309,249		3,556
Prudential PLC		155,470		3,650
RELX PLC		197,448		4,317
Spectris PLC		82,532		2,470
St. James's Place PLC		182,651		2,723
Travis Perkins PLC		130,254		2,535
Unilever NV		45,821		2,728
Worldpay Group PLC^(a)		377,171		2,034
				42,325
United States 5.5%
Core Laboratories NV		9,300		820
Delphi Automotive PLC		20,700		1,995
Nielsen Holdings PLC		61,000		2,370
Samsonite International SA		694,600		2,836
Sensata Technologies Holding NV*		66,300		2,961
TE Connectivity Ltd.		30,177		2,402
				13,384
Total Common Stocks (Cost $188,838)				238,007
Short-Term Investment 2.3%
Investment Company 2.3%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b)(Cost $5,693)		5,693,282		5,693
Total Investments 99.6% (Cost $194,531)				243,700
Other Assets Less Liabilities 0.4%				874
Net Assets 100.0%			$	244,574

See Notes to Financial Statements

116

Schedule of Investments International Select Fund (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 August 31, 2017, these securities amounted to approximately $7,617,000, which represents 3.1% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of August 31, 2017.

See Notes to Financial Statements

117

Schedule of Investments International Select Fund (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Capital Markets	$	16,918		6.9	%
Insurance		15,096		6.2	%
Trading Companies & Distributors		14,604		6.0	%
Pharmaceuticals		14,057		5.8	%
Chemicals		13,913		5.7	%
Electronic Equipment, Instruments & Components		12,749		5.2	%
Banks		12,483		5.1	%
Software		11,624		4.8	%
Auto Components		11,470		4.7	%
Professional Services		10,803		4.4	%
Internet Software & Services		10,781		4.4	%
Personal Products		10,572		4.3	%
Machinery		8,387		3.4	%
Hotels, Restaurants & Leisure		7,628		3.1	%
Semiconductors & Semiconductor Equipment		7,014		2.9	%
Oil, Gas & Consumable Fuels		6,141		2.5	%
Electrical Equipment		5,903		2.4	%
Food & Staples Retailing		5,853		2.4	%
Beverages		5,852		2.4	%
IT Services		5,552		2.3	%
Textiles, Apparel & Luxury Goods		4,966		2.0	%
Health Care Equipment & Supplies		4,094		1.7	%
Commercial Services & Supplies		3,941		1.6	%
Household Products		3,648		1.5	%
Building Products		3,500		1.4	%
Household Durables		2,640		1.1	%
Media		2,551		1.0	%
Automobiles		2,537		1.0	%
Industrial Conglomerates		1,910		0.8	%
Energy Equipment & Services		820		0.3	%
Short-Term Investment and Other Assets-Net		6,567		2.7	%
	$	244,574		100.0	%

See Notes to Financial Statements

118

Schedule of Investments International Select Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	238,007	$	—	$	—	$	238,007
Short-Term Investment		—		5,693		—		5,693
Total Investments	$	238,007	$	5,693	$	—	$	243,700

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

119

Schedule of Investments International Small Cap Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 100.5%
Australia 3.3%
nib holdings Ltd.		3,780	$	18
Reliance Worldwide Corp. Ltd.		5,845		17
Steadfast Group Ltd.		7,010		15
				50
Austria 0.5%
Schoeller-Bleckmann Oilfield Equipment AG*		110		8
Belgium 2.9%
Balta Group NV*^(a)		820		12
Ion Beam Applications		425		12
Ontex Group NV		570		19
				43
Canada 4.5%
Advantage Oil & Gas Ltd.*		1,300		8
ATS Automation Tooling Systems, Inc.*		1,890		19
Colliers International Group, Inc.		360		19
Kinaxis, Inc.*		378		22
				68
China 0.4%
Noah Holdings Ltd. ADR*		220		6
Denmark 2.9%
Schouw & Co. AB		220		23
Sydbank A/S		515		20
				43
Finland 1.3%
Kemira OYJ		1,565		19
France 4.6%
Axway Software SA		735		20
Trigano SA		205		27
Virbac SA*		130		22
				69
Germany 6.1%
Jenoptik AG		910		27
SAF-Holland SA		1,035		19
Stabilus SA		280		24
Washtec AG		280		22
				92
Ireland 1.0%
Greencore Group PLC		5,795		15

	Number of Shares		Value (000's)
Italy 1.1%
Azimut Holding SpA		800	$	17
Japan 25.6%
Aeon Delight Co. Ltd.		600		21
Amano Corp.		1,100		26
Ariake Japan Co. Ltd.		300		22
ASKUL Corp.		400		12
Azbil Corp.		600		25
Chugoku Marine Paints Ltd.		2,700		22
Daifuku Co. Ltd.		900		39
Daikyonishikawa Corp.		1,000		16
Ichigo, Inc.		5,200		17
Nihon Parkerizing Co. Ltd.		1,400		20
Nohmi Bosai Ltd.		1,100		17
Okamoto Industries, Inc.		2,000		21
Prestige International, Inc.		2,400		26
Relo Group, Inc.		1,300		30
Sato Holdings Corp.		800		19
SHO-BOND Holdings Co. Ltd.		400		22
Shoei Co. Ltd.		500		15
Sun Frontier Fudousan Co. Ltd.		1,500		15
				385
Netherlands 3.9%
Corbion NV		665		20
Intertrust NV^(a)		955		15
Refresco Group NV^(a)		1,151		23
				58
Norway 2.9%
Borregaard ASA		1,985		23
Skandiabanken ASA^(a)		1,975		21
				44
Singapore 1.4%
Haw Par Corp. Ltd.		2,500		21
Spain 2.6%
Applus Services SA		1,760		23
Euskaltel SA^(a)		1,605		16
				39
Sweden 5.4%
Byggmax Group AB		2,390		20
Cloetta AB		5,445		20
Indutrade AB		810		20
Thule Group AB^(a)		1,045		20
				80

	Number of Shares		Value (000's)
Switzerland 14.1%
Ascom Holding AG		1,080	$	21
Autoneum Holding AG		70		18
Belimo Holding AG		5		20
Bossard Holding AG Class A		120		26
Comet Holding AG*		135		19
Conzzeta AG		20		21
Interroll Holding AG		15		19
Komax Holding AG		70		19
Tecan Group AG		110		22
u-blox Holding AG*		75		13
VZ Holding AG		45		14
				212
United Kingdom 16.0%
Biffa PLC^(a)		6,870		20
Big Yellow Group PLC		1,095		11
Clarkson PLC		455		17
Clinigen Group Plc		1,685		24
CVS Group PLC		985		17
Dechra Pharmaceuticals PLC		845		21
Diploma PLC		1,525		21
Essentra PLC		2,925		20
Johnson Service Group PLC		13,355		23
Restore PLC		3,921		25
RPS Group PLC		6,290		24
Volution Group PLC		6,700		17
				240
Total Common Stocks (Cost $1,268)				1,509
Short-Term Investment 5.8%
Investment Company 5.8%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b)(Cost $87)		87,224		87
Total Investments 106.3% (Cost $1,355)				1,596
Liabilities less Other Assets (6.3)%				(94	)
Net Assets 100.0%			$	1,502

See Notes to Financial Statements

120

Schedule of Investments International Small Cap Fund (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 August 31, 2017, these securities amounted to approximately $127,000, which represents 8.5% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(b) Represents 7-day effective yield as of August 31, 2017.

See Notes to Financial Statements

121

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

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)			Percentage of Net Assets
Machinery	$	163			10.9	%
Commercial Services & Supplies		158			10.5	%
Chemicals		145			9.7	%
Electronic Equipment, Instruments & Components		114			7.6	%
Real Estate Management & Development		81			5.4	%
Food Products		80			5.3	%
Auto Components		68			4.5	%
Trading Companies & Distributors		67			4.5	%
Pharmaceuticals		64			4.3	%
Building Products		54			3.6	%
Leisure Products		47			3.1	%
Life Sciences Tools & Services		46			3.1	%
Software		42			2.8	%
Banks		41			2.7	%
Professional Services		38			2.5	%
Capital Markets		37			2.5	%
Insurance		33			2.2	%
Beverages		23			1.5	%
Construction & Engineering		22			1.5	%
Communications Equipment		21			1.4	%
Specialty Retail		20			1.3	%
Personal Products		19			1.3	%
Marine		17			1.1	%
Health Care Providers & Services		17			1.1	%
Diversified Telecommunication Services		16			1.1	%
Semiconductors & Semiconductor Equipment		13			0.9	%
Internet & Direct Marketing Retail		12			0.8	%
Health Care Equipment & Supplies		12			0.8	%
Household Durables		12			0.8	%
Equity Real Estate Investment Trusts		11			0.7	%
Energy Equipment & Services		8			0.5	%
Oil, Gas & Consumable Fuels		8			0.5	%
Short-Term Investment and Other Liabilities—Net		(7	)		(0.5	)%
	$	1,502			100.0	%

See Notes to Financial Statements

122

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,509	$	—	$	—	$	1,509
Short-Term Investment		—		87		—		87
Total Investments	$	1,509	$	87	$	—	$	1,596

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

As of the period ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

123

Schedule of Investments Intrinsic Value Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 93.7%
Aerospace & Defense 9.2%
Aerovironment, Inc.*		320,559	$	15,714
KEYW Holding Corp.*		1,214,006		8,680
Mercury Systems, Inc.*		457,541		22,076
Spirit AeroSystems Holdings, Inc. Class A		181,790		13,544
Teledyne Technologies, Inc.*		65,552		9,837
Textron, Inc.		238,239		11,695
				81,546
Banks 5.0%
BankUnited, Inc.		237,204		7,894
Comerica, Inc.		133,074		9,082
Huntington Bancshares, Inc.		804,930		10,134
TCF Financial Corp.		546,200		8,483
Texas Capital Bancshares, Inc.*		109,400		8,123
				43,716
Capital Markets 0.0%^(a)
Alimco Financial Corp.*		8,337		101
Commercial Services & Supplies 2.3%
Clean Harbors, Inc.*		215,514		11,657
Covanta Holding Corp.		574,900		8,250
				19,907
Communications Equipment 7.2%
ARRIS International PLC*		640,369		17,841
Ciena Corp.*		795,183		17,184
Infinera Corp.*		1,521,100		12,868
Mitel Networks Corp.*		383,000		3,118
Sonus Networks, Inc.*		847,499		5,856
Viavi Solutions, Inc.*		652,700		6,553
				63,420

	Number of Shares		Value (000's)
Construction & Engineering 2.0%
KBR, Inc.		726,700	$	11,823
Valmont Industries, Inc.		40,700		5,843
				17,666
Containers & Packaging 4.3%
Avery Dennison Corp.		201,536		18,997
Crown Holdings, Inc.*		323,500		19,096
				38,093
Electronic Equipment, Instruments & Components 4.3%
II-VI, Inc.*		127,130		4,558
Itron, Inc.*		144,531		10,493
Maxwell Technologies, Inc.*		706,000		3,932
OSI Systems, Inc.*		111,700		9,278
VeriFone Systems, Inc.*		509,790		10,078
				38,339
Energy Equipment & Services 0.5%
ION Geophysical Corp.*		49,731		365
McDermott International, Inc.*		390,700		2,399
TETRA Technologies, Inc.*		927,092		1,910
				4,674
Equity Real Estate Investment Trusts 1.6%
InfraREIT, Inc.		311,900		7,014
Uniti Group, Inc.		361,100		6,955
				13,969
Food Products 1.2%
Hain Celestial Group, Inc.*		61,900		2,490
TreeHouse Foods, Inc.*		120,500		8,072
				10,562
Health Care Equipment & Supplies 3.7%
Accuray, Inc.*		1,750,139		7,263
Analogic Corp.		120,635		8,632
AtriCure, Inc.*		300,000		6,729
Haemonetics Corp.*		224,900		9,675
				32,299

	Number of Shares		Value (000's)
Health Care Providers & Services 1.7%
Acadia Healthcare Co., Inc.*		140,000	$	6,572
Molina Healthcare, Inc.*		125,161		8,010
				14,582
Health Care Technology 1.7%
Allscripts Healthcare Solutions, Inc.*		1,122,300		14,747
Hotels, Restaurants & Leisure 0.7%
SeaWorld Entertainment, Inc.		456,800		5,929
Independent Power and Renewable Electricity Producers 3.8%
Atlantic Power Corp.*		1,733,958		4,248
Dynegy, Inc.*		729,700		6,874
NRG Energy, Inc.		484,200		12,062
Ormat Technologies, Inc.		178,241		10,238
				33,422
IT Services 5.3%
Acxiom Corp.*		560,500		13,054
CoreLogic, Inc.*		424,425		19,935
DST Systems, Inc.		193,138		9,914
Unisys Corp.*		497,900		3,859
				46,762
Life Sciences Tools & Services 4.6%
Charles River Laboratories International, Inc.*		238,171		25,913
Fluidigm Corp.*^(b)		1,737,259		7,939
Luminex Corp.		333,400		6,445
				40,297
Machinery 4.3%
Actuant Corp. Class A		208,475		5,014
Harsco Corp.*		529,400		9,053
ITT, Inc.		183,800		7,418
Manitowoc Co., Inc.*		719,500		5,921
Meritor, Inc.*		380,250		7,552
Twin Disc, Inc.*		175,657		3,049
				38,007
Marine 0.1%
Danaos Corp.*		549,959		907

See Notes to Financial Statements

124

Schedule of Investments Intrinsic Value Fund (cont'd)

	Number of Shares		Value (000's)
Media 0.5%
MSG Networks, Inc. Class A*		208,153	$	4,465
Metals & Mining 1.3%
Cleveland-Cliffs, Inc.*		1,331,500		11,131
Pharmaceuticals 1.5%
Impax Laboratories, Inc.*		266,800		5,776
Intersect ENT, Inc.*		243,588		7,527
				13,303
Road & Rail 4.6%
Avis Budget Group, Inc.*		622,500		22,553
Hertz Global Holdings, Inc.*		352,100		7,655
Ryder System, Inc.		139,604		10,833
				41,041
Semiconductors & Semiconductor Equipment 8.9%
CEVA, Inc.*		150,600		6,107
Cypress Semiconductor Corp.		819,135		11,214
FormFactor, Inc.*		427,803		6,460
MACOM Technology Solutions Holdings, Inc.*		352,563		16,056
Mellanox Technologies Ltd.*		315,950		14,834
Rambus, Inc.*		1,268,644		16,454
Veeco Instruments, Inc.*		408,900		7,728
				78,853

	Number of Shares		Value (000's)
Software 10.1%
FireEye, Inc.*		905,400	$	13,373
Nuance Communications, Inc.*		1,119,300		17,987
Seachange International, Inc.*		798,867		2,085
Silver Spring Networks, Inc.*		1,054,976		13,356
TiVo Corp.		877,130		16,052
VASCO Data Security International, Inc.*		281,500		3,533
Verint Systems, Inc.*		576,961		22,905
				89,291
Specialty Retail 0.9%
Express, Inc.*		423,400		2,697
New York & Co., Inc.*		299,700		578
Office Depot, Inc.		1,113,167		4,776
				8,051
Technology Hardware, Storage & Peripherals 0.6%
Diebold Nixdorf, Inc.		205,100		4,194
Quantum Corp.*		229,375		1,264
				5,458
Textiles, Apparel & Luxury Goods 1.8%
Crocs, Inc.*		481,700		4,301
Deckers Outdoor Corp.*		182,000		11,630
				15,931
Total Common Stocks (Cost $696,351)				826,469

	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 $5,627)		57,900	$	3,905
Short-Term Investment 6.4%
Investment Company 6.4%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(c) (Cost $56,423)		56,422,974		56,423
Total Investments 100.5% (Cost $758,401)				886,797
Liabilities Less Other Assets (0.5)%				(4,344	)
Net Assets 100.0%			$	882,453

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) Affiliated company (see Note F of Notes to Financial Statements).

See Notes to Financial Statements

125

Schedule of Investments Intrinsic Value Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	826,469	$	—	$	—	$	826,469
Convertible Preferred Stock^(a)		3,905		—		—		3,905
Short-Term Investment		—		56,423		—		56,423
Total Investments	$	830,374	$	56,423	$	—	$	886,797

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

126

Schedule of Investments Large Cap Value Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 84.0%
Airlines 0.4%
Delta Air Lines, Inc.		135,506	$	6,395
Banks 15.0%
Bank of America Corp.		427,246		10,207
Citigroup, Inc.		782,273		53,218
JPMorgan Chase & Co.^(a)		786,715		71,505
M&T Bank Corp.		173,823		25,701
PNC Financial Services Group, Inc.		278,933		34,981
U.S. Bancorp		254,710		13,054
Wells Fargo & Co.		187,561		9,579
				218,245
Beverages 1.0%
Coca-Cola Co.		326,105		14,854
Biotechnology 0.2%
Gilead Sciences, Inc.		42,184		3,531
Building Products 0.6%
Johnson Controls International PLC		236,301		9,355
Capital Markets 1.5%
CME Group, Inc.		171,139		21,529
Chemicals 0.8%
Potash Corp. of Saskatchewan, Inc.		84,034		1,462
Praxair, Inc.		74,938		9,857
				11,319
Containers & Packaging 1.0%
Crown Holdings, Inc.*		253,780		14,981
Distributors 0.0%^(b)
LKQ Corp.*		17,557		608
Diversified Telecommunication Services 0.9%
AT&T, Inc.		364,843		13,667
Electric Utilities 4.1%
Alliant Energy Corp.		127,257		5,439
American Electric Power Co., Inc.		218,539		16,091
Exelon Corp.		989,753		37,482
				59,012

	Number of Shares		Value (000's)
Electrical Equipment 1.7%
Eaton Corp. PLC		338,187	$	24,268
Energy Equipment & Services 1.5%
McDermott International, Inc.*		276,554		1,698
Schlumberger Ltd.		323,637		20,554
				22,252
Equity Real Estate Investment Trusts 0.5%
American Homes 4 Rent Class A		165,072		3,658
Essex Property Trust, Inc.		13,666		3,635
				7,293
Food & Staples Retailing 4.1%
Wal-Mart Stores, Inc.		756,866		59,089
Food Products 2.1%
Mondelez International, Inc. Class A		740,660		30,115
Health Care Equipment & Supplies 3.1%
Abbott Laboratories^(a)		330,582		16,840
Medtronic PLC		134,874		10,873
Zimmer Biomet Holdings, Inc.		152,726		17,452
				45,165
Health Care Providers & Services 0.3%
HCA Healthcare, Inc.*		55,335		4,353
Hotels, Restaurants & Leisure 5.6%
Carnival Corp.		963,964		66,976
McDonald's Corp.		88,340		14,132
				81,108
Household Durables 0.5%
Whirlpool Corp.		46,298		7,946
Household Products 3.8%
Procter & Gamble Co.		606,005		55,916
Industrial Conglomerates 1.2%
3M Co.		83,557		17,072
Insurance 3.5%
American International Group, Inc.		254,480		15,391

	Number of Shares		Value (000's)
Athene Holding Ltd. Class A*		368,433	$	19,715
Chubb Ltd.		30,139		4,262
Lincoln National Corp.		167,444		11,363
				50,731
Machinery 1.5%
Caterpillar, Inc.		84,812		9,964
WABCO Holdings, Inc.*		80,181		11,516
				21,480
Media 0.2%
CBS Corp. Class B		22,003		1,409
Viacom, Inc. Class A		23,862		912
				2,321
Metals & Mining 5.9%
Alcoa Corp.*		47,276		2,075
Newmont Mining Corp.		2,014,746		77,245
Southern Copper Corp.		157,692		6,418
				85,738
Multi-Utilities 1.0%
NiSource, Inc.		552,559		14,847
Oil, Gas & Consumable Fuels 8.2%
Cabot Oil & Gas Corp.		1,757,193		44,896
Devon Energy Corp.		91,370		2,869
EOG Resources, Inc.		77,653		6,600
Exxon Mobil Corp.		508,297		38,798
Phillips 66		141,521		11,861
Rice Energy, Inc.*		498,108		13,628
				118,652
Personal Products 0.7%
Estee Lauder Cos., Inc. Class A		90,632		9,697
Pharmaceuticals 9.7%
Bristol-Myers Squibb Co.		37,783		2,285
Eli Lilly & Co.		74,247		6,036
Johnson & Johnson		399,017		52,818
Merck & Co., Inc.		456,260		29,137
Pfizer, Inc.		1,502,283		50,957
				141,233

See Notes to Financial Statements

127

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

	Number of Shares		Value (000's)
Semiconductors & Semiconductor Equipment 1.2%
NXP Semiconductors NV*		154,064	$	17,403
Specialty Retail 0.5%
Gap, Inc.		343,109		8,104
Technology Hardware, Storage & Peripherals 0.6%
Western Digital Corp.		92,512		8,166
Textiles, Apparel & Luxury Goods 1.1%
Coach, Inc.		109,700		4,574
VF Corp.		184,094		11,574
				16,148
Total Common Stocks (Cost $1,058,295)				1,222,593

	Number of Shares		Value (000's)
Short-Term Investment 16.8%
Investment Company 16.8%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(c)(Cost $243,779)		243,778,794	$	243,779
Total Investments 100.8% (Cost $1,302,074)				1,466,372
Liabilities less Other Assets^(d) (0.8)%				(11,949)
Net Assets 100.0%			$	1,454,423

* Non-income producing security.

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

(b) Represents less than 0.05% of net assets.

(d) Includes the impact of the Fund's open positions in derivatives at August 31, 2017.

Derivative Instruments

Written option contracts ("options written")

At August 31, 2017, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Machinery
Caterpillar, Inc.		750	$	(8,811,750	)	$	115	9/15/2017	$	(262,500	)
Technology Hardware, Storage & Peripherals
Western Digital Corp.		920		(8,120,840	)		105	9/15/2017		(0	)^(a)
Total Options Written (premiums received: $313,028)									$(262,500		)

(a) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees (the "Board").

See Notes to Financial Statements

128

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

For the year ended August 31, 2017, the Fund had an average market value of $(290,550) in options written. The Fund had securities pledged in the amount of $9,803,350 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,222,593	$	—	$	—	$	1,222,593
Short-Term Investment		—		243,779		—		243,779
Total Investments	$	1,222,593	$	243,779	$	—	$	1,466,372

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

As of the year ended August 31, 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 August 31, 2017:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(a)			Total
Options Written
Liabilities	$	(262	)	$	—	$	(0	)	$	(262	)
Total	$	(262	)	$	—	$	(0	)	$	(262	)

(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 8/31/2017			Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2017
Other Financial Instruments: (000's omitted)
Options Written^(b)	$	—	$	—	$	—	$	217	$	—	$	(217	)	$	—	$	—	$	(0	)	$	217
Total	$	—	$	—	$	—	$	217	$	—	$	(217	)	$	—	$	—	$	(0	)	$	217

(b) As of the year ended August 31, 2017, these investments were valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. As of the year ended August 31, 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.

