Neuberger Berman
Equity Funds
Investor Class Shares
Trust Class Shares
Advisor Class Shares
Institutional Class Shares
Dividend Growth Fund
Emerging Markets Equity Fund
Equity Income Fund
Focus Fund
Genesis Fund
Global Equity Fund
Global Real Estate Fund
Greater China Equity Fund
Guardian Fund
International Equity Fund
Class A Shares
Class C Shares
Class R3 Shares
Class R6 Shares
International Select Fund
International Small Cap Fund
Intrinsic Value Fund
Large Cap Value Fund
Mid Cap Growth Fund
Mid Cap Intrinsic Value Fund
Multi-Cap Opportunities Fund
Real Estate Fund
Small Cap Growth Fund
Socially Responsive Fund
Value Fund
Semi-Annual Report
February 28, 2018
Contents
THE FUNDS
President's Letter | 1 | ||||||
PORTFOLIO COMMENTARY | |||||||
Dividend Growth Fund | 2 | ||||||
Emerging Markets Equity Fund | 4 | ||||||
Equity Income Fund | 6 | ||||||
Focus Fund | 8 | ||||||
Genesis Fund | 10 | ||||||
Global Equity Fund | 12 | ||||||
Global Real Estate Fund | 15 | ||||||
Greater China Equity Fund | 17 | ||||||
Guardian Fund | 19 | ||||||
International Equity Fund | 21 | ||||||
International Select Fund | 23 | ||||||
International Small Cap Fund | 25 | ||||||
Intrinsic Value Fund | 27 | ||||||
Large Cap Value Fund | 29 | ||||||
Mid Cap Growth Fund | 31 | ||||||
Mid Cap Intrinsic Value Fund | 33 | ||||||
Multi-Cap Opportunities Fund | 35 | ||||||
Real Estate Fund | 37 | ||||||
Small Cap Growth Fund | 39 | ||||||
Socially Responsive Fund | 41 | ||||||
Value Fund | 43 | ||||||
FUND EXPENSE INFORMATION | 52 | ||||||
SCHEDULE OF INVESTMENTS | |||||||
Dividend Growth Fund | 56 | ||||||
Emerging Markets Equity Fund | 58 | ||||||
Positions by Industry | 60 | ||||||
Equity Income Fund | 62 |
Focus Fund | 67 | ||||||
Genesis Fund | 70 | ||||||
Global Equity Fund | 74 | ||||||
Positions by Industry | 76 | ||||||
Global Real Estate Fund | 78 | ||||||
Positions by Sector | 80 | ||||||
Greater China Equity Fund | 82 | ||||||
Guardian Fund | 84 | ||||||
International Equity Fund | 90 | ||||||
Positions by Industry | 92 | ||||||
International Select Fund | 94 | ||||||
Positions by Industry | 96 | ||||||
International Small Cap Fund | 98 | ||||||
Positions by Industry | 100 | ||||||
Intrinsic Value Fund | 102 | ||||||
Large Cap Value Fund | 105 | ||||||
Mid Cap Growth Fund | 108 | ||||||
Mid Cap Intrinsic Value Fund | 111 | ||||||
Multi-Cap Opportunities Fund | 114 | ||||||
Real Estate Fund | 116 | ||||||
Small Cap Growth Fund | 118 | ||||||
Socially Responsive Fund | 120 | ||||||
Value Fund | 122 | ||||||
FINANCIAL STATEMENTS | 125 | ||||||
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA | |||||||
Dividend Growth Fund | 191 | ||||||
Emerging Markets Equity Fund | 191 | ||||||
Equity Income Fund | 195 | ||||||
Focus Fund | 197 | ||||||
Genesis Fund | 199 | ||||||
Global Equity Fund | 201 | ||||||
Global Real Estate Fund | 203 | ||||||
Greater China Equity Fund | 205 | ||||||
Guardian Fund | 205 |
International Equity Fund | 209 | ||||||
International Select Fund | 213 | ||||||
International Small Cap Fund | 215 | ||||||
Intrinsic Value Fund | 217 | ||||||
Large Cap Value Fund | 217 | ||||||
Mid Cap Growth Fund | 221 | ||||||
Mid Cap Intrinsic Value Fund | 225 | ||||||
Multi-Cap Opportunities Fund | 229 | ||||||
Real Estate Fund | 229 | ||||||
Small Cap Growth Fund | 233 | ||||||
Socially Responsive Fund | 237 | ||||||
Value Fund | 239 | ||||||
Directory | 249 | ||||||
Proxy Voting Policies and Procedures | 250 | ||||||
Quarterly Portfolio Schedule | 250 | ||||||
Board Consideration of the Management Agreement | 251 |
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. ©2018 Neuberger Berman BD LLC, distributor. All rights reserved.
President's Letter
Dear Shareholder,
Global equity markets continued their upward climb for most of this period, interrupted only in February, as volatility surged on U.S. inflation and trade policy news. Still, U.S. and emerging markets equities, as measured by the S&P 500® Index and MSCI Emerging Markets Index, respectively, closed the six month period ended February 28, 2018 up over 10 percent, with developed international markets, as measured by the MSCI EAFE® Index, up over seven percent.
While the U.S. market may have been due for a correction (the last 10% decline was in 2016), the factors behind the sharp decline in early February suggest potentially opposite directions for the future.
While an uptick in inflation spooked investors as a potential precursor to higher interest rates, it's also seen as a confirmation of underlying strength in economic growth. In February, the Consumer Price Index increased by 2.2% over the prior year. Current inflation data, incorporating factors such as January's 2.9% year-over-year gain in average hourly earnings reinforces the fact that the U.S. economy, along with much of the global economy, has continued to be steady.
Tied to the upward pressure on wages is the low U.S. jobless rate, reported at 4.1% in February. Better wages allow for better consumer spending, the single most important contributor to U.S. GDP. Growth is good, and if the U.S. Federal Reserve maintains a balance between inflation and interest rates, it should continue to support equity returns.
On the other hand, trade protectionism concerns investors because tariffs and "trade wars" threaten the global commerce that U.S.-based and other multi-national firms—and the smaller firms that supply them—rely on. Thus, we believe protectionist policy threatens profits, wages, spending, and global GDP growth trends. In a fully globalized economy, it also threatens the U.S. position as the trading partner of choice, at a time when China continues to gain economic influence.
While we are generally optimistic about the remainder of the year, we anticipate volatility. We see strength in the U.S. economy, but factors such as weak retail sales and consumer spending data year-to-date show that the economy is not invincible. As in February, real or anticipated tightening by central banks has the power to disrupt sentiment. And at a time of heightened geopolitical risk, numerous opportunities for surprise exist, domestically and internationally. Balancing all of this, however, we see strong corporate earnings and healthy balance sheets even as wage pressures and costs may be trending up.
We are strong believers in the ability of research, tested disciplines, and investor skill to add value for shareholders over the longer term. Should volatility continue, we believe the potential for active managers to outperform increases, creating opportunities to buy into dips and sell into strength. Correlations between stocks have fallen since this time last year, suggesting this is a "market of stocks" versus a uniform "stock market," another factor that we believe favors skilled active managers.
We look forward to continuing to serve your investment needs, and thank you for your confidence in Neuberger Berman.
Sincerely,
ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS
1
Dividend Growth Fund Commentary
Neuberger Berman Dividend Growth Fund Institutional Class generated a 7.82% total return for the six months ended February 28, 2018, underperforming its benchmark, the S&P 500® Index (the Index), which posted a 10.84 % total return 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 to grow their businesses while providing dividend distributions to shareholders. We focus on companies that appear to have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies.
During this timeframe, the market pushed further into record territory as "growth" stocks outperformed "value." Overall, eight out of eleven sectors in the Index posted gains with Financials, Information Technology (IT), and Consumer Discretionary benefitting the most.
The Fund's approximately 15% average allocation to Financials made the largest contribution to total returns during the period. As we enter the next phase of the business cycle, our overweight to banks versus the Index remains critical to portfolio construction in a rising rate environment. Stock selection was strong with Comerica being our top overall performer as investors bid-up the asset sensitive regional bank. The company saw improved earnings growth coupled with an expectation for deregulation tailwinds on the horizon.
Elsewhere, our overweight to Materials delivered mixed results. Canada's First Quantum Minerals was among our winners. This security represents a high-quality copper producer with a meaningful nickel business. We were attracted to this business as management recently completed extensive investment initiatives in Panama, setting the stage for free cash growth, which, in our view, increases the likelihood for a dividend program. Sticking with Materials, our gold-related name, Lundin Mining, experienced downward pressure and was sold in favor of opportunities elsewhere. It's worth noting that this position was accretive to performance during its tenure.
Within Industrials, shares of Caterpillar lifted results. The maker of construction and mining equipment revised its full-year outlook citing strong growth across North America. During this period, management raised its full-year earnings guidance to $4.60, from its previous estimate of $3.50. In reaction, this stock re-rated significantly, generating significant alpha, and was ultimately sold after reaching our price target.
Collectively, Health Care exposure dampened results as Allergan was among our laggards. Overall, we remain positive given the longevity of core products including Botox, which is now used for aesthetic and medical purposes.
On the Consumer Discretionary front, stock selection weighed on performance as the sector was lifted by constituents with limited free cash flow growth. Within our holdings, commercial broadcasting giant CBS Corp. was among our laggards. Despite seeing short-term setbacks our conviction level remains elevated, and we feel these securities could stage a rebound in the quarters to come.
We feel equities remain supported by healthy corporate results. Over the near term, we believe tax legislation represents a structural tailwind for consumer confidence and earnings growth potential. The year ahead could represent an inflection point for central banks considering whether to raise interest rates in response to inflationary pressures, and the Fund remains positioned accordingly. We feel positive; however acknowledge that the economy has likely entered the later stages of its expansion cycle. Given this backdrop, we believe a focus on high-quality, cash-generative companies remains critical at this juncture.
Sincerely,
DAVID A. KIEFER AND WILLIAM D. HUNTER
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
2
Dividend Growth Fund
TICKER SYMBOLS
Institutional Class | NDGIX | ||||||
Class A | NDGAX | ||||||
Class C | NDGCX | ||||||
Class R6 | NRDGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 14.5 | % | |||
Consumer Staples | 7.3 | ||||
Energy | 8.7 | ||||
Financials | 14.8 | ||||
Health Care | 8.8 | ||||
Industrials | 11.4 | ||||
Information Technology | 16.3 | ||||
Materials | 7.2 | ||||
Real Estate | 2.6 | ||||
Utilities | 2.0 | ||||
Short-Term Investment | 6.4 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/15/2015 | 7.82 | % | 13.34 | % | 17.19 | % | ||||||||||||
Class A | 12/15/2015 | 7.61 | % | 12.93 | % | 16.79 | % | ||||||||||||
Class C | 12/15/2015 | 7.20 | % | 12.08 | % | 15.88 | % | ||||||||||||
Class R6 | 12/15/2015 | 7.89 | % | 13.33 | % | 17.25 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | 1.42 | % | 6.46 | % | 13.70 | % | |||||||||||||
Class C | 6.20 | % | 11.08 | % | 15.88 | % | |||||||||||||
Index | |||||||||||||||||||
S&P 500® Index1,15 | 10.84 | % | 17.10 | % | 16.64 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.70%, 2.16%, 2.82% and 1.67% 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 0.70%, 1.06%, 1.81% 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 the semi-annual period ended February 28, 2018 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
3
Emerging Markets Equity Fund Commentary
Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 11.18% for the six months ended February 28, 2018, outperforming its benchmark, the MSCI Emerging Markets Index (Net) (the Index), which reported a total return of 10.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Emerging markets equities performed well this period, following a strong upward trajectory driven by investor risk appetite, positive gross domestic product growth revisions, and global growth trends. In February, however, volatility increased on inflation and policy news from the U.S. Concerns about the possibility of higher interest rates and potential for slower global growth in the face of tariffs returned. Volatility was a larger factor in U.S. markets, however, as trends in local emerging markets remain attractive.
Within the Index, the Health Care, Energy, and Financials sectors outperformed. Interest rate sensitive areas including Telecommunication Services, Utilities, and Real Estate lagged. By country, Thailand, Russia, and Brazil were top performers. Mexico, United Arab Emirates, and Egypt were among markets that lost value in U.S. dollar terms.
The Fund's performance was driven primarily by stock selection. Holdings within Information Technology (IT), Financials, and Consumer Discretionary provided the bulk of our outperformance. By country, portfolio holdings from within China, Taiwan, and South Africa contributed most.
Our top contributors were three Chinese holdings: Tencent, the internet consumer services giant, announced sales growth that surpassed expectations, driven by its superior online gaming and advertising businesses; Sino Biopharmaceutical demonstrated strong cost containment, enabling investors to focus on the robust growth prospects within its strong drug pipeline; and Ping An Insurance, a leading private property and casualty insurer, delivered better-than-expected earnings, aided by its financial technology products, which have been increasingly adopted by other Chinese financial institutions.
The Fund lagged the Index in Energy, due to both stock selection and an underweight on average versus the Index. An overweight to Consumer Staples also limited relative performance. By country, holdings within Russia, Brazil, and India underperformed Index peers.
Individual detractors included Elite Material, Magnit, and China Mobile. Elite Material, the Taiwanese eco-friendly printed circuit board supplier, fell as margins disappointed due to recently lost contracts. We believe the firm could potentially gain market share with new contracts in 2018. Magnit, a Russian food retailer, disappointed following the firm's poor execution of a store-format revamp strategy, and was sold. China Mobile weakened due to slowing sales as 4G matures and smaller competitors capture market share with their improved data networks.
Looking ahead, while policy news dominated headlines at the end of this period, it did not completely determine the market's direction. While we remain cognizant of risks of a policy and geopolitical nature, we are bottom-up investors—and we believe that the fundamentals of our diverse portfolio, and the diverse markets we invest in, are strong.
We continue to favor IT and consumer stocks at the expense of the more cyclical Financials and commodity sectors. China remains the top underweight, while Hong Kong is the leading overweight, again, reflecting bottom-up opportunities rather than a top-down view.
We have been pleased with the quality, positioning, and performance of the current portfolio, and anticipate that stock picking skills and research could continue to provide an advantage in the environment we foresee.
Sincerely,
CONRAD SALDANHA
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
4
Emerging Markets Equity Fund
TICKER SYMBOLS
Institutional Class | NEMIX | ||||||
Class A | NEMAX | ||||||
Class C | NEMCX | ||||||
Class R3 | NEMRX | ||||||
Class R6 | NREMX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 10/08/2008 | 11.18 | % | 32.69 | % | 6.09 | % | 10.62 | % | ||||||||||||||
Class A | 10/08/2008 | 11.00 | % | 32.31 | % | 5.83 | % | 10.35 | % | ||||||||||||||
Class C | 10/08/2008 | 10.59 | % | 31.27 | % | 5.03 | % | 9.53 | % | ||||||||||||||
Class R310 | 06/21/2010 | 10.77 | % | 31.71 | % | 5.39 | % | 10.02 | % | ||||||||||||||
Class R622 | 03/15/2013 | 11.15 | % | 32.70 | % | 6.16 | % | 10.66 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | 4.65 | % | 24.71 | % | 4.58 | % | 9.66 | % | |||||||||||||||
Class C | 9.59 | % | 30.27 | % | 5.03 | % | 9.53 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI Emerging Markets Index (Net)1,15 | 10.58 | % | 30.51 | % | 5.02 | % | 9.07 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.37%, 1.74%, 2.46%, 2.02% and 1.27% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 1.51%, 2.26%, 1.92% and 1.19% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
5
Equity Income Fund Commentary
Neuberger Berman Equity Income Fund Institutional Class generated a 5.09% total return for the six months ended February 28, 2018, trailing its benchmark, the S&P 500® Index (the Index) which posted a 10.84% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The Fund has an objective-based strategy, targeting a total return between stocks and bonds with limited volatility relative to the broader equity market. This portfolio is diversified among dividend-paying stocks and convertible bonds, selected through extensive analysis of cash flow prospects, which we believe have the ability to sustain and grow dividends.
During this timeframe, the market pushed further into record territory as "growth" stocks outperformed "value". Overall, eight out of eleven sectors in the Index posted gains with Financials, Information Technology, and Consumer Discretionary benefitting the most.
Among our holdings, stock selection was strong across Energy as our overweight position outpaced the broader sector. Higher oil prices were largely supported by OPEC production cuts as Helmerich & Payne was among our top performers. This U.S.-based oil service player is known for their FlexRig technology, providing customers with cost-effective drilling techniques for oil/gas production. In our view, future oil demand could be met by an uptick in U.S. rig activity from shale producers.
Collectively, the Fund benefitted from its ~13% average allocation to Financials during the period, which remains critical to counterbalance rate-sensitive sectors. Here, the Fund enjoys an overweight to banking stocks, and by design remains focused on megabanks and asset-sensitive regional players. Among our holdings, JPMorgan Chase & Co. and Virtu Financial were top performers. This electronic market-maker operates automated trading platforms and benefits from volatility, capitalizing on greater spread potential. On February 5, 2018, the VIX volatility index spiked intraday to 50, its highest level since August 2015. In reaction, Virtu's shares sharply advanced as greater trading volumes supported profitability.
Elsewhere, our carefully selected electric/gas Utilities outperformed the broader sector in the Index. While stock selection was strong, this defensive asset class experienced headwinds as NiSource fell among our laggards. This remains among our highest-conviction names, given what we see as its attractive growth rate potential tied to infrastructure modernization. When evaluating this space, we remain constructive on a cohort of businesses exhibiting superior dividend growth offering attractive current income and capital appreciation potential for risk averse investors.
In aggregate, our real estate investment trusts outpaced the Real Estate sector Index constituents by avoiding companies with deteriorating fundamentals. While stock selection was strong, data storage player Equinix dampened results. In short, we believe our holdings represent unique businesses outside the scope of traditional properties. We see the common thread as being niche real estate assets exhibiting supply/demand imbalances, leading to higher rents, which could offset effects from rising interest rates. Equinix is a prime example, benefitting from the hyper-growth in demand for computing power and the "internet of things". Today more than 2.5 trillion images are shared or stored annually and data storage appears to us firmly positioned to capitalize on the proliferation of connected cars, virtual assistants, health devices, etc.
Health Care exposure impacted results as Allergan was among our laggards. Ultimately this holding was sold with proceeds used to fund opportunities elsewhere.
We feel equities remain supported by healthy corporate results. Over the near term, we believe tax legislation represents a structural tailwind for consumer confidence and earnings growth potential. The year ahead could represent an inflection point for central banks considering whether to raise rates in response to inflationary pressures, and the Fund remains positioned accordingly. We remain positive for the upcoming year; however, we believe that the economy has likely entered the later stages of its expansion cycle. Given this backdrop, we believe a focus on high-quality, cash-generative companies remains critical at this juncture.
Sincerely,
RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
6
Equity Income Fund
TICKER SYMBOLS
Institutional Class | NBHIX | ||||||
Class A | NBHAX | ||||||
Class C | NBHCX | ||||||
Class R3 | NBHRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 6.4 | % | |||
Consumer Staples | 5.8 | ||||
Energy | 8.8 | ||||
Financials | 12.9 | ||||
Health Care | 5.6 | ||||
Industrials | 7.8 | ||||
Information Technology | 12.3 | ||||
Materials | 5.7 | ||||
Real Estate | 16.1 | ||||
Utilities | 13.1 | ||||
Convertible Bonds | 4.8 | ||||
Short-Term Investment | 0.7 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class13 | 06/09/2008 | 5.09 | % | 9.12 | % | 8.31 | % | 8.04 | % | 7.83 | % | ||||||||||||||||
Class A13 | 06/09/2008 | 4.91 | % | 8.73 | % | 7.92 | % | 7.63 | % | 7.47 | % | ||||||||||||||||
Class C13 | 06/09/2008 | 4.47 | % | 7.90 | % | 7.12 | % | 6.87 | % | 6.80 | % | ||||||||||||||||
Class R313 | 06/21/2010 | 4.76 | % | 8.42 | % | 7.61 | % | 7.49 | % | 7.34 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A13 | –1.15 | % | 2.45 | % | 6.64 | % | 7.00 | % | 6.91 | % | |||||||||||||||||
Class C13 | 3.47 | % | 6.90 | % | 7.12 | % | 6.87 | % | 6.80 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.84 | % | 17.10 | % | 14.73 | % | 9.73 | % | 8.52 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through June 9, 2008. The performance data for Class R3 also includes the performance of the Fund's Institutional Class from June 9, 2008 through June 21, 2010. See endnote 13 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.69%, 1.06%, 1.80% and 1.34% for Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2018 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
7
Focus Fund Commentary
Neuberger Berman Focus Fund Investor Class generated a 6.12% total return for the six months ended February 28, 2018, underperforming its benchmark, the S&P 500® Index (the Index), which provided a 10.84% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The extended period of calm in U.S. equities persisted for much of the past six months, with stocks continuing their upward trend until a late-period burst in volatility sent the market into correction territory. Widespread global economic strength has driven up corporate profits and contributed to expanding stock multiples. In addition, stocks have been propelled by optimism surrounding the prospect of easier financial regulations for businesses under President Trump, as well as tax reforms that include significant cuts for corporations and many consumers. Equities began to waver in late January, however, and the market dipped as rising inflation ignited concerns that the U.S. Federal Reserve (Fed) could tighten rates more severely than hoped and further lift bond yields. Stocks retraced some of their losses by the end of the period, albeit with an apparent uptick in anxiety towards the market.
Within the Index, Financials, Information Technology (IT) and Consumer Discretionary led sector performance. These areas benefited from the solid global economy, which bolstered consumers and enhanced operating conditions for many businesses. In addition, an improving regulatory environment and rising interest rates were a boon for Financials stocks. Defensive areas such as Utilities, Telecommunication Services, Consumer Staples and Real Estate were the weakest segments of the Index over the period.
Consumer Staples provided the largest lift to relative performance for the Fund owing to better overall stock selection. One of our greatest sources of strength in this area was Walmart (WMT). WMT shares rallied as investors grew increasingly optimistic about the company's growth prospects in light of its recent restructuring effort, which focuses on enhancing WMT's e-commerce business while limiting new brick and mortar stores. The Fund's lack of exposure to the Real Estate sector, particularly real estate investment trusts, was also a benefit to relative performance, as this was a declining segment in the Index.
The greatest detraction from relative performance stemmed from IT, where our holdings generated softer returns than their counterparts in the Index. A notable shortfall was in the Software segment, where we owned cybersecurity firm Symantec Corp., which declined after the company reported disappointing fiscal second quarter profits and weaker than expected third quarter guidance. Consumer Discretionary was also a source of relative weakness for the Fund. The greatest loss stemmed from the Household Durables segment, where Whirlpool Corp. experienced price drops in the wake of disappointing third quarter earnings, and again after reporting a fourth quarter sales miss.
The Fund's use of purchased and written options detracted from performance during the period.
Despite recent volatility in stocks, we believe the market could continue to rise, bolstered by the healthy global economy and rising corporate profits, with the additional tailwind of tax cuts and financial deregulation. Yet equity valuations remain high relative to history, making investors particularly jittery in the face of potential stock market hurdles. Moreover, inflation remains a risk, which, combined with Fed tightening could hinder economic growth and cause a jump in bond yields. Within such an environment, we believe that our bottom-up portfolio construction strategy is prudent, and we continue to seek to uncover underappreciated stocks with hidden value that can be realized as specific catalysts play out over time, which we believe is fundamental to generating favorable returns over the long term.
Sincerely,
TIMOTHY CREEDON AND DAVID LEVINE
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
8
Focus Fund
TICKER SYMBOLS
Investor Class | NBSSX | ||||||
Trust Class | NBFCX | ||||||
Advisor Class | NBFAX | ||||||
Institutional Class | NFALX | ||||||
Class A | NFAAX | ||||||
Class C | NFACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 12.8 | % | |||
Consumer Staples | 8.8 | ||||
Energy | 6.1 | ||||
Financials | 18.3 | ||||
Health Care | 14.1 | ||||
Industrials | 7.8 | ||||
Information Technology | 19.4 | ||||
Materials | 3.7 | ||||
Telecommunication Services | 4.1 | ||||
Utilities | 2.5 | ||||
Short-Term Investment | 2.4 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS8
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/19/1955 | 6.12 | % | 14.44 | % | 12.34 | % | 7.76 | % | 10.51 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 6.03 | % | 14.24 | % | 12.14 | % | 7.55 | % | 10.49 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 5.89 | % | 14.06 | % | 11.96 | % | 7.35 | % | 10.42 | % | ||||||||||||||||
Institutional Class5 | 06/21/2010 | 6.18 | % | 14.62 | % | 12.54 | % | 7.92 | % | 10.53 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 5.99 | % | 14.23 | % | �� | 12.12 | % | 7.61 | % | 10.48 | % | |||||||||||||||
Class C19 | 06/21/2010 | 5.56 | % | 13.33 | % | 11.30 | % | 7.01 | % | 10.38 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –0.08 | % | 7.70 | % | 10.80 | % | 6.98 | % | 10.38 | % | |||||||||||||||||
Class C19 | 4.86 | % | 12.58 | % | 11.30 | % | 7.01 | % | 10.38 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.84 | % | 17.10 | % | 14.73 | % | 9.73 | % | 10.27 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.93%, 1.11%, 1.27%, 0.76%,1.14%, and 1.88% 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 0.76%, 1.12%, and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
9
Genesis Fund Commentary
Neuberger Berman Genesis Fund Investor Class generated an 11.02% total return for the six months ended February 28, 2018, outperforming its benchmark, the Russell 2000® Index (the Index), which provided an 8.30% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a strong start, the U.S. stock market gave back a portion of its gains late in the reporting period. The overall stock market posted positive returns during the first five months of the period. This was driven by a number of factors, including corporate profits that often exceeded expectations and synchronous global growth. The market then experienced periods of heightened volatility in February, amid concerns that the U.S. Federal Reserve may raise interest rates at a faster pace than previously expected. All told, the S&P 500® Index rose 10.84% for the six-month period. Small-cap stocks also produced strong results, as the Russell 2000 Index gained 8.30%.
The Fund outperformed the Index during the reporting period, as both sector allocation and stock selection were positive for results. From a sector allocation perspective, having no exposure to real estate investment trusts (REITs) was the most additive for results. 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. Elsewhere, having no allocation to Utilities, another bond-proxy was beneficial. Conversely, an underweight to Biotechnology companies versus the Index and an overweight to Consumer Staples were moderate headwinds to performance.
In terms of stock selection, our positioning in the Information Technology (IT) sector was the largest contributor to relative returns, partially driven by our Electronic Equipment, Instruments & Components names. Within the Financials sector, the Fund's Banks holdings were the most additive for returns. Elsewhere, several Food Product names within the Consumer Staples sector benefited performance. On the downside, stock selection in the Industrials (mostly Machinery), Materials (largely Chemicals) and Health Care (mostly Pharmaceuticals) were the largest detractors from relative performance.
Global economic activity remains solid. Labor wage rates are beginning to inch up in certain sectors, which is positive for consumption and economic growth. However, interest rates continue to creep up at both the short and long ends of the yield curve. Moreover, recent U.S. tariff proposals raise the specter of protectionism, which, if it materializes, could weigh on global growth. In our view, smaller companies are prime beneficiaries of corporate tax reform, given their domestic bias and relatively high tax rates. However, we believe that the purchase of small-cap index funds is an inefficient way to capitalize on tax reform, since roughly one third of the Russell 2000 Index is reporting losses. Nor does passive investing recognize the negative impact that many small leveraged companies will experience in a rising interest rate environment due to the relatively short duration of their debt. In our opinion, high quality, profitable companies with strong cash flows and balance sheets—such as those we focus on for the Fund—may be entering an environment where these attributes will become more highly valued by investors.
Sincerely,
JUDITH M. VALE AND ROBERT W. D'ALELIO
PORTFOLIO CO-MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
10
Genesis Fund
TICKER SYMBOLS
Investor Class | NBGNX | ||||||
Trust Class | NBGEX | ||||||
Advisor Class | NBGAX | ||||||
Institutional Class | NBGIX | ||||||
Class R6 | NRGSX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 12.9 | % | |||
Consumer Staples | 5.9 | ||||
Energy | 2.6 | ||||
Financials | 17.0 | ||||
Health Care | 12.5 | ||||
Industrials | 19.0 | ||||
Information Technology | 21.4 | ||||
Materials | 7.2 | ||||
Real Estate | 0.5 | ||||
Short-Term Investments | 1.0 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
Investor Class | 09/27/1988 | 11.02 | % | 10.85 | % | 11.59 | % | 8.61 | % | 12.28 | % | ||||||||||||||||
Trust Class3 | 08/26/1993 | 10.99 | % | 10.80 | % | 11.50 | % | 8.54 | % | 12.26 | % | ||||||||||||||||
Advisor Class4 | 04/02/1997 | 10.84 | % | 10.50 | % | 11.19 | % | 8.25 | % | 12.04 | % | ||||||||||||||||
Institutional Class5 | 07/01/1999 | 11.12 | % | 11.06 | % | 11.78 | % | 8.82 | % | 12.43 | % | ||||||||||||||||
Class R623 | 03/15/2013 | 11.17 | % | 11.15 | % | 11.86 | % | 8.74 | % | 12.33 | % | ||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Index1,15 | 8.30 | % | 10.51 | % | 12.19 | % | 9.75 | % | 9.81 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.02%, 1.09%, 1.36%,0.85% and 0.77% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 0.75% for Class R6 shares after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class and Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2018 can be found in the Financial Highlights section of this report.
11
Global Equity Fund Commentary
Neuberger Berman Global Equity Fund Institutional Class generated a total return of 9.21% for the six months ended February 28, 2018, outperforming the 9.07% total return of its benchmark, the MSCI All Country World Index (Net) (the Index). (Performance for all share classes is provided in the table immediately following this letter.)
During the majority of this period, global equity markets climbed steadily upward on positive and improving economic data, healthy global trade, strong corporate earnings, and low interest rates. Through the end of January, emerging markets (as measured by the MSCI Emerging Markets Index (Net)) and U.S. equities (as measured by the S&P 500® Index) were up approximately 16 percent from the beginning of the period, with developed international markets not far behind. In February, however, volatility increased sharply, with markets giving back some of the period's strong gains. Investors became apprehensive that early signs of an uptick in inflation would drive interest rates higher, and that talks of U.S. trade tariffs would impede global trade.
Within the Index, Information Technology (IT), Consumer Discretionary, and Financials outperformed, as cyclical sectors benefited from the period's generally positive economic data. Interest rate sensitive areas underperformed, including Utilities, Real Estate, and Telecommunication Services. By country, Thailand, Russia, and Brazil led the Index this period, while Mexico, the United Arab Emirates, and Egypt were among markets posting losses.
Both stock selection and sector allocation benefited the Fund's relative performance this period, with stock selection within Consumer Staples having the largest positive effect. Stock selection and an underweight to Real Estate, lack of exposure to Utilities, and stock selection within Consumer Discretionary were also beneficial. By country, holdings from the Netherlands, Australia, and Japan added to relative performance.
Individual contributors included Amazon.com, ASML, and Blue Buffalo. Amazon surpassed investors' earnings estimates, driven by strength across a variety of businesses from online retail to web services. Dutch semiconductor specialist ASML benefited from solid earnings announcements; and Blue Buffalo, the U.S. premium pet food provider, was the subject of a takeover approach from General Mills.
The Fund lagged the Index in both Health Care and IT, based primarily on stock selection. Energy and Materials holdings were also slightly detrimental. By country, holdings based in Israel, France and Norway underperformed.
Detractors included Henry Schein, the U.S. based dental supplies distributor, underperforming on softening margins and a muted 2018 outlook. Check Point Software, the Israeli cyber-security software developer, underperformed on news of subdued billings growth. While earnings and sales beat consensus estimates, restructuring within the sales organization resulted in headwinds that we believe may persist for another quarter or two. Virbac, a French veterinary health company, weakened after disappointing results in their U.S. business. (Virbac was sold off during the period.)
Strong markets in 2017 and early 2018 lifted equity valuations to relatively high levels. The market turbulence witnessed in early February, and resultant pull back in markets, brought valuations down to more reasonable levels, particularly outside the U.S.
The combination of higher rates and increased volatility, in our view, could provide a better environment for bottom up stock pickers than we have seen in recent years. We have been reducing exposure to high flyers and adding to key names where we believe valuations have become more attractive. With global growth appearing to accelerate, we are adding selectively to names that we believe may benefit directly from increased economic activity, while harvesting gains in sectors where investor optimism appears to us excessive.
12
As always, decisions are made company by company with an eye on potential risk, as well as potential return. We continue to seek companies with attractive secular growth drivers, stable demand and profit profiles, and proven management teams that appear to us underappreciated by the market.
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 managers. The opinions are as of the date of this report and are subject to change without notice.
13
Global Equity Fund
TICKER SYMBOLS
Institutional Class | NGQIX | ||||||
Class A | NGQAX | ||||||
Class C | NGQCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 06/30/2011 | 9.21 | % | 21.24 | % | 9.64 | % | 7.40 | % | ||||||||||||||
Class A | 06/30/2011 | 8.93 | % | 20.89 | % | 9.27 | % | 7.02 | % | ||||||||||||||
Class C | 06/30/2011 | 8.58 | % | 19.88 | % | 8.47 | % | 6.23 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | 2.62 | % | 13.96 | % | 7.98 | % | 6.08 | % | |||||||||||||||
Class C | 7.58 | % | 18.88 | % | 8.47 | % | 6.23 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI All Country World Index (Net)1,15 | 9.07 | % | 18.79 | % | 10.07 | % | 8.84 | % |
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 results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 7.12%, 7.54% and 8.27% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.11% and 1.86% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
14
Global Real Estate Fund Commentary
Neuberger Berman Global Real Estate Fund Institutional Class generated a –2.88% total return for the six months ended February 28, 2018, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index (Net) (the Index), which generated a –3.68% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a strong start, the global stock market gave back a portion of its gains late in the reporting period. The overall market posted positive returns during the first five months of the period. This was driven by a number of factors, including corporate profits that often exceeded expectations and synchronous global growth. The overall market then experienced periods of heightened volatility in February. This was partially due to concerns that the U.S. Federal Reserve (Fed) may raise interest rates at a faster pace than previously expected. However, the overall market recouped some of its losses as the month progressed. Comparatively, global real estate investment trusts (REITs) posted weak results during the period.
While the Fund generated a negative total return, it outperformed the benchmark on a relative basis 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 Industrial & Office REITs sectors were the most additive for returns. The only meaningful detractors from relative performance were the Fund's holdings in the Real Estate Holding & Development and Retail REITs sectors.
The Fund's positioning from a regional/country perspective was modestly positive for results. In particular, an overweight to Japan versus the Index, an underweight to the U.S. and an overweight to Canada were the most additive for results. On the downside, underweights to the UK, Europe ex-UK and Asia/Pacific ex-Japan on average during the period detracted from relative performance.
We anticipate solid economic growth for the U.S. in 2018. We believe the Fed will likely take a measured approach in terms of further rate hikes. We anticipate the tax cuts signed into law on December 22, 2017 will likely positively impact corporate profitability, while also increasing disposable income for most consumers. Our view is that improved consumer confidence, accelerating non-residential fixed investment and modest inflation should benefit tenant demand for real estate space. We continue to focus on companies with secular demand drivers that we believe will result in above average cash flow and dividend growth. Additionally, we have found opportunities to invest in REITs that we believe are trading attractively relative to their intrinsic value.1 Overseas, we believe there will be a positive economic environment for most of Europe in 2018. In our view, continued growth in assets under management on the direct property side will put pressure on investors to deploy capital. However, the prospect of higher long-term interest rates may start to pose a challenge to pricing. Among the Asia-Pacific markets, the solid labor market and stronger return of inflation appears to us to bolster the case for Japan real estate stocks in 2018, especially with loose monetary policy and greater focus on shareholder returns. Hong Kong is expected by most investors to remain resilient as China's deleveraging looks gradual and U.S. rate hikes are well telegraphed. We believe the fundamental outlook for Australia and Singapore is also solid, although valuations appear to us to be on the high side.
Sincerely,
STEVE SHIGEKAWA, BRIAN C. JONES, GILLIAN TILTMAN AND ANTON KWANG
PORTFOLIO MANAGERS
1 Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
15
Global Real Estate Fund
TICKER SYMBOLS
Institutional Class | NGRIX | ||||||
Class A | NGRAX | ||||||
Class C | NGRCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/30/2014 | –2.88 | % | 2.97 | % | 3.26 | % | ||||||||||||
Class A | 12/30/2014 | –3.18 | % | 2.50 | % | 2.86 | % | ||||||||||||
Class C | 12/30/2014 | –3.46 | % | 1.80 | % | 2.11 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –8.76 | % | –3.41 | % | 0.96 | % | |||||||||||||
Class C | –4.42 | % | 0.80 | % | 2.11 | % | |||||||||||||
Index | |||||||||||||||||||
FTSE EPRA/NAREIT Developed Index (Net)1,15 | –3.68 | % | –0.69 | % | 1.57 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 10.97%, 11.23% and 12.10% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
16
Greater China Equity Fund Commentary25
Neuberger Berman Greater China Equity Fund Institutional Class generated a 19.89% total return for the six months ended February 28, 2018, outperforming its benchmark, the MSCI China Index (Net) (the Index), which returned a 14.48% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
For the six months ended February, the Fund's main contributors to return relative to the Index included Consumer Discretionary (stock selection, primarily to home appliances, hotels & tourism and online retail), Telecommunication Services (a significant underweight versus the Index), Financials (stock selection to insurance and banks) and Industrials (stock selection, primarily to transportation related companies). Detractors from performance relative to the Index included Information Technology (IT) (a significant underweight) and Utilities (stock selection to environmental related utilities companies).
The Fund continues to focus on companies that we believe have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 28, 2018, the Fund's largest sector overweight relative to the Index was Health Care, and the largest sector underweight was IT. The Fund also held overweight positions in Industrials and Consumer Discretionary, and underweight positions in Telecommunication Services (where there is no current exposure) and Energy. The Fund's top 10 positions comprised more than 57% of total portfolio assets at the end of February.
Over the past six months, the Greater China equity markets performed relatively well. In September, profit taking led the China equity markets to consolidate at the beginning of the month, and investor sentiment was weighed down by Standard & Poor's downgrading China and Hong Kong's sovereign credit ratings, additional property tightening policies and escalating geopolitical risks. However, continued supply side reforms and the People's Bank of China (PBoC) eliminating foreign exchange derivative sales reserve requirements supported the Greater China equity markets by month-end. Positive momentum continued into October due to expectations of policy support from the 19th National Congress of the Communist Party of China, the State Council's supportive decision to cut the reserve requirement ratio (RRR) aimed at small and medium enterprises financing, the PBoC's announcement on 50-150 bps RRR reduction for certain banks and solid third quarter 2017 corporate earnings. News that the State Council is planning a pilot program for full convertibility of domestic shares to H-shares and announcements of significant business deals concluded with the U.S. after President Trump's visit to China led markets to trade higher in November, but they corrected sharply toward month-end as sentiment was weighed down by purging of online microlenders, reduction of import tariffs and property tightening policies. Toward year-end, despite concerns over liquidity, the PBoC raising reverse repurchase and medium-term lending facility rates by 5 bps and the U.S. Federal Reserve's third rate hike of 25 bps, China equity markets ended the year on a high note primarily due to the impact of U.S. tax reforms and bond yields surging after hawkish comments from European Central Bank policymakers. In January, both the domestic China A-shares market and offshore Hong Kong market rallied as macroeconomic indicators continued to reflect stable growth, most notably GDP growth of 6.9% for 2017. China equity markets corrected in February due to profit taking following January's markets rallying, options hedging and liquidity concerns. Macroeconomic data published for the period of January indicated mixed signals—Consumer Price Index and Producer Price Index moderated, while trade data was higher than expected. However, investors remained cautious ahead of earnings season and China's "Two Sessions" to be held in March.
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.
17
Greater China Equity Fund
TICKER SYMBOLS
Institutional Class | NCEIX | ||||||
Class A | NCEAX | ||||||
Class C | NCECX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.9 | % | |||
Consumer Staples | 4.1 | ||||
Energy | 1.8 | ||||
Financials | 26.3 | ||||
Health Care | 7.5 | ||||
Industrials | 9.1 | ||||
Information Technology | 25.1 | ||||
Materials | 4.0 | ||||
Real Estate | 5.9 | ||||
Utilities | 1.3 | ||||
Short-Term Investment | 1.0 | ||||
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 | 25.6 | % | |||||
Hong Kong | 58.6 | ||||||
United States | 15.8 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS25
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 07/17/2013 | 19.89 | % | 60.22 | % | 20.22 | % | ||||||||||||
Class A | 07/17/2013 | 19.65 | % | 59.60 | % | 19.91 | % | ||||||||||||
Class C | 07/17/2013 | 19.28 | % | 58.53 | % | 18.92 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | 12.75 | % | 50.37 | % | 18.39 | % | |||||||||||||
Class C | 18.28 | % | 57.53 | % | 18.92 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI China Index (Net)1,15 | 14.48 | % | 46.71 | % | 14.42 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.69%, 2.07% and 2.80% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51%, 1.87% and 2.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
18
Guardian Fund Commentary
Neuberger Berman Guardian Fund Investor Class generated an 11.12% total return for the six months ended February 28, 2018, outperforming the 10.84% total 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 strong start, the U.S. stock market gave back a portion of its gains late in the reporting period. The overall stock market posted positive returns during the first five months of the period. This was driven by a number of factors, including corporate profits that often exceeded expectations and synchronous global growth. The market then experienced periods of heightened volatility in February amid concerns that the U.S. Federal Reserve may raise interest rates at a faster pace than previously expected. As measured by the Index, U.S. stocks experienced their first correction (a decline of at least 10%) in two years between January 29 and February 8. However, the market recouped some of its losses as the month progressed. All told, the Index rose 10.84% for the six-month period.
The Fund's investments fall into three buckets identified by the portfolio management team: Growth, Total Return and Opportunistic. Growth companies are those companies that have been growing their revenues and, as they did so, generated free cash flow that has been reinvested in the business at what we identify as attractive risk-adjusted returns. In our view, Total Return investments demonstrate sustainable and/or growing streams of income that are underpinned by asset value and which may result in growing cash returns to shareholders (e.g., increased dividends, share repurchases, return of capital). Finally, Opportunistic investments are those with identifiable catalysts. This bucket may include companies with management changes, company reorganizations, merger and acquisition activity, "hidden assets", or other market dislocations that we believe have the potential to unlock intrinsic value.1
Sector allocation, overall, was the largest contributor to the Fund's performance during the period. This was primarily driven by underweights to Real Estate, Telecommunication Services (where the Fund had no exposure) and Energy versus the Index. Conversely, an underweight to Financials and an overweight to Utilities detracted from results. The Fund's modest cash position was also a headwind for results.
Stock selection, overall, was also additive for performance during the period. In particular, stock selection in the Consumer Staples, Industrials and Financials sectors were the most beneficial for performance. Conversely, the Energy, Information Technology and Consumer Discretionary sectors were the largest detractors from relative results.
The Fund's use of purchased and written options contributed positively to performance during the period.
Looking ahead, we have a constructive—albeit increasingly selective—outlook for risk assets (equities and high yield). This is driven by our anticipation of solid global economic growth, lower corporate tax rates, repatriation of foreign earnings and the continued emergence of a more pro-business environment in the U.S. In addition, business sentiment and consumer confidence have remained strong. Nevertheless, we are very mindful of the complex world in which we live and invest. The risks of the long-term inflationary effects of continued government intervention, coupled with a myriad of ongoing geopolitical issues around the world, remain top of mind.
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.
19
Guardian Fund
TICKER SYMBOLS
Investor Class | NGUAX | ||||||
Trust Class | NBGTX | ||||||
Advisor Class | NBGUX | ||||||
Institutional Class | NGDLX | ||||||
Class A | NGDAX | ||||||
Class C | NGDCX | ||||||
Class R3 | NGDRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 14.0 | % | |||
Consumer Staples | 7.0 | ||||
Energy | 3.7 | ||||
Financials | 13.8 | ||||
Health Care | 10.5 | ||||
Industrials | 19.0 | ||||
Information Technology | 24.4 | ||||
Materials | 2.5 | ||||
Real Estate | 0.6 | ||||
Utilities | 3.4 | ||||
Options Purchased | 0.1 | ||||
Short-Term Investment | 1.0 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,11
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1950 | 11.12 | % | 19.73 | % | 12.64 | % | 8.56 | % | 11.15 | % | ||||||||||||||||
Trust Class3 | 08/03/1993 | 11.08 | % | 19.50 | % | 12.45 | % | 8.37 | % | 11.10 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 10.93 | % | 19.14 | % | 12.13 | % | 8.00 | % | 10.96 | % | ||||||||||||||||
Institutional Class5 | 05/27/2009 | 11.27 | % | 19.94 | % | 12.84 | % | 8.74 | % | 11.18 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 11.06 | % | 19.50 | % | 12.42 | % | 8.39 | % | 11.12 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 10.66 | % | 18.66 | % | 11.58 | % | 7.68 | % | 11.02 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 10.92 | % | 19.19 | % | 12.12 | % | 8.14 | % | 11.09 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 4.67 | % | 12.68 | % | 11.10 | % | 7.75 | % | 11.03 | % | |||||||||||||||||
Class C19 | 9.66 | % | 17.66 | % | 11.58 | % | 7.68 | % | 11.02 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.84 | % | 17.10 | % | 14.73 | % | 9.73 | % | 11.22 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.90%, 1.07%, 1.39%, 0.72%, 1.10%, 1.84% and 1.38% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio of the Class R3 shares was 1.37% after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
20
International Equity Fund Commentary
Neuberger Berman International Equity Fund Institutional Class generated a total return of 6.71% for the six months ended February 28, 2018, trailing its benchmark, the MSCI EAFE® Index (Net) (the Index), which provided a 7.12% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
International equity markets posted healthy results over the past six months, as positive economic news continued through most of the period. In the Eurozone, economic growth broadened to include more countries, unemployment fell, and consumer confidence increased. Japan continued to benefit from solid corporate earnings on strong global trade and confidence in the current economic and fiscal policies. In contrast with the overall period, during February, volatility jumped sharply and some of the period's earlier gains were lost, as early signs of inflation suggested less dovish central bank policy could follow, and as U.S.-based tariff talk threatened global trade.
Overall, the Index returns were led by a rebounding Energy sector, followed by Consumer Discretionary and Information Technology (IT) stocks, while higher yielding sectors, such as Utilities, Telecommunication Services, and Consumer Staples sectors posted losses due to the specter of rising interest rates. By country, Japan, Singapore and Austria led the Index, while New Zealand, Spain and Sweden declined.
The Fund benefited from strong stock selection, primarily within Telecommunication Services, Real Estate and Consumer Staples. An overweight to IT on average versus the Index, an underweight to Telecommunication Services and lack of exposure to Utilities, were additional positive factors. By country, portfolio holdings based in Switzerland, Australia and the Netherlands outperformed the Index.
ASML, Keyence and Kose were among standout contributors for the period. Dutch semiconductor specialist ASML benefited from solid earnings announcements. Keyence, the Japanese factory automation equipment supplier, reported stronger-than-expected sales growth; and Kose, the Japanese cosmetics firm, continued to expand sales in China where penetration is still low, and internationally with their high-end brand, Decorte.
Stock selection detracted from relative results within the Consumer Discretionary, Health Care, and Energy sectors. A modest underweight to the strong Energy sector detracted as well. By country, portfolio holdings within the UK, Israel, and France underperformed the benchmark.
Detractors for the period included Elior, Clinigen, and Virbac. We sold Elior, the French commercial catering group. The stock declined on the announcement of the departure of their CEO in third quarter and a profit warning issued in fourth quarter. Clinigen, a UK-based specialty pharmaceuticals firm, declined after reporting lower profits in their clinical trials division; and Virbac (which was sold during the period), a French veterinary health company, weakened after disappointing results in their U.S. business.
Strong markets in 2017 and early 2018 lifted equity valuations to relatively high levels. The market turbulence witnessed in early February, and resultant pullback in markets, brought developed international equity valuations back below long run averages.
The combination of higher rates and increased volatility, in our view, should provide a better environment for bottom up stock pickers than we have seen in recent years. We have been reducing exposure to companies whose valuations have increased significantly and adding to key names where we think valuations have become more attractive. With global growth having accelerated, we are adding selectively to names that we believe should benefit directly from increased economic activity, while harvesting gains in sectors where investor optimism appears to us excessive. As always, decisions are made company by company with an eye on potential risk as well as potential return.
We continue to seek companies that appear to us to have attractive secular growth drivers, stable demand and profit profiles, and proven management teams that appear underappreciated by the market.
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.
21
International Equity Fund
TICKER SYMBOLS
Investor Class | NIQVX | ||||||
Trust Class | NIQTX | ||||||
Institutional Class | NBIIX | ||||||
Class A | NIQAX | ||||||
Class C | NIQCX | ||||||
Class R6 | NRIQX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class12 | 01/28/2013 | 6.63 | % | 21.10 | % | 7.32 | % | 3.93 | % | 5.70 | % | ||||||||||||||||
Trust Class12 | 01/28/2013 | 6.60 | % | 21.08 | % | 7.25 | % | 3.90 | % | 5.67 | % | ||||||||||||||||
Institutional Class | 06/17/2005 | 6.71 | % | 21.38 | % | 7.47 | % | 4.00 | % | 5.76 | % | ||||||||||||||||
Class A12 | 01/28/2013 | 6.61 | % | 20.96 | % | 7.08 | % | 3.81 | % | 5.61 | % | ||||||||||||||||
Class C12 | 01/28/2013 | 6.20 | % | 20.02 | % | 6.28 | % | 3.41 | % | 5.28 | % | ||||||||||||||||
Class R622 | 09/03/2013 | 6.77 | % | 21.51 | % | 7.56 | % | 4.04 | % | 5.79 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A12 | 0.47 | % | 14.00 | % | 5.82 | % | 3.20 | % | 5.11 | % | |||||||||||||||||
Class C12 | 5.20 | % | 19.02 | % | 6.28 | % | 3.41 | % | 5.28 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index (Net)1,15 | 7.12 | % | 20.13 | % | 7.06 | % | 2.82 | % | 5.46 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.23%, 1.27%, 1.03%, 1.39%, 2.14% and 0.95% 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 total annual operating expense ratio for each of Institutional Class, Class A and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2018 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.
22
International Select Fund Commentary
Neuberger Berman International Select Fund Trust Class generated a total return of 6.80% for the six months ended February 28, 2018, trailing its benchmark, the MSCI EAFE® Index (Net) (the Index), which provided a 7.12% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
International equity markets posted healthy results over the past six months, as positive economic news continued through most of the period. In the Eurozone, economic growth broadened to include more countries, unemployment fell, and consumer confidence increased. Japan continued to benefit from solid corporate earnings on strong global trade, and confidence in the current economic and fiscal policies. In contrast with the overall period, during February, volatility jumped sharply and some of the period's earlier gains were lost, as early signs of inflation suggested less dovish central bank policy could follow, and as U.S.-based tariff talk threatened global trade.
Overall, the Index returns were led by a rebounding Energy sector, followed by Consumer Discretionary and Information Technology (IT) stocks, while higher yielding sectors, such as Utilities, Telecommunication Services, and Consumer Staples sectors posted losses due to the specter of rising interest rates. By country, Japan, Singapore, and Austria led the Index, while New Zealand, Spain and Sweden declined.
The Fund benefited most from strong stock selection within Consumer Staples. Stock selection within Financials, along with an overweight to IT on average versus the Index, and lack of exposure to both Utilities and Telecommunication Services were also advantageous. By country, portfolio holdings based in Australia, Switzerland, and the Netherlands outperformed their Index counterparts.
ASML, Kose and Keyence were among standout contributors for the period. Dutch semiconductor specialist ASML benefited from solid earnings announcements. Kose, a Japanese cosmetics firm, continued to expand sales in China where penetration is still low, and internationally with their high-end brand, Decorte; and Keyence, a Japanese factory automation equipment supplier, reported stronger-than-expected sales growth.
Stock selection detracted from relative results within the Consumer Discretionary, Health Care, and Industrials sectors. A slight underweight to the strong Energy sector versus the Index detracted as well. By country, portfolio holdings within Israel, France, and Sweden underperformed the benchmark during the period.
Detractors for the period included Nordea Bank, Elior, and Check Point Software. We sold Nordea, the Sweden-based regional bank, after the stock declined on concerns around the company's weak revenue outlook. The company's long-term cost guidance also disappointed. We also sold Elior, the French commercial catering group. Its stock declined on the announcement of the departure of their CEO in third quarter and a profit warning issued in fourth quarter. Check Point Software, the Israeli cyber-security software developer, underperformed on news of subdued billings growth. While earnings and sales beat consensus estimates, restructuring within the sales organization resulted in headwinds that we believe may persist for another quarter or two.
Strong markets in 2017 and early 2018 lifted equity valuations to relatively high levels. The market turbulence witnessed in early February, and resultant pullback in markets, brought developed international equity valuations back below long run averages.
The combination of higher rates and increased volatility, in our view, should provide a better environment for bottom up stock pickers than we have seen in recent years. We have been reducing exposure to companies whose valuations have increased significantly and adding to key names where valuations have become more attractive. With global growth having accelerated, we are adding selectively to names that we believe should benefit directly from increased economic activity, while harvesting gains in sectors where investor optimism appears to us excessive. As always, decisions are made company by company with an eye on potential risk as well as potential return.
We continue to seek companies that appear to us to have attractive secular growth drivers, stable demand and profit profiles, and proven management teams that appear underappreciated by the market.