See Notes to Financial Statements

129

Schedule of Investments Mid Cap Growth Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 96.9%
Aerospace & Defense 0.4%
KLX, Inc.*		100,000	$	4,794
Airlines 0.9%
Alaska Air Group, Inc.		135,000		10,079
Auto Components 1.1%
Delphi Automotive PLC		130,000		12,532
Automobiles 0.8%
Thor Industries, Inc.		91,000		9,886
Banks 1.8%
East West Bancorp, Inc.		130,000		7,198
SVB Financial Group*		80,000		13,547
				20,745
Biotechnology 3.7%
Exact Sciences Corp.*		303,600		12,718
Incyte Corp.*		35,000		4,809
Neurocrine Biosciences, Inc.*		265,000		14,999
TESARO, Inc.*		85,000		10,977
				43,503
Capital Markets 4.4%
Affiliated Managers Group, Inc.		50,000		8,835
CBOE Holdings, Inc.		182,500		18,412
Northern Trust Corp.		85,000		7,523
Raymond James Financial, Inc.		210,000		16,447
				51,217
Chemicals 3.2%
Chemours Co.		125,000		6,134
RPM International, Inc.		130,000		6,366
Scotts Miracle-Gro Co.		133,500		12,761
Sensient Technologies Corp.		170,000		12,266
				37,527

	Number of Shares		Value (000's)
Commercial Services & Supplies 3.1%
Brink's Co.		100,000	$	7,845
Cintas Corp.		100,000		13,501
Waste Connections, Inc.		225,000		15,005
				36,351
Communications Equipment 2.4%
Harris Corp.		77,500		9,524
Lumentum Holdings, Inc.*		157,500		8,954
Motorola Solutions, Inc.		115,000		10,134
				28,612
Distributors 1.1%
LKQ Corp.*		360,000		12,474
Diversified Consumer Services 2.2%
Bright Horizons Family Solutions, Inc.*		162,000		12,949
Service Corp. International		350,000		12,369
				25,318
Electrical Equipment 1.7%
AMETEK, Inc.		175,000		11,069
Rockwell Automation, Inc.		55,000		9,023
				20,092
Electronic Equipment, Instruments & Components 4.7%
Amphenol Corp. Class A		209,500		16,957
CDW Corp.		282,500		17,916
Cognex Corp.		93,000		10,134
Trimble, Inc.*		265,000		10,250
				55,257
Food Products 1.7%
Lamb Weston Holdings, Inc.		130,000		5,912
Pinnacle Foods, Inc.		235,000		13,938
				19,850
Health Care Equipment & Supplies 8.5%
ABIOMED, Inc.*		80,000		12,064
Align Technology, Inc.*		56,500		9,986
Edwards Lifesciences Corp.*		80,000		9,093
Hill-Rom Holdings, Inc.		110,000		8,466
Hologic, Inc.*		220,000		8,492

	Number of Shares		Value (000's)
Merit Medical Systems, Inc.*		145,000	$	5,988
Nevro Corp.*		125,000		10,772
NuVasive, Inc.*		185,000		11,559
Penumbra, Inc.*		145,000		12,470
Wright Medical Group NV*		380,000		11,248
				100,138
Health Care Providers & Services 3.2%
Acadia Healthcare Co., Inc.*		240,000		11,266
Centene Corp.*		87,500		7,774
Envision Healthcare Corp.*		170,000		8,910
HealthSouth Corp.		200,000		9,150
				37,100
Health Care Technology 0.5%
Veeva Systems, Inc. Class A*		100,000		5,950
Hotels, Restaurants & Leisure 3.7%
Aramark		300,000		12,207
MGM Resorts International		400,000		13,184
Red Rock Resorts, Inc. Class A		275,000		6,215
Vail Resorts, Inc.		50,000		11,398
				43,004
Household Durables 1.0%
Newell Brands, Inc.		235,000		11,346
Industrial Conglomerates 1.6%
Roper Technologies, Inc.		80,000		18,453
Insurance 1.8%
Assurant, Inc.		120,000		11,363
Athene Holding Ltd. Class A*		185,000		9,899
				21,262
Internet & Direct Marketing Retail 1.2%
Expedia, Inc.		97,500		14,465
Internet Software & Services 4.3%
CoStar Group, Inc.*		82,500		23,646
LogMeIn, Inc.		135,000		15,444
MercadoLibre, Inc.		45,000		11,631
				50,721

See Notes to Financial Statements

130

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

	Number of Shares		Value (000's)
IT Services 5.3%
DXC Technology Co.		90,000	$	7,650
Euronet Worldwide, Inc.*		150,000		14,741
Fiserv, Inc.*		116,500		14,412
Global Payments, Inc.		190,000		18,143
Total System Services, Inc.		100,000		6,912
				61,858
Life Sciences Tools & Services 2.2%
Bio-Rad Laboratories, Inc. Class A*		72,500		15,792
PRA Health Sciences, Inc.*		130,000		10,062
				25,854
Machinery 4.8%
Fortive Corp.		195,000		12,669
Gardner Denver Holdings, Inc.*		300,000		7,047
IDEX Corp.		130,000		15,285
Milacron Holdings Corp.*		449,700		7,173
Stanley Black & Decker, Inc.		100,000		14,400
				56,574
Media 1.1%
DISH Network Corp. Class A*		135,000		7,734
WideOpenWest, Inc.*		300,000		4,812
				12,546
Multiline Retail 0.7%
Dollar Tree, Inc.*		100,000		7,964
Oil, Gas & Consumable Fuels 1.4%
Concho Resources, Inc.*		85,500		9,488
Diamondback Energy, Inc.*		77,500		7,036
				16,524

	Number of Shares		Value (000's)
Pharmaceuticals 2.5%
Jazz Pharmaceuticals PLC*		67,500	$	10,082
Zoetis, Inc.		300,000		18,810
				28,892
Professional Services 1.2%
WageWorks, Inc.*		235,000		13,853
Road & Rail 1.5%
J.B. Hunt Transport Services, Inc.		100,000		9,889
Old Dominion Freight Line, Inc.		80,000		7,992
				17,881
Semiconductors & Semiconductor Equipment 4.8%
Cavium, Inc.*		80,000		5,065
Lam Research Corp.		105,000		17,428
Microchip Technology, Inc.		190,000		16,492
Monolithic Power Systems, Inc.		175,000		17,731
				56,716
Software 7.8%
Autodesk, Inc.*		82,500		9,443
Electronic Arts, Inc.*		150,000		18,225
Proofpoint, Inc.*		162,500		14,911
ServiceNow, Inc.*		135,000		15,686
Take-Two Interactive Software, Inc.*		170,000		16,624
Tyler Technologies, Inc.*		40,000		6,912
Ultimate Software Group, Inc.*		47,500		9,543
				91,344

	Number of Shares		Value (000's)
Specialty Retail 3.8%
Burlington Stores, Inc.*		140,000	$	12,198
Five Below, Inc.*		200,000		9,514
Ross Stores, Inc.		230,000		13,444
Ulta Beauty, Inc.*		42,000		9,282
				44,438
Trading Companies & Distributors 0.8%
United Rentals, Inc. *		80,000		9,445
Total Common Stocks (Cost $861,761)				1,134,565
Short-Term Investment 3.2%
Investment Company 3.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(a) (Cost $37,635)		37,634,900		37,635
Total Investments 100.1% (Cost $899,396)				1,172,200
Liabilities Less Other Assets (0.1)%				(707)
Net Assets 100.0%			$	1,171,493

See Notes to Financial Statements

131

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

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,134,565	$	—	$	—	$	1,134,565
Short-Term Investment		—		37,635		—		37,635
Total	$	1,134,565	$	37,635	$	—	$	1,172,200

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

132

Schedule of Investments Mid Cap Intrinsic Value Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 96.7%
Aerospace & Defense 7.2%
General Dynamics Corp.		15,650	$	3,151
Orbital ATK, Inc.		22,900		2,555
Spirit AeroSystems Holdings, Inc. Class A		13,800		1,028
				6,734
Airlines 2.1%
American Airlines Group, Inc.		44,300		1,982
Banks 6.5%
BankUnited, Inc.		81,300		2,706
BB&T Corp.		30,600		1,410
Comerica, Inc.		27,700		1,891
				6,007
Building Products 2.6%
Johnson Controls International PLC		61,708		2,443
Capital Markets 1.7%
State Street Corp.		17,500		1,619
Chemicals 4.2%
Ashland Global Holdings, Inc.		20,400		1,266
Valvoline, Inc.		124,504		2,651
				3,917
Commercial Services & Supplies 2.1%
Covanta Holding Corp.		136,100		1,953
Construction & Engineering 1.9%
Valmont Industries, Inc.		12,000		1,723
Containers & Packaging 2.1%
Avery Dennison Corp.		20,700		1,951
Electric Utilities 1.6%
Edison International		18,100		1,451
Electronic Equipment, Instruments & Components 2.8%
Flex Ltd.*		90,000		1,464
Itron, Inc.*		15,400		1,118
				2,582
Equity Real Estate Investment Trusts 1.4%
Starwood Waypoint Homes		36,060		1,343
Food Products 1.7%
TreeHouse Foods, Inc.*		22,900		1,534

	Number of Shares		Value (000's)
Health Care Equipment & Supplies 3.3%
Zimmer Biomet Holdings, Inc.		26,400	$	3,017
Health Care Providers & Services 2.8%
Envision Healthcare Corp.*		30,000		1,572
Molina Healthcare, Inc.*		15,800		1,011
				2,583
Hotels, Restaurants & Leisure 1.7%
SeaWorld Entertainment, Inc.		66,800		867
Wyndham Worldwide Corp.		7,000		698
				1,565
Household Durables 2.0%
Whirlpool Corp.		10,800		1,853
Independent Power and Renewable Electricity Producers 1.7%
AES Corp.		141,200		1,559
IT Services 4.6%
Amdocs Ltd.		14,500		940
Conduent, Inc.*		89,900		1,484
Teradata Corp.*		58,400		1,864
				4,288
Life Sciences Tools & Services 1.4%
Quintiles IMS Holdings, Inc.*		13,800		1,325
Media 4.3%
CBS Corp. Class B		20,900		1,339
Lions Gate Entertainment Corp. Class A*		21,600		642
Lions Gate Entertainment Corp. Class B*		21,600		607
MSG Networks, Inc. Class A*		66,400		1,424
				4,012
Mortgage Real Estate Investment 2.1%
Starwood Property Trust, Inc.		86,200		1,914
Multi-Utilities 2.2%
CenterPoint Energy, Inc.		69,400		2,056
Multiline Retail 1.3%
Macy's, Inc.		59,800		1,242
Oil, Gas & Consumable Fuels 5.8%
Cabot Oil & Gas Corp.		80,000		2,044
ONEOK, Inc.		35,600		1,928
Williams Cos., Inc.		48,200		1,433
				5,405

	Number of Shares		Value (000's)
Pharmaceuticals 3.1%
Perrigo Co. PLC		26,400	$	2,085
Teva Pharmaceutical Industries Ltd. ADR		50,900		807
				2,892
Road & Rail 2.4%
Avis Budget Group, Inc.*		62,600		2,268
Semiconductors & Semiconductor Equipment 6.6%
ON Semiconductor Corp.*		188,500		3,220
Skyworks Solutions, Inc.		27,900		2,939
				6,159
Software 5.1%
Check Point Software Technologies Ltd.*		23,800		2,663
Nuance Communications, Inc.*		129,900		2,087
				4,750
Specialty Retail 2.0%
Best Buy Co., Inc.		24,600		1,335
Office Depot, Inc.		119,200		511
				1,846
Technology Hardware, Storage & Peripherals 3.0%
Western Digital Corp.		31,136		2,748
Trading Companies & Distributors 3.4%
AerCap Holdings NV*		63,400		3,189
Total Common Stocks (Cost $73,819)				89,910
Rights 0.0%^(a)
Food & Staples Retailing 0.0%^(a)
Safeway, Inc. (Casa Ley)*^(b)(c)		21,100		11
Safeway, Inc. (Property Development Centers)*^(b)(c)		21,100		0
Total Rights (Cost $22)				11

See Notes to Financial Statements

133

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

	Number of Shares		Value (000's)
Short-Term Investment 3.6%
Investment Company 3.6%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(d) (Cost $3,323)		3,323,189	$	3,323
Total Investments 100.3% (Cost $77,164)			$	93,244
Liabilities Less Other Assets (0.3)%				(259	)
Net Assets 100.0%			$	92,985

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) Illiquid security.

(c) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2017 amounted to approximately $11,000, which represents 0.0% of net assets of the Fund.

(d) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	89,910	$	—	$	—	$	89,910
Rights^(a)		—		—		11		11
Short-Term Investment		—		3,323		—		3,323
Total Investments	$	89,910	$	3,323	$	11	$	93,244

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

See Notes to Financial Statements

134

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

(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 8/31/2017		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2017
(000's omitted)
Investments in Securities:
Rights^(c)
Food & Staples Retailing	$	6	$	—	$	—	$	5	$	—	$	—	$	—	$	—	$	11	$	5
Total	$	6	$	—	$	—	$	5	$	—	$	—	$	—	$	—	$	11	$	5

(c) As of the year ended August 31, 2017, these securities were valued based on a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

135

Schedule of Investments Multi-Cap Opportunities Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.9%
Aerospace & Defense 4.3%
Boeing Co.		170,000	$	40,742
Raytheon Co.		235,000		42,773
				83,515
Banks 5.2%
JPMorgan Chase & Co.		1,100,000		99,979
Building Products 1.1%
Masonite International Corp.*		325,000		20,572
Capital Markets 11.1%
Charles Schwab Corp.		1,275,000		50,873
Goldman Sachs Group, Inc.		410,000		91,733
Intercontinental Exchange, Inc.		1,100,000		71,137
				213,743
Chemicals 3.1%
Methanex Corp.		785,000		40,113
Scotts Miracle-Gro Co.		200,000		19,118
				59,231
Communications Equipment 7.3%
Cisco Systems, Inc.		1,750,000		56,368
Motorola Solutions, Inc.		960,000		84,595
				140,963
Construction Materials 0.3%
Martin Marietta Materials, Inc.		25,000		5,282
Containers & Packaging 2.2%
Sealed Air Corp.		940,000		41,717
Diversified Financial Services 4.9%
Berkshire Hathaway, Inc. Class B*		515,000		93,297
Electrical Equipment 1.6%
Rockwell Automation, Inc.		190,000		31,171

	Number of Shares		Value (000's)
Energy Equipment & Services 1.3%
Schlumberger Ltd.		390,000	$	24,769
Food & Staples Retailing 3.0%
US Foods Holding Corp.*		2,120,000		58,194
Food Products 3.0%
Hain Celestial Group, Inc.*		620,000		24,937
Mondelez International, Inc. Class A		820,000		33,341
				58,278
Health Care Equipment & Supplies 1.8%
Hill-Rom Holdings, Inc.		445,000		34,247
Health Care Providers & Services 7.3%
Aetna, Inc.		340,000		53,618
HCA Healthcare, Inc.*		760,000		59,782
Henry Schein, Inc.*		150,000		26,052
				139,452
Hotels, Restaurants & Leisure 0.6%
Bloomin' Brands, Inc.		710,000		12,077
Industrial Conglomerates 2.4%
3M Co.		225,000		45,972
Insurance 2.6%
Chubb Ltd.		350,000		49,497
Internet Software & Services 4.3%
Alphabet, Inc. Class C*		88,000		82,661
IT Services 2.7%
PayPal Holdings, Inc.*		830,000		51,194
Machinery 3.8%
Stanley Black & Decker, Inc.		510,000		73,440
Oil, Gas & Consumable Fuels 3.4%
Cabot Oil & Gas Corp.		1,350,000		34,493
EOG Resources, Inc.		375,000		31,871
				66,364

	Number of Shares		Value (000's)
Pharmaceuticals 3.4%
Allergan PLC		75,000	$	17,211
Pfizer, Inc.		1,425,000		48,336
				65,547
Professional Services 1.2%
Nielsen Holdings PLC		600,000		23,310
Road & Rail 2.5%
CSX Corp.		950,000		47,690
Semiconductors & Semiconductor Equipment 2.1%
Analog Devices, Inc.		476,000		39,827
Software 6.0%
Activision Blizzard, Inc.		680,000		44,581
Symantec Corp.		2,330,000		69,853
				114,434
Technology Hardware, Storage & Peripherals 5.4%
Apple, Inc.		358,000		58,712
NCR Corp.*		1,260,000		46,028
				104,740
Textiles, Apparel & Luxury Goods 1.0%
NIKE, Inc. Class B		370,000		19,540
Total Common Stocks (Cost $1,260,778)				1,900,703
Short-Term Investment 1.3%
Investment Company 1.3%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(a) (Cost $25,115)		25,114,635		25,115
Total Investments 100.2% (Cost $1,285,893)				1,925,818
Liabilities Less Other Assets (0.2)%				(3,501	)
Net Assets 100.0%			$	1,922,317

See Notes to Financial Statements

136

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

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,900,703	$	—	$	—	$	1,900,703
Short-Term Investment		—		25,115		—		25,115
Total Investments	$	1,900,703	$	25,115	$	—	$	1,925,818

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

137

Schedule of Investments Real Estate Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.8%
Apartments 12.4%
Apartment Investment & Management Co. Class A		245,900	$	11,147
Equity Residential		303,550		20,383
Essex Property Trust, Inc.		66,725		17,747
Mid-America Apartment Communities, Inc.		137,747		14,664
				63,941
Data Centers 8.8%
CoreSite Realty Corp.		92,475		10,982
CyrusOne, Inc.		166,300		10,482
Equinix, Inc.		50,284		23,554
				45,018
Diversified 3.4%
Forest City Realty Trust, Inc. Class A		227,100		5,441
Vornado Realty Trust		162,523		12,107
				17,548
Free Standing 1.0%
National Retail Properties, Inc.		125,325		5,242
Health Care 9.0%
Healthcare Trust of America, Inc. Class A		336,975		10,470
Ventas, Inc.		253,980		17,383
Welltower, Inc.		248,515		18,196
				46,049
Hotels, Restaurants & Leisure 3.8%
Marriott International, Inc. Class A		185,890		19,255
Industrial 7.9%
Duke Realty Corp.		442,100		13,139
Prologis, Inc.		429,068		27,186
				40,325

	Number of Shares		Value (000's)
Infrastructure 13.8%
American Tower Corp.		259,875	$	38,475
Crown Castle International Corp.		174,105		18,880
SBA Communications Corp.*		88,730		13,624
				70,979
Manufactured Homes 2.2%
Equity LifeStyle Properties, Inc.		127,785		11,392
Office 9.6%
Alexandria Real Estate Equities, Inc.		105,735		12,827
Boston Properties, Inc.		108,784		13,119
Douglas Emmett, Inc.		348,115		13,562
Highwoods Properties, Inc.		192,700		10,065
				49,573
Real Estate Management & Development 2.1%
Brookfield Asset Management, Inc. Class A		277,465		10,974
Regional Malls 8.5%
GGP, Inc.		583,982		12,118
Pennsylvania REIT		129,700		1,301
Simon Property Group, Inc.		193,098		30,287
				43,706
Self Storage 3.9%
Extra Space Storage, Inc.		166,830		12,951
Public Storage		35,275		7,243
				20,194

	Number of Shares		Value (000's)
Shopping Centers 4.0%
Federal Realty Investment Trust		40,550	$	5,147
Kimco Realty Corp.		453,570		8,899
Regency Centers Corp.		103,207		6,638
				20,684
Single Family Homes 3.4%
American Homes 4 Rent Class A		345,525		7,657
Starwood Waypoint Homes		267,650		9,965
				17,622
Specialty 1.3%
EPR Properties		95,800		6,673
Timber 3.7%
Weyerhaeuser Co.		583,599		19,031
Total Common Stocks (Cost $460,967)				508,206
Short-Term Investment 0.9%
Investment Company 0.9%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(a) (Cost $4,710)		4,709,964		4,710
Total Investments 99.7% (Cost $465,677)				512,916
Other Assets Less Liabilities 0.3%				1,606
Net Assets 100.0%			$	514,522

See Notes to Financial Statements

138

Schedule of Investments Real Estate Fund (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	508,206	$	—	$	—	$	508,206
Short-Term Investment		—		4,710		—		4,710
Total Investments	$	508,206	$	4,710	$	—	$	512,916

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

139

Schedule of Investments Small Cap Growth Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.7%
Aerospace & Defense 4.7%
HEICO Corp. Class A		15,000	$	1,090
KLX, Inc.*		13,000		623
Mercury Systems, Inc.*		15,000		724
Teledyne Technologies, Inc.*		7,000		1,050
				3,487
Auto Components 1.4%
Dorman Products, Inc.*		5,500		365
LCI Industries		7,000		692
				1,057
Banks 2.8%
Pinnacle Financial Partners, Inc.		15,181		944
Seacoast Banking Corp. of Florida*		48,500		1,109
				2,053
Beverages 0.9%
MGP Ingredients, Inc.		11,700		658
Biotechnology 14.1%
Amarin Corp. PLC ADR*		100,000		339
Amicus Therapeutics, Inc.*		39,000		543
Bluebird Bio, Inc.*		5,500		687
Clovis Oncology, Inc.*		13,000		989
Esperion Therapeutics, Inc.*		14,000		692
Exact Sciences Corp.*		10,000		419
Exelixis, Inc.*		34,500		1,009
Fate Therapeutics, Inc.*		133,000		503
FibroGen, Inc.*		18,500		892
Neurocrine Biosciences, Inc.*		12,000		679
Portola Pharmaceuticals, Inc.*		6,000		381
Puma Biotechnology, Inc.*		4,600		425
Sarepta Therapeutics, Inc.*		33,500		1,350
Spark Therapeutics, Inc.*		7,500		617
TESARO, Inc.*		6,500		839
				10,364

	Number of Shares		Value (000's)
Capital Markets 1.1%
MarketAxess Holdings, Inc.		4,000	$	772
Chemicals 1.2%
Sensient Technologies Corp.		12,000		866
Commercial Services & Supplies 4.6%
Advanced Disposal Services, Inc.*		39,000		930
Brink's Co.		13,000		1,020
Healthcare Services Group, Inc.		28,000		1,433
				3,383
Communications Equipment 2.3%
Lumentum Holdings, Inc.*		30,300		1,723
Containers & Packaging 0.9%
Greif, Inc. Class A		11,000		665
Diversified Consumer Services 3.1%
Bright Horizons Family Solutions, Inc.*		10,000		799
Chegg, Inc.*		46,000		653
Grand Canyon Education, Inc.*		10,000		821
				2,273
Electronic Equipment, Instruments & Components 2.1%
Universal Display Corp.		12,200		1,551
Equity Real Estate Investment Trusts 1.1%
CyrusOne, Inc.		12,500		788
Health Care Equipment & Supplies 9.6%
AxoGen, Inc.*		62,000		1,091
iRhythm Technologies, Inc.*		11,000		525
Merit Medical Systems, Inc.*		42,000		1,734
Nevro Corp.*		9,500		819
NuVasive, Inc.*		13,000		812
Oxford Immunotec Global PLC*		47,257		748
Penumbra, Inc.*		5,000		430
Tactile Systems Technology, Inc.*		16,000		526
Viveve Medical, Inc.*		70,000		397
				7,082
Health Care Providers & Services 1.4%
Teladoc, Inc.*		20,000		671
Tivity Health, Inc.*		10,000		392
				1,063

	Number of Shares		Value (000's)
Hotels, Restaurants & Leisure 3.3%
Hilton Grand Vacations, Inc.*		20,000	$	725
Planet Fitness, Inc. Class A		22,000		558
Texas Roadhouse, Inc.		12,000		569
Vail Resorts, Inc.		2,500		570
				2,422
Household Durables 1.1%
Cavco Industries, Inc.*		6,000		807
Insurance 1.0%
Primerica, Inc.		10,000		765
Internet Software & Services 6.6%
Five9, Inc.*		45,500		978
LogMeIn, Inc.		10,400		1,190
Q2 Holdings, Inc.*		37,500		1,522
Wix.com Ltd.*		18,200		1,185
				4,875
IT Services 1.7%
Euronet Worldwide, Inc.*		13,000		1,278
Life Sciences Tools & Services 1.6%
Bio-Rad Laboratories, Inc. Class A*		2,000		436
PRA Health Sciences, Inc.*		10,000		774
				1,210
Machinery 4.2%
Colfax Corp.*		20,000		798
Gardner Denver Holdings, Inc.*		25,000		587
John Bean Technologies Corp.		12,500		1,109
Milacron Holdings Corp.*		35,500		566
				3,060
Media 2.5%
Cable One, Inc.		1,250		949
WideOpenWest, Inc.*		55,000		882
				1,831
Multiline Retail 0.8%
Ollie's Bargain Outlet Holdings, Inc.*		13,500		565
Oil, Gas & Consumable Fuels 1.4%
Jagged Peak Energy, Inc.*		46,500		596
Matador Resources Co.*		17,500		412
				1,008

See Notes to Financial Statements

140

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

	Number of Shares		Value (000's)
Pharmaceuticals 2.9%
Aerie Pharmaceuticals, Inc.*		18,500	$	1,061
Agile Therapeutics, Inc.*		137,500		473
Supernus Pharmaceuticals, Inc.*		12,500		572
				2,106
Professional Services 1.4%
WageWorks, Inc.*		17,500		1,032
Road & Rail 1.0%
Genesee & Wyoming, Inc. Class A*		11,000		754
Semiconductors & Semiconductor Equipment 6.1%
Cavium, Inc.*		5,500		348
Impinj, Inc.*		31,100		1,189
MACOM Technology Solutions Holdings, Inc.*		25,700		1,171

	Number of Shares		Value (000's)
Monolithic Power Systems, Inc.		17,300		$1,753
				4,461
Software 8.2%
Callidus Software, Inc.*		38,000		979
Descartes Systems Group, Inc.*		43,500		1,220
HubSpot, Inc.*		12,600		924
Proofpoint, Inc.*		15,600		1,431
RingCentral, Inc. Class A*		35,300		1,495
				6,049
Specialty Retail 1.4%
Burlington Stores, Inc.*		5,000		435
Five Below, Inc.*		12,000		571
				1,006
Tobacco 0.8%
Turning Point Brands, Inc.*		33,000		568

	Number of Shares		Value (000's)
Trading Companies & Distributors 1.4%
Air Lease Corp.		25,000	$	1,016
Total Common Stocks (Cost $63,978)				72,598
Short-Term Investment 0.8%
Investment Company 0.8%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.93%^(a) (Cost $605)		604,531		605
Total Investments 99.5% (Cost $64,583)				73,203
Other Assets Less Liabilities 0.5%				347
Net Assets 100.0%			$	73,550

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2			Level 3		Total
Investments:
Common Stocks^(a)	$	72,598	$	—	��	$	—	$	72,598
Short-Term Investment		—		605			—		605
Total Investments	$	72,598	$	605		$	—	$	73,203