Sincerely,
BENJAMIN SEGAL
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
23
International Select Fund
TICKER SYMBOLS
Trust Class | NILTX | ||||||
Institutional Class | NILIX | ||||||
Class A | NBNAX | ||||||
Class C | NBNCX | ||||||
Class R3 | NBNRX | ||||||
Class R6 | NRILX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 08/01/2006 | 6.80 | % | 22.69 | % | 6.65 | % | 3.23 | % | 3.99 | % | ||||||||||||||||
Institutional Class6 | 10/06/2006 | 6.90 | % | 23.05 | % | 7.02 | % | 3.58 | % | 4.34 | % | ||||||||||||||||
Class A14 | 12/20/2007 | 6.75 | % | 22.66 | % | 6.65 | % | 3.23 | % | 3.99 | % | ||||||||||||||||
Class C14 | 12/20/2007 | 6.35 | % | 21.66 | % | 5.84 | % | 2.45 | % | 3.30 | % | ||||||||||||||||
Class R314 | 05/27/2009 | 6.65 | % | 22.26 | % | 6.39 | % | 2.98 | % | 3.78 | % | ||||||||||||||||
Class R624 | 04/17/2017 | 6.97 | % | 23.12 | % | 6.72 | % | 3.27 | % | 4.02 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A14 | 0.64 | % | 15.56 | % | 5.39 | % | 2.62 | % | 3.46 | % | |||||||||||||||||
Class C14 | 5.35 | % | 20.66 | % | 5.84 | % | 2.45 | % | 3.30 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index (Net)1,15 | 7.12 | % | 20.13 | % | 7.06 | % | 2.82 | % | 3.76 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.35%, 0.90%, 1.28%, 2.02%, and 1.52% for Trust Class, Institutional Class, Class A, Class C, Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2017 is 0.79% for Class R6 (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.15%, 0.80%, 1.16%, 1.91%, and 1.41% for Trust Class, Institutional Class, Class A, Class C, Class R3 shares, respectively, and the estimated total annual operating expense ratio is 0.73% for Class R6 after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
24
International Small Cap Fund Commentary
Neuberger Berman International Small Cap Fund Institutional Class reported a total return of 10.57% for the six months ended February 28, 2018, trailing the 10.59% total return of its benchmark, the MSCI EAFE® Small Cap Index (Net) (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
Markets continued their upward trajectory during the past six months, with volatility picking up only late in the period, amidst concerns about inflation and U.S. trade tariffs. International small cap stocks were somewhat insulated, as many domestically focused smaller-cap stocks—generally less likely to be impacted by trade policy—outperformed their more export-oriented larger-cap developed counterparts in February and over the entire six month period, as measured by the MSCI EAFE® Index.
All sectors within the Index reported positive results this period, with Information Technology, a rebounding Energy sector, and Materials performing best. Interest rate sensitive sectors, such as Utilities, Telecommunication Services, and Real Estate sectors lagged. All countries within the Index advanced this period as well. New Zealand, Portugal, Germany and the Netherlands outperformed, while Sweden, Finland, and Denmark lagged the overall Index.
Stock selection contributed to relative performance, especially within Industrials, Real Estate and Consumer Discretionary. By country, the portfolio's Japanese, Swiss, and Dutch holdings outperformed the Index.
Top individual contributors included Trigano, a French recreational vehicle maker, which continued to consolidate the European market and benefited from an improving economy; Sato Holdings, a Japanese company specializing in automation recognition technology, which posted improved earnings; and Shoei, a Japan-based global leader in high-end motorcycle helmet manufacturing, which reported higher-than-expected overseas sales.
The Fund lagged the Index within Materials, Health Care, and Consumer Staples. By country, Belgian, UK-based and Norwegian holdings detracted. Sector allocation was another small disadvantage to relative performance.
Individual detractors included Byggmax Group, a Swedish discount building-materials retailer, which faced a more challenging local real estate market, and was sold; Advantage Oil & Gas, a Canadian gas producer, which was hurt by lower local natural gas prices and is under our review; and Borregaard, a Norwegian biorefinery, which suffered due to price pressure in one of its markets.
Given our efforts to achieve a lower risk profile for the Fund relative to the Index, it is gratifying that our stock selection was rewarded this period and that the portfolio kept pace within a rapidly rising market.
We continue to look for opportunities across countries and sectors with limited exposure to the economic or political cycle, and given higher overall valuations, we continue to retain discipline around the prices we are paying for stocks.
In any environment, our overarching goal continues to be identifying companies with attractive secular growth drivers, stable demand and profit profiles, and proven management teams, that appear underappreciated and, that we believe, offer investors attractive long-term risk/return characteristics.
Sincerely,
BENJAMIN SEGAL AND DAVID BUNAN
CO-PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
25
International Small Cap Fund
TICKER SYMBOLS
Institutional Class | NIOIX | ||||||
Class A | NIOAX | ||||||
Class C | NIOCX | ||||||
Class R6 | NIORX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/08/2016 | 10.57 | % | 28.77 | % | 32.21 | % | ||||||||||||
Class A | 12/08/2016 | 10.44 | % | 28.33 | % | 31.74 | % | ||||||||||||
Class C | 12/08/2016 | 10.08 | % | 27.32 | % | 30.80 | % | ||||||||||||
Class R6 | 12/08/2016 | 10.72 | % | 28.82 | % | 32.35 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | 4.13 | % | 20.92 | % | 25.54 | % | |||||||||||||
Class C | 9.08 | % | 26.32 | % | 30.80 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI EAFE® Small Cap Index (Net)1,15 | 10.59 | % | 27.40 | % | 28.94 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 24.00%, 24.37%, 25.11% and 23.91% 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 1.08%, 1.44%, 2.19% and 1.01% 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 2017 have been restated to reflect actual expenses excluding organization expenses incurred during that period. The expense ratios for the semi-annual period ended February 28, 2018 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.
26
Intrinsic Value Fund Commentary
Neuberger Berman Intrinsic Value Fund Institutional Class generated a 6.72% total return for the six months ended February 28, 2018, outperforming its benchmark, the Russell 2000® Value Index (the Index), which returned 5.09% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
2017 was a year of robust equity returns for most all investors. While 2018 started off strong, the market's winning streak came to an end in February. For the first time in more than two years, all major asset classes (except cash) declined for the month.
In the current environment, enhancing the risk-reward characteristics of our portfolio is our foremost concern. For the last three years we have been actively renewing our portfolio with that objective in mind. We also wanted to increase our exposure to Consumer and Health Care companies while gradually rebalancing our more cyclical Technology and Producer Durable investments. In aggregate, since 2015 we refreshed about one-third of the portfolio, although the net impact is a tad lower as some investments were acquired or quickly recovered to our intrinsic value1 estimate.
During the period, rising interest rates helped portfolio performance versus the Index due to our significant underweight in financially sensitive real estate investment trusts (REITs) and Utilities. Many of our bank stocks also performed well. Comerica, a more asset sensitive bank, benefitted from the rising rate environment. Huntington Bancshares executed well, and we anticipate continued revenue synergies from the FirstMerit acquisition. TCF Financial doubled its quarterly dividend passing its tax savings on to shareholders.
Many of the Fund's Technology investments posted solid gains. Notable contributors were DST Systems (sold off during the period), which agreed to be acquired by SS&C Technologies, and Mellanox Technologies, a supplier of computer networking products, which delivered solid results mainly based on strength in its ethernet business. The company also announced the appointment of two new board members, both industry veterans who have been successful in driving operating results.
There were also some Technology laggards. MACOM Technology Solutions materially lowered its outlook due to continued cyclical weakness in the optical market in China. TiVo shares were impacted by concerns around weak guidance, the possibility of a revenue decline in 2018 and fears that a protracted Comcast litigation could interfere with other growth opportunities. Stock selection in Consumer Staples also presented a slight headwind to performance as both TreeHouse Foods and Hain Celestial missed earnings. In Health Care, NanoString, a biotech company specializing in the development of cancer diagnostics tools, announced a huge third quarter miss due to weak placements and declining utilization in the academic end-market.
During the period, some companies agreed to be acquired. We introduced a few new holdings and eliminated a few positions. Taken together we believe the portfolio is an attractive mix of growth and value opportunities, well positioned to benefit from important secular trends. The shorter term concern we have is that sentiment towards equities has shifted from fear to greed. We believe there are many indicators, both mainstream and anecdotal, that suggest some conservatism is now warranted.
With equity markets having appreciated dramatically since 2009, we believe they are vulnerable whenever the conventional investment narrative shifts. We experienced this in February. Early in the month, stocks plummeted on fears of accelerating inflation and at month-end rising interest rates led stocks down again. This type of volatility is consistent with our anticipation of a market with an upward bias subject to very swift selloffs or drawdowns for any particular reason. Our biggest concern for longer-term investment performance remains the unsustainable budget policies of the U.S.
We thank you for your investment in our Fund and look forward to reporting our future results.
Sincerely,
BENJAMIN H. NAHUM, JAMES F. MCAREE AND AMIT SOLOMON
PORTFOLIO CO-MANAGERS
1 Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
27
Intrinsic Value Fund
TICKER SYMBOLS
Institutional Class | NINLX | ||||||
Class A | NINAX | ||||||
Class C | NINCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 8.1 | % | |||
Consumer Staples | 1.0 | ||||
Energy | 0.8 | ||||
Financial Services | 9.7 | ||||
Health Care | 15.6 | ||||
Materials & Processing | 3.5 | ||||
Producer Durables | 20.3 | ||||
Technology | 33.5 | ||||
Utilities | 4.8 | ||||
Convertible Bonds | 0.6 | ||||
Short-Term Investment | 2.1 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class18 | 05/10/2010 | 6.72 | % | 11.93 | % | 11.69 | % | 10.11 | % | 11.29 | % | ||||||||||||||||
Class A18 | 05/10/2010 | 6.53 | % | 11.51 | % | 11.28 | % | 9.80 | % | 11.14 | % | ||||||||||||||||
Class C18 | 05/10/2010 | 6.11 | % | 10.68 | % | 10.45 | % | 9.17 | % | 10.83 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A18 | 0.38 | % | 5.12 | % | 9.97 | % | 9.15 | % | 10.82 | % | |||||||||||||||||
Class C18 | 5.11 | % | 9.68 | % | 10.45 | % | 9.17 | % | 10.83 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Value Index1,15 | 5.09 | % | 2.96 | % | 10.59 | % | 8.64 | % | 8.83 | % | |||||||||||||||||
Russell 2000® Index1,15 | 8.30 | % | 10.51 | % | 12.19 | % | 9.75 | % | 8.11 | % |
*The inception date for Neuberger Berman Intrinsic Value Fund Institutional Class, Class A, and Class C shares is May 10, 2010. Performance prior to that date is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund"); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"), which had similar investment goals, strategies, and portfolio management team. See endnote 18 for more information.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.04%, 1.44% and 2.16% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
28
Large Cap Value Fund Commentary
Neuberger Berman Large Cap Value Fund Investor Class generated a 5.31% total return for the six months ended February 28, 2018, underperforming its benchmark, the Russell 1000® Value Index (the Index), which returned 7.26% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
U.S. equities progressed on a steady upward path for much of the past six months. A synchronous revival in economic growth throughout the world fueled a rise in U.S. corporate profits, which has been a key source of strength for stocks. In addition, investors were encouraged by the prospects of softer regulations for financial companies, as well as new tax legislation that would lower taxes for many consumers and businesses. Oil prices also rose during this time, giving a lift to the Energy sector, and the U.S. Federal Reserve (Fed) raised interest rates citing a continued sanguine economic picture. Yet in late January, volatility picked up and stocks tumbled amidst concerns that rising inflation could cause the Fed to hasten its rate tightening plan and further push up bond yields. The market correction was short-lived, however, as investors took advantage of the dip in stocks to add to their equity positions in light of the favorable macro environment.
Within the Index, Information Technology (IT) and Materials were among the strongest sectors of the market owed in part to the solid global economy. Financials was another outperforming area due to the increasingly pro-business stance in Washington. Defensive segments including Utilities, Telecommunication Services, Real Estate and Consumer Staples each declined for the period and underperformed the overall index.
Industrials was a top area of relative strength within the Fund over the six-month period. Our lighter exposure to this underperforming segment of the market as well as superior stock returns versus Index sector counterparts, particularly within the Industrial Conglomerates industry, drove the relative upside. Consumer Discretionary gave an additional lift to returns versus the Index owing in large part to our heavier exposure to Multiline Retailers, as these names fared exceptionally well during the past several months. Our lesser allocation to the declining Real Estate sector, which we sold out of completely by the end of the period, further benefitted relative performance.
On the downside, the Fund's lighter exposure to IT caused the largest loss for the Fund on a relative basis. The drag on performance was especially notable in the Semiconductor and Communication Equipment industries, which markedly outperformed the market during the period. Energy and Materials further detracted from relative returns over the period. Within Energy, our selection of stocks on the whole underperformed those in the Index sector, and weakness in Materials stemmed from the Metals & Mining industry where our investments in aggregate fell short of Index constituents.
The Fund's use of written options contributed positively to performance during the period.
Despite the tailwinds of a healthy global economy and rising corporate earnings, recent events have shown that the market remains vulnerable to downturns, particularly with equity valuations at such lofty levels. While the latest correction was brief, we believe that increased inflation and higher bond yields could send the market tumbling once again. In addition, trade policy reform has come into the spotlight, with the potential for tighter trade restrictions on certain commodities and countries potentially hampering certain areas of the market while giving a boost to others. 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 what we believe are 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.
29
Large Cap Value Fund
TICKER SYMBOLS
Investor Class | NPRTX | ||||||
Trust Class | NBPTX | ||||||
Advisor Class | NBPBX | ||||||
Institutional Class | NBPIX | ||||||
Class A | NPNAX | ||||||
Class C | NPNCX | ||||||
Class R3 | NPNRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 14.6 | % | |||
Consumer Staples | 14.9 | ||||
Energy | 7.5 | ||||
Financials | 16.5 | ||||
Health Care | 13.9 | ||||
Industrials | 4.6 | ||||
Information Technology | 2.6 | ||||
Materials | 6.4 | ||||
Telecommunication Services | 1.8 | ||||
Utilities | 9.7 | ||||
Short-Term Investment | 7.5 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 01/20/19752 | 5.31 | % | 8.32 | % | 11.27 | % | 5.73 | % | 12.53 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 5.21 | % | 8.16 | % | 11.07 | % | 5.54 | % | 12.44 | % | ||||||||||||||||
Advisor Class4 | 08/16/1996 | 5.17 | % | 7.95 | % | 10.89 | % | 5.38 | % | 12.31 | % | ||||||||||||||||
Institutional Class5 | 06/07/2006 | 5.43 | % | 8.53 | % | 11.45 | % | 5.91 | % | 12.58 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 5.21 | % | 8.11 | % | 11.01 | % | 5.54 | % | 12.48 | % | ||||||||||||||||
Class C19 | 06/21/2010 | 4.82 | % | 7.30 | % | 10.19 | % | 4.94 | % | 12.33 | % | ||||||||||||||||
Class R316 | 06/21/2010 | 5.08 | % | 7.74 | % | 10.70 | % | 5.33 | % | 12.43 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –0.85 | % | 1.92 | % | 9.70 | % | 4.92 | % | 12.33 | % | |||||||||||||||||
Class C19 | 3.85 | % | 6.30 | % | 10.19 | % | 4.94 | % | 12.33 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,15 | 7.26 | % | 7.75 | % | 12.04 | % | 7.89 | % | N/A |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.88%, 1.06%, 1.21%, 0.71%, 1.08%, 1.83% and 1.44% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 1.37% for Class R3 shares after expense reimbursements and/or fee waivers. The total annual operating expense ratio for Institutional Class includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2018 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.
30
Mid Cap Growth Fund Commentary
Neuberger Berman Mid Cap Growth Fund Investor Class generated a 13.84% total return for the six months ended February 28, 2018, ahead of its benchmark, the Russell Midcap® Growth Index (the Index), which returned 12.40% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
While there were plenty of headline-worthy events over the last six months, ranging from the federal tax reform legislation to a rising and worrisome specter of protectionism, we believe the secret sauce and real story behind this highly resilient and seemingly indefatigable equity market remains corporate earnings. Broadly compelling results and reasonably confident guidance continue to underpin this market, and we believe essentially empower it to shrug off all manner of macro-level noise. Even the arrival of a long-awaited correction, triggered by inflationary worries and the potential threat of a more hawkish path from the U.S. Federal Reserve, may prove to be more of a fleeting pause than a healthy valuation reset. As a result, it has remained a constructive environment for active management and higher qualitative growth approaches, such as ours, which have continued to benefit from an increased relevancy for underlying fundamentals and execution and the market's willingness to reward positive differentiation.
Over the trailing six months, the portfolio was primarily overweight versus the Index in Health Care, Industrials and Information Technology (IT) and meaningfully underweight in Materials, Real Estate, Consumer Discretionary and Consumer Staples. These decisions reflect the compelling catalysts and underlying fundamentals that we believe we're seeing in Health Care and IT, our persistent wariness around retail and consumer spending and the fact that neither GDP-growth dependent commodities nor income-yielding real estate investment trusts are an ideal fit with our earnings-centric philosophy. Breaking down our performance, our Health Care efforts could be felt at all levels of the portfolio and ultimately helped to drive our positive results relative to the benchmark. At the industry level, strong stock selection within our overweight allocation to Biotechnology continued to prove highly additive, while the impact from two major hurricanes and several stock-specific missteps resulted in Health Care Providers & Services being the leading detractor. Drilling down to our holdings, Nektar Therapeutics, a biopharmaceutical company focused on unmet needs in cancer and auto-immune conditions, was boosted by promising updates from their ongoing melanoma and small-cell lung cancer trials, while TESARO, Inc., a biopharmaceutical company engaged in the development and acquisition of oncology-related treatments, fell short of heightened "whisper" expectations in the fourth quarter of 2017. We're confident in TESARO's long-term story and remain holders.
Looking ahead, we believe that the U.S. will largely remain a pro-growth environment, corporate earnings will continue to impress and support current valuations and, absent another broader reset, key growth sector- and industry-level rotations will again foster timely buying opportunities. Ultimately, we don't anticipate 2018 to mirror the robust returns or fascinating calm demeanor of 2017, but we are cautiously optimistic that it will remain a positive environment for active management targeting differentiated small- and mid-cap growth companies.
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.
31
Mid Cap Growth Fund
TICKER SYMBOLS
Investor Class | NMANX | ||||||
Trust Class | NBMTX | ||||||
Advisor Class | NBMBX | ||||||
Institutional Class | NBMLX | ||||||
Class A | NMGAX | ||||||
Class C | NMGCX | ||||||
Class R3 | NMGRX | ||||||
Class R6 | NRMGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 14.0 | % | |||
Consumer Staples | 1.5 | ||||
Energy | 2.9 | ||||
Financials | 7.3 | ||||
Health Care | 18.7 | ||||
Industrials | 17.7 | ||||
Information Technology | 29.9 | ||||
Materials | 2.5 | ||||
Real Estate | 0.6 | ||||
Exchange Traded Funds | 1.0 | ||||
Short-Term Investment | 3.9 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/01/19792 | 13.84 | % | 22.09 | % | 13.02 | % | 9.53 | % | 11.91 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 13.82 | % | 22.03 | % | 12.96 | % | 9.43 | % | 11.83 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 13.64 | % | 21.67 | % | 12.67 | % | 9.11 | % | 11.62 | % | ||||||||||||||||
Institutional Class5 | 04/19/2007 | 13.94 | % | 22.31 | % | 13.24 | % | 9.81 | % | 11.99 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 13.73 | % | 21.82 | % | 12.82 | % | 9.40 | % | 11.88 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 13.28 | % | 20.84 | % | 11.96 | % | 8.68 | % | 11.69 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 13.59 | % | 21.54 | % | 12.54 | % | 9.16 | % | 11.82 | % | ||||||||||||||||
Class R623 | 03/15/2013 | 13.93 | % | 22.36 | % | 13.33 | % | 9.67 | % | 11.95 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 7.21 | % | 14.83 | % | 11.49 | % | 8.75 | % | 11.71 | % | |||||||||||||||||
Class C19 | 12.28 | % | 19.84 | % | 11.96 | % | 8.68 | % | 11.69 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Growth Index1,15 | 12.40 | % | 20.60 | % | 14.23 | % | 10.43 | % | N/A | ||||||||||||||||||
Russell Midcap® Index1,15 | 8.44 | % | 11.95 | % | 13.01 | % | 10.05 | % | 13.32 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.93%, 0.98%, 1.24%, 0.73%, 1.12%, 1.87%, 1.37% and 0.65% 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 ratio was 1.37% for Class R3 shares after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Class A and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2018 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.
32
Mid Cap Intrinsic Value Fund Commentary
Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 6.38% total return for the six-month period ended February 28, 2018, outperforming the Russell Midcap® Value Index (the Index) which returned 5.41% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
2017 was a year of robust equity returns for most investors, and while equity indices continued their upward swing into January, the winning streak ended in February. Stocks plummeted during the first eight days of the month, then climbed up regaining much of their losses, only to drop again during the final two days of the month. Early in the month, investor concerns over inflation coupled with valuations well above historical averages led to a sell-off, but a strong economy and rising profits fueled a rapid and dramatic rebound. However, as interest rates crept up at month-end, stock prices again dropped off. After nine years of a bull market, we anticipate continued volatility in 2018.
During the period, rising interest rates helped portfolio performance due to our significant underweight in financially sensitive real estate investment trusts (REITs) and Utilities versus the Index. Many of our bank stocks have also performed well. Comerica, a more asset sensitive bank, benefitted from the rising rate environment; BankUnited profited from strong loan growth and lower tax rates. Several of our retail stocks, in particular Macy's and Best Buy, rallied as they are anticipated to be positively impacted by tax reform and both holdings also benefitted from a much improved holiday shopping season at the end of 2017.
Stock selection in the Consumer Staples sector presented a headwind to relative performance as both TreeHouse Foods and Hain Celestial missed earnings for the quarter. In the Energy sector, Cabot Oil & Gas traded down with natural gas prices. In Utilities, Edison International's stock price was negatively impacted by the wildfires in southern California.
Company specific events continue to have a positive impact on the portfolio. Several of the Fund's holdings were acquired, disposed of significant assets, or made large acquisitions during the period. Notable events include: Orbital ATK agreed to be acquired by Northrop Grumman for $134.50 per share, Teva Pharmaceuticals agreed to sell its PARAGARD IUD business to Cooper Companies for $1.1 billion, General Dynamics agreed to purchase CSRA in a strategic step to expand its capabilities in the government technology services market, and Starwood Waypoint Homes was acquired by Invitation Homes in an all stock transaction.
We introduced nine new ideas during the period. Market dislocations, such as those experienced in February can provide us with opportunities to identify new investment ideas with attractive valuations. During the early February correction we added two new names to the portfolio—Acuity, a leading lighting and building management solutions company and KeyCorp, a large regional bank. We also purchased two new positions at month end—Devon Energy, involved in oil and gas exploration, development and production and Molson Coors, a multinational brewing company. Other new additions include Ciena, Hain Celestial, CoreCivic, Party City and Hexcel.
On the sell side, we eliminated four positions. Quintiles, Avery Dennison and Avis Budget who reached our estimates of their intrinsic values.1 Office Depot was sold as our investment thesis for the company changed.
While the portfolio's discount to intrinsic value has narrowed, we believe some of our newer positions should begin to appreciate, and we anticipate that there will be some price improvement in a number of our lagging positions as managements' strategic plans take hold. In general, we believe our cash generating franchise companies selling at material discounts should generate solid returns in what could be a less robust general market moving forward. We also anticipate a robust M&A market which should benefit our portfolio holdings.
Sincerely,
MICHAEL C. GREENE
PORTFOLIO MANAGER
1 Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
33
Mid Cap Intrinsic Value Fund
TICKER SYMBOLS
Investor Class | NBRVX | ||||||
Trust Class | NBREX | ||||||
Institutional Class | NBRTX | ||||||
Class A | NBRAX | ||||||
Class C | NBRCX | ||||||
Class R3 | NBRRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 11.9 | % | |||
Consumer Staples | 4.2 | ||||
Energy | 8.2 | ||||
Financial Services | 18.0 | ||||
Health Care | 11.3 | ||||
Materials & Processing | 5.3 | ||||
Producer Durables | 16.0 | ||||
Technology | 16.9 | ||||
Utilities | 5.5 | ||||
Short-Term Investment | 2.7 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1999 | 6.38 | % | 10.47 | % | 12.49 | % | 8.39 | % | 9.70 | % | ||||||||||||||||
Trust Class3 | 06/10/1999 | 6.36 | % | 10.28 | % | 12.26 | % | 8.26 | % | 9.60 | % | ||||||||||||||||
Institutional Class5 | 03/08/2010 | 6.54 | % | 10.73 | % | 12.72 | % | 8.61 | % | 9.82 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 6.36 | % | 10.34 | % | 12.31 | % | 8.30 | % | 9.65 | % | ||||||||||||||||
Class C19 | 06/21/2010 | 5.95 | % | 9.53 | % | 11.47 | % | 7.68 | % | 9.32 | % | ||||||||||||||||
Class R316 | 06/21/2010 | 6.27 | % | 10.08 | % | 12.04 | % | 8.10 | % | 9.54 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 0.24 | % | 3.99 | % | 10.98 | % | 7.66 | % | 9.31 | % | |||||||||||||||||
Class C19 | 4.97 | % | 8.53 | % | 11.47 | % | 7.68 | % | 9.32 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Value Index1,15 | 5.41 | % | 5.47 | % | 12.03 | % | 9.67 | % | 9.48 | % | |||||||||||||||||
Russell Midcap® Index1,15 | 8.44 | % | 11.95 | % | 13.01 | % | 10.05 | % | 9.21 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.25%, 1.43%, 1.06%, 1.43%, 2.18% and 1.69% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.25%, 0.85%, 1.21%, 1.96% and 1.46% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for Trust Class includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2018 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.
34
Multi-Cap Opportunities Fund Commentary
Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a 12.16% total return for the six months ended February 28, 2018, outperforming the 10.84% 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, eight of eleven sectors generated a positive total return for the period. Consumer Discretionary, Financials, Industrials, and Information Technology (IT) outperformed relative to the overall benchmark. Consumer Staples, Energy, Health Care, Materials, Real Estate, Telecommunication Services, and Utilities underperformed relative to the overall benchmark. We believe accelerating corporate earnings and strong economic growth contributed to broad-based positive performance during the period.
Within the portfolio, stock selection in Consumer Staples, Health Care, and Industrials benefitted performance relative to the Index, while stock selection in IT and Materials detracted from relative performance. From a sector perspective, the portfolio finished the period with an overweight, relative to the Index, in the Financials, Industrials, and Materials sectors. The portfolio completed the period with an underweight, relative to the Index, in the Consumer Discretionary, Consumer Staples, Energy, Health Care, IT, Real Estate, Telecommunication Services, and Utilities sectors. The overweight in Financials, and no exposure to Real Estate, Telecommunication Services, and Utilities benefitted performance relative to the Index, while the underweight in Consumer Discretionary detracted from relative performance.
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 we believe 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 we believe have 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. Company balance sheets appear to us to be 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, 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.
As we evaluate both potentially new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients' assets through the disciplined application of our investment philosophy and process.
Sincerely,
RICHARD S. NACKENSON
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
35
Multi-Cap Opportunities Fund
TICKER SYMBOLS
Institutional Class | NMULX | ||||||
Class A | NMUAX | ||||||
Class C | NMUCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 1.7 | % | |||
Consumer Staples | 6.9 | ||||
Energy | 4.1 | ||||
Financials | 26.6 | ||||
Health Care | 10.5 | ||||
Industrials | 16.2 | ||||
Information Technology | 25.2 | ||||
Materials | 8.5 | ||||
Short-Term Investment | 0.3 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class17 | 12/21/2009 | 12.16 | % | 18.31 | % | 14.51 | % | 10.35 | % | 9.38 | % | ||||||||||||||||
Class A17 | 12/21/2009 | 11.99 | % | 17.91 | % | 14.09 | % | 10.02 | % | 9.09 | % | ||||||||||||||||
Class C17 | 12/21/2009 | 11.58 | % | 17.09 | % | 13.25 | % | 9.35 | % | 8.51 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A17 | 5.56 | % | 11.15 | % | 12.75 | % | 9.37 | % | 8.53 | % | |||||||||||||||||
Class C17 | 10.58 | % | 16.09 | % | 13.25 | % | 9.35 | % | 8.51 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.84 | % | 17.10 | % | 14.73 | % | 9.73 | % | 8.52 | % |
*Prior to December 14, 2009, the Fund had different investment goals, strategies, and portfolio management team. The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through December 21, 2009. See endnote 17 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.75%, 1.10% and 1.84% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2018 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.
36
Real Estate Fund Commentary
Neuberger Berman Real Estate Fund Trust Class generated a –6.48% total return for the six months ended February 28, 2018, but outperformed its benchmark, the FTSE NAREIT All Equity REITs Index (the Index), which generated a –8.50% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
After a strong start, the U.S. stock market gave back a portion of its gains late in the reporting period. The overall stock market posted positive returns during the first five months of the period. This was driven by a number of factors, including corporate profits that often exceeded expectations and synchronous global growth. The market then experienced periods of heightened volatility in February amid concerns that the U.S. Federal Reserve (Fed) may raise interest rates at a faster pace than previously expected. As measured by the S&P 500® Index, U.S. stocks experienced their first correction (a decline of at least 10%) in two years in early February. However, the market recouped some of its losses as the month progressed. All told, the S&P 500 Index rose 10.84% for the six-month period. Comparatively, real estate investment trusts (REITs) posted poor results during the period.
While the Fund generated a negative return, it outperformed the benchmark on a relative basis during the reporting period. Stock selection was the most beneficial for relative performance during the period. Contributing the most to results were our holdings in the Lodging/Resorts, Self Storage and Diversified sectors. Marriott International, Inc., a Lodging/Resorts company, Weyerhaeuser Company, a Timber REIT and Extra Space Storage, a Self Storage company, were the largest contributors to performance. The sectors that detracted the most from the Fund's results from a stock selection perspective were Health Care, Specialty and Shopping Centers. Several individual holdings were also negative for results, including Ventas, Inc. and Welltower, Inc., two Health Care REITs, and Equinix, Inc. a Data Center REIT.
Sector positioning versus the Index, overall, also contributed to the Fund's performance during the reporting period. On the upside, an underweight to Diversified, an overweight to Regional Malls and an underweight to Health Care were the most beneficial for relative performance. Conversely, underweights to Lodging/Resorts and Self Storage, along with an overweight to Data Centers, were the largest negatives for results.
We anticipate continued economic growth for the U.S. in 2018 and for the Fed to take a measured approach in terms of normalizing monetary policy. We expect the tax cuts signed into law in December 2017 will likely boost corporate profitability, while also increasing disposable income for most consumers. We believe improved consumer confidence, accelerating non-residential fixed investment and modest inflation should benefit tenant demand for real estate space. We continue to monitor potential changes related to government deregulation and infrastructure that may affect the real estate sector.
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.
37
Real Estate Fund
TICKER SYMBOLS
Trust Class | NBRFX | ||||||
Institutional Class | NBRIX | ||||||
Class A | NREAX | ||||||
Class C | NRECX | ||||||
Class R3 | NRERX | ||||||
Class R6 | NRREX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Apartments | 12.1 | % | |||
Data Centers | 7.9 | ||||
Free Standing | 1.4 | ||||
Health Care | 7.0 | ||||
Industrial | 8.3 | ||||
Infrastructure | 16.1 | ||||
Lodging/Resorts | 5.3 | ||||
Manufactured Homes | 2.2 | ||||
Office | 9.4 | ||||
Real Estate Operating Companies | 2.2 | ||||
Regional Malls | 12.0 | ||||
Self Storage | 3.7 | ||||
Shopping Centers | 3.6 | ||||
Single Family Homes | 3.7 | ||||
Timber | 3.9 | ||||
Short-Term Investment | 1.2 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,21
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 05/01/2002 | –6.48 | % | –2.98 | % | 5.89 | % | 7.78 | % | 10.44 | % | ||||||||||||||||
Institutional Class6 | 06/04/2008 | –6.37 | % | –2.78 | % | 6.08 | % | 7.98 | % | 10.57 | % | ||||||||||||||||
Class A14 | 06/21/2010 | –6.49 | % | –3.15 | % | 5.72 | % | 7.64 | % | 10.34 | % | ||||||||||||||||
Class C14 | 06/21/2010 | –6.86 | % | –3.90 | % | 4.93 | % | 7.02 | % | 9.94 | % | ||||||||||||||||
Class R314 | 06/21/2010 | –6.63 | % | –3.33 | % | 5.46 | % | 7.43 | % | 10.21 | % | ||||||||||||||||
Class R624 | 03/15/2013 | –6.34 | % | –2.71 | % | 6.18 | % | 7.93 | % | 10.53 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A14 | –11.84 | % | –8.70 | % | 4.48 | % | 7.00 | % | 9.93 | % | |||||||||||||||||
Class C14 | –7.75 | % | –4.82 | % | 4.93 | % | 7.02 | % | 9.94 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
FTSE NAREIT All Equity REITs Index1,15 | –8.50 | % | –6.13 | % | 6.51 | % | 7.13 | % | 9.43 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.42%, 1.05%, 1.42%, 2.17%, 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 0.86%, 1.22%, 1.97%, 1.47% and 0.79% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
38
Small Cap Growth Fund Commentary
Neuberger Berman Small Cap Growth Fund Investor Class generated a 14.36% total return for the six months ended February 28, 2018, outperforming its benchmark, the Russell 2000® Growth Index (the Index), which returned 11.32% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
While there were plenty of headline-worthy events over the last six months, ranging from the federal tax reform legislation to a rising and worrisome specter of protectionism, we believe the secret sauce and real story behind this highly resilient and seemingly indefatigable equity market remains corporate earnings. Broadly compelling results and reasonably confident guidance continue to underpin this market, and we believe essentially empower it to shrug off all manner of macro-level noise. Even the arrival of a long-awaited correction, triggered by inflationary worries and the potential threat of a more hawkish path from the U.S. Federal Reserve, may prove to be more of a fleeting pause than a healthy valuation reset. As a result, it has remained a constructive environment for active management and higher qualitative growth approaches, such as ours, which have continued to benefit from an increased relevancy for underlying fundamentals and execution and the market's willingness to reward positive differentiation.
Over the trailing six months, the portfolio was primarily overweight versus the Index in Health Care and Information Technology (IT) and meaningfully underweight Materials and Real Estate. These decisions reflect the compelling catalysts and underlying fundamentals that we believe we're seeing in Health Care and IT and the fact that neither GDP growth-dependent commodities nor income-yielding real estate investment trusts (REITs) are an ideal fit with our earnings-centric philosophy. Breaking down our performance, our allocation and selection decisions were broadly positive, led by overall strong stock selection within Health Care and our general avoidance of REITs, which struggled during the period. At the industry level, strong stock selection within our overweight allocation to Biotechnology continued to prove highly additive, while several stock-specific related issues resulted in the Health Care Equipment & Supplies segment being the leading detractor. Drilling down to our holdings, Fate Therapeutics, a clinical-stage biopharmaceutical company focused on the development of programmed cellular immunotherapies for cancer and immune disorders, was our top contributor as the company announced encouraging early trial data and positive updates regarding their development pipeline. Impinj, Inc., a provider of ultra-high frequency radio solutions that delivers real time data related to inventory/asset management, authentication and tracking, was the leading detractor as the company fell short of expectations and lowered future guidance due to increased competition and a rise in customer order deferment. Given the increased uncertainty and ebbing confidence in management's ability to consistently manage expectations and execute, we exited our position.
Looking ahead, we anticipate that the U.S. will largely remain a pro-growth environment, corporate earnings should continue to impress and support current valuations and, absent another broader reset, key growth sector- and industry-level rotations will again foster timely buying opportunities. Ultimately, we don't anticipate 2018 to mirror the robust returns or fascinating calm demeanor of 2017, but we are cautiously optimistic that it will remain a positive environment for active management targeting differentiated small-cap growth companies.
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.
39
Small Cap Growth Fund
TICKER SYMBOLS
Investor Class | NBMIX | ||||||
Trust Class | NBMOX | ||||||
Advisor Class | NBMVX | ||||||
Institutional Class | NBSMX | ||||||
Class A | NSNAX | ||||||
Class C | NSNCX | ||||||
Class R3 | NSNRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.3 | % | |||
Consumer Staples | 2.5 | ||||
Energy | 0.6 | ||||
Financials | 6.0 | ||||
Health Care | 28.4 | ||||
Industrials | 17.0 | ||||
Information Technology | 28.1 | ||||
Materials | 1.4 | ||||
Short-Term Investment | 2.7 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/20/1998 | 14.36 | % | 24.92 | % | 14.46 | % | 8.52 | % | 9.21 | % | ||||||||||||||||
Trust Class3 | 11/03/1998 | 14.28 | % | 24.72 | % | 14.25 | % | 8.31 | % | 9.06 | % | ||||||||||||||||
Advisor Class4 | 05/03/2002 | 14.19 | % | 24.53 | % | 14.11 | % | 8.13 | % | 8.96 | % | ||||||||||||||||
Institutional Class5 | 04/01/2008 | 14.57 | % | 25.32 | % | 14.81 | % | 8.83 | % | 9.37 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 14.34 | % | 24.85 | % | 14.39 | % | 8.44 | % | 9.16 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 13.91 | % | 23.95 | % | 13.55 | % | 7.72 | % | 8.80 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 14.22 | % | 24.53 | % | 14.11 | % | 8.20 | % | 9.04 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 7.75 | % | 17.67 | % | 13.04 | % | 7.79 | % | 8.83 | % | |||||||||||||||||
Class C19 | 12.91 | % | 22.95 | % | 13.55 | % | 7.72 | % | 8.80 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Growth Index1,15 | 11.32 | % | 18.44 | % | 13.72 | % | 10.74 | % | 8.29 | % | |||||||||||||||||
Russell 2000® Index1,15 | 8.30 | % | 10.51 | % | 12.19 | % | 9.75 | % | 9.24 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.79%, 1.89%, 2.05%, 1.51%, 1.90%, 2.63% and 2.20% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.31%, 1.41%, 1.61%, 0.91%, 1.27%, 2.02% and 1.52% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
40
Socially Responsive Fund Commentary
Neuberger Berman Socially Responsive Fund Investor Class reported a total return of 10.16% for the six months ended February 28, 2018, trailing the 10.84% total 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.)
During most of this period, the Index continued its upward momentum as multiples continued to expand within a backdrop of slow, steady economic growth, low inflation, low volatility and supportive monetary policy. This environment benefited stocks with high revenue growth. Returns of many established businesses lagged as investors became concerned about the threat posed by disruptive technologies to such businesses' growth and profitability. Though this environment adversely impacted a handful of our portfolio holdings, it also created some attractive investment opportunities.
Only recently—in February 2018—did market volatility re-emerge, as a pickup in inflationary measures raised concerns about the pace of U.S. Federal Reserve rate increases and the impact that could have on valuation multiples.
The Fund's relative performance was driven primarily by Industrials and Consumer Staples, with top individual performers including W.W. Grainger, Texas Instruments, Progressive Corp., MasterCard and JPMorgan Chase. Performance was generally driven by strong operating results.
The Consumer Discretionary and Energy sectors detracted the most from relative returns. Underperformers included Newell Brands, EQT Corp., Comcast, Unilever and NetScout Systems. Newell Brands and NetScout Systems experienced execution issues while EQT, Unilever and Comcast were impacted by contractions in valuation multiples. We sold our positions of Newell Brands and NetScout Systems.
During this period, we added Compass Group to the portfolio. Compass, a UK-based multinational contract foodservice company, serves offices, schools, hospitals and other facilities. We view its focus on health and wellness as a competitive advantage within a market we find attractive given its fragmentation. Compass enjoys industry leading margins, low leverage, high rates of return, and good free cash flow conversion, and has a history of returning surplus capital to shareholders.
During this period, we also continued to build on our thought leadership around initiatives for driving and measuring impact across our investment portfolio. We recently published our very first annual report on direct company engagement on environmental, social and governance ("ESG") issues, in line with our engagement policy. In addition, we also published a white paper on "climate change—addressing impact at the portfolio level" furthering our work on impact measurement and reporting.
Looking ahead, we continue to anticipate a steady slow-growth environment in the U.S. but are incrementally cautious given a full labor market and tightening monetary policy. We believe tax reform could offer a moderate boost to economic growth, but given the tight labor market, would have to be driven primarily by increased productivity. Inflation is another macroeconomic factor we're watching.
Geopolitically, tensions in the Korean peninsula and with Russia, and continued uncertainty created by Brexit could be sources of market volatility. Further, China's efforts to curb excess speculation while supporting sustainable long-term growth could create volatility in its economic growth.
While we are cognizant of the above, we continue to focus on the fundamentals of the businesses we own and believe they can translate top-line growth into stronger, advantaged bottom-line growth, supported by competitive advantages, attractive return on capital profiles, and demonstrated leadership in ESG practices. We believe that our portfolio holdings also have the balance sheet strength and free cash flow generation that could enable them to weather a challenging market environment, should it occur.
We look forward to continuing to serve your investment needs.
Sincerely,
INGRID S. DYOTT AND SAJJAD S. LADIWALA
CO-PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
To read more on how we integrate sustainability issues into our investment process, please visit our SRI web site, Socially Responsive Investing, at http://www.nb.com/sri/.
41
Socially Responsive Fund
TICKER SYMBOLS
Investor Class | NBSRX | ||||||
Trust Class | NBSTX | ||||||
Institutional Class | NBSLX | ||||||
Class A | NRAAX | ||||||
Class C | NRACX | ||||||
Class R3 | NRARX | ||||||
Class R6 | NRSRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 13.9 | % | |||
Consumer Staples | 6.2 | ||||
Energy | 7.6 | ||||
Financials | 17.3 | ||||
Health Care | 16.2 | ||||
Industrials | 12.0 | ||||
Information Technology | 20.6 | ||||
Materials | 1.9 | ||||
Real Estate | 2.7 | ||||
Short-Term Investments | 1.6 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/16/1994 | 10.16 | % | 13.71 | % | 12.83 | % | 8.68 | % | 9.47 | % | ||||||||||||||||
Trust Class3 | 03/03/1997 | 10.07 | % | 13.57 | % | 12.64 | % | 8.49 | % | 9.30 | % | ||||||||||||||||
Institutional Class5 | 11/28/2007 | 10.26 | % | 13.93 | % | 13.04 | % | 8.88 | % | 9.56 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 10.04 | % | 13.48 | % | 12.62 | % | 8.50 | % | 9.40 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 9.66 | % | 12.68 | % | 11.78 | % | 7.79 | % | 9.10 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 9.95 | % | 13.25 | % | 12.35 | % | 8.27 | % | 9.30 | % | ||||||||||||||||
Class R623 | 03/15/2013 | 10.31 | % | 14.01 | % | 13.12 | % | 8.82 | % | 9.53 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | 3.72 | % | 6.96 | % | 11.29 | % | 7.86 | % | 9.13 | % | |||||||||||||||||
Class C19 | 8.66 | % | 11.68 | % | 11.78 | % | 7.79 | % | 9.10 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | 10.84 | % | 17.10 | % | 14.73 | % | 9.73 | % | 9.71 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 0.85%, 1.02%, 0.67%, 1.04%, 1.78%, 1.28% and 0.59% for Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2018 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.
42
Value Fund Commentary
Neuberger Berman Value Fund Institutional Class generated a 5.64% total return for the six months ended February 28, 2018, underperforming its benchmark, the Russell 1000® Value Index (the Index), which returned 7.26% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
U.S. equities progressed on a steady upward path for much of the past six months. A synchronous revival in economic growth throughout the world fueled a rise in U.S. corporate profits, which has been a key source of strength for stocks. In addition, investors were encouraged by the prospects of softer regulations for financial companies, as well as new tax legislation that would lower taxes for many consumers and businesses. Oil prices also rose during this time, giving a lift to the Energy sector, and the U.S. Federal Reserve (Fed) raised interest rates citing a continued sanguine economic picture. Yet in late January, volatility picked up and stocks tumbled amidst concerns that rising inflation could cause the Fed to hasten its rate tightening plan and further push up bond yields. The market correction was short-lived, however, as investors took advantage of the dip in stocks to add to their equity positions in light of the favorable macro environment.
Within the Index, Information Technology (IT) and Materials were among the strongest sectors of the market owed in part to the solid global economy. Financials was another outperforming area due to the increasingly pro-business stance in Washington. Defensive segments including Utilities, Telecommunication Services, Real Estate and Consumer Staples each declined for the period and underperformed the overall index.
Industrials was a top area of relative strength within the Fund over the six-month period. Our lighter exposure to this underperforming segment of the market as well as superior stock returns versus Index sector counterparts, particularly within the Industrial Conglomerates industry, drove the relative upside. Consumer Discretionary gave an additional lift to returns versus the Index owing in large part to our heavier exposure to Multiline Retailers, as these names fared exceptionally well during the past several months. Our lesser allocation to the declining Real Estate sector, which we sold out of completely by the end of the period, further benefitted relative performance.
On the downside, the Fund's lighter exposure to IT caused the largest loss for the Fund on a relative basis. The drag on performance was especially notable in the Semiconductor and Communication Equipment industries, which markedly outperformed the market during the period. Energy and Materials further detracted from relative returns over the period. Within Energy, our selection of stocks on the whole underperformed those in the Index sector, and weakness in Materials stemmed from the Metals & Mining industry where our investments in aggregate fell short of Index constituents.
The Fund's use of written options contributed positively to performance during the period.
Despite the tailwinds of a healthy global economy and rising corporate earnings, recent events have shown that the market remains vulnerable to downturns, particularly with equity valuations at such lofty levels. While the latest correction was brief, we believe that increased inflation and higher bond yields could send the market tumbling once again. In addition, trade policy reform has come into the spotlight, with the potential for tighter trade restrictions on certain commodities and countries potentially hampering certain areas of the market while giving a boost to others. 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 what we believe are 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.
43
Value Fund
TICKER SYMBOLS
Institutional Class | NLRLX | ||||||
Class A | NVAAX | ||||||
Class C | NVACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||
Consumer Discretionary | 14.7 | % | |||
Consumer Staples | 15.1 | ||||
Energy | 7.5 | ||||
Financials | 16.6 | ||||
Health Care | 14.0 | ||||
Industrials | 4.6 | ||||
Information Technology | 2.6 | ||||
Materials | 6.5 | ||||
Telecommunication Services | 1.8 | ||||
Utilities | 9.9 | ||||
Short-Term Investment | 6.7 | ||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2018 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2018 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class20 | 04/19/2010 | 5.64 | % | 8.88 | % | 11.20 | % | 8.85 | % | 8.27 | % | ||||||||||||||||
Class A20 | 03/02/2011 | 5.47 | % | 8.54 | % | 10.78 | % | 8.57 | % | 8.02 | % | ||||||||||||||||
Class C20 | 03/02/2011 | 5.07 | % | 7.71 | % | 9.95 | % | 8.00 | % | 7.52 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –0.60 | % | 2.29 | % | 9.49 | % | 7.93 | % | 7.46 | % | |||||||||||||||||
Class C20 | 4.10 | % | 6.72 | % | 9.95 | % | 8.00 | % | 7.52 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,15 | 7.26 | % | 7.75 | % | 12.04 | % | 7.89 | % | 6.60 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through April 19, 2010. The performance data for Class A and Class C also includes the performance of the Fund's Institutional Class from April 19, 2010 through March 2, 2011. See endnote 20 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 2.22%, 2.62% and 3.33% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.77%, 1.13% and 1.88% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2018 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.
44
Endnotes
1 Please see "Glossary of Indices" on page 49 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 each 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 differences in
45
Endnotes (cont'd)
class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class R3.
11 The Fund had a policy of investing mainly in large-cap stocks prior to December 2002. Its performance prior to that date might have been different if current policies had been in effect.
12 The performance information for Class A, Class C, Investor Class, and Trust Class prior to the classes' inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class A, Class C, Investor Class, and Trust Class.
13 The performance information for Institutional Class, Class A, Class C and Class R3 prior to June 9, 2008 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on June 9, 2008. During the period from November 2, 2006 through June 9, 2008, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class had higher expenses and typically lower returns than the Institutional Class. The Trust Class had lower expenses and typically higher returns than Class A, Class C and Class R3. The performance information for Class R3 from June 9, 2008 to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class R3.
14 The performance information for Class A, Class C and Class R3 prior to the classes' respective inception dates is that of the Fund's Trust Class. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class has lower expenses and typically higher returns than Class A, Class C and Class R3.
15 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.
16 The performance information for Class R3 prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class R3.
17 Prior to December 14, 2009, the Fund had different investment goals, strategies and portfolio management team. The performance information for Institutional Class, Class A and Class C prior to December 21, 2009 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on December 21, 2009. During the period from November 2, 2006 through December 21, 2009, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). Management had previously capped Trust Class expenses; absent this arrangement, the returns would have been lower. The Trust Class had lower capped expenses and typically higher returns than Class A and Class C. The Trust Class had equivalent capped expenses and typically similar returns to the Institutional Class.
18 The performance information for Institutional Class, Class A and Class C prior to the classes' inception date is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund");
46
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 subadviser to Neuberger Berman Greater China Equity Fund, replacing Neuberger Berman Asia Limited. The
47
Endnotes (cont'd)
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 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.
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.
48
Glossary of Indices
FTSE EPRA/NAREIT Developed Index (Net): | 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. | ||||||
FTSE NAREIT All Equity REITs Index: | The index is a free-float adjusted, market capitalization-weighted index that tracks the performance of all equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange, the NYSE Arca or the NASDAQ National Market List. Equity REITs include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. | ||||||
MSCI All Country World Index (Net): | 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. | ||||||
MSCI China Index (Net): | 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.) In June 2017, MSCI announced that they would begin to partially include China A shares in their standard indexes, beginning on June 1, 2018. 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. |
49
Glossary of Indices (cont'd)
MSCI EAFE® Index (Net) (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 indexes: 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. | ||||||
MSCI Emerging Markets Index (Net): | 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. In June 2017, MSCI announced that they would begin to partially include China A shares in their standard indexes, beginning on June 1, 2018. 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. | ||||||
MSCI EAFE® Small Cap Index (Net): | The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the small cap segment of developed markets, excluding the United States and Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. | ||||||
Russell 1000® Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap segment of the U.S. equity market. It includes approximately 1,000 of the largest securities in the Russell 3000® Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June. | ||||||
Russell 1000® Value Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June. | ||||||
Russell 2000® Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June. | ||||||
Russell 2000® Growth Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap growth segment of the U.S. equity market. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June. |
50
Glossary of Indices (cont'd)
Russell 2000® Value Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June. | ||||||
Russell Midcap® Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The index is rebalanced annually in June. | ||||||
Russell Midcap® Growth Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June. | ||||||
Russell Midcap® Value Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June. | ||||||
S&P 500® Index: | The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market. |
51
Information About Your Fund's Expenses (Unaudited)
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.
This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended February 28, 2018 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.