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

141

Schedule of Investments Socially Responsive Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 98.3%
Airlines 2.9%
Ryanair Holdings PLC ADR*		608,711	$	69,210
Auto Components 3.4%
Delphi Automotive PLC		848,474		81,793
Banks 5.0%
JPMorgan Chase & Co.		646,643		58,773
U.S. Bancorp		1,195,745		61,282
				120,055
Capital Markets 3.2%
Intercontinental Exchange, Inc.		1,168,329		75,556
Communications Equipment 3.3%
Motorola Solutions, Inc.		472,331		41,622
NetScout Systems, Inc.*		1,146,939		37,562
				79,184
Consumer Finance 2.6%
American Express Co.		731,212		62,957
Electric Utilities 1.5%
Eversource Energy		586,363		36,941
Energy Equipment & Services 2.0%
Schlumberger Ltd.		741,416		47,087
Equity Real Estate Investment Trusts 2.6%
Weyerhaeuser Co.		1,894,745		61,788
Food & Staples Retailing 2.3%
Kroger Co.		2,517,209		55,051
Health Care Equipment & Supplies 8.3%
Becton, Dickinson & Co.		375,126		74,815
Danaher Corp.		810,980		67,652
Medtronic PLC		692,637		55,840
				198,307
Health Care Providers & Services 4.6%
Amerisource Bergen Corp.		894,431		71,778
Premier, Inc. Class A*		1,117,659		37,442
				109,220

	Number of Shares		Value (000's)
Household Durables 3.9%
Newell Brands, Inc.		1,955,490	$	94,411
Industrial Conglomerates 1.9%
3M Co.		227,030		46,387
Insurance 4.7%
Progressive Corp.		2,406,061		111,834
Internet Software & Services 6.0%
Alphabet, Inc. Class A*		70,359		67,210
eBay, Inc.*		2,102,701		75,970
				143,180
IT Services 5.2%
Cognizant Technology Solutions Corp. Class A		1,003,127		70,991
MasterCard, Inc. Class A		405,994		54,119
				125,110
Media 3.7%
Comcast Corp. Class A		2,177,972		88,447
Oil, Gas & Consumable Fuels 5.2%
Cimarex Energy Co.		186,001		18,542
EQT Corp.		1,007,502		62,808
Noble Energy, Inc.		1,858,424		44,175
				125,525
Personal Products 3.5%
Unilever NV		1,393,523		82,915
Pharmaceuticals 2.1%
Roche Holding AG		202,518		51,424
Professional Services 1.6%
Manpower Group, Inc.		339,621		37,871
Road & Rail 1.9%
J.B. Hunt Transport Services, Inc.		466,444		46,127
Semiconductors & Semiconductor Equipment 4.9%
Texas Instruments, Inc.		1,407,343		116,556
Software 2.1%
Intuit, Inc.		347,471		49,150

	Number of Shares		Value (000's)
Specialty Chemicals 2.4%
Novozymes A/S B Shares		1,149,030	$	58,451
Specialty Retail 2.4%
Advance Auto Parts, Inc.		575,107		56,303
Textiles, Apparel & Luxury Goods 1.5%
Gildan Activewear, Inc.		1,150,759		36,019
Trading Companies & Distributors 3.6%
Fastenal Co.		561,464		23,958
W.W. Grainger, Inc.		377,281		61,334
				85,292
Total Common Stocks (Cost $1,705,780)				2,352,151
	Principal Amount
Short-Term Investments 1.7%
Certificates of Deposit 0.0%^(a)
Carver Federal Savings Bank Self Help Credit Union, 0.10%, due 9/23/17	$	100,000		100
Self Help Credit Union, 0.25%, due 9/30/17		250,000		250
Self Help Credit Union, 0.25%, due 11/16/17		250,000		250
				600
	Number of Shares
Investment Company 1.7%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b)		40,999,759		41,000
Total Short-Term Investments (Cost $41,600)				41,600
Total Investments 100.0% (Cost $1,747,380)				2,393,751
Liabilities Less Other Assets (0.0)%^(a)				(727	)
Net Assets 100.0%			$	2,393,024

See Notes to Financial Statements

142

Schedule of Investments Socially Responsive Fund (cont'd)

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) Represents 7-day effective yield as of August 31, 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 August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,352,151	$	—	$	—	$	2,352,151
Short-Term Investments^(a)		—		41,600		—		41,600
Total Investments	$	2,352,151	$	41,600	$	—	$	2,393,751

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

As of the year ended August 31, 2017, no securities were transferred from one level (as of August 31, 2016) to another.

See Notes to Financial Statements

143

Schedule of Investments Value Fund August 31, 2017

	Number of Shares		Value (000's)
Common Stocks 87.0%
Airlines 0.5%
Delta Air Lines, Inc.		1,652	$	78
Banks 15.5%
Bank of America Corp.		5,149		123
Citigroup, Inc.		9,190		625
JPMorgan Chase & Co.^(a)		9,542		867
M&T Bank Corp.		2,094		310
PNC Financial Services Group, Inc.		3,399		426
U.S. Bancorp		3,123		160
Wells Fargo & Co.		2,262		116
				2,627
Beverages 1.1%
Coca-Cola Co.		3,933		179
Biotechnology 0.2%
Gilead Sciences, Inc.		509		43
Building Products 0.7%
Johnson Controls International PLC		2,891		114
Capital Markets 1.5%
CME Group, Inc.		2,091		263
Chemicals 0.8%
Potash Corp. of Saskatchewan, Inc.		987		17
Praxair, Inc.		904		119
				136
Containers & Packaging 1.0%
Crown Holdings, Inc.*		2,981		176
Diversified Telecommunication Services 1.0%
AT&T, Inc.		4,402		165
Electric Utilities 4.2%
Alliant Energy Corp.		1,566		67
American Electric Power Co., Inc.		2,643		195
Exelon Corp.		12,057		456
				718
Electrical Equipment 1.7%
Eaton Corp. PLC		4,073		292
Energy Equipment & Services 1.6%
McDermott International, Inc.*		3,342		20
Schlumberger Ltd.		3,903		248
				268

	Number of Shares		Value (000's)
Equity Real Estate Investment Trusts 0.5%
American Homes 4 Rent Class A		1,939	$	43
Essex Property Trust, Inc.		161		43
				86
Food & Staples Retailing 4.2%
Wal-Mart Stores, Inc.		9,236		721
Food Products 2.1%
Mondelez International, Inc. Class A		8,754		356
Health Care Equipment & Supplies 3.2%
Abbott Laboratories^(a)		4,031		205
Medtronic PLC		1,668		135
Zimmer Biomet Holdings, Inc.		1,862		213
				553
Health Care Providers & Services 0.3%
HCA Healthcare, Inc.*		667		52
Hotels, Restaurants & Leisure 5.8%
Carnival Corp.		11,754		817
McDonald's Corp.		1,077		172
				989
Household Durables 0.6%
Whirlpool Corp.		561		96
Household Products 4.0%
Procter & Gamble Co.		7,311		675
Industrial Conglomerates 1.2%
3M Co.		1,007		206
Insurance 3.7%
American International Group, Inc.		3,078		186
Athene Holding Ltd. Class A*		4,496		241
Chubb Ltd.		395		56
Lincoln National Corp.		2,040		138
				621
Machinery 1.5%
Caterpillar, Inc.		1,022		120
WABCO Holdings, Inc.*		966		139
				259

	Number of Shares		Value (000's)
Media 0.2%
CBS Corp. Class B		262	$	17
Viacom, Inc. Class A		284		11
				28
Metals & Mining 6.1%
Alcoa Corp.*		576		25
Newmont Mining Corp.		24,279		931
Southern Copper Corp.		1,849		75
				1,031
Multi-Utilities 1.0%
NiSource, Inc.		6,659		179
Oil, Gas & Consumable Fuels 8.4%
Cabot Oil & Gas Corp.		21,191		541
Devon Energy Corp.		1,089		34
EOG Resources, Inc.		996		85
Exxon Mobil Corp.		6,047		462
Phillips 66		1,684		141
Rice Energy, Inc.*		6,051		165
				1,428
Personal Products 0.7%
Estee Lauder Cos.,Inc. Class A		1,092		117
Pharmaceuticals 10.0%
Bristol-Myers Squibb Co.		444		27
Eli Lilly & Co.		872		71
Johnson & Johnson		4,687		620
Merck & Co., Inc.		5,554		354
Pfizer, Inc.		18,300		621
				1,693
Semiconductors & Semiconductor Equipment 1.4%
NXP Semiconductors NV*		2,088		236
Specialty Retail 0.6%
Gap, Inc.		4,183		99
Technology Hardware, Storage & Peripherals 0.6%
Western Digital Corp.		1,223		108
Textiles, Apparel & Luxury Goods 1.1%
Coach, Inc.		1,320		55
VF Corp.		2,159		136
				191
Total Common Stocks (Cost $13,393)				14,783

See Notes to Financial Statements

144

Schedule of Investments Value Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investment 14.1%
Investment Company 14.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.90%^(b) (Cost $2,399)		2,398,509	$	2,399
Total Investments 101.1% (Cost $15,792)				17,182
Liabilities Less Other Assets^(c) (1.1)%				(183	)
Net Assets 100.0%			$	16,999

* Non-income producing security.

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

(b) Represents 7-day effective yield as of August 31, 2017.

Derivative Instruments

Written option contracts ("options written")

At August 31, 2017, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls Machinery
Caterpillar, Inc.		10	$	(117,490	)	$	115	9/15/2017	$	(3,500	)
Technology Hardware, Storage & Peripherals
Western Digital Corp.		12		(105,924	)		105	9/15/2017		(0	)^(a)
Total Options Written (premiums received: $4,110)									$	(3,500	)

(a) Security fair valued as of August 31, 2017 in accordance with procedures approved by the Board of Trustees (the "Board").

For the year ended August 31, 2017, the Fund had an average market value of $(3,848) in options written. The Fund had securities pledged in the amount of $147,325 to cover collateral requirements for options written.

See Notes to Financial Statements

145

Schedule of Investments Value Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2017:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	14,783	$	—	$	—	$	14,783
Short-Term Investment		—		2,399		—		2,399
Total Investments	$	14,783	$	2,399	$	—	$	17,182

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

As of the year ended August 31, 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 August 31, 2017:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(a)			Total
Options Written
Liabilities	$	(3	)	$	—	$	(0	)	$	(3	)
Total	$	(3	)	$	—	$	(0	)	$	(3	)

(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 8/31/2017			Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2017
Other Financial Instruments: (000's omitted)
Options Written^(b)	$	—	$	—	$	—	$	3	$	—	$	(3	)	$	—	$	—	$	(0	)	$	3
Total	$	—	$	—	$	—	$	3	$	—	$	(3	)	$	—	$	—	$	(0	)	$	3

See Notes to Financial Statements

146

Statements of Assets and Liabilities

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

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	August 31, 2017		August 31, 2017			August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017			August 31, 2017			August 31, 2017			August 31, 2017		August 31, 2017
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	37,188	$	876,114		$	1,686,814	$	747,653	$	8,929,888	$	4,676		$	2,989		$	129,989		$	1,188,712	$	1,820,498
Affiliated issuers		—		—			—		—		1,847,657		—			—			—			—		—
		37,188		876,114			1,686,814		747,653		10,777,545		4,676			2,989			129,989			1,188,712		1,820,498
Cash		—		159			—		13		—		—			—			—			—		—
Foreign currency*		—		92			—		—		—		—			3			1,308			—		—
Dividends and interest receivable		107		1,507			8,379		752		12,594		21			4			148			2,897		5,816
Receivable for securities sold		—		368			3,317		—		38,948		35			—			485			993		—
Receivable for Fund shares sold		104		1,214			822		2		32,881		—			—			746			27		2,300
Receivable from Management—net (Note B)		7		25			—		—		3		9			8			—			—		2
Prepaid expenses and other assets		12		80			76		70		361		24			9			32			134		143
Total Assets		37,418		879,559			1,699,408		748,490		10,862,332		4,765			3,013			132,708			1,192,763		1,828,759
Liabilities
Payable to investment manager—net (Note B)		15		695			693		329		6,070		2			2			117			502		965
Option contracts written, at value** (Note A)		—		—			1,692		240		—		—			—			—			568		—
Due to custodian		—		—			1,855		—		228		—			—			—			—		—
Payable for securities purchased		—		269			14		—		19,228		10			—			974			1,177		1,252
Payable for Fund shares redeemed		4		219			1,314		461		14,160		4			—			49			1,660		1,059
Payable to administrator—net (Note B)		—		—			543		179		1,752		—			—			6			268		324
Payable to trustees		5		5			5		5		5		5			5			5			5		5
Accrued capital gains taxes		—		386			—		—		—		—			—			—			—		—
Accrued expenses and other payables		89		536			240		206		1,044		100			103			148			302		333
Total Liabilities		113		2,110			6,356		1,420		42,487		121			110			1,299			4,482		3,938
Net Assets	$	37,305	$	877,449		$	1,693,052	$	747,070	$	10,819,845	$	4,644		$	2,903		$	131,409		$	1,188,281	$	1,824,821
Net Assets consist of:
Paid-in capital	$	31,157	$	747,912		$	1,350,324	$	570,614	$	5,269,020	$	3,765		$	2,758		$	106,888		$	906,780	$	1,624,775
Undistributed net investment income (loss)		311		4,510			11,234		1,337		21,800		24			—			850			2,985		12,844
Distributions in excess of net investment income		—		—			—		—		—		—			(35	)		—			—		—
Accumulated net realized gains (losses) on investments		390		(53,597	)		54,602		55,378		1,024,399		(89	)		(1	)		(624	)		68,086		(75,192	)
Net unrealized appreciation (depreciation) in value of investments		5,447		178,624			276,892		119,741		4,504,626		944			181			24,295			210,430		262,394
Net Assets	$	37,305	$	877,449		$	1,693,052	$	747,070	$	10,819,845	$	4,644		$	2,903		$	131,409		$	1,188,281	$	1,824,821
Net Assets
Investor Class	$	—	$	—		$	—	$	667,734	$	1,785,984	$	—		$	—		$	—		$	1,052,401	$	110,424
Trust Class		—		—			—		62,976		1,576,174		—			—			—			57,816		45,651
Advisor Class		—		—			—		3,503		203,779		—			—			—			145		—
Institutional Class		32,528		670,584			1,208,673		7,816		3,650,285		4,227			2,150			109,425			70,176		1,448,975
Class A		1,646		65,066			200,273		3,125		—		312			486			21,681			5,643		71,909
Class C		3,104		7,434			282,322		1,916		—		105			267			303			1,630		13,237
Class R3		—		1,503			1,784		—		—		—			—			—			470		—
Class R6		27		132,862			—		—		3,603,623		—			—			—			—		134,625

See Notes to Financial Statements

147

148

Statements of Assets and Liabilities (cont'd)

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

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL EQUITY FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND		GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		24,278		52,796		—		—		—		61,483		4,643
Trust Class		—		—		—		3,935		25,467		—		—		—		5,427		1,717
Advisor Class		—		—		—		546		8,856		—		—		—		11		—
Institutional Class		2,515		33,745		92,333		284		62,178		559		202		6,905		4,088		114,484
Class A		127		3,295		15,355		198		—		42		46		1,367		538		2,726
Class C		241		392		21,802		321		—		15		25		20		125		515
Class R3		—		78		137		—		—		—		—		—		35		—
Class R6		2		6,681		—		—		61,371		—		—		—		—		10,536
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	27.50	$	33.83	$	—	$	—	$	—	$	17.12	$	23.78
Trust Class		—		—		—		16.00		61.89		—		—		—		10.65		26.59
Advisor Class		—		—		—		6.42		23.01		—		—		—		13.64		—
Institutional Class		12.93		19.87		13.09		27.56		58.71		7.56		10.64		15.85		17.16		12.66
Class R3		—		19.31		13.01		—		—		—		—		—		13.55		—
Class R6		12.93		19.89		—		—		58.72		—		—		—		—		12.78
Net Asset Value and redemption price per share
Class A	$	12.94	$	19.75	$	13.04	$	15.80	$	—	$	7.48	$	10.64	$	15.86	$	10.48	$	26.38
Offering Price per share
Class A‡	$	13.73	$	20.95	$	13.84	$	16.76	$	—	$	7.94	$	11.29	$	16.83	$	11.12	$	27.99
Net Asset Value and offering price per share
Class C^	$	12.87	$	18.98	$	12.95	$	5.98	$	—	$	7.11	$	10.62	$	15.43	$	13.06	$	25.70
*Cost of Investments:
Unaffiliated issuers	$	31,741	$	697,107	$	1,409,160	$	627,974	$	4,992,779	$	3,731	$	2,808	$	105,703	$	978,777	$	1,558,146
Affiliated issuers		—		—		—		—		1,280,142		—		—		—		—		—
Total cost of investments	$	31,741	$	697,107	$	1,409,160	$	627,974	$	6,272,921	$	3,731	$	2,808	$	105,703	$	978,777	$	1,558,146
Total cost of foreign currency	$	—	$	92	$	—	$	—	$	—	$	—	$	3	$	1,299	$	—	$	—
**Premium received from option contracts written	$	—	$	—	$	919	$	302	$	—	$	—	$	—	$	—	$	1,075	$	—

‡ 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

149

150

Statements of Assets and Liabilities (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
	August 31, 2017			August 31, 2017		August 31, 2017			August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017			August 31, 2017
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	243,700		$	1,596	$	878,858		$	1,466,372	$	1,172,200	$	93,244	$	1,925,818	$	512,916	$	73,203		$	2,393,751
Affiliated issuers		—			—		7,939			—		—		—		—		—		—			—
		243,700			1,596		886,797			1,466,372		1,172,200		93,244		1,925,818		512,916		73,203			2,393,751
Cash		—			—		—			—		—		—		—		—		—			—
Foreign currency*		11			—		—			—		—		—		—		—		—			—
Dividends and interest receivable		1,007			2		237			3,511		847		67		2,702		377		32			4,059
Receivable for securities sold		—			—		—			—		—		198		—		1,499		901			—
Receivable for Fund shares sold		113			—		1,807			116		419		183		1,164		703		33			1,970
Receivable from Management—net (Note B)		—			6		—			—		—		—		—		—		—			—
Prepaid expenses and other assets		70			35		59			119		84		41		77		56		46			116
Total Assets		244,901			1,639		888,900			1,470,118		1,173,550		93,733		1,929,761		515,551		74,215			2,399,896
Liabilities
Payable to investment manager—net (Note B)		116			1		576			610		495		28		853		346		52			946
Option contracts written, at value** (Note A)		—			—		—			262		—		—		—		—		—			—
Due to custodian		—			—		—			—		—		—		—		—		—			—
Payable for securities purchased		—			—		4,698			12,860		—		540		5,282		—		464			2,841
Payable for Fund shares redeemed		7			18		837			1,273		1,104		60		765		409		40			2,172
Payable to administrator—net (Note B)		58			—		195			386		231		36		297		112		11			531
Payable to trustees		5			5		5			5		5		5		5		5		5			5
Accrued capital gains taxes		—			—		—			—		—		—		—		—		—			—
Accrued expenses and other payables		141			113		136			299		222		79		242		157		93			377
Total Liabilities		327			137		6,447			15,695		2,057		748		7,444		1,029		665			6,872
Net Assets	$	244,574		$	1,502	$	882,453		$	1,454,423	$	1,171,493	$	92,985	$	1,922,317	$	514,522	$	73,550		$	2,393,024
Net Assets consist of:
Paid-in capital	$	218,368		$	1,178	$	725,781		$	1,194,121	$	812,725	$	72,464	$	1,150,685	$	449,027	$	64,231			1,646,131
Undistributed net investment income (loss)		1,624			15		(100	)		14,558		—		294		7,156		—		(405	)		10,306
Distributions in excess of net investment income		—			—		—			—		—		—		—		—		—			—
Accumulated net realized gains (losses) on investments		(24,586	)		68		28,376			81,395		85,964		4,147		124,551		18,256		1,104			90,210
Net unrealized appreciation (depreciation) in value of investments		49,168			241		128,396			164,349		272,804		16,080		639,925		47,239		8,620			646,377
Net Assets	$	244,574		$	1,502	$	882,453		$	1,454,423	$	1,171,493	$	92,985	$	1,922,317	$	514,522	$	73,550		$	2,393,024
Net Assets
Investor Class	$	—		$	—	$	—		$	1,148,512	$	445,902	$	40,310	$	—	$	—	$	49,841		$	732,581
Trust Class		8,201			—		—			74,981		51,971		10,924		—		156,601		3,854			234,577
Advisor Class		—			—		—			144,066		12,386		—		—		—		1,712			—
Institutional Class		214,430			815		841,861			80,638		321,475		29,124		1,828,180		191,332		11,821			848,765
Class A		4,882			306		18,165			3,762		54,449		8,625		53,454		83,498		3,277			117,955
Class C		2,457			126		22,427			2,259		9,667		2,548		40,683		18,904		2,004			56,618
Class R3		4,993			—		—			205		13,207		1,454		—		19,005		1,041			41,257
Class R6		9,611			255		—			—		262,436		—		—		45,182		—			361,271

See Notes to Financial Statements

151

152

Statements of Assets and Liabilities (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
	August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017		August 31, 2017
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		36,337		31,376		1,755		—		—		1,515		19,540
Trust Class		660		—		—		3,720		2,069		579		—		11,587		108		10,953
Advisor Class		—		—		—		9,779		487		—		—		—		75		—
Institutional Class		17,270		64		52,219		2,532		22,007		1,266		97,940		14,109		349		22,606
Class A		396		24		1,159		187		2,179		458		2,885		6,179		91		5,575
Class C		202		10		1,520		163		395		139		2,281		1,398		92		2,764
Class R3		408		—		—		14		520		77		—		1,409		46		1,976
Class R6		774		20		—		—		17,894		—		—		3,333		—		9,616
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	31.61	$	14.21	$	22.98	$	—	$	—	$	32.90	$	37.49
Trust Class		12.43		—		—		20.16		25.12		18.86		—		13.52		35.61		21.42
Advisor Class		—		—		—		14.73		25.45		—		—		—		22.76		—
Institutional Class		12.42		12.74		16.12		31.85		14.61		23.00		18.67		13.56		33.83		37.55
Class R3		12.22		—		—		14.96		25.39		18.78		—		13.49		22.82		20.88
Class R6		12.42		12.74		—		—		14.67		—		—		13.56		—		37.57
Net Asset Value and redemption price per share
Class A	$	12.34	$	12.70	$	15.67	$	20.11	$	24.99	$	18.84	$	18.53	$	13.51	$	35.99	$	21.16
Offering Price per share
Class A‡	$	13.09	$	13.47	$	16.63	$	21.34	$	26.51	$	19.99	$	19.66	$	14.33	$	38.19	$	22.45
Net Asset Value and offering price per share
Class C^	$	12.16	$	12.63	$	14.76	$	13.87	$	24.44	$	18.37	$	17.84	$	13.52	$	21.84	$	20.49
*Cost of Investments:
Unaffiliated issuers	$	194,531	$	1,355	$	749,834	$	1,302,074	$	899,396	$	77,164	$	1,285,893	$	465,677	$	64,583	$	1,747,380
Affiliated issuers		—		—		8,567		—		—		—		—		—		—		—
Total cost of investments	$	194,531	$	1,355	$	758,401	$	1,302,074	$	899,396	$	77,164	$	1,285,893	$	465,677	$	64,583	$	1,747,380
Total cost of foreign currency	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
**Premium received from option contracts written	$	—	$	—	$	—	$	313	$	—	$	—	$	—	$	—	$	—	$	—

‡ 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

153

154

Statements of Assets and Liabilities (cont'd)

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

	VALUE FUND
	August 31, 2017
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	17,182
Affiliated issuers		—
		17,182
Cash		—
Foreign currency*		—
Dividends and interest receivable		42
Receivable for securities sold		—
Receivable for Fund shares sold		—
Receivable from Management—net (Note B)		16
Prepaid expenses and other assets		16
Total Assets		17,256
Liabilities
Payable to investment manager—net (Note B)		8
Option contracts written, at value** (Note A)		3
Due to custodian		—
Payable for securities purchased		145
Payable for Fund shares redeemed		3
Payable to administrator—net (Note B)		—
Payable to trustees		5
Accrued capital gains taxes		—
Accrued expenses and other payables		93
Total Liabilities		257
Net Assets	$	16,999
Net Assets consist of:
Paid-in capital	$	14,400
Undistributed net investment income (loss)		210
Distributions in excess of net investment income		—
Accumulated net realized gains (losses) on investments		998
Net unrealized appreciation (depreciation) in value of investments		1,391
Net Assets	$	16,999
Net Assets
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		10,816
Class A		2,696
Class C		3,487
Class R3		—
Class R6		—

See Notes to Financial Statements

155

Statements of Assets and Liabilities (cont'd)

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

	VALUE FUND
	August 31, 2017
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		596
Class A		150
Class C		199
Class R3		—
Class R6		—
Net Asset Value, offering and redemption price per share
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		18.14
Class R3		—
Class R6		—
Net Asset Value and redemption price per share
Class A	$	18.02
Offering Price per share
Class A‡	$	19.12
Net Asset Value and offering price per share
Class C^	$	17.52
*Cost of Investments:
Unaffiliated issuers	$	15,792
Affiliated issuers		—
Total cost of investments	$	15,792
Total cost of foreign currency	$	—
**Premium received from option contracts written	$	4