52
Expense Example (Unaudited)
Neuberger Berman Equity Funds | |||||||||||||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid During the Period(1) 9/1/17 - 2/28/18 | Expense Ratio | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid During the Period(2) 9/1/17 - 2/28/18 | Expense Ratio | ||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,078.20 | $ | 3.56 | 0.69 | % | $ | 1,000.00 | $ | 1,021.37 | $ | 3.46 | 0.69 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,076.10 | $ | 5.40 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,072.00 | $ | 9.25 | 1.80 | % | $ | 1,000.00 | $ | 1,015.87 | $ | 9.00 | 1.80 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,078.90 | $ | 3.20 | 0.62 | % | $ | 1,000.00 | $ | 1,021.72 | $ | 3.11 | 0.62 | % | |||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,111.80 | $ | 6.55 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,110.00 | $ | 7.85 | 1.50 | % | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | 1.50 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,105.90 | $ | 11.75 | 2.25 | % | $ | 1,000.00 | $ | 1,013.64 | $ | 11.23 | 2.25 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,107.70 | $ | 9.98 | 1.91 | % | $ | 1,000.00 | $ | 1,015.32 | $ | 9.54 | 1.91 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,111.50 | $ | 6.18 | 1.18 | % | $ | 1,000.00 | $ | 1,018.94 | $ | 5.91 | 1.18 | % | |||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,050.90 | $ | 3.46 | 0.68 | % | $ | 1,000.00 | $ | 1,021.42 | $ | 3.41 | 0.68 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,049.10 | $ | 5.33 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,044.70 | $ | 9.13 | 1.80 | % | $ | 1,000.00 | $ | 1,015.87 | $ | 9.00 | 1.80 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,047.60 | $ | 6.75 | 1.33 | % | $ | 1,000.00 | $ | 1,018.20 | $ | 6.66 | 1.33 | % | |||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,061.20 | $ | 4.65 | 0.91 | % | $ | 1,000.00 | $ | 1,020.28 | $ | 4.56 | 0.91 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,060.30 | $ | 5.62 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,058.90 | $ | 6.43 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,061.80 | $ | 3.83 | 0.75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | 0.75 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,059.90 | $ | 5.67 | 1.11 | % | $ | 1,000.00 | $ | 1,019.29 | $ | 5.56 | 1.11 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,055.60 | $ | 9.48 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,110.20 | $ | 5.34 | 1.02 | % | $ | 1,000.00 | $ | 1,019.74 | $ | 5.11 | 1.02 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,109.90 | $ | 5.75 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,108.40 | $ | 7.11 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,111.20 | $ | 4.45 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,111.70 | $ | 3.98 | 0.76 | % | $ | 1,000.00 | $ | 1,021.03 | $ | 3.81 | 0.76 | % | |||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,092.10 | $ | 3.89 | 0.75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | 0.75 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,089.30 | $ | 5.75 | 1.11 | % | $ | 1,000.00 | $ | 1,019.29 | $ | 5.56 | 1.11 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,085.80 | $ | 9.62 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Global Real Estate Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 971.20 | $ | 4.89 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 968.20 | $ | 6.64 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 965.40 | $ | 10.28 | 2.11 | % | $ | 1,000.00 | $ | 1,014.33 | $ | 10.54 | 2.11 | % | |||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,198.90 | $ | 8.18 | 1.50 | % | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | 1.50 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,196.50 | $ | 10.13 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,192.80 | $ | 14.19 | 2.61 | % | $ | 1,000.00 | $ | 1,011.85 | $ | 13.02 | 2.61 | % | |||||||||||||||||||
Guardian Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,111.20 | $ | 4.61 | 0.88 | % | $ | 1,000.00 | $ | 1,020.43 | $ | 4.41 | 0.88 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,110.80 | $ | 5.55 | 1.06 | % | $ | 1,000.00 | $ | 1,019.54 | $ | 5.31 | 1.06 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,109.30 | $ | 7.16 | 1.37 | % | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | 1.37 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,112.70 | $ | 3.67 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,110.60 | $ | 5.70 | 1.09 | % | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,106.60 | $ | 9.56 | 1.83 | % | $ | 1,000.00 | $ | 1,015.72 | $ | 9.15 | 1.83 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,109.20 | $ | 7.11 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % |
53
Expense Example (Unaudited) (cont'd)
Neuberger Berman Equity Funds | |||||||||||||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid During the Period(1) 9/1/17 - 2/28/18 | Expense Ratio | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid During the Period(2) 9/1/17 - 2/28/18 | Expense Ratio | ||||||||||||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,066.30 | $ | 5.74 | 1.12 | % | $ | 1,000.00 | $ | 1,019.24 | $ | 5.61 | 1.12 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,066.00 | $ | 5.94 | 1.16 | % | $ | 1,000.00 | $ | 1,019.04 | $ | 5.81 | 1.16 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,067.10 | $ | 4.36 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,066.10 | $ | 6.20 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,062.00 | $ | 10.02 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,067.70 | $ | 4.00 | 0.78 | % | $ | 1,000.00 | $ | 1,020.93 | $ | 3.91 | 0.78 | % | |||||||||||||||||||
International Select Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,068.00 | $ | 5.95 | 1.16 | % | $ | 1,000.00 | $ | 1,019.04 | $ | 5.81 | 1.16 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,069.00 | $ | 4.16 | 0.81 | % | $ | 1,000.00 | $ | 1,020.78 | $ | 4.06 | 0.81 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,067.50 | $ | 6.00 | 1.17 | % | $ | 1,000.00 | $ | 1,018.99 | $ | 5.86 | 1.17 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,063.50 | $ | 9.82 | 1.92 | % | $ | 1,000.00 | $ | 1,015.27 | $ | 9.59 | 1.92 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,066.50 | $ | 7.28 | 1.42 | % | $ | 1,000.00 | $ | 1,017.75 | $ | 7.10 | 1.42 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,069.70 | $ | 3.80 | 0.74 | % | $ | 1,000.00 | $ | 1,021.12 | $ | 3.71 | 0.74 | % | |||||||||||||||||||
International Small Cap Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,105.70 | $ | 5.48 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,104.40 | $ | 7.36 | 1.41 | % | $ | 1,000.00 | $ | 1,017.80 | $ | 7.05 | 1.41 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,100.80 | $ | 11.25 | 2.16 | % | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | 2.16 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,107.20 | $ | 5.12 | 0.98 | % | $ | 1,000.00 | $ | 1,019.93 | $ | 4.91 | 0.98 | % | |||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,067.20 | $ | 5.13 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,065.30 | $ | 6.96 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,061.10 | $ | 10.78 | 2.11 | % | $ | 1,000.00 | $ | 1,014.33 | $ | 10.54 | 2.11 | % | |||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,053.10 | $ | 4.38 | 0.86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | 0.86 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,052.10 | $ | 5.34 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,051.70 | $ | 6.10 | 1.20 | % | $ | 1,000.00 | $ | 1,018.84 | $ | 6.01 | 1.20 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,054.30 | $ | 3.57 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,052.10 | $ | 5.44 | 1.07 | % | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | 1.07 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,048.20 | $ | 9.19 | 1.81 | % | $ | 1,000.00 | $ | 1,015.82 | $ | 9.05 | 1.81 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,050.80 | $ | 6.92 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,138.40 | $ | 4.77 | 0.90 | % | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | 0.90 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,138.20 | $ | 5.09 | 0.96 | % | $ | 1,000.00 | $ | 1,020.03 | $ | 4.81 | 0.96 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,136.40 | $ | 6.46 | 1.22 | % | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | 1.22 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,139.40 | $ | 3.77 | 0.71 | % | $ | 1,000.00 | $ | 1,021.27 | $ | 3.56 | 0.71 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,137.30 | $ | 5.72 | 1.08 | % | $ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | 1.08 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,132.80 | $ | 9.84 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,135.90 | $ | 7.20 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,139.30 | $ | 3.39 | 0.64 | % | $ | 1,000.00 | $ | 1,021.62 | $ | 3.21 | 0.64 | % | |||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,063.80 | $ | 5.88 | 1.15 | % | $ | 1,000.00 | $ | 1,019.09 | $ | 5.76 | 1.15 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,063.60 | $ | 6.40 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,065.40 | $ | 4.35 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,063.60 | $ | 6.19 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,059.50 | $ | 10.01 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,062.70 | $ | 7.47 | 1.46 | % | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % |
54
Expense Example (Unaudited) (cont'd)
Neuberger Berman Equity Funds | |||||||||||||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid During the Period(1) 9/1/17 - 2/28/18 | Expense Ratio | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid During the Period(2) 9/1/17 - 2/28/18 | Expense Ratio | ||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,121.60 | $ | 3.84 | 0.73 | % | $ | 1,000.00 | $ | 1,021.17 | $ | 3.66 | 0.73 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,119.90 | $ | 5.78 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,115.80 | $ | 9.60 | 1.83 | % | $ | 1,000.00 | $ | 1,015.72 | $ | 9.15 | 1.83 | % | |||||||||||||||||||
Real Estate Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 935.20 | $ | 4.99 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 936.30 | $ | 4.08 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 935.10 | $ | 5.81 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 931.40 | $ | 9.39 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 933.70 | $ | 7.00 | 1.46 | % | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 936.60 | $ | 3.75 | 0.78 | % | $ | 1,000.00 | $ | 1,020.93 | $ | 3.91 | 0.78 | % | |||||||||||||||||||
Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,143.60 | $ | 6.43 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,142.80 | $ | 7.28 | 1.37 | % | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | 1.37 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,141.90 | $ | 8.02 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,145.70 | $ | 4.79 | 0.90 | % | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | 0.90 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,143.40 | $ | 6.70 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,139.10 | $ | 10.66 | 2.01 | % | $ | 1,000.00 | $ | 1,014.83 | $ | 10.04 | 2.01 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,142.20 | $ | 8.02 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Socially Responsive Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,101.60 | $ | 4.43 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,100.70 | $ | 5.26 | 1.01 | % | $ | 1,000.00 | $ | 1,019.79 | $ | 5.06 | 1.01 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,102.60 | $ | 3.44 | 0.66 | % | $ | 1,000.00 | $ | 1,021.52 | $ | 3.31 | 0.66 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,100.40 | $ | 5.36 | 1.03 | % | $ | 1,000.00 | $ | 1,019.69 | $ | 5.16 | 1.03 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,096.60 | $ | 9.25 | 1.78 | % | $ | 1,000.00 | $ | 1,015.97 | $ | 8.90 | 1.78 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,099.50 | $ | 6.66 | 1.28 | % | $ | 1,000.00 | $ | 1,018.45 | $ | 6.41 | 1.28 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,103.10 | $ | 3.08 | 0.59 | % | $ | 1,000.00 | $ | 1,021.87 | $ | 2.96 | 0.59 | % | |||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,056.40 | $ | 3.57 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,054.70 | $ | 5.35 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,050.70 | $ | 9.15 | 1.80 | % | $ | 1,000.00 | $ | 1,015.87 | $ | 9.00 | 1.80 | % |
(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 181/365 (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 181/365 (to reflect the one-half year period shown).
55
Schedule of Investments Dividend Growth Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 91.5% | |||||||||||
Aerospace & Defense 6.1% | |||||||||||
Boeing Co. | 3,300 | $ | 1,195 | ||||||||
General Dynamics Corp. | 4,800 | 1,068 | |||||||||
Raytheon Co. | 4,500 | 979 | |||||||||
3,242 | |||||||||||
Auto Components 2.9% | |||||||||||
Aptiv PLC | 11,600 | 1,060 | |||||||||
Delphi Technologies PLC | 9,700 | 463 | |||||||||
1,523 | |||||||||||
Banks 9.7% | |||||||||||
Citigroup, Inc. | 13,900 | 1,049 | |||||||||
Comerica, Inc. | 11,700 | 1,137 | |||||||||
FNB Corp. | 49,900 | 700 | |||||||||
JPMorgan Chase & Co. | 10,300 | 1,190 | |||||||||
PNC Financial Services Group, Inc. | 6,600 | 1,041 | |||||||||
5,117 | |||||||||||
Biotechnology 2.5% | |||||||||||
Gilead Sciences, Inc. | 16,500 | 1,299 | |||||||||
Building Products 1.6% | |||||||||||
Johnson Controls International PLC | 22,700 | 837 | |||||||||
Capital Markets 2.0% | |||||||||||
State Street Corp. | 9,900 | 1,051 | |||||||||
Containers & Packaging 1.2% | |||||||||||
Packaging Corp. of America | 5,400 | 644 | |||||||||
Energy Equipment & Services 2.8% | |||||||||||
Cactus, Inc. Class A* | 25,400 | 625 | |||||||||
Schlumberger Ltd. | 13,000 | 853 | |||||||||
1,478 | |||||||||||
Equity Real Estate Investment Trusts 2.6% | |||||||||||
American Tower Corp. | 4,450 | 620 | |||||||||
Outfront Media, Inc. | 35,500 | 728 | |||||||||
1,348 | |||||||||||
Food & Staples Retailing 3.9% | |||||||||||
Walmart Inc. | 11,500 | 1,035 | |||||||||
Walgreens Boots Alliance, Inc. | 15,200 | 1,047 | |||||||||
2,082 |
Number of Shares | Value (000's) | ||||||||||
Food Products 1.8% | |||||||||||
Mondelez International, Inc. Class A | 21,050 | $ | 924 | ||||||||
Health Care Equipment & Supplies 1.0% | |||||||||||
STERIS PLC | 6,000 | 548 | |||||||||
Hotels, Restaurants & Leisure 3.0% | |||||||||||
Carnival Corp. | 10,800 | 723 | |||||||||
MGM Resorts International | 24,400 | 835 | |||||||||
1,558 | |||||||||||
Industrial Conglomerates 1.7% | |||||||||||
Honeywell International, Inc. | 6,000 | 907 | |||||||||
Insurance 3.1% | |||||||||||
Aon PLC | 7,500 | 1,052 | |||||||||
Hartford Financial Services Group, Inc. | 11,050 | 584 | |||||||||
1,636 | |||||||||||
IT Services 4.3% | |||||||||||
Automatic Data Processing, Inc. | 6,150 | 709 | |||||||||
InterXion Holding NV* | 14,000 | 788 | |||||||||
Leidos Holdings, Inc. | 12,300 | 779 | |||||||||
2,276 | |||||||||||
Media 6.0% | |||||||||||
CBS Corp. Class B | 28,200 | 1,494 | |||||||||
Comcast Corp. Class A | 19,650 | 711 | |||||||||
Interpublic Group of Cos., Inc. | 40,500 | 948 | |||||||||
3,153 | |||||||||||
Metals & Mining 5.9% | |||||||||||
First Quantum Minerals Ltd. | 61,000 | 994 | |||||||||
Rio Tinto PLC ADR | 23,250 | 1,272 | |||||||||
Royal Gold, Inc. | 10,500 | 848 | |||||||||
3,114 | |||||||||||
Multi-Utilities 2.0% | |||||||||||
Sempra Energy | 9,700 | 1,057 | |||||||||
Oil, Gas & Consumable Fuels 5.9% | |||||||||||
Devon Energy Corp. | 24,200 | 742 | |||||||||
EOG Resources, Inc. | 7,450 | 755 | |||||||||
Occidental Petroleum Corp. | 12,100 | 794 | |||||||||
Suncor Energy, Inc. | 25,050 | 825 | |||||||||
3,116 | |||||||||||
Pharmaceuticals 3.5% | |||||||||||
Bristol-Myers Squibb Co. | 12,300 | 814 | |||||||||
Pfizer, Inc. | 29,000 | 1,053 | |||||||||
1,867 |
Number of Shares | Value (000's) | ||||||||||
Road & Rail 1.9% | |||||||||||
CSX Corp. | 18,500 | $ | 994 | ||||||||
Semiconductors & Semiconductor Equipment 3.4% | |||||||||||
Maxim Integrated Products, Inc. | 16,650 | 1,015 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18,000 | 780 | |||||||||
1,795 | |||||||||||
Software 4.5% | |||||||||||
Microsoft Corp. | 12,100 | 1,135 | |||||||||
Oracle Corp. | 24,400 | 1,236 | |||||||||
2,371 | |||||||||||
Specialty Retail 2.6% | |||||||||||
L Brands, Inc. | 15,000 | 740 | |||||||||
Williams-Sonoma, Inc. | 12,700 | 657 | |||||||||
1,397 | |||||||||||
Technology Hardware, Storage & Peripherals 4.0% | |||||||||||
Apple, Inc. | 6,075 | 1,082 | |||||||||
Western Digital Corp. | 12,000 | 1,044 | |||||||||
2,126 | |||||||||||
Tobacco 1.6% | |||||||||||
British American Tobacco PLC | 14,500 | 856 | |||||||||
Total Common Stocks (Cost $42,353) | 48,316 | ||||||||||
Preferred Stocks 1.7% | |||||||||||
Pharmaceuticals 1.7% | |||||||||||
Allergan PLC, Ser. A, 5.50% (Cost $1,149) | 1,650 | 897 | |||||||||
Short-Term Investments 6.4% | |||||||||||
Investment Companies 6.4% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(a) (Cost $3,368) | 3,367,864 | 3,368 | |||||||||
Total Investments 99.6% (Cost $46,870) | 52,581 | ||||||||||
Other Assets Less Liabilities 0.4% | 187 | ||||||||||
Net Assets 100.0% | $ | 52,768 |
See Notes to Financial Statements
56
Schedule of Investments Dividend Growth Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Tobacco | $ | — | $ | 856 | $ | — | $ | 856 | |||||||||||
Other Common Stocks(a) | 47,460 | — | — | 47,460 | |||||||||||||||
Total Common Stocks | 47,460 | 856 | — | 48,316 | |||||||||||||||
Preferred Stocks(a) | 897 | — | — | 897 | |||||||||||||||
Short Term Investments | — | 3,368 | — | 3,368 | |||||||||||||||
Total | $ | 48,357 | $ | 4,224 | $ | — | $ | 52,581 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $600,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
57
Schedule of Investments Emerging Markets Equity Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 92.7% | |||||||||||
Brazil 6.9% | |||||||||||
Atacadao Distribuicao Comercio e Industria Ltda* | 2,316,000 | $ | 10,592 | ||||||||
B3 SA - Brasil Bolsa Balcao | 2,198,900 | 17,351 | |||||||||
BK Brasil Operacao e Assessoria a Restaurantes SA* | 2,001,685 | 10,203 | |||||||||
Energisa SA | 1,940,256 | 19,720 | |||||||||
Hypermarcas SA | 965,200 | 10,262 | |||||||||
Itau Unibanco Holding SA, Preference Shares | 1,457,667 | 22,618 | |||||||||
Pagseguro Digital Ltd. Class A* | 56,900 | 1,834 | |||||||||
92,580 | |||||||||||
Chile 0.9% | |||||||||||
SACI Falabella | 1,236,420 | 12,506 | |||||||||
China 25.6% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 92,500 | 17,218 | |||||||||
Baidu, Inc. ADR* | 97,000 | 24,477 | |||||||||
Beijing Enterprises Holdings Ltd. | 1,556,900 | 8,626 | |||||||||
Changyou.com Ltd. ADR* | 167,700 | 4,746 | |||||||||
China Everbright International Ltd. | 11,962,900 | 18,451 | |||||||||
China Medical System Holdings Ltd. | 4,880,800 | 9,697 | |||||||||
China Mobile Ltd. | 1,670,000 | 15,553 | |||||||||
China State Construction International Holdings Ltd. | 4,903,900 | 6,654 | |||||||||
CNOOC Ltd. | 6,921,600 | 9,878 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 29,688,400 | 25,311 | |||||||||
Momo, Inc. ADR* | 398,000 | 13,154 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 4,990,500 | 9,788 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 3,325,500 | 35,029 |
Number of Shares | Value (000's) | ||||||||||
Sinopharm Group Co. Ltd., H Shares | 1,700,000 | $ | 7,448 | ||||||||
Sunny Optical Technology Group Co. Ltd. | 1,806,100 | 29,541 | |||||||||
Tencent Holdings Ltd. | 1,350,800 | 73,900 | |||||||||
Vipshop Holdings Ltd. ADR* | 786,282 | 13,673 | |||||||||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 1,942,600 | 10,476 | |||||||||
ZTO Express Cayman, Inc. ADR* | 726,678 | 11,532 | |||||||||
345,152 | |||||||||||
Czech Republic 0.7% | |||||||||||
Komercni Banka A/S | 224,240 | 9,935 | |||||||||
Hong Kong 3.6% | |||||||||||
ASM Pacific Technology Ltd. | 976,900 | 13,895 | |||||||||
Galaxy Entertainment Group Ltd. | 937,200 | 8,131 | |||||||||
Haier Electronics Group Co. Ltd.* | 2,223,200 | 7,573 | |||||||||
Sino Biopharmaceutical Ltd. | 9,778,800 | 18,323 | |||||||||
47,922 | |||||||||||
India 8.5% | |||||||||||
Cummins India Ltd. | 762,248 | 9,284 | |||||||||
Dabur India Ltd. | 1,943,319 | 9,640 | |||||||||
Dewan Housing Finance Corp. Ltd. | 992,741 | 8,217 | |||||||||
Federal Bank Ltd. | 2,565,477 | 3,691 | |||||||||
Glenmark Pharmaceuticals Ltd. | 66,752 | 556 | |||||||||
HDFC Bank Ltd. | 404,817 | 11,679 | |||||||||
Housing Development Finance Corp. Ltd. | 565,860 | 15,643 | |||||||||
ICICI Bank Ltd. | 1,896,687 | 9,003 | |||||||||
ITC Ltd. | 1,192,060 | 4,823 | |||||||||
JM Financial Ltd. | 1,732,626 | 3,885 | |||||||||
Parag Milk Foods Ltd.(a) | 126,667 | 542 | |||||||||
Power Grid Corp. of India Ltd. | 3,515,444 | 10,633 | |||||||||
Prestige Estates Projects Ltd. | 926,089 | 4,749 |
Number of Shares | Value (000's) | ||||||||||
SH Kelkar & Co. Ltd.(a) | 706,370 | $ | 3,078 | ||||||||
Vedanta Ltd. | 2,497,695 | 12,489 | |||||||||
Yes Bank Ltd. | 1,290,110 | 6,319 | |||||||||
114,231 | |||||||||||
Indonesia 1.2% | |||||||||||
PT Bank Negara Indonesia Persero Tbk | 12,439,700 | 8,799 | |||||||||
PT Matahari Department Store Tbk | 5,817,800 | 4,482 | |||||||||
PT Sumber Alfaria Trijaya Tbk | 56,636,000 | 2,444 | |||||||||
15,725 | |||||||||||
Kazakhstan 0.1% | |||||||||||
KAZ Minerals PLC* | 145,713 | 1,701 | |||||||||
Korea 14.9% | |||||||||||
Amorepacific Corp. | 9,335 | 2,423 | |||||||||
Com2uS Corp. | 77,236 | 11,579 | |||||||||
Coway Co. Ltd. | 200,585 | 16,041 | |||||||||
Hankook Tire Co. Ltd. | 195,646 | 10,685 | |||||||||
Hyundai Motor Co. | 61,115 | 9,098 | |||||||||
Kangwon Land, Inc. | 201,987 | 5,381 | |||||||||
Korea Aerospace Industries Ltd.* | 301,219 | 13,958 | |||||||||
LG Chem Ltd. | 50,136 | 17,704 | |||||||||
Mando Corp. | 49,165 | 11,697 | |||||||||
NAVER Corp. | 13,070 | 9,679 | |||||||||
Orion Corp. | 104,920 | 10,464 | |||||||||
Samsung Electronics Co. Ltd. | 24,935 | 54,185 | |||||||||
SFA Engineering Corp. | 253,503 | 8,749 | |||||||||
SK Hynix, Inc. | 274,487 | 19,358 | |||||||||
201,001 | |||||||||||
Malaysia 0.7% | |||||||||||
Inari Amertron Bhd | 10,966,350 | 9,426 | |||||||||
Mexico 3.1% | |||||||||||
Fomento Economico Mexicano SAB de CV | 1,236,600 | 11,424 | |||||||||
Grupo Financiero Banorte SAB de CV, O Shares | 1,388,648 | 8,325 | |||||||||
Grupo GICSA SA de CV* | 5,424,500 | 3,165 |
See Notes to Financial Statements
58
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Grupo Mexico SAB de CV Series B | 1,153,651 | $ | 3,907 | ||||||||
Infraestructura Energetica Nova SAB de CV | 1,753,700 | 8,280 | |||||||||
Unifin Financiera SAPI de CV | 1,695,390 | 6,002 | |||||||||
41,103 | |||||||||||
Peru 0.7% | |||||||||||
Credicorp Ltd. | 46,300 | 10,022 | |||||||||
Philippines 1.6% | |||||||||||
Ayala Corp. | 303,040 | 6,123 | |||||||||
GT Capital Holdings, Inc. | 221,875 | 5,751 | |||||||||
Metropolitan Bank & Trust Co. | 3,983,740 | 7,459 | |||||||||
Pilipinas Shell Petroleum Corp. | 1,858,950 | 2,027 | |||||||||
21,360 | |||||||||||
Poland 1.8% | |||||||||||
Dino Polska SA*(a) | 501,460 | 12,399 | |||||||||
PLAY Communications SA*(a) | 1,240,544 | 12,185 | |||||||||
24,584 | |||||||||||
Russia 3.8% | |||||||||||
Detsky Mir PJSC(a)(b) | 3,011,147 | 4,834 | |||||||||
LUKOIL PJSC ADR | 11,135 | 739 | |||||||||
LUKOIL PJSC ADR | 241,165 | 15,980 | |||||||||
Sberbank of Russia PJSC(b) | 3,233,199 | 15,624 |
Number of Shares | Value (000's) | ||||||||||
X5 Retail Group NV GDR*(a) | 406,550 | $ | 14,555 | ||||||||
51,732 | |||||||||||
South Africa 7.1% | |||||||||||
Barloworld Ltd. | 63,863 | 955 | |||||||||
Bid Corp. Ltd. | 465,874 | 10,632 | |||||||||
FirstRand Ltd. | 2,891,455 | 17,950 | |||||||||
JSE Ltd. | 662,695 | 11,463 | |||||||||
Life Healthcare Group Holdings Ltd. | 5,208,858 | 11,897 | |||||||||
Naspers Ltd., N Shares | 99,385 | 26,978 | |||||||||
Sasol Ltd. | 437,161 | 15,216 | |||||||||
95,091 | |||||||||||
Taiwan, Province of China 9.3% | |||||||||||
Accton Technology Corp. | 3,513,600 | 13,223 | |||||||||
Advanced Ceramic X Corp. | 376,500 | 4,459 | |||||||||
Delta Electronics, Inc. | 1,883,200 | 8,791 | |||||||||
Elite Advanced Laser Corp. | 2,040,880 | 8,403 | |||||||||
Elite Material Co. Ltd. | 2,901,100 | 10,672 | |||||||||
eMemory Technology, Inc. | 534,400 | 7,123 | |||||||||
Hu Lane Associate, Inc. | 685,000 | 3,303 | |||||||||
Kingpak Technology, Inc. | 385,048 | 3,212 | |||||||||
MediaTek, Inc. | 1,054,200 | 10,588 | |||||||||
Parade Technologies Ltd. | 670,000 | 12,495 |
Number of Shares | Value (000's) | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5,201,839 | $ | 43,194 | ||||||||
125,463 | |||||||||||
Thailand 0.9% | |||||||||||
CP ALL PCL | (b) | 4,382,300 | 11,727 | ||||||||
Turkey 1.3% | |||||||||||
Mavi Giyim Sanayi Ve Ticaret A/S Class B*(a) | 320,440 | 4,484 | |||||||||
Tofas Turk Otomobil Fabrikasi A/S | 640,452 | 5,094 | |||||||||
Ulker Biskuvi Sanayi A/S | 1,226,675 | 7,252 | |||||||||
16,830 | |||||||||||
Total Common Stocks (Cost $979,353) | 1,248,091 | ||||||||||
Short-Term Investments 8.3% | |||||||||||
Investment Companies 8.3% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(c) (Cost $111,789) | 111,789,242 | 111,789 | |||||||||
Total Investments 101.0% (Cost $1,091,142) | 1,359,880 | ||||||||||
Liabilities Less Other Assets (1.0)% | (13,094 | ) | |||||||||
Net Assets 100.0% | $ | 1,346,786 |
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $52,077,000, which represents 3.9% of net assets of the Fund.
(b) Security fair valued as of February 28, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2018 amounted to approximately $32,185,000, which represents 2.4% of net assets of the Fund.
(c) Represents 7-day effective yield as of February 28, 2018.
See Notes to Financial Statements
59
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 138,785 | 10.3 | % | |||||||
Internet Software & Services | 138,428 | 10.3 | % | ||||||||
Semiconductors & Semiconductor Equipment | 115,056 | 8.5 | % | ||||||||
Electronic Equipment, Instruments & Components | 70,391 | 5.2 | % | ||||||||
Food & Staples Retailing | 62,349 | 4.6 | % | ||||||||
Technology Hardware, Storage & Peripherals | 54,185 | 4.0 | % | ||||||||
Insurance | 44,817 | 3.3 | % | ||||||||
Pharmaceuticals | 38,838 | 2.9 | % | ||||||||
Chemicals | 35,998 | 2.7 | % | ||||||||
Capital Markets | 32,699 | 2.4 | % | ||||||||
Electric Utilities | 30,353 | 2.3 | % | ||||||||
Diversified Financial Services | 29,824 | 2.2 | % | ||||||||
Oil, Gas & Consumable Fuels | 28,624 | 2.1 | % | ||||||||
Wireless Telecommunication Services | 27,738 | 2.1 | % | ||||||||
Media | 26,978 | 2.0 | % | ||||||||
Auto Components | 25,685 | 1.9 | % | ||||||||
Thrifts & Mortgage Finance | 23,860 | 1.8 | % | ||||||||
Hotels, Restaurants & Leisure | 23,715 | 1.8 | % | ||||||||
Household Durables | 23,614 | 1.8 | % | ||||||||
Health Care Providers & Services | 19,345 | 1.4 | % | ||||||||
Commercial Services & Supplies | 18,451 | 1.4 | % | ||||||||
Food Products | 18,258 | 1.4 | % | ||||||||
Metals & Mining | 18,097 | 1.3 | % | ||||||||
Communications Equipment | 17,682 | 1.3 | % | ||||||||
Multiline Retail | 16,988 | 1.3 | % | ||||||||
Software | 16,325 | 1.2 | % | ||||||||
Automobiles | 14,192 | 1.1 | % | ||||||||
Aerospace & Defense | 13,958 | 1.0 | % | ||||||||
Internet & Direct Marketing Retail | 13,673 | 1.0 | % | ||||||||
Personal Products | 12,063 | 0.9 | % | ||||||||
Air Freight & Logistics | 11,532 | 0.9 | % | ||||||||
Beverages | 11,424 | 0.8 | % | ||||||||
Electrical Equipment | 10,476 | 0.8 | % | ||||||||
Machinery | 9,284 | 0.7 | % | ||||||||
Industrial Conglomerates | 8,626 | 0.6 | % | ||||||||
Gas Utilities | 8,280 | 0.6 | % | ||||||||
Real Estate Management & Development | 7,914 | 0.6 | % | ||||||||
Construction & Engineering | 6,654 | 0.5 | % | ||||||||
Consumer Finance | 6,002 | 0.4 | % | ||||||||
Specialty Retail | 4,834 | 0.4 | % | ||||||||
Tobacco | 4,823 | 0.4 | % | ||||||||
Textiles, Apparel & Luxury Goods | 4,484 | 0.3 | % | ||||||||
IT Services | 1,834 | 0.1 | % | ||||||||
Trading Companies & Distributors | 955 | 0.1 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 98,695 | 7.3 | % | ||||||||
$ | 1,346,786 | 100.0 | % |
See Notes to Financial Statements
60
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Chile | $ | — | $ | 12,506 | $ | — | $ | 12,506 | |||||||||||
China | 84,800 | 260,352 | — | 345,152 | |||||||||||||||
Czech Republic | — | 9,935 | — | 9,935 | |||||||||||||||
Hong Kong | — | 47,922 | — | 47,922 | |||||||||||||||
India | — | 114,231 | — | 114,231 | |||||||||||||||
Indonesia | 8,799 | 6,926 | — | 15,725 | |||||||||||||||
Kazakhstan | — | 1,701 | — | 1,701 | |||||||||||||||
Korea | 31,886 | 169,115 | — | 201,001 | |||||||||||||||
Malaisia | — | 9,426 | — | 9,426 | |||||||||||||||
Philippines | 7,778 | 13,582 | — | 21,360 | |||||||||||||||
Poland | — | 24,584 | — | 24,584 | |||||||||||||||
Russia | 15,294 | 36,438 | — | 51,732 | |||||||||||||||
South Africa | 11,463 | 83,628 | — | 95,091 | |||||||||||||||
Taiwan, Province of China | — | 125,463 | — | 125,463 | |||||||||||||||
Thailand | — | 11,727 | — | 11,727 | |||||||||||||||
Turkey | — | 16,830 | — | 16,830 | |||||||||||||||
Other Common Stocks(a) | 143,705 | — | — | 143,705 | |||||||||||||||
Total Common Stocks | 303,725 | 944,366 | — | 1,248,091 | |||||||||||||||
Short-Term Investments | — | 111,789 | — | 111,789 | |||||||||||||||
Total Investments | $ | 303,725 | $ | 1,056,155 | $ | — | $ | 1,359,880 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $582,843,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
61
Schedule of Investments Equity Income Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 91.5% | |||||||||||
Aerospace & Defense 3.2% | |||||||||||
BAE Systems PLC | 3,315,000 | $ | 26,311 | ||||||||
Lockheed Martin Corp. | 74,700 | 26,327 | |||||||||
52,638 | |||||||||||
Banks 10.2% | |||||||||||
First Hawaiian, Inc. | 729,200 | 20,264 | |||||||||
FNB Corp. | 1,150,000 | 16,123 | |||||||||
JPMorgan Chase & Co.(a) | 411,100 | 47,482 | |||||||||
PNC Financial Services Group, Inc. | 144,000 | 22,703 | |||||||||
SunTrust Banks, Inc. | 355,100 | 24,800 | |||||||||
Umpqua Holdings Corp. | 1,618,000 | 34,480 | |||||||||
165,852 | |||||||||||
Beverages 1.5% | |||||||||||
PepsiCo, Inc. | 220,000 | 24,141 | |||||||||
Biotechnology 2.2% | |||||||||||
Gilead Sciences, Inc. | 459,100 | 36,145 | |||||||||
Capital Markets 1.5% | |||||||||||
Virtu Financial, Inc. Class A | 804,150 | 23,883 | |||||||||
Chemicals 1.6% | |||||||||||
LyondellBasell Industries NV Class A | 70,000 | 7,575 | |||||||||
Nutrien Ltd. | 326,000 | 16,056 | |||||||||
Umicore SA | 44,118 | 2,487 | |||||||||
26,118 | |||||||||||
Communications Equipment 1.5% | |||||||||||
Cisco Systems, Inc.(a) | 539,500 | 24,159 | |||||||||
Construction & Engineering 1.5% | |||||||||||
Ferrovial SA | 383,000 | 8,265 | |||||||||
Vinci SA | 165,000 | 16,292 | |||||||||
24,557 | |||||||||||
Containers & Packaging 1.1% | |||||||||||
International Paper Co.(a) | 296,200 | 17,651 | |||||||||
Electric Utilities 5.1% | |||||||||||
American Electric Power Co., Inc. | 100,300 | 6,577 | |||||||||
Exelon Corp. | 877,000 | 32,484 | |||||||||
NextEra Energy, Inc. | 287,300 | 43,713 | |||||||||
82,774 |
Number of Shares | Value (000's) | ||||||||||
Energy Equipment & Services 1.8% | |||||||||||
Helmerich & Payne, Inc. | 457,000 | $ | 29,499 | ||||||||
Equity Real Estate Investment Trusts 13.5% | |||||||||||
Alexandria Real Estate Equities, Inc. | 202,000 | 24,505 | |||||||||
CoreSite Realty Corp. | 155,398 | 14,584 | |||||||||
Crown Castle International Corp. | 243,900 | 26,844 | |||||||||
DCT Industrial Trust, Inc. | 284,000 | 15,719 | |||||||||
Douglas Emmett, Inc. | 450,000 | 16,088 | |||||||||
Easterly Government Properties, Inc. | 221,500 | 4,217 | |||||||||
Equinix, Inc.(a) | 66,700 | 26,153 | |||||||||
Host Hotels & Resorts, Inc. | 1,723,300 | 31,984 | |||||||||
Iron Mountain, Inc. | 345,000 | 10,854 | |||||||||
Outfront Media, Inc. | 750,400 | 15,391 | |||||||||
Weyerhaeuser Co. | 939,000 | 32,893 | |||||||||
219,232 | |||||||||||
Food & Staples Retailing 2.5% | |||||||||||
Walmart, Inc. | 450,000 | 40,505 | |||||||||
Food Products 0.8% | |||||||||||
Flowers Foods, Inc. | 660,000 | 13,688 | |||||||||
Hotels, Restaurants & Leisure 1.2% | |||||||||||
Las Vegas Sands Corp. | 275,000 | 20,023 | |||||||||
Household Products 1.0% | |||||||||||
Procter & Gamble Co.(a) | 201,400 | 15,814 | |||||||||
Industrial Conglomerates 1.6% | |||||||||||
Siemens AG | 198,000 | 25,946 | |||||||||
IT Services 1.7% | |||||||||||
Paychex, Inc. | 424,400 | 27,641 | |||||||||
Media 1.6% | |||||||||||
Interpublic Group of Cos., Inc. | 1,139,500 | 26,664 | |||||||||
Metals & Mining 3.0% | |||||||||||
Rio Tinto PLC ADR | 906,350 | 49,586 |
Number of Shares | Value (000's) | ||||||||||
Mortgage Real Estate Investment 1.2% | |||||||||||
Blackstone Mortgage Trust, Inc. Class A | 648,900 | $ | 20,148 | ||||||||
Multi-Utilities 8.0% | |||||||||||
Ameren Corp. | 295,000 | 16,019 | |||||||||
DTE Energy Co. | 317,000 | 31,947 | |||||||||
NiSource, Inc. | 1,415,400 | 32,738 | |||||||||
Sempra Energy | 318,200 | 34,678 | |||||||||
WEC Energy Group, Inc. | 259,800 | 15,567 | |||||||||
130,949 | |||||||||||
Oil, Gas & Consumable Fuels 6.8% | |||||||||||
ONEOK, Inc. | 314,700 | 17,727 | |||||||||
Pembina Pipeline Corp. | 710,000 | 22,829 | |||||||||
Suncor Energy, Inc. | 1,335,300 | 43,958 | |||||||||
TOTAL SA | 457,000 | 25,994 | |||||||||
110,508 | |||||||||||
Pharmaceuticals 3.4% | |||||||||||
Johnson & Johnson | 229,100 | 29,756 | |||||||||
Pfizer, Inc. | 691,000 | 25,090 | |||||||||
54,846 | |||||||||||
Road & Rail 0.4% | |||||||||||
Union Pacific Corp. | 52,000 | 6,773 | |||||||||
Semiconductors & Semiconductor Equipment 5.5% | |||||||||||
Maxim Integrated Products, Inc. | 655,700 | 39,958 | |||||||||
QUALCOMM, Inc. | 270,000 | 17,550 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 740,000 | 32,079 | |||||||||
89,587 | |||||||||||
Software 2.4% | |||||||||||
Microsoft Corp.(a) | 411,100 | 38,549 | |||||||||
Specialty Retail 3.5% | |||||||||||
L Brands, Inc. | 640,000 | 31,571 | |||||||||
Williams-Sonoma, Inc. | 497,926 | 25,773 | |||||||||
57,344 | |||||||||||
Technology Hardware, Storage & Peripherals 1.2% | |||||||||||
Western Digital Corp.(a) | 219,162 | 19,076 |
See Notes to Financial Statements
62
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Transportation Infrastructure 1.0% | |||||||||||
Sydney Airport | 3,179,137 | $ | 16,152 | ||||||||
Total Common Stocks (Cost $1,214,243) | 1,490,448 | ||||||||||
Preferred Stocks 0.5% | |||||||||||
Equity Real Estate Investment Trust 0.3% | |||||||||||
Farmland Partners, Inc. Ser. B, 6.00%(b) | 218,000 | 5,520 | |||||||||
Oil, Gas & Consumable Fuel 0.2% | |||||||||||
El Paso Energy Capital Trust I, 4.75% | 63,465 | 3,015 | |||||||||
Total Preferred Stocks (Cost $8,038) | 8,535 | ||||||||||
Principal Amount | |||||||||||
Convertible Bonds 7.0% | |||||||||||
Biotechnology 0.3% | |||||||||||
BioMarin Pharmaceutical, Inc., 0.60%, due 8/1/24 | $ | 4,565,000 | 4,291 | ||||||||
Communications Equipment 0.1% | |||||||||||
Finisar Corp., 0.50%, due 12/15/36 | 2,685,000 | 2,466 | |||||||||
Equity Real Estate Investment Trusts 2.4% | |||||||||||
Extra Space Storage LP, 3.13%, due 10/1/35(c) | 33,260,000 | 36,292 |
Principal Amount | Value (000's) | ||||||||||
IH Merger Sub LLC, 3.50%, due 1/15/22 | $ | 2,600,000 | $ | 2,867 | |||||||
39,159 | |||||||||||
Independent Power and Renewable Electricity Producers 1.0% | |||||||||||
NextEra Energy Partners L.P., 1.50%, due 9/15/20(c) | 16,535,000 | 16,163 | |||||||||
Internet & Direct Marketing Retail 0.2% | |||||||||||
Liberty Expedia Holdings, Inc., 1.00%, due 6/30/47(c) | 3,615,000 | 3,482 | |||||||||
Internet Software & Services 0.6% | |||||||||||
LinkedIn Corp., 0.50%, due 11/1/19 | 8,600,000 | 8,568 | |||||||||
Zillow Group, Inc., 2.00%, due 12/1/21 | 1,740,000 | 2,022 | |||||||||
10,590 | |||||||||||
Metals & Mining 0.9% | |||||||||||
Endeavour Mining Corp., 3.00%, due 2/15/23(c) | 13,765,000 | 14,368 | |||||||||
Oil, Gas & Consumable Fuels 0.8% | |||||||||||
Golar LNG Ltd., 2.75%, due 2/15/22 | 8,950,000 | 9,107 | |||||||||
Teekay Corp., 5.00%, due 1/15/23(c) | 3,664,000 | 3,496 | |||||||||
12,603 |
Principal Amount | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 0.2% | |||||||||||
Cypress Semiconductor Corp., 2.00%, due 2/1/23(c) | $ | 1,375,000 | $ | 1,508 | |||||||
Rambus, Inc., 1.38%, due 2/1/23(c) | 1,378,000 | 1,323 | |||||||||
2,831 | |||||||||||
Software 0.5% | |||||||||||
Verint Systems, Inc., 1.50%, due 6/1/21 | 8,700,000 | 8,378 | |||||||||
Total Convertible Bonds (Cost $110,207) | 114,331 | ||||||||||
Number of Shares | |||||||||||
Short-Term Investments 0.7% | |||||||||||
Investment Companies 0.7% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(d) (Cost $11,013) | 11,013,137 | 11,013 | |||||||||
Total Investments 99.7% (Cost $1,343,501) | 1,624,327 | ||||||||||
Other Assets Less Liabilities 0.3%(e) | 4,551 | ||||||||||
Net Assets 100.0% | $ | 1,628,878 |
(a) All or a portion of the security is pledged as collateral for options written.
(b) 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 February 28, 2018.
(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At February 28, 2018, these securities amounted to approximately $76,632,000, which represents 4.7% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.
(d) Represents 7-day effective yield as of February 28, 2018.
(e) Includes the impact of the Fund's open positions in derivatives at February 28, 2018.
See Notes to Financial Statements
63
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Derivative Instruments
Written option contracts ("options written")
At February 28, 2018, 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 | $ | (3,524,400 | ) | $ | 370 | 6/15/2018 | $ | (76,000 | ) | |||||||||||||
Lockheed Martin Corp. | 100 | (3,524,400 | ) | 405 | 9/21/2018 | (43,000 | ) | ||||||||||||||||
(119,000 | ) | ||||||||||||||||||||||
Banks | |||||||||||||||||||||||
JPMorgan Chase & Co. | 250 | (2,887,500 | ) | 105 | 3/16/2018 | (269,375 | ) | ||||||||||||||||
JPMorgan Chase & Co. | 250 | (2,887,500 | ) | 110 | 6/15/2018 | (222,500 | ) | ||||||||||||||||
JPMorgan Chase & Co. | 250 | (2,887,500 | ) | 120 | 9/21/2018 | (132,500 | ) | ||||||||||||||||
JPMorgan Chase & Co. | 250 | (2,887,500 | ) | 130 | 9/21/2018 | (53,000 | ) | ||||||||||||||||
PNC Financial Services Group, Inc. | 150 | (2,364,900 | ) | 150 | 5/18/2018 | (168,375 | ) | ||||||||||||||||
PNC Financial Services Group, Inc. | 150 | (2,364,900 | ) | 155 | 5/18/2018 | (117,375 | ) | ||||||||||||||||
PNC Financial Services Group, Inc. | 150 | (2,364,900 | ) | 165 | 8/17/2018 | (87,375 | ) | ||||||||||||||||
PNC Financial Services Group, Inc. | 150 | (2,364,900 | ) | 175 | 8/17/2018 | (42,900 | ) | ||||||||||||||||
(1,093,400 | ) | ||||||||||||||||||||||
Chemicals | |||||||||||||||||||||||
Nutrien Ltd. | 150 | (738,750 | ) | 135 | 7/20/2018 | (27,375 | ) | ||||||||||||||||
Nutrien Ltd. | 150 | (738,750 | ) | 140 | 7/20/2018 | (19,500 | ) | ||||||||||||||||
(46,875 | ) | ||||||||||||||||||||||
Communications Equipment | |||||||||||||||||||||||
Cisco Systems, Inc. | 300 | (1,343,400 | ) | 37 | 6/15/2018 | (244,500 | ) | ||||||||||||||||
Cisco Systems, Inc. | 300 | (1,343,400 | ) | 39 | 6/15/2018 | (191,250 | ) | ||||||||||||||||
(435,750 | ) | ||||||||||||||||||||||
Containers & Packaging | |||||||||||||||||||||||
International Paper Co. | 250 | (1,489,750 | ) | 70 | 7/20/2018 | (11,625 | ) | ||||||||||||||||
International Paper Co. | 250 | (1,489,750 | ) | 72.5 | 8/17/2018 | (10,250 | ) | ||||||||||||||||
(21,875 | ) | ||||||||||||||||||||||
Food & Staples Retailing | |||||||||||||||||||||||
Walmart, Inc. | 200 | (1,800,200 | ) | 87.5 | 3/16/2018 | (61,400 | ) | ||||||||||||||||
Walmart, Inc. | 200 | (1,800,200 | ) | 95 | 6/15/2018 | (48,700 | ) | ||||||||||||||||
Walmart, Inc. | 200 | (1,800,200 | ) | 100 | 9/21/2018 | (48,700 | ) | ||||||||||||||||
(158,800 | ) | ||||||||||||||||||||||
IT Services | |||||||||||||||||||||||
Paychex, Inc. | 250 | (1,628,250 | ) | 70 | 6/15/2018 | (29,375 | ) | ||||||||||||||||
Road & Rail | |||||||||||||||||||||||
Union Pacific Corp. | 67 | (872,675 | ) | 140 | 6/15/2018 | (23,282 | ) |
See Notes to Financial Statements
64
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||||||||||
Maxim Integrated Products, Inc. | 250 | $ | (1,523,500 | ) | $ | 55 | 5/18/2018 | $ | (190,000 | ) | |||||||||||||
Maxim Integrated Products, Inc. | 250 | (1,523,500 | ) | 60 | 5/18/2018 | (100,000 | ) | ||||||||||||||||
Maxim Integrated Products, Inc. | 250 | (1,523,500 | ) | 65 | 8/17/2018 | (77,500 | ) | ||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 300 | (1,300,500 | ) | 46 | 7/20/2018 | (49,500 | ) | ||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 300 | (1,300,500 | ) | 50 | 7/20/2018 | (21,750 | ) | ||||||||||||||||
(438,750 | ) | ||||||||||||||||||||||
Software | |||||||||||||||||||||||
Microsoft Corp. | 250 | (2,344,250 | ) | 92.5 | 4/20/2018 | (91,250 | ) | ||||||||||||||||
Microsoft Corp. | 250 | (2,344,250 | ) | 100 | 7/20/2018 | (81,875 | ) | ||||||||||||||||
Microsoft Corp. | 250 | (2,344,250 | ) | 105 | 9/21/2018 | (65,000 | ) | ||||||||||||||||
(238,125 | ) | ||||||||||||||||||||||
Total options written (premium received $911,707) | $ | (2,605,232 | ) |
For the six months ended February 28, 2018, the Fund had an average market value of $(2,286,273) in options written. At February 28, 2018, the Fund had securities pledged in the amount of $30,962,022 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Aerospace & Defense | $ | 26,327 | $ | 26,311 | $ | — | $ | 52,638 | |||||||||||
Chemicals | 23,631 | 2,487 | — | 26,118 | |||||||||||||||
Construction & Engineering | — | 24,557 | — | 24,557 | |||||||||||||||
Industrial Conglomerates | — | 25,946 | — | 25,946 | |||||||||||||||
Oil, Gas & Consumable Fuels | 84,514 | 25,994 | — | 110,508 | |||||||||||||||
Transportation Infrastructure | — | 16,152 | — | 16,152 | |||||||||||||||
Other Common Stocks(a) | 1,234,529 | — | — | 1,234,529 | |||||||||||||||
Total Common Stocks | 1,369,001 | 121,447 | — | 1,490,448 | |||||||||||||||
Preferred Stocks(a) | 8,535 | — | — | 8,535 | |||||||||||||||
Convertible Bonds(a) | — | 114,331 | — | 114,331 | |||||||||||||||
Short-Term Investments | — | 11,013 | — | 11,013 | |||||||||||||||
Total Investments | $ | 1,377,536 | $ | 246,791 | $ | — | $ | 1,624,327 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $44,583,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC ("Interactive") adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
65
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2018:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (2,605 | ) | $ | — | $ | — | $ | (2,605 | ) | |||||||||
Total | $ | (2,605 | ) | $ | — | $ | — | $ | (2,605 | ) |
See Notes to Financial Statements
66
Schedule of Investments Focus Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.7% | |||||||||||
Aerospace & Defense 1.4% | |||||||||||
General Dynamics Corp. | 48,000 | $ | 10,678 | ||||||||
Auto Components 1.3% | |||||||||||
Aptiv PLC | 104,000 | 9,498 | |||||||||
Banks 10.5% | |||||||||||
Comerica, Inc. | 387,000 | 37,624 | |||||||||
JPMorgan Chase & Co. | 357,000 | 41,234 | |||||||||
78,858 | |||||||||||
Biotechnology 4.4% | |||||||||||
BioMarin Pharmaceutical, Inc.* | 87,000 | 7,062 | |||||||||
Gilead Sciences, Inc. | 325,000 | 25,587 | |||||||||
32,649 | |||||||||||
Building Products 1.4% | |||||||||||
Johnson Controls International PLC | 280,000 | 10,324 | |||||||||
Capital Markets 3.4% | |||||||||||
Intercontinental Exchange, Inc. | 352,000 | 25,724 | |||||||||
Chemicals 1.9% | |||||||||||
Praxair, Inc. | 41,000 | 6,140 | |||||||||
WR Grace & Co. | 127,000 | 8,405 | |||||||||
14,545 | |||||||||||
Communications Equipment 3.3% | |||||||||||
Motorola Solutions, Inc. | 235,000 | 24,945 | |||||||||
Energy Equipment & Services 0.5% | |||||||||||
Cactus, Inc. Class A* | 148,100 | 3,645 | |||||||||
Food & Staples Retailing 3.6% | |||||||||||
Walmart, Inc. | 300,000 | 27,003 | |||||||||
Food Products 3.5% | |||||||||||
Mondelez International, Inc. Class A | 600,000 | 26,340 | |||||||||
Health Care Equipment & Supplies 2.5% | |||||||||||
Zimmer Biomet Holdings, Inc. | 159,000 | 18,484 | |||||||||
Health Care Providers & Services 2.9% | |||||||||||
Express Scripts Holding Co.* | 289,000 | 21,805 | |||||||||
Hotels, Restaurants & Leisure 2.0% | |||||||||||
Carnival Corp. | 227,000 | 15,188 |
Number of Shares | Value (000's) | ||||||||||
Household Durables 2.9% | |||||||||||
Whirlpool Corp. | 135,000 | $ | 21,928 | ||||||||
Insurance 4.4% | |||||||||||
American International Group, Inc. | 200,000 | 11,468 | |||||||||
Athene Holding Ltd. Class A* | 449,880 | 21,239 | |||||||||
32,707 | |||||||||||
Internet & Direct Marketing Retail 2.6% | |||||||||||
Amazon.com, Inc.*(a) | 13,000 | 19,662 | |||||||||
Internet Software & Services 4.7% | |||||||||||
Alphabet, Inc. Class A* | 15,500 | 17,111 | |||||||||
Alphabet, Inc. Class C* | 16,495 | 18,222 | |||||||||
35,333 | |||||||||||
Media 3.7% | |||||||||||
Charter Communications, Inc. Class A* | 50,000 | 17,096 | |||||||||
Twenty-First Century Fox, Inc. Class A | 290,000 | 10,678 | |||||||||
27,774 | |||||||||||
Metals & Mining 1.8% | |||||||||||
Steel Dynamics, Inc. | 291,000 | 13,459 | |||||||||
Multi-Utilities 2.5% | |||||||||||
DTE Energy Co. | 188,000 | 18,947 | |||||||||
Oil, Gas & Consumable Fuels 5.6% | |||||||||||
Cabot Oil & Gas Corp.(a) | 675,000 | 16,308 | |||||||||
EOG Resources, Inc. | 176,000 | 17,850 | |||||||||
Phillips 66 | 90,000 | 8,133 | |||||||||
42,291 | |||||||||||
Pharmaceuticals 4.3% | |||||||||||
Allergan PLC(a) | 113,000 | 17,427 | |||||||||
Pfizer, Inc. | 415,000 | 15,068 | |||||||||
32,495 | |||||||||||
Professional Services 2.0% | |||||||||||
Equifax, Inc. | 132,000 | 14,916 | |||||||||
Road & Rail 3.0% | |||||||||||
CSX Corp. | 417,400 | 22,423 |
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 2.6% | |||||||||||
Analog Devices, Inc. | 213,000 | $ | 19,202 | ||||||||
Software 6.2% | |||||||||||
Electronic Arts, Inc.* | 138,000 | 17,070 | |||||||||
Oracle Corp. | 303,000 | 15,353 | |||||||||
Symantec Corp. | 520,000 | 13,671 | |||||||||
46,094 | |||||||||||
Specialty Retail 0.3% | |||||||||||
Ulta Beauty, Inc.* | 9,000 | 1,830 | |||||||||
Technology Hardware, Storage & Peripherals 2.7% | |||||||||||
Western Digital Corp. | 230,000 | 20,019 | |||||||||
Tobacco 1.7% | |||||||||||
British American Tobacco PLC ADR | 211,000 | 12,462 | |||||||||
Wireless Telecommunication Services 4.1% | |||||||||||
T-Mobile US, Inc.* | 510,000 | 30,911 | |||||||||
Total Common Stocks (Cost $610,379) | 732,139 | ||||||||||
Short-Term Investments 2.4% | |||||||||||
Investment Companies 2.4% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(b)(c) (Cost $18,210) | 18,209,777 | 18,210 | |||||||||
Total Investments 100.1% (Cost $628,589) | 750,349 | ||||||||||
Liabilities Less Other Assets (0.1)%(d) | (451 | ) | |||||||||
Net Assets 100.0% | $ | 749,898 |
See Notes to Financial Statements
67
Schedule of Investments Focus Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) All or a portion of the security is pledged as collateral for options written.
(b) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $18,210,000.
(c) Represents 7-day effective yield as of February 28, 2018.
(d) Includes the impact of the Fund's open positions in derivatives at February 28, 2018.
Derivative Instruments
Written option contracts ("options written")
At February 28, 2018, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Puts | |||||||||||||||||||||||
Hotels, Restaurants & Leisure | |||||||||||||||||||||||
Carnival Corp. | 200 | $ | (1,338,200 | ) | $ | 67.5 | 3/16/2018 | $ | (28,500 | ) | |||||||||||||
Specialty Retail | |||||||||||||||||||||||
Ulta Beauty, Inc. | 100 | (2,033,500 | ) | 215 | 3/9/2018 | (120,500 | ) | ||||||||||||||||
Ulta Beauty, Inc. | 100 | (2,033,500 | ) | 200 | 3/16/2018 | (73,000 | ) | ||||||||||||||||
Ulta Beauty, Inc. | 100 | (2,033,500 | ) | 215 | 3/16/2018 | (158,500 | ) | ||||||||||||||||
(352,000 | ) | ||||||||||||||||||||||
Total options written (premium received $187,846) | $ | (380,500 | ) |
For the six months ended February 28, 2018, the Fund had an average market value of $251,617 in options purchased and $(366,596) in options written. At February 28, 2018, the Fund had securities pledged in the amount of $17,622,390 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 732,139 | $ | — | $ | — | $ | 732,139 | |||||||||||
Short-Term Investments | — | 18,210 | — | 18,210 | |||||||||||||||
Total Investments | $ | 732,139 | $ | 18,210 | $ | — | $ | 750,349 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
68
Schedule of Investments Focus Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2018:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (381 | ) | $ | — | $ | — | $ | (381 | ) | |||||||||
Total | $ | (381 | ) | $ | — | $ | — | $ | (381 | ) |
(a) The following is reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
Beginning balance, as of 9/1/2017 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2018 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2018 | ||||||||||||||||||||||||||||||||||
Other Financial Instruments: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Options Written(b) | |||||||||||||||||||||||||||||||||||||||||||
Put Food Products | $ | (0 | ) | $ | — | $ | 16 | $ | (16 | ) | $ | 0 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Total | $ | (0 | ) | $ | — | $ | 16 | $ | (16 | ) | $ | 0 | $ | — | $ | — | $ | — | $ | — | $ | — |
(b) At the beginning of the period, the Fund's Level 3 investments were valued based on using methods the Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2018.
See Notes to Financial Statements
69
Schedule of Investments Genesis Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.0% | |||||||||||
Aerospace & Defense 0.4% | |||||||||||
Astronics Corp.* | 976,821 | $ | 37,656 | ||||||||
Air Freight & Logistics 0.6% | |||||||||||
Forward Air Corp. | 1,095,134 | 59,137 | |||||||||
Airlines 0.8% | |||||||||||
Allegiant Travel Co. | 484,023 | 80,493 | |||||||||
Auto Components 1.6% | |||||||||||
Fox Factory Holding Corp.* | 1,362,328 | 51,155 | |||||||||
LCI Industries | 1,049,603 | 114,722 | |||||||||
165,877 | |||||||||||
Automobiles 0.5% | |||||||||||
Thor Industries, Inc. | 440,133 | 56,777 | |||||||||
Banks 12.5% | |||||||||||
Bank of Hawaii Corp. | 1,872,514 | 153,565 | |||||||||
Bank of the Ozarks, Inc. | 2,592,136 | 129,322 | |||||||||
BOK Financial Corp. | 1,193,754 | 112,750 | |||||||||
Columbia Banking System, Inc. | 1,973,975 | 82,473 | |||||||||
Community Bank System, Inc. | 1,456,615 | 77,652 | |||||||||
Cullen/Frost Bankers, Inc. | 1,508,205 | 156,838 | |||||||||
CVB Financial Corp. | 5,096,242 | 117,213 | |||||||||
First Financial Bankshares, Inc. | 2,455,843 | 112,969 | |||||||||
First Hawaiian, Inc. | 1,175,844 | 32,677 | |||||||||
FNB Corp. | 6,062,648 | 84,998 | |||||||||
Glacier Bancorp, Inc. | 1,722,522 | 67,006 | |||||||||
Lakeland Financial Corp. | 780,979 | 35,386 | |||||||||
LegacyTexas Financial Group, Inc. | 2,130,224 | 89,235 | |||||||||
PacWest Bancorp | 1,256,516 | 65,515 | |||||||||
1,317,599 | |||||||||||
Beverages 0.6% | |||||||||||
MGP Ingredients, Inc. | 727,313 | 61,036 |
Number of Shares | Value (000's) | ||||||||||
Biotechnology 0.3% | |||||||||||
Abcam PLC | 1,734,795 | $ | 30,303 | ||||||||
Building Products 2.0% | |||||||||||
AAON, Inc. | 2,517,168 | 92,506 | |||||||||
AO Smith Corp. | 1,445,338 | 92,776 | |||||||||
Patrick Industries, Inc.* | 489,386 | 30,073 | |||||||||
215,355 | |||||||||||
Capital Markets 3.2% | |||||||||||
Artisan Partners Asset Management, Inc. Class A | 1,398,436 | 47,197 | |||||||||
FactSet Research Systems, Inc. | 367,531 | 74,675 | |||||||||
Houlihan Lokey, Inc. | 898,853 | 41,725 | |||||||||
MarketAxess Holdings, Inc. | 687,320 | 139,113 | |||||||||
OM Asset Management PLC | 2,320,586 | 35,575 | |||||||||
338,285 | |||||||||||
Chemicals 3.8% | |||||||||||
Balchem Corp. | 1,088,142 | 81,883 | |||||||||
Chase Corp. | 251,448 | 26,151 | |||||||||
Innophos Holdings, Inc. | 323,365 | 13,439 | |||||||||
NewMarket Corp. | 126,417 | 52,831 | |||||||||
Quaker Chemical Corp. | 507,332 | 72,310 | |||||||||
Sensient Technologies Corp.(a) | 2,189,301 | 157,520 | |||||||||
404,134 | |||||||||||
Commercial Services & Supplies 3.5% | |||||||||||
Healthcare Services Group, Inc. | 2,250,598 | 102,245 | |||||||||
MSA Safety, Inc. | 676,386 | 54,537 | |||||||||
Rollins, Inc. | 3,173,694 | 159,541 | |||||||||
UniFirst Corp. | 373,709 | 58,037 | |||||||||
374,360 | |||||||||||
Communications Equipment 1.0% | |||||||||||
NetScout Systems, Inc.* | 4,156,088 | 110,344 | |||||||||
Construction & Engineering 1.0% | |||||||||||
Valmont Industries, Inc. | 719,636 | 105,858 | |||||||||
Construction Materials 1.4% | |||||||||||
Eagle Materials, Inc. | 1,428,207 | 143,149 |
Number of Shares | Value (000's) | ||||||||||
Containers & Packaging 1.1% | |||||||||||
AptarGroup, Inc. | 1,322,463 | $ | 118,255 | ||||||||
Distributors 2.2% | |||||||||||
Pool Corp. | 1,685,984 | 232,716 | |||||||||
Diversified Consumer Services 0.8% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 870,429 | 83,187 | |||||||||
Electrical Equipment 0.5% | |||||||||||
AZZ, Inc.(a) | 1,423,998 | 58,170 | |||||||||
Electronic Equipment, Instruments & Components 5.8% | |||||||||||
Cognex Corp. | 2,095,867 | 112,569 | |||||||||
Littelfuse, Inc. | 894,281 | 185,563 | |||||||||
Novanta, Inc.* | 927,074 | 51,777 | |||||||||
Rogers Corp.*(a) | 1,105,959 | 151,870 | |||||||||
Zebra Technologies Corp. Class A* | 763,800 | 105,512 | |||||||||
607,291 | |||||||||||
Energy Equipment & Services 0.5% | |||||||||||
Pason Systems, Inc. | 4,060,187 | 55,904 | |||||||||
Food Products 2.6% | |||||||||||
Blue Buffalo Pet Products, Inc.* | 964,407 | 38,634 | |||||||||
Calavo Growers, Inc.(a) | 947,804 | 80,895 | |||||||||
J & J Snack Foods Corp. | 488,712 | 65,649 | |||||||||
Lancaster Colony Corp. | 791,390 | 93,653 | |||||||||
278,831 | |||||||||||
Health Care Equipment & Supplies 6.3% | |||||||||||
Atrion Corp. | 66,025 | 38,882 | |||||||||
Cantel Medical Corp. | 1,141,650 | 132,785 | |||||||||
Haemonetics Corp.* | 1,056,658 | 74,917 | |||||||||
Heska Corp.*(a) | 465,321 | 31,633 | |||||||||
IDEXX Laboratories, Inc.* | 889,259 | 166,496 | |||||||||
Neogen Corp.* | 462,146 | 26,929 | |||||||||
West Pharmaceutical Services, Inc. | 2,217,549 | 193,415 | |||||||||
665,057 | |||||||||||
Health Care Providers & Services 3.3% | |||||||||||
Chemed Corp. | 648,139 | 168,276 | |||||||||
Henry Schein, Inc.* | 1,070,505 | 70,857 |
See Notes to Financial Statements
70
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Tivity Health, Inc.* | 1,409,646 | $ | 54,342 | ||||||||
U.S. Physical Therapy, Inc.(a) | 680,144 | 52,711 | |||||||||
346,186 | |||||||||||
Hotels, Restaurants & Leisure 2.2% | |||||||||||
Cheesecake Factory, Inc. | 649,207 | 30,182 | |||||||||
Cracker Barrel Old Country Store, Inc. | 433,384 | 67,651 | |||||||||
Papa John's International, Inc. | 872,379 | 50,371 | |||||||||
Texas Roadhouse, Inc. | 1,539,085 | 85,050 | |||||||||
233,254 | |||||||||||
Household Durables 0.3% | |||||||||||
Installed Building Products, Inc.* | 468,175 | 27,973 | |||||||||
Household Products 2.6% | |||||||||||
Church & Dwight Co., Inc. | 2,912,256 | 143,254 | |||||||||
Energizer Holdings, Inc. | 1,296,824 | 70,651 | |||||||||
WD-40 Co. | 490,684 | 61,188 | |||||||||
275,093 | |||||||||||
Industrial Conglomerates 0.4% | |||||||||||
Raven Industries, Inc. | 1,162,078 | 39,453 | |||||||||
Insurance 1.3% | |||||||||||
AMERISAFE, Inc. | 855,179 | 47,890 | |||||||||
RLI Corp. | 1,538,100 | 93,517 | |||||||||
141,407 | |||||||||||
Internet Software & Services 0.2% | |||||||||||
CommerceHub, Inc. Series A*(a) | 1,214,788 | 24,077 | |||||||||
IT Services 1.3% | |||||||||||
Jack Henry & Associates, Inc. | 1,141,212 | 133,864 | |||||||||
Life Sciences Tools & Services 2.3% | |||||||||||
Bio-Techne Corp. | 1,174,882 | 166,058 | |||||||||
ICON PLC* | 634,408 | 71,885 | |||||||||
237,943 | |||||||||||
Machinery 6.7% | |||||||||||
Graco, Inc. | 1,636,902 | 72,597 | |||||||||
Lindsay Corp. | 510,642 | 45,161 | |||||||||
Middleby Corp.* | 864,575 | 103,965 | |||||||||
Nordson Corp. | 803,551 | 107,732 |
Number of Shares | Value (000's) | ||||||||||
RBC Bearings, Inc.*(a) | 1,299,450 | $ | 156,584 | ||||||||
Toro Co. | 2,171,843 | 138,064 | |||||||||
Wabtec Corp. | 949,561 | 77,237 | |||||||||
701,340 | |||||||||||
Media 2.5% | |||||||||||
Cable One, Inc. | 73,952 | 50,359 | |||||||||
Gray Television, Inc.* | 3,645,814 | 50,312 | |||||||||
Nexstar Media Group, Inc. Class A | 2,214,484 | 158,225 | |||||||||
258,896 | |||||||||||
Multiline Retail 0.3% | |||||||||||
Ollie's Bargain Outlet Holdings, Inc.* | 488,875 | 29,015 | |||||||||
Oil, Gas & Consumable Fuels 2.1% | |||||||||||
Centennial Resource Development, Inc. Class A* | 3,620,813 | 69,085 | |||||||||
Matador Resources Co.* | 3,759,430 | 108,497 | |||||||||
RSP Permian, Inc.* | 1,099,288 | 42,114 | |||||||||
219,696 | |||||||||||
Paper & Forest Products 0.9% | |||||||||||
Stella-Jones, Inc.(b) | 2,507,980 | 93,326 | |||||||||
Pharmaceuticals 0.3% | |||||||||||
Prestige Brands Holdings, Inc.* | 1,078,275 | 36,446 | |||||||||
Professional Services 1.1% | |||||||||||
Exponent, Inc.(a) | 1,479,497 | 115,031 | |||||||||
Real Estate Management & Development 0.5% | |||||||||||
FirstService Corp. | 753,710 | 52,451 | |||||||||
Semiconductors & Semiconductor Equipment 2.9% | |||||||||||
Cabot Microelectronics Corp. | 847,457 | 86,356 | |||||||||
MKS Instruments, Inc. | 774,056 | 86,191 | |||||||||
Power Integrations, Inc.(a) | 2,062,708 | 138,614 | |||||||||
311,161 |
Number of Shares | Value (000's) | ||||||||||
Software 10.1% | |||||||||||
Altair Engineering, Inc. Class A* | 894,810 | $ | 23,551 | ||||||||
Aspen Technology, Inc.* | 2,676,665 | 206,853 | |||||||||
Blackbaud, Inc. | 479,580 | 49,166 | |||||||||
Computer Modelling Group Ltd.(a)(b) | 4,053,739 | 28,369 | |||||||||
Constellation Software, Inc. | 88,620 | 57,386 | |||||||||
Fair Isaac Corp. | 1,072,110 | 182,194 | |||||||||
Manhattan Associates, Inc.* | 3,372,251 | 141,972 | |||||||||
Monotype Imaging Holdings, Inc. | 1,685,810 | 40,628 | |||||||||
Qualys, Inc.*(a) | 1,986,861 | 147,127 | |||||||||
Tyler Technologies, Inc.* | 947,585 | 192,464 | |||||||||
1,069,710 | |||||||||||
Specialty Retail 2.6% | |||||||||||
Asbury Automotive Group, Inc.* | 710,792 | 46,806 | |||||||||
Floor & Decor Holdings, Inc. Class A* | 507,125 | 22,856 | |||||||||
Lithia Motors, Inc. Class A | 896,041 | 93,090 | |||||||||
Monro, Inc. | 1,132,320 | 57,635 | |||||||||
Tractor Supply Co. | �� | 812,668 | 52,766 | ||||||||
273,153 | |||||||||||
Trading Companies & Distributors 2.1% | |||||||||||
Applied Industrial Technologies, Inc. | 453,712 | 31,941 | |||||||||
Richelieu Hardware Ltd.(b) | 1,096,298 | 26,562 | |||||||||
SiteOne Landscape Supply, Inc.* | 735,562 | 50,636 | |||||||||
Watsco, Inc. | 652,521 | 107,908 | |||||||||
217,047 | |||||||||||
Total Common Stocks (Cost $5,729,632) | 10,436,296 |
See Notes to Financial Statements
71
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 1.1% | |||||||||||
Investment Companies 1.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(c) | 53,185,334 | $ | 53,185 | ||||||||
State Street Institutional Treasury Plus Money Market Fund Premier Class, 1.32%(c) | 62,127,704 | 62,128 | |||||||||
Total Short-Term Investments (Cost $115,313) | 115,313 | ||||||||||
Total Investments 100.1% (Cost $5,844,945) | 10,551,609 | ||||||||||
Liabilities Less Other Assets (0.1)% | (10,803 | ) | |||||||||
Net Assets 100.0% | $ | 10,540,806 |
* Non-income producing security.
(a) Affiliated company. (see Note F of Notes to Financial Statements).
(b) Security fair valued as of February 28, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2018 amounted to approximately $148,257,000, which represents 1.4% of net assets of the Fund.
(c) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Biotechnology | $ | — | $ | 30,303 | $ | — | $ | 30,303 | |||||||||||
Paper & Forest Products | — | 93,326 | — | 93,326 | |||||||||||||||
Software | 1,041,341 | 28,369 | — | 1,069,710 | |||||||||||||||
Trading Companies & Distributors | 190,485 | 26,562 | — | 217,047 | |||||||||||||||
Other Common Stocks(a) | 9,025,910 | — | — | 9,025,910 | |||||||||||||||
Total Common Stocks | 10,257,736 | 178,560 | — | 10,436,296 | |||||||||||||||
Short-Term Investments | — | 115,313 | — | 115,313 | |||||||||||||||
Total Investments | $ | 10,257,736 | $ | 293,873 | $ | — | $ | 10,551,609 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
See Notes to Financial Statements
72
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $107,954,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
73
Schedule of Investments Global Equity Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.8% | |||||||||||
Australia 1.1% | |||||||||||
Insurance Australia Group Ltd. | 8,675 | $ | 55 | ||||||||
Belgium 0.8% | |||||||||||
KBC Group NV | 417 | 39 | |||||||||
Canada 4.8% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 1,420 | 69 | |||||||||
Kinaxis, Inc.* | 901 | 61 | |||||||||
Suncor Energy, Inc. | 1,204 | 40 | |||||||||
Waste Connections, Inc. | 967 | 68 | |||||||||
238 | |||||||||||
China 3.3% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 580 | 108 | |||||||||
Baidu, Inc. ADR* | 223 | 56 | |||||||||
164 | |||||||||||
France 1.8% | |||||||||||
Air Liquide SA | 304 | 38 | |||||||||
Valeo SA | 838 | 54 | |||||||||
92 | |||||||||||
Germany 3.5% | |||||||||||
Continental AG | 235 | 64 | |||||||||
Gerresheimer AG | 315 | 24 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 454 | 61 | |||||||||
SAP SE ADR | 229 | 24 | |||||||||
173 | |||||||||||
Hong Kong 3.3% | |||||||||||
AIA Group Ltd. | 8,000 | 66 | |||||||||
Haier Electronics Group Co. Ltd.* | 13,350 | 46 | |||||||||
Techtronic Industries Co. Ltd. | 8,500 | 53 | |||||||||
165 | |||||||||||
Ireland 0.7% | |||||||||||
CRH PLC | 1,065 | 35 | |||||||||
Israel 2.1% | |||||||||||
Check Point Software Technologies Ltd.* | 611 | 63 | |||||||||
Tower Semiconductor Ltd.* | 1,500 | 44 | |||||||||
107 | |||||||||||
Italy 0.4% | |||||||||||
Brembo SpA | 1,567 | 22 |
Number of Shares | Value (000's) | ||||||||||
Japan 6.6% | |||||||||||
Bridgestone Corp. | 560 | $ | 25 | ||||||||
Daikin Industries Ltd. | 450 | 53 | |||||||||
Hoya Corp. | 600 | 31 | |||||||||
Ichigo, Inc. | 9,700 | 40 | |||||||||
Kao Corp. | 600 | 44 | |||||||||
Kose Corp. | 225 | 42 | |||||||||
Tokyo Electron Ltd. | 225 | 44 | |||||||||
Toyota Motor Corp. | 750 | 50 | |||||||||
329 | |||||||||||
Mexico 0.6% | |||||||||||
Infraestructura Energetica Nova SAB de CV | 6,228 | 30 | |||||||||
Netherlands 5.7% | |||||||||||
AerCap Holdings NV* | 1,220 | 61 | |||||||||
ASML Holding NV | 760 | 148 | |||||||||
Heineken NV | 435 | 45 | |||||||||
Intertrust NV(a) | 1,583 | 33 | |||||||||
287 | |||||||||||
Norway 0.9% | |||||||||||
Sbanken ASA(a) | 4,342 | 44 | |||||||||
Singapore 0.6% | |||||||||||
DBS Group Holdings Ltd. | 1,300 | 28 | |||||||||
Switzerland 7.4% | |||||||||||
Cie Financiere Richemont SA | 578 | 51 | |||||||||
Ferguson PLC | 343 | 24 | |||||||||
Givaudan SA | 31 | 70 | |||||||||
Julius Baer Group Ltd.* | 1,185 | 77 | |||||||||
Roche Holding AG | 216 | 50 | |||||||||
SGS SA | 24 | 61 | |||||||||
Sonova Holding AG | 235 | 37 | |||||||||
370 | |||||||||||
United Kingdom 8.4% | |||||||||||
Aon PLC | 525 | 74 | |||||||||
Bunzl PLC | 1,310 | 35 | |||||||||
Compass Group PLC | 2,480 | 53 | |||||||||
Howden Joinery Group PLC | 8,760 | 53 | |||||||||
Prudential PLC | 2,064 | 52 | |||||||||
RELX PLC | 2,414 | 49 | |||||||||
St. James's Place PLC | 3,486 | 55 | |||||||||
Virgin Money Holdings UK PLC | 12,854 | 49 | |||||||||
420 | |||||||||||
United States 45.8% | |||||||||||
Activision Blizzard, Inc. | 895 | 65 |
Number of Shares | Value (000's) | ||||||||||
Alphabet, Inc. Class A* | 45 | $ | 50 | ||||||||
Alphabet, Inc. Class C* | 45 | 50 | |||||||||
Amazon.com, Inc.* | 93 | 141 | |||||||||
Apple, Inc. | 464 | 83 | |||||||||
Biogen, Inc.* | 221 | 64 | |||||||||
BlackRock, Inc. | 140 | 77 | |||||||||
Blue Buffalo Pet Products, Inc.* | 942 | 38 | |||||||||
Cabot Oil & Gas Corp. | 2,455 | 59 | |||||||||
Cardinal Health, Inc. | 780 | 54 | |||||||||
CDW Corp. | 1,074 | 78 | |||||||||
Centene Corp.* | 555 | 56 | |||||||||
Comerica, Inc. | 566 | 55 | |||||||||
Core Laboratories NV | 327 | 34 | |||||||||
CVS Health Corp. | 655 | 44 | |||||||||
Delphi Technologies PLC | 478 | 23 | |||||||||
EOG Resources, Inc. | 638 | 65 | |||||||||
Estee Lauder Cos., Inc. Class A | 483 | 67 | |||||||||
Expedia, Inc. | 158 | 17 | |||||||||
Fidelity National Information Services, Inc. | 745 | 72 | |||||||||
First Republic Bank | 275 | 25 | |||||||||
Gilead Sciences, Inc. | 380 | 30 | |||||||||
Graco, Inc. | 1,985 | 88 | |||||||||
Halliburton Co. | 745 | 35 | |||||||||
Henry Schein, Inc.* | 865 | 57 | |||||||||
Intercontinental Exchange, Inc. | 1,010 | 74 | |||||||||
JPMorgan Chase & Co. | 710 | 82 | |||||||||
Medtronic PLC | 791 | 63 | |||||||||
Monsanto Co. | 350 | 43 | |||||||||
RPM International, Inc. | 940 | 47 | |||||||||
Samsonite International SA | 9,050 | 39 | |||||||||
Sealed Air Corp. | 1,245 | 53 | |||||||||
Sensata Technologies Holding NV* | 1,540 | 81 | |||||||||
Service Corp. International | 965 | 36 | |||||||||
T-Mobile US, Inc.* | 980 | 59 | |||||||||
TE Connectivity Ltd. | 410 | 42 | |||||||||
VF Corp. | 760 | 57 | |||||||||
Visa, Inc. Class A | 605 | 74 | |||||||||
Western Digital Corp. | 745 | 65 | |||||||||
Worldpay, Inc. Class A* | 632 | 51 | |||||||||
2,293 | |||||||||||
Total Common Stocks (Cost $3,655) | 4,891 |
See Notes to Financial Statements
74
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 2.3% | |||||||||||
Investment Companies 2.3% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b) (Cost $117) | 117,165 | $ | 117 | ||||||||
Total Investments 100.1% (Cost $3,772) | 5,008 | ||||||||||
Liabilities Less Other Assets (0.1)% | (5 | ) | |||||||||
Net Assets 100.0% | $ | 5,003 |
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $77,000, which represents 1.5% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2018.
See Notes to Financial Statements
75
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 322 | 6.4 | % | |||||||
Capital Markets | 283 | 5.7 | % | ||||||||
Internet Software & Services | 264 | 5.3 | % | ||||||||
Insurance | 247 | 4.9 | % | ||||||||
Semiconductors & Semiconductor Equipment | 236 | 4.7 | % | ||||||||
Software | 213 | 4.2 | % | ||||||||
Chemicals | 198 | 3.9 | % | ||||||||
IT Services | 197 | 3.9 | % | ||||||||
Auto Components | 188 | 3.8 | % | ||||||||
Trading Companies & Distributors | 173 | 3.5 | % | ||||||||
Health Care Providers & Services | 167 | 3.3 | % | ||||||||
Oil, Gas & Consumable Fuels | 164 | 3.3 | % | ||||||||
Internet & Direct Marketing Retail | 158 | 3.1 | % | ||||||||
Personal Products | 153 | 3.0 | % | ||||||||
Technology Hardware, Storage & Peripherals | 148 | 2.9 | % | ||||||||
Textiles, Apparel & Luxury Goods | 147 | 2.9 | % | ||||||||
Professional Services | 143 | 2.9 | % | ||||||||
Health Care Equipment & Supplies | 131 | 2.6 | % | ||||||||
Electronic Equipment, Instruments & Components | 120 | 2.4 | % | ||||||||
Food & Staples Retailing | 113 | 2.3 | % | ||||||||
Household Durables | 99 | 2.0 | % | ||||||||
Biotechnology | 94 | 1.9 | % | ||||||||
Machinery | 88 | 1.8 | % | ||||||||
Electrical Equipment | 81 | 1.6 | % | ||||||||
Energy Equipment & Services | 69 | 1.4 | % | ||||||||
Commercial Services & Supplies | 68 | 1.4 | % | ||||||||
Household Products | 61 | 1.2 | % | ||||||||
Wireless Telecommunication Services | 59 | 1.2 | % | ||||||||
Building Products | 53 | 1.1 | % | ||||||||
Containers & Packaging | 53 | 1.1 | % | ||||||||
Hotels, Restaurants & Leisure | 53 | 1.1 | % | ||||||||
Automobiles | 50 | 1.0 | % | ||||||||
Pharmaceuticals | 50 | 1.0 | % | ||||||||
Beverages | 45 | 0.9 | % | ||||||||
Real Estate Management & Development | 40 | 0.8 | % | ||||||||
Food Products | 38 | 0.8 | % | ||||||||
Diversified Consumer Services | 36 | 0.7 | % | ||||||||
Construction Materials | 35 | 0.7 | % | ||||||||
Gas Utilities | 30 | 0.6 | % | ||||||||
Life Sciences Tools & Services | 24 | 0.5 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 112 | 2.2 | % | ||||||||
$ | 5,003 | 100.0 | % |
See Notes to Financial Statements
76
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||||
Belgium | — | 39 | — | 39 | |||||||||||||||
France | — | 92 | — | 92 | |||||||||||||||
Germany | 24 | 149 | — | 173 | |||||||||||||||
Hong Kong | 53 | 112 | — | 165 | |||||||||||||||
Ireland | — | 35 | — | 35 | |||||||||||||||
Italy | — | 22 | — | 22 | |||||||||||||||
Japan | — | 329 | — | 329 | |||||||||||||||
Netherlands | 61 | 226 | — | 287 | |||||||||||||||
Singapore | — | 28 | — | 28 | |||||||||||||||
Switzerland | — | 370 | — | 370 | |||||||||||||||
United Kingdom | 74 | 346 | — | 420 | |||||||||||||||
Other Common Stocks(a) | 2,876 | — | — | 2,876 | |||||||||||||||
Total Common Stocks | 3,088 | 1,803 | — | 4,891 | |||||||||||||||
Short-Term Investments | — | 117 | — | 117 | |||||||||||||||
Total Investments | $ | 3,088 | $ | 1,920 | $ | — | $ | 5,008 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $1,319,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
77
Schedule of Investments Global Real Estate Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.0% | |||||||||||
Australia 6.4% | |||||||||||
Goodman Group | 10,508 | $ | 66 | ||||||||
Investa Office Fund | 14,330 | 47 | |||||||||
Scentre Group | 18,576 | 55 | |||||||||
168 | |||||||||||
Canada 3.8% | |||||||||||
Allied Properties Real Estate Investment Trust | 883 | 29 | |||||||||
Brookfield Asset Management, Inc. Class A | 925 | 36 | |||||||||
Canadian Apartment Properties REIT | 1,246 | 34 | |||||||||
99 | |||||||||||
France 4.7% | |||||||||||
Gecina SA | 329 | 58 | |||||||||
ICADE | 685 | 66 | |||||||||
124 | |||||||||||
Germany 4.2% | |||||||||||
ADO Properties SA(a) | 744 | 39 | |||||||||
Deutsche Wohnen SE | 1,756 | 72 | |||||||||
111 | |||||||||||
Hong Kong 8.0% | |||||||||||
CK Asset Holdings Ltd. | 12,659 | 109 | |||||||||
Sun Hung Kai Properties Ltd. | 6,212 | 103 | |||||||||
212 | |||||||||||
Japan 11.8% | |||||||||||
Advance Residence Investment Corp. | 14 | 35 | |||||||||
Mitsubishi Estate Co. Ltd. | 2,970 | 52 | |||||||||
Mitsui Fudosan Co. Ltd. | 3,907 | 93 | |||||||||
Nippon Accommodations Fund, Inc. | 12 | 53 | |||||||||
Nippon Building Fund, Inc. | 7 | 38 | |||||||||
Sumitomo Realty & Development Co. Ltd. | 1,144 | 41 | |||||||||
312 | |||||||||||
Netherlands 1.6% | |||||||||||
InterXion Holding NV* | 725 | 41 |
Number of Shares | Value (000's) | ||||||||||
Singapore 2.1% | |||||||||||
Ascendas Real Estate Investment Trust | 13,670 | $ | 27 | ||||||||
CapitaLand Ltd. | 10,723 | 29 | |||||||||
56 | |||||||||||
Spain 1.4% | |||||||||||
Axiare Patrimonio SOCIMI SA | 1,955 | 38 | |||||||||
Sweden 1.5% | |||||||||||
Hufvudstaden AB, A Shares | 2,547 | 39 | |||||||||
United Kingdom 4.6% | |||||||||||
Safestore Holdings PLC | 5,698 | 38 | |||||||||
SEGRO PLC | 6,095 | 48 | |||||||||
Shaftesbury PLC | 2,646 | 35 | |||||||||
121 | |||||||||||
United States 48.9% | |||||||||||
Alexandria Real Estate Equities, Inc. | 312 | 38 | |||||||||
American Tower Corp. | 888 | 124 | |||||||||
Apartment Investment & Management Co. Class A | 671 | 26 | |||||||||
Boston Properties, Inc. | 437 | 52 | |||||||||
Crown Castle International Corp. | 644 | 71 | |||||||||
DCT Industrial Trust, Inc. | 633 | 35 | |||||||||
Douglas Emmett, Inc. | 913 | 33 | |||||||||
Equinix, Inc. | 194 | 76 | |||||||||
Equity Lifestyle Properties, Inc. | 395 | 33 | |||||||||
Equity Residential | 1,109 | 62 | |||||||||
Essex Property Trust, Inc. | 225 | 50 | |||||||||
Extra Space Storage, Inc. | 634 | 54 | |||||||||
GGP, Inc. | 2,404 | 51 | |||||||||
Healthcare Trust of America, Inc. Class A | 968 | 24 | |||||||||
Hyatt Hotels Corp. Class A* | 350 | 27 | |||||||||
Invitation Homes, Inc. | 2,513 | 55 | |||||||||
Kimco Realty Corp. | 1,752 | 26 | |||||||||
Marriott International, Inc. Class A | 390 | 55 |
Number of Shares | Value (000's) | ||||||||||
Mid-America Apartment Communities, Inc. | 396 | $ | 34 | ||||||||
National Retail Properties, Inc. | 583 | 22 | |||||||||
Prologis, Inc. | 1,362 | 83 | |||||||||
Regency Centers Corp. | 442 | 26 | |||||||||
Simon Property Group, Inc. | 613 | 94 | |||||||||
Taubman Centers, Inc. | 452 | 26 | |||||||||
Ventas, Inc. | 729 | 35 | |||||||||
Welltower, Inc. | 746 | 39 | |||||||||
Weyerhaeuser Co. | 1,128 | 40 | |||||||||
1,291 | |||||||||||
Total Common Stocks (Cost $2,566) | 2,612 | ||||||||||
Short-Term Investments 1.5% | |||||||||||
Investment Companies 1.5% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(b) (Cost $41) | 41,165 | 41 | |||||||||
Total Investments 100.5% (Cost $2,607) | 2,653 | ||||||||||
Liabilities Less Other Assets (0.5)% | (14 | ) | |||||||||
Net Assets 100.0% | $ | 2,639 |
See Notes to Financial Statements
78
Schedule of Investments Global Real Estate Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $39,000, which represents 1.5% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2018.
See Notes to Financial Statements
79
Schedule of Investments Global Real Estate Fund (Unaudited) (cont'd)
POSITIONS BY SECTOR
Sector | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Industrial & Office REITs | $ | 616 | 23.3 | % | |||||||
Real Estate Holding & Development | 541 | 20.5 | % | ||||||||
Specialty REITs | 477 | 18.1 | % | ||||||||
Residential REITs | 474 | 18.0 | % | ||||||||
Retail REITs | 280 | 10.6 | % | ||||||||
Diversified REITs | 101 | 3.8 | % | ||||||||
Hotel & Lodging REITs | 82 | 3.1 | % | ||||||||
Real Estate Services | 41 | 1.6 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 27 | 1.0 | % | ||||||||
$ | 2,639 | 100.0 | % |
See Notes to Financial Statements
80
Schedule of Investments Global Real Estate Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | — | $ | 168 | $ | — | $ | 168 | |||||||||||
France | — | 124 | — | 124 | |||||||||||||||
Germany | — | 111 | — | 111 | |||||||||||||||
Hong Kong | — | 212 | — | 212 | |||||||||||||||
Japan | 73 | 239 | — | 312 | |||||||||||||||
Singapore | — | 56 | — | 56 | |||||||||||||||
Spain | — | 38 | — | 38 | |||||||||||||||
Sweden | — | 39 | — | 39 | |||||||||||||||
United Kingdom | — | 121 | — | 121 | |||||||||||||||
Other Common Stocks(a) | 1,431 | — | — | 1,431 | |||||||||||||||
Total Common Stocks | 1,504 | 1,108 | — | 2,612 | |||||||||||||||
Short-Term Investments | — | 41 | — | 41 | |||||||||||||||
Total Investments | $ | 1,504 | $ | 1,149 | $ | — | $ | 2,653 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Sector summary.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $972,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
81
Schedule of Investments Greater China Equity Fund (Unaudited)
February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.9% | |||||||||||
Air Freight & Logistics 3.2% | |||||||||||
ZTO Express Cayman, Inc. ADR* | 265,450 | $ | 4,213 | ||||||||
Automobiles 3.6% | |||||||||||
Brilliance China Automotive Holdings Ltd. | 710,000 | 1,886 | |||||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 1,276,000 | 2,806 | |||||||||
4,692 | |||||||||||
Banks 18.1% | |||||||||||
Bank of China Ltd., H Shares | 6,596,000 | 3,547 | |||||||||
China Construction Bank Corp., H Shares | 10,176,000 | 10,434 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 11,358,911 | 9,684 | |||||||||
23,665 | |||||||||||
Beverages 4.1% | |||||||||||
Kweichow Moutai Co. Ltd. Class A | 47,346 | 5,387 | |||||||||
Commercial Services & Supplies 2.1% | |||||||||||
China Everbright International Ltd. | 1,774,000 | 2,736 | |||||||||
Construction Materials 4.0% | |||||||||||
Anhui Conch Cement Co. Ltd. Class A | 630,200 | 3,217 | |||||||||
China National Building Material Co. Ltd., H Shares | 1,998,000 | 1,960 | |||||||||
5,177 | |||||||||||
Health Care Providers & Services 3.1% | |||||||||||
Huadong Medicine Co. Ltd. Class A | 4,000 | 36 | |||||||||
Huadong Medicine Co. Ltd. Class A | 446,218 | 3,949 | |||||||||
3,985 |
Number of Shares | Value (000's) | ||||||||||
Household Durables 8.5% | |||||||||||
Gree Electric Appliances, Inc. of Zhuhai Class A | 766,703 | $ | 6,222 | ||||||||
Midea Group Co. Ltd. Class A | 563,820 | 4,870 | |||||||||
11,092 | |||||||||||
Independent Power and Renewable Electricity Producers 0.2% | |||||||||||
China Everbright Greentech Ltd.*(a) | 253,469 | 224 | |||||||||
Insurance 7.9% | |||||||||||
China Taiping Insurance Holdings Co. Ltd. | 946,600 | 3,613 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 1,134,000 | 2,225 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 426,000 | 4,487 | |||||||||
10,325 | |||||||||||
Internet Software & Services 24.8% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 65,802 | 12,248 | |||||||||
Baidu, Inc. ADR* | 14,847 | 3,747 | |||||||||
SINA Corp.* | 36,083 | 4,219 | |||||||||
Tencent Holdings Ltd. | 222,800 | 12,189 | |||||||||
32,403 | |||||||||||
Oil, Gas & Consumable Fuel 1.8% | |||||||||||
CNOOC Ltd. | 1,600,000 | 2,283 | |||||||||
Pharmaceuticals 4.3% | |||||||||||
China Medical System Holdings Ltd. | 1,185,000 | 2,355 | |||||||||
CSPC Pharmaceutical Group Ltd. | 1,450,000 | 3,309 | |||||||||
5,664 | |||||||||||
Real Estate Management & Development 5.8% | |||||||||||
China Jinmao Holdings Group Ltd. | 2,096,000 | 1,267 | |||||||||
China Resources Land Ltd. | 334,000 | 1,180 | |||||||||
CIFI Holdings Group Co. Ltd. | 4,232,000 | 3,291 |
Number of Shares | Value (000's) | ||||||||||
Longfor Properties Co. Ltd. | 644,500 | $ | 1,850 | ||||||||
7,588 | |||||||||||
Textiles, Apparel & Luxury Goods 1.6% | |||||||||||
Shenzhou International Group Holdings Ltd. | 216,000 | 2,121 | |||||||||
Transportation Infrastructure 3.7% | |||||||||||
Guangzhou Baiyun International Airport Co. Ltd. Class A | 1,814,888 | 4,671 | |||||||||
Guangzhou Baiyun International Airport Co. Ltd. Class A | 76,400 | 197 | |||||||||
4,868 | |||||||||||
Water Utilities 1.1% | |||||||||||
Beijing Enterprises Water Group Ltd.* | 2,156,000 | 1,396 | |||||||||
Total Common Stocks (Cost $98,468) | 127,819 | ||||||||||
Short-Term Investments 1.0% | |||||||||||
Investment Companies 1.0% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(b) (Cost $1,225) | 1,225,050 | 1,225 | |||||||||
Total Investments 98.9% (Cost $99,693) | 129,044 | ||||||||||
Other Assets Less Liabilities 1.1% | 1,489 | ||||||||||
Net Assets 100.0% | $ | 130,533 |
See Notes to Financial Statements
82
Schedule of Investments Greater China Equity Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $224,000, which represents 0.2% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Automobiles | $ | — | $ | 4,692 | $ | — | $ | 4,692 | |||||||||||
Banks | — | 23,665 | — | 23,665 | |||||||||||||||
Beverages | — | 5,387 | — | 5,387 | |||||||||||||||
Commercial Services & Supplies | — | 2,736 | — | 2,736 | |||||||||||||||
Construction Materials | — | 5,177 | — | 5,177 | |||||||||||||||
Health Care Providers & Services | — | 3,985 | — | 3,985 | |||||||||||||||
Household Durables | — | 11,092 | — | 11,092 | |||||||||||||||
Independent Power and Renewable Electricity Producers | — | 224 | — | 224 | |||||||||||||||
Insurance | — | 10,325 | — | 10,325 | |||||||||||||||
Internet Software & Services | 20,214 | 12,189 | — | 32,403 | |||||||||||||||
Oil, Gas & Consumable Fuel | — | 2,283 | — | 2,283 | |||||||||||||||
Pharmaceuticals | — | 5,664 | — | 5,664 | |||||||||||||||
Real Estate Management & Development | — | 7,588 | — | 7,588 | |||||||||||||||
Textiles, Apparel & Luxury Goods | — | 2,121 | — | 2,121 | |||||||||||||||
Transportation Infrastructure | — | 4,868 | — | 4,868 | |||||||||||||||
Water Utilities | — | 1,396 | — | 1,396 | |||||||||||||||
Other Common Stocks(a) | 4,213 | — | — | 4,213 | |||||||||||||||
Total Common Stocks | 24,427 | 103,392 | — | 127,819 | |||||||||||||||
Short-Term Investments | — | 1,225 | — | 1,225 | |||||||||||||||
Total Investments | $ | 24,427 | $ | 104,617 | $ | — | $ | 129,044 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $83,119,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
83
Schedule of Investments Guardian Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.0% | |||||||||||
Aerospace & Defense 5.0% | |||||||||||
General Dynamics Corp. | 155,255 | $ | 34,536 | ||||||||
Raytheon Co. | 129,000 | 28,059 | |||||||||
62,595 | |||||||||||
Air Freight & Logistics 0.6% | |||||||||||
Expeditors International of Washington, Inc. | 107,195 | 6,963 | |||||||||
Airlines 2.0% | |||||||||||
Delta Air Lines, Inc.(a) | 459,000 | 24,740 | |||||||||
Banks 5.9% | |||||||||||
Comerica, Inc. | 218,145 | 21,208 | |||||||||
JPMorgan Chase & Co. | 305,505 | 35,286 | |||||||||
U.S. Bancorp | 342,250 | 18,605 | |||||||||
75,099 | |||||||||||
Beverages 1.6% | |||||||||||
PepsiCo, Inc. | 180,000 | 19,752 | |||||||||
Biotechnology 1.9% | |||||||||||
Gilead Sciences, Inc. | 304,120 | 23,943 | |||||||||
Capital Markets 5.7% | |||||||||||
BlackRock, Inc. | 38,500 | 21,153 | |||||||||
Brookfield Asset Management, Inc. Class A(b) | 561,355 | 21,735 | |||||||||
CME Group, Inc. | 174,180 | 28,942 | |||||||||
71,830 | |||||||||||
Chemicals 2.4% | |||||||||||
Ashland Global Holdings, Inc. | 266,535 | 18,876 | |||||||||
PPG Industries, Inc. | 107,985 | 12,142 | |||||||||
31,018 | |||||||||||
Electric Utilities 3.3% | |||||||||||
Brookfield Infrastructure Partners LP | 746,815 | 30,127 | |||||||||
NextEra Energy, Inc. | 80,000 | 12,172 | |||||||||
42,299 | |||||||||||
Electrical Equipment 0.7% | |||||||||||
Eaton Corp. PLC | 106,370 | 8,584 | |||||||||
Electronic Equipment, Instruments & Components 2.3% | |||||||||||
CDW Corp. | 406,700 | 29,661 |
Number of Shares | Value (000's) | ||||||||||
Energy Equipment & Services 1.5% | |||||||||||
Schlumberger Ltd. | 291,675 | $ | 19,146 | ||||||||
Equity Real Estate Investment Trusts 0.5% | |||||||||||
Weyerhaeuser Co.(a) | 197,515 | 6,919 | |||||||||
Food & Staples Retailing 3.2% | |||||||||||
Costco Wholesale Corp.(b) | 111,000 | 21,190 | |||||||||
CVS Health Corp.(b) | 290,270 | 19,660 | |||||||||
40,850 | |||||||||||
Food Products 2.2% | |||||||||||
Conagra Brands, Inc.(a) | 688,690 | 24,883 | |||||||||
Hain Celestial Group, Inc.*(b) | 83,560 | 2,906 | |||||||||
27,789 | |||||||||||
Health Care Equipment & Supplies 2.5% | |||||||||||
Dentsply Sirona, Inc. | 574,730 | 32,219 | |||||||||
Health Care Providers & Services 3.8% | |||||||||||
DaVita, Inc.*(a) | 345,635 | 24,893 | |||||||||
UnitedHealth Group, Inc. | 103,615 | 23,433 | |||||||||
48,326 | |||||||||||
Hotels, Restaurants & Leisure 1.7% | |||||||||||
McDonald's Corp. | 139,000 | 21,926 | |||||||||
Industrial Conglomerates 1.6% | |||||||||||
3M Co. | 87,215 | 20,540 | |||||||||
Insurance 0.7% | |||||||||||
CF Corp. Class A | 885,000 | 8,531 | |||||||||
Internet & Direct Marketing Retail 5.3% | |||||||||||
Amazon.com, Inc.* | 27,195 | 41,131 | |||||||||
Booking Holdings, Inc.* | 5,795 | 11,787 | |||||||||
Expedia, Inc. | 134,890 | 14,187 | |||||||||
67,105 | |||||||||||
Internet Software & Services 9.3% | |||||||||||
Alphabet, Inc. Class A* | 43,360 | 47,866 | |||||||||
eBay, Inc.* | 752,000 | 32,231 | |||||||||
Facebook, Inc. Class A* | 207,000 | 36,912 | |||||||||
117,009 |
Number of Shares | Value (000's) | ||||||||||
IT Services 3.9% | |||||||||||
PayPal Holdings, Inc.* | 120,465 | $ | 9,566 | ||||||||
Visa, Inc. Class A | 320,855 | 39,446 | |||||||||
49,012 | |||||||||||
Machinery 1.2% | |||||||||||
Allison Transmission Holdings, Inc.(b) | 250,965 | 9,946 | |||||||||
Gates Industrial Corp. PLC* | 285,500 | 4,956 | |||||||||
14,902 | |||||||||||
Oil, Gas & Consumable Fuels 2.2% | |||||||||||
Enbridge, Inc. | 861,100 | 27,400 | |||||||||
Pharmaceuticals 1.3% | |||||||||||
Bristol-Myers Squibb Co. | 257,115 | 17,021 | |||||||||
Professional Services 4.3% | |||||||||||
Equifax, Inc. | 105,775 | 11,953 | |||||||||
IHS Markit Ltd.* | 651,000 | 30,629 | |||||||||
Verisk Analytics, Inc.* | 114,545 | 11,705 | |||||||||
54,287 | |||||||||||
Road & Rail 2.2% | |||||||||||
CSX Corp. | 281,935 | 15,146 | |||||||||
Norfolk Southern Corp. | 93,000 | 12,934 | |||||||||
28,080 | |||||||||||
Software 5.8% | |||||||||||
Microsoft Corp. | 540,000 | 50,636 | |||||||||
salesforce.com, inc.* | 191,720 | 22,287 | |||||||||
72,923 | |||||||||||
Specialty Retail 5.2% | |||||||||||
Home Depot, Inc. | 165,000 | 30,074 | |||||||||
Hudson Ltd. Class A* | 917,326 | 14,319 | |||||||||
Party City Holdco, Inc.*(a) | 428,005 | 6,185 | |||||||||
Tractor Supply Co.(a) | 230,075 | 14,939 | |||||||||
65,517 | |||||||||||
Technology Hardware, Storage & Peripherals 3.0% | |||||||||||
Apple, Inc. | 212,500 | 37,851 |
See Notes to Financial Statements
84
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Textiles, Apparel & Luxury Goods 1.7% | |||||||||||
PVH Corp.(a) | 153,000 | $ | 22,075 | ||||||||
Trading Companies & Distributors 1.5% | |||||||||||
HD Supply Holdings, Inc.* | 506,000 | 18,342 | |||||||||
Total Common Stocks (Cost $925,304) | 1,214,254 | ||||||||||
Preferred Stocks 0.9% | |||||||||||
Health Care 0.9% | |||||||||||
Moderna Therapeutics Ser. F(c)(d)(h) | 990,888 | 9,969 |
Number of Shares | Value (000's) | ||||||||||
Moderna Therapeutics Ser. G(c)(d)(h) | 72,603 | $ | 730 | ||||||||
Total Preferred Stocks (Cost $9,430) | 10,699 | ||||||||||
Master Limited Partnerships 1.5% | |||||||||||
Capital Markets 1.5% | |||||||||||
Blackstone Group LP (Cost $19,832) | 546,180 | 18,570 | |||||||||
Total Options Purchased 0.1%(e) (Cost $1,233) | 1,608 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 1.0% | |||||||||||
Investment Companies 1.0% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b)(f) (Cost $12,033) | 12,033,296 | $ | 12,033 | ||||||||
Total Investments 99.5% (Cost $967,832) | 1,257,164 | ||||||||||
Other Assets Less Liabilities 0.5%(g) | 6,878 | ||||||||||
Net Assets 100.0% | $ | 1,264,042 |
* 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 $86,363,000.
(c) Security fair valued as of February 28, 2018 in accordance with procedures approved by the Board of Trustees (the "Board"). Total value of all such securities at February 28, 2018 amounted to approximately $10,699,000, which represents 0.9% of net assets of the Fund.
(d) Value determined using significant unobservable inputs.
(e) See "Purchased option contracts" under Derivative Instruments.
(f) Represents 7-day effective yield as of February 28, 2018.
(g) Includes the impact of the Fund's open positions in derivatives at February 28, 2018.
(h) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.
At February 28, 2018, these securities amounted to approximately $10,699,000, which represents 0.9% of net assets of the Fund.
(000's omitted) Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets | Value as of 2/28/2018 | Fair Value Percentage of Net Assets as of 2/28/2018 | ||||||||||||||||||
Moderna Therapeutics (Ser. F Preferred Shares) | 8/10/2016 | $ | 8,700 | 0.8 | % | $ | 9,969 | 0.8 | % | ||||||||||||||
Moderna Therapeutics (Ser. G Preferred Shares) | 1/30/2018 | 730 | 0.1 | % | 730 | 0.1 | % | ||||||||||||||||
Total | $ | 9,430 | 0.9 | % | $ | 10,699 | 0.9 | % |
See Notes to Financial Statements
85
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
Derivative Instruments
Purchased option contracts ("options purchased")
At February 28, 2018, the Fund had outstanding options purchased as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls | |||||||||||||||||||||||
Banks | |||||||||||||||||||||||
U.S. Bancorp | 195 | $ | 1,060,020 | $ | 57.5 | 4/20/2018 | $ | 7,995 | |||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||||
DaVita, Inc. | 1 | 7,202 | 65 | 4/20/2018 | 815 | ||||||||||||||||||
IT Services | |||||||||||||||||||||||
Visa, Inc. | 164 | 2,016,216 | 120 | 3/16/2018 | 67,650 | ||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||
Enbridge, Inc. | 675 | 2,147,850 | 40 | 4/20/2018 | 675 | ||||||||||||||||||
Professional Services | |||||||||||||||||||||||
Equifax, Inc. | 621 | 7,017,300 | 130 | 1/18/2019 | 301,185 | ||||||||||||||||||
Specialty Retail | |||||||||||||||||||||||
Home Depot, Inc. | 152 | 2,770,504 | 190 | 5/18/2018 | 70,300 | ||||||||||||||||||
Party City Holdco, Inc. | 4,000 | 5,780,000 | 12 | 4/20/2018 | 1,000,000 | ||||||||||||||||||
1,070,300 | |||||||||||||||||||||||
Textiles, Apparel & Luxury Goods | |||||||||||||||||||||||
PVH Corp. | 300 | 4,328,400 | 155 | 6/15/2018 | 159,000 | ||||||||||||||||||
Total options purchased (cost $1,233,026) | $ | 1,607,620 |
Written option contracts ("options written")
At February 28, 2018, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls | |||||||||||||||||||||||
IT Services | |||||||||||||||||||||||
PayPal Holdings, Inc. | 431 | $ | (3,422,571 | ) | $ | 90 | 4/20/2018 | $ | (18,964 | ) | |||||||||||||
PayPal Holdings, Inc. | 260 | (2,064,660 | ) | 92.5 | 4/20/2018 | (6,760 | ) | ||||||||||||||||
Total calls (premium received $188,067) | $ | (25,724 | ) | ||||||||||||||||||||
Puts | |||||||||||||||||||||||
Banks | |||||||||||||||||||||||
U.S. Bancorp | 195 | (1,060,020 | ) | $ | 52.5 | 4/20/2018 | $ | (18,428 | ) | ||||||||||||||
Chemicals | |||||||||||||||||||||||
Ashland Global Holdings, Inc. | 650 | (4,603,300 | ) | 70 | 4/20/2018 | (143,000 | ) | ||||||||||||||||
Energy Equipment & Services | |||||||||||||||||||||||
Schlumberger Ltd. | 815 | (5,349,660 | ) | 67.5 | 6/15/2018 | (393,237 | ) |
See Notes to Financial Statements
86
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||||
DaVita, Inc. | 750 | $ | (5,401,500 | ) | $ | 57.5 | 4/20/2018 | $ | (15,000 | ) | |||||||||||||
DaVita, Inc. | 651 | (4,688,502 | ) | 67.5 | 4/20/2018 | (73,237 | ) | ||||||||||||||||
(88,237 | ) | ||||||||||||||||||||||
Internet & Direct Marketing Retail | |||||||||||||||||||||||
Expedia, Inc. | 505 | (5,311,085 | ) | 100 | 7/20/2018 | (272,700 | ) | ||||||||||||||||
Netflix, Inc. | 163 | (4,749,494 | ) | 220 | 6/15/2018 | (66,830 | ) | ||||||||||||||||
(339,530 | ) | ||||||||||||||||||||||
IT Services | |||||||||||||||||||||||
PayPal Holdings, Inc. | 654 | (5,193,414 | ) | 70 | 4/20/2018 | (41,856 | ) | ||||||||||||||||
PayPal Holdings, Inc. | 431 | (3,422,571 | ) | 75 | 4/20/2018 | (65,728 | ) | ||||||||||||||||
PayPal Holdings, Inc. | 344 | (2,731,704 | ) | 50 | 6/15/2018 | (6,020 | ) | ||||||||||||||||
Visa, Inc. | 491 | (6,036,354 | ) | 115 | 6/15/2018 | (129,133 | ) | ||||||||||||||||
(242,737 | ) | ||||||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||
Enbridge, Inc. | 675 | (2,147,850 | ) | 35 | 4/20/2018 | (212,625 | ) | ||||||||||||||||
Professional Services | |||||||||||||||||||||||
Equifax, Inc. | 700 | (7,910,000 | ) | 105 | 1/18/2019 | (486,500 | ) | ||||||||||||||||
(486,500 | ) | ||||||||||||||||||||||
Road & Rail | |||||||||||||||||||||||
CSX Corp. | 818 | (4,394,296 | ) | 55 | 5/18/2018 | (282,210 | ) | ||||||||||||||||
Software | |||||||||||||||||||||||
Activision Blizzard, Inc. | 587 | (4,292,731 | ) | 60 | 5/18/2018 | (42,558 | ) | ||||||||||||||||
Specialty Retail | |||||||||||||||||||||||
Home Depot, Inc. | 250 | (4,556,750 | ) | 165 | 5/18/2018 | (64,875 | ) | ||||||||||||||||
Party City Holdco, Inc. | 4,000 | (5,780,000 | ) | 7.5 | 4/20/2018 | (0 | )(a)(b) | ||||||||||||||||
(64,875 | ) | ||||||||||||||||||||||
Textiles, Apparel & Luxury Goods | |||||||||||||||||||||||
PVH Corp. | 300 | (4,328,400 | ) | 135 | 6/15/2018 | (162,000 | ) | ||||||||||||||||
Total puts (premium received $2,814,197) | $ | (2,475,937 | ) | ||||||||||||||||||||
Total options written (premium received $3,002,264) | $ | (2,501,661 | ) |
(a) Security fair valued as of February 28, 2018 in accordance with procedures approved by the Board.
(b) Value determined using significant unobservable inputs.
For the six months ended February 28, 2018, the Fund had an average market value of $1,046,243 in options purchased and $(1,126,223) in options written. At February 28, 2018, the Fund had securities pledged in the amount of $28,776,959 to cover collateral requirements for options written.
See Notes to Financial Statements
87
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(c) | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,214,254 | $ | — | $ | — | $ | 1,214,254 | |||||||||||
Preferred Stocks(a) | — | — | 10,699 | 10,699 | |||||||||||||||
Master Limited Partnerships(a) | 18,570 | — | — | 18,570 | |||||||||||||||
Options Purchased(b) | 1,608 | — | — | 1,608 | |||||||||||||||
Short-Term Investments | — | 12,033 | — | 12,033 | |||||||||||||||
Total Investments | $ | 1,234,432 | $ | 12,033 | $ | 10,699 | $ | 1,257,164 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
(b) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.