‡ 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

156

Statements of Operations

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	702		$	14,481		$	58,894		$	8,513		$	108,310		$	69		$	76		$	2,318		$	19,300		$	35,119
Dividend income—affiliated issuers (Note F)		—			—			—			—			26,746			—			—			—			—			—
Interest income—unaffiliated issuers		14			209			3,374			128			739			1			—			10			98			327
Foreign taxes withheld (Note A)		(3	)		(1,657	)		(640	)		(39	)		(1,196	)		(4	)		(4	)		(171	)		(361	)		(3,423	)
Total income	$	713		$	13,033		$	61,628		$	8,602		$	134,599		$	66		$	72		$	2,157		$	19,037		$	32,023
Expenses:
Investment management fees (Note B)		144			5,869			8,158			3,800			72,904			26			21			1,045			5,799			12,407
Administration fees (Note B)		14			276			838			358			5,494			2			1			45			569			764
Administration fees (Note B):
Investor Class		—			—			—			1,349			3,832			—			—			—			2,128			219
Trust Class		—			—			—			229			5,837			—			—			—			228			157
Advisor Class		—			—			—			13			840			—			—			—			1			—
Institutional Class		27			457			1,159			8			3,637			4			2			92			66			1,297
Class A		2			88			463			7			—			1			1			11			12			167
Class C		4			12			649			4			—			—			1			—			4			29
Class R3		—			2			4			—			—			—			—			—			1			—
Class R6		—			36			—			—			1,106			—			—			—			—			18
Distribution fees (Note B):
Trust Class		—			—			—			66			—			—			—			—			65			—
Advisor Class		—			—			—			9			602			—			—			—			—			—
Class A		2			102			553			8			—			1			1			11			15			199
Class C		20			57			3,096			20			—			1			3			2			19			136
Class R3		—			6			10			—			—			—			—			—			3			—
Shareholder servicing agent fees:
Investor Class		—			—			—			396			1,173			—			—			—			767			114
Trust Class		—			—			—			1			17			—			—			—			2			5
Advisor Class		—			—			—			1			39			—			—			—			—			—
Institutional Class		1			128			10			1			46			—			—			32			1			18
Class A		1			15			19			1			—			—			—			2			1			8
Class C		—			1			10			—			—			—			—			—			—			2
Class R3		—			1			1			—			—			—			—			—			—			—
Class R6		—			2			—			—			6			—			—			—			—			2
Organization expense (Note A)		—			—			—			—			—			—			—			—			—			—
Audit fees		40			60			68			62			72			58			56			56			63			63
Custodian and accounting fees		43			771			241			135			1,034			48			41			108			186			417
Insurance expense		1			17			77			25			369			—			—			3			40			53
Legal fees		67			71			71			78			74			72			75			99			74			73
Registration and filing fees		93			125			84			93			249			44			47			50			108			174
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—			—			177			—			—			—			—			220
Shareholder reports		1			27			130			49			801			3			—			6			80			97
Trustees' fees and expenses		49			51			56			52			96			49			49			49			54			55
Interest expense		—			—			4			3			1			—			—			3			3			1
Miscellaneous		5			71			125			44			626			4			—			9			100			136
Total expenses		514			8,245			15,826			6,812			99,032			313			298			1,623			10,389			16,831

See Notes to Financial Statements

157

158

Statements of Operations (cont'd)

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

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017
Expenses reimbursed by Management (Note B)		(288	)		(652	)		—			(1	)		—			(272	)		(267	)		(174	)		—			—
Investment management fees waived (Note B)		—			—			—			—			—			—			—			—			—			(2,701	)
Custodian out-of-pocket expenses refunded (Note G)		—			—			(1	)		(73	)		(301	)		—			—			—			(127	)		(494	)
Total net expenses		226			7,593			15,825			6,738			98,731			41			31			1,449			10,262			13,636
Net investment income (loss)	$	487		$	5,440		$	45,803		$	1,864		$	35,868		$	25		$	41		$	708		$	8,775		$	18,387
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		491			16,813			64,103			67,496			1,405,976			(68	)		23			13,352	*		83,409			47,646
Sales of investment securities of affiliated issuers		—			—			—			—			79,021			—			—			—			—			—
Foreign currency		—			(400	)		(21	)		—			7			(1	)		—			8			(14	)		(604	)
Option contracts written		—			—			1,922			1,046			—			—			—			—			2,712			—
Net increase from payments by affiliates (Note B)		—			—			1			1			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		3,658			128,712	**		68,315			42,032			(589,498	)		666			(4	)		18,882			91,430			167,829
Affiliated investment securities		—			—			—			—			151,662			—			—			—			—			—
Foreign currency		—			5			9			—			2			1			—			11			29			207
Option contracts written		—			—			(426	)		(102	)		—			—			—			—			127			—
Net gain (loss) on investments		4,149			145,130			133,903			110,473			1,047,170			598			19			32,253			177,693			215,078
Net increase (decrease) in net assets resulting from operations	$	4,636		$	150,570		$	179,706		$	112,337		$	1,083,038		$	623		$	60		$	32,961		$	186,468		$	233,465

* Reversal of capital gains tax $6,061.

** Change in accrued foreign capital gains tax amounted to $(103,969).

See Notes to Financial Statements

159

160

Statements of Operations (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 Year Ended August 31, 2017			Period from December 8, 2016 (Commencement of Operations) to August 31, 2017			For the Year Ended August 31, 2017		For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017		For the Year Ended August 31, 2017
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	5,460		$	23		$	4,513	$	30,278		$	6,847		$	1,901		$	26,549		$	14,202		$	222	$	35,661
Dividend income—affiliated issuers (Note F)		—			—			—		—			—			—			—			—			—		—
Interest income—unaffiliated issuers		30			1			248		962			223			10			82			30			12		175
Foreign taxes withheld (Note A)		(529	)		(3	)		—		(1	)		(16	)		(8	)		(93	)		(25	)		—		(844	)
Total income	$	4,961		$	21		$	4,761	$	31,239		$	7,054		$	1,903		$	26,538		$	14,207		$	234	$	34,992
Expenses:
Investment management fees (Note B)		1,298			9			5,841		7,102			5,661			505			9,795			4,551			585		10,881
Administration fees (Note B)		116			—			351		715			553			46			916			289			34		1,151
Administration fees (Note B):
Investor Class		—			—			—		2,378			900			83			—			—			98		1,533
Trust Class		27			—			—		276			218			38			—			604			14		876
Advisor Class		—			—			—		522			41			—			—			—			6		—
Institutional Class		214			1			690		76			307			26			1,761			212			11		805
Class A		10			1			67		7			135			24			126			199			7		255
Class C		6			—			49		5			21			6			84			47			4		116
Class R3		9			—			—		—			28			3			—			45			2		78
Class R6		2			—			—		—			71			—			—			13			—		103
Distribution fees (Note B):
Trust Class		8			—			—		79			—			11			—			173			4		251
Advisor Class		—			—			—		373			29			—			—			—			5		—
Class A		11			1			82		8			162			29			151			238			8		303
Class C		30			1			236		24			100			29			400			226			18		549
Class R3		22			—			—		—			68			7			—			107			5		186
Shareholder servicing agent fees:
Investor Class		—			—			—		717			424			34			—			—			80		590
Trust Class		8			—			—		3			2			2			—			32			1		9
Advisor Class		—			—			—		4			2			—			—			—			1		—
Institutional Class		1			—			9		1			10			1			584			6			1		18
Class A		1			—			12		1			10			2			14			10			1		15
Class C		—			—			2		—			3			1			4			3			—		4
Class R3		1			—			—		—			5			—			—			4			1		3
Class R6		—			—			—		—			5			—			—			1			—		4
Organization expense (Note A)		—			70			—		—			—			—			—			—			—		—
Audit fees		62			29			28		62			28			28			28			61			28		28
Custodian and accounting fees		131			53			112		203			182			63			209			139			72		299
Insurance expense		8			—			22		48			40			3			68			23			2		80
Legal fees		71			60			72		86			70			69			69			70			66		71
Registration and filing fees		102			52			96		130			141			89			73			115			105		142
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—		5			14			1			—			—			—		—
Shareholder reports		10			2			180		75			95			12			57			57			12		178
Trustees' fees and expenses		50			26			52		55			54			49			57			51			49		59
Interest expense		2			—			—		—			—			—			21			5			—		—
Miscellaneous		25			7			42		84			66			9			106			36			10		151
Total expenses		2,225			312			7,943		13,039			9,445			1,170			14,523			7,317			1,230		18,738

See Notes to Financial Statements

161

162

Statements of Operations (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 Year Ended August 31, 2017			Period from December 8, 2016 (Commencement of Operations) to August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017			For the Year Ended August 31, 2017
Expenses reimbursed by Management (Note B)		(165	)		(300	)		(237	)		—			—			(12	)		—			(1,434	)		(395	)		—
Investment management fees waived (Note B)		—			—			—			—			—			(164	)		—			—			—			—
Custodian out-of-pocket expenses refunded (Note G)		—			—			—			(167	)		(79	)		(22	)		(1	)		—			(4	)		(94	)
Total net expenses		2,060			12			7,706			12,872			9,366			972			14,522			5,883			831			18,644
Net investment income (loss)	$	2,901		$	9		$	(2,945	)	$	18,367		$	(2,312	)	$	931		$	12,016		$	8,324		$	(597	)	$	16,348
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		6,839			69			39,725			143,188			110,017			4,958			137,938			40,372			14,135			145,794
Sales of investment securities of affiliated issuers		—			—			—			—			—			—			—			—			—			—
Foreign currency		(74	)		3			—			—			—			—			—			—			—			75
Option contracts written		—			—			—			142			—			—			—			—			—			—
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		26,795			241			73,200			47,439			57,664			8,449			187,940			(41,934	)		104			129,369
Affiliated investment securities		—			—			(628	)		—			—			—			—			—			—			—
Foreign currency		29			—			—			—			—			—			—			—			—			71
Option contracts written		—			—			—			51			—			—			—			—			—			—
Net gain (loss) on investments		33,589			313			112,297			190,820			167,681			13,407			325,878			(1,562	)		14,239			275,309
Net increase (decrease) in net assets resulting from operations	$	36,490		$	322		$	109,352		$	209,187		$	165,369		$	14,338		$	337,894		$	6,762		$	13,642		$	291,657

See Notes to Financial Statements

163

164

Statements of Operations (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	VALUE FUND
	For the Year Ended August 31, 2017
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	397
Dividend income—affiliated issuers (Note F)		—
Interest income—unaffiliated issuers		11
Foreign taxes withheld (Note A)		—
Total income	$	408
Expenses:
Investment management fees (Note B)		103
Administration fees (Note B)		9
Administration fees (Note B):
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		12
Class A		9
Class C		6
Class R3		—
Class R6		—
Distribution fees (Note B):
Trust Class		—
Advisor Class		—
Class A		11
Class C		29
Class R3		—
Shareholder servicing agent fees:
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		1
Class A		2
Class C		—
Class R3		—
Class R6		—
Organization expense (Note A)		—
Audit fees		57
Custodian and accounting fees		36
Insurance expense		1
Legal fees		85
Registration and filing fees		47
Repayment to Management of expenses previously assumed by Management (Note B)		—
Shareholder reports		3
Trustees' fees and expenses		49
Interest expense		—
Miscellaneous		3
Total expenses		463

See Notes to Financial Statements

165

Statements of Operations (cont'd)

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

	VALUE FUND
	For the Year Ended August 31, 2017
Expenses reimbursed by Management (Note B)		(281	)
Investment management fees waived (Note B)		—
Custodian out-of-pocket expenses refunded (Note G)		—
Total net expenses		182
Net investment income (loss)	$	226
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		2,273
Sales of investment securities of affiliated issuers		—
Foreign currency		—
Option contracts written		2
Net increase from payments by affiliates (Note B)		—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		240
Affiliated investment securities		—
Foreign currency		—
Option contracts written		1
Net gain (loss) on investments		2,516
Net increase (decrease) in net assets resulting from operations	$	2,742

See Notes to Financial Statements

166

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						GLOBAL EQUITY FUND
	Year Ended August 31, 2017			Period from December 15, 2015 (Commencement of Operations) to August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	487		$	280		$	5,440		$	3,015		$	45,803		$	52,236		$	1,864		$	4,443		$	35,868		$	40,519		$	25		$	21
Net realized gain (loss) on investments (Note A)		491			(120	)		16,413			(32,525	)		66,004			63,571			68,542			76,979			1,485,004			955,524			(69	)		37
Net increase from payments by affiliates (Note B)		—			—			—			—			1			—			1			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		3,658			1,789			128,717			92,414			67,898			88,146			41,930			(36,876	)		(437,834	)		133,370			667			161
Net increase (decrease) in net assets resulting from operations		4,636			1,949			150,570			62,904			179,706			203,953			112,337			44,546			1,083,038			1,129,413			623			219
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	)		(29,632	)		(33,197	)		(38	)		(221	)		(11,370	)		(13,363	)		(20	)		(6	)
Class A		(4	)		—			(105	)		(70	)		(4,918	)		(6,196	)		(18	)		(45	)		—			—			(1	)		—
Class C		(0	)		—			—			—			(4,676	)		(5,844	)		(16	)		(53	)		—			—			—			—
Class R3		—			—			(1	)		(2	)		(40	)		(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		—			—			—			—			(36,549	)		(44,180	)		(608	)		(1,116	)		(209,556	)		(345,517	)		(25	)		—
Class A		—			—			—			—			(7,824	)		(9,346	)		(446	)		(307	)		—			—			(3	)		—
Class C		—			—			—			—			(10,759	)		(13,040	)		(591	)		(399	)		—			—			(1	)		—
Class R3		—			—			—			—			(78	)		(112	)		—			—			—			—			—			—
Class R6		—			—			—			—			—			—			—			—			(214,988	)		(281,756	)		—			—
Total distributions to shareholders		(425	)		—			(2,330	)		(2,725	)		(94,476	)		(111,980	)		(66,982	)		(41,054	)		(771,957	)		(1,161,129	)		(50	)		(6	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			—			5,643			5,207			202,685			166,774			—			—
Trust Class		—			—			—			—			—			—			1,253			1,694			147,223			131,035			—			—
Advisor Class		—			—			—			—			—			—			415			637			48,532			50,785			—			—
Institutional Class		9,350			20,184			330,877			113,068			280,182			179,243			2,633			2,431			774,017			868,352			177			615
Class A		1,581			716			42,186			15,370			27,595			30,839			234			463			—			—			56			202
Class C		2,908			601			2,423			567			16,974			25,033			312			522			—			—			9			19
Class R3		—			—			657			476			300			566			—			—			—			—			—			—
Class R6		—			1,000			9,077			11,499			—			—			—			—			654,289			656,719			—			—

See Notes to Financial Statements

167

168

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						GLOBAL EQUITY FUND
	Year Ended August 31, 2017			Period from December 15, 2015 (Commencement of Operations) to August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			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			55,466			64,068			510			505			202,793			330,269			45			6
Class A		4			—			87			49			11,330			13,328			451			340			—			—			3			—
Class C		—			—			—			—			10,921			13,078			542			358			—			—			1			—
Class R3		—			—			—			1			71			120			—			—			—			—			—			—
Class R6		—			—			595			673			—			—			—			—			229,031			295,016			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(58,894	)		(54,961	)		(340,454	)		(618,036	)		—			—
Trust Class		—			—			—			—			—			—			(18,668	)		(28,349	)		(494,926	)		(555,220	)		—			—
Advisor Class		—			—			—			—			—			—			(1,437	)		(3,048	)		(132,686	)		(267,459	)		—			—
Institutional Class		(1,414	)		(1,547	)		(90,148	)		(145,964	)		(262,887	)		(668,925	)		(2,687	)		(23,239	)		(944,849	)		(1,402,884	)		(153	)		(367	)
Class A		(263	)		(562	)		(11,389	)		(8,099	)		(92,482	)		(104,754	)		(792	)		(1,796	)		—			—			(286	)		(135	)
Class C		(70	)		(667	)		(1,437	)		(2,251	)		(94,582	)		(113,279	)		(813	)		(1,284	)		—			—			(71	)		(103	)
Class R3		—			—			(627	)		(183	)		(1,330	)		(1,912	)		—			—			—			—			—			—
Class R6		(38	)		(1,057	)		(10,117	)		(6,354	)		—			—			—			—			(794,413	)		(429,375	)		—			—
Net increase (decrease) from Fund share transactions		12,477			18,668			273,029			(19,980	)		(48,442	)		(562,595	)		(11,662	)		(64,814	)		(135,484	)		(285,480	)		(219	)		237
Net Increase (Decrease) in Net Assets		16,688			20,617			421,269			40,199			36,788			(470,622	)		33,693			(61,322	)		175,597			(317,196	)		354			450
Net Assets:
Beginning of year		20,617			—			456,180			415,981			1,656,264			2,126,886			713,377			774,699			10,644,248			10,961,444			4,290			3,840
End of year	$	37,305		$	20,617		$	877,449		$	456,180		$	1,693,052		$	1,656,264		$	747,070		$	713,377		$	10,819,845		$	10,644,248		$	4,644		$	4,290
Undistributed net investment income (loss) at end of year	$	311		$	284		$	4,510		$	1,800		$	11,234		$	5,133		$	1,337		$	2,377		$	21,800		$	22,874		$	24		$	21
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

169

170

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Period from December 8, 2016 (Commencement of Operations) to August 31, 2017
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	41		$	44		$	708		$	394		$	8,775		$	6,656		$	18,387		$	18,769		$	2,901		$	3,428		$	9
Net realized gain (loss) on investments (Note A)		23			10			13,360			(11,779	)		86,107			204,671			47,042			13,946			6,765			3,771			72
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		(4	)		383			18,893			25,024			91,586			(119,815	)		168,036			29,718			26,824			1,260			241
Net increase (decrease) in net assets resulting from operations		60			437			32,961			13,639			186,468			91,512			233,465			62,433			36,490			8,459			322
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			(6,263	)		(7,114	)		(449	)		(510	)		—			—			—
Trust Class		—			—			—			—			(588	)		(694	)		(155	)		(126	)		(84	)		(91	)		—
Advisor Class		—			—			—			—			(1	)		(0	)		—			—			—			—			—
Institutional Class		(66	)		(44	)		(359	)		(857	)		(523	)		(699	)		(16,444	)		(12,200	)		(3,092	)		(2,723	)		—
Class A		(11	)		(12	)		(1	)		(6	)		(49	)		(63	)		(159	)		(269	)		(48	)		(35	)		—
Class C		(5	)		(3	)		—			—			(6	)		—			—			—			(11	)		(7	)		—
Class R3		—			—			—			—			(2	)		(2	)		—			—			(42	)		(22	)		—
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		(9	)		(0	)		—			(11,719	)		(6,846	)		(8,681	)		—			—			—			—			—
Class A		(1	)		(0	)		—			(270	)		(916	)		(1,333	)		—			—			—			—			—
Class C		(1	)		(0	)		—			(17	)		(330	)		(316	)		—			—			—			—			—
Class R3		—			—			—			—			(72	)		(68	)		—			—			—			—			—
Class R6		—			—			—			—			—			—			—			—			—			—			—
Total distributions to shareholders		(93	)		(59	)		(360	)		(12,869	)		(135,010	)		(142,791	)		(17,983	)		(13,604	)		(3,277	)		(2,878	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			10,414			9,981			5,500			8,007			—			—			—
Trust Class		—			—			—			—			4,820			4,128			6,540			7,668			276			703			—
Advisor Class		—			—			—			—			22			149			—			—			—			—			—
Institutional Class		—			1			22,865			47,239			17,432			12,277			464,902			490,552			48,560			15,103			643
Class A		213			4			20,057			8,257			1,444			4,814			28,258			50,530			1,941			2,006			624
Class C		—			16			283			—			376			631			2,776			7,343			481			121			111
Class R3		—			—			—			—			209			127			—			—			2,170			1,396			—
Class R6		—			—			—			—			—			—			94,389			18,266			9,237			—			200

See Notes to Financial Statements

171

172

Statements of Changes in Net Assets (cont'd)

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

	GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Period from December 8, 2016 (Commencement of Operations) to August 31, 2017
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			108,145			109,903			432			491			—			—			—
Trust Class		—			—			—			—			11,422			14,782			150			122			81			88			—
Advisor Class		—			—			—			—			30			34			—			—			—			—			—
Institutional Class		75			12			106			4,363			7,112			8,851			14,597			10,984			3,030			2,673			—
Class A		4			8			—			273			906			1,331			92			163			43			31			—
Class C		1			—			—			16			220			212			—			—			3			2			—
Class R3		—			—			—			—			43			45			—			—			35			20			—
Class R6		—			—			—			—			—			—			775			498			—			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			(108,871	)		(124,444	)		(14,532	)		(26,294	)		—			—			—
Trust Class		—			—			—			—			(27,795	)		(43,451	)		(15,813	)		(16,752	)		(1,042	)		(3,237	)		—
Advisor Class		—			—			—			—			(141	)		(232	)		—			—			—			—			—
Institutional Class		(67	)		(12	)		(37,308	)		(62,736	)		(16,746	)		(50,412	)		(390,004	)		(240,561	)		(78,386	)		(27,684	)		—
Class A		(387	)		(18	)		(2,503	)		(10,239	)		(3,205	)		(79,367	)		(70,145	)		(40,438	)		(2,306	)		(1,364	)		(387	)
Class C		(15	)		—			(181	)		(31	)		(1,281	)		(714	)		(6,033	)		(4,269	)		(1,670	)		(657	)		(11	)
Class R3		—			—			—			—			(365	)		(85	)		—			—			(1,666	)		(1,127	)		—
Class R6		—			—			—			—			—			—			(15,680	)		(6,388	)		(628	)		—			—
Net increase (decrease) from Fund share transactions		(176	)		11			3,319			(12,858	)		4,191			(131,440	)		106,204			259,922			(19,841	)		(11,926	)		1,180

Net Increase (Decrease) in Net Assets					(209	)			389				35,920				(12,088	)			55,649				(182,719	)			321,686				308,751				13,372				(6,345	)			1,502
Net Assets:

Beginning of year		3,112			2,723		95,489		107,577		1,132,632		1,315,351		1,503,135		1,194,384		231,202		237,547		—
End of year	$	2,903		$	3,112	$	131,409	$	95,489	$	1,188,281	$	1,132,632	$	1,824,821	$	1,503,135	$	244,574	$	231,202	$	1,502
Undistributed net investment income (loss) at end of year	$	—		$	1	$	850	$	336	$	2,985	$	2,687	$	12,844	$	13,044	$	1,624	$	2,074	$	15
Distributions in excess of net investment income at end of year	$	(35	)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

173

174

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	(2,945	)	$	(2,517	)	$	18,367		$	15,124		$	(2,312	)	$	(2,989	)	$	931		$	852		$	12,016		$	19,635		$	8,324		$	9,963
Net realized gain (loss) on investments (Note A)		39,725			13,887			143,330			2,357			110,017			46,790			4,958			(701	)		137,938			71,256			40,372			90,375
Net increase from payments by affiliates (Note B)		—			—			—			—			—			1,007			—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		72,572			18,804			47,490			137,870			57,664			(68,458	)		8,449			4,256			187,940			69,607			(41,934	)		48,034
Net increase (decrease) in net assets resulting from operations		109,352			30,174			209,187			155,351			165,369			(23,650	)		14,338			4,407			337,894			160,498			6,762			148,372
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			(7,325	)		(11,530	)		—			—			(201	)		(190	)		—			—			—			—
Trust Class		—			—			(794	)		(1,539	)		—			—			(67	)		(59	)		—			—			(2,367	)		(3,347	)
Advisor Class		—			—			(1,953	)		(2,955	)		—			—			—			—			—			—			—			—
Institutional Class		—			—			(560	)		(711	)		—			—			(194	)		(235	)		(14,963	)		(19,825	)		(3,355	)		(5,052	)
Class A		—			—			(35	)		(53	)		—			—			(78	)		(82	)		(286	)		(486	)		(1,130	)		(1,575	)
Class C		—			—			(21	)		(27	)		—			—			(11	)		(13	)		(1	)		(26	)		(89	)		(146	)
Class R3		—			—			(1	)		(1	)		—			—			(7	)		(7	)		—			—			(199	)		(232	)
Class R6		—			—			—			—			—			—			—			—			—			—			(676	)		(569	)
Net realized gain on investments:
Investor Class		—			—			(32,301	)		(76,307	)		(19,685	)		(33,896	)		—			(4,071	)		—			—			—			—
Trust Class		—			—			(3,644	)		(11,016	)		(1,759	)		(4,306	)		—			(1,358	)		—			—			(21,699	)		(17,429	)
Advisor Class		—			—			(8,877	)		(21,422	)		(310	)		(570	)		—			—			—			—			—			—
Institutional Class		(8,811	)		(20,020	)		(1,923	)		(4,239	)		(13,469	)		(34,461	)		—			(3,332	)		(45,915	)		(56,652	)		(26,621	)		(24,580	)
Class A		(609	)		(2,291	)		(158	)		(367	)		(2,041	)		(5,057	)		—			(1,707	)		(1,735	)		(2,628	)		(12,376	)		(9,296	)
Class C		(365	)		(1,408	)		(141	)		(334	)		(276	)		(525	)		—			(474	)		(1,065	)		(1,252	)		(2,889	)		(2,189	)
Class R3		—			—			(4	)		(10	)		(370	)		(647	)		—			(174	)		—			—			(2,659	)		(1,705	)
Class R6		—			—			—			—			(9,481	)		(11,059	)		—			—			—			—			(4,843	)		(2,354	)
Total distributions to shareholders		(9,785	)		(23,719	)		(57,737	)		(130,511	)		(47,391	)		(90,521	)		(558	)		(11,702	)		(63,965	)		(80,869	)		(78,903	)		(68,474	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			17,941			15,530			9,599			30,726			1,561			2,183			—			—			—			—
Trust Class		—			—			6,699			4,646			9,850			13,829			546			434			—			—			12,240			22,476
Advisor Class		—			—			13,478			11,413			3,126			4,806			—			—			—			—			—			—
Institutional Class		293,161			334,188			41,776			7,155			68,136			135,219			8,815			7,328			171,779			93,383			51,910			87,082
Class A		15,111			30,062			2,779			1,185			10,173			34,869			2,066			4,006			25,355			13,768			21,145			37,989
Class C		3,229			6,203			1,131			776			1,070			5,176			507			1,122			6,279			5,123			954			2,210
Class R3		—			—			196			3			3,705			6,637			434			604			—			—			5,625			8,186
Class R6		—			—			—			—			66,750			135,445			—			—			—			—			10,995			17,098