(c) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
Beginning balance, as of 9/1/2017 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2018 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2018 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stocks | |||||||||||||||||||||||||||||||||||||||||||
Health Care | $ | 8,700 | $ | — | $ | — | $ | 1,269 | $ | 730 | $ | — | $ | — | $ | — | $ | 10,699 | $ | 1,269 | |||||||||||||||||||||||
Total | $ | 8,700 | $ | — | $ | — | $ | 1,269 | $ | 730 | $ | — | $ | — | $ | — | $ | 10,699 | $ | 1,269 |
The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2018.
Asset class | Fair value at 2/28/2018 | Valuation approach | Unobservable input | Amount or range per unit | Input value per unit | Impact to valuation from decrease in input(d) | |||||||||||||||||||||
Preferred Stocks | $ | 9,968,333 | Market Approach | Transaction Price | $ | 10.06 | $ | 10.06 | Decrease | ||||||||||||||||||
Preferred Stocks | 730,386 | Market Approach | Transaction Price | 10.06 | 10.06 | Decrease |
See Notes to Financial Statements
88
Schedule of Investments Guardian Fund (Unaudited) (cont'd)
(d) 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 six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2018:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (2,502 | ) | $ | — | $ | (0 | ) | $ | (2,502 | ) | ||||||||
Total | $ | (2,502 | ) | $ | — | $ | (0 | ) | $ | (2,502 | ) |
(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 9/1/2017 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2018 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2018 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Options Written(b) Puts Professional Services | $ | — | $ | — | $ | — | $ | 176 | $ | — | $ | (176 | ) | $ | — | $ | — | $ | (0 | ) | $ | 176 | |||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 176 | $ | — | $ | (176 | ) | $ | — | $ | — | $ | (0 | ) | $ | 176 |
(b) As of the six months ended February 28, 2018, these securities were valued in accordance with procedures approved by the Board of Trustees. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations in not presented.
See Notes to Financial Statements
89
Schedule of Investments International Equity Fund (Unaudited)
February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 94.5% | |||||||||||
Australia 1.4% | |||||||||||
Insurance Australia Group Ltd. | 4,422,702 | $ | 27,947 | ||||||||
Austria 1.1% | |||||||||||
BAWAG Group AG*(a) | 375,464 | 20,531 | |||||||||
Belgium 1.9% | |||||||||||
KBC Group NV | 242,794 | 22,750 | |||||||||
Ontex Group NV | 508,576 | 14,686 | |||||||||
37,436 | |||||||||||
Canada 3.6% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 552,141 | 26,846 | |||||||||
Kinaxis, Inc.* | 321,832 | 21,802 | |||||||||
Suncor Energy, Inc. | 688,498 | 22,664 | |||||||||
71,312 | |||||||||||
China 3.3% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 231,400 | 43,073 | |||||||||
Baidu, Inc. ADR* | 89,631 | 22,617 | |||||||||
65,690 | |||||||||||
Denmark 0.8% | |||||||||||
Sydbank A/S | 384,241 | 14,999 | |||||||||
Finland 0.7% | |||||||||||
Huhtamaki OYJ | 340,338 | 14,383 | |||||||||
France 8.3% | |||||||||||
Air Liquide SA | 165,402 | 20,660 | |||||||||
Arkema SA | 159,243 | 20,781 | |||||||||
Pernod-Ricard SA | 178,695 | 29,431 | |||||||||
Sodexo SA | 191,048 | 23,459 | |||||||||
SPIE SA | 826,832 | 20,353 | |||||||||
TOTAL SA | 461,114 | 26,228 | |||||||||
Valeo SA | 335,155 | 21,674 | |||||||||
162,586 | |||||||||||
Germany 8.5% | |||||||||||
Brenntag AG | 286,090 | 17,834 | |||||||||
Continental AG | 79,840 | 21,816 | |||||||||
CTS Eventim AG & Co. KGaA | 567,756 | 27,564 | |||||||||
Deutsche Boerse AG | 116,810 | 15,533 | |||||||||
Gerresheimer AG | 309,142 | 23,663 |
Number of Shares | Value (000's) | ||||||||||
Henkel AG & Co. KGaA, Preference Shares | 203,121 | $ | 26,947 | ||||||||
SAP SE ADR | 222,989 | 23,302 | |||||||||
Stabilus SA | 104,200 | 9,908 | |||||||||
166,567 | |||||||||||
Hong Kong 2.4% | |||||||||||
HKBN Ltd. | 19,404,800 | 22,176 | |||||||||
Techtronic Industries Co. Ltd. | 3,860,300 | 24,219 | |||||||||
46,395 | |||||||||||
Ireland 0.9% | |||||||||||
Greencore Group PLC | 7,566,815 | 18,429 | |||||||||
Israel 2.1% | |||||||||||
Check Point Software Technologies Ltd.* | 238,201 | 24,747 | |||||||||
Tower Semiconductor Ltd.* | 593,500 | 17,223 | |||||||||
41,970 | |||||||||||
Italy 1.4% | |||||||||||
Azimut Holding SpA | 848,780 | 18,440 | |||||||||
Brembo SpA | 627,980 | 8,776 | |||||||||
27,216 | |||||||||||
Japan 16.2% | |||||||||||
Bridgestone Corp. | 414,700 | 18,408 | |||||||||
Daikin Industries Ltd. | 299,800 | 35,222 | |||||||||
Hoya Corp. | 263,300 | 13,843 | |||||||||
Ichigo, Inc. | 5,149,100 | 21,143 | |||||||||
Kansai Paint Co. Ltd. | 957,000 | 24,021 | |||||||||
Kao Corp. | 227,100 | 16,577 | |||||||||
Keyence Corp. | 87,500 | 52,990 | |||||||||
Kose Corp. | 127,700 | 23,756 | |||||||||
Nabtesco Corp. | 358,050 | 15,372 | |||||||||
Santen Pharmaceutical Co. Ltd. | 1,027,200 | 16,353 | |||||||||
Shionogi & Co. Ltd. | 344,400 | 17,927 | |||||||||
SMC Corp. | 71,300 | 29,716 | |||||||||
Tokyo Electron Ltd. | 87,200 | 17,039 | |||||||||
Toyota Motor Corp. | 252,700 | 17,028 | |||||||||
319,395 |
Number of Shares | Value (000's) | ||||||||||
Luxembourg 1.0% | |||||||||||
Befesa SA*(a) | 373,068 | $ | 18,759 | ||||||||
Mexico 0.4% | |||||||||||
Infraestructura Energetica Nova SAB de CV | 1,662,049 | 7,847 | |||||||||
Netherlands 6.4% | |||||||||||
AerCap Holdings NV* | 561,350 | 27,849 | |||||||||
ASML Holding NV | 280,176 | 54,641 | |||||||||
Heineken NV | 264,355 | 27,451 | |||||||||
Intertrust NV(a) | 798,778 | 16,890 | |||||||||
126,831 | |||||||||||
Norway 1.0% | |||||||||||
Sbanken ASA(a) | 1,943,223 | 19,562 | |||||||||
Singapore 0.8% | |||||||||||
DBS Group Holdings Ltd. | 762,300 | 16,382 | |||||||||
Switzerland 13.2% | |||||||||||
Bucher Industries AG | 46,724 | 19,621 | |||||||||
Cie Financiere Richemont SA | 175,345 | 15,376 | |||||||||
Ferguson PLC | 205,728 | 14,499 | |||||||||
Givaudan SA | 13,015 | 29,594 | |||||||||
Julius Baer Group Ltd.* | 392,500 | 25,494 | |||||||||
Novartis AG | 190,825 | 15,919 | |||||||||
Partners Group Holding AG | 35,922 | 26,036 | |||||||||
Roche Holding AG | 85,749 | 19,806 | |||||||||
SGS SA | 9,300 | 23,603 | |||||||||
Sonova Holding AG | 96,880 | 15,143 | |||||||||
Tecan Group AG | 166,553 | 34,890 | |||||||||
UBS Group AG* | 1,020,440 | 19,337 | |||||||||
259,318 | |||||||||||
United Kingdom 16.0% | |||||||||||
Aon PLC | 206,900 | 29,032 | |||||||||
Biffa PLC(a) | 3,634,012 | 11,607 | |||||||||
Bunzl PLC | 1,047,639 | 28,119 | |||||||||
Clinigen Group PLC | 1,992,149 | 25,342 | |||||||||
Compass Group PLC | 1,424,677 | 30,268 | |||||||||
DCC PLC | 183,123 | 16,666 |
See Notes to Financial Statements
90
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Howden Joinery Group PLC | 1,366,735 | $ | 8,310 | ||||||||
Lloyds Banking Group PLC | 21,942,394 | 20,732 | |||||||||
London Stock Exchange Group PLC | 270,182 | 14,917 | |||||||||
Prudential PLC | 1,152,667 | 28,882 | |||||||||
RELX PLC | 1,448,102 | 29,691 | |||||||||
RPS Group PLC | 3,145,365 | 9,808 | |||||||||
Spectris PLC | 617,282 | 23,068 | |||||||||
St. James's Place PLC | 1,628,740 | 25,745 | |||||||||
Unilever NV | 257,318 | 13,467 | |||||||||
315,654 |
Number of Shares | Value (000's) | ||||||||||
United States 3.1% | |||||||||||
Core Laboratories NV | 72,604 | $ | 7,475 | ||||||||
Samsonite International SA | 5,145,400 | 22,387 | |||||||||
Sensata Technologies Holding NV* | 392,800 | 20,764 | |||||||||
TE Connectivity Ltd. | 109,102 | 11,247 | |||||||||
61,873 | |||||||||||
Total Common Stocks (Cost $1,492,609) | 1,861,082 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 5.2% | |||||||||||
Investment Companies 5.2% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b) (Cost $102,794) | 102,793,841 | $ | 102,794 | ||||||||
Total Investments 99.7% (Cost $1,595,403) | 1,963,876 | ||||||||||
Other Assets Less Liabilities 0.3% | 5,981 | ||||||||||
Net Assets 100.0% | $ | 1,969,857 |
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $87,349,000, which represents 4.4% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2018.
See Notes to Financial Statements
91
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Capital Markets | $ | 145,502 | 7.4 | % | |||||||
Banks | 114,956 | 5.8 | % | ||||||||
Trading Companies & Distributors | 96,611 | 4.9 | % | ||||||||
Chemicals | 95,056 | 4.8 | % | ||||||||
Semiconductors & Semiconductor Equipment | 88,903 | 4.5 | % | ||||||||
Electronic Equipment, Instruments & Components | 87,305 | 4.4 | % | ||||||||
Insurance | 85,861 | 4.3 | % | ||||||||
Life Sciences Tools & Services | 83,895 | 4.3 | % | ||||||||
Machinery | 74,617 | 3.8 | % | ||||||||
Auto Components | 70,674 | 3.6 | % | ||||||||
Professional Services | 70,184 | 3.6 | % | ||||||||
Pharmaceuticals | 70,005 | 3.6 | % | ||||||||
Software | 69,851 | 3.5 | % | ||||||||
Personal Products | 68,486 | 3.5 | % | ||||||||
Internet Software & Services | 65,690 | 3.3 | % | ||||||||
Commercial Services & Supplies | 60,527 | 3.1 | % | ||||||||
Beverages | 56,882 | 2.9 | % | ||||||||
Hotels, Restaurants & Leisure | 53,727 | 2.7 | % | ||||||||
Oil, Gas & Consumable Fuels | 48,892 | 2.5 | % | ||||||||
Textiles, Apparel & Luxury Goods | 37,763 | 1.9 | % | ||||||||
Building Products | 35,222 | 1.8 | % | ||||||||
Health Care Equipment & Supplies | 28,986 | 1.5 | % | ||||||||
Media | 27,564 | 1.4 | % | ||||||||
Household Products | 26,947 | 1.4 | % | ||||||||
Food & Staples Retailing | 26,846 | 1.4 | % | ||||||||
Household Durables | 24,219 | 1.2 | % | ||||||||
Diversified Telecommunication Services | 22,176 | 1.1 | % | ||||||||
Real Estate Management & Development | 21,143 | 1.1 | % | ||||||||
Electrical Equipment | 20,764 | 1.1 | % | ||||||||
Food Products | 18,429 | 0.9 | % | ||||||||
Automobiles | 17,028 | 0.9 | % | ||||||||
Industrial Conglomerates | 16,666 | 0.8 | % | ||||||||
Containers & Packaging | 14,383 | 0.7 | % | ||||||||
Gas Utilities | 7,847 | 0.4 | % | ||||||||
Energy Equipment & Services | 7,475 | 0.4 | % | ||||||||
Short-Term Investments and Other Assets—Net | 108,775 | 5.5 | % | ||||||||
$ | 1,969,857 | 100.0 | % |
See Notes to Financial Statements
92
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | — | $ | 27,947 | $ | — | $ | 27,947 | |||||||||||
Belgium | — | 37,436 | — | 37,436 | |||||||||||||||
Denmark | — | 14,999 | — | 14,999 | |||||||||||||||
Finland | — | 14,383 | — | 14,383 | |||||||||||||||
France | 29,431 | 133,155 | — | 162,586 | |||||||||||||||
Germany | 23,302 | 143,265 | — | 166,567 | |||||||||||||||
Hong Kong | 24,219 | 22,176 | — | 46,395 | |||||||||||||||
Ireland | — | 18,429 | — | 18,429 | |||||||||||||||
Italy | — | 27,216 | — | 27,216 | |||||||||||||||
Japan | — | 319,395 | — | 319,395 | |||||||||||||||
Luxembourg | — | 18,759 | — | 18,759 | |||||||||||||||
Netherlands | 27,849 | 98,982 | — | 126,831 | |||||||||||||||
Singapore | — | 16,382 | — | 16,382 | |||||||||||||||
Switzerland | — | 259,318 | — | 259,318 | |||||||||||||||
United Kingdom | 75,789 | 239,865 | — | 315,654 | |||||||||||||||
Other Common Stocks(a) | 288,785 | — | — | 288,785 | |||||||||||||||
Total Common Stocks | 469,375 | 1,391,707 | — | 1,861,082 | |||||||||||||||
Short-Term Investments | — | 102,794 | — | 102,794 | |||||||||||||||
Total Investments | $ | 469,375 | $ | 1,494,501 | $ | — | $ | 1,963,876 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $1,126,756,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
93
Schedule of Investments International Select Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.2% | |||||||||||
Australia 1.4% | |||||||||||
Insurance Australia Group Ltd. | 559,273 | $ | 3,534 | ||||||||
Austria 2.1% | |||||||||||
Andritz AG | 46,845 | 2,718 | |||||||||
BAWAG Group AG*(a) | 47,811 | 2,614 | |||||||||
5,332 | |||||||||||
Belgium 1.2% | |||||||||||
KBC Group NV | 30,703 | 2,877 | |||||||||
Canada 2.8% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 82,111 | 3,992 | |||||||||
Suncor Energy, Inc. | 88,543 | 2,915 | |||||||||
6,907 | |||||||||||
China 3.9% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 33,785 | 6,289 | |||||||||
Baidu, Inc. ADR* | 13,663 | 3,447 | |||||||||
9,736 | |||||||||||
France 10.8% | |||||||||||
Air Liquide SA | 21,220 | 2,651 | |||||||||
Arkema SA | 20,199 | 2,636 | |||||||||
L'Oreal SA | 13,706 | 2,947 | |||||||||
Pernod-Ricard SA | 23,010 | 3,790 | |||||||||
Schneider Electric SE* | 34,699 | 3,007 | |||||||||
Sodexo SA | 24,320 | 2,986 | |||||||||
SPIE SA | 104,315 | 2,568 | |||||||||
TOTAL SA | 59,296 | 3,373 | |||||||||
Valeo SA | 42,511 | 2,749 | |||||||||
26,707 | |||||||||||
Germany 9.0% | |||||||||||
Brenntag AG | 36,565 | 2,279 | |||||||||
Continental AG | 12,515 | 3,420 | |||||||||
CTS Eventim AG & Co. KGaA | 72,109 | 3,501 | |||||||||
Deutsche Boerse AG | 19,755 | 2,627 | |||||||||
Gerresheimer AG | 39,212 | 3,001 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 30,366 | 4,028 | |||||||||
SAP SE ADR | 33,949 | 3,548 | |||||||||
22,404 |
Number of Shares | Value (000's) | ||||||||||
Hong Kong 2.9% | |||||||||||
AIA Group Ltd. | 377,500 | $ | 3,133 | ||||||||
Techtronic Industries Co. Ltd. | 638,600 | 4,006 | |||||||||
7,139 | |||||||||||
Ireland 0.7% | |||||||||||
CRH PLC | 53,590 | 1,760 | |||||||||
Israel 2.7% | |||||||||||
Check Point Software Technologies Ltd.* | 42,309 | 4,396 | |||||||||
Tower Semiconductor Ltd.* | 75,300 | 2,185 | |||||||||
6,581 | |||||||||||
Italy 1.4% | |||||||||||
Azimut Holding SpA | 109,300 | 2,375 | |||||||||
Brembo SpA | 79,388 | 1,109 | |||||||||
3,484 | |||||||||||
Japan 18.5% | |||||||||||
Bridgestone Corp. | 51,900 | 2,304 | |||||||||
Daikin Industries Ltd. | 33,300 | 3,912 | |||||||||
Hoya Corp. | 32,700 | 1,719 | |||||||||
Kansai Paint Co. Ltd. | 153,600 | 3,855 | |||||||||
Kao Corp. | 46,500 | 3,394 | |||||||||
Keyence Corp. | 11,900 | 7,207 | |||||||||
Kose Corp. | 21,700 | 4,037 | |||||||||
Nabtesco Corp. | 46,000 | 1,975 | |||||||||
Omron Corp. | 37,100 | 2,183 | |||||||||
Santen Pharmaceutical Co. Ltd. | 178,200 | 2,837 | |||||||||
Shionogi & Co. Ltd. | 51,400 | 2,676 | |||||||||
SMC Corp. | 11,200 | 4,668 | |||||||||
Tokyo Electron Ltd. | 11,100 | 2,169 | |||||||||
Toyota Motor Corp. | 42,900 | 2,891 | |||||||||
45,827 | |||||||||||
Netherlands 5.9% | |||||||||||
AerCap Holdings NV* | 71,700 | 3,557 | |||||||||
ASML Holding NV | 39,221 | 7,649 | |||||||||
Heineken NV | 33,543 | 3,483 | |||||||||
14,689 |
Number of Shares | Value (000's) | ||||||||||
Singapore 0.8% | |||||||||||
DBS Group Holdings Ltd. | 96,700 | $ | 2,078 | ||||||||
Switzerland 12.9% | |||||||||||
Cie Financiere Richemont SA | 22,655 | 1,986 | |||||||||
Ferguson PLC | 26,095 | 1,839 | |||||||||
Givaudan SA | 1,956 | 4,448 | |||||||||
Julius Baer Group Ltd.* | 47,360 | 3,076 | |||||||||
Novartis AG | 41,586 | 3,469 | |||||||||
Partners Group Holding AG | 4,543 | 3,293 | |||||||||
Roche Holding AG | 17,256 | 3,986 | |||||||||
SGS SA | 1,752 | 4,446 | |||||||||
Sonova Holding AG | 15,660 | 2,448 | |||||||||
UBS Group AG* | 157,245 | 2,980 | |||||||||
31,971 | |||||||||||
United Kingdom 16.0% | |||||||||||
Aon PLC | 29,841 | 4,187 | |||||||||
Bunzl PLC | 155,031 | 4,161 | |||||||||
Compass Group PLC | 179,640 | 3,817 | |||||||||
DCC PLC | 25,420 | 2,313 | |||||||||
Howden Joinery Group PLC | 440,830 | 2,680 | |||||||||
Lloyds Banking Group PLC | 3,468,408 | 3,277 | |||||||||
London Stock Exchange Group PLC | 45,694 | 2,523 | |||||||||
Prudential PLC | 147,840 | 3,704 | |||||||||
RELX PLC | 214,293 | 4,394 | |||||||||
Spectris PLC | 79,063 | 2,955 | |||||||||
St. James's Place PLC | 220,140 | 3,480 | |||||||||
Unilever NV | 43,576 | 2,281 | |||||||||
39,772 | |||||||||||
United States 4.2% | |||||||||||
Core Laboratories NV | 8,900 | 916 | |||||||||
Delphi Technologies PLC | 23,966 | 1,144 | |||||||||
Samsonite International SA | 660,700 | 2,875 | |||||||||
Sensata Technologies Holding NV* | 63,100 | 3,336 | |||||||||
TE Connectivity Ltd. | 20,785 | 2,143 | |||||||||
10,414 | |||||||||||
Total Common Stocks (Cost $183,119) | 241,212 |
See Notes to Financial Statements
94
Schedule of Investments International Select Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 2.8% | |||||||||||
Investment Companies 2.8% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b) (Cost $6,786) | 6,786,122 | $ | 6,786 | ||||||||
Total Investments 100.0% (Cost $189,905) | 247,998 | ||||||||||
Other Assets Less Liabilities 0.0%(c) | 117 | ||||||||||
Net Assets 100.0% | $ | 248,115 |
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $2,614,000, which represents 1.1% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2018.
(c) Represents less than 0.05% of net assets.
See Notes to Financial Statements
95
Schedule of Investments International Select Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Capital Markets | $ | 20,354 | 8.2 | % | |||||||
Insurance | 14,558 | 5.9 | % | ||||||||
Trading Companies & Distributors | 14,516 | 5.9 | % | ||||||||
Electronic Equipment, Instruments & Components | 14,488 | 5.8 | % | ||||||||
Chemicals | 13,590 | 5.5 | % | ||||||||
Pharmaceuticals | 12,968 | 5.2 | % | ||||||||
Personal Products | 12,659 | 5.1 | % | ||||||||
Semiconductors & Semiconductor Equipment | 12,003 | 4.8 | % | ||||||||
Banks | 10,846 | 4.4 | % | ||||||||
Auto Components | 10,726 | 4.3 | % | ||||||||
Internet Software & Services | 9,736 | 3.9 | % | ||||||||
Machinery | 9,361 | 3.8 | % | ||||||||
Professional Services | 8,840 | 3.6 | % | ||||||||
Software | 7,944 | 3.2 | % | ||||||||
Beverages | 7,273 | 2.9 | % | ||||||||
Hotels, Restaurants & Leisure | 6,803 | 2.7 | % | ||||||||
Electrical Equipment | 6,343 | 2.6 | % | ||||||||
Oil, Gas & Consumable Fuels | 6,288 | 2.5 | % | ||||||||
Textiles, Apparel & Luxury Goods | 4,861 | 2.0 | % | ||||||||
Health Care Equipment & Supplies | 4,167 | 1.7 | % | ||||||||
Household Products | 4,028 | 1.6 | % | ||||||||
Household Durables | 4,006 | 1.6 | % | ||||||||
Food & Staples Retailing | 3,992 | 1.6 | % | ||||||||
Building Products | 3,912 | 1.6 | % | ||||||||
Media | 3,501 | 1.4 | % | ||||||||
Life Sciences Tools & Services | 3,001 | 1.2 | % | ||||||||
Automobiles | 2,891 | 1.2 | % | ||||||||
Commercial Services & Supplies | 2,568 | 1.0 | % | ||||||||
Industrial Conglomerates | 2,313 | 0.9 | % | ||||||||
Construction Materials | 1,760 | 0.7 | % | ||||||||
Energy Equipment & Services | 916 | 0.4 | % | ||||||||
Short-Term Investments and Other Assets—Net | 6,903 | 2.8 | % | ||||||||
$ | 248,115 | 100.0 | % |
See Notes to Financial Statements
96
Schedule of Investments International Select Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | — | $ | 3,534 | $ | — | $ | 3,534 | |||||||||||
Austria | 2,614 | 2,718 | — | 5,332 | |||||||||||||||
Belgium | — | 2,877 | — | 2,877 | |||||||||||||||
France | 3,790 | 22,917 | — | 26,707 | |||||||||||||||
Germany | 3,548 | 18,856 | — | 22,404 | |||||||||||||||
Hong Kong | 4,006 | 3,133 | — | 7,139 | |||||||||||||||
Ireland | — | 1,760 | — | 1,760 | |||||||||||||||
Italy | — | 3,484 | — | 3,484 | |||||||||||||||
Japan | — | 45,827 | — | 45,827 | |||||||||||||||
Netherlands | 3,557 | 11,132 | — | 14,689 | |||||||||||||||
Singapore | — | 2,078 | — | 2,078 | |||||||||||||||
Switzerland | — | 31,971 | — | 31,971 | |||||||||||||||
United Kingdom | 4,187 | 35,585 | — | 39,772 | |||||||||||||||
Other Common Stocks(a) | 33,638 | — | — | 33,638 | |||||||||||||||
Total Common Stocks | 55,340 | 185,872 | — | 241,212 | |||||||||||||||
Short-Term Investments | — | 6,786 | — | 6,786 | |||||||||||||||
Total Investments | $ | 55,340 | $ | 192,658 | $ | — | $ | 247,998 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $159,760,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
97
Schedule of Investments International Small Cap Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 95.9% | |||||||||||
Australia 2.0% | |||||||||||
nib holdings Ltd. | 14,580 | $ | 79 | ||||||||
Steadfast Group Ltd. | 29,560 | 58 | |||||||||
137 | |||||||||||
Austria 0.7% | |||||||||||
Schoeller-Bleckmann Oilfield Equipment AG* | 440 | 45 | |||||||||
Belgium 0.9% | |||||||||||
Ontex Group NV | 2,240 | 65 | |||||||||
Canada 3.7% | |||||||||||
Advantage Oil & Gas Ltd.* | 5,400 | 15 | |||||||||
ATS Automation Tooling Systems, Inc.* | 4,051 | 56 | |||||||||
Colliers International Group, Inc. | 1,460 | 92 | |||||||||
Kinaxis, Inc.* | 1,378 | 93 | |||||||||
256 | |||||||||||
China 0.7% | |||||||||||
Noah Holdings Ltd. ADR* | 1,020 | 47 | |||||||||
Denmark 3.6% | |||||||||||
Schouw & Co. A/S | 907 | 95 | |||||||||
SimCorp A/S | 1,135 | 71 | |||||||||
Sydbank A/S | 2,180 | 85 | |||||||||
251 | |||||||||||
Finland 1.3% | |||||||||||
Kemira OYJ | 6,305 | 86 | |||||||||
France 1.8% | |||||||||||
Trigano SA | 270 | 48 | |||||||||
Virbac SA* | 515 | 77 | |||||||||
125 | |||||||||||
Germany 7.0% | |||||||||||
Dermapharm Holding SE* | 1,570 | 50 | |||||||||
Jenoptik AG | 3,570 | 123 | |||||||||
SAF-Holland SA | 4,360 | 96 | |||||||||
Stabilus SA | 1,200 | 114 | |||||||||
Washtec AG | 1,195 | 99 | |||||||||
482 | |||||||||||
Ireland 1.8% | |||||||||||
Applegreen PLC | 10,195 | 70 | |||||||||
Greencore Group PLC | 21,749 | 53 | |||||||||
123 |
Number of Shares | Value (000's) | ||||||||||
Italy 1.0% | |||||||||||
Azimut Holding SpA | 3,275 | $ | 71 | ||||||||
Japan 25.2% | |||||||||||
Aeon Delight Co. Ltd. | 2,100 | 73 | |||||||||
Amano Corp. | 4,300 | 120 | |||||||||
Ariake Japan Co. Ltd. | 1,400 | 110 | |||||||||
ASKUL Corp. | 1,600 | 58 | |||||||||
Azbil Corp. | 2,100 | 93 | |||||||||
Chugoku Marine Paints Ltd. | 10,300 | 106 | |||||||||
CKD Corp. | 2,250 | 56 | |||||||||
Daikyonishikawa Corp. | 4,300 | 73 | |||||||||
Fukushima Industries Corp. | 1,325 | 58 | |||||||||
Ichigo, Inc. | 20,600 | 85 | |||||||||
Nihon Parkerizing Co. Ltd. | 5,400 | 95 | |||||||||
Nohmi Bosai Ltd. | 4,300 | 93 | |||||||||
Okamoto Industries, Inc. | 5,000 | 52 | |||||||||
Prestige International, Inc. | 9,200 | 118 | |||||||||
Relo Group, Inc. | 5,100 | 143 | |||||||||
Sato Holdings Corp. | 3,800 | 127 | |||||||||
SHO-BOND Holdings Co. Ltd. | 1,600 | 115 | |||||||||
Shoei Co. Ltd. | 2,100 | 89 | |||||||||
Sun Frontier Fudousan Co. Ltd. | 6,000 | 68 | |||||||||
1,732 | |||||||||||
Luxembourg 0.9% | |||||||||||
Befesa SA*(a) | 1,273 | 64 | |||||||||
Netherlands 3.9% | |||||||||||
Corbion NV | 2,595 | 80 | |||||||||
Intertrust NV(a) | 3,640 | 77 | |||||||||
Refresco Group NV(a) | 4,551 | 111 | |||||||||
268 | |||||||||||
Norway 3.0% | |||||||||||
Borregaard ASA | 7,650 | 72 | |||||||||
Kongsberg Gruppen ASA | 2,607 | 58 | |||||||||
Sbanken ASA(a) | 7,480 | 75 | |||||||||
205 | |||||||||||
Singapore 1.3% | |||||||||||
Haw Par Corp. Ltd. | 9,700 | 88 | |||||||||
Spain 1.4% | |||||||||||
Applus Services SA | 6,895 | 96 |
Number of Shares | Value (000's) | ||||||||||
Sweden 5.1% | |||||||||||
Cloetta AB, B Shares | 21,450 | $ | 81 | ||||||||
Coor Service Management Holding AB(a) | 3,462 | 29 | |||||||||
Indutrade AB | 3,195 | 85 | |||||||||
Sweco AB, B Shares | 3,040 | 66 | |||||||||
Thule Group AB(a) | 4,110 | 89 | |||||||||
350 | |||||||||||
Switzerland 15.1% | |||||||||||
Ascom Holding AG | 4,250 | 107 | |||||||||
Autoneum Holding AG | 265 | 84 | |||||||||
Belimo Holding AG | 21 | 92 | |||||||||
Bossard Holding AG Class A | 485 | 118 | |||||||||
Comet Holding AG* | 540 | 80 | |||||||||
Conzzeta AG | 81 | 94 | |||||||||
Interroll Holding AG | 60 | 104 | |||||||||
Kardex AG* | 534 | 69 | |||||||||
Komax Holding AG | 270 | 86 | |||||||||
Tecan Group AG | 435 | 91 | |||||||||
u-blox Holding AG* | 310 | 68 | |||||||||
VZ Holding AG | 151 | 48 | |||||||||
1,041 | |||||||||||
United Kingdom 15.5% | |||||||||||
Biffa PLC(a) | 27,060 | 87 | |||||||||
Big Yellow Group PLC | 4,390 | 50 | |||||||||
Clarkson PLC | 2,040 | 96 | |||||||||
Clinigen Group PLC | 7,095 | 90 | |||||||||
CVS Group PLC | 5,795 | 85 | |||||||||
Dechra Pharmaceuticals PLC | 3,170 | 109 | |||||||||
Diploma PLC | 5,825 | 88 | |||||||||
Essentra PLC | 11,639 | 72 | |||||||||
Johnson Service Group PLC | 51,245 | 98 | |||||||||
McBride PLC* | 14,565 | 31 | |||||||||
Restore PLC | 15,667 | 109 | |||||||||
RPS Group PLC | 24,320 | 76 | |||||||||
Volution Group PLC | 25,650 | 74 | |||||||||
1,065 | |||||||||||
Total Common Stocks (Cost $6,278) | 6,597 |
See Notes to Financial Statements
98
Schedule of Investments International Small Cap Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 6.5% | |||||||||||
Investment Companies 6.5% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b) (Cost $447) | 447,013 | $ | 447 | ||||||||
Total Investments 102.4% (Cost $6,725) | 7,044 | ||||||||||
Liabilities Less Other Assets (2.4)% | (166 | ) | |||||||||
Net Assets 100.0% | $ | 6,878 |
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2018 amounted to approximately $532,000, which represents 7.7% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2018.
See Notes to Financial Statements
99
Schedule of Investments International Small Cap Fund (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Commercial Services & Supplies | $ | 781 | 11.4 | % | |||||||
Machinery | 736 | 10.7 | % | ||||||||
Chemicals | 563 | 8.2 | % | ||||||||
Electronic Equipment, Instruments & Components | 509 | 7.4 | % | ||||||||
Real Estate Management & Development | 388 | 5.7 | % | ||||||||
Auto Components | 342 | 5.0 | % | ||||||||
Food Products | 339 | 4.9 | % | ||||||||
Pharmaceuticals | 324 | 4.7 | % | ||||||||
Trading Companies & Distributors | 291 | 4.2 | % | ||||||||
Life Sciences Tools & Services | 181 | 2.6 | % | ||||||||
Construction & Engineering | 181 | 2.6 | % | ||||||||
Professional Services | 173 | 2.5 | % | ||||||||
Building Products | 166 | 2.4 | % | ||||||||
Capital Markets | 166 | 2.4 | % | ||||||||
Software | 164 | 2.4 | % | ||||||||
Banks | 160 | 2.3 | % | ||||||||
Insurance | 137 | 2.0 | % | ||||||||
Leisure Products | 137 | 2.0 | % | ||||||||
Beverages | 111 | 1.6 | % | ||||||||
Communications Equipment | 107 | 1.6 | % | ||||||||
Marine | 96 | 1.4 | % | ||||||||
Health Care Providers & Services | 85 | 1.2 | % | ||||||||
Specialty Retail | 70 | 1.0 | % | ||||||||
Semiconductors & Semiconductor Equipment | 68 | 1.0 | % | ||||||||
Personal Products | 65 | 1.0 | % | ||||||||
Internet & Direct Marketing Retail | 58 | 0.8 | % | ||||||||
Aerospace & Defense | 58 | 0.8 | % | ||||||||
Equity Real Estate Investment Trusts | 50 | 0.7 | % | ||||||||
Energy Equipment & Services | 45 | 0.7 | % | ||||||||
Household Products | 31 | 0.5 | % | ||||||||
Oil, Gas & Consumable Fuels | 15 | 0.2 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 281 | 4.1 | % | ||||||||
$ | 6,878 | 100.0 | % |
See Notes to Financial Statements
100
Schedule of Investments International Small Cap Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | — | $ | 137 | $ | — | $ | 137 | |||||||||||
Austria | — | 45 | — | 45 | |||||||||||||||
Belgium | — | 65 | — | 65 | |||||||||||||||
Denmark | — | 251 | — | 251 | |||||||||||||||
Finland | — | 86 | — | 86 | |||||||||||||||
France | — | 125 | — | 125 | |||||||||||||||
Germany | 50 | 432 | — | 482 | |||||||||||||||
Ireland | 70 | 53 | — | 123 | |||||||||||||||
Italy | — | 71 | — | 71 | |||||||||||||||
Japan | — | 1,732 | — | 1,732 | |||||||||||||||
Luxembourg | — | 64 | — | 64 | |||||||||||||||
Netherlands | 111 | 157 | — | 268 | |||||||||||||||
Spain | — | 96 | — | 96 | |||||||||||||||
Sweden | 29 | 321 | — | 350 | |||||||||||||||
Switzerland | 48 | 993 | — | 1,041 | |||||||||||||||
United Kingdom | 884 | 181 | — | 1,065 | |||||||||||||||
Other Common Stocks(a) | 596 | — | — | 596 | |||||||||||||||
Total Common Stocks | 1,788 | 4,809 | — | 6,597 | |||||||||||||||
Short-Term Investments | — | 447 | — | 447 | |||||||||||||||
Total Investments | $ | 1,788 | $ | 5,256 | $ | — | $ | 7,044 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $998,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
101
Schedule of Investments Intrinsic Value Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.7% | |||||||||||
Aerospace & Defense 7.2% | |||||||||||
Aerovironment, Inc.* | 108,173 | $ | 5,378 | ||||||||
KEYW Holding Corp.* | 1,074,406 | 8,069 | |||||||||
Mercury Systems, Inc.* | 192,347 | 8,842 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 160,890 | 14,688 | |||||||||
Teledyne Technologies, Inc.* | 43,152 | 8,024 | |||||||||
Textron, Inc. | 210,839 | 12,619 | |||||||||
57,620 | |||||||||||
Banks 6.3% | |||||||||||
BankUnited, Inc. | 209,904 | 8,442 | |||||||||
Comerica, Inc. | 117,774 | 11,450 | |||||||||
Huntington Bancshares, Inc. | 712,330 | 11,184 | |||||||||
TCF Financial Corp. | 483,300 | 10,778 | |||||||||
Texas Capital Bancshares, Inc.* | 96,900 | 8,740 | |||||||||
50,594 | |||||||||||
Capital Markets 0.0%(a) | |||||||||||
Alimco Financial Corp.* | 7,937 | 99 | |||||||||
Commercial Services & Supplies 2.1% | |||||||||||
Clean Harbors, Inc.* | 190,714 | 9,522 | |||||||||
Covanta Holding Corp. | 508,700 | 7,605 | |||||||||
17,127 | |||||||||||
Communications Equipment 9.0% | |||||||||||
ARRIS International PLC* | 566,669 | 14,450 | |||||||||
Ciena Corp.* | 1,283,583 | 29,741 | |||||||||
Infinera Corp.* | 1,346,100 | 13,394 | |||||||||
Mitel Networks Corp.* | 424,800 | 3,475 | |||||||||
Ribbon Communications, Inc.* | 755,099 | 4,893 | |||||||||
Viavi Solutions, Inc.* | 683,200 | 6,572 | |||||||||
72,525 | |||||||||||
Construction & Engineering 1.9% | |||||||||||
KBR, Inc. | 643,100 | 9,737 | |||||||||
Valmont Industries, Inc. | 36,200 | 5,325 | |||||||||
15,062 |
Number of Shares | Value (000's) | ||||||||||
Containers & Packaging 4.4% | |||||||||||
Avery Dennison Corp. | 178,336 | $ | 21,071 | ||||||||
Crown Holdings, Inc.* | 293,326 | 14,619 | |||||||||
35,690 | |||||||||||
Electrical Equipment 0.5% | |||||||||||
Babcock & Wilcox Enterprises, Inc.* | 661,300 | 4,206 | |||||||||
Electronic Equipment, Instruments & Components 3.9% | |||||||||||
II-VI, Inc.* | 112,530 | 4,332 | |||||||||
Itron, Inc.* | 127,831 | 8,948 | |||||||||
Maxwell Technologies, Inc.* | 624,800 | 3,555 | |||||||||
OSI Systems, Inc.* | 98,900 | 6,245 | |||||||||
VeriFone Systems, Inc.* | 509,290 | 8,454 | |||||||||
31,534 | |||||||||||
Energy Equipment & Services 0.8% | |||||||||||
ION Geophysical Corp.* | 44,031 | 1,237 | |||||||||
McDermott International, Inc.* | 345,700 | 2,524 | |||||||||
TETRA Technologies, Inc.* | 820,292 | 2,978 | |||||||||
6,739 | |||||||||||
Equity Real Estate Investment Trusts 1.3% | |||||||||||
InfraREIT, Inc. | 276,000 | 5,145 | |||||||||
Uniti Group, Inc. | 319,500 | 4,904 | |||||||||
10,049 | |||||||||||
Food Products 1.0% | |||||||||||
Hain Celestial Group, Inc.* | 54,800 | 1,906 | |||||||||
TreeHouse Foods, Inc.* | 163,600 | 6,220 | |||||||||
8,126 | |||||||||||
Health Care Equipment & Supplies 3.5% | |||||||||||
Accuray, Inc.* | 1,548,639 | 8,595 | |||||||||
Analogic Corp. | 106,735 | 8,912 | |||||||||
AtriCure, Inc.* | 265,600 | 4,693 | |||||||||
Haemonetics Corp.* | 86,500 | 6,133 | |||||||||
28,333 |
Number of Shares | Value (000's) | ||||||||||
Health Care Providers & Services 3.3% | |||||||||||
Acadia Healthcare Co., Inc.* | 242,000 | $ | 9,220 | ||||||||
Envision Healthcare Corp.* | 233,800 | 9,001 | |||||||||
Molina Healthcare, Inc.* | 110,761 | 8,008 | |||||||||
26,229 | |||||||||||
Health Care Technology 1.7% | |||||||||||
Allscripts Healthcare Solutions, Inc.* | 993,200 | 13,776 | |||||||||
Hotels, Restaurants & Leisure 0.9% | |||||||||||
SeaWorld Entertainment, Inc.* | 474,600 | 6,943 | |||||||||
Independent Power and Renewable Electricity Producers 4.2% | |||||||||||
Atlantic Power Corp.* | 2,428,135 | 5,099 | |||||||||
Dynegy, Inc.* | 645,800 | 7,898 | |||||||||
NRG Energy, Inc. | 425,000 | 10,991 | |||||||||
Ormat Technologies, Inc. | 157,741 | 9,871 | |||||||||
33,859 | |||||||||||
IT Services 5.6% | |||||||||||
Acxiom Corp.* | 496,000 | 13,575 | |||||||||
Conduent, Inc.* | 501,800 | 9,484 | |||||||||
CoreLogic, Inc.* | 375,625 | 17,091 | |||||||||
Unisys Corp.* | 440,600 | 4,935 | |||||||||
45,085 | |||||||||||
Life Sciences Tools & Services 5.2% | |||||||||||
Charles River Laboratories International, Inc.* | 199,571 | 21,276 | |||||||||
Fluidigm Corp.* | 1,548,659 | 10,485 | |||||||||
Luminex Corp. | 396,900 | 7,783 | |||||||||
NanoString Technologies, Inc.* | 349,000 | 2,237 | |||||||||
41,781 | |||||||||||
Machinery 4.0% | |||||||||||
Actuant Corp. Class A | 321,975 | 7,309 | |||||||||
Harsco Corp.* | 423,600 | 8,578 | |||||||||
ITT, Inc. | 162,600 | 8,159 | |||||||||
Manitowoc Co., Inc.* | 159,175 | 4,731 | |||||||||
Twin Disc, Inc.* | 156,574 | 3,745 | |||||||||
32,522 |
See Notes to Financial Statements
102
Schedule of Investments Intrinsic Value Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Marine 0.1% | |||||||||||
Danaos Corp.* | 491,159 | $ | 638 | ||||||||
Media 0.7% | |||||||||||
MSG Networks, Inc. Class A* | 227,253 | 5,545 | |||||||||
Metals & Mining 1.0% | |||||||||||
Cleveland-Cliffs, Inc.* | 1,178,300 | 8,283 | |||||||||
Pharmaceuticals 1.9% | |||||||||||
Impax Laboratories, Inc.* | 463,310 | 9,452 | |||||||||
Intersect ENT, Inc.* | 165,788 | 6,109 | |||||||||
15,561 | |||||||||||
Road & Rail 3.4% | |||||||||||
Avis Budget Group, Inc.* | 273,500 | 12,357 | |||||||||
Hertz Global Holdings, Inc.* | 311,600 | 5,668 | |||||||||
Ryder System, Inc. | 123,504 | 8,938 | |||||||||
26,963 | |||||||||||
Semiconductors & Semiconductor Equipment 9.3% | |||||||||||
CEVA, Inc.* | 142,800 | 5,248 | |||||||||
Cypress Semiconductor Corp. | 724,835 | 12,663 | |||||||||
FormFactor, Inc.* | 284,403 | 3,726 | |||||||||
Impinj, Inc.* | 161,500 | 2,057 | |||||||||
MACOM Technology Solutions Holdings, Inc.* | 438,293 | 9,353 | |||||||||
Mellanox Technologies Ltd.* | 279,550 | 19,233 | |||||||||
Rambus, Inc.* | 1,151,744 | 14,639 | |||||||||
Veeco Instruments, Inc.* | 428,100 | 7,770 | |||||||||
74,689 |
Number of Shares | Value (000's) | ||||||||||
Software 8.5% | |||||||||||
FireEye, Inc.* | 801,300 | $ | 13,294 | ||||||||
Nuance Communications, Inc.* | 990,600 | 15,909 | |||||||||
Seachange International, Inc.* | 706,667 | 2,176 | |||||||||
TiVo Corp. | 776,230 | 11,643 | |||||||||
VASCO Data Security International, Inc.* | 300,900 | 3,626 | |||||||||
Verint Systems, Inc.* | 560,761 | 21,814 | |||||||||
68,462 | |||||||||||
Specialty Retail 1.4% | |||||||||||
Express, Inc.* | 374,700 | 2,705 | |||||||||
New York & Co., Inc.* | 265,000 | 708 | |||||||||
Office Depot, Inc. | 1,251,567 | 3,292 | |||||||||
Party City Holdco, Inc.* | 287,090 | 4,148 | |||||||||
10,853 | |||||||||||
Technology Hardware, Storage & Peripherals 0.7% | |||||||||||
Diebold Nixdorf, Inc. | 308,900 | 4,850 | |||||||||
Quantum Corp.* | 202,875 | 742 | |||||||||
5,592 | |||||||||||
Textiles, Apparel & Luxury Goods 2.9% | |||||||||||
Crocs, Inc.* | 426,300 | 5,218 | |||||||||
Deckers Outdoor Corp.* | 161,000 | 15,228 | |||||||||
Under Armour, Inc. Class C* | 196,100 | 2,951 | |||||||||
23,397 | |||||||||||
Total Common Stocks (Cost $624,023) | 777,882 |
Number of Shares | Value (000's) | ||||||||||
Convertible Preferred Stocks 0.6% | |||||||||||
Independent Power and Renewable Electricity Producers 0.6% | |||||||||||
Dynegy, Inc., 7.00%, due 7/1/19 (Cost $5,627) | 57,900 | $ | 4,737 | ||||||||
Principal Amount | |||||||||||
Convertible Bonds 0.6% | |||||||||||
Electronic Equipment, Instruments & Components 0.6% | |||||||||||
Maxwell Technologies, Inc., 5.50%, due 9/15/22(b) (Cost $4,500) | $ | 4,500,000 | 5,035 | ||||||||
Number of Shares | |||||||||||
Short-Term Investments 2.1% | |||||||||||
Investment Companies 2.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(c) (Cost $16,750) | 16,750,412 | 16,750 | |||||||||
Total Investments 100.0% (Cost $650,900) | 804,404 | ||||||||||
Other Assets Less Liabilities 0.0%(a) | 294 | ||||||||||
Net Assets 100.0% | $ | 804,698 |
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At February 28, 2018, these securities amounted to approximately $5,035,000, which represents 0.6% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.
(c) Represents 7-day effective yield as of February 28, 2018.
See Notes to Financial Statements
103
Schedule of Investments Intrinsic Value Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 777,882 | $ | — | $ | — | $ | 777,882 | |||||||||||
Convertible Preferred Stocks(a) | 4,737 | — | — | 4,737 | |||||||||||||||
Convertible Bonds(a) | — | 5,035 | — | 5,035 | |||||||||||||||
Short-Term Investments | — | 16,750 | — | 16,750 | |||||||||||||||
Total Investments | $ | 782,619 | $ | 21,785 | $ | — | $ | 804,404 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
104
Schedule of Investments Large Cap Value Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.0% | |||||||||||
Aerospace & Defense 0.9% | |||||||||||
United Technologies Corp.(a) | 90,876 | $ | 12,245 | ||||||||
Airlines 1.8% | |||||||||||
Delta Air Lines, Inc. | 475,528 | 25,631 | |||||||||
Banks 10.3% | |||||||||||
Citigroup, Inc. | 413,020 | 31,179 | |||||||||
JPMorgan Chase & Co.(a) | 626,868 | 72,403 | |||||||||
M&T Bank Corp. | 157,580 | 29,915 | |||||||||
PNC Financial Services Group, Inc. | 98,175 | 15,478 | |||||||||
148,975 | |||||||||||
Building Products 0.8% | |||||||||||
Johnson Controls International PLC | 304,907 | 11,242 | |||||||||
Capital Markets 3.2% | |||||||||||
CME Group, Inc. | 149,292 | 24,807 | |||||||||
Goldman Sachs Group, Inc. | 80,433 | 21,148 | |||||||||
45,955 | |||||||||||
Chemicals 0.7% | |||||||||||
Nutrien Ltd.* | 67,116 | 3,305 | |||||||||
Praxair, Inc. | 42,548 | 6,372 | |||||||||
9,677 | |||||||||||
Communications Equipment 0.2% | |||||||||||
F5 Networks, Inc.* | 19,919 | 2,958 | |||||||||
Diversified Telecommunication Services 1.9% | |||||||||||
Verizon Communications, Inc. | 558,019 | 26,640 | |||||||||
Electric Utilities 7.8% | |||||||||||
American Electric Power Co., Inc. | 341,467 | 22,393 | |||||||||
Duke Energy Corp. | 194,896 | 14,684 | |||||||||
Entergy Corp. | 172,436 | 13,074 | |||||||||
Exelon Corp.(a) | 1,211,795 | 44,885 | |||||||||
FirstEnergy Corp. | 545,959 | 17,651 | |||||||||
112,687 |
Number of Shares | Value (000's) | ||||||||||
Food & Staples Retailing 4.2% | |||||||||||
Walmart, Inc. | 675,989 | $ | 60,846 | ||||||||
Food Products 6.8% | |||||||||||
Conagra Brands, Inc. | 385,015 | 13,910 | |||||||||
Kraft Heinz Co.(a) | 432,955 | 29,030 | |||||||||
Mondelez International, Inc. Class A | 1,253,237 | 55,017 | |||||||||
97,957 | |||||||||||
Health Care Equipment & Supplies 1.3% | |||||||||||
Abbott Laboratories(a) | 315,374 | 19,027 | |||||||||
Health Care Providers & Services 4.1% | |||||||||||
Express Scripts Holding Co.* | 314,944 | 23,762 | |||||||||
HCA Healthcare, Inc. | 172,142 | 17,085 | |||||||||
McKesson Corp. | 118,157 | 17,633 | |||||||||
58,480 | |||||||||||
Hotels, Restaurants & Leisure 4.5% | |||||||||||
Carnival Corp. | 967,993 | 64,768 | |||||||||
Household Durables 1.4% | |||||||||||
Whirlpool Corp. | 119,560 | 19,420 | |||||||||
Household Products 3.8% | |||||||||||
Procter & Gamble Co. | 705,517 | 55,397 | |||||||||
Industrial Conglomerates 1.4% | |||||||||||
3M Co.(a) | 49,525 | 11,664 | |||||||||
General Electric Co.(a) | 589,759 | 8,321 | |||||||||
19,985 | |||||||||||
Insurance 3.8% | |||||||||||
American International Group, Inc. | 282,799 | 16,216 | |||||||||
Athene Holding Ltd. Class A* | 699,729 | 33,034 | |||||||||
MetLife, Inc. | 110,529 | 5,105 | |||||||||
54,355 | |||||||||||
Metals & Mining 6.0% | |||||||||||
Newmont Mining Corp. | 1,941,243 | 74,155 | |||||||||
United States Steel Corp. | 290,915 | 12,658 | |||||||||
86,813 |
Number of Shares | Value (000's) | ||||||||||
Multi-Utilities 2.4% | |||||||||||
DTE Energy Co. | 269,503 | $ | 27,160 | ||||||||
Sempra Energy | 67,743 | 7,383 | |||||||||
34,543 | |||||||||||
Multiline Retail 4.3% | |||||||||||
Kohl's Corp. | 182,718 | 12,076 | |||||||||
Macy's, Inc. | 499,245 | 14,683 | |||||||||
Nordstrom, Inc. | 690,354 | 35,422 | |||||||||
62,181 | |||||||||||
Oil, Gas & Consumable Fuels 7.8% | |||||||||||
Cabot Oil & Gas Corp. | 1,439,707 | 34,783 | |||||||||
Exxon Mobil Corp. | 827,077 | 62,643 | |||||||||
Phillips 66 | 166,738 | 15,068 | |||||||||
112,494 | |||||||||||
Personal Products 0.8% | |||||||||||
Estee Lauder Cos., Inc. Class A | 82,514 | 11,423 | |||||||||
Pharmaceuticals 9.2% | |||||||||||
Eli Lilly & Co. | 74,530 | 5,740 | |||||||||
Johnson & Johnson | 320,445 | 41,620 | |||||||||
Mylan NV* | 318,594 | 12,846 | |||||||||
Pfizer, Inc. | 1,990,444 | 72,273 | |||||||||
132,479 | |||||||||||
Semiconductors & Semiconductor Equipment 1.5% | |||||||||||
NXP Semiconductors NV* | 177,950 | 22,183 | |||||||||
Software 1.0% | |||||||||||
Microsoft Corp. | 155,996 | 14,628 | |||||||||
Specialty Retail 1.2% | |||||||||||
Tiffany & Co. | 169,028 | 17,079 | |||||||||
Textiles, Apparel & Luxury Goods 3.9% | |||||||||||
lululemon Athletica, Inc.* | 269,011 | 21,817 | |||||||||
Ralph Lauren Corp. | 133,190 | 14,097 | |||||||||
VF Corp. | 272,316 | 20,306 | |||||||||
56,220 | |||||||||||
Total Common Stocks (Cost $1,263,842) | 1,396,288 |
See Notes to Financial Statements
105
Schedule of Investments Large Cap Value Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 7.8% | |||||||||||
Investment Companies 7.8% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(b) (Cost $112,671) | 112,670,665 | $ | 112,671 | ||||||||
Total Investments 104.8% (Cost $1,376,513) | 1,508,959 | ||||||||||
Liabilities Less Other Assets (4.8)%(c) | (68,697 | ) | |||||||||
Net Assets 100.0% | $ | 1,440,262 |
* 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 February 28, 2018.
(c) Includes the impact of the Fund's open positions in derivatives at February 28, 2018.
Written option contracts ("options written")
At February 28, 2018, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls | |||||||||||||||||||||||
Airlines | |||||||||||||||||||||||
Delta Air Lines, Inc. | 2,165 | $ | (11,669,350 | ) | $ | 50 | 3/2/2018 | $ | (849,763 | ) | |||||||||||||
Household Products | |||||||||||||||||||||||
Procter & Gamble Co. | 830 | (6,517,160 | ) | 77 | 3/2/2018 | (136,535 | ) | ||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||
Exxon Mobil Corp. | 2,850 | (21,585,900 | ) | 75 | 3/2/2018 | (310,650 | ) | ||||||||||||||||
Total options written (premium received $1,602,708) | $ | (1,296,948 | ) |
For the six months ended February 28, 2018, the Fund had an average market value of $(5,106,227) in options written. At February 28, 2018, the Fund had securities pledged in the amount of $48,296,604 to cover collateral requirements for options written.
See Notes to Financial Statements
106
Schedule of Investments Large Cap Value Fund (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,396,288 | $ | — | $ | — | $ | 1,396,288 | |||||||||||
Short-Term Investments | — | 112,671 | — | 112,671 | |||||||||||||||
Total Investments | $ | 1,396,288 | $ | 112,671 | $ | — | $ | 1,508,959 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's derivatives as of February 28, 2018:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (1,297 | ) | $ | — | $ | — | $ | (1,297 | ) | |||||||||
Total | $ | (1,297 | ) | $ | — | $ | — | $ | (1,297 | ) |
(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 9/1/2017 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 2/28/2018 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2018 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Options Written(b) Calls Technology Hardware, Storage & Peripherals | $ | (0 | ) | $ | — | $ | 217 | $ | (217 | ) | $ | 0 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Total | $ | (0 | ) | $ | — | $ | 217 | $ | (217 | ) | $ | 0 | $ | — | $ | — | $ | — | $ | — | $ | — |
(b) At the beginning of the period, these investments were valued using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2018.
See Notes to Financial Statements
107
Schedule of Investments Mid Cap Growth Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 95.3% | |||||||||||
Aerospace & Defense 1.7% | |||||||||||
Harris Corp. | 97,500 | $ | 15,225 | ||||||||
KLX, Inc.* | 100,000 | 6,768 | |||||||||
21,993 | |||||||||||
Auto Components 1.5% | |||||||||||
Aptiv PLC | 145,000 | 13,243 | |||||||||
Delphi Technologies PLC | 128,333 | 6,128 | |||||||||
19,371 | |||||||||||
Automobiles 1.0% | |||||||||||
Thor Industries, Inc. | 100,000 | 12,900 | |||||||||
Banks 3.0% | |||||||||||
Comerica, Inc. | 100,000 | 9,722 | |||||||||
East West Bancorp, Inc. | 155,000 | 10,160 | |||||||||
SVB Financial Group* | 77,500 | 19,296 | |||||||||
39,178 | |||||||||||
Biotechnology 5.0% | |||||||||||
Agios Pharmaceuticals, Inc.* | 80,000 | 6,431 | |||||||||
Array BioPharma, Inc.* | 475,000 | 8,227 | |||||||||
BioMarin Pharmaceutical, Inc.* | 100,000 | 8,117 | |||||||||
Bluebird Bio, Inc.* | 32,500 | 6,533 | |||||||||
Exelixis, Inc.* | 300,000 | 7,740 | |||||||||
Incyte Corp.* | 75,000 | 6,387 | |||||||||
Neurocrine Biosciences, Inc.* | 210,000 | 17,730 | |||||||||
TESARO, Inc.* | 85,000 | 4,695 | |||||||||
65,860 | |||||||||||
Capital Markets 3.7% | |||||||||||
Affiliated Managers Group, Inc. | 62,500 | 11,835 | |||||||||
Cboe Global Markets, Inc. | 125,000 | 14,001 | |||||||||
MarketAxess Holdings, Inc. | 35,000 | 7,084 | |||||||||
Raymond James Financial, Inc. | 180,000 | 16,688 | |||||||||
49,608 |
Number of Shares | Value (000's) | ||||||||||
Chemicals 1.5% | |||||||||||
Chemours Co. | 240,000 | $ | 11,402 | ||||||||
Scotts Miracle-Gro Co. | 100,000 | 8,984 | |||||||||
20,386 | |||||||||||
Commercial Services & Supplies 3.5% | |||||||||||
Brink's Co. | 177,500 | 13,046 | |||||||||
Cintas Corp. | 100,000 | 17,066 | |||||||||
Waste Connections, Inc. | 225,000 | 15,926 | |||||||||
46,038 | |||||||||||
Communications Equipment 2.2% | |||||||||||
Arista Networks, Inc.* | 45,000 | 12,138 | |||||||||
Motorola Solutions, Inc. | 160,000 | 16,984 | |||||||||
29,122 | |||||||||||
Containers & Packaging 0.9% | |||||||||||
Packaging Corp. of America | 105,000 | 12,516 | |||||||||
Distributors 1.1% | |||||||||||
LKQ Corp.* | 360,000 | 14,213 | |||||||||
Diversified Consumer Services 2.2% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 162,000 | 15,482 | |||||||||
Service Corp. International | 350,000 | 13,101 | |||||||||
28,583 | |||||||||||
Electrical Equipment 2.0% | |||||||||||
AMETEK, Inc. | 225,000 | 17,041 | |||||||||
Rockwell Automation, Inc. | 55,000 | 9,944 | |||||||||
26,985 | |||||||||||
Electronic Equipment, Instruments & Components 5.9% | |||||||||||
Amphenol Corp. Class A | 209,500 | 19,146 | |||||||||
CDW Corp. | 282,500 | 20,603 | |||||||||
Cognex Corp. | 215,000 | 11,548 | |||||||||
Trimble, Inc.* | 375,000 | 14,224 | |||||||||
Universal Display Corp. | 102,500 | 13,304 | |||||||||
78,825 |
Number of Shares | Value (000's) | ||||||||||
Equity Real Estate Investment Trust 0.6% | |||||||||||
CyrusOne, Inc. | 150,000 | $ | 7,485 | ||||||||
Food Products 1.5% | |||||||||||
Lamb Weston Holdings, Inc. | 130,000 | 7,032 | |||||||||
Pinnacle Foods, Inc. | 235,000 | 12,680 | |||||||||
19,712 | |||||||||||
Health Care Equipment & Supplies 4.6% | |||||||||||
ABIOMED, Inc.* | 52,500 | 14,079 | |||||||||
Align Technology, Inc.* | 30,000 | 7,876 | |||||||||
Edwards Lifesciences Corp.* | 80,000 | 10,694 | |||||||||
Hill-Rom Holdings, Inc. | 135,000 | 11,294 | |||||||||
Merit Medical Systems, Inc.* | 203,000 | 9,236 | |||||||||
Nevro Corp.* | 100,000 | 8,112 | |||||||||
61,291 | |||||||||||
Health Care Providers & Services 1.8% | |||||||||||
DaVita, Inc.* | 100,000 | 7,202 | |||||||||
Encompass Health Corp. | 150,000 | 7,989 | |||||||||
Tivity Health, Inc.* | 215,000 | 8,288 | |||||||||
23,479 | |||||||||||
Health Care Technology 0.9% | |||||||||||
Veeva Systems, Inc. Class A* | 165,000 | 11,501 | |||||||||
Hotels, Restaurants & Leisure 3.4% | |||||||||||
Aramark | 300,000 | 12,513 | |||||||||
MGM Resorts International | 375,000 | 12,836 | |||||||||
Red Rock Resorts, Inc. Class A | 225,000 | 7,538 | |||||||||
Vail Resorts, Inc. | 60,000 | 12,352 | |||||||||
45,239 | |||||||||||
Industrial Conglomerates 1.7% | |||||||||||
Roper Technologies, Inc. | 80,000 | 22,007 | |||||||||
Insurance 0.6% | |||||||||||
Assurant, Inc. | 100,000 | 8,547 |
See Notes to Financial Statements
108
Schedule of Investments Mid Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Internet Software & Services 2.6% | |||||||||||
LogMeIn, Inc. | 110,000 | $ | 12,710 | ||||||||
MercadoLibre, Inc. | 45,000 | 17,459 | |||||||||
Nutanix, Inc. Class A* | 125,000 | 4,556 | |||||||||
34,725 | |||||||||||
IT Services 5.4% | |||||||||||
DXC Technology Co. | 140,000 | 14,356 | |||||||||
Euronet Worldwide, Inc.* | 150,000 | 12,730 | |||||||||
Global Payments, Inc. | 190,000 | 21,544 | |||||||||
Square, Inc. Class A* | 300,000 | 13,815 | |||||||||
Total System Services, Inc. | 100,000 | 8,795 | |||||||||
71,240 | |||||||||||
Life Sciences Tools & Services 2.5% | |||||||||||
Bio-Rad Laboratories, Inc. Class A* | 72,500 | 19,578 | |||||||||
PRA Health Sciences, Inc.* | 161,000 | 13,524 | |||||||||
33,102 | |||||||||||
Machinery 5.6% | |||||||||||
Fortive Corp. | 215,000 | 16,512 | |||||||||
Gardner Denver Holdings, Inc.* | 350,000 | 11,204 | |||||||||
IDEX Corp. | 130,000 | 17,784 | |||||||||
John Bean Technologies Corp. | 28,100 | 3,112 | |||||||||
Milacron Holdings Corp.* | 449,700 | 9,637 | |||||||||
Stanley Black & Decker, Inc. | 100,000 | 15,919 | |||||||||
74,168 | |||||||||||
Multiline Retail 0.9% | |||||||||||
Dollar Tree, Inc.* | 120,000 | 12,317 | |||||||||
Oil, Gas & Consumable Fuels 2.9% | |||||||||||
Concho Resources, Inc.* | 100,000 | 15,080 | |||||||||
Devon Energy Corp. | 225,000 | 6,901 | |||||||||
Diamondback Energy, Inc.* | 127,500 | 15,891 | |||||||||
37,872 |
Number of Shares | Value (000's) | ||||||||||
Pharmaceuticals 4.0% | |||||||||||
Aerie Pharmaceuticals, Inc.* | 175,000 | $ | 8,951 | ||||||||
Jazz Pharmaceuticals PLC* | 67,500 | 9,774 | |||||||||
Nektar Therapeutics* | 110,000 | 9,522 | |||||||||
Zoetis, Inc. | 300,000 | 24,258 | |||||||||
52,505 | |||||||||||
Professional Services 2.5% | |||||||||||
CoStar Group, Inc.* | 82,500 | 28,226 | |||||||||
WageWorks, Inc.* | 86,600 | 4,542 | |||||||||
32,768 | |||||||||||
Road & Rail 1.9% | |||||||||||
J.B. Hunt Transport Services, Inc. | 100,000 | 11,857 | |||||||||
Old Dominion Freight Line, Inc. | 95,000 | 13,197 | |||||||||
25,054 | |||||||||||
Semiconductors & Semiconductor Equipment 4.2% | |||||||||||
Lam Research Corp. | 102,500 | 19,666 | |||||||||
Microchip Technology, Inc. | 190,000 | 16,897 | |||||||||
Monolithic Power Systems, Inc. | 162,500 | 19,022 | |||||||||
55,585 | |||||||||||
Software 7.5% | |||||||||||
Autodesk, Inc.* | 117,500 | 13,803 | |||||||||
Electronic Arts, Inc.* | 105,000 | 12,989 | |||||||||
Proofpoint, Inc.* | 177,500 | 19,023 | |||||||||
ServiceNow, Inc.* | 135,000 | 21,736 | |||||||||
Take-Two Interactive Software, Inc.* | 207,500 | 23,213 | |||||||||
Tyler Technologies, Inc.* | 40,000 | 8,124 | |||||||||
98,888 | |||||||||||
Specialty Retail 4.0% | |||||||||||
Burlington Stores, Inc.* | 140,000 | 17,169 |
Number of Shares | Value (000's) | ||||||||||
Five Below, Inc.* | 200,000 | $ | 13,370 | ||||||||
Hudson Ltd. Class A* | 300,000 | 4,683 | |||||||||
Ross Stores, Inc. | 230,000 | 17,961 | |||||||||
53,183 | |||||||||||
Trading Companies & Distributors 1.0% | |||||||||||
United Rentals, Inc.* | 80,000 | 14,007 | |||||||||
Total Common Stocks (Cost $893,082) | 1,260,253 | ||||||||||
Exchange Traded Funds 1.0% | |||||||||||
iShares Russell Mid-Cap Growth ETF (Cost $12,481) | 110,000 | 13,572 | |||||||||
Short-Term Investments 3.9% | |||||||||||
Investment Companies 3.9% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(a) (Cost $51,922) | 51,921,734 | 51,922 | |||||||||
Total Investments 100.2% (Cost $957,485) | 1,325,747 | ||||||||||
Liabilities Less Other Assets (0.2)% | (2,779 | ) | |||||||||
Net Assets 100.0% | $ | 1,322,968 |
See Notes to Financial Statements
109
Schedule of Investments Mid Cap Growth Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,260,253 | $ | — | $ | — | $ | 1,260,253 | |||||||||||
Exchange Traded Funds | 13,572 | — | — | 13,572 | |||||||||||||||
Short-Term Investments | — | 51,922 | — | 51,922 | |||||||||||||||
Total Investments | $ | 1,273,825 | $ | 51,922 | $ | — | $ | 1,325,747 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
110
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.2% | |||||||||||
Aerospace & Defense 7.2% | |||||||||||
General Dynamics Corp. | 17,850 | $ | 3,971 | ||||||||
Hexcel Corp. | 19,000 | 1,278 | |||||||||
Orbital ATK, Inc. | 11,300 | 1,492 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 15,700 | 1,433 | |||||||||
8,174 | |||||||||||
Airlines 2.4% | |||||||||||
American Airlines Group, Inc. | 50,200 | 2,723 | |||||||||
Banks 7.9% | |||||||||||
BankUnited, Inc. | 92,300 | 3,712 | |||||||||
BB&T Corp. | 34,700 | 1,886 | |||||||||
Comerica, Inc. | 23,200 | 2,256 | |||||||||
KeyCorp | 54,200 | 1,145 | |||||||||
8,999 | |||||||||||
Beverages 1.0% | |||||||||||
Molson Coors Brewing Co. Class B | 14,900 | 1,136 | |||||||||
Building Products 2.5% | |||||||||||
Johnson Controls International PLC | 78,308 | 2,887 | |||||||||
Capital Markets 1.8% | |||||||||||
State Street Corp. | 19,700 | 2,091 | |||||||||
Chemicals 3.3% | |||||||||||
Ashland Global Holdings, Inc. | 23,100 | 1,636 | |||||||||
Valvoline, Inc. | 90,804 | 2,080 | |||||||||
3,716 | |||||||||||
Commercial Services & Supplies 2.0% | |||||||||||
Covanta Holding Corp. | 154,600 | 2,311 | |||||||||
Communications Equipment 1.6% | |||||||||||
Ciena Corp.* | 76,500 | 1,773 | |||||||||
Construction & Engineering 1.8% | |||||||||||
Valmont Industries, Inc. | 13,500 | 1,986 | |||||||||
Electric Utilities 1.5% | |||||||||||
Edison International | 28,000 | 1,697 | |||||||||
Electrical Equipment 1.0% | |||||||||||
Acuity Brands, Inc. | 7,700 | 1,098 | |||||||||
Electronic Equipment, Instruments & Components 2.7% | |||||||||||
Flex Ltd.* | 102,200 | 1,850 | |||||||||
Itron, Inc.* | 17,600 | 1,232 | |||||||||
3,082 |
Number of Shares | Value (000's) | ||||||||||
Equity Real Estate Investment Trusts 2.6% | |||||||||||
CoreCivic, Inc. | 74,300 | $ | 1,545 | ||||||||
Invitation Homes, Inc. | 66,100 | 1,438 | |||||||||
2,983 | |||||||||||
Food Products 3.2% | |||||||||||
Hain Celestial Group, Inc.* | 50,300 | 1,749 | |||||||||
TreeHouse Foods, Inc.* | 48,700 | 1,852 | |||||||||
3,601 | |||||||||||
Health Care Equipment & Supplies 3.1% | |||||||||||
Zimmer Biomet Holdings, Inc. | 30,100 | 3,499 | |||||||||
Health Care Providers & Services 4.8% | |||||||||||
Envision Healthcare Corp.* | 88,200 | 3,396 | |||||||||
Molina Healthcare, Inc.* | 27,800 | 2,010 | |||||||||
5,406 | |||||||||||
Hotels, Restaurants & Leisure 1.8% | |||||||||||
SeaWorld Entertainment, Inc.* | 75,800 | 1,109 | |||||||||
Wyndham Worldwide Corp. | 8,100 | 938 | |||||||||
2,047 | |||||||||||
Household Durables 1.8% | |||||||||||
Whirlpool Corp. | 12,300 | 1,998 | |||||||||
Independent Power and Renewable Electricity Producers 2.0% | |||||||||||
AES Corp. | 211,900 | 2,303 | |||||||||
IT Services 4.0% | |||||||||||
Amdocs Ltd. | 16,400 | 1,079 | |||||||||
Conduent, Inc.* | 102,100 | 1,930 | |||||||||
Teradata Corp.* | 43,100 | 1,587 | |||||||||
4,596 | |||||||||||
Media 3.7% | |||||||||||
CBS Corp. Class B | 19,600 | 1,038 | |||||||||
Lions Gate Entertainment Corp. Class A* | 24,600 | 695 | |||||||||
Lions Gate Entertainment Corp. Class B* | 24,600 | 660 | |||||||||
MSG Networks, Inc. Class A* | 75,400 | 1,840 | |||||||||
4,233 | |||||||||||
Mortgage Real Estate Investment 2.3% | |||||||||||
Starwood Property Trust, Inc. | 128,800 | 2,608 |
Number of Shares | Value (000's) | ||||||||||
Multi-Utilities 1.9% | |||||||||||
CenterPoint Energy, Inc. | 78,800 | $ | 2,132 | ||||||||
Multiline Retail 2.4% | |||||||||||
Macy's, Inc. | 94,400 | 2,776 | |||||||||
Oil, Gas & Consumable Fuels 6.2% | |||||||||||
Cabot Oil & Gas Corp. | 90,900 | 2,196 | |||||||||
Devon Energy Corp. | 35,900 | 1,101 | |||||||||
ONEOK, Inc. | 40,400 | 2,276 | |||||||||
Williams Cos., Inc. | 54,800 | 1,521 | |||||||||
7,094 | |||||||||||
Pharmaceuticals 3.3% | |||||||||||
Perrigo Co. PLC | 30,100 | 2,452 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 68,900 | 1,290 | |||||||||
3,742 | |||||||||||
Semiconductors & Semiconductor Equipment 3.4% | |||||||||||
ON Semiconductor Corp.* | 94,000 | 2,248 | |||||||||
Skyworks Solutions, Inc. | 14,700 | 1,606 | |||||||||
3,854 | |||||||||||
Software 4.5% | |||||||||||
Check Point Software Technologies Ltd.* | 26,100 | 2,712 | |||||||||
Nuance Communications, Inc.* | 147,400 | 2,367 | |||||||||
5,079 | |||||||||||
Specialty Retail 2.1% | |||||||||||
Best Buy Co., Inc. | 16,000 | 1,159 | |||||||||
Party City Holdco, Inc.* | 83,700 | 1,209 | |||||||||
2,368 | |||||||||||
Technology Hardware, Storage & Peripherals 3.3% | |||||||||||
Western Digital Corp. | 43,236 | 3,763 | |||||||||
Trading Companies & Distributors 3.1% | |||||||||||
AerCap Holdings NV* | 71,900 | 3,567 | |||||||||
Total Common Stocks (Cost $91,287) | 109,322 |
See Notes to Financial Statements
111
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Rights 0.0%(a) | |||||||||||
Food & Staples Retailing 0.0%(a) | |||||||||||
Safeway, Inc. (Property Development Centers)*(b)(c)(d) (Cost $1) | 21,100 | $ | 0 | ||||||||
Short-Term Investments 2.7% | |||||||||||
Investment Companies 2.7% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(e) (Cost $3,046) | 3,045,958 | 3,046 | |||||||||
Total Investments 98.9% (Cost $94,334) | 112,368 | ||||||||||
Other Assets Less Liabilities 1.1% | 1,227 | ||||||||||
Net Assets 100.0% | $ | 113,595 |
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) Value determined using significant unobservable inputs.
(c) Amount less than one thousand.
(d) Illiquid security.
(e) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(c) | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 109,322 | $ | — | $ | — | $ | 109,322 | |||||||||||
Rights(a) | — | — | 0 | (b) | 0 | (b) | |||||||||||||
Short-Term Investments | — | 3,046 | — | 3,046 | |||||||||||||||
Total Investments | $ | 109,322 | $ | 3,046 | $ | 0 | (b) | $ | 112,368 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
(b) Amount less than one thousand.
See Notes to Financial Statements
112
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) (cont'd)
(c) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
Beginning balance, as of 9/1/2017 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2018 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2018 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Rights(d) | |||||||||||||||||||||||||||||||||||||||||||
Food & Staples Retailing | $ | 11 | $ | — | $ | (1 | ) | $ | 10 | $ | — | $ | (20 | ) | $ | — | $ | — | $ | 0 | (e) | $ | 0 | (e) | |||||||||||||||||||
Total | $ | 11 | $ | — | $ | (1 | ) | $ | 10 | $ | — | $ | (20 | ) | $ | — | $ | — | $ | 0 | (e) | $ | 0 | (e) |
(d) As of the six months ended February 28, 2018, 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.
(e) Amount less than one thousand.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
113
Schedule of Investments Multi-Cap Opportunities Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.6% | |||||||||||
Aerospace & Defense 4.5% | |||||||||||
Boeing Co. | 134,000 | $ | 48,536 | ||||||||
Raytheon Co. | 175,000 | 38,064 | |||||||||
86,600 | |||||||||||
Banks 5.9% | |||||||||||
FCB Financial Holdings, Inc. Class A* | 235,000 | 12,608 | |||||||||
JPMorgan Chase & Co. | 880,000 | 101,640 | |||||||||
114,248 | |||||||||||
Building Products 1.1% | |||||||||||
Masonite International Corp.* | 360,000 | 21,978 | |||||||||
Capital Markets 12.4% | |||||||||||
Brookfield Asset Management, Inc. Class A | 700,000 | 27,104 | |||||||||
Charles Schwab Corp. | 1,100,000 | 58,322 | |||||||||
Goldman Sachs Group, Inc. | 340,000 | 89,396 | |||||||||
Intercontinental Exchange, Inc. | 875,000 | 63,945 | |||||||||
238,767 | |||||||||||
Chemicals 3.1% | |||||||||||
Methanex Corp. | 560,000 | 30,772 | |||||||||
Scotts Miracle-Gro Co. | 315,000 | 28,300 | |||||||||
59,072 | |||||||||||
Communications Equipment 7.5% | |||||||||||
Cisco Systems, Inc. | 1,410,000 | 63,140 | |||||||||
Motorola Solutions, Inc. | 770,000 | 81,735 | |||||||||
144,875 | |||||||||||
Construction Materials 1.8% | |||||||||||
Martin Marietta Materials, Inc. | 172,000 | 35,076 | |||||||||
Containers & Packaging 3.6% | |||||||||||
Ball Corp. | 910,000 | 36,355 | |||||||||
Sealed Air Corp. | 770,000 | 32,625 | |||||||||
68,980 |
Number of Shares | Value (000's) | ||||||||||
Diversified Financial Services 5.0% | |||||||||||
Berkshire Hathaway, Inc. Class B* | 465,000 | $ | 96,348 | ||||||||
Electrical Equipment 1.5% | |||||||||||
Rockwell Automation, Inc. | 160,000 | 28,928 | |||||||||
Energy Equipment & Services 0.6% | |||||||||||
Schlumberger Ltd. | 175,000 | 11,487 | |||||||||
Food & Staples Retailing 4.4% | |||||||||||
US Foods Holding Corp.* | 2,510,000 | 83,809 | |||||||||
Food Products 2.6% | |||||||||||
Hain Celestial Group, Inc.* | 450,000 | 15,651 | |||||||||
Mondelez International, Inc. Class A | 780,000 | 34,242 | |||||||||
49,893 | |||||||||||
Health Care Equipment & Supplies 1.6% | |||||||||||
Hill-Rom Holdings, Inc. | 365,000 | 30,536 | |||||||||
Health Care Providers & Services 6.6% | |||||||||||
Aetna, Inc. | 255,000 | 45,150 | |||||||||
HCA Healthcare, Inc. | 835,000 | 82,874 | |||||||||
128,024 | |||||||||||
Industrial Conglomerates 2.3% | |||||||||||
3M Co. | 190,000 | 44,747 | |||||||||
Insurance 3.3% | |||||||||||
Chubb Ltd. | 445,000 | 63,154 | |||||||||
Internet Software & Services 4.2% | |||||||||||
Alphabet, Inc. Class C* | 74,000 | 81,750 | |||||||||
IT Services 2.2% | |||||||||||
PayPal Holdings, Inc.* | 535,000 | 42,484 | |||||||||
Machinery 3.8% | |||||||||||
Stanley Black & Decker, Inc. | 455,000 | 72,432 |
Number of Shares | Value (000's) | ||||||||||
Oil, Gas & Consumable Fuels 3.5% | |||||||||||
Cabot Oil & Gas Corp. | 1,145,000 | $ | 27,663 | ||||||||
EOG Resources, Inc. | 400,000 | 40,568 | |||||||||
68,231 | |||||||||||
Pharmaceuticals 2.2% | |||||||||||
Pfizer, Inc. | 1,180,000 | 42,846 | |||||||||
Road & Rail 3.0% | |||||||||||
CSX Corp. | 1,060,000 | 56,943 | |||||||||
Semiconductors & Semiconductor Equipment 2.5% | |||||||||||
Analog Devices, Inc. | 535,000 | 48,230 | |||||||||
Software 4.6% | |||||||||||
Activision Blizzard, Inc. | 420,000 | 30,715 | |||||||||
Symantec Corp. | 2,190,000 | 57,575 | |||||||||
88,290 | |||||||||||
Technology Hardware, Storage & Peripherals 4.1% | |||||||||||
Apple, Inc. | 308,000 | 54,861 | |||||||||
NCR Corp.* | 740,000 | 24,420 | |||||||||
79,281 | |||||||||||
Textiles, Apparel & Luxury Goods 1.7% | |||||||||||
NIKE, Inc. Class B | 500,000 | 33,515 | |||||||||
Total Common Stocks (Cost $1,190,225) | 1,920,524 | ||||||||||
Short-Term Investments 0.3% | |||||||||||
Investment Companies 0.3% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(a) (Cost $6,321) | 6,320,943 | 6,321 | |||||||||
Total Investments 99.9% (Cost $1,196,546) | 1,926,845 | ||||||||||
Other Assets Less Liabilities 0.1% | 2,437 | ||||||||||
Net Assets 100.0% | $ | 1,929,282 |
See Notes to Financial Statements
114
Schedule of Investments Multi-Cap Opportunities Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,920,524 | $ | — | $ | — | $ | 1,920,524 | |||||||||||
Short-Term Investments | — | 6,321 | — | 6,321 | |||||||||||||||
Total Investments | $ | 1,920,524 | $ | 6,321 | $ | — | $ | 1,926,845 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
115
Schedule of Investments Real Estate Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.2% | |||||||||||
Apartments 12.0% | |||||||||||
Apartment Investment & Management Co. Class A | 227,250 | $ | 8,785 | ||||||||
Equity Residential | 358,859 | 20,179 | |||||||||
Essex Property Trust, Inc. | 61,775 | 13,827 | |||||||||
Mid-America Apartment Communities, Inc. | 127,297 | 10,925 | |||||||||
53,716 | |||||||||||
Data Centers 6.3% | |||||||||||
CoreSite Realty Corp. | 61,155 | 5,739 | |||||||||
Equinix, Inc. | 57,299 | 22,467 | |||||||||
28,206 | |||||||||||
Free Standing 1.4% | |||||||||||
National Retail Properties, Inc. | 172,971 | 6,441 | |||||||||
Health Care 6.9% | |||||||||||
Healthcare Trust of America, Inc. Class A | 311,325 | 7,736 | |||||||||
Ventas, Inc. | 234,780 | 11,345 | |||||||||
Welltower, Inc. | 229,615 | 12,055 | |||||||||
31,136 | |||||||||||
Hotels, Restaurants & Leisure 5.2% | |||||||||||
Hyatt Hotels Corp. Class A* | 75,659 | 5,846 | |||||||||
Marriott International, Inc. Class A | 124,540 | 17,586 | |||||||||
23,432 | |||||||||||
Industrial 8.3% | |||||||||||
DCT Industrial Trust, Inc. | 161,150 | 8,920 | |||||||||
Prologis, Inc. | 362,618 | 22,004 | |||||||||
Rexford Industrial Realty, Inc. | 226,749 | 6,122 | |||||||||
37,046 |
Number of Shares | Value (000's) | ||||||||||
Infrastructure 16.0% | |||||||||||
American Tower Corp. | 226,775 | $ | 31,597 | ||||||||
Crown Castle International Corp. | 236,546 | 26,034 | |||||||||
SBA Communications Corp.* | 90,322 | 14,205 | |||||||||
71,836 | |||||||||||
IT Services 1.6% | |||||||||||
InterXion Holding NV* | 125,783 | 7,082 | |||||||||
Manufactured Homes 2.2% | |||||||||||
Equity LifeStyle Properties, Inc. | 118,235 | 10,004 | |||||||||
Office 9.3% | |||||||||||
Alexandria Real Estate Equities, Inc. | 97,735 | 11,856 | |||||||||
Boston Properties, Inc. | 154,511 | 18,367 | |||||||||
Douglas Emmett, Inc. | 321,665 | 11,499 | |||||||||
41,722 | |||||||||||
Real Estate Management & Development 2.2% | |||||||||||
Brookfield Asset Management, Inc. Class A | 256,315 | 9,924 | |||||||||
Regional Malls 12.0% | |||||||||||
GGP, Inc. | 734,483 | 15,549 | |||||||||
Simon Property Group, Inc. | 197,098 | 30,257 | |||||||||
Taubman Centers, Inc. | 134,400 | 7,857 | |||||||||
53,663 |
Number of Shares | Value (000's) | ||||||||||
Self Storage 3.7% | |||||||||||
Extra Space Storage, Inc. | 139,581 | $ | 11,872 | ||||||||
Public Storage | 23,325 | 4,535 | |||||||||
16,407 | |||||||||||
Shopping Centers 3.6% | |||||||||||
Kimco Realty Corp. | 418,820 | 6,266 | |||||||||
Regency Centers Corp. | 171,062 | 9,940 | |||||||||
16,206 | |||||||||||
Single Family Homes 3.6% | |||||||||||
American Homes 4 Rent Class A | 395,325 | 7,586 | |||||||||
Invitation Homes, Inc. | 398,881 | 8,676 | |||||||||
16,262 | |||||||||||
Timber 3.9% | |||||||||||
Weyerhaeuser Co. | 495,149 | 17,345 | |||||||||
Total Common Stocks (Cost $437,876) | 440,428 | ||||||||||
Short-Term Investments 1.2% | |||||||||||
Investment Companies 1.2% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(a) (Cost $5,524) | 5,524,346 | 5,524 | |||||||||
Total Investments 99.4% (Cost $443,400) | 445,952 | ||||||||||
Other Assets Less Liabilities 0.6% | 2,526 | ||||||||||
Net Assets 100.0% | $ | 448,478 |
See Notes to Financial Statements
116
Schedule of Investments Real Estate Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 440,428 | $ | — | $ | — | $ | 440,428 | |||||||||||
Short-Term Investments | — | 5,524 | — | 5,524 | |||||||||||||||
Total Investments | $ | 440,428 | $ | 5,524 | $ | — | $ | 445,952 |
(a) The Schedule of Investments provides information on the sector categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
117
Schedule of Investments Small Cap Growth Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.1% | |||||||||||
Aerospace & Defense 4.4% | |||||||||||
HEICO Corp. Class A | 12,500 | $ | 906 | ||||||||
KLX, Inc.* | 13,000 | 880 | |||||||||
Mercury Systems, Inc.* | 11,000 | 506 | |||||||||
Teledyne Technologies, Inc.* | 7,000 | 1,301 | |||||||||
3,593 | |||||||||||
Banks 3.9% | |||||||||||
Pinnacle Financial Partners, Inc. | 15,181 | 980 | |||||||||
Seacoast Banking Corp. of Florida* | 48,500 | 1,272 | |||||||||
TCF Financial Corp. | 40,000 | 892 | |||||||||
3,144 | |||||||||||
Beverages 1.0% | |||||||||||
MGP Ingredients, Inc. | 9,700 | 814 | |||||||||
Biotechnology 15.3% | |||||||||||
Acceleron Pharma, Inc.* | 10,000 | 419 | |||||||||
Agios Pharmaceuticals, Inc.* | 12,000 | 965 | |||||||||
Albireo Pharma, Inc.* | 16,500 | 558 | |||||||||
Alder Biopharmaceuticals, Inc.* | 28,000 | 389 | |||||||||
Amicus Therapeutics, Inc.* | 24,000 | 330 | |||||||||
Arena Pharmaceuticals, Inc.* | 27,500 | 1,066 | |||||||||
Array BioPharma, Inc.* | 75,700 | 1,311 | |||||||||
Avexis, Inc.* | 4,000 | 495 | |||||||||
Blueprint Medicines Corp.* | 10,000 | 866 | |||||||||
Exact Sciences Corp.* | 11,500 | 513 | |||||||||
Fate Therapeutics, Inc.* | 133,250 | 1,501 | |||||||||
Global Blood Therapeutics, Inc.* | 15,300 | 897 | |||||||||
ImmunoGen, Inc.* | 83,000 | 922 | |||||||||
Loxo Oncology, Inc.* | 8,500 | 946 | |||||||||
Puma Biotechnology, Inc.* | 6,000 | 392 |
Number of Shares | Value (000's) | ||||||||||
Sage Therapeutics, Inc.* | 3,000 | $ | 484 | ||||||||
Sangamo Therapeutics, Inc.* | 13,000 | 311 | |||||||||
12,365 | |||||||||||
Chemicals 0.6% | |||||||||||
Ferro Corp.* | 24,000 | 513 | |||||||||
Commercial Services & Supplies 2.7% | |||||||||||
Brink's Co. | 16,000 | 1,176 | |||||||||
Healthcare Services Group, Inc. | 22,000 | 999 | |||||||||
2,175 | |||||||||||
Communications Equipment 2.6% | |||||||||||
Casa Systems, Inc.* | 25,000 | 569 | |||||||||
Lumentum Holdings, Inc.* | 25,600 | 1,562 | |||||||||
2,131 | |||||||||||
Consumer Finance 1.0% | |||||||||||
Green Dot Corp. Class A* | 12,500 | 814 | |||||||||
Containers & Packaging 0.8% | |||||||||||
Greif, Inc. Class A | 11,000 | 633 | |||||||||
Diversified Consumer Services 3.3% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 8,000 | 765 | |||||||||
Chegg, Inc.* | 46,000 | 916 | |||||||||
Grand Canyon Education, Inc.* | 10,000 | 981 | |||||||||
2,662 | |||||||||||
Electronic Equipment, Instruments & Components 3.5% | |||||||||||
Orbotech Ltd.* | 29,500 | 1,622 | |||||||||
Universal Display Corp. | 9,000 | 1,168 | |||||||||
2,790 | |||||||||||
Food & Staples Retailing 0.7% | |||||||||||
Performance Food Group Co.* | 19,000 | 582 | |||||||||
Health Care Equipment & Supplies 6.0% | |||||||||||
AxoGen, Inc.* | 65,000 | 1,898 | |||||||||
Insulet Corp.* | 5,000 | 375 | |||||||||
Invacare Corp. | 65,000 | 1,118 | |||||||||
iRhythm Technologies, Inc.* | 13,500 | 839 | |||||||||
Masimo Corp.* | 7,500 | 657 | |||||||||
4,887 |
Number of Shares | Value (000's) | ||||||||||
Health Care Providers & Services 1.0% | |||||||||||
Tivity Health, Inc.* | 21,500 | $ | 829 | ||||||||
Hotels, Restaurants & Leisure 5.7% | |||||||||||
Eldorado Resorts, Inc.* | 29,000 | 989 | |||||||||
Hilton Grand Vacations, Inc.* | 20,000 | 863 | |||||||||
Marcus Corp. | 25,000 | 675 | |||||||||
Planet Fitness, Inc. Class A* | 29,000 | 1,072 | |||||||||
Texas Roadhouse, Inc. | 19,000 | 1,050 | |||||||||
4,649 | |||||||||||
Household Durables 0.6% | |||||||||||
Cavco Industries, Inc.* | 3,000 | 477 | |||||||||
Insurance 1.2% | |||||||||||
Primerica, Inc. | 10,000 | 975 | |||||||||
Internet Software & Services 7.5% | |||||||||||
Hortonworks, Inc.* | 90,700 | 1,631 | |||||||||
Nutanix, Inc. Class A* | 48,800 | 1,779 | |||||||||
Okta, Inc.* | 30,500 | 1,177 | |||||||||
Q2 Holdings, Inc.* | 33,000 | 1,503 | |||||||||
6,090 | |||||||||||
IT Services 1.4% | |||||||||||
Euronet Worldwide, Inc.* | 13,000 | 1,103 | |||||||||
Life Sciences Tools & Services 3.0% | |||||||||||
Bio-Rad Laboratories, Inc. Class A* | 5,500 | 1,485 | |||||||||
Syneos Health, Inc.* | 22,000 | 922 | |||||||||
2,407 | |||||||||||
Machinery 5.5% | |||||||||||
Gardner Denver Holdings, Inc.* | 25,000 | 800 | |||||||||
Hyster-Yale Materials Handling, Inc. | 6,000 | 427 | |||||||||
John Bean Technologies Corp. | 10,500 | 1,163 | |||||||||
Meritor, Inc.* | 26,000 | 637 | |||||||||
Milacron Holdings Corp.* | 35,500 | 761 | |||||||||
Rexnord Corp.* | 24,000 | 696 | |||||||||
4,484 | |||||||||||
Marine 0.7% | |||||||||||
Kirby Corp.* | 8,000 | 600 | |||||||||
Media 0.5% | |||||||||||
Cable One, Inc. | 600 | 409 |
See Notes to Financial Statements
118
Schedule of Investments Small Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Multiline Retail 1.0% | |||||||||||
Ollie's Bargain Outlet Holdings, Inc.* | 13,500 | $ | 801 | ||||||||
Oil, Gas & Consumable Fuel 0.6% | |||||||||||
Matador Resources Co.* | 17,500 | 505 | |||||||||
Pharmaceuticals 3.3% | |||||||||||
Acer Therapeutics, Inc.* | 20,000 | 358 | |||||||||
Aclaris Therapeutics, Inc.* | 25,000 | 499 | |||||||||
Aerie Pharmaceuticals, Inc.* | 23,000 | 1,176 | |||||||||
Assembly Biosciences, Inc.* | 7,000 | 397 | |||||||||
Nektar Therapeutics* | 3,000 | 260 | |||||||||
2,690 | |||||||||||
Professional Services 0.3% | |||||||||||
WageWorks, Inc.* | 5,200 | 273 | |||||||||
Road & Rail 2.0% | |||||||||||
Genesee & Wyoming, Inc. Class A* | 11,000 | 765 | |||||||||
Saia, Inc.* | 12,000 | 872 | |||||||||
1,637 |
Number of Shares | Value (000's) | ||||||||||
Semiconductors & Semiconductor Equipment 4.6% | |||||||||||
MKS Instruments, Inc. | 14,800 | $ | 1,648 | ||||||||
Monolithic Power Systems, Inc. | 17,800 | 2,084 | |||||||||
3,732 | |||||||||||
Software 8.8% | |||||||||||
Descartes Systems Group, Inc.* | 43,500 | 1,151 | |||||||||
ForeScout Technologies, Inc.* | 34,400 | 1,024 | |||||||||
HubSpot, Inc.* | 13,500 | 1,499 | |||||||||
Proofpoint, Inc.* | 15,500 | 1,661 | |||||||||
RingCentral, Inc. Class A* | 28,000 | 1,754 | |||||||||
7,089 | |||||||||||
Specialty Retail 2.3% | |||||||||||
Burlington Stores, Inc.* | 5,000 | 613 | |||||||||
Five Below, Inc.* | 12,000 | 802 | |||||||||
Hudson Ltd. Class A* | 26,300 | 411 | |||||||||
1,826 | |||||||||||
Tobacco 0.9% | |||||||||||
Turning Point Brands, Inc. | 33,000 | 690 |
Number of Shares | Value (000's) | ||||||||||
Trading Companies & Distributors 1.4% | |||||||||||
Air Lease Corp. | 25,000 | $ | 1,092 | ||||||||
Total Common Stocks (Cost $65,799) | 79,461 | ||||||||||
Short-Term Investments 2.8% | |||||||||||
Investment Companies 2.8% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.30%(a) (Cost $2,225) | 2,225,384 | 2,225 | |||||||||
Total Investments 100.9% (Cost $68,024) | 81,686 | ||||||||||
Liabilities Less Other Assets (0.9)% | (726 | ) | |||||||||
Net Assets 100.0% | $ | 80,960 |
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 79,461 | $ | — | $ | — | $ | 79,461 | |||||||||||
Short-Term Investments | — | 2,225 | — | 2,225 | |||||||||||||||
Total Investments | $ | 79,461 | $ | 2,225 | $ | — | $ | 81,686 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
See Notes to Financial Statements
119
Schedule of Investments Socially Responsive Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.6% | |||||||||||
Airlines 2.4% | |||||||||||
Ryanair Holdings PLC ADR* | 459,279 | $ | 55,692 | ||||||||
Auto Components 3.6% | |||||||||||
Aptiv PLC | 904,218 | 82,582 | |||||||||
Banks 6.1% | |||||||||||
JPMorgan Chase & Co. | 664,751 | 76,779 | |||||||||
U.S. Bancorp | 1,206,871 | 65,605 | |||||||||
142,384 | |||||||||||
Capital Markets 3.7% | |||||||||||
Intercontinental Exchange, Inc. | 1,177,594 | 86,059 | |||||||||
Consumer Finance 2.4% | |||||||||||
American Express Co. | 577,261 | 56,289 | |||||||||
Energy Equipment & Services 2.5% | |||||||||||
Schlumberger Ltd. | 895,389 | 58,773 | |||||||||
Equity Real Estate Investment Trust 2.7% | |||||||||||
Weyerhaeuser Co. | 1,763,613 | 61,779 | |||||||||
Food & Staples Retailing 3.3% | |||||||||||
Kroger Co. | 2,789,303 | 75,646 | |||||||||
Health Care Equipment & Supplies 9.2% | |||||||||||
Becton, Dickinson & Co. | 349,165 | 77,522 | |||||||||
Danaher Corp. | 861,857 | 84,272 | |||||||||
Medtronic PLC | 647,096 | 51,697 | |||||||||
213,491 | |||||||||||
Health Care Providers & Services 5.1% | |||||||||||
AmerisourceBergen Corp. | 883,116 | 84,038 | |||||||||
Premier, Inc. Class A* | 1,040,307 | 34,486 | |||||||||
118,524 | |||||||||||
Hotels, Restaurants & Leisure 2.1% | |||||||||||
Compass Group PLC | 2,340,874 | 49,732 | |||||||||
Industrial Conglomerates 2.2% | |||||||||||
3M Co. | 211,319 | 49,768 | |||||||||
Insurance 5.1% | |||||||||||
Progressive Corp. | 2,058,018 | 118,501 |
Number of Shares | Value (000's) | ||||||||||
Internet Software & Services 6.7% | |||||||||||
Alphabet, Inc. Class A* | 65,490 | $ | 72,296 | ||||||||
eBay, Inc.* | 1,957,178 | 83,884 | |||||||||
156,180 | |||||||||||
IT Services 6.3% | |||||||||||
Cognizant Technology Solutions Corp. Class A | 957,053 | 78,497 | |||||||||
MasterCard, Inc. Class A | 377,896 | 66,419 | |||||||||
144,916 | |||||||||||
Media 3.8% | |||||||||||
Comcast Corp. Class A | 2,401,287 | 86,951 | |||||||||
Oil, Gas & Consumable Fuels 5.0% | |||||||||||
Cimarex Energy Co. | 175,310 | 16,845 | |||||||||
EQT Corp. | 949,588 | 47,774 | |||||||||
Noble Energy, Inc. | 1,751,594 | 52,250 | |||||||||
116,869 | |||||||||||
Personal Products 2.9% | |||||||||||
Unilever NV | 1,297,080 | 67,837 | |||||||||
Pharmaceuticals 1.9% | |||||||||||
Roche Holding AG | 188,946 | 43,643 | |||||||||
Road & Rail 2.1% | |||||||||||
J.B. Hunt Transport Services, Inc. | 409,760 | 48,585 | |||||||||
Semiconductors & Semiconductor Equipment 5.3% | |||||||||||
Texas Instruments, Inc. | 1,131,742 | 122,624 | |||||||||
Software 2.3% | |||||||||||
Intuit, Inc. | 323,424 | 53,967 | |||||||||
Specialty Chemicals 2.0% | |||||||||||
Novozymes A/S B Shares | 878,435 | 45,146 | |||||||||
Specialty Retail 3.2% | |||||||||||
Advance Auto Parts, Inc. | 641,661 | 73,310 |
Number of Shares | Value (000's) | ||||||||||
Textiles, Apparel & Luxury Goods 1.3% | |||||||||||
Gildan Activewear, Inc. | 1,071,116 | $ | 31,009 | ||||||||
Trading Companies & Distributors 5.4% | |||||||||||
Fastenal Co. | 522,606 | 28,597 | |||||||||
W.W. Grainger, Inc. | 372,915 | 97,536 | |||||||||
126,133 | |||||||||||
Total Common Stocks (Cost $1,539,280) | 2,286,390 | ||||||||||
Principal Amount | |||||||||||
Short-Term Investments 1.6% | |||||||||||
Certificates of Deposit 0.0%(a) | |||||||||||
Carver Federal Savings Bank Self Help Credit Union, 0.10%, due 3/23/18 | $ | 100,000 | 100 | ||||||||
Self Help Credit Union, 0.25%, due 3/29/18 | 250,000 | 250 | |||||||||
Self Help Credit Union, 0.25%, due 5/16/18 | 250,000 | 250 | |||||||||
600 | |||||||||||
Number of Shares | |||||||||||
Investment Companies 1.6% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b) | 36,618,329 | 36,618 | |||||||||
Total Short-Term Investments (Cost $37,218) | 37,218 | ||||||||||
Total Investments 100.2% (Cost $1,576,498) | 2,323,608 | ||||||||||
Liabilities Less Other Assets (0.2)% | (4,593 | ) | |||||||||
Net Assets 100.0% | $ | 2,319,015 |
See Notes to Financial Statements
120
Schedule of Investments Socially Responsive Fund (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) Represents 7-day effective yield as of February 28, 2018.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Hotels, Restaurants & Leisure | $ | — | $ | 49,732 | $ | — | $ | 49,732 | |||||||||||
Pharmaceuticals | — | 43,643 | — | 43,643 | |||||||||||||||
Specialty Chemicals | — | 45,146 | — | 45,146 | |||||||||||||||
Other Common Stocks(a) | 2,147,869 | — | — | 2,147,869 | |||||||||||||||
Total Common Stocks | 2,147,869 | 138,521 | — | 2,286,390 | |||||||||||||||
Short-Term Investments(a) | — | 37,218 | — | 37,218 | |||||||||||||||
Total Investments | $ | 2,147,869 | $ | 175,739 | $ | — | $ | 2,323,608 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, certain securities were transferred from one level (as of August 31, 2017) to another. Based on beginning of period market values as of September 1, 2017, approximately $109,875,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of February 28, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in Note A of the Notes to Financial Statements.
See Notes to Financial Statements
121
Schedule of Investments Value Fund (Unaudited) February 28, 2018
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.4% | |||||||||||
Aerospace & Defense 0.9% | |||||||||||
United Technologies Corp.(a) | 976 | $ | 132 | ||||||||
Airlines 1.8% | |||||||||||
Delta Air Lines, Inc. | 4,993 | 269 | |||||||||
Banks 10.4% | |||||||||||
Citigroup, Inc. | 4,345 | 328 | |||||||||
JPMorgan Chase & Co.(a) | 6,583 | 760 | |||||||||
M&T Bank Corp. | 1,655 | 314 | |||||||||
PNC Financial Services Group, Inc. | 1,033 | 163 | |||||||||
1,565 | |||||||||||
Building Products 0.8% | |||||||||||
Johnson Controls International PLC | 3,207 | 118 | |||||||||
Capital Markets 3.2% | |||||||||||
CME Group, Inc. | 1,570 | 261 | |||||||||
Goldman Sachs Group, Inc. | 845 | 222 | |||||||||
483 | |||||||||||
Chemicals 0.7% | |||||||||||
Nutrien Ltd.* | 787 | 39 | |||||||||
Praxair, Inc. | 447 | 67 | |||||||||
106 | |||||||||||
Communications Equipment 0.2% | |||||||||||
F5 Networks, Inc.* | 209 | 31 | |||||||||
Diversified Telecommunication Services 1.9% | |||||||||||
Verizon Communications, Inc. | 5,867 | 280 | |||||||||
Electric Utilities 7.9% | |||||||||||
American Electric Power Co., Inc. | 3,739 | 245 | |||||||||
Duke Energy Corp. | 2,098 | 158 | |||||||||
Entergy Corp. | 1,805 | 137 | |||||||||
Exelon Corp.(a) | 12,701 | 470 | |||||||||
FirstEnergy Corp. | 5,739 | 186 | |||||||||
1,196 | |||||||||||
Food & Staples Retailing 4.2% | |||||||||||
Walmart, Inc. | 7,102 | 639 | |||||||||
Food Products 6.8% | |||||||||||
Conagra Brands, Inc. | 4,051 | 146 | |||||||||
Kraft Heinz Co.(a) | 4,556 | 306 |
Number of Shares | Value (000's) | ||||||||||
Mondelez International, Inc. Class A | 13,183 | $ | 579 | ||||||||
1,031 | |||||||||||
Health Care Equipment & Supplies 1.3% | |||||||||||
Abbott Laboratories(a) | 3,290 | 198 | |||||||||
Health Care Providers & Services 4.1% | |||||||||||
Express Scripts Holding Co.* | 3,297 | 249 | |||||||||
HCA Healthcare, Inc. | 1,802 | 179 | |||||||||
McKesson Corp. | 1,242 | 185 | |||||||||
613 | |||||||||||
Hotels, Restaurants & Leisure 4.5% | |||||||||||
Carnival Corp. | 10,183 | 681 | |||||||||
Household Durables 1.4% | |||||||||||
Whirlpool Corp. | 1,258 | 204 | |||||||||
Household Products 3.8% | |||||||||||
Procter & Gamble Co. | 7,344 | 577 | |||||||||
Industrial Conglomerates 1.4% | |||||||||||
3M Co.(a) | 520 | 122 | |||||||||
General Electric Co.(a) | 5,919 | 84 | |||||||||
206 | |||||||||||
Insurance 3.8% | |||||||||||
American International Group, Inc. | 2,976 | 170 | |||||||||
Athene Holding Ltd. Class A* | 7,349 | 347 | |||||||||
MetLife, Inc. | 1,162 | 54 | |||||||||
571 | |||||||||||
Metals & Mining 6.1% | |||||||||||
Newmont Mining Corp. | 20,403 | 780 | |||||||||
United States Steel Corp. | 3,064 | 133 | |||||||||
913 | |||||||||||
Multi-Utilities 2.4% | |||||||||||
DTE Energy Co. | 2,830 | 285 | |||||||||
Sempra Energy | 711 | 78 | |||||||||
363 | |||||||||||
Multiline Retail 4.3% | |||||||||||
Kohl's Corp. | 1,919 | 127 | |||||||||
Macy's, Inc. | 5,252 | 154 | |||||||||
Nordstrom, Inc. | 7,262 | 373 | |||||||||
654 |
Number of Shares | Value (000's) | ||||||||||
Oil, Gas & Consumable Fuels 7.8% | |||||||||||
Cabot Oil & Gas Corp. | 15,121 | $ | 365 | ||||||||
Exxon Mobil Corp. | 8,696 | 659 | |||||||||
Phillips 66 | 1,755 | 159 | |||||||||
1,183 | |||||||||||
Personal Products 0.9% | |||||||||||
Estee Lauder Cos., Inc. Class A | 927 | 128 | |||||||||
Pharmaceuticals 9.2% | |||||||||||
Eli Lilly & Co. | 783 | 61 | |||||||||
Johnson & Johnson | 3,381 | 439 | |||||||||
Mylan NV* | 3,346 | 135 | |||||||||
Pfizer, Inc. | 20,938 | 760 | |||||||||
1,395 | |||||||||||
Semiconductors & Semiconductor Equipment 1.5% | |||||||||||
NXP Semiconductors NV* | 1,872 | 233 | |||||||||
Software 1.0% | |||||||||||
Microsoft Corp. | 1,638 | 154 | |||||||||
Specialty Retail 1.2% | |||||||||||
Tiffany & Co. | 1,775 | 179 | |||||||||
Textiles, Apparel & Luxury Goods 3.9% | |||||||||||
lululemon athletica, Inc.* | 2,830 | 229 | |||||||||
Ralph Lauren Corp. | 1,434 | 152 | |||||||||
VF Corp. | 2,851 | 213 | |||||||||
594 | |||||||||||
Total Common Stocks (Cost $13,720) | 14,696 | ||||||||||
Short-Term Investments 7.1% | |||||||||||
Investment Companies 7.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 1.33%(b) (Cost $1,062) | 1,061,991 | 1,062 | |||||||||
Total Investments 104.5% (Cost $14,782) | 15,758 | ||||||||||
Liabilities Less Other Assets (4.5)%(c) | (675 | ) | |||||||||
Net Assets 100.0% | $ | 15,083 |
See Notes to Financial Statements
122
Schedule of Investments Value Fund (Unaudited) (cont'd)
* 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 February 28, 2018.
(c) Includes the impact of the Fund's open positions in derivatives at February 28, 2018.