See Notes to Financial Statements

175

176

Statements of Changes in Net Assets (cont'd)

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

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			38,220			84,421			18,588			31,963			191			4,057			—			—			—			—
Trust Class		—			—			4,359			12,472			1,758			4,301			67			1,391			—			—			23,899			20,576
Advisor Class		—			—			10,811			23,911			249			461			—			—			—			—			—			—
Institutional Class		7,762			17,259			2,396			4,727			13,315			34,137			190			3,513			11,082			12,661			25,843			23,584
Class A		589			2,112			190			402			1,933			4,971			68			1,394			1,939			2,761			12,849			10,136
Class C		298			1,094			132			246			264			500			8			254			955			1,106			2,569			1,968
Class R3		—			—			—			8			323			591			6			171			—			—			2,647			1,808
Class R6		—			—			—			—			9,371			10,862			—			—			—			—			5,519			2,922
Payments for shares redeemed:
Investor Class		—			—			(102,947	)		(112,554	)		(40,667	)		(46,371	)		(5,318	)		(8,233	)		—			—			—			—
Trust Class		—			—			(20,992	)		(43,086	)		(33,896	)		(36,422	)		(1,582	)		(2,571	)		—			—			(69,683	)		(105,898	)
Advisor Class		—			—			(36,688	)		(43,929	)		(3,916	)		(3,648	)		—			—			—			—			—			—
Institutional Class		(162,730	)		(168,231	)		(27,421	)		(42,832	)		(98,781	)		(237,894	)		(6,333	)		(19,558	)		(370,505	)		(615,578	)		(118,324	)		(220,377	)
Class A		(46,279	)		(31,554	)		(2,708	)		(1,221	)		(41,744	)		(53,600	)		(8,521	)		(5,823	)		(56,386	)		(48,887	)		(56,424	)		(80,084	)
Class C		(9,286	)		(7,010	)		(1,276	)		(1,365	)		(3,623	)		(2,505	)		(2,112	)		(842	)		(11,958	)		(14,416	)		(10,807	)		(7,907	)
Class R3		—			—			(66	)		(13	)		(6,143	)		(5,380	)		(579	)		(449	)		—			—			(11,595	)		(9,775	)
Class R6		—			—			—			—			(32,175	)		(33,454	)		—			—			—			—			(12,130	)		(8,819	)
Net increase (decrease) from Fund share transactions		101,855			184,123			(51,990	)		(78,105	)		(42,735	)		35,219			(9,986	)		(11,019	)		(221,460	)		(550,079	)		(102,768	)		(196,825	)
Net Increase (Decrease) in Net Assets		201,422			190,578			99,460			(53,265	)		75,243			(78,952	)		3,794			(18,314	)		52,469			(470,450	)		(174,909	)		(116,927	)
Net Assets:
Beginning of year		681,031			490,453			1,354,963			1,408,228			1,096,250			1,175,202			89,191			107,505			1,869,848			2,340,298			689,431			806,358
End of year	$	882,453		$	681,031		$	1,454,423		$	1,354,963		$	1,171,493		$	1,096,250		$	92,985		$	89,191		$	1,922,317		$	1,869,848		$	514,522		$	689,431
Undistributed net investment income (loss) at end of year	$	(100	)	$	(113	)	$	14,558		$	10,386		$	—		$	(1,654	)	$	294		$	—		$	7,156		$	10,815		$	—		$	—
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

177

178

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	SMALL CAP GROWTH FUND						SOCIALLY RESPONSIVE FUND						VALUE FUND
	Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss) (Note A)	$	(597	)	$	(582	)	$	16,348		$	17,184		$	226		$	173
Net realized gain (loss) on investments (Note A)		14,135			(12,590	)		145,869			91,678			2,275			(848	)
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments (Note A)		104			8,835			129,440			119,695			241			1,907
Net increase (decrease) in net assets resulting from operations		13,642			(4,337	)		291,657			228,557			2,742			1,232
Distributions to Shareholders From (Note A):
Investor Class		—			—			(4,454	)		(4,849	)		—			—
Trust Class		—			—			(2,808	)		(3,097	)		—			—
Advisor Class		—			—			—			—			—			—
Institutional Class		—			—			(6,309	)		(6,167	)		(84	)		(141	)
Class A		—			—			(1,404	)		(1,475	)		(25	)		(53	)
Class C		—			—			(226	)		(188	)		(19	)		(3	)
Class R3		—			—			(316	)		(265	)		—			—
Class R6		—			—			(2,872	)		(2,260	)		—			—
Net realized gain on investments:
Investor Class		—			(2,547	)		(26,356	)		(40,560	)		—			—
Trust Class		—			(255	)		(16,367	)		(26,827	)		—			—
Advisor Class		—			(199	)		—			—			—			—
Institutional Class		—			(998	)		(28,362	)		(39,602	)		—			(126	)
Class A		—			(225	)		(8,167	)		(12,413	)		—			(69	)
Class C		—			(188	)		(3,469	)		(4,776	)		—			(7	)
Class R3		—			(105	)		(2,219	)		(2,843	)		—			—
Class R6		—			—			(11,964	)		(13,351	)		—			—
Total distributions to shareholders		—			(4,517	)		(115,293	)		(158,673	)		(128	)		(399	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		2,555			968			62,120			75,553			—			—
Trust Class		142			312			34,508			35,105			—			—
Advisor Class		187			467			—			—			—			—
Institutional Class		3,103			2,475			212,400			212,232			7,485			2,513
Class A		1,104			1,084			30,087			27,754			5,668			406
Class C		551			451			10,542			9,208			2,937			126
Class R3		444			1,026			14,587			9,985			—			—
Class R6		—			—			91,598			167,892			—			—

See Notes to Financial Statements

179

180

Statements of Changes in Net Assets (cont'd)

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

	SMALL CAP GROWTH FUND						SOCIALLY RESPONSIVE FUND						VALUE FUND
	Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2017			Year Ended August 31, 2016
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			2,498			29,967			43,969			—			—
Trust Class		—			249			19,071			29,722			—			—
Advisor Class		—			196			—			—			—			—
Institutional Class		—			680			31,378			41,836			84			267
Class A		—			222			8,921			12,834			25			105
Class C		—			170			3,144			4,114			19			10
Class R3		—			84			2,408			3,009			—			—
Class R6		—			—			14,836			15,611			—			—
Payments for shares redeemed:
Investor Class		(5,968	)		(4,410	)		(159,318	)		(167,651	)		—			—
Trust Class		(1,503	)		(925	)		(101,908	)		(110,618	)		—			—
Advisor Class		(937	)		(962	)		—			—			—			—
Institutional Class		(2,725	)		(11,757	)		(207,457	)		(251,018	)		(7,469	)		(7,301	)
Class A		(1,946	)		(2,448	)		(58,324	)		(48,836	)		(7,567	)		(4,190	)
Class C		(684	)		(756	)		(13,306	)		(11,809	)		(274	)		(161	)
Class R3		(671	)		(925	)		(10,924	)		(9,928	)		—			—
Class R6		—			—			(144,516	)		(49,013	)		—			—
Net increase (decrease) from Fund share transactions		(6,348	)		(11,301	)		(130,186	)		39,951			908			(8,225	)
Net Increase (Decrease) in Net Assets		7,294			(20,155	)		46,178			109,835			3,522			(7,392	)
Net Assets:
Beginning of year		66,256			86,411			2,346,846			2,237,011			13,477			20,869
End of year	$	73,550		$	66,256		$	2,393,024		$	2,346,846		$	16,999		$	13,477
Undistributed net investment income (loss) at end of year	$	(405	)	$	—		$	10,306		$	12,472		$	210		$	150
Distributions in excess of net investment income at end of year	$	—		$	(348	)	$	—		$	—		$	—		$	—

See Notes to Financial Statements

181

182

Notes to Financial Statements Equity Funds

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman 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 nine offer Class R6 shares. 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.

183

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, 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 underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information that may include trade execution data and sensitivity analysis and adjustments (generally Level 2 inputs), 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 and whether the issuer of the security being fair valued has other securities outstanding.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are 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

184

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 debt 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 year ended August 31, 2017 were $115, $66,229, $175,236, $55, $87,646, $12,300, $148,552, $15,115, $37,258, $1,059, $44,128, $146,119, and $674, for Equity Income, Focus, Genesis, Global Equity, Guardian, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Small Cap Growth, Socially Responsive and Value, respectively.

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund, except 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 filed for the tax years for which the applicable statutes of limitations have not yet expired. As of August 31, 2017, the Funds did not have any unrecognized tax positions.

185

At August 31, 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	$	31,745	$	5,737	$	294	$	5,443
Emerging Markets Equity		701,677		192,080		17,643		174,437
Equity Income		1,408,414		289,174		12,465		276,709
Focus		628,535		127,570		8,692		118,878
Genesis		6,286,098		4,660,867		169,420		4,491,447
Global Equity		3,744		1,024		92		932
Global Real Estate		2,842		275		128		147
Greater China Equity		107,443		23,036		490		22,546
Guardian		977,047		233,683		22,586		211,097
International Equity		1,559,322		315,115		53,939		261,176
International Select		195,134		55,255		6,689		48,566
International Small Cap		1,359		254		18		236
Intrinsic Value		758,922		169,478		41,603		127,875
Large Cap Value		1,304,676		177,111		15,678		161,433
Mid Cap Growth		899,472		279,281		6,553		272,728
Mid Cap Intrinsic Value		76,890		21,176		4,822		16,354
Multi-Cap Opportunities		1,286,249		644,608		5,039		639,569
Real Estate		466,117		62,819		16,020		46,799
Small Cap Growth		64,609		9,871		1,277		8,594
Socially Responsive		1,747,699		740,679		94,627		646,052
Value		15,842		1,559		223		1,336

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, 2017, 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, prior year REIT/non REIT adjustments, non-taxable distributions from underlying investments, foreign currency gains and losses, gains and losses from passive foreign investment companies (PFICs), non-deductible stock issuance fees, deemed distributions on shareholder redemptions, amortization of bond premium, prior period adjustments, prior year partnership basis adjustments, expiration of capital loss carryforwards, return of capital distributions, tax adjustments related to REITs, redemptions in kind reversal, non-deductible foreign capital gain taxes, non-deductible excise tax and bond basis adjustments. For the year ended August 31, 2017, the Funds recorded the following permanent reclassifications:

	Paid-in Capital		Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gains/(Losses) on Investments
Dividend Growth	$	16,049	$	(35,205	)	$	19,156
Emerging Markets Equity		—		(400,296	)		400,296
Equity Income		10,609,392		(436,468	)		(10,172,924	)

186

	Paid-in Capital			Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gains/(Losses) on Investments
Focus	$	5,585,927		$	(275,980	)	$	(5,309,947	)
Genesis		296,894,581			(1,923,545	)		(294,971,036	)
Global Equity		—			(776	)		776
Global Real Estate		(1,153	)		4,605			(3,452	)
Greater China Equity		25,003			165,641			(190,644	)
Guardian		8,211,607			(1,045,113	)		(7,166,494	)
International Equity		(96,509,888	)		(603,796	)		97,113,684
International Select		—			(73,771	)		73,771
International Small Cap		(2,160	)		5,805			(3,645	)
Intrinsic Value		5,734,744			2,958,481			(8,693,225	)
Large Cap Value		7,139,811			(3,505,987	)		(3,633,824	)
Mid Cap Growth		4,591,046			3,966,131			(8,557,177	)
Mid Cap Intrinsic Value		258,355			(78,653	)		(179,702	)
Multi-Cap Opportunities		12,483,520			(425,300	)		(12,058,220	)
Real Estate		11,637,178			(508,092	)		(11,129,086	)
Small Cap Growth		(548,416	)		539,486			8,930
Socially Responsive		17,805,126			(124,462	)		(17,680,664	)
Value		357,551			(38,772	)		(318,779	)

The tax character of distributions paid during the years ended August 31, 2017 and August 31, 2016 was as follows:

	Distributions Paid From:
	Ordinary Income						Long-Term Capital Gain						Return of Capital						Total
	2017			2016			2017			2016			2017			2016			2017			2016
Dividend Growth	$	424,723		$	—	^(a)	$	—		$	—	^(a)	$	—		$	—	^(a)	$	424,723		$	—	^(a)
Emerging Markets Equity		2,329,876			2,725,387			—			—			—			—			2,329,876			2,725,387
Equity Income		39,266,540			45,301,642			55,209,628			66,678,398			—			—			94,476,168			111,980,040
Focus		4,063,802			5,504,703			62,918,885			35,550,318			—			—			66,982,687			41,055,021
Genesis		43,971,041			35,557,259			727,986,249			1,125,571,976			—			—			771,957,290			1,161,129,235
Global Equity		20,547			6,357			29,438			—			—			—			49,985			6,357
Global Real Estate		93,198			58,229			—			341			—			—			93,198			58,570
Greater China Equity		359,921			12,868,372			—			—			—			—			359,921			12,868,372
Guardian		9,321,117			8,572,126			125,688,817			134,218,623			—			—			135,009,934			142,790,749
International Equity		17,982,686			13,604,543			—			—			—			—			17,982,686			13,604,543
International Select		3,276,565			2,878,253			—			—			—			—			3,276,565			2,878,253
International Small Cap		—	^(b)		—			—	^(b)		—			—	^(b)		—			—	^(b)		—

187

	Distributions Paid From:
	Ordinary Income				Long-Term Capital Gain				Return of Capital				Total
	2017		2016		2017		2016		2017		2016		2017		2016
Intrinsic Value	$	2,063,474	$	733,120	$	7,721,689	$	22,985,868	$	—	$	—	$	9,785,163	$	23,718,988
Large Cap Value		35,514,012		16,816,512		22,223,369		113,694,976		—		—		57,737,381		130,511,488
Mid Cap Growth		2,131,672		—		45,259,954		90,521,333		—		—		47,391,626		90,521,333
Mid Cap Intrinsic Value		558,393		1,384,820		—		10,316,948		—		—		558,393		11,701,768
Multi-Cap Opportunities		15,250,634		20,337,175		48,714,824		60,531,847		—		—		63,965,458		80,869,022
Real Estate		17,350,353		15,994,363		61,552,296		52,479,919		—		—		78,902,649		68,474,282
Small Cap Growth		—		2,335,252		—		2,181,399		—		—		—		4,516,651
Socially Responsive		18,388,890		20,668,806		96,903,943		138,003,445		—		—		115,292,833		158,672,251
Value		128,375		197,220		—		202,164		—		—		128,375		399,384

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

(b) Period from December 8, 2016 (Commencement of Operations) to August 31, 2017.

As of August 31, 2017, 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	$	311,246	$	393,456	$	5,443,004	$	—		$	—		$	6,147,706
Emerging Markets Equity		6,837,225		—		174,054,496		(51,326,244	)		(29,192	)		129,536,285
Equity Income		11,594,731		54,774,008		276,720,357		—			(361,574	)		342,727,522
Focus		33,183,179		24,488,578		118,877,960		—			(93,053	)		176,456,664
Genesis		52,918,586		1,006,454,962		4,491,448,738		—			(1	)		5,550,822,285
Global Equity		24,582		—		931,056		(77,199	)		2			878,441
Global Real Estate		—		—		146,673		—			(2,128	)		144,545
Greater China Equity		7,684,733		3,958,343		22,554,954		(9,655,400	)		(21,458	)		24,521,172
Guardian		15,563,995		54,869,230		211,084,499		—			(16,950	)		281,500,774
International Equity		12,839,947		—		261,217,197		(74,012,423	)		(1,212	)		200,043,509
International Select		1,648,334		—		48,564,673		(23,982,792	)		(24,435	)		26,205,780
International Small Cap		87,622				236,219								323,841
Intrinsic Value		5,528,025		23,369,654		127,874,511		—			(100,386	)		156,671,804
Large Cap Value		51,481,947		47,386,914		161,433,333		—			—			260,302,194
Mid Cap Growth		9,030,581		77,009,185		272,727,656		—			—			358,767,422
Mid Cap Intrinsic Value		293,922		3,873,515		16,353,831		—			(1	)		20,521,267
Multi-Cap Opportunities		7,156,056		124,906,506		639,569,086		—			—			771,631,648
Real Estate		—		18,695,791		46,798,903		—			2			65,494,696
Small Cap Growth		—		1,129,307		8,594,036		(405,162	)		—			9,318,181
Socially Responsive		21,082,770		79,751,995		646,057,799		—			—			746,892,564
Value		888,588		373,443		1,336,186		—			2			2,598,219

188

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales and straddles, capital loss carryforwards, mark-to-market on spot contracts, post-October capital loss and late-year ordinary loss deferrals, unamortized organization expenses, partnership basis adjustments, non-REIT income adjustments, convertible bond income adjustments, non-REIT non-taxable adjustments, loss limitation due to ownership change 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, 2017, 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:
	2018
International Equity	$	74,012,423
International Select		23,982,792

	Post-Enactment (No Expiration Date)
	Long-Term			Short-Term
Emerging Markets Equity	$	29,832,686		$	21,493,558
Global Equity		77,199			—
Greater China Equity		1,393,252	*		8,262,148	*

* Future utilization is limited under current tax regulations.

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, 2017, Dividend Growth, Emerging Markets Equity, Global Real Estate, Greater China Equity, International Equity, International Select, Small Cap Growth and Value utilized capital loss carryforwards of $96,027, $17,436,066, $6,724, $1,258,481, $47,147,816, $7,088,015, $12,782,825 and $408,265, respectively.

During the year ended August 31, 2017, International Equity had capital loss carryforwards expire of $96,509,888.

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Act, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net passive foreign investment company mark to market losses) realized on investment transactions after October 31. For the year ended August 31, 2017, 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
Small Cap Growth	$	405,162	$	—	$	—

6 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

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Emerging Markets Equity accrues deferred capital gains tax on unrealized gains for certain securities of issuers domiciled in India. At August 31, 2017, Emerging Markets Equity had accrued capital gains taxes of $386,149 which is reflected in the Statements of Assets and Liabilities.

Effective November 17, 2014 ("Effective Date"), a change in the capital gains tax provision for Greater China Equity arose due to changes in the tax rules in the People's Republic of China ("PRC"). Capital gains derived from the trading of PRC equity investments after the Effective Date are temporarily exempt from PRC withholding tax. Prior to the Effective Date, Greater China Equity had accrued deferred capital gains tax on unrealized gains on participatory notes. During the year ended August 31, 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 year ended August 31, 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, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Socially Responsive to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At August 31, 2017, these Funds estimated these amounts for the period January 1, 2017 to August 31, 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, 2017, the character of distributions, if any, 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.

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

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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 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 or pursuant to an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the Funds to invest in both affiliated and unaffiliated investment companies, including ETFs, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, as amended, subject to the terms and conditions of such order. 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 an actively-managed investment objective. 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.

12 Derivative instruments: Certain Funds' use of derivatives during the year ended August 31, 2017, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at August 31, 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 year ended August 31, 2017, Equity Income, Focus, Guardian, Large Cap Value and Value 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 total return; 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 total return, to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas and to manage or adjust the risk profile of the Fund or the risk of individual positions. 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 and to manage or adjust the risk profile of the Fund or the risk of individual positions. Large Cap Value and Value used options written to enhance total return and to efficiently manage risk exposures.

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, a 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

191

retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a call or put option that a Fund has written expires unexercised, a 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, a Fund realizes a gain or loss and the asset is eliminated.

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

At August 31, 2017, Equity Income, Focus, Guardian, Large Cap Value and Value 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	$	36	$	36
Total Value—Assets		$	36	$	36
Guardian
Options purchased	Investments in securities, at value	$	143	$	143
Total Value—Assets		$	143	$	143

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	$	(1,692	)	$	(1,692	)
Total Value—Liabilities		$	(1,692	)	$	(1,692	)
Focus
Options written	Option contracts written, at value	$	(240	)	$	(240	)
Total Value—Liabilities		$	(240	)	$	(240	)
Guardian
Options written	Option contracts written, at value	$	(568	)	$	(568	)
Total Value—Liabilities		$	(568	)	$	(568	)
Large Cap Value
Options written	Option contracts written, at value	$	(262	)	$	(262	)
Total Value—Liabilities		$	(262	)	$	(262	)
Value
Options written	Option contracts written, at value	$	(3	)	$	(3	)
Total Value—Liabilities		$	(3	)	$	(3	)

The impact of the use of these derivative instruments on the Statements of Operations during the year ended August 31, 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	$	1,922	$	1,922
Total Realized Gain/(Loss)		$	1,922	$	1,922

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Realized Gain/(Loss)
(000's omitted)

Derivative Type	Statements of Operations Location	Equity Risk			Total
Focus
Options purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers	$	(106	)	$	(106	)
Options written	Net realized gain (loss) on: Option contracts written		1,046			1,046
Total Realized Gain/(Loss)		$	940		$	940
Guardian
Options purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers	$	(387	)	$	(387	)
Options written	Net realized gain (loss) on: Option contracts written		2,712			2,712
Total Realized Gain/(Loss)		$	2,325		$	2,325
Large Cap Value
Options written	Net realized gain (loss) on: Option contracts written	$	142		$	142
Total Realized Gain/(Loss)		$	142		$	142
Value
Options written	Net realized gain (loss) on: Option contracts written	$	2		$	2
Total Realized Gain/(Loss)		$	2		$	2

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	$	(426	)	$	(426	)
Total Change in Appreciation/(Depreciation)		$	(426	)	$	(426	)
Focus
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment securities	$	(17	)	$	(17	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written		(102	)		(102	)
Total Change in Appreciation/(Depreciation)		$	(119	)	$	(119	)
Guardian
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment securities	$	(58	)	$	(58	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written		127			127
Total Change in Appreciation/(Depreciation)		$	69		$	69
Large Cap Value
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written	$	51		$	51
Total Change in Appreciation/(Depreciation)		$	51		$	51
Value
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written	$	1		$	1
Total Change in Appreciation/(Depreciation)		$	1		$	1

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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, Guardian, Large Cap Value and Value did not hold any derivative instruments during the year ended August 31, 2017 that require additional disclosures pursuant to ASC 815.

13 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.

14 In-kind redemptions: In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (in-kind redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended August 31, 2017, Genesis realized $129,534,612 of net gain on $216,264,840 of in-kind redemptions.

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

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

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee according to the following table:

Investment Management Fee as a Percentage of Average Daily Net Assets:

	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Next $500 million			Next $1.5 billion			Thereafter
For Genesis^(a), Intrinsic Value, and Small Cap Growth:
		0.85	%		0.80	%		0.75	%		0.70	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
For Emerging Markets Equity:
		1.00	%		0.975	%		0.95	%		0.925	%		0.90	%		0.875	%		0.875	%		0.875	%		0.85	%
For Global Real Estate and Real Estate:
		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
For International Equity^(b):
		0.85	%		0.825	%		0.80	%		0.775	%		0.75	%		0.725	%		0.725	%		0.70	%		0.70	%
For International Small Cap:
		0.85	%		0.825	%		0.80	%		0.775	%		0.75	%		0.725	%		0.725	%		0.725	%		0.70	%
For Equity Income, Focus, Guardian, International Select, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value^(b), Socially Responsive and Value:
		0.55	%		0.525	%		0.50	%		0.475	%		0.45	%		0.425	%		0.425	%		0.425	%		0.40	%
For Multi-Cap Opportunities:
		0.60	%		0.575	%		0.55	%		0.525	%		0.50	%		0.475	%		0.475	%		0.475	%		0.45	%

194

	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Next $500 million			Next $1.5 billion			Thereafter
For Global Equity^(c):
		0.55	%		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	%		0.95	%
For Dividend Growth:
		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.475	%		0.475	%		0.475	%		0.45	%

(a) Effective April 25, 2017, the investment management fee is 0.60% of average daily net assets in excess of $14 billion for Genesis.

(b) Effective June 1, 2017, Management has voluntarily agreed to waive its management fee in the amount of 0.15% of the average daily net assets of International Equity (0.18% effective May 1, 2015). Effective December 19, 2016, Management has voluntarily agreed to waive its management fee in the amount of 0.19% of the average daily net assets 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). Management may, at its sole discretion, modify or terminate these voluntary waivers without notice to International Equity or Mid Cap Intrinsic Value. For the year ended August 31, 2017, such waived fees amounted to $(2,700,998) and $(163,915) for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.

(c) 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 year ended August 31, 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		0.98	%	Intrinsic Value		0.80	%
Equity Income		0.48	%	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		0.60	%	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		0.50	%	Socially Responsive		0.47	%
International Equity		0.79	%^(a)	Value		0.55	%
International Select		0.55	%

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

(b) 0.37% annual effective net rate of the Fund's average daily net assets.

Each Fund retains Management as its administrator under an Administration Agreement. Prior to July 1, 2017, each Fund paid Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement in addition to an annual fee for certain class level services (specifically, 0.20% for each of Investor Class, Class A, Class C and Class R3; 0.34% for each of Trust Class and Advisor Class; 0.09% for Institutional

195

Class and 0.02% for Class R6, each as a percentage of its average daily net assets). Effective July 1, 2017, the administration fee is only assessed at the Class level and each share class of a Fund, as applicable, pays Management an annual administration fee equal to the following: 0.26% for each of Investor Class, Class A, Class C and Class R3; 0.40% for each of Trust Class and Advisor Class; 0.15% for Institutional Class; and 0.08% for Class R6, each as a percentage of its average daily net assets. This did not result in an increase in the administration fee for any share class. 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.

During the year ended August 31, 2017, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
Genesis Institutional Class	$	111,353
Genesis Class R6		65,989
International Equity Institutional Class		211,730
International Equity Class A		7,768
International Equity Class C		774
Large Cap Value Institutional Class		5,448
Mid Cap Growth Class A		12,921
Mid Cap Growth Class C		625
Mid Cap Intrinsic Value Trust Class		1,431

					Expenses Reimbursed in Year Ending August 31,
					2015		2016			2017
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2018		2019			2020
Dividend Growth Institutional Class		0.69	%	8/31/20	$	—	$	215,047	^(b)	$	258,355
Dividend Growth Class A		1.05	%	8/31/20		—		9,994	^(b)		8,372
Dividend Growth Class C		1.80	%	8/31/20		—		9,444	^(b)		20,432

196

					Expenses Reimbursed in Year Ending August 31,
					2015			2016			2017
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2018			2019			2020
Dividend Growth Class R6		0.62	%	8/31/20	$	—		$	15,585	^(b)	$	484
Emerging Markets Equity Institutional Class		1.25	%	8/31/20		744,668			528,129			460,088
Emerging Markets Equity Class A		1.50	%	8/31/20		48,822			54,600			91,792
Emerging Markets Equity Class C		2.25	%	8/31/20		19,353			13,399			11,097
Emerging Markets Equity Class R3		1.91	%	8/31/20		1,334			1,403			1,161
Emerging Markets Equity Class R6		1.18	%	8/31/20		135,893			127,742			88,158
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		1,518			755			209
Focus Class A		1.11	%	8/31/20		1,255			1,451			580
Focus Class C		1.86	%	8/31/20		708			893			336
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	%^(c)	8/31/20		—			—			—
Global Equity Institutional Class		0.75	%^(d)	8/31/20		249,720			240,098			239,590
Global Equity Class A		1.11	%^(d)	8/31/20		14,226			38,361			24,676
Global Equity Class C		1.86	%^(d)	8/31/20		5,783			16,073			8,112
Global Real Estate Institutional Class		1.00	%	8/31/20		185,406	^(e)		197,159			202,973
Global Real Estate Class A		1.36	%	8/31/20		58,526	^(e)		64,529			38,044
Global Real Estate Class C		2.11	%	8/31/20		24,504	^(e)		25,169			25,661
Greater China Equity Institutional Class		1.50	%	8/31/20		126,917			229,329			164,058
Greater China Equity Class A		1.86	%	8/31/20		5,487			7,590			9,343
Greater China Equity Class C		2.61	%	8/31/20		301			320			321
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		—			—			—
Guardian Class C		1.86	%	8/31/20		—			—			—
Guardian Class R3		1.36	%	8/31/20		82			148			88
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		—			—			—

197

					Expenses Reimbursed in Year Ending August 31,
					2015		2016		2017
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2018		2019		2020
International Equity Class A		1.21	%	8/31/20	$	—	$	10,042	$	—
International Equity Class C		1.96	%	8/31/20		280		2,521		—
International Equity Class R6		0.78	%	8/31/20		—		—		—
International Select Trust Class		1.15	%^(f)	8/31/20		9,396		12,258		12,594
International Select Institutional Class		0.80	%^(f)	8/31/20		59,089		91,989		141,368
International Select Class A		1.16	%^(f)(g)	8/31/20		526		1,276		3,083
International Select Class C		1.91	%^(f)	8/31/20		1,857		1,955		2,278
International Select Class R3		1.41	%^(f)	8/31/20		1,371		2,218		3,513
International Select Class R6		0.73	%	8/31/20		—		—		1,906	^(h)
International Small Cap Institutional Class		1.05	%	8/31/20		—		—		159,342	⁽ⁱ⁾
International Small Cap Class A		1.41	%	8/31/20		—		—		65,158	⁽ⁱ⁾
International Small Cap Class C		2.16	%	8/31/20		—		—		25,270	⁽ⁱ⁾
International Small Cap Class R6		0.98	%	8/31/20		—		—		50,711	⁽ⁱ⁾
Intrinsic Value Institutional Class		1.00	%	8/31/20		339,659		357,588		205,715
Intrinsic Value Class A		1.36	%	8/31/20		36,399		58,200		21,955
Intrinsic Value Class C		2.11	%	8/31/20		20,071		22,495		9,376
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		—		983		—
Large Cap Value Class A		1.11	%	8/31/20		—		—		—
Large Cap Value Class C		1.86	%	8/31/20		—		—		—
Large Cap Value Class R3		1.36	%	8/31/20		150		126		70
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		—		—		—
Mid Cap Growth Class C		1.86	%	8/31/20		1,402		1,762		—
Mid Cap Growth Class R3		1.36	%	8/31/20		1,071		2,657		80
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		3,825		8,167		—
Mid Cap Intrinsic Value Institutional Class		0.85	%	8/31/20		9,129		24,711		5,015
Mid Cap Intrinsic Value Class A		1.21	%	8/31/20		6,396		17,891		4,690
Mid Cap Intrinsic Value Class C		1.96	%	8/31/20		1,380		4,388		1,218
Mid Cap Intrinsic Value Class R3		1.46	%	8/31/20		508		1,736		629
Multi-Cap Opportunities Institutional Class		1.00	%	8/31/20		—		—		—
Multi-Cap Opportunities Class A		1.36	%	8/31/20		—		—		—

198

					Expenses Reimbursed in Year Ending August 31,
					2015		2016		2017
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2018		2019		2020
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		815,170		588,136		418,961
Real Estate Class A		1.21	%	8/31/20		344,493		261,138		193,727
Real Estate Class C		1.96	%	8/31/20		82,751		62,906		47,102
Real Estate Class R3		1.46	%	8/31/20		50,187		50,219		46,018
Real Estate Class R6		0.78	%	8/31/20		58,201		70,754		85,221
Small Cap Growth Investor Class		1.30	%^(g)	8/31/22		192,273		243,435		221,840
Small Cap Growth Trust Class		1.40	%^(g)	8/31/22		25,160		24,155		19,320
Small Cap Growth Advisor Class		1.60	%^(g)	8/31/22		12,075		10,968		8,126
Small Cap Growth Institutional Class		0.90	%	8/31/20		110,976		94,448		61,816
Small Cap Growth Class A		1.26	%	8/31/20		26,864		26,066		20,750
Small Cap Growth Class C		2.01	%	8/31/20		10,703		13,463		11,214
Small Cap Growth Class R3		1.51	%	8/31/20		4,955		8,774		6,935
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		—		—		—
Socially Responsive Class R6		0.68	%	8/31/20		—		—		—
Value Institutional Class		0.75	%^(g)	8/31/20		166,414		172,294		165,002
Value Class A		1.11	%^(g)	8/31/20		98,718		87,821		66,962
Value Class C		1.86	%^(g)	8/31/20		7,048		9,526		41,187

(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.

(d) 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.

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

(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.

199

(g) In addition, Management has voluntarily undertaken to waive current payment of fees and/or reimburse certain expenses, so that their Operating Expenses, per annum of their respective average daily net assets, are limited to the percentages indicated below:

Class	Voluntary Expense Limitation			Expenses Voluntarily Waived in Year Ending August 31, 2017 Not Subject to Repayment^(j)
International Select Class A		1.24	%^(k)	$	733
Real Estate Trust Class		1.04	%		643,395
Small Cap Growth Investor Class		1.21	%		41,834
	Effective September 1, 2015
Small Cap Growth Trust Class		1.37	%		1,215
Small Cap Growth Advisor Class		1.51	%		1,652
	Effective December 30, 2015
Value Institutional Class*		0.70	%		5,703
	Effective March 15, 2017
Value Class A**		1.07	%		1,487
	Effective June 15, 2016
Value Class C***		1.82	%		1,139

* 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% from June 15, 2016 to March 14, 2017; 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.

*** 1.83% 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.

(h) Period from April 17, 2017 (Commencement of Operations) to August 31, 2017.

(i) Period from December 8, 2016 (Commencement of Operations) to August 31, 2017.

(j) Voluntary reimbursements are not subject to recovery by Management and are terminable by Management upon notice to International Select, Real Estate, Small Cap Growth and Value.

(k) Voluntary waiver terminated on December 7, 2016, due to the lower contractual expense limitation which went effective December 8, 2016.

As previously announced, on April 28, 2017, NBIA retained Green Court Capital Management Limited as the sub-adviser to Neuberger Berman Greater China Equity Fund, replacing Neuberger Berman Asia Limited. The nature and level of the services provided under the new Sub-Advisory Agreement are the same as under the previous Sub-Advisory Agreement, and there will be no change in the fees incurred by the Fund.

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 73 of this Annual Report, the services previously provided by Neuberger Berman under the subadvisory agreements are being provided by NBIA as of January 1, 2016.

200

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 each of Focus, Guardian, International Select, Large Cap Value, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Socially Responsive, and from the Advisor Class, 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 year ended August 31, 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 redemption 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	$	1,158	$	—	$	—	$	—
Dividend Growth Class C		—		5,376		—		—
Emerging Markets Equity Class A		6,525		—		—		—
Emerging Markets Equity Class C		—		429		—		—
Equity Income Class A		23,386		—		—		—
Equity Income Class C		—		15,079		—		—
Focus Class A		—		—		—		—
Focus Class C		—		—		—		—
Global Equity Class A		1		—		—		—
Global Equity Class C		—		2		—		—
Global Real Estate Class A		—		—		—		—
Global Real Estate Class C		—		32		—		—
Greater China Equity Class A		1,002		—		—		—
Greater China Equity Class C		—		448		—		—
Guardian Class A		449		—		—		—
Guardian Class C		—		7		—		—
International Equity Class A		9,314		—		—		—
International Equity Class C		—		2,942		—		—

201

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
International Select Class A	$	19	$	—	$	—	$	—
International Select Class C		—		14		—		—
International Small Cap Class A^(a)		—		—		—		—
International Small Cap Class C^(a)		—		104		—		—
Intrinsic Value Class A		5,260		—		—		—
Intrinsic Value Class C		—		2,169		—		—
Large Cap Value Class A		1,749		—		—		—
Large Cap Value Class C		—		1,231		—		—
Mid Cap Growth Class A		6,449		—		—		—
Mid Cap Growth Class C		—		4,094		—		—
Mid Cap Intrinsic Value Class A		896		—		—		—
Mid Cap Intrinsic Value Class C		—		1,512		—		—
Multi-Cap Opportunities Class A		23,704		—		—		—
Multi-Cap Opportunities Class C		—		3,713		—		—
Real Estate Class A		2,304		—		—		—
Real Estate Class C		—		6,170		—		—
Small Cap Growth Class A		790		—		—		—
Small Cap Growth Class C		—		188		—		—
Socially Responsive Class A		41,720		—		—		—
Socially Responsive Class C		—		8,939		—		—
Value Class A		4,215		—		—		—
Value Class C		—		1,251		—		—

(a) Period from December 8, 2016 (Commencement of Operations) to August 31, 2017.

For the year ended August 31, 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.

Note C—Securities Transactions:

During the year ended August 31, 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	$	22,411	$	11,621	International Small Cap^(a)	$	1,774	$	576
Emerging Markets Equity		395,291		143,251	Intrinsic Value		258,737		179,634
Equity Income		871,269		1,002,903	Large Cap Value		948,628		1,140,328
Focus		503,818		552,949	Mid Cap Growth		508,405		595,373
Genesis		2,185,685		2,855,300	Mid Cap Intrinsic Value		27,672		37,527
Global Equity		681		999	Multi-Cap Opportunities		418,457		695,914
Global Real Estate		1,645		1,802	Real Estate		255,990		415,365

202

(000's omitted)	Purchases		Sales		(000's omitted)	Purchases		Sales
Greater China Equity	$	108,885	$	106,803	Small Cap Growth	$	143,962	$	150,244
Guardian		414,937		503,244	Socially Responsive		590,853		830,565
International Equity		530,309		422,280	Value		19,142		18,916
International Select		61,425		78,867

(a) Period from December 8, 2016 (Commencement of Operations) to August 31, 2017.

During the year ended August 31, 2017, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended August 31, 2017 and August 31, 2016 was as follows:

	For the Year Ended August 31, 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		767		36			(118	)		685			1,972		—			(142	)		1,830	^(a)
Class A		128		0	^z		(21	)		107			70		—			(50	)		20	^(a)
Class C		246		0	^z		(5	)		241			60		—			(60	)		0	^z(a)
Class R6		—		—			(3	)		(3	)		100		—			(95	)		5	^(a)
Emerging Markets Equity:
Institutional Class		19,088		56			(5,318	)		13,826			7,953		83			(10,171	)		(2,135	)
Class A		2,492		6			(679	)		1,819			1,078		3			(570	)		511
Class C		143		—			(88	)		55			41		—			(165	)		(124	)
Class R3		39		0	^z		(38	)		1			34		0	^z		(13	)		21
Class R6		522		39			(580	)		(19	)		764		48			(425	)		387
Equity Income:
Institutional Class		22,175		4,444			(20,756	)		5,863			15,255		5,579			(57,368	)		(36,534	)
Class A		2,203		912			(7,356	)		(4,241	)		2,639		1,164			(8,961	)		(5,158	)
Class C		1,365		885			(7,568	)		(5,318	)		2,158		1,150			(9,755	)		(6,447	)
Class R3		24		6			(107	)		(77	)		48		11			(168	)		(109	)
Focus:
Investor Class		217		2,051			(2,278	)		(10	)		209		1,150			(2,214	)		(855	)
Trust Class		81		666			(1,220	)		(473	)		111		431			(1,843	)		(1,301	)
Advisor Class		65		195			(219	)		41			83		111			(399	)		(205	)
Institutional Class		103		21			(104	)		20			97		21			(980	)		(862	)
Class A		15		33			(53	)		(5	)		31		23			(124	)		(70	)
Class C		55		103			(134	)		24			69		50			(178	)		(59	)

203

	For the Year Ended August 31, 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
Genesis:
Investor Class		5,975		5,506			(10,049	)		1,432			5,103			8,432			(17,909	)		(4,374	)
Trust Class		2,413		1,603			(8,136	)		(4,120	)		2,360			3,071			(9,793	)		(4,362	)
Advisor Class		2,071		1,608			(5,723	)		(2,044	)		2,144			2,934			(10,618	)		(5,540	)
Institutional Class		13,326		3,561			(16,214	)		673			16,116			6,478			(26,335	)		(3,741	)
Class R6		11,215		4,023			(13,556	)		1,682			12,364			5,788			(7,989	)		10,163
Global Equity:
Institutional Class		25		7			(21	)		11			96			1			(58	)		39
Class A		8		1			(43	)		(34	)		32			—			(22	)		10
Class C		1		0	^z		(10	)		(9	)		3			—			(17	)		(14	)
Global Real Estate:
Institutional Class		—		8			(7	)		1			0	^z		1			(1	)		0	^z
Class A		21		0	^z		(40	)		(19	)		0	^z		1			(2	)		(1	)
Class C		—		0	^z		(2	)		(2	)		2			0	^z		—			2
Greater China Equity:
Institutional Class		1,738		10			(2,950	)		(1,202	)		4,367			389			(5,538	)		(782	)
Class A		1,367		0	^z		(182	)		1,185			690			24			(877	)		(163	)
Class C		21		—			(14	)		7			—			1			(2	)		(1	)
Guardian:
Investor Class		644		7,181			(6,730	)		1,095			620			7,174			(7,829	)		(35	)
Trust Class		466		1,218			(2,696	)		(1,012	)		386			1,446			(4,008	)		(2,176	)
Advisor Class		2		2			(10	)		(6	)		12			3			(19	)		(4	)
Institutional Class		1,074		471			(1,035	)		510			767			577			(3,250	)		(1,906	)
Class A		147		98			(313	)		(68	)		416			132			(6,594	)		(6,046	)
Class C		31		19			(107	)		(57	)		51			17			(59	)		9
Class R3		16		4			(28	)		(8	)		10			4			(7	)		7
International Equity:
Investor Class		260		22			(687	)		(405	)		402			25			(1,331	)		(904	)
Trust Class		273		7			(668	)		(388	)		346			5			(752	)		(401	)
Institutional Class		40,572		1,388			(34,232	)		7,728			45,647			1,013			(22,630	)		24,030
Class A		1,203		4			(3,058	)		(1,851	)		2,299			7			(1,865	)		441
Class C		117		—			(259	)		(142	)		337			—			(197	)		140
Class R6		7,674		73			(1,385	)		6,362			1,696			45			(592	)		1,149

204

	For the Year Ended August 31, 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 Select:
Trust Class		26		8			(95	)		(61	)		66			8			(317	)		(243	)
Institutional Class		4,446		295			(6,957	)		(2,216	)		1,457			252			(2,674	)		(965	)
Class A		176		4			(213	)		(33	)		193			3			(130	)		66
Class C		47		0	^z		(150	)		(103	)		12			0	^z		(64	)		(52	)
Class R3		202		3			(151	)		54			134			2			(108	)		28
Class R6^(b)		825		—			(51	)		774			—			—			—			—
International Small Cap:
Institutional Class^(c)		64		—			—			64			—			—			—			—
Class A^(c)		55		—			(31	)		24			—			—			—			—
Class C^(c)		11		—			(1	)		10			—			—			—			—
Class R6^(c)		20		—			—			20			—			—			—			—
Intrinsic Value:
Institutional Class		18,969		521			(10,867	)		8,623			25,670			1,318			(12,710	)		14,278
Class A		1,026		40			(3,161	)		(2,095	)		2,339			165			(2,403	)		101
Class C		229		22			(669	)		(418	)		496			89			(563	)		22
Large Cap Value:
Investor Class		593		1,274			(3,403	)		(1,536	)		605			3,565			(4,378	)		(208	)
Trust Class		347		228			(1,078	)		(503	)		275			808			(2,634	)		(1,551	)
Advisor Class		944		772			(2,569	)		(853	)		886			2,074			(3,420	)		(460	)
Institutional Class		1,373		79			(895	)		557			271			198			(1,621	)		(1,152	)
Class A		141		10			(139	)		12			66			26			(73	)		19
Class C		84		10			(94	)		0	^z		66			22			(116	)		(28	)
Class R3		13		0	^z		(4	)		9			0	^z		1			(1	)		0	^z
Mid Cap Growth:
Investor Class		723		1,481			(3,065	)		(861	)		2,763			2,578			(3,714	)		1,627
Trust Class		426		79			(1,427	)		(922	)		642			201			(1,690	)		(847	)
Advisor Class		132		11			(165	)		(22	)		215			21			(166	)		70
Institutional Class		4,987		1,034			(7,323	)		(1,302	)		10,390			2,690			(18,789	)		(5,709	)
Class A		437		87			(1,807	)		(1,283	)		1,629			232			(2,689	)		(828	)
Class C		47		12			(161	)		(102	)		237			23			(120	)		140
Class R3		157		14			(257	)		(86	)		302			27			(245	)		84
Class R6		4,919		725			(2,381	)		3,263			10,337			854			(2,620	)		8,571

205

	For the Year Ended August 31, 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		73		9			(249	)		(167	)		116		231		(432	)		(85	)
Trust Class		30		4			(87	)		(53	)		28		96		(165	)		(41	)
Institutional Class		405		9			(297	)		117			378		200		(1,045	)		(467	)
Class A		119		4			(483	)		(360	)		264		96		(379	)		(19	)
Class C		29		0	^z		(124	)		(95	)		72		18		(57	)		33
Class R3		24		0	^z		(32	)		(8	)		37		12		(31	)		18
Multi-Cap Opportunities:
Institutional Class		9,649		669			(21,655	)		(11,337	)		6,282		844		(40,964	)		(33,838	)
Class A		1,452		118			(3,263	)		(1,693	)		915		185		(3,291	)		(2,191	)
Class C		374		60			(722	)		(288	)		352		76		(991	)		(563	)
Real Estate:
Trust Class		916		1,899			(5,271	)		(2,456	)		1,581		1,493		(7,466	)		(4,392	)
Institutional Class		3,910		2,045			(8,926	)		(2,971	)		6,130		1,707		(15,421	)		(7,584	)
Class A		1,582		1,022			(4,282	)		(1,678	)		2,661		736		(5,616	)		(2,219	)
Class C		73		204			(815	)		(538	)		155		143		(557	)		(259	)
Class R3		419		211			(876	)		(246	)		571		131		(693	)		9
Class R6		835		437			(906	)		366			1,175		211		(610	)		776
Small Cap Growth:
Investor Class		86		—			(202	)		(116	)		38		95		(173	)		(40	)
Trust Class		4		—			(48	)		(44	)		11		9		(34	)		(14	)
Advisor Class		9		—			(46	)		(37	)		25		11		(55	)		(19	)
Institutional Class		100		—			(90	)		10			94		25		(466	)		(347	)
Class A		33		—			(60	)		(27	)		40		8		(89	)		(41	)
Class C		28		—			(35	)		(7	)		24		10		(46	)		(12	)
Class R3		21		—			(32	)		(11	)		55		5		(53	)		7
Socially Responsive:
Investor Class		1,723		869			(4,473	)		(1,881	)		2,321		1,365		(5,077	)		(1,391	)
Trust Class		1,668		967			(4,962	)		(2,327	)		1,800		1,560		(5,630	)		(2,270	)
Institutional Class		5,894		910			(5,774	)		1,030			6,451		1,298		(7,648	)		101
Class A		1,472		458			(2,884	)		(954	)		1,444		681		(2,544	)		(419	)
Class C		532		166			(670	)		28			490		224		(625	)		89
Class R3		719		125			(542	)		302			524		161		(525	)		160
Class R6		2,522		430			(4,136	)		(1,184	)		5,148		484		(1,510	)		4,122

206

	For the Year Ended August 31, 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
Value:
Institutional Class		442		5		(430	)		17			177		20		(529	)		(332	)
Class A		355		1		(452	)		(96	)		29		8		(300	)		(263	)
Class C		179		1		(17	)		163			9		1		(12	)		(2	)

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

(b) Period from April 17, 2017 (Commencement of Operations) to August 31, 2017.

z Amount less than one thousand.

Note E—Line of Credit:

At August 31, 2017, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms except that some do not have access to the full amount of the Credit Facility. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, 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 August 31, 2017.

During the year ended August 31, 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".