Derivative Instruments
Written option contracts ("options written")
At February 28, 2018, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls Airlines | |||||||||||||||||||||||
Delta Air Lines, Inc. | 21 | $ | (113,190 | ) | $ | 50 | 3/2/2018 | $ | (8,243 | ) | |||||||||||||
Household Products | |||||||||||||||||||||||
Procter & Gamble Co. | 8 | (62,816 | ) | 77 | 3/2/2018 | (1,316 | ) | ||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||
Exxon Mobil Corp. | 30 | (227,220 | ) | 75 | 3/2/2018 | (3,270 | ) | ||||||||||||||||
Total options written (premium received $16,064) | $ | (12,829 | ) |
For the six months ended February 28, 2018, the Fund had an average market value of $(56,292) in options written. At February 28, 2018, the Fund had securities pledged in the amount of $585,928 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2018:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 14,696 | $ | — | $ | — | $ | 14,696 | |||||||||||
Short-Term Investments | — | 1,062 | — | 1,062 | |||||||||||||||
Total Investments | $ | 14,696 | $ | 1,062 | $ | — | $ | 15,758 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
As of the six months ended February 28, 2018, no securities were transferred from one level (as of August 31, 2017) to another.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2018:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (13 | ) | $ | — | $ | — | $ | (13 | ) | |||||||||
Total | $ | (13 | ) | $ | — | $ | — | $ | (13 | ) |
See Notes to Financial Statements
123
Schedule of Investments Value Fund (Unaudited) (cont'd)
(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 9/1/2017 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2018 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2018 | ||||||||||||||||||||||||||||||||||
Other Financial Instruments: | |||||||||||||||||||||||||||||||||||||||||||
(000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Options Written(b) | |||||||||||||||||||||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals | $ | (0 | ) | $ | — | $ | 3 | $ | (3 | ) | $ | 0 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Total | $ | (0 | ) | $ | — | $ | 3 | $ | (3 | ) | $ | 0 | $ | — | $ | — | $ | — | $ | — | $ | — |
(b) At the beginning of the period, these investments were valued using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2018.
See Notes to Financial Statements
124
Statements of Assets and Liabilities (Unaudited)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers(a) | $ | 52,581 | $ | 1,359,880 | $ | 1,624,327 | $ | 750,349 | $ | 9,409,008 | $ | 5,008 | $ | 2,653 | $ | 129,044 | $ | 1,257,164 | $ | 1,963,876 | |||||||||||||||||||||||
Affiliated issuers(b) | — | — | — | — | 1,142,601 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
52,581 | 1,359,880 | 1,624,327 | 750,349 | 10,551,609 | 5,008 | 2,653 | 129,044 | 1,257,164 | 1,963,876 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | 148 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency(c) | — | 2,898 | — | — | — | — | 3 | 901 | — | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 96 | 2,448 | 6,011 | 572 | 9,057 | 19 | 4 | — | 2,325 | 4,368 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | 1,056 | 4,725 | 3,300 | — | 6,685 | — | 53 | 1,043 | 8,548 | 2,967 | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 20 | 9,167 | 1,129 | 29 | 3,294 | — | — | — | 175 | 1,916 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | 12 | — | — | — | — | 28 | 27 | 6 | — | — | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 34 | 90 | 51 | 61 | 286 | 15 | 24 | 21 | 115 | 151 | |||||||||||||||||||||||||||||||||
Total Assets | 53,799 | 1,379,208 | 1,634,818 | 751,011 | 10,571,079 | 5,070 | 2,764 | 131,015 | 1,268,327 | 1,973,278 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 20 | 921 | 613 | 306 | 5,422 | 2 | 2 | 114 | 485 | 1,120 | |||||||||||||||||||||||||||||||||
Option contracts written, at value(d) (Note A) | — | — | 2,605 | 381 | — | — | — | — | 2,502 | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | 926 | 30,762 | 33 | — | 12,077 | — | 53 | 233 | — | — | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 24 | 330 | 2,046 | 123 | 10,734 | — | — | 50 | 840 | 2,017 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | — | 37 | 469 | 165 | 1,370 | — | — | — | 259 | 119 | |||||||||||||||||||||||||||||||||
Payable to trustees | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |||||||||||||||||||||||||||||||||
Accrued capital gains taxes (Note A) | — | 58 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 57 | 310 | 170 | 134 | 666 | 61 | 66 | 81 | 195 | 161 | |||||||||||||||||||||||||||||||||
Total Liabilities | 1,031 | 32,422 | 5,940 | 1,113 | 30,273 | 67 | 125 | 482 | 4,285 | 3,421 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 52,768 | $ | 1,346,786 | $ | 1,628,878 | $ | 749,898 | $ | 10,540,806 | $ | 5,003 | $ | 2,639 | $ | 130,533 | $ | 1,264,042 | $ | 1,969,857 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 44,374 | $ | 1,117,665 | $ | 1,290,314 | $ | 591,976 | $ | 5,184,681 | $ | 3,723 | $ | 2,621 | $ | 96,048 | $ | 935,877 | $ | 1,664,390 | |||||||||||||||||||||||
Undistributed net investment income/(loss) | 104 | — | 2,022 | 337 | 3,247 | 3 | — | — | — | — | |||||||||||||||||||||||||||||||||
Distributions in excess of net investment income | — | (3,004 | ) | — | — | — | — | (33 | ) | (1,429 | ) | (605 | ) | (3,272 | ) | ||||||||||||||||||||||||||||
Accumulated net realized gains/(losses) on investments | 2,579 | (36,580 | ) | 57,413 | 36,018 | 646,214 | 42 | 5 | 6,563 | 38,943 | (59,869 | ) | |||||||||||||||||||||||||||||||
Net unrealized appreciation/(depreciation) in value of investments | 5,711 | 268,705 | 279,129 | 121,567 | 4,706,664 | 1,235 | 46 | 29,351 | 289,827 | 368,608 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 52,768 | $ | 1,346,786 | $ | 1,628,878 | $ | 749,898 | $ | 10,540,806 | $ | 5,003 | $ | 2,639 | $ | 130,533 | $ | 1,264,042 | $ | 1,969,857 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 673,554 | $ | 1,782,642 | $ | — | $ | — | $ | — | $ | 1,122,833 | $ | 114,301 | |||||||||||||||||||||||
Trust Class | — | — | — | 59,800 | 1,464,681 | — | — | — | 56,844 | 46,958 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 3,003 | 192,608 | — | — | — | 168 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 47,577 | 1,080,038 | 1,181,969 | 8,657 | 3,404,576 | 4,538 | 2,098 | 110,480 | 76,734 | 1,502,415 | |||||||||||||||||||||||||||||||||
Class A | 1,885 | 64,140 | 181,292 | 3,110 | — | 359 | 274 | 19,744 | 5,262 | 79,684 | |||||||||||||||||||||||||||||||||
Class C | 3,278 | 11,305 | 264,125 | 1,774 | — | 106 | 267 | 309 | 1,752 | 15,267 | |||||||||||||||||||||||||||||||||
Class R3 | — | 1,861 | 1,492 | — | — | — | — | — | 449 | — | |||||||||||||||||||||||||||||||||
Class R6 | 28 | 189,442 | — | — | 3,696,299 | — | — | — | — | 211,232 |
See Notes to Financial Statements
125
126
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 25,013 | 31,176 | — | — | — | 63,064 | 8,544 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 2,221 | 25,594 | — | — | — | 3,193 | 3,510 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 112 | 3,365 | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 3,499 | 49,214 | 90,653 | 321 | 59,626 | 553 | 207 | 6,500 | 4,307 | 112,282 | |||||||||||||||||||||||||||||||||
Class A | 138 | 2,940 | 13,957 | 116 | — | 44 | 27 | 1,162 | 296 | 5,957 | |||||||||||||||||||||||||||||||||
Class C | 241 | 540 | 20,485 | 66 | — | 14 | 26 | 19 | 99 | 1,143 | |||||||||||||||||||||||||||||||||
Class R3 | — | 87 | 115 | — | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||||||
Class R6 | 2 | 8,625 | — | — | 64,770 | — | — | — | — | 15,778 | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 26.93 | $ | 57.18 | $ | — | $ | — | $ | — | $ | 17.80 | $ | 13.38 | |||||||||||||||||||||||
Trust Class | — | — | — | 26.92 | 57.23 | — | — | — | 17.80 | 13.38 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 26.91 | 57.24 | — | — | — | 17.79 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 13.60 | 21.95 | 13.04 | 26.94 | 57.10 | 8.21 | 10.16 | 17.00 | 17.81 | 13.38 | |||||||||||||||||||||||||||||||||
Class R3 | — | 21.32 | 12.96 | — | — | — | — | — | 17.79 | — | |||||||||||||||||||||||||||||||||
Class R6 | 13.60 | 21.96 | — | — | 57.07 | — | — | — | — | 13.39 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 13.63 | $ | 21.82 | $ | 12.99 | $ | 26.92 | $ | — | $ | 8.12 | $ | 10.15 | $ | 16.99 | $ | 17.80 | $ | 13.38 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 14.46 | $ | 23.15 | $ | 13.78 | $ | 28.56 | $ | — | $ | 8.62 | $ | 10.77 | $ | 18.03 | $ | 18.89 | $ | 14.20 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 13.60 | $ | 20.94 | $ | 12.89 | $ | 26.88 | $ | — | $ | 7.72 | $ | 10.12 | $ | 16.53 | $ | 17.78 | $ | 13.36 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
(a) Unaffiliated issuers | $ | 46,870 | $ | 1,091,142 | $ | 1,343,501 | $ | 628,589 | $ | 5,151,612 | $ | 3,772 | $ | 2,607 | $ | 99,693 | $ | 967,832 | $ | 1,595,403 | |||||||||||||||||||||||
(b) Affiliated issuers | — | — | — | — | 693,333 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 46,870 | $ | 1,091,142 | $ | 1,343,501 | $ | 628,589 | $ | 5,844,945 | $ | 3,772 | $ | 2,607 | $ | 99,693 | $ | 967,832 | $ | 1,595,403 | |||||||||||||||||||||||
(c) Total cost of foreign currency | $ | — | $ | 2,898 | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 901 | $ | — | $ | — | |||||||||||||||||||||||
(d) Premium received from option contracts written | $ | — | $ | — | $ | 912 | $ | 188 | $ | — | $ | — | $ | — | $ | — | $ | 3,002 | $ | — |
‡ 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
127
128
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers(a) | $ | 247,998 | $ | 7,044 | $ | 804,404 | $ | 1,508,959 | $ | 1,325,747 | $ | 112,368 | $ | 1,926,845 | $ | 445,952 | $ | 81,686 | $ | 2,323,608 | |||||||||||||||||||||||
Affiliated issuers(b) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
247,998 | 7,044 | 804,404 | 1,508,959 | 1,325,747 | 112,368 | 1,926,845 | 445,952 | 81,686 | 2,323,608 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency(c) | — | �� | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 928 | 4 | 283 | 3,871 | 606 | 64 | 2,411 | 388 | 21 | 3,964 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | — | — | — | 40,503 | 4,082 | 4,169 | 1,523 | — | 890 | — | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 54 | 25 | 1,274 | 138 | 1,988 | 145 | 1,650 | 3,261 | 3 | 3,308 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | — | 5 | — | — | — | — | — | — | 17 | — | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 54 | 36 | 54 | 102 | 85 | 44 | 67 | 55 | 43 | 108 | |||||||||||||||||||||||||||||||||
Total Assets | 249,034 | 7,114 | 806,015 | 1,553,573 | 1,332,508 | 116,790 | 1,932,496 | 449,656 | 82,660 | 2,330,988 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 106 | 4 | 492 | 552 | 502 | 48 | 778 | 279 | 52 | 850 | |||||||||||||||||||||||||||||||||
Option contracts written, at value(d) (Note A) | — | — | — | 1,297 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | — | 143 | — | 108,738 | 7,798 | 2,910 | 826 | — | 1,534 | 6,001 | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 731 | 13 | 649 | 2,172 | 882 | 170 | 1,188 | 763 | 65 | 4,405 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | 10 | — | 87 | 341 | 222 | 14 | 277 | 30 | — | 490 | |||||||||||||||||||||||||||||||||
Payable to trustees | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |||||||||||||||||||||||||||||||||
Accrued capital gains taxes (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 68 | 72 | 85 | 207 | 132 | 49 | 141 | 102 | 45 | 223 | |||||||||||||||||||||||||||||||||
Total Liabilities | 919 | 236 | 1,317 | 113,311 | 9,540 | 3,195 | 3,214 | 1,178 | 1,700 | 11,973 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 248,115 | $ | 6,878 | $ | 804,698 | $ | 1,440,262 | $ | 1,322,968 | $ | 113,595 | $ | 1,929,282 | $ | 448,478 | $ | 80,960 | $ | 2,319,015 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 208,073 | $ | 6,566 | $ | 631,542 | $ | 1,221,155 | $ | 907,471 | $ | 94,080 | $ | 1,126,834 | $ | 439,621 | $ | 62,392 | $ | 1,481,332 | |||||||||||||||||||||||
Undistributed net investment income/(loss) | — | — | (1,899 | ) | 6,051 | (1,299 | ) | — | 1,701 | — | (781 | ) | 2,604 | ||||||||||||||||||||||||||||||
Distributions in excess of net investment income | (1,004 | ) | (11 | ) | — | — | — | (7 | ) | — | (1,284 | ) | — | — | |||||||||||||||||||||||||||||
Accumulated net realized gains/(losses) on investments | (17,056 | ) | 4 | 21,551 | 80,304 | 48,534 | 1,488 | 70,448 | 7,589 | 5,687 | 87,926 | ||||||||||||||||||||||||||||||||
Net unrealized appreciation/(depreciation) in value of investments | 58,102 | 319 | 153,504 | 132,752 | 368,262 | 18,034 | 730,299 | 2,552 | 13,662 | 747,153 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 248,115 | $ | 6,878 | $ | 804,698 | $ | 1,440,262 | $ | 1,322,968 | $ | 113,595 | $ | 1,929,282 | $ | 448,478 | $ | 80,960 | $ | 2,319,015 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 1,130,423 | $ | 489,403 | $ | 40,365 | $ | — | $ | — | $ | 54,419 | $ | 709,480 | |||||||||||||||||||||||
Trust Class | 8,301 | — | — | 72,448 | 68,035 | 10,744 | — | 125,729 | 3,719 | 236,842 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 135,680 | 15,189 | — | — | — | 1,868 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 219,908 | 6,201 | 764,483 | 96,172 | 340,475 | 47,723 | 1,819,213 | 162,112 | 13,541 | 885,409 | |||||||||||||||||||||||||||||||||
Class A | 4,034 | 276 | 17,404 | 3,233 | 47,010 | 10,034 | 65,639 | 70,933 | 4,013 | 123,697 | |||||||||||||||||||||||||||||||||
Class C | 2,605 | 138 | 22,811 | 2,106 | 10,541 | 2,501 | 44,430 | 14,789 | 2,197 | 59,804 | |||||||||||||||||||||||||||||||||
Class R3 | 3,705 | — | — | 200 | 13,897 | 2,228 | — | 15,947 | 1,203 | 36,958 | |||||||||||||||||||||||||||||||||
Class R6 | 9,562 | 263 | — | — | 338,418 | — | — | 58,968 | — | 266,825 |
See Notes to Financial Statements
129
130
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | February 28, 2018 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 36,867 | 32,070 | 1,765 | — | — | 1,468 | 18,208 | |||||||||||||||||||||||||||||||||
Trust Class | 630 | — | — | 2,360 | 4,459 | 580 | — | 10,477 | 100 | 6,070 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 4,417 | 996 | — | — | — | 50 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 16,749 | 471 | 46,747 | 3,139 | 22,300 | 2,086 | 96,028 | 13,462 | 365 | 22,755 | |||||||||||||||||||||||||||||||||
Class A | 309 | 21 | 1,099 | 105 | 3,083 | 543 | 3,487 | 5,912 | 108 | 3,171 | |||||||||||||||||||||||||||||||||
Class C | 202 | 11 | 1,540 | 68 | 693 | 139 | 2,465 | 1,231 | 59 | 1,530 | |||||||||||||||||||||||||||||||||
Class R3 | 286 | — | — | 7 | 912 | 121 | — | 1,332 | 32 | 946 | |||||||||||||||||||||||||||||||||
Class R6 | 728 | 20 | — | — | 22,158 | — | — | 4,898 | — | 6,861 | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 30.66 | $ | 15.26 | $ | 22.87 | $ | — | $ | — | $ | 37.08 | $ | 38.96 | |||||||||||||||||||||||
Trust Class | 13.17 | — | — | 30.70 | 15.26 | 18.51 | — | 12.00 | 37.07 | 39.02 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 30.72 | 15.24 | — | — | — | 37.06 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 13.13 | 13.16 | 16.35 | 30.64 | 15.27 | 22.87 | 18.94 | 12.04 | 37.11 | 38.91 | |||||||||||||||||||||||||||||||||
Class R3 | 12.96 | — | — | 30.75 | 15.24 | 18.44 | — | 11.98 | 37.06 | 39.09 | |||||||||||||||||||||||||||||||||
Class R6 | 13.13 | 13.17 | — | — | 15.27 | — | — | 12.04 | — | 38.89 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 13.07 | $ | 13.15 | $ | 15.84 | $ | 30.70 | $ | 15.25 | $ | 18.49 | $ | 18.82 | $ | 12.00 | $ | 37.08 | $ | 39.01 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 13.87 | $ | 13.95 | $ | 16.81 | $ | 32.57 | $ | 16.18 | $ | 19.62 | $ | 19.97 | $ | 12.73 | $ | 39.34 | $ | 41.39 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 12.92 | $ | 13.09 | $ | 14.81 | $ | 30.81 | $ | 15.21 | $ | 18.00 | $ | 18.02 | $ | 12.01 | $ | 37.03 | $ | 39.10 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
(a) Unaffiliated issuers | $ | 189,905 | $ | 6,725 | $ | 650,900 | $ | 1,376,513 | $ | 957,485 | $ | 94,334 | $ | 1,196,546 | $ | 443,400 | $ | 68,024 | $ | 1,576,498 | |||||||||||||||||||||||
(b) Affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 189,905 | $ | 6,725 | $ | 650,900 | $ | 1,376,513 | $ | 957,485 | $ | 94,334 | $ | 1,196,546 | $ | 443,400 | $ | 68,024 | $ | 1,576,498 | |||||||||||||||||||||||
(c) Total cost of foreign currency | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
(d) Premium received from option contracts written | $ | — | $ | — | $ | — | $ | 1,603 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
‡ 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
131
132
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
VALUE FUND | |||||||
February 28, 2018 | |||||||
Assets | |||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||
Unaffiliated issuers(a) | $ | 15,758 | |||||
Affiliated issuers(b) | — | ||||||
15,758 | |||||||
Cash | — | ||||||
Foreign currency(c) | — | ||||||
Dividends and interest receivable | 41 | ||||||
Receivable for securities sold | 436 | ||||||
Receivable for Fund shares sold | — | ||||||
Receivable from Management—net (Note B) | 19 | ||||||
Prepaid expenses and other assets | 29 | ||||||
Total Assets | 16,283 | ||||||
Liabilities | |||||||
Payable to investment manager—net (Note B) | 6 | ||||||
Option contracts written, at value(d) (Note A) | 13 | ||||||
Payable for securities purchased | 1,111 | ||||||
Payable for Fund shares redeemed | 8 | ||||||
Payable to administrator—net (Note B) | — | ||||||
Payable to trustees | 4 | ||||||
Accrued capital gains taxes (Note A) | — | ||||||
Accrued expenses and other payables | 58 | ||||||
Total Liabilities | 1,200 | ||||||
Net Assets | $ | 15,083 | |||||
Net Assets consist of: | |||||||
Paid-in capital | $ | 13,013 | |||||
Undistributed net investment income/(loss) | 25 | ||||||
Distributions in excess of net investment income | — | ||||||
Accumulated net realized gains/(losses) on investments | 1,066 | ||||||
Net unrealized appreciation/(depreciation) in value of investments | 979 | ||||||
Net Assets | $ | 15,083 | |||||
Net Assets | |||||||
Investor Class | $ | — | |||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 9,318 | ||||||
Class A | 2,448 | ||||||
Class C | 3,317 | ||||||
Class R3 | — | ||||||
Class R6 | — |
See Notes to Financial Statements
133
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
VALUE FUND | |||||||
February 28, 2018 | |||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 535 | ||||||
Class A | 141 | ||||||
Class C | 196 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Net Asset Value, offering and redemption price per share | |||||||
Investor Class | $ | — | |||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 17.41 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Net Asset Value and redemption price per share | |||||||
Class A | $ | 17.39 | |||||
Offering Price per share | |||||||
Class A‡ | $ | 18.45 | |||||
Net Asset Value and offering price per share | |||||||
Class C^ | $ | 16.89 | |||||
*Cost of Investments: | |||||||
(a) Unaffiliated issuers | $ | 14,782 | |||||
(b) Affiliated issuers | — | ||||||
Total cost of investments | $ | 14,782 | |||||
(c) Total cost of foreign currency | $ | — | |||||
(d) Premium received from option contracts written | $ | 16 |
‡ 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
134
Statements of Operations (Unaudited)
Neuberger Berman Equity Funds
(000's omitted)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 446 | $ | 6,417 | $ | 24,272 | $ | 4,414 | $ | 49,098 | $ | 24 | $ | 33 | $ | 251 | $ | 9,344 | $ | 9,496 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | 12,636 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 21 | 341 | 1,503 | 128 | 603 | 1 | — | 8 | 111 | 300 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (1 | ) | (770 | ) | (475 | ) | — | (405 | ) | (1 | ) | (1 | ) | (7 | ) | (155 | ) | (692 | ) | ||||||||||||||||||||||||
Total income | $ | 466 | $ | 5,988 | $ | 25,300 | $ | 4,542 | $ | 61,932 | $ | 24 | $ | 32 | $ | 252 | $ | 9,300 | $ | 9,104 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 116 | 5,042 | 4,080 | 1,969 | 35,752 | 13 | 11 | 750 | 3,081 | 7,457 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 874 | 2,382 | — | — | — | 1,421 | 147 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 124 | 3,059 | — | — | — | 115 | 93 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 6 | 415 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 31 | 614 | 916 | 7 | 2,714 | 3 | 2 | 85 | 55 | 1,099 | |||||||||||||||||||||||||||||||||
Class A | 2 | 82 | 246 | 4 | — | 1 | — | 30 | 7 | 100 | |||||||||||||||||||||||||||||||||
Class C | 4 | 12 | 358 | 2 | — | — | — | — | 2 | 19 | |||||||||||||||||||||||||||||||||
Class R3 | — | 2 | 2 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 64 | — | — | 1,449 | — | — | — | — | 82 | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 31 | — | — | — | — | 29 | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 4 | 259 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class A | 2 | 79 | 236 | 4 | — | — | — | 29 | 7 | 96 | |||||||||||||||||||||||||||||||||
Class C | 16 | 46 | 1,378 | 9 | — | 1 | 1 | 2 | 8 | 72 | |||||||||||||||||||||||||||||||||
Class R3 | — | 4 | 4 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 192 | 575 | — | — | — | 368 | 56 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 1 | 7 | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 10 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | — | 68 | 4 | — | 21 | — | — | 15 | — | 6 | |||||||||||||||||||||||||||||||||
Class A | 1 | 8 | 7 | — | — | — | — | 5 | 1 | 2 | |||||||||||||||||||||||||||||||||
Class C | — | — | 4 | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 2 | — | — | 4 | — | — | — | — | 3 | |||||||||||||||||||||||||||||||||
Audit fees | 27 | 20 | 33 | 30 | 33 | 28 | 28 | 28 | 31 | 31 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 36 | 565 | 130 | 62 | 802 | 40 | 39 | 81 | 91 | 226 | |||||||||||||||||||||||||||||||||
Insurance expense | 1 | 11 | 29 | 13 | 192 | — | — | 2 | 20 | 27 | |||||||||||||||||||||||||||||||||
Legal fees | 33 | 35 | 35 | 39 | 36 | 36 | 36 | 49 | 36 | 36 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 25 | 67 | 43 | 49 | 126 | 24 | 24 | 29 | 58 | 110 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | — | 12 | 75 | 26 | 420 | 1 | — | 3 | 40 | 45 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||||||||||||||
Interest expense | — | — | 3 | 3 | 3 | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Miscellaneous | 4 | 41 | 53 | 25 | 296 | 3 | 2 | 5 | 35 | 58 | |||||||||||||||||||||||||||||||||
Total expenses | 318 | 6,794 | 7,656 | 3,494 | 48,575 | 170 | 163 | 1,133 | 5,428 | 9,788 |
See Notes to Financial Statements
135
136
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (136 | ) | (130 | ) | — | — | (403 | ) | (151 | ) | (147 | ) | (65 | ) | — | (499 | ) | ||||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | — | — | — | — | (730 | ) | ||||||||||||||||||||||||||||||||
Total net expenses | 182 | 6,664 | 7,656 | 3,494 | 48,172 | 19 | 16 | 1,068 | 5,428 | 8,559 | |||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | 284 | $ | (676 | ) | $ | 17,644 | $ | 1,048 | $ | 13,760 | $ | 5 | $ | 16 | $ | (816 | ) | $ | 3,872 | $ | 545 | |||||||||||||||||||||
Realized and Unrealized Gain/(Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain/(loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Transactions in investment securities of unaffiliated issuers | 2,828 | 17,455 | 63,913 | 43,053 | 600,740 | 131 | 37 | 20,090 | 46,097 | 15,505 | |||||||||||||||||||||||||||||||||
Transactions in investment securities of affiliated issuers | — | — | — | — | 77,804 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Redemption in-kind | — | — | — | — | 266,799 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Settlement of foreign currency transactions | — | (438 | ) | (148 | ) | — | (11 | ) | — | — | 21 | (11 | ) | (182 | ) | ||||||||||||||||||||||||||||
Expiration or closing of option contracts written | — | — | 633 | (1,124 | ) | — | — | — | — | 1,232 | — | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Investment securities of unaffiliated issuers | 264 | 90,059 | * | 3,172 | 2,081 | 70,448 | 291 | (135 | ) | 5,065 | 79,397 | 106,121 | |||||||||||||||||||||||||||||||
Investment securities of affiliated issuers | — | — | — | — | 131,592 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency translations | — | 22 | (14 | ) | — | (2 | ) | — | — | (9 | ) | 7 | 93 | ||||||||||||||||||||||||||||||
Option contracts written | — | — | (921 | ) | (255 | ) | — | — | — | — | (7 | ) | — | ||||||||||||||||||||||||||||||
Net gain/(loss) on investments | 3,092 | 107,098 | 66,635 | 43,755 | 1,147,370 | 422 | (98 | ) | 25,167 | 126,715 | 121,537 | ||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | 3,376 | $ | 106,422 | $ | 84,279 | $ | 44,803 | $ | 1,161,130 | $ | 427 | $ | (82 | ) | $ | 24,351 | $ | 130,587 | $ | 122,082 |
* Change in accrued foreign capital gains tax amounted to $328,184.
See Notes to Financial Statements
137
138
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 1,094 | $ | 10 | $ | 2,534 | $ | 14,739 | $ | 3,518 | $ | 770 | $ | 12,580 | $ | 6,509 | $ | 77 | $ | 17,978 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 30 | 1 | 236 | 776 | 268 | 40 | 114 | 30 | 6 | 298 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (86 | ) | (1 | ) | — | (5 | ) | (14 | ) | (1 | ) | (80 | ) | (11 | ) | — | (191 | ) | |||||||||||||||||||||||||
Total income | $ | 1,038 | $ | 10 | $ | 2,770 | $ | 15,510 | $ | 3,772 | $ | 809 | $ | 12,614 | $ | 6,528 | $ | 83 | $ | 18,085 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 676 | 13 | 3,450 | 3,629 | 3,116 | 285 | 5,148 | 1,959 | 324 | 5,600 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 1,509 | 612 | 53 | — | — | 67 | 971 | |||||||||||||||||||||||||||||||||
Trust Class | 17 | — | — | 150 | 124 | 22 | — | 293 | 7 | 475 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 287 | 29 | — | — | — | 4 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 161 | 2 | 629 | 68 | 249 | 29 | 1,392 | 134 | 9 | 655 | |||||||||||||||||||||||||||||||||
Class A | 7 | — | 24 | 4 | 63 | 12 | 78 | 103 | 5 | 158 | |||||||||||||||||||||||||||||||||
Class C | 3 | — | 29 | 3 | 13 | 3 | 55 | 23 | 3 | 77 | |||||||||||||||||||||||||||||||||
Class R3 | 6 | — | — | — | 18 | 2 | — | 23 | 1 | 53 | |||||||||||||||||||||||||||||||||
Class R6 | 4 | — | — | — | 118 | — | — | 20 | — | 129 | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | 4 | — | — | 38 | — | 5 | — | 73 | 2 | 119 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 180 | 18 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Class A | 6 | — | 23 | 4 | 61 | 11 | 75 | 99 | 4 | 151 | |||||||||||||||||||||||||||||||||
Class C | 13 | 1 | 114 | 12 | 51 | 13 | 213 | 86 | 10 | 294 | |||||||||||||||||||||||||||||||||
Class R3 | 12 | — | — | 1 | 34 | 4 | — | 45 | 3 | 103 | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 344 | 204 | 16 | — | — | 39 | 294 | |||||||||||||||||||||||||||||||||
Trust Class | 3 | — | — | 1 | 1 | 1 | — | 14 | — | 4 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 1 | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 1 | — | 4 | — | 5 | 1 | 161 | 3 | — | 7 | |||||||||||||||||||||||||||||||||
Class A | — | — | 4 | — | 3 | 1 | 6 | 3 | 1 | 7 | |||||||||||||||||||||||||||||||||
Class C | 1 | — | 1 | — | 1 | — | 1 | 1 | — | 2 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 2 | — | — | 2 | — | 1 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 2 | — | — | 1 | — | 4 | |||||||||||||||||||||||||||||||||
Audit fees | 31 | 19 | 14 | 30 | 14 | 14 | 14 | 30 | 14 | 14 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 60 | 41 | 68 | 114 | 98 | 39 | 141 | 51 | 43 | 202 | |||||||||||||||||||||||||||||||||
Insurance expense | 4 | — | 12 | 25 | 19 | 2 | 31 | 9 | 1 | 39 | |||||||||||||||||||||||||||||||||
Legal fees | 35 | 21 | 36 | 42 | 34 | 34 | 34 | 34 | 35 | 35 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 60 | 56 | 51 | 70 | 69 | 48 | 49 | 56 | 55 | 76 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | 5 | 1 | 3 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | 5 | 1 | 66 | 39 | 51 | 6 | 35 | 34 | 7 | 79 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||||||||||||||
Interest expense | 4 | — | — | 2 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Miscellaneous | 22 | 5 | 24 | 47 | 38 | 4 | 60 | 16 | 4 | 74 | |||||||||||||||||||||||||||||||||
Total expenses | 1,155 | 179 | 4,574 | 6,621 | 5,071 | 625 | 7,513 | 3,132 | 660 | 9,643 |
See Notes to Financial Statements
139
140
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Six Months Ended February 28, 2018 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (115 | ) | (162 | ) | (5 | ) | — | — | (35 | ) | — | (628 | ) | (201 | ) | — | |||||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | (31 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total net expenses | 1,040 | 17 | 4,569 | 6,621 | 5,071 | 559 | 7,513 | 2,504 | 459 | 9,643 | |||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | (2 | ) | $ | (7 | ) | $ | (1,799 | ) | $ | 8,889 | $ | (1,299 | ) | $ | 250 | $ | 5,101 | $ | 4,024 | $ | (376 | ) | $ | 8,442 | ||||||||||||||||||
Realized and Unrealized Gain/(Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain/(loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Transactions in investment securities of unaffiliated issuers | 7,539 | 36 | 39,859 | 98,607 | 67,010 | 3,926 | 133,559 | 9,985 | 5,712 | 87,502 | |||||||||||||||||||||||||||||||||
Transactions in investment securities of affiliated issuers | — | — | (861 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Redemption in-kind | — | — | — | — | — | — | — | — | — | 39,512 | |||||||||||||||||||||||||||||||||
Settlement of foreign currency transactions | (9 | ) | (7 | ) | — | — | 1 | — | — | — | — | (16 | ) | ||||||||||||||||||||||||||||||
Expiration or closing of option contracts written | — | — | — | 1,613 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Investment securities of unaffiliated issuers | 8,924 | 78 | 20,480 | (31,852 | ) | 95,458 | 1,954 | 90,374 | (44,687 | ) | 5,042 | 100,739 | |||||||||||||||||||||||||||||||
Investment securities of affiliated issuers | — | — | 4,628 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency translations | 10 | — | — | — | — | — | — | — | — | 37 | |||||||||||||||||||||||||||||||||
Option contracts written | — | — | — | 255 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net gain/(loss) on investments | 16,464 | 107 | 64,106 | 68,623 | 162,469 | 5,880 | 223,933 | (34,702 | ) | 10,754 | 227,774 | ||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | 16,462 | $ | 100 | $ | 62,307 | $ | 77,512 | $ | 161,170 | $ | 6,130 | $ | 229,034 | $ | (30,678 | ) | $ | 10,378 | $ | 236,216 |
See Notes to Financial Statements
141
142
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
VALUE FUND | |||||||
For the Six | |||||||
Investment Income: | |||||||
Income (Note A): | |||||||
Dividend income—unaffiliated issuers | $ | 168 | |||||
Dividend income—affiliated issuers (Note F) | — | ||||||
Interest income—unaffiliated issuers | 7 | ||||||
Foreign taxes withheld (Note A) | — | ||||||
Total income | $ | 175 | |||||
Expenses: | |||||||
Investment management fees (Note B) | 45 | ||||||
Administration fees (Note B): | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 8 | ||||||
Class A | 3 | ||||||
Class C | 5 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Distribution fees (Note B): | |||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Class A | 3 | ||||||
Class C | 17 | ||||||
Class R3 | — | ||||||
Shareholder servicing agent fees: | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | — | ||||||
Class A | 1 | ||||||
Class C | — | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Audit fees | 29 | ||||||
Custodian and accounting fees | 34 | ||||||
Insurance expense | — | ||||||
Legal fees | 39 | ||||||
Registration and filing fees | 24 | ||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | ||||||
Shareholder reports | 1 | ||||||
Trustees' fees and expenses | 20 | ||||||
Interest expense | — | ||||||
Miscellaneous | 2 | ||||||
Total expenses | 231 |
See Notes to Financial Statements
143
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
VALUE FUND | |||||||
For the Six Months Ended February 28, 2018 | |||||||
Expenses reimbursed by Management (Note B) | (149 | ) | |||||
Investment management fees waived (Note B) | — | ||||||
Total net expenses | 82 | ||||||
Net investment income/(loss) | $ | 93 | |||||
Realized and Unrealized Gain/(Loss) on Investments (Note A): | |||||||
Net realized gain/(loss) on: | |||||||
Transactions in investment securities of unaffiliated issuers | 1,262 | ||||||
Transactions in investment securities of affiliated issuers | — | ||||||
Settlement of foreign currency transactions | — | ||||||
Expiration or closing of option contracts written | 18 | ||||||
Change in net unrealized appreciation/(depreciation) in value of: | |||||||
Investment securities of unaffiliated issuers | (414 | ) | |||||
Investment securities of affiliated issuers | — | ||||||
Foreign currency translations | — | ||||||
Option contracts written | 2 | ||||||
Net gain/(loss) on investments | 868 | ||||||
Net increase/(decrease) in net assets resulting from operations | $ | 961 |
See Notes to Financial Statements
144
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | 284 | $ | 487 | $ | (676 | ) | $ | 5,440 | $ | 17,644 | $ | 45,803 | $ | 1,048 | $ | 1,864 | $ | 13,760 | $ | 35,868 | $ | 5 | $ | 25 | ||||||||||||||||||||||||||
Net realized gain/(loss) on investments (Note A) | 2,828 | 491 | 17,017 | 16,413 | 64,398 | 66,004 | 41,929 | 68,542 | 945,332 | 1,485,004 | 131 | (69 | ) | ||||||||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | 1 | — | 1 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | 264 | 3,658 | 90,081 | 128,717 | 2,237 | 67,898 | 1,826 | 41,930 | 202,038 | (437,834 | ) | 291 | 667 | ||||||||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 3,376 | 4,636 | 106,422 | 150,570 | 84,279 | 179,706 | 44,803 | 112,337 | 1,161,130 | 1,083,038 | 427 | 623 | |||||||||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (1,883 | ) | (2,166 | ) | (3,215 | ) | (7,859 | ) | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (122 | ) | (337 | ) | (1,187 | ) | (894 | ) | — | — | |||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (53 | ) | — | (765 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | (472 | ) | (420 | ) | (5,443 | ) | (1,629 | ) | (20,728 | ) | (29,632 | ) | (37 | ) | (38 | ) | (12,361 | ) | (11,370 | ) | (25 | ) | (20 | ) | |||||||||||||||||||||||||||
Class A | (16 | ) | (4 | ) | (229 | ) | (105 | ) | (2,931 | ) | (4,918 | ) | (6 | ) | (18 | ) | — | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||
Class C | (3 | ) | (0 | ) | (22 | ) | — | (3,174 | ) | (4,676 | ) | — | (16 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | (5 | ) | (1 | ) | (23 | ) | (40 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | (1 | ) | (1,139 | ) | (595 | ) | — | — | — | — | (15,550 | ) | (14,130 | ) | — | — | ||||||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (50,530 | ) | (52,641 | ) | (224,933 | ) | (179,026 | ) | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (7,959 | ) | (9,025 | ) | (186,496 | ) | (96,426 | ) | — | — | |||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (1,095 | ) | (1,043 | ) | (25,755 | ) | (36,943 | ) | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (570 | ) | — | — | — | (44,668 | ) | (36,549 | ) | (673 | ) | (608 | ) | (438,954 | ) | (209,556 | ) | — | (25 | ) | |||||||||||||||||||||||||||||||
Class A | (26 | ) | — | — | — | (6,808 | ) | (7,824 | ) | (397 | ) | (446 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||||||||||||
Class C | (43 | ) | — | — | — | (10,055 | ) | (10,759 | ) | (635 | ) | (591 | ) | — | — | — | (1 | ) | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | (56 | ) | (78 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | (447,379 | ) | (214,988 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (1,130 | ) | (425 | ) | (6,838 | ) | (2,330 | ) | (88,443 | ) | (94,476 | ) | (63,337 | ) | (66,982 | ) | (1,355,830 | ) | (771,957 | ) | (26 | ) | (50 | ) | |||||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 1,904 | 5,643 | 73,380 | 202,685 | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 1,255 | 1,253 | 79,579 | 147,223 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 196 | 415 | 18,575 | 48,532 | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 14,295 | 9,350 | 420,026 | 330,877 | 78,148 | 280,182 | 1,650 | 2,633 | 291,979 | 774,017 | 11 | 177 | |||||||||||||||||||||||||||||||||||||||
Class A | 970 | 1,581 | 28,914 | 42,186 | �� | 9,236 | 27,595 | 496 | 234 | — | — | 32 | 56 | ||||||||||||||||||||||||||||||||||||||
Class C | 108 | 2,908 | 3,899 | 2,423 | 5,108 | 16,974 | 55 | 312 | — | — | 16 | 9 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 368 | 657 | 161 | 300 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | 58,430 | 9,077 | — | — | — | — | 510,805 | 654,289 | — | — |
See Notes to Financial Statements
145
146
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 47,309 | 49,229 | 220,105 | 180,857 | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 8,037 | 9,313 | 186,190 | 96,408 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 1,093 | 1,094 | 24,454 | 36,009 | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 1,042 | 419 | 2,159 | 845 | 55,542 | 55,466 | 586 | 510 | 413,091 | 202,793 | 25 | 45 | |||||||||||||||||||||||||||||||||||||||
Class A | 41 | 4 | 162 | 87 | 8,597 | 11,330 | 342 | 451 | — | — | 1 | 3 | |||||||||||||||||||||||||||||||||||||||
Class C | 46 | — | 9 | — | 10,041 | 10,921 | 609 | 542 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 3 | — | 38 | 71 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | 1,139 | 595 | — | — | — | — | 462,309 | 229,031 | — | — | |||||||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (31,082 | ) | (58,894 | ) | (263,079 | ) | (340,454 | ) | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (8,076 | ) | (18,668 | ) | (355,052 | ) | (494,926 | ) | — | — | |||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (886 | ) | (1,437 | ) | (50,505 | ) | (132,686 | ) | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (2,264 | ) | (1,414 | ) | (90,611 | ) | (90,148 | ) | (157,224 | ) | (262,887 | ) | (1,225 | ) | (2,687 | ) | (896,861 | ) | (944,849 | ) | (87 | ) | (153 | ) | |||||||||||||||||||||||||||
Class A | (868 | ) | (263 | ) | (35,868 | ) | (11,389 | ) | (36,447 | ) | (92,482 | ) | (629 | ) | (792 | ) | — | — | (14 | ) | (286 | ) | |||||||||||||||||||||||||||||
Class C | (153 | ) | (70 | ) | (868 | ) | (1,437 | ) | (32,710 | ) | (94,582 | ) | (272 | ) | (813 | ) | — | — | (26 | ) | (71 | ) | |||||||||||||||||||||||||||||
Class R3 | — | — | (167 | ) | (627 | ) | (500 | ) | (1,330 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | (38 | ) | (17,842 | ) | (10,117 | ) | — | — | — | — | (799,309 | ) | (794,413 | ) | — | — | ||||||||||||||||||||||||||||||||||
Net increase/(decrease) from Fund share transactions | 13,217 | 12,477 | 369,753 | 273,029 | (60,010 | ) | (48,442 | ) | 21,362 | (11,662 | ) | (84,339 | ) | (135,484 | ) | (42 | ) | (219 | ) | ||||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets | 15,463 | 16,688 | 469,337 | 421,269 | (64,174 | ) | 36,788 | 2,828 | 33,693 | (279,039 | ) | 175,597 | 359 | 354 | |||||||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | |||||||||||||||||||||||||||||||||||||||
End of period | $ | 52,768 | $ | 37,305 | $ | 1,346,786 | $ | 877,449 | $ | 1,628,878 | $ | 1,693,052 | $ | 749,898 | $ | 747,070 | $ | 10,540,806 | $ | 10,819,845 | $ | 5,003 | $ | 4,644 | |||||||||||||||||||||||||||
Undistributed net investment income/(loss) at end of period | $ | 104 | $ | 311 | $ | — | $ | 4,510 | $ | 2,022 | $ | 11,234 | $ | 337 | $ | 1,337 | $ | 3,247 | $ | 21,800 | $ | 3 | $ | 24 | |||||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | (3,004 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
See Notes to Financial Statements
147
148
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | 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) | $ | 16 | $ | 41 | $ | (816 | ) | $ | 708 | $ | 3,872 | $ | 8,775 | $ | 545 | $ | 18,387 | $ | (2 | ) | $ | 2,901 | $ | (7 | ) | $ | 9 | ||||||||||||||||||||||||
Net realized gain/(loss) on investments (Note A) | 37 | 23 | 20,111 | 13,360 | 47,318 | 86,107 | 15,323 | 47,042 | 7,530 | 6,765 | 29 | 72 | |||||||||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | (135 | ) | (4 | ) | 5,056 | 18,893 | 79,397 | 91,586 | 106,214 | 168,036 | 8,934 | 26,824 | 78 | 241 | |||||||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | (82 | ) | 60 | 24,351 | 32,961 | 130,587 | 186,468 | 122,082 | 233,465 | 16,462 | 36,490 | 100 | 322 | ||||||||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | (6,476 | ) | (6,263 | ) | (286 | ) | (449 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | (394 | ) | (588 | ) | (74 | ) | (155 | ) | (65 | ) | (84 | ) | — | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | (0 | ) | (1 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | (12 | ) | (66 | ) | (1,238 | ) | (359 | ) | (554 | ) | (523 | ) | (14,148 | ) | (16,444 | ) | (2,374 | ) | (3,092 | ) | (13 | ) | — | ||||||||||||||||||||||||||||
Class A | (1 | ) | (11 | ) | (224 | ) | (1 | ) | (36 | ) | (49 | ) | (69 | ) | (159 | ) | (41 | ) | (48 | ) | (2 | ) | — | ||||||||||||||||||||||||||||
Class C | (1 | ) | (5 | ) | (1 | ) | — | (1 | ) | (6 | ) | — | — | (2 | ) | (11 | ) | (1 | ) | — | |||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | (1 | ) | (2 | ) | — | — | (28 | ) | (42 | ) | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (2,084 | ) | (776 | ) | (116 | ) | — | (3 | ) | — | |||||||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | (65,843 | ) | (108,442 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | (5,485 | ) | (10,943 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | (12 | ) | (29 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | (25 | ) | (9 | ) | (10,797 | ) | — | (4,438 | ) | (6,846 | ) | — | — | — | — | (54 | ) | — | |||||||||||||||||||||||||||||||||
Class A | (3 | ) | (1 | ) | (2,099 | ) | — | (515 | ) | (916 | ) | — | — | — | — | (17 | ) | — | |||||||||||||||||||||||||||||||||
Class C | (3 | ) | (1 | ) | (28 | ) | — | (136 | ) | (330 | ) | — | — | — | — | (8 | ) | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | (32 | ) | (72 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | (14 | ) | — | ||||||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (45 | ) | (93 | ) | (14,387 | ) | (360 | ) | (83,923 | ) | (135,010 | ) | (16,661 | ) | (17,983 | ) | (2,626 | ) | (3,277 | ) | (112 | ) | — | ||||||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 6,636 | 10,414 | 3,713 | 5,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 1,841 | 4,820 | 3,222 | 6,540 | 56 | 276 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 10 | 22 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 25 | — | 5,552 | 22,865 | 7,070 | 17,432 | 198,054 | 464,902 | 10,360 | 48,560 | 5,427 | 643 | |||||||||||||||||||||||||||||||||||||||
Class A | 1 | 213 | 4,771 | 20,057 | 675 | 1,444 | 19,631 | 28,258 | 764 | 1,941 | 36 | 624 | |||||||||||||||||||||||||||||||||||||||
Class C | 10 | — | 14 | 283 | 135 | 376 | 2,519 | 2,776 | 57 | 481 | 7 | 111 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 24 | 209 | — | — | 492 | 2,170 | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | 79,782 | 94,389 | 190 | 9,237 | — | 200 |
See Notes to Financial Statements
149
150
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Period from December 8, 2016 (Commencement of Operations) to August 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 68,235 | 108,145 | 273 | 432 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 5,813 | 11,422 | 70 | 150 | 62 | 81 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 12 | 30 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 37 | 75 | 11,338 | 106 | 4,838 | 7,112 | 11,700 | 14,597 | 2,312 | 3,030 | 67 | — | |||||||||||||||||||||||||||||||||||||||
Class A | 3 | 4 | 2,261 | — | 523 | 906 | 30 | 92 | 36 | 43 | 9 | — | |||||||||||||||||||||||||||||||||||||||
Class C | 3 | 1 | 25 | — | 127 | 220 | — | — | 1 | 3 | — | — | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 23 | 43 | — | — | 23 | 35 | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | 2,084 | 775 | 115 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | (47,969 | ) | (108,871 | ) | (7,027 | ) | (14,532 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | (8,857 | ) | (27,795 | ) | (4,885 | ) | (15,813 | ) | (490 | ) | (1,042 | ) | — | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | (2 | ) | (141 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | (13 | ) | (67 | ) | (23,969 | ) | (37,308 | ) | (8,201 | ) | (16,746 | ) | (235,547 | ) | (390,004 | ) | (19,156 | ) | (78,386 | ) | (71 | ) | — | ||||||||||||||||||||||||||||
Class A | (203 | ) | (387 | ) | (10,773 | ) | (2,503 | ) | (1,584 | ) | (3,205 | ) | (16,559 | ) | (70,145 | ) | (1,988 | ) | (2,306 | ) | (87 | ) | (387 | ) | |||||||||||||||||||||||||||
Class C | — | (15 | ) | (59 | ) | (181 | ) | (172 | ) | (1,281 | ) | (1,309 | ) | (6,033 | ) | (59 | ) | (1,670 | ) | — | (11 | ) | |||||||||||||||||||||||||||||
Class R3 | — | — | — | — | (80 | ) | (365 | ) | — | — | (2,140 | ) | (1,666 | ) | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (16,136 | ) | (15,680 | ) | (930 | ) | (628 | ) | — | — | |||||||||||||||||||||||||||||||||||
Net increase/(decrease) from Fund share transactions | (137 | ) | (176 | ) | (10,840 | ) | 3,319 | 29,097 | 4,191 | 39,615 | 106,204 | (10,295 | ) | (19,841 | ) | 5,388 | 1,180 | ||||||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets | (264 | ) | (209 | ) | (876 | ) | 35,920 | 75,761 | 55,649 | 145,036 | 321,686 | 3,541 | 13,372 | 5,376 | 1,502 | ||||||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | — | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 2,639 | $ | 2,903 | $ | 130,533 | $ | 131,409 | $ | 1,264,042 | $ | 1,188,281 | $ | 1,969,857 | $ | 1,824,821 | $ | 248,115 | $ | 244,574 | $ | 6,878 | $ | 1,502 | |||||||||||||||||||||||||||
Undistributed net investment income/(loss) at end of period | $ | — | $ | — | $ | — | $ | 850 | $ | — | $ | 2,985 | $ | — | $ | 12,844 | $ | — | $ | 1,624 | $ | — | $ | 15 | |||||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | (33 | ) | $ | (35 | ) | $ | (1,429 | ) | $ | — | $ | (605 | ) | $ | — | $ | (3,272 | ) | $ | — | $ | (1,004 | ) | $ | — | $ | (11 | ) | $ | — |
See Notes to Financial Statements
151
152
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | (1,799 | ) | $ | (2,945 | ) | $ | 8,889 | $ | 18,367 | $ | (1,299 | ) | $ | (2,312 | ) | $ | 250 | $ | 931 | $ | 5,101 | $ | 12,016 | $ | 4,024 | $ | 8,324 | |||||||||||||||||||||||
Net realized gain/(loss) on investments (Note A) | 38,998 | 39,725 | 100,220 | 143,330 | 67,011 | 110,017 | 3,926 | 4,958 | 133,559 | 137,938 | 9,985 | 40,372 | |||||||||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | 25,108 | 72,572 | (31,597 | ) | 47,490 | 95,458 | 57,664 | 1,954 | 8,449 | 90,374 | 187,940 | (44,687 | ) | (41,934 | ) | ||||||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 62,307 | 109,352 | 77,512 | 209,187 | 161,170 | 165,369 | 6,130 | 14,338 | 229,034 | 337,894 | (30,678 | ) | 6,762 | ||||||||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (13,975 | ) | (7,325 | ) | — | — | (190 | ) | (201 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | (801 | ) | (794 | ) | — | — | (48 | ) | (67 | ) | — | — | (1,590 | ) | (2,367 | ) | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | (1,341 | ) | (1,953 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | — | — | (1,235 | ) | (560 | ) | — | — | (270 | ) | (194 | ) | (10,422 | ) | (14,963 | ) | (2,135 | ) | (3,355 | ) | |||||||||||||||||||||||||||||||
Class A | — | — | (30 | ) | (35 | ) | — | — | (39 | ) | (78 | ) | (134 | ) | (286 | ) | (781 | ) | (1,130 | ) | |||||||||||||||||||||||||||||||
Class C | — | — | (12 | ) | (21 | ) | — | — | (0 | ) | (11 | ) | — | (1 | ) | (102 | ) | (89 | ) | ||||||||||||||||||||||||||||||||
Class R3 | — | — | (2 | ) | (1 | ) | — | — | (4 | ) | (7 | ) | — | — | (155 | ) | (199 | ) | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | (545 | ) | (676 | ) | |||||||||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (79,556 | ) | (32,301 | ) | (39,598 | ) | (19,685 | ) | (2,455 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Trust Class | — | — | (5,204 | ) | (3,644 | ) | (5,336 | ) | (1,759 | ) | (811 | ) | — | — | — | (6,213 | ) | (21,699 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | — | (9,870 | ) | (8,877 | ) | (1,205 | ) | (310 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (43,660 | ) | (8,811 | ) | (6,298 | ) | (1,923 | ) | (28,019 | ) | (13,469 | ) | (2,339 | ) | — | (177,856 | ) | (45,915 | ) | (7,651 | ) | (26,621 | ) | ||||||||||||||||||||||||||||
Class A | (908 | ) | (609 | ) | (200 | ) | (158 | ) | (3,926 | ) | (2,041 | ) | (681 | ) | — | (5,678 | ) | (1,735 | ) | (3,311 | ) | (12,376 | ) | ||||||||||||||||||||||||||||
Class C | (1,255 | ) | (365 | ) | (168 | ) | (141 | ) | (859 | ) | (276 | ) | (188 | ) | — | (4,128 | ) | (1,065 | ) | (724 | ) | (2,889 | ) | ||||||||||||||||||||||||||||
Class R3 | — | — | (15 | ) | (4 | ) | (1,127 | ) | (370 | ) | (111 | ) | — | — | — | (766 | ) | (2,659 | ) | ||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | (24,371 | ) | (9,481 | ) | — | — | — | — | (1,987 | ) | (4,843 | ) | |||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (45,823 | ) | (9,785 | ) | (118,707 | ) | (57,737 | ) | (104,441 | ) | (47,391 | ) | (7,136 | ) | (558 | ) | (198,218 | ) | (63,965 | ) | (25,960 | ) | (78,903 | ) | |||||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | 5,036 | 17,941 | 5,617 | 9,599 | 748 | 1,561 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | 2,777 | 6,699 | 14,722 | 9,850 | 199 | 546 | — | — | 10,455 | 12,240 | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | 3,092 | 13,478 | 3,618 | 3,126 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 108,555 | 293,161 | 29,398 | 41,776 | 35,903 | 68,136 | 20,535 | 8,815 | 88,204 | 171,779 | 29,421 | 51,910 | |||||||||||||||||||||||||||||||||||||||
Class A | 5,798 | 15,111 | 871 | 2,779 | 7,047 | 10,173 | 3,200 | 2,066 | 13,967 | 25,355 | 10,201 | 21,145 | |||||||||||||||||||||||||||||||||||||||
Class C | 1,468 | 3,229 | 351 | 1,131 | 794 | 1,070 | 179 | 507 | 3,707 | 6,279 | 192 | 954 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 6 | 196 | 1,962 | 3,705 | 999 | 434 | — | — | 2,165 | 5,625 | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 62,737 | 66,750 | — | — | — | — | 22,652 | 10,995 |
See Notes to Financial Statements
153
154
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | 90,111 | 38,220 | 37,431 | 18,588 | 2,513 | 191 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | 5,920 | 4,359 | 5,323 | 1,758 | 847 | 67 | — | — | 7,759 | 23,899 | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | 11,200 | 10,811 | 787 | 249 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 39,433 | 7,762 | 6,871 | 2,396 | 27,748 | 13,315 | 2,588 | 190 | 178,195 | 11,082 | 8,854 | 25,843 | |||||||||||||||||||||||||||||||||||||||
Class A | 876 | 589 | 200 | 190 | 3,767 | 1,933 | 587 | 68 | 5,235 | 1,939 | 3,923 | 12,849 | |||||||||||||||||||||||||||||||||||||||
Class C | 1,115 | 298 | 127 | 132 | 831 | 264 | 164 | 8 | 3,762 | 955 | 728 | 2,569 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 12 | — | 1,015 | 323 | 92 | 6 | — | — | 860 | 2,647 | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 24,101 | 9,371 | — | — | — | — | 2,532 | 5,519 | |||||||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (81,147 | ) | (102,947 | ) | (20,873 | ) | (40,667 | ) | (3,093 | ) | (5,318 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Trust Class | — | — | (9,184 | ) | (20,992 | ) | (6,465 | ) | (33,896 | ) | (1,056 | ) | (1,582 | ) | — | — | (32,613 | ) | (69,683 | ) | |||||||||||||||||||||||||||||||
Advisor Class | — | — | (19,013 | ) | (36,688 | ) | (2,226 | ) | (3,916 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (241,606 | ) | (162,730 | ) | (17,457 | ) | (27,421 | ) | (60,567 | ) | (98,781 | ) | (4,020 | ) | (6,333 | ) | (304,699 | ) | (370,505 | ) | (47,315 | ) | (118,324 | ) | |||||||||||||||||||||||||||
Class A | (7,566 | ) | (46,279 | ) | (1,547 | ) | (2,708 | ) | (20,655 | ) | (41,744 | ) | (2,210 | ) | (8,521 | ) | (7,973 | ) | (56,386 | ) | (17,575 | ) | (56,424 | ) | |||||||||||||||||||||||||||
Class C | (2,312 | ) | (9,286 | ) | (573 | ) | (1,276 | ) | (1,152 | ) | (3,623 | ) | (349 | ) | (2,112 | ) | (4,249 | ) | (11,958 | ) | (3,080 | ) | (10,807 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | (17 | ) | (66 | ) | (2,932 | ) | (6,143 | ) | (307 | ) | (579 | ) | — | — | (4,029 | ) | (11,595 | ) | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | (23,787 | ) | (32,175 | ) | — | — | — | — | (4,536 | ) | (12,130 | ) | |||||||||||||||||||||||||||||||||||
Net increase/(decrease) from Fund share transactions | (94,239 | ) | 101,855 | 27,034 | (51,990 | ) | 94,746 | (42,735 | ) | 21,616 | (9,986 | ) | (23,851 | ) | (221,460 | ) | (9,406 | ) | (102,768 | ) | |||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets | (77,755 | ) | 201,422 | (14,161 | ) | 99,460 | 151,475 | 75,243 | 20,610 | 3,794 | 6,965 | 52,469 | (66,044 | ) | (174,909 | ) | |||||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | |||||||||||||||||||||||||||||||||||||||
End of period | $ | 804,698 | $ | 882,453 | $ | 1,440,262 | $ | 1,454,423 | $ | 1,322,968 | $ | 1,171,493 | $ | 113,595 | $ | 92,985 | $ | 1,929,282 | $ | 1,922,317 | $ | 448,478 | $ | 514,522 | |||||||||||||||||||||||||||
Undistributed net investment income/(loss) at end of period | $ | (1,899 | ) | $ | (100 | ) | $ | 6,051 | $ | 14,558 | $ | (1,299 | ) | $ | — | $ | — | $ | 294 | $ | 1,701 | $ | 7,156 | $ | — | $ | — | ||||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (7 | ) | $ | — | $ | — | $ | — | $ | (1,284 | ) | $ | — |
See Notes to Financial Statements
155
156
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
SMALL CAP GROWTH FUND | SOCIALLY RESPONSIVE FUND | VALUE FUND | |||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | ||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | (376 | ) | $ | (597 | ) | $ | 8,442 | $ | 16,348 | $ | 93 | $ | 226 | |||||||||||||
Net realized gain/(loss) on investments (Note A) | 5,712 | 14,135 | 126,998 | 145,869 | 1,280 | 2,275 | |||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | — | — | |||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | 5,042 | 104 | 100,776 | 129,440 | (412 | ) | 241 | ||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 10,378 | 13,642 | 236,216 | 291,657 | 961 | 2,742 | |||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||
Investor Class | — | — | (4,508 | ) | (4,454 | ) | — | — | |||||||||||||||||||
Trust Class | — | — | (1,023 | ) | (2,808 | ) | — | — | |||||||||||||||||||
Advisor Class | — | — | — | — | — | — | |||||||||||||||||||||
Institutional Class | — | — | (6,831 | ) | (6,309 | ) | (212 | ) | (84 | ) | |||||||||||||||||
Class A | — | — | (523 | ) | (1,404 | ) | (36 | ) | (25 | ) | |||||||||||||||||
Class C | — | — | — | (226 | ) | (30 | ) | (19 | ) | ||||||||||||||||||
Class R3 | — | — | (69 | ) | (316 | ) | — | — | |||||||||||||||||||
Class R6 | — | — | (3,190 | ) | (2,872 | ) | — | — | |||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||
Investor Class | (749 | ) | — | (39,577 | ) | (26,356 | ) | — | — | ||||||||||||||||||
Trust Class | (49 | ) | — | (12,621 | ) | (16,367 | ) | — | — | ||||||||||||||||||
Advisor Class | (37 | ) | — | — | — | — | — | ||||||||||||||||||||
Institutional Class | (180 | ) | — | (45,749 | ) | (28,362 | ) | (753 | ) | — | |||||||||||||||||
Class A | (48 | ) | — | (6,427 | ) | (8,167 | ) | (195 | ) | — | |||||||||||||||||
Class C | (42 | ) | — | (3,146 | ) | (3,469 | ) | (264 | ) | — | |||||||||||||||||
Class R3 | (24 | ) | — | (2,134 | ) | (2,219 | ) | — | — | ||||||||||||||||||
Class R6 | — | — | (19,628 | ) | (11,964 | ) | — | — | |||||||||||||||||||
Total distributions to shareholders | (1,129 | ) | — | (145,426 | ) | (115,293 | ) | (1,490 | ) | (128 | ) | ||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||
Investor Class | 1,162 | 2,555 | 24,514 | 62,120 | — | — | |||||||||||||||||||||
Trust Class | 45 | 142 | 14,176 | 34,508 | — | — | |||||||||||||||||||||
Advisor Class | 128 | 187 | — | — | — | — | |||||||||||||||||||||
Institutional Class | 1,087 | 3,103 | 112,870 | 212,400 | 639 | 7,485 | |||||||||||||||||||||
Class A | 936 | 1,104 | 13,696 | 30,087 | 109 | 5,668 | |||||||||||||||||||||
Class C | 244 | 551 | 3,688 | 10,542 | 26 | 2,937 | |||||||||||||||||||||
Class R3 | 270 | 444 | 10,609 | 14,587 | — | — | |||||||||||||||||||||
Class R6 | — | — | 43,514 | 91,598 | — | — |
See Notes to Financial Statements
157
158
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 | |||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year Ended August 31, 2017 | ||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||
Investor Class | 736 | — | 43,405 | 29,967 | — | — | |||||||||||||||||||||
Trust Class | 47 | — | 13,567 | 19,071 | — | — | |||||||||||||||||||||
Advisor Class | 37 | — | — | — | — | — | |||||||||||||||||||||
Institutional Class | 177 | — | 48,046 | 31,378 | 965 | 84 | |||||||||||||||||||||
Class A | 47 | — | 6,304 | 8,921 | 231 | 25 | |||||||||||||||||||||
Class C | 41 | — | 2,762 | 3,144 | 294 | 19 | |||||||||||||||||||||
Class R3 | 17 | — | 2,076 | 2,408 | — | — | |||||||||||||||||||||
Class R6 | — | — | 22,818 | 14,836 | — | — | |||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||
Investor Class | (3,569 | ) | (5,968 | ) | (121,015 | ) | (159,318 | ) | — | — | |||||||||||||||||
Trust Class | (678 | ) | (1,503 | ) | (34,919 | ) | (101,908 | ) | — | — | |||||||||||||||||
Advisor Class | (210 | ) | (937 | ) | — | — | — | — | |||||||||||||||||||
Institutional Class | (1,107 | ) | (2,725 | ) | (157,266 | ) | (207,457 | ) | (2,772 | ) | (7,469 | ) | |||||||||||||||
Class A | (693 | ) | (1,946 | ) | (18,950 | ) | (58,324 | ) | (506 | ) | (7,567 | ) | |||||||||||||||
Class C | (307 | ) | (684 | ) | (5,571 | ) | (13,306 | ) | (373 | ) | (274 | ) | |||||||||||||||
Class R3 | (249 | ) | (671 | ) | (18,820 | ) | (10,924 | ) | — | — | |||||||||||||||||
Class R6 | — | — | (170,303 | ) | (144,516 | ) | — | — | |||||||||||||||||||
Net increase/(decrease) from Fund share transactions | (1,839 | ) | (6,348 | ) | (164,799 | ) | (130,186 | ) | (1,387 | ) | 908 | ||||||||||||||||
Net Increase/(Decrease) in Net Assets | 7,410 | 7,294 | (74,009 | ) | 46,178 | (1,916 | ) | 3,522 | |||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||
Beginning of period | 73,550 | 66,256 | 2,393,024 | 2,346,846 | 16,999 | 13,477 | |||||||||||||||||||||
End of period | $ | 80,960 | $ | 73,550 | $ | 2,319,015 | $ | 2,393,024 | $ | 15,083 | $ | 16,999 | |||||||||||||||
Undistributed net investment income/(loss) at end of period | $ | (781 | ) | $ | (405 | ) | $ | 2,604 | $ | 10,306 | $ | 25 | $ | 210 | |||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
See Notes to Financial Statements
159
160
Notes to Financial Statements Equity Funds (Unaudited)
Note A—Summary of Significant Accounting Policies:
1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman International Small Cap Fund ("International Small Cap"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman Socially Responsive Fund ("Socially Responsive") and Neuberger Berman Value Fund ("Value") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which (except 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 (Global Real Estate and Multi-Cap Opportunities became diversified in December 2017 and December 2012, respectively). 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.
161
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 funds, 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
162
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 translations: The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.
4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount on securities for Equity Income, accretion of original issue discount, where applicable, and accretion of discount on short-term investments, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlements of class action litigation in which the Funds participated as class members. The amounts of such proceeds for the six months ended February 28, 2018 were $1,725, $4,535, $1,057, $1,890, $48,995, $182,039, $129,779, $20,421, $6,449, $996, $6,208, and $88, for Equity Income, Focus, Genesis, Guardian, International Equity, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Small Cap Growth 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 to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.
The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 28, 2018, the Funds did not have any unrecognized tax positions.
163
At February 28, 2018, selected Fund information for all long security positions and derivative instruments (if any) for U.S. federal income tax purposes was as follows:
(000's omitted) | Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Dividend Growth | $ | 46,860 | $ | 6,626 | $ | 905 | $ | 5,721 | |||||||||||
Emerging Markets Equity | 1,095,910 | 279,989 | 16,019 | 263,970 | |||||||||||||||
Equity Income | 1,344,093 | 297,751 | 19,210 | 278,541 | |||||||||||||||
Focus | 629,428 | 139,360 | 18,632 | 120,728 | |||||||||||||||
Genesis | 5,860,458 | 4,815,757 | 124,606 | 4,691,151 | |||||||||||||||
Global Equity | 3,780 | 1,291 | 63 | 1,228 | |||||||||||||||
Global Real Estate | 2,645 | 160 | 152 | 8 | |||||||||||||||
Greater China Equity | 101,158 | 27,978 | 92 | 27,886 | |||||||||||||||
Guardian | 967,985 | 317,015 | 27,335 | 289,680 | |||||||||||||||
International Equity | 1,596,236 | 397,805 | 30,165 | 367,640 | |||||||||||||||
International Select | 190,159 | 60,999 | 3,160 | 57,839 | |||||||||||||||
International Small Cap | 6,729 | 415 | 100 | 315 | |||||||||||||||
Intrinsic Value | 652,756 | 192,199 | 40,551 | 151,648 | |||||||||||||||
Large Cap Value | 1,376,630 | 164,896 | 32,261 | 132,635 | |||||||||||||||
Mid Cap Growth | 957,527 | 385,116 | 16,896 | 368,220 | |||||||||||||||
Mid Cap Intrinsic Value | 94,190 | 22,051 | 3,873 | 18,178 | |||||||||||||||
Multi-Cap Opportunities | 1,196,476 | 737,350 | 6,981 | 730,369 | |||||||||||||||
Real Estate | 443,740 | 36,216 | 34,004 | 2,212 | |||||||||||||||
Small Cap Growth | 68,134 | 14,707 | 1,155 | 13,552 | |||||||||||||||
Socially Responsive | 1,576,817 | 798,452 | 51,661 | 746,791 | |||||||||||||||
Value | 14,788 | 1,345 | 372 | 973 |
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 real estate investment trusts ("REITs")/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,
164
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 | ) | ||||||||||
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 |
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Distributions Paid From: | |||||||||||||||||||||||||||||||||||
Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
International Small Cap | $ | — | (b) | $ | — | $ | — | (b) | $ | — | $ | — | (b) | $ | — | $ | — | (b) | $ | — | |||||||||||||||
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 |
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Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Unrealized Appreciation/ (Depreciation) | Loss Carryforwards and Deferrals | Other Temporary Differences | Total | ||||||||||||||||||||||
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 |
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.
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
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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.
Emerging Markets Equity accrues deferred capital gains tax on unrealized gains for certain securities of issuers domiciled in India. At February 28, 2018, Emerging Markets Equity had accrued capital gains taxes of $57,966 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, 2017, $6,061 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. The tax laws and regulations in the PRC are subject to change, possibly with retroactive effect.
7 Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments.
Distributions from net investment income and net realized capital gains, if any, are generally distributed once a year (usually in December) and are recorded on the ex-date. However, Equity Income, Global Real Estate and Real Estate generally distribute net investment income, if any, at the end of each calendar quarter.
It is the policy of each of Equity Income, Global Real Estate, Intrinsic Value, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Socially Responsive to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At February 28, 2018, these Funds estimated these amounts for the period January 1, 2018 to February 28, 2018 within the financial statements because the 2018 information is not available from the REITs until after each Fund's fiscal year-end. All estimates are based upon REIT information sources available to 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 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
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the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.
9 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.
10 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 Securities and Exchange Commission 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.
11 Derivative instruments: Certain Funds' use of derivatives during the six months ended February 28, 2018, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2018. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.
Options: For the six months ended February 28, 2018, Equity Income, Focus, Guardian, Large Cap Value and Value used options written and Focus and Guardian used 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.
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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.
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 retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a covered call or 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.
At February 28, 2018, 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 | ||||||||||||
Guardian | |||||||||||||||
Options purchased | Investments in securities, at value | $ | 1,608 | $ | 1,608 | ||||||||||
Total Value—Assets | $ | 1,608 | $ | 1,608 |
Liability Derivatives
(000's omitted)
Derivative Type | Statements of Assets and Liabilities Location | Equity Risk | Total | ||||||||||||
Equity Income | |||||||||||||||
Options written | Option contracts written, at value | $ | (2,605 | ) | $ | (2,605 | ) | ||||||||
Total Value—Liabilities | $ | (2,605 | ) | $ | (2,605 | ) | |||||||||
Focus | |||||||||||||||
Options written | Option contracts written, at value | $ | (381 | ) | $ | (381 | ) | ||||||||
Total Value—Liabilities | $ | (381 | ) | $ | (381 | ) | |||||||||
Guardian | |||||||||||||||
Options written | Option contracts written, at value | $ | (2,502 | ) | $ | (2,502 | ) | ||||||||
Total Value—Liabilities | $ | (2,502 | ) | $ | (2,502 | ) | |||||||||
Large Cap Value | |||||||||||||||
Options written | Option contracts written, at value | $ | (1,297 | ) | $ | (1,297 | ) | ||||||||
Total Value—Liabilities | $ | (1,297 | ) | $ | (1,297 | ) | |||||||||
Value | |||||||||||||||
Options written | Option contracts written, at value | $ | (13 | ) | $ | (13 | ) | ||||||||
Total Value—Liabilities | $ | (13 | ) | $ | (13 | ) |
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The impact of the use of these derivative instruments on the Statements of Operations during the six months ended February 28, 2018, 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: expiration or closing of option contracts written | $ | 633 | $ | 633 | ||||||||||
Total Realized Gain/(Loss) | $ | 633 | $ | 633 | |||||||||||
Focus | |||||||||||||||
Options purchased | Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers | $ | (409 | ) | $ | (409 | ) | ||||||||
Options written | Net realized gain/(loss) on: expiration or closing of option contracts written | (1,124 | ) | (1,124 | ) | ||||||||||
Total Realized Gain/(Loss) | $ | (1,533 | ) | $ | (1,533 | ) | |||||||||
Guardian | |||||||||||||||
Options purchased | Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers | $ | 387 | $ | 387 | ||||||||||
Options written | Net realized gain/(loss) on: expiration or closing of option contracts written | 1,232 | 1,232 | ||||||||||||
Total Realized Gain/(Loss) | $ | 1,619 | $ | 1,619 | |||||||||||
Large Cap Value | |||||||||||||||
Options written | Net realized gain/(loss) on: expiration or closing of option contracts written | $ | 1,613 | $ | 1,613 | ||||||||||
Total Realized Gain/(Loss) | $ | 1,613 | $ | 1,613 | |||||||||||
Value | |||||||||||||||
Options written | Net realized gain/(loss) on: expiration or closing of option contracts written | $ | 18 | $ | 18 | ||||||||||
Total Realized Gain/(Loss) | $ | 18 | $ | 18 |
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 | $ | (921 | ) | $ | (921 | ) | ||||||||
Total Change in Appreciation/(Depreciation) | $ | (921 | ) | $ | (921 | ) | |||||||||
Focus | |||||||||||||||
Options purchased | Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment securities | $ | 20 | $ | 20 | ||||||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | (255 | ) | (255 | ) | ||||||||||
Total Change in Appreciation/(Depreciation) | $ | (235 | ) | $ | (235 | ) |
171
Guardian | |||||||||||
Options purchased | Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment securities | $ | 662 | $ | 662 | ||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | (7 | ) | (7 | ) | ||||||
Total Change in Appreciation/(Depreciation) | $ | 655 | $ | 655 | |||||||
Large Cap Value | |||||||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | $ | 255 | $ | 255 | ||||||
Total Change in Appreciation/(Depreciation) | $ | 255 | $ | 255 | |||||||
Value | |||||||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | $ | 2 | $ | 2 | ||||||
Total Change in Appreciation/(Depreciation) | $ | 2 | $ | 2 |
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 six months ended February 28, 2018 that require additional disclosures pursuant to ASC 815.
12 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.
13 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 a net gain of $129,534,612 on $216,264,840 of in-kind redemptions. During the six months ended February 28, 2018, Genesis and Socially Responsive realized net gains of $266,798,836 and $39,512,498, respectively, on $475,404,196 and $103,913,811, respectively, of in-kind redemptions.
14 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.
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Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:
Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee according to the following table:
Investment Management Fee as a Percentage of Average Daily Net Assets:
First $250 million | Next $250 million | Next $250 million | Next $250 million | Next $500 million | Next $500 million | Next $500 million | Next $1.5 billion | Thereafter | |||||||||||||||||||||||||||||||
For Genesis(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 | % | ||||||||||||||||||||||
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 November 1, 2017, Management has voluntarily agreed to waive its management fee in the amount of 0.04% of the average daily net assets of International Equity (0.15% effective June 1, 2017, 0.18% effective May 1, 2015). Effective November 1, 2017, Management has agreed to remove the voluntary waiver of its management fee of Mid Cap Intrinsic Value. Prior to that, Management voluntarily agreed to waive its management fee or to reimburse certain expenses for the following amounts, all as a percentage of average daily net assets, 0.19% effective December 19, 2016, 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 the voluntary waiver without notice to International Equity. For the six months ended February 28, 2018, such waived fees amounted to $729,745 and $30,924 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.
173
(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 six months ended February 28, 2018, 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 | 0.96 | % | Intrinsic Value | 0.78 | % | ||||||||||
Equity Income | 0.48 | % | Large Cap Value | 0.49 | % | ||||||||||
Focus | 0.52 | % | Mid Cap Growth | 0.50 | % | ||||||||||
Genesis | 0.66 | % | Mid Cap Intrinsic Value | 0.55 | %(b) | ||||||||||
Global Equity | 0.55 | % | 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 | 0.78 | %(a) | Value | 0.55 | % | ||||||||||
International Select | 0.55 | % |
(a) 0.70% annual effective net rate of the Fund's average daily net assets.
(b) 0.49% 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 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) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations.
174
Expenses Reimbursed in Year Ended August 31, | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||
Dividend Growth Institutional Class | 0.69 | % | 8/31/21 | $ | — | $ | 215,047 | (b) | $ | 258,355 | $ | 120,312 | |||||||||||||||
Dividend Growth Class A | 1.05 | % | 8/31/21 | — | 9,994 | (b) | 8,372 | 6,049 | |||||||||||||||||||
Dividend Growth Class C | 1.80 | % | 8/31/21 | — | 9,444 | (b) | 20,432 | 9,303 | |||||||||||||||||||
Dividend Growth Class R6 | 0.62 | % | 8/31/21 | — | 15,585 | (b) | 484 | 85 | |||||||||||||||||||
Emerging Markets Equity Institutional Class | 1.25 | % | 8/31/21 | 744,668 | 528,129 | 460,088 | 81,765 | ||||||||||||||||||||
Emerging Markets Equity Class A | 1.50 | % | 8/31/21 | 48,822 | 54,600 | 91,792 | 41,890 | ||||||||||||||||||||
Emerging Markets Equity Class C | 2.25 | % | 8/31/21 | 19,353 | 13,399 | 11,097 | 5,317 | ||||||||||||||||||||
Emerging Markets Equity Class R3 | 1.91 | % | 8/31/21 | 1,291 | 1,403 | 1,161 | — | ||||||||||||||||||||
Emerging Markets Equity Class R6 | 1.18 | % | 8/31/21 | 135,893 | 127,742 | 88,158 | 849 | ||||||||||||||||||||
Equity Income Institutional Class | 0.80 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Equity Income Class A | 1.16 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Equity Income Class C | 1.91 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Equity Income Class R3 | 1.41 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Focus Trust Class | 1.50 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Focus Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Institutional Class | 0.75 | % | 8/31/21 | 1,371 | 755 | 209 | — | ||||||||||||||||||||
Focus Class A | 1.11 | % | 8/31/21 | 1,255 | 1,451 | 580 | 157 | ||||||||||||||||||||
Focus Class C | 1.86 | % | 8/31/21 | 708 | 893 | 336 | 71 | ||||||||||||||||||||
Genesis Trust Class | 1.50 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Genesis Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Institutional Class | 0.85 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Class R6 | 0.75 | %(c) | 8/31/21 | — | — | — | 403,153 | ||||||||||||||||||||
Global Equity Institutional Class | 0.75 | %(d) | 8/31/21 | 249,720 | 240,098 | 239,590 | 136,557 | ||||||||||||||||||||
Global Equity Class A | 1.11 | %(d) | 8/31/21 | 14,226 | 38,361 | 24,676 | 10,747 | ||||||||||||||||||||
Global Equity Class C | 1.86 | %(d) | 8/31/21 | 5,783 | 16,073 | 8,112 | 3,541 | ||||||||||||||||||||
Global Real Estate Institutional Class | 1.00 | % | 8/31/21 | 185,406 | (e) | 197,159 | 202,973 | 116,671 | |||||||||||||||||||
Global Real Estate Class A | 1.36 | % | 8/31/21 | 58,526 | (e) | 64,529 | 38,044 | 16,227 | |||||||||||||||||||
Global Real Estate Class C | 2.11 | % | 8/31/21 | 24,504 | (e) | 25,169 | 25,661 | 14,537 | |||||||||||||||||||
Greater China Equity Institutional Class | 1.50 | % | 8/31/21 | 126,917 | 229,329 | 164,058 | 52,449 | ||||||||||||||||||||
Greater China Equity Class A | 1.86 | % | 8/31/21 | 5,487 | 7,590 | 9,343 | 12,276 | ||||||||||||||||||||
Greater China Equity Class C | 2.61 | % | 8/31/21 | 301 | 320 | 321 | 215 | ||||||||||||||||||||
Guardian Trust Class | 1.50 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Guardian Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Institutional Class | 0.75 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Guardian Class A | 1.11 | % | 8/31/21 | — | — | — | — |
175
Expenses Reimbursed in Year Ended August 31, | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||
Guardian Class C | 1.86 | % | 8/31/21 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Guardian Class R3 | 1.36 | % | 8/31/21 | 82 | 148 | 88 | 2 | ||||||||||||||||||||
International Equity Investor Class | 1.40 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
International Equity Trust Class | 2.00 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
International Equity Institutional Class | 0.85 | % | 8/31/22 | — | — | — | 409,835 | ||||||||||||||||||||
International Equity Class A | 1.21 | % | 8/31/21 | — | 10,042 | — | 23,938 | ||||||||||||||||||||
International Equity Class C | 1.96 | % | 8/31/21 | 280 | 2,521 | — | 4,794 | ||||||||||||||||||||
International Equity Class R6 | 0.78 | % | 8/31/21 | — | — | — | 60,804 | ||||||||||||||||||||
International Select Trust Class | 1.15 | %(f) | 8/31/21 | 9,396 | 12,258 | 12,594 | 7,165 | ||||||||||||||||||||
International Select Institutional Class | 0.80 | %(f) | 8/31/21 | 59,089 | 91,989 | 141,368 | 97,667 | ||||||||||||||||||||
International Select Class A | 1.16 | %(f) | 8/31/21 | 526 | 1,276 | 3,083 | 2,521 | ||||||||||||||||||||
International Select Class C | 1.91 | %(f) | 8/31/21 | 1,857 | 1,955 | 2,278 | 1,243 | ||||||||||||||||||||
International Select Class R3 | 1.41 | %(f) | 8/31/21 | 1,371 | 2,218 | 3,513 | 2,319 | ||||||||||||||||||||
International Select Class R6 | 0.73 | %(f) | 8/31/21 | — | — | 1,906 | (h) | 4,481 | |||||||||||||||||||
International Small Cap Institutional Class | 1.05 | % | 8/31/21 | — | — | 159,342 | (i) | 115,102 | |||||||||||||||||||
International Small Cap Class A | 1.41 | % | 8/31/21 | — | — | 65,158 | (i) | 20,641 | |||||||||||||||||||
International Small Cap Class C | 2.16 | % | 8/31/21 | — | — | 25,270 | (i) | 8,600 | |||||||||||||||||||
International Small Cap Class R6 | 0.98 | % | 8/31/21 | — | — | 50,711 | (i) | 17,242 | |||||||||||||||||||
Intrinsic Value Institutional Class | 1.00 | % | 8/31/21 | 334,405 | 357,588 | 205,715 | — | ||||||||||||||||||||
Intrinsic Value Class A | 1.36 | % | 8/31/21 | 36,399 | 58,200 | 21,955 | 4,226 | ||||||||||||||||||||
Intrinsic Value Class C | 2.11 | % | 8/31/21 | 20,071 | 22,495 | 9,376 | 728 | ||||||||||||||||||||
Large Cap Value Trust Class | 1.50 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Institutional Class | 0.70 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Class A | 1.11 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Class C | 1.86 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Class R3 | 1.36 | % | 8/31/21 | 146 | 126 | 70 | — | ||||||||||||||||||||
Mid Cap Growth Trust Class | 1.50 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Institutional Class | 0.75 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class A | 1.11 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class C | 1.86 | % | 8/31/21 | — | 1,683 | — | — | ||||||||||||||||||||
Mid Cap Growth Class R3 | 1.36 | % | 8/31/21 | — | 2,516 | 80 | — | ||||||||||||||||||||
Mid Cap Growth Class R6 | 0.68 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Investor Class | 1.50 | % | 8/31/22 | — | — | — | — |
176
Expenses Reimbursed in Year Ended August 31, | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||
Mid Cap Intrinsic Value Trust Class | 1.25 | % | 8/31/22 | $ | 3,825 | $ | 8,167 | $ | — | $ | 3,527 | ||||||||||||||||
Mid Cap Intrinsic Value Institutional Class | 0.85 | % | 8/31/21 | 9,129 | 24,711 | 5,015 | 23,014 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class A | 1.21 | % | 8/31/21 | 6,396 | 17,891 | 4,690 | 5,553 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class C | 1.96 | % | 8/31/21 | 1,380 | 4,388 | 1,218 | 1,483 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class R3 | 1.46 | % | 8/31/21 | 508 | 1,736 | 629 | 1,246 | ||||||||||||||||||||
Multi-Cap Opportunities Institutional Class | 1.00 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Class A | 1.36 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Class C | 2.11 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
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 | 179,454 | ||||||||||||||||||||
Real Estate Class A | 1.21 | % | 8/31/21 | 344,493 | 261,138 | 193,727 | 81,668 | ||||||||||||||||||||
Real Estate Class C | 1.96 | % | 8/31/21 | 82,751 | 62,906 | 47,102 | 18,358 | ||||||||||||||||||||
Real Estate Class R3 | 1.46 | % | 8/31/21 | 50,187 | 50,219 | 46,018 | 19,872 | ||||||||||||||||||||
Real Estate Class R6 | 0.78 | % | 8/31/21 | 58,201 | 70,754 | 85,221 | 51,740 | ||||||||||||||||||||
Small Cap Growth Investor Class | 1.30 | %(g) | 8/31/22 | 192,273 | 243,435 | 221,840 | 108,947 | ||||||||||||||||||||
Small Cap Growth Trust Class | 1.40 | %(g) | 8/31/22 | 25,160 | 24,155 | 19,320 | 8,009 | ||||||||||||||||||||
Small Cap Growth Advisor Class | 1.60 | %(g) | 8/31/22 | 12,075 | 10,968 | 8,126 | 3,545 | ||||||||||||||||||||
Small Cap Growth Institutional Class | 0.90 | % | 8/31/21 | 110,976 | 94,448 | 61,816 | 36,022 | ||||||||||||||||||||
Small Cap Growth Class A | 1.26 | % | 8/31/21 | 26,864 | 26,066 | 20,750 | 10,735 | ||||||||||||||||||||
Small Cap Growth Class C | 2.01 | % | 8/31/21 | 10,703 | 13,463 | 11,214 | 5,840 | ||||||||||||||||||||
Small Cap Growth Class R3 | 1.51 | % | 8/31/21 | 4,955 | 8,774 | 6,935 | 3,532 | ||||||||||||||||||||
Socially Responsive Trust Class | 1.50 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Institutional Class | 0.75 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class A | 1.11 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class C | 1.86 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class R3 | 1.36 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Class R6 | 0.68 | % | 8/31/21 | — | — | — | — | ||||||||||||||||||||
Value Institutional Class | 0.75 | %(g) | 8/31/21 | 166,414 | 172,294 | 165,002 | 90,281 | ||||||||||||||||||||
Value Class A | 1.11 | %(g) | 8/31/21 | 98,718 | 87,821 | 66,962 | 23,972 | ||||||||||||||||||||
Value Class C | 1.86 | %(g) | 8/31/21 | 7,048 | 9,526 | 41,187 | 30,430 |
(a) Expense limitation per annum of the respective class's average daily net assets.
(b) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.
(c) Prior to October 16, 2017, the contractual expense limitation was 0.78%.
(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.
177
(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, 1.51% for Class R3 and 0.83% for Class R6.
(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 Six Months Ended February 28, 2018 Not Subject to Repayment(j) | |||||||||
Real Estate Trust Class | 1.04 | % | $ | 277,032 | |||||||
Small Cap Growth Investor Class | 1.21 | % | 23,161 | ||||||||
Effective September 1, 2015 | |||||||||||
Small Cap Growth Trust Class | 1.37 | % | 559 | ||||||||
Small Cap Growth Advisor Class | 1.51 | % | 794 | ||||||||
Effective March 21, 2018 | |||||||||||
Value Institutional Class* | 0.70 | % | 2,747 | ||||||||
Effective March 21, 2018 | |||||||||||
Value Class A** | 1.08 | % | 779 | ||||||||
Effective March 21, 2018 | |||||||||||
Value Class C*** | 1.82 | % | 1,130 |
* 0.69% from January 2, 2018 to March 20, 2018; 0.70% from December 30, 2015 to January 1, 2018; 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.
** 1.05% from September 12, 2017 to March 20, 2018; 1.07% from March 15, 2017 to September 11, 2017; 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.
*** 1.80% from January 2, 2018 to March 20, 2018; 1.79% from September 12, 2017 to January 1, 2018; 1.82% from June 15, 2016 to September 11, 2017; 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 Real Estate, Small Cap Growth and Value.
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 the 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
178
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 six months ended February 28, 2018, the following classes repaid Management under their contractual expense limitation agreements as follows:
Class | Expenses Repaid to Management | ||||||
Emerging Markets Equity Class R3 | $ | 43 | |||||
Focus Institutional Class | 147 | ||||||
Intrinsic Value Institutional Class | 5,254 | ||||||
Large Cap Value Institutional Class | 983 | ||||||
Large Cap Value Class R3 | 4 | ||||||
Mid Cap Growth Class C | 1,481 | ||||||
Mid Cap Growth Class R3 | 1,212 |
As previously announced, on April 28, 2017, NBIA retained Green Court Capital Management Limited as the sub-adviser to Greater China Equity, 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.
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.
179
For the six months ended February 28, 2018, 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 | $ | 1,836 | $ | — | $ | — | $ | — | |||||||||||
Dividend Growth Class C | — | 1,556 | — | — | |||||||||||||||
Emerging Markets Equity Class A | 28,020 | — | — | — | |||||||||||||||
Emerging Markets Equity Class C | — | 549 | — | — | |||||||||||||||
Equity Income Class A | 7,029 | — | — | — | |||||||||||||||
Equity Income Class C | — | 1,905 | — | — | |||||||||||||||
Focus Class A | 2,250 | — | — | — | |||||||||||||||
Focus Class C | — | 24 | — | — | |||||||||||||||
Global Equity Class A | 161 | — | — | — | |||||||||||||||
Global Equity Class C | — | — | — | — | |||||||||||||||
Global Real Estate Class A | — | — | — | — | |||||||||||||||
Global Real Estate Class C | — | — | — | — | |||||||||||||||
Greater China Equity Class A | 597 | — | — | — | |||||||||||||||
Greater China Equity Class C | — | 518 | — | — | |||||||||||||||
Guardian Class A | 654 | — | — | — | |||||||||||||||
Guardian Class C | — | — | — | — | |||||||||||||||
International Equity Class A | 3,999 | — | — | — | |||||||||||||||
International Equity Class C | — | 391 | — | — | |||||||||||||||
International Select Class A | 1,065 | — | — | — | |||||||||||||||
International Select Class C | — | 85 | — | — | |||||||||||||||
International Small Cap Class A | — | — | — | — | |||||||||||||||
International Small Cap Class C | — | — | — | — | |||||||||||||||
Intrinsic Value Class A | 4,129 | — | — | — | |||||||||||||||
Intrinsic Value Class C | — | 319 | — | — | |||||||||||||||
Large Cap Value Class A | 2,801 | — | — | — | |||||||||||||||
Large Cap Value Class C | — | 1,747 | — | — | |||||||||||||||
Mid Cap Growth Class A | 3,389 | — | — | — | |||||||||||||||
Mid Cap Growth Class C | — | 6 | — | — | |||||||||||||||
Mid Cap Intrinsic Value Class A | 1,567 | — | — | — | |||||||||||||||
Mid Cap Intrinsic Value Class C | — | 329 | — | — | |||||||||||||||
Multi-Cap Opportunities Class A | 15,245 | — | — | — | |||||||||||||||
Multi-Cap Opportunities Class C | — | 1,531 | — | — | |||||||||||||||
Real Estate Class A | 1,516 | — | — | — | |||||||||||||||
Real Estate Class C | — | 1,287 | — | — | |||||||||||||||
Small Cap Growth Class A | 3,509 | — | — | — | |||||||||||||||
Small Cap Growth Class C | — | 490 | — | — | |||||||||||||||
Socially Responsive Class A | 17,274 | — | — | — | |||||||||||||||
Socially Responsive Class C | — | 3,268 | — | — | |||||||||||||||
Value Class A | 254 | — | — | — | |||||||||||||||
Value Class C | — | 583 | — | — |
180
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.
Note C—Securities Transactions:
During the six months ended February 28, 2018, 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 | $ | 23,220 | $ | 10,539 | International Small Cap | $ | 5,414 | $ | 441 | ||||||||||||||
Emerging Markets Equity | 407,572 | 95,362 | Intrinsic Value | 88,925 | 195,269 | ||||||||||||||||||
Equity Income | 422,637 | 496,992 | Large Cap Value | 1,004,410 | 888,217 | ||||||||||||||||||
Focus | 236,468 | 288,547 | Mid Cap Growth | 317,003 | 340,188 | ||||||||||||||||||
Genesis | 887,688 | 1,789,148 | Mid Cap Intrinsic Value | 31,903 | 18,317 | ||||||||||||||||||
Global Equity | 632 | 745 | Multi-Cap Opportunities | 246,829 | 450,939 | ||||||||||||||||||
Global Real Estate | 689 | 931 | Real Estate | 89,652 | 121,762 | ||||||||||||||||||
Greater China Equity | 47,642 | 70,418 | Small Cap Growth | 77,071 | 80,949 | ||||||||||||||||||
Guardian | 247,916 | 306,481 | Socially Responsive | 160,875 | 349,283 | ||||||||||||||||||
International Equity | 271,367 | 279,374 | Value | 10,715 | 11,549 | ||||||||||||||||||
International Select | 33,679 | 46,001 |
During the six months ended February 28, 2018, no brokerage commissions on securities transactions were paid to affiliated brokers.
Note D—Fund Share Transactions:
Share activity for the six months ended February 28, 2018 and for the year ended August 31, 2017 was as follows:
For the Six Months Ended February 28, 2018 | For the Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||
(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 | 1,073 | 79 | (168 | ) | 984 | 767 | 36 | (118 | ) | 685 | |||||||||||||||||||||||||
Class A | 71 | 3 | (63 | ) | 11 | 128 | 0 | z | (21 | ) | 107 | ||||||||||||||||||||||||
Class C | 8 | 3 | (11 | ) | 0 | z | 246 | 0 | z | (5 | ) | 241 | |||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||
Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 19,573 | 103 | (4,207 | ) | 15,469 | 19,088 | 56 | (5,318 | ) | 13,826 | |||||||||||||||||||||||||
Class A | 1,358 | 8 | (1,721 | ) | (355 | ) | 2,492 | 6 | (679 | ) | 1,819 | ||||||||||||||||||||||||
Class C | 190 | 0 | z | (42 | ) | 148 | 143 | — | (88 | ) | 55 | ||||||||||||||||||||||||
Class R3 | 17 | 0 | z | (8 | ) | 9 | 39 | 0 | z | (38 | ) | 1 | |||||||||||||||||||||||
Class R6 | 2,729 | 54 | (839 | ) | 1,944 | 522 | 39 | (580 | ) | (19 | ) |
181
For the Six Months Ended February 28, 2018 | For the Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Equity Income: | |||||||||||||||||||||||||||||||||||
Institutional Class | 5,874 | 4,228 | (11,782 | ) | (1,680 | ) | 22,175 | 4,444 | (20,756 | ) | 5,863 | ||||||||||||||||||||||||
Class A | 697 | 657 | (2,752 | ) | (1,398 | ) | 2,203 | 912 | (7,356 | ) | (4,241 | ) | |||||||||||||||||||||||
Class C | 390 | 771 | (2,478 | ) | (1,317 | ) | 1,365 | 885 | (7,568 | ) | (5,318 | ) | |||||||||||||||||||||||
Class R3 | 12 | 3 | (37 | ) | (22 | ) | 24 | 6 | (107 | ) | (77 | ) | |||||||||||||||||||||||
Focus:(d) | |||||||||||||||||||||||||||||||||||
Investor Class | 69 | 1,793 | (1,127 | ) | 735 | 217 | 2,051 | (2,278 | ) | (10 | ) | ||||||||||||||||||||||||
Trust Class | 44 | 305 | (286 | ) | 63 | 45 | 365 | (669 | ) | (259 | ) | ||||||||||||||||||||||||
Advisor Class | 6 | 41 | (29 | ) | 18 | 11 | 34 | (38 | ) | 7 | |||||||||||||||||||||||||
Institutional Class | 60 | 22 | (45 | ) | 37 | 103 | 21 | (104 | ) | 20 | |||||||||||||||||||||||||
Class A | 17 | 13 | (21 | ) | 9 | 8 | 18 | (29 | ) | (3 | ) | ||||||||||||||||||||||||
Class C | 2 | 23 | (8 | ) | 17 | 8 | 16 | (21 | ) | 3 | |||||||||||||||||||||||||
Genesis:(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 1,226 | 3,861 | (4,322 | ) | 765 | 3,441 | 3,171 | (5,788 | ) | 824 | |||||||||||||||||||||||||
Trust Class | 1,322 | 3,263 | (5,825 | ) | (1,240 | ) | 2,542 | 1,689 | (8,573 | ) | (4,342 | ) | |||||||||||||||||||||||
Advisor Class | 311 | 428 | (841 | ) | (102 | ) | 811 | 629 | (2,240 | ) | (800 | ) | |||||||||||||||||||||||
Institutional Class | 4,847 | 7,259 | (14,658 | ) | (2,552 | ) | 13,326 | 3,561 | (16,214 | ) | 673 | ||||||||||||||||||||||||
Class R6 | 8,197 | 8,129 | (12,945 | ) | 3,381 | 11,218 | 4,024 | (13,560 | ) | 1,682 | |||||||||||||||||||||||||
Global Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 2 | 3 | (11 | ) | (6 | ) | 25 | 7 | (21 | ) | 11 | ||||||||||||||||||||||||
Class A | 4 | 0 | z | (2 | ) | 2 | 8 | 1 | (43 | ) | (34 | ) | |||||||||||||||||||||||
Class C | 2 | — | (3 | ) | (1 | ) | 1 | 0 | z | (10 | ) | (9 | ) | ||||||||||||||||||||||
Global Real Estate: | |||||||||||||||||||||||||||||||||||
Institutional Class | 2 | 4 | (1 | ) | 5 | — | 8 | (7 | ) | 1 | |||||||||||||||||||||||||
Class A | 0 | z | 0 | z | (19 | ) | (19 | ) | 21 | 0 | z | (40 | ) | (19 | ) | ||||||||||||||||||||
Class C | 1 | 0 | z | — | 1 | — | 0 | z | (2 | ) | (2 | ) | |||||||||||||||||||||||
Greater China Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 343 | 732 | (1,480 | ) | (405 | ) | 1,738 | 10 | (2,950 | ) | (1,202 | ) | |||||||||||||||||||||||
Class A | 295 | 146 | (646 | ) | (205 | ) | 1,367 | 0 | z | (182 | ) | 1,185 | |||||||||||||||||||||||
Class C | 1 | 2 | (4 | ) | (1 | ) | 21 | — | (14 | ) | 7 | ||||||||||||||||||||||||
Guardian:(d) | |||||||||||||||||||||||||||||||||||
Investor Class | 372 | 3,906 | (2,697 | ) | 1,581 | 644 | 7,181 | (6,730 | ) | 1,095 | |||||||||||||||||||||||||
Trust Class | 102 | 333 | (484 | ) | (49 | ) | 278 | 728 | (1,610 | ) | (604 | ) | |||||||||||||||||||||||
Advisor Class | 0 | z | 1 | (0 | )z | 1 | 1 | 2 | (8 | ) | (5 | ) | |||||||||||||||||||||||
Institutional Class | 397 | 277 | (462 | ) | 212 | 1,076 | 472 | (1,037 | ) | 511 | |||||||||||||||||||||||||
Class A | 37 | 30 | (87 | ) | (20 | ) | 86 | 58 | (184 | ) | (40 | ) | |||||||||||||||||||||||
Class C | 8 | 7 | (10 | ) | 5 | 23 | 15 | (80 | ) | (42 | ) | ||||||||||||||||||||||||
Class R3 | 2 | 1 | (5 | ) | (2 | ) | 12 | 3 | (22 | ) | (7 | ) |
182
For the Six Months Ended February 28, 2018 | For the Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
International Equity:(d) | |||||||||||||||||||||||||||||||||||
Investor Class | 276 | 21 | (530 | ) | (233 | ) | 491 | 42 | (1,298 | ) | (765 | ) | |||||||||||||||||||||||
Trust Class | 242 | 5 | (369 | ) | (122 | ) | 578 | 14 | (1,412 | ) | (820 | ) | |||||||||||||||||||||||
Institutional Class | 14,809 | 889 | (17,900 | ) | (2,202 | ) | 40,572 | 1,388 | (34,232 | ) | 7,728 | ||||||||||||||||||||||||
Class A | 1,487 | 2 | (1,255 | ) | 234 | 2,525 | 8 | (6,421 | ) | (3,888 | ) | ||||||||||||||||||||||||
Class C | 190 | — | (99 | ) | 91 | 239 | — | (529 | ) | (290 | ) | ||||||||||||||||||||||||
Class R6 | 6,210 | 158 | (1,215 | ) | 5,153 | 7,739 | 73 | (1,397 | ) | 6,415 | |||||||||||||||||||||||||
International Select: | |||||||||||||||||||||||||||||||||||
Trust Class | 4 | 5 | (39 | ) | (30 | ) | 26 | 8 | (95 | ) | (61 | ) | |||||||||||||||||||||||
Institutional Class | 786 | 180 | (1,487 | ) | (521 | ) | 4,446 | 295 | (6,957 | ) | (2,216 | ) | |||||||||||||||||||||||
Class A | 58 | 3 | (148 | ) | (87 | ) | 176 | 4 | (213 | ) | (33 | ) | |||||||||||||||||||||||
Class C | 4 | 0 | z | (4 | ) | 0 | z | 47 | 0 | z | (150 | ) | (103 | ) | |||||||||||||||||||||
Class R3 | 38 | 2 | (162 | ) | (122 | ) | 202 | 3 | (151 | ) | 54 | ||||||||||||||||||||||||
Class R6 | 14 | 9 | (69 | ) | (46 | ) | 825 | — | (51 | ) | 774 | (a) | |||||||||||||||||||||||
International Small Cap: | |||||||||||||||||||||||||||||||||||
Institutional Class | 407 | 5 | (5 | ) | 407 | 64 | — | — | 64 | (b) | |||||||||||||||||||||||||
Class A | 2 | 1 | (6 | ) | (3 | ) | 55 | — | (31 | ) | 24 | (b) | |||||||||||||||||||||||
Class C | 1 | — | — | 1 | 11 | — | (1 | ) | 10 | (b) | |||||||||||||||||||||||||
Class R6 | — | — | — | — | 20 | — | — | 20 | (b) | ||||||||||||||||||||||||||
Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 6,527 | 2,425 | (14,424 | ) | (5,472 | ) | 18,969 | 521 | (10,867 | ) | 8,623 | ||||||||||||||||||||||||
Class A | 358 | 56 | (474 | ) | (60 | ) | 1,026 | 40 | (3,161 | ) | (2,095 | ) | |||||||||||||||||||||||
Class C | 97 | 75 | (152 | ) | 20 | 229 | 22 | (669 | ) | (418 | ) | ||||||||||||||||||||||||
Large Cap Value:(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 158 | 2,893 | (2,521 | ) | 530 | 593 | 1,274 | (3,403 | ) | (1,536 | ) | ||||||||||||||||||||||||
Trust Class | 84 | 190 | (285 | ) | (11 | ) | 221 | 145 | (687 | ) | (321 | ) | |||||||||||||||||||||||
Advisor Class | 96 | 359 | (593 | ) | (138 | ) | 440 | 359 | (1,196 | ) | (397 | ) | |||||||||||||||||||||||
Institutional Class | 915 | 221 | (549 | ) | 587 | 1,385 | 80 | (903 | ) | 562 | |||||||||||||||||||||||||
Class A | 27 | 6 | (47 | ) | (14 | ) | 90 | 6 | (88 | ) | 8 | ||||||||||||||||||||||||
Class C | 11 | 4 | (18 | ) | (3 | ) | 37 | 4 | (42 | ) | (1 | ) | |||||||||||||||||||||||
Class R3 | 0 | z | 1 | (0 | )z | 1 | 6 | 0 | z | (2 | ) | 4 |
183
For the Six Months Ended February 28, 2018 | For the Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Mid Cap Growth:(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 366 | 2,564 | (1,370 | ) | 1,560 | 703 | 1,440 | (2,980 | ) | (837 | ) | ||||||||||||||||||||||||
Trust Class | 963 | 365 | (425 | ) | 903 | 731 | 136 | (2,452 | ) | (1,585 | ) | ||||||||||||||||||||||||
Advisor Class | 240 | 54 | (145 | ) | 149 | 230 | 19 | (287 | ) | (38 | ) | ||||||||||||||||||||||||
Institutional Class | 2,355 | 1,900 | (3,962 | ) | 293 | 4,987 | 1,034 | (7,323 | ) | (1,302 | ) | ||||||||||||||||||||||||
Class A | 461 | 258 | (1,360 | ) | (641 | ) | 748 | 149 | (3,090 | ) | (2,193 | ) | |||||||||||||||||||||||
Class C | 51 | 57 | (75 | ) | 33 | 79 | 20 | (269 | ) | (170 | ) | ||||||||||||||||||||||||
Class R3 | 129 | 70 | (190 | ) | 9 | 273 | 25 | (447 | ) | (149 | ) | ||||||||||||||||||||||||
Class R6 | 4,112 | 1,651 | (1,570 | ) | 4,193 | 4,938 | 728 | (2,391 | ) | 3,275 | |||||||||||||||||||||||||
Mid Cap Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Investor Class | 31 | 112 | (133 | ) | 10 | 73 | 9 | (249 | ) | (167 | ) | ||||||||||||||||||||||||
Trust Class | 10 | 47 | (56 | ) | 1 | 30 | 4 | (87 | ) | (53 | )? | ||||||||||||||||||||||||
Institutional Class | 876 | 115 | (171 | ) | 820 | 405 | 9 | (297 | ) | 117 | |||||||||||||||||||||||||
Class A | 169 | 32 | (116 | ) | 85 | 119 | 4 | (483 | ) | (360 | ) | ||||||||||||||||||||||||
Class C | 10 | 9 | (19 | ) | 0 | z | 29 | 0 | z | (124 | ) | (95 | ) | ||||||||||||||||||||||
Class R3 | 55 | 5 | (16 | ) | 44 | 24 | 0 | z | (32 | ) | (8 | ) | |||||||||||||||||||||||
Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||
Institutional Class | 4,609 | 9,663 | (16,184 | ) | (1,912 | ) | 9,649 | 669 | (21,655 | ) | (11,337 | ) | |||||||||||||||||||||||
Class A | 733 | 285 | (416 | ) | 602 | 1,452 | 118 | (3,263 | ) | (1,693 | ) | ||||||||||||||||||||||||
Class C | 203 | 214 | (233 | ) | 184 | 374 | 60 | (722 | ) | (288 | ) | ||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||
Trust Class | 789 | 586 | (2,485 | ) | (1,110 | ) | 916 | 1,899 | (5,271 | ) | (2,456 | ) | |||||||||||||||||||||||
Institutional Class | 2,285 | 666 | (3,598 | ) | (647 | ) | 3,910 | 2,045 | (8,926 | ) | (2,971 | ) | |||||||||||||||||||||||
Class A | 782 | 296 | (1,345 | ) | (267 | ) | 1,582 | 1,022 | (4,282 | ) | (1,678 | ) | |||||||||||||||||||||||
Class C | 14 | 55 | (236 | ) | (167 | ) | 73 | 204 | (815 | ) | (538 | ) | |||||||||||||||||||||||
Class R3 | 166 | 65 | (308 | ) | (77 | ) | 419 | 211 | (876 | ) | (246 | ) | |||||||||||||||||||||||
Class R6 | 1,722 | 191 | (348 | ) | 1,565 | 835 | 437 | (906 | ) | 366 | |||||||||||||||||||||||||
Small Cap Growth:(d) | |||||||||||||||||||||||||||||||||||
Investor Class | 33 | 21 | (101 | ) | (47 | ) | 86 | — | (202 | ) | (116 | ) | |||||||||||||||||||||||
Trust Class | 1 | 1 | (19 | ) | (17 | ) | 4 | — | (52 | ) | (48 | ) | |||||||||||||||||||||||
Advisor Class | 3 | 1 | (6 | ) | (2 | ) | 6 | — | (31 | ) | (25 | ) | |||||||||||||||||||||||
Institutional Class | 31 | 5 | (31 | ) | 5 | 104 | — | (93 | ) | 11 | |||||||||||||||||||||||||
Class A | 27 | 1 | (20 | ) | 8 | 37 | — | (66 | ) | (29 | ) | ||||||||||||||||||||||||
Class C | 7 | 1 | (9 | ) | (1 | ) | 18 | — | (23 | ) | (5 | ) | |||||||||||||||||||||||
Class R3 | 7 | 1 | (7 | ) | 1 | 14 | — | (22 | ) | (8 | ) |
184
For the Six Months Ended February 28, 2018 | For the Year Ended August 31, 2017 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Socially Responsive:(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 629 | 1,148 | (3,074 | ) | (1,297 | ) | 1,720 | 867 | (4,465 | ) | (1,878 | ) | |||||||||||||||||||||||
Trust Class | 365 | 358 | (896 | ) | (173 | ) | 950 | 551 | (2,828 | ) | (1,327 | ) | |||||||||||||||||||||||
Institutional Class | 2,902 | 1,273 | (4,026 | ) | 149 | 5,894 | 910 | (5,774 | ) | 1,030 | |||||||||||||||||||||||||
Class A | 352 | 167 | (487 | ) | 32 | 829 | 258 | (1,624 | ) | (537 | ) | ||||||||||||||||||||||||
Class C | 95 | 73 | (143 | ) | 25 | 290 | 90 | (365 | ) | 15 | |||||||||||||||||||||||||
Class R3 | 