207

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 August 31, 2017		Value August 31, 2017		Distributions from Investments in Affiliated Issuers			Net Realized Gain/(Loss) from Investments in Affiliated Issuers			Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Issuers
Genesis
Astronics Corp.		1,050,865		190,529		103,285		1,138,109	$	29,920,886	$	—	*	$	(1,515,931	)	$	(13,359,055	)
AZZ, Inc.		454,900		1,072,255		28,116		1,499,039		73,303,007		789,635			14,072			(18,814,186	)
Bank of Hawaii Corp.		2,218,312		87,240		123,916		2,181,636		170,451,221		4,441,352			3,390,734			9,729,557
Calavo Growers, Inc.		613,702		580,900		90,323		1,104,279		74,152,335		536,312			1,327,914			8,366,288
Computer Modelling Group Ltd.		4,651,700		—		411,262		4,240,438		30,765,459		1,353,817			180,112			573,321
CVB Financial Corp.		5,731,072		544,230		337,649		5,937,653		122,909,417		3,014,754			1,716,831			15,386,049
Exponent, Inc.		1,968,670		—		244,918		1,723,752		117,387,511		1,467,143			9,540,618			23,116,568
Gray Television, Inc.		4,097,350		513,115		362,674		4,247,791		60,743,411		—	*		(1,492,519	)		14,469,217
Heska Corp.		—		408,717		16,020		392,697		39,945,139		—	*		223,415			9,897,560
LegacyTexas Financial Group, Inc.		1,878,818		762,500		159,415		2,481,903		89,323,689		1,456,398			1,802,686			6,657,662
Lindsay Corp.		668,350		—		73,406		594,944		51,504,302		731,596			566,178			8,908,251
MGP Ingredients, Inc.		—		872,390		25,007		847,383		47,648,346		818,049			181,370			6,618,857
Monotype Imaging Holdings, Inc.		3,058,306		—		336,206		2,722,100		49,678,325		1,292,886			(2,477,355	)		(5,713,882	)
Nexstar Broadcasting Group, Inc. Class A^(b)		2,019,021		619,925		114,950		2,523,996		151,944,559		2,699,625			2,008,793			10,970,903
Pason Systems, Inc.		3,679,657		1,208,740		193,056		4,695,341		67,612,910		2,137,881			(121,780	)		296,964

208

	Balance of Shares Held August 31, 2016		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held August 31, 2017		Value August 31, 2017		Distributions from Investments in Affiliated Issuers			Net Realized Gain/(Loss) from Investments in Affiliated Issuers		Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Issuers
Power Integrations, Inc.		2,073,300		—		43,951		2,029,349		147,838,075		1,133,137			1,613,476		28,118,335
RBC Bearings, Inc.		1,347,240		201,200		97,582		1,450,858		159,986,112		—	*		3,255,847		42,123,495
Rogers Corp.		1,149,551		99,105		103,388		1,145,268		135,771,521		—	*		1,081,847		68,014,146
Sensient Technologies Corp.		2,824,245		27,865		366,929		2,485,181		179,305,809		3,115,130			15,287,444		(15,861,987	)
U.S. Physical Therapy, Inc.		791,800		70,500		69,885		792,415		47,465,659		634,575			953,412		(3,010,582	)
Sub-total for affiliates as of 8/31/17^(c)									$	1,847,657,693	$	25,622,290		$	37,537,164	$	196,487,481
Abaxis, Inc.^(d)		1,161,900		—		740,353		421,547		19,483,902		367,646			13,085,842		(14,835,346	)
Hibbett Sports, Inc.^(d)		1,132,969		—		1,132,969		—		—		—	*		27,301,824		(26,197,285	)
Tennant Co.^(d)		963,802		—		106,187		857,615		52,271,634		755,909			1,096,549		(3,793,158	)
Sub-total for affiliates not held as of 8/31/17									$	71,755,536	$	1,123,555		$	41,484,215	$	(44,825,789	)
Total									$	1,919,413,229	$	26,745,845		$	79,021,379	$	151,661,692
Intrinsic Value
Fluidigm Corp.		382,600		1,354,659		—		1,737,259	$	7,939,274	$	—	*	$	—	$	(628,108	)
Total^(e)									$	7,939,274	$	—		$	—	$	(628,108	)

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

(b) Effective January 17, 2017, this security underwent a name change from Nexstar Broadcasting Group, Inc. Class A.

(d) At August 31, 2017, the issuers of these companies were no longer affiliated with Genesis.

(e) At August 31, 2017, these securities amounted to approximately 0.9% of net assets of the Fund.

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

209

Other: At August 31, 2017, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.14%, 0.01% and 1.44%, of the outstanding shares of Emerging Markets Equity, Genesis and International Select, respectively.

In addition, at August 31, 2017, affiliated investors owned 0.07%, 0.00%, 0.02%, 65.79%, 92.36%, 0.05%, 0.00%, 0.01%, 84.72%, 0.00%, 0.00%, 0.03% and 0.35% of the outstanding shares of Dividend Growth, Emerging Markets Equity, Focus, Global Equity, Global Real Estate, Greater China Equity, International Equity, International Select, International Small Cap, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value and Value, respectively.

Note G—Custodian Out-of-Pocket Expenses Refunded:

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 year ended August 31, 2017.

	Expenses Refunded		Interest Paid to the Funds
Equity Income	$	1,268	$	68
Focus		73,297		8,507
Genesis		301,427		22,289
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 December 2016, FASB issued ASU No. 2016-19, "Technical Corrections and Improvements" ("ASU 2016-19"). The guidance includes an amendment to Topic 820, Fair Value Measurement, which clarifies the difference between a valuation approach and a valuation technique. The amendments also require an entity to disclose when it has changed either a valuation approach and/or a valuation technique. The guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Management is currently evaluating the impact, if any, of applying this guidance.

210

Financial Highlights

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

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Dividend Growth Fund
Institutional Class
8/31/2017	$	11.11	$	0.22	$	1.82		$	2.04		$	(0.22	)	$	—	$	(0.22	)	$	—	$	12.93		18.54	%	$	32.5		1.69	%		0.69	%		1.78	%		44	%
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	%**^‡		0.69	%**^‡		2.44	%**^‡		23	%*
Class A
8/31/2017	$	11.09	$	0.18	$	1.81		$	1.99		$	(0.14	)	$	—	$	(0.14	)	$	—	$	12.94		18.10	%	$	1.6		2.14	%		1.05	%		1.48	%		44	%
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	%**^‡		1.05	%**^‡		2.14	%**^‡		23	%*
Class C
8/31/2017	$	11.00	$	0.07	$	1.85		$	1.92		$	(0.05	)	$	—	$	(0.05	)	$	—	$	12.87		17.47	%	$	3.1		2.81	%		1.80	%		0.61	%		44	%
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	%**^‡		1.80	%**^‡		1.17	%**^‡		23	%*
Class R6
8/31/2017	$	11.11	$	0.23	$	1.81		$	2.04		$	(0.22	)	$	—	$	(0.22	)	$	—	$	12.93		18.60	%	$	0.0		1.65	%		0.62	%		1.91	%		44	%
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	%**^‡		0.62	%**^‡		2.06	%**^‡		23	%*
Emerging Markets Equity Fund
Institutional Class
8/31/2017	$	16.01	$	0.17	$	3.77		$	3.94		$	(0.08	)	$	—	$	(0.08	)	$	—	$	19.87		24.76	%	$	670.6		1.36	%		1.25	%		0.95	%		25	%
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	%^c	$	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	%
Class A
8/31/2017	$	15.92	$	0.13	$	3.75		$	3.88		$	(0.05	)	$	—	$	(0.05	)	$	—	$	19.75		24.51	%	$	65.1		1.73	%		1.50	%		0.74	%		25	%
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	%^c	$	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	%

See Notes to Financial Highlights

211

212

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Equity Fund (cont'd)
Class C
8/31/2017	$	15.36	$	(0.03	)	$	3.65		$	3.62		$	—		$	—		$	—		$	—	$	18.98		23.57	%	$	7.4		2.45	%		2.25	%		(0.18	)%		25	%
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	%^c	$	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	%
Class R3
8/31/2017	$	15.59	$	0.01		$	3.72		$	3.73		$	(0.01	)	$	—		$	(0.01	)	$	—	$	19.31		23.94	%	$	1.5		2.01	%		1.91	%		0.08	%		25	%
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	%^c	$	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	%
Class R6
8/31/2017	$	16.02	$	0.15		$	3.81		$	3.96		$	(0.09	)	$	—		$	(0.09	)	$	—	$	19.89		24.90	%	$	132.9		1.26	%		1.18	%		0.86	%		25	%
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	%^c	$	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	%^d
Equity Income Fund
Institutional Class
8/31/2017	$	12.45	$	0.38		$	1.01		$	1.39		$	(0.33	)	$	(0.42	)	$	(0.75	)	$	0.00	$	13.09		11.56	%^eh	$	1,208.7		0.69	%		0.69	%^f		2.99	%^f		53	%
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	%^c	$	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	%
Class A
8/31/2017	$	12.40	$	0.32		$	1.02		$	1.34		$	(0.28	)	$	(0.42	)	$	(0.70	)	$	0.00	$	13.04		11.17	%^eh	$	200.3		1.05	%		1.05	%^f		2.56	%^f		53	%
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	%^c	$	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	%

See Notes to Financial Highlights

213

214

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Income Fund (cont'd)
Class C
8/31/2017	$	12.32	$	0.23		$	1.01		$	1.24		$	(0.19	)	$	(0.42	)	$	(0.61	)	$	0.00	$	12.95		10.34	%^eh	$	282.3		1.80	%		1.80	%^f		1.82	%^f		53	%
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	%^c	$	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	%
Class R3
8/31/2017	$	12.37	$	0.28		$	1.02		$	1.30		$	(0.24	)	$	(0.42	)	$	(0.66	)	$	0.00	$	13.01		10.88	%^eh	$	1.8		1.34	%		1.34	%^f		2.27	%^f		53	%
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	%^c	$	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	%
Focus Fund
Investor Class
8/31/2017	$	25.81	$	0.07		$	3.93		$	4.00		$	(0.09	)	$	(2.22	)	$	(2.31	)	$	0.00	$	27.50		16.81	%^eh	$	667.7		0.92	%		0.91	%^f		0.28	%^f		72	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	15.98	$	0.02		$	2.30		$	2.32		$	(0.08	)	$	(2.22	)	$	(2.30	)	$	0.00	$	16.00		16.61	%^eh	$	63.0		1.10	%		1.09	%^f		0.10	%^f		72	%
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	%^c	$	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	%
Advisor Class
8/31/2017	$	7.80	$	(0.00	)	$	0.95		$	0.95		$	(0.11	)	$	(2.22	)	$	(2.33	)	$	0.00	$	6.42		16.51	%^eh	$	3.5		1.26	%		1.23	%^f		(0.04	)%^f		72	%
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	%^c	$	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	%

See Notes to Financial Highlights

215

216

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Focus Fund (cont'd)
Institutional Class
8/31/2017	$	25.86	$	0.11		$	3.95		$	4.06		$	(0.14	)	$	(2.22	)	$	(2.36	)	$	0.00	$	27.56		17.04	%^e	$	7.8		0.76	%		0.75	%		0.44	%		72	%
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	%^c	$	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	%
Class A
8/31/2017	$	15.82	$	0.01		$	2.28		$	2.29		$	(0.09	)	$	(2.22	)	$	(2.31	)	$	0.00	$	15.80		16.58	%^e	$	3.1		1.13	%		1.11	%		0.07	%		72	%
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	%^c	$	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	%
Class C
8/31/2017	$	7.41	$	(0.04	)	$	0.89		$	0.85		$	(0.06	)	$	(2.22	)	$	(2.28	)	$	0.00	$	5.98		15.76	%^e	$	1.9		1.88	%		1.86	%		(0.67	)%		72	%
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	%^c	$	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	%
Genesis Fund
Investor Class
8/31/2017	$	34.13	$	0.07		$	3.30		$	3.37		$	(0.15	)	$	(3.52	)	$	(3.67	)	$	—	$	33.83		10.19	%^h	$	1,786.0		1.02	%		1.01	%^f		0.21	%^f		20	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	59.52	$	0.08		$	5.84		$	5.92		$	(0.03	)	$	(3.52	)	$	(3.55	)	$	—	$	61.89		10.11	%^h	$	1,576.2		1.09	%		1.08	%^f		0.13	%^f		20	%
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	%^c	$	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	%

See Notes to Financial Highlights

217

218

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Genesis Fund (cont'd)
Advisor Class
8/31/2017	$	24.31	$	(0.03	)	$	2.32		$	2.29		$	(0.07	)	$	(3.52	)	$	(3.59	)	$	—	$	23.01		9.81	%^h	$	203.8		1.36	%		1.35	%^f		(0.13	)%^f		20	%
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	%^c	$	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	%
Institutional Class
8/31/2017	$	56.64	$	0.22		$	5.56		$	5.78		$	(0.19	)	$	(3.52	)	$	(3.71	)	$	—	$	58.71		10.40	%^h	$	3,650.3		0.85	%		0.84	%^f§		0.38	%^f		20	%
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	%^c	$	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	%
Class R6
8/31/2017	$	56.65	$	0.26		$	5.56		$	5.82		$	(0.23	)	$	(3.52	)	$	(3.75	)	$	—	$	58.72		10.47	%^h	$	3,603.6		0.77	%		0.77	%^f§		0.45	%^f		20	%
8/31/2016	$	56.50	$	0.29		$	5.67		$	5.96		$	(0.26	)	$	(5.55	)	$	(5.81	)	$	—	$	56.65		11.69	%	$	3,381.6		0.78	%		0.78	%^§		0.54	%		16	%
8/31/2015	$	60.75	$	0.30		$	0.60		$	0.90		$	(0.24	)	$	(4.91	)	$	(5.15	)	$	—	$	56.50		1.75	%	$	2,798.0		0.78	%		0.78	%		0.52	%		13	%
8/31/2014	$	57.63	$	0.28		$	7.70		$	7.98		$	(0.36	)	$	(4.50	)	$	(4.86	)	$	0.00	$	60.75		13.92	%^c	$	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	%^d
Global Equity Fund
Institutional Class
8/31/2017	$	6.65	$	0.05		$	0.94		$	0.99		$	(0.03	)	$	(0.05	)	$	(0.08	)	$	—	$	7.56		15.13	%	$	4.2		7.05	%		0.85	%		0.65	%		16	%
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	%
Class A
8/31/2017	$	6.57	$	0.01		$	0.96		$	0.97		$	(0.01	)	$	(0.05	)	$	(0.06	)	$	—	$	7.48		14.85	%	$	0.3		7.74	%		1.25	%		0.19	%		16	%
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	%

See Notes to Financial Highlights

219

220

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Equity Fund (cont'd)
Class C
8/31/2017	$	6.29	$	(0.03	)	$	0.90		$	0.87		$	—		$	(0.05	)	$	(0.05	)	$	—	$	7.11		13.89	%	$	0.1		8.34	%		1.98	%		(0.47	)%		16	%
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	%
Global Real Estate Fund
Institutional Class
8/31/2017	$	10.62	$	0.17		$	0.22		$	0.39		$	(0.33	)	$	(0.04	)	$	(0.37	)	$	—	$	10.64		4.01	%	$	2.2		10.97	%		1.01	%		1.67	%		61	%
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	%**^‡		1.00	%**^‡		1.22	%**^‡		16	%*
Class A
8/31/2017	$	10.61	$	0.14		$	0.22		$	0.36		$	(0.29	)	$	(0.04	)	$	(0.33	)	$	—	$	10.64		3.71	%	$	0.5		11.23	%		1.37	%		1.41	%		61	%
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	%**^‡		1.36	%**^‡		0.94	%**^‡		16	%*
Class C
8/31/2017	$	10.59	$	0.06		$	0.23		$	0.29		$	(0.22	)	$	(0.04	)	$	(0.26	)	$	—	$	10.62		2.96	%	$	0.3		12.10	%		2.12	%		0.56	%		61	%
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	%**^‡		2.11	%**^‡		0.11	%**^‡		16	%*
Greater China Equity Fund
Institutional Class
8/31/2017	$	11.50	$	0.09		$	4.31		$	4.40		$	(0.05	)	$	—		$	(0.05	)	$	—	$	15.85		38.46	%	$	109.4		1.69	%		1.51	%^{^^}		0.72	%		116	%
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	%**^‡		1.50	%**^‡		(1.25	)%**^‡		20	%*

See Notes to Financial Highlights

221

222

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater China Equity Fund (cont'd)
Class A
8/31/2017	$	11.50	$	0.19		$	4.17		$	4.36		$	(0.00	)	$	—		$	(0.00	)	$	—	$	15.86		37.95	%	$	21.7		2.07	%		1.86	%^{^^}		1.38	%		116	%
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	%**^‡		1.86	%**^‡		(1.65	)%**^‡		20	%*
Class C
8/31/2017	$	11.27	$	(0.14	)	$	4.30		$	4.16		$	—		$	—		$	—		$	—	$	15.43		36.91	%	$	0.3		2.80	%		2.62	%^{^^}		(1.18	)%		116	%
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	%**^‡		2.61	%**^‡		(2.41	)%**^‡		20	%*
Guardian Fund
Investor Class
8/31/2017	$	16.45	$	0.12		$	2.51		$	2.63		$	(0.11	)	$	(1.85	)	$	(1.96	)	$	—	$	17.12		17.60	%^h	$	1,052.4		0.90	%		0.89	%^f		0.77	%^f		37	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	10.96	$	0.06		$	1.58		$	1.64		$	(0.10	)	$	(1.85	)	$	(1.95	)	$	—	$	10.65		17.37	%^h	$	57.8		1.07	%		1.04	%^f		0.60	%^f		37	%
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	%^c	$	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	%
Advisor Class
8/31/2017	$	13.47	$	0.07		$	2.00		$	2.07		$	(0.05	)	$	(1.85	)	$	(1.90	)	$	—	$	13.64		17.26	%^h	$	0.1		1.38	%		1.18	%^f		0.51	%^f		37	%
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	%^c	$	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	%

See Notes to Financial Highlights

223

224

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Guardian Fund (cont'd)
Institutional Class
8/31/2017	$	16.50	$	0.15		$	2.50		$	2.65		$	(0.14	)	$	(1.85	)	$	(1.99	)	$	—	$	17.16		17.72	%^h	$	70.2		0.72	%		0.71	%^f		0.94	%^f		37	%
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	%^c	$	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	%
Class A
8/31/2017	$	10.82	$	0.06		$	1.55		$	1.61		$	(0.10	)	$	(1.85	)	$	(1.95	)	$	—	$	10.48		17.28	%^h	$	5.6		1.10	%		1.09	%^f		0.56	%^f		37	%
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	%^c	$	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	%
Class C
8/31/2017	$	13.03	$	(0.02	)	$	1.93		$	1.91		$	(0.03	)	$	(1.85	)	$	(1.88	)	$	—	$	13.06		16.53	%^h	$	1.6		1.84	%		1.84	%^f		(0.20	)%^f		37	%
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	%^c	$	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	%
Class R3
8/31/2017	$	13.42	$	0.04		$	1.99		$	2.03		$	(0.05	)	$	(1.85	)	$	(1.90	)	$	—	$	13.55		17.02	%^h	$	0.5		1.38	%		1.36	%^f		0.28	%^f		37	%
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	%^c	$	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	%
International Equity Fund
Investor Class
8/31/2017	$	20.60	$	0.29		$	2.98		$	3.27		$	(0.09	)	$	—		$	(0.09	)	$	—	$	23.78		15.97	%^h	$	110.4		1.23	%		0.73	%^f		1.34	%^f		27	%
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	%^c	$	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	%^dg

See Notes to Financial Highlights

225

226

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund (cont'd)
Trust Class
8/31/2017	$	23.02	$	0.31	$	3.34		$	3.65		$	(0.08	)	$	—	$	(0.08	)	$	—	$	26.59		15.92	%^h	$	45.7		1.27	%		0.74	%^f		1.29	%^f		27	%
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	%^c	$	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	%^dg
Institutional Class
8/31/2017	$	11.09	$	0.14	$	1.58		$	1.72		$	(0.15	)	$	—	$	(0.15	)	$	—	$	12.66		15.82	%^h	$	1,449.0		1.02	%		0.85	%^f§		1.19	%^f		27	%
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	%^c	$	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	%^g
Class A
8/31/2017	$	22.92	$	0.15	$	3.35		$	3.50		$	(0.04	)	$	—	$	(0.04	)	$	—	$	26.38		15.32	%	$	71.9		1.39	%		1.21	%^§		0.65	%^f		27	%
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	%^c	$	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	%^gd
Class C
8/31/2017	$	22.45	$	0.01	$	3.24		$	3.25		$	—		$	—	$	—		$	—	$	25.70		14.48	%	$	13.2		2.14	%		1.96	%^§		0.04	%^f		27	%
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	%^c	$	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	%^gd
Class R6
8/31/2017	$	11.20	$	0.15	$	1.59		$	1.74		$	(0.16	)	$	—	$	(0.16	)	$	—	$	12.78		15.85	%	$	134.6		0.94	%		0.77	%		1.31	%^f		27	%
8/31/2016	$	10.81	$	0.16	$	0.38		$	0.54		$	(0.15	)	$	—	$	(0.15	)	$	—	$	11.20		5.02	%	$	46.7		0.96	%		0.78	%		1.49	%		30	%
8/31/2015	$	11.42	$	0.14	$	(0.54	)	$	(0.40	)	$	(0.21	)	$	—	$	(0.21	)	$	—	$	10.81		(3.49	)%	$	32.7		0.99	%		0.77	%^§		1.24	%		25	%
Period from 9/3/2013^{^} to 8/31/2014	$	10.26	$	0.08	$	1.19		$	1.27		$	(0.11	)	$	—	$	(0.11	)	$	0.00	$	11.42		12.46	%^*c	$	21.9		1.12	%**		0.79	%^*		0.73	%**		34	%^d

See Notes to Financial Highlights

227

228

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Select Fund
Trust Class
8/31/2017	$	10.88	$	0.10	$	1.57		$	1.67		$	(0.12	)	$	—	$	(0.12	)	$	—	$	12.43		15.57	%	$	8.2		1.34	%		1.18	%		0.90	%		27	%
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	%^c	$	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	%
Institutional Class
8/31/2017	$	10.86	$	0.14	$	1.58		$	1.72		$	(0.16	)	$	—	$	(0.16	)	$	—	$	12.42		16.13	%	$	214.4		0.90	%		0.83	%		1.27	%		27	%
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	%^c	$	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	%
Class A
8/31/2017	$	10.80	$	0.10	$	1.56		$	1.66		$	(0.12	)	$	—	$	(0.12	)	$	—	$	12.34		15.60	%	$	4.9		1.27	%		1.19	%		0.87	%		27	%
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	%^c	$	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	%
Class C
8/31/2017	$	10.64	$	0.02	$	1.54		$	1.56		$	(0.04	)	$	—	$	(0.04	)	$	—	$	12.16		14.70	%	$	2.5		2.02	%		1.94	%		0.16	%		27	%
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	%^c	$	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	%
Class R3
8/31/2017	$	10.71	$	0.08	$	1.53		$	1.61		$	(0.10	)	$	—	$	(0.10	)	$	—	$	12.22		15.26	%	$	5.0		1.52	%		1.44	%		0.70	%		27	%
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	%^c	$	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	%
Class R6
Period from 4/17/2017^{^} to 8/31/2017	$	11.12	$	0.08	$	1.22		$	1.30		$	—		$	—	$	—		$	—	$	12.42		11.69	%*	$	9.6		0.79	%**		0.73	%**		1.70	%**		27	%^d

See Notes to Financial Highlights

229

230

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Small Cap Fund
Institutional Class
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	0.08		$	2.66	$	2.74		$	—		$	—		$	—		$	—	$	12.74		27.40	%*	$	0.8		29.10	%**^‡		1.05	%**^‡		0.93	%**^‡		43	%*
Class A
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	0.11		$	2.59	$	2.70		$	—		$	—		$	—		$	—	$	12.70		27.00	%*	$	0.3		29.48	%**^‡		1.41	%**^‡		1.21	%**^‡		43	%*
Class C
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	(0.02	)	$	2.65	$	2.63		$	—		$	—		$	—		$	—	$	12.63		26.30	%*	$	0.1		30.21	%**^‡		2.16	%**^‡		(0.19	)%**^‡		43	%*
Class R6
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	0.08		$	2.66	$	2.74		$	—		$	—		$	—		$	—	$	12.74		27.40	%*	$	0.3		29.02	%**^‡		0.98	%**^‡		0.99	%**^‡		43	%*
Intrinsic Value Fund
Institutional Class
8/31/2017	$	14.02	$	(0.05	)	$	2.36	$	2.31		$	—		$	(0.21	)	$	(0.21	)	$	—	$	16.12		16.59	%	$	841.9		1.03	%		1.00	%		(0.35	)%		26	%
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	%^c	$	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	%
Class A
8/31/2017	$	13.68	$	(0.10	)	$	2.30	$	2.20		$	—		$	(0.21	)	$	(0.21	)	$	—	$	15.67		16.20	%	$	18.2		1.43	%		1.36	%		(0.68	)%		26	%
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	%^c	$	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	%
Class C
8/31/2017	$	12.99	$	(0.20	)	$	2.18	$	1.98		$	—		$	(0.21	)	$	(0.21	)	$	—	$	14.76		15.36	%	$	22.4		2.15	%		2.11	%		(1.45	)%		26	%
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	%^c	$	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	%

See Notes to Financial Highlights

231

232

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund
Investor Class
8/31/2017	$	28.25	$	0.40	$	4.03		$	4.43		$	(0.20	)	$	(0.87	)	$	(1.07	)	$	—	$	31.61		15.88	%^h	$	1,148.5		0.87	%		0.86	%^f		1.31	%^f		74	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	18.38	$	0.23	$	2.61		$	2.84		$	(0.19	)	$	(0.87	)	$	(1.06	)	$	—	$	20.16		15.77	%^h	$	75.0		1.05	%		1.01	%^f		1.16	%^f		74	%
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	%^c	$	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	%
Advisor Class
8/31/2017	$	13.72	$	0.14	$	1.93		$	2.07		$	(0.19	)	$	(0.87	)	$	(1.06	)	$	—	$	14.73		15.51	%^h	$	144.1		1.20	%		1.19	%^f		0.98	%^f		74	%
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	%^c	$	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	%
Institutional Class
8/31/2017	$	28.47	$	0.46	$	4.05		$	4.51		$	(0.26	)	$	(0.87	)	$	(1.13	)	$	—	$	31.85		16.04	%^h	$	80.6		0.70	%		0.69	%^f§		1.50	%^f		74	%
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	%^c	$	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	%
Class A
8/31/2017	$	18.36	$	0.22	$	2.60		$	2.82		$	(0.20	)	$	(0.87	)	$	(1.07	)	$	—	$	20.11		15.65	%^h	$	3.8		1.07	%		1.07	%^f		1.11	%^f		74	%
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	%^c	$	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	%

See Notes to Financial Highlights

233

234

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund (cont'd)
Class C
8/31/2017	$	12.99	$	0.05		$	1.83		$	1.88		$	(0.13	)	$	(0.87	)	$	(1.00	)	$	—	$	13.87		14.84	%^h	$	2.3		1.81	%		1.81	%^f		0.36	%^f		74	%
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	%^c	$	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	%
Class R3
8/31/2017	$	13.93	$	0.13		$	1.95		$	2.08		$	(0.18	)	$	(0.87	)	$	(1.05	)	$	—	$	14.96		15.27	%^h	$	0.2		1.43	%		1.36	%^f		0.90	%^f		74	%
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	%^c	$	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	%
Mid Cap Growth Fund
Investor Class
8/31/2017	$	12.88	$	(0.04	)	$	1.99		$	1.95		$	—		$	(0.62	)	$	(0.62	)	$	—	$	14.21		15.80	%^h	$	445.9		0.93	%		0.91	%^f		(0.28	)%^f		47	%
8/31/2016	$	14.29	$	(0.04	)	$	(0.26	)	$	(0.30	)	$	—		$	(1.12	)	$	(1.12	)	$	0.01	$	12.88		(1.70	)%^e	$	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	%^c	$	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	%
Trust Class
8/31/2017	$	22.31	$	(0.08	)	$	3.51		$	3.43		$	—		$	(0.62	)	$	(0.62	)	$	—	$	25.12		15.75	%^h	$	52.0		0.97	%		0.97	%^f		(0.34	)%^f		47	%
8/31/2016	$	23.90	$	(0.08	)	$	(0.42	)	$	(0.50	)	$	—		$	(1.12	)	$	(1.12	)	$	0.03	$	22.31		(1.77	)%^e	$	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	%^c	$	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	%
Advisor Class
8/31/2017	$	22.65	$	(0.14	)	$	3.56		$	3.42		$	—		$	(0.62	)	$	(0.62	)	$	—	$	25.45		15.47	%^h	$	12.4		1.23	%		1.23	%^f		(0.60	)%^f		47	%
8/31/2016	$	24.31	$	(0.14	)	$	(0.42	)	$	(0.56	)	$	—		$	(1.12	)	$	(1.12	)	$	0.02	$	22.65		(2.04	)%^e	$	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	%^c	$	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	%

See Notes to Financial Highlights

235

236

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund (cont'd)
Institutional Class
8/31/2017	$	13.20	$	(0.01	)	$	2.04		$	2.03		$	—	$	(0.62	)	$	(0.62	)	$	—	$	14.61		16.03	%^h	$	321.5		0.72	%		0.72	%^f		(0.09	)%^f		47	%
8/31/2016	$	14.59	$	(0.02	)	$	(0.27	)	$	(0.29	)	$	—	$	(1.12	)	$	(1.12	)	$	0.02	$	13.20		(1.52	)%^e	$	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	%^c	$	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	%
Class A
8/31/2017	$	22.23	$	(0.11	)	$	3.49		$	3.38		$	—	$	(0.62	)	$	(0.62	)	$	—	$	24.99		15.58	%^h	$	54.4		1.11	%		1.11	%^f§		(0.49	)%^f		47	%
8/31/2016	$	23.85	$	(0.11	)	$	(0.42	)	$	(0.53	)	$	—	$	(1.12	)	$	(1.12	)	$	0.03	$	22.23		(1.91	)%^e	$	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	%^c	$	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	%
Class C
8/31/2017	$	21.92	$	(0.28	)	$	3.42		$	3.14		$	—	$	(0.62	)	$	(0.62	)	$	—	$	24.44		14.69	%	$	9.7		1.86	%		1.86	%^§		(1.24	)%		47	%
8/31/2016	$	23.70	$	(0.26	)	$	(0.41	)	$	(0.67	)	$	—	$	(1.12	)	$	(1.12	)	$	0.01	$	21.92		(2.62	)%^e	$	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	%^c	$	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	%
Class R3
8/31/2017	$	22.63	$	(0.17	)	$	3.55		$	3.38		$	—	$	(0.62	)	$	(0.62	)	$	—	$	25.39		15.30	%	$	13.2		1.36	%		1.36	%		(0.73	)%		47	%
8/31/2016	$	24.31	$	(0.16	)	$	(0.42	)	$	(0.58	)	$	—	$	(1.12	)	$	(1.12	)	$	0.02	$	22.63		(2.12	)%^e	$	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	%^c	$	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	%
Class R6
8/31/2017	$	13.24	$	(0.00	)	$	2.05		$	2.05		$	—	$	(0.62	)	$	(0.62	)	$	—	$	14.67		16.13	%^h	$	262.4		0.65	%		0.65	%^f		(0.02	)%^f		47	%
8/31/2016	$	14.62	$	(0.00	)	$	(0.27	)	$	(0.27	)	$	—	$	(1.12	)	$	(1.12	)	$	0.01	$	13.24		(1.44	)%^e	$	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	%^c	$	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	%^d

See Notes to Financial Highlights

237

238

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund
Investor Class
8/31/2017	$	19.71	$	0.23		$	3.15		$	3.38		$	(0.11	)	$	—		$	(0.11	)	$	—	$	22.98		17.19	%^h	$	40.3		1.25	%		1.01	%^f		1.06	%^f		31	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	16.24	$	0.15		$	2.58		$	2.73		$	(0.11	)	$	—		$	(0.11	)	$	—	$	18.86		16.85	%^h	$	10.9		1.43	%		1.25	%^f§		0.82	%^f		31	%
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	%^c	$	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	%
Institutional Class
8/31/2017	$	19.75	$	0.26		$	3.16		$	3.42		$	(0.17	)	$	—		$	(0.17	)	$	—	$	23.00		17.40	%^h	$	29.1		1.05	%		0.85	%^f		1.19	%^f		31	%
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	%^c	$	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	%
Class A
8/31/2017	$	16.21	$	0.16		$	2.58		$	2.74		$	(0.11	)	$	—		$	(0.11	)	$	—	$	18.84		16.95	%^h	$	8.6		1.43	%		1.21	%^f		0.89	%^f		31	%
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	%^c	$	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	%
Class C
8/31/2017	$	15.88	$	0.03		$	2.52		$	2.55		$	(0.06	)	$	—		$	(0.06	)	$	—	$	18.37		16.09	%^h	$	2.5		2.18	%		1.96	%^f		0.15	%^f		31	%
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	%^c	$	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	%

See Notes to Financial Highlights

239

240

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund (cont'd)
Class R3
8/31/2017	$	16.19	$	0.11		$	2.57		$	2.68		$	(0.09	)	$	—		$	(0.09	)	$	—	$	18.78		16.62	%	$	1.5		1.69	%		1.46	%		0.63	%		31	%
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	%^c	$	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	%
Multi-Cap Opportunities Fund
Institutional Class
8/31/2017	$	16.08	$	0.12		$	3.06		$	3.18		$	(0.14	)	$	(0.45	)	$	(0.59	)	$	—	$	18.67		20.27	%^h	$	1,828.2		0.75	%		0.75	%^f		0.68	%^f		23	%
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	%^c	$	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	%
Class A
8/31/2017	$	15.95	$	0.06		$	3.04		$	3.10		$	(0.07	)	$	(0.45	)	$	(0.52	)	$	—	$	18.53		19.85	%^h	$	53.5		1.10	%		1.10	%^f		0.32	%^f		23	%
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	%^c	$	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	%
Class C
8/31/2017	$	15.42	$	(0.07	)	$	2.94		$	2.87		$	(0.00	)	$	(0.45	)	$	(0.45	)	$	—	$	17.84		18.95	%^h	$	40.7		1.84	%		1.84	%^f		(0.40	)%^f		23	%
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	%^c	$	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	%
Real Estate Fund
Trust Class
8/31/2017	$	15.12	$	0.20		$	0.07		$	0.27		$	(0.19	)	$	(1.68	)	$	(1.87	)	$	—	$	13.52		2.89	%	$	156.6		1.42	%		1.04	%		1.46	%		45	%
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	%^c	$	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	%

See Notes to Financial Highlights

241

242

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Real Estate Fund (cont'd)
Institutional Class
8/31/2017	$	15.17	$	0.22	$	0.06		$	0.28		$	(0.21	)	$	(1.68	)	$	(1.89	)	$	—	$	13.56		3.01	%	$	191.3		1.05	%		0.85	%		1.64	%		45	%
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	%^c	$	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	%
Class A
8/31/2017	$	15.12	$	0.18	$	0.05		$	0.23		$	(0.16	)	$	(1.68	)	$	(1.84	)	$	—	$	13.51		2.63	%	$	83.5		1.42	%		1.21	%		1.32	%		45	%
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	%^c	$	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	%
Class C
8/31/2017	$	15.12	$	0.08	$	0.05		$	0.13		$	(0.05	)	$	(1.68	)	$	(1.73	)	$	—	$	13.52		1.89	%	$	18.9		2.17	%		1.96	%		0.57	%		45	%
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	%^c	$	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	%
Class R3
8/31/2017	$	15.09	$	0.13	$	0.08		$	0.21		$	(0.13	)	$	(1.68	)	$	(1.81	)	$	—	$	13.49		2.45	%	$	19.0		1.68	%		1.46	%		1.01	%		45	%
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	%^c	$	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	%
Class R6
8/31/2017	$	15.16	$	0.22	$	0.08		$	0.30		$	(0.22	)	$	(1.68	)	$	(1.90	)	$	—	$	13.56		3.16	%	$	45.2		0.98	%		0.78	%		1.62	%		45	%
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	%^c	$	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	%^d

See Notes to Financial Highlights

243

244

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund
Investor Class
8/31/2017	$	26.97	$	(0.26	)	$	6.19		$	5.93		$	—	$	—		$	—		$	—	$	32.90		21.99	%^h	$	49.8		1.78	%		1.20	%^f		(0.86	)%f		215	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	29.25	$	(0.33	)	$	6.69		$	6.36		$	—	$	—		$	—		$	—	$	35.61		21.74	%	$	3.9		1.88	%		1.37	%		(1.04	)%		215	%
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	%^c	$	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	%
Advisor Class
8/31/2017	$	18.72	$	(0.24	)	$	4.28		$	4.04		$	—	$	—		$	—		$	—	$	22.76		21.58	%^h	$	1.7		2.05	%		1.51	%^f		(1.18	)%f		215	%
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	%^c	$	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	%
Institutional Class
8/31/2017	$	27.66	$	(0.17	)	$	6.34		$	6.17		$	—	$	—		$	—		$	—	$	33.83		22.31	%	$	11.8		1.50	%		0.90	%		(0.57	)%		215	%
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	%^c	$	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	%
Class A
8/31/2017	$	29.53	$	(0.30	)	$	6.76		$	6.46		$	—	$	—		$	—		$	—	$	35.99		21.88	%	$	3.3		1.90	%		1.26	%		(0.93	)%		215	%
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	%^c	$	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	%

See Notes to Financial Highlights

245

246

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Class C
8/31/2017	$	18.05	$	(0.33	)	$	4.12		$	3.79		$	—		$	—		$	—		$	—	$	21.84		21.00	%	$	2.0		2.63	%		2.01	%		(1.68	)%		215	%
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	%^c	$	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	%
Class R3
8/31/2017	$	18.77	$	(0.24	)	$	4.29		$	4.05		$	—		$	—		$	—		$	—	$	22.82		21.58	%	$	1.0		2.19	%		1.51	%		(1.17	)%		215	%
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	%^c	$	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	%
Socially Responsive Fund
Investor Class
8/31/2017	$	34.50	$	0.24		$	4.30		$	4.54		$	(0.23	)	$	(1.32	)	$	(1.55	)	$	—	$	37.49		13.54	%^h	$	732.6		0.85	%		0.84	%^f		0.66	%^f		26	%
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	%^c	$	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	%
Trust Class
8/31/2017	$	20.37	$	0.10		$	2.50		$	2.60		$	(0.23	)	$	(1.32	)	$	(1.55	)	$	—	$	21.42		13.41	%^h	$	234.6		1.02	%		1.01	%^f		0.50	%^f		26	%
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	%^c	$	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	%
Institutional Class
8/31/2017	$	34.55	$	0.30		$	4.32		$	4.62		$	(0.30	)	$	(1.32	)	$	(1.62	)	$	—	$	37.55		13.78	%^h	$	848.8		0.66	%		0.66	%^f		0.84	%^f		26	%
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	%^c	$	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	%

See Notes to Financial Highlights

247

248

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Socially Responsive Fund (cont'd)
Class A
8/31/2017	$	20.15	$	0.10		$	2.46		$	2.56		$	(0.23	)	$	(1.32	)	$	(1.55	)	$	—	$	21.16		13.36	%^h	$	118.0		1.03	%		1.03	%^f		0.48	%^f		26	%
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	%^c	$	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	%
Class C
8/31/2017	$	19.56	$	(0.05	)	$	2.39		$	2.34		$	(0.09	)	$	(1.32	)	$	(1.41	)	$	—	$	20.49		12.53	%^h	$	56.6		1.78	%		1.78	%^f		(0.27	)%^f		26	%
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	%^c	$	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	%
Class R3
8/31/2017	$	19.92	$	0.04		$	2.43		$	2.47		$	(0.19	)	$	(1.32	)	$	(1.51	)	$	—	$	20.88		13.04	%^h	$	41.3		1.28	%		1.28	%^f		0.21	%^f		26	%
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	%^c	$	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	%
Class R6
8/31/2017	$	34.57	$	0.33		$	4.31		$	4.64		$	(0.32	)	$	(1.32	)	$	(1.64	)	$	—	$	37.57		13.84	%^h	$	361.3		0.59	%		0.59	%^f		0.91	%^f		26	%
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	%^c	$	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	%^d
Value Fund
Institutional Class
8/31/2017	$	15.72	$	0.25		$	2.29		$	2.54		$	(0.12	)	$	—		$	(0.12	)	$	—	$	18.14		16.18	%	$	10.8		2.20	%		0.71	%		1.47	%		115	%
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	%

See Notes to Financial Highlights

249

250

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^##			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Value Fund (cont'd)
Class A
8/31/2017	$	15.62	$	0.18		$	2.29		$	2.47		$	(0.07	)	$	—		$	(0.07	)	$	—	$	18.02		15.83	%	$	2.7		2.60	%		1.08	%		1.08	%		115	%
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	%
Class C
8/31/2017	$	15.33	$	0.06		$	2.22		$	2.28		$	(0.09	)	$	—		$	(0.09	)	$	—	$	17.52		14.92	%	$	3.5		3.31	%		1.83	%		0.37	%		115	%
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	%

See Notes to Financial Highlights

251

252

Notes to Financial Highlights

@ Calculated based on the average number of shares outstanding during each fiscal period.

# 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 and/or if certain Funds did not receive the Custodian Out-of-Pocket Expenses Refunded, as listed in Note G of Notes to Financial Statements.

## Prior to January 1, 2013, the 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%.

^ The date investment operations commenced.

* Not annualized.

** Annualized.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

§ 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 net assets would have been:

	Year Ended August 31,
	2017			2016			2015			2014			2013
Equity Income Class R3		—			—			—			1.32	%		1.31	%
Genesis Institutional Class		0.84	%		0.85	%		—			0.85	%		—
Genesis Class R6		0.77	%		0.78	%		—			0.78	%		—
Guardian Advisor Class		—			1.26	%		—			—			1.30	%
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		1.20	%		—			1.20	%		—			—
International Equity Class C		1.96	%		—			—			—			—
International Equity Class R6		—			—			0.76	%		—			—
Large Cap Value Institutional Class		0.69	%		—			0.70	%		0.70	%		—
Large Cap Value Class A		—			—			—			1.08	%		—
Large Cap Value Class C		—			—			1.82	%		1.82	%		1.86	%
Mid Cap Growth Institutional Class		—			0.73	%		0.73	%		—			—
Mid Cap Growth Class A		1.09	%		1.10	%		1.10	%		—			—
Mid Cap Growth Class C		1.86	%		—			—			—			—
Mid Cap Growth Class R6		—			—			0.67	%		—			—
Mid Cap Intrinsic Value Trust Class		1.24	%		—			—			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	%
Multi-Cap Opportunities Class A		—			—			—			—			1.16	%
Multi-Cap Opportunities Class C		—			—			—			—			1.92	%
Socially Responsive Class A		—			—			—			—			1.08	%
Socially Responsive Class C		—			—			—			—			1.83	%

^^ Represents the annualized ratio of net expenses to average daily net assets 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

253

Notes to Financial Highlights (cont'd)

a portion of the investment management fee by Management. The Funds are required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had Greater China Equity and Value not utilized the Line of Credit, or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:

	Year Ended August 31,
	2017			2016			2015
Greater China Equity Institutional Class		1.50	%		1.51	%		1.50	%
Greater China Equity Class A		1.86	%		1.87	%		1.86	%
Greater China Equity Class C		2.61	%		2.62	%		2.61	%
Value Institutional Class		—			0.71	%		—
Value Class A		—			1.10	%		—
Value Class C		—			1.84	%		—

a Except for the Fund classes listed below, the class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the year ended August 31, 2017. Had the Fund classes listed below not received class action proceeds in 2017, total return based on per share NAV for the year ended August 31, 2017 would have been:

Mid Cap Intrinsic Value Class A	16.89	%
Small Cap Growth Investor Class	21.91	%
Small Cap Growth Trust Class	21.68	%
Small Cap Growth Advisor Class	21.47	%
Small Cap Growth Institutional Class	22.23	%
Small Cap Growth Class A	21.81	%
Small Cap Growth Class C	20.94	%
Small Cap Growth Class R3	21.47	%

Except for the Fund classes listed below, the class action proceeds received in 2016, 2015, 2014 and 2013, if any, had no impact on the Funds' total returns for the years ended August 31, 2016, 2015, 2014 and/or 2013. Had the Fund classes listed below not received class action proceeds in 2016, 2015, 2014 and/or 2013, total return based on per share NAV for the years ended August 31, 2016, 2015, 2014 and/or 2013 would have been:

	Year Ended August 31,
	2016		2015			2014			2013
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	%		—
Mid Cap Intrinsic Value Trust Class		—		—			22.41	%		—
Mid Cap Intrinsic Value Institutional Class		—		—			—			—

254

Notes to Financial Highlights (cont'd)

	Year Ended August 31,
	2016			2015			2014			2013
Mid Cap Intrinsic Value Class R3		—			—			22.17	%		—
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	%

b 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.

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

d 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, for the year ended August 31, 2014 for International Equity and for the year ended August 31, 2017 for International Select.

e The voluntary contributions listed in Note B of the Notes to Financial Statements had no impact on the Funds' total returns for the year ended August 31, 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	)%

255

Notes to Financial Highlights (cont'd)

f Custodian Out-of-Pocket Expenses Refunded, as listed in Note G of the Notes to Financial Statements, is non-recurring, and is included in these ratios. Had the Funds not received the refund the annualized ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Equity Income Institutional Class		0.69	%		2.99	%
Equity Income Class A		1.05	%		2.56	%
Equity Income Class C		1.80	%		1.82	%
Equity Income Class R3		1.34	%		2.27	%
Focus Investor Class		0.92	%		0.27	%
Focus Trust Class		1.10	%		0.09	%
Focus Advisor Class		1.26	%		(0.08	)%
Genesis Investor Class		1.02	%		0.21	%
Genesis Trust Class		1.09	%		0.12	%
Genesis Advisor Class		1.36	%		(0.14	)%
Genesis Institutional Class		0.85	%		0.38	%
Genesis Class R6		0.77	%		0.45	%
Guardian Investor Class		0.90	%		0.75	%
Guardian Trust Class		1.07	%		0.57	%
Guardian Advisor Class		1.38	%		0.25	%
Guardian Institutional Class		0.72	%		0.94	%
Guardian Class A		1.10	%		0.55	%
Guardian Class C		1.84	%		(0.20	)%
Guardian Class R3		1.36	%		0.28	%
International Equity Investor Class		1.05	%		0.97	%
International Equity Trust Class		1.09	%		0.91	%
International Equity Institutional Class		0.85	%		1.19	%
International Equity Class A		—	%		0.65	%
International Equity Class C		—	%		0.04	%
International Equity Class R6		—	%		1.31	%
Large Cap Value Investor Class		0.87	%		1.30	%
Large Cap Value Trust Class		1.05	%		1.11	%
Large Cap Value Advisor Class		1.20	%		0.97	%
Large Cap Value Institutional Class		0.70	%		1.49	%
Large Cap Value Class A		1.07	%		1.11	%
Large Cap Value Class C		1.81	%		0.36	%
Large Cap Value Class R3		1.36	%		0.90	%
Mid Cap Growth Investor Class		0.93	%		(0.30	)%

256

Notes to Financial Highlights (cont'd)

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Mid Cap Growth Trust Class		0.97	%		(0.34	)%
Mid Cap Growth Advisor Class		1.23	%		(0.60	)%
Mid Cap Growth Institutional Class		0.72	%		(0.09	)%
Mid Cap Growth Class A		1.11	%		(0.49	)%
Mid Cap Growth Class R6		0.65	%		(0.02	)%
Mid Cap Intrinsic Value Investor Class		1.07	%		1.00	%
Mid Cap Intrinsic Value Trust Class		1.25	%		0.82	%
Mid Cap Intrinsic Value Institutional Class		0.85	%		1.19	%
Mid Cap Intrinsic Value Class A		1.21	%		0.89	%
Mid Cap Intrinsic Value Class C		1.96	%		0.15	%
Multi-Cap Opportunities Institutional Class		0.75	%		0.68	%
Multi-Cap Opportunities Class A		1.10	%		0.32	%
Multi-Cap Opportunities Class C		1.84	%		(0.40	)%
Small Cap Growth Investor Class		1.21	%		(0.87	)%
Small Cap Growth Advisor Class		1.51	%		(1.18	)%
Socially Responsive Investor Class		0.85	%		0.66	%
Socially Responsive Trust Class		1.02	%		0.49	%
Socially Responsive Institutional Class		0.66	%		0.84	%
Socially Responsive Class A		1.03	%		0.48	%
Socially Responsive Class C		1.78	%		(0.27	)%
Socially Responsive Class R3		1.28	%		0.21	%
Socially Responsive Class R6		0.59	%		0.91	%

g 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.

h Except for the Fund classes listed below, total return would have been the same for the year ended August 31, 2017, if the Funds had not received the refund listed in Note G of the Notes to Financial Statements. Had the Funds not received the refund listed in Note G of the Notes to Financial Statements, the total return would have been:

	Year Ended August 31, 2017
Guardian Advisor Class		17.00	%
International Equity Investor Class		15.58	%
International Equity Trust Class		15.53	%
Mid Cap Intrinsic Value Investor Class		17.14	%

257

Reports of Independent Registered Public Accounting Firms

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Global Real Estate Fund, Neuberger Berman Greater China Equity Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman International Small Cap Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Real Estate Fund, and Neuberger Berman Value Fund, fifteen of the series constituting Neuberger Berman Equity Funds (the "Trust") as of August 31, 2017, and the related statements of operations for the period then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

258

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above-mentioned series of the Neuberger Berman Equity Funds, at August 31, 2017, the results of their operations for the period then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
October 20, 2017

259

Reports of Independent Registered Public Accounting Firms

To the Board of Trustees and Shareholders
Neuberger Berman Equity Funds

We have audited the accompanying statements of assets and liabilities of the Neuberger Berman Intrinsic Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund , Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Small Cap Growth Fund, and Neuberger Berman Socially Responsive Fund, each a series of Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2017, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above mentioned series of the Trust, as of August 31, 2017, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
October 20, 2017

260

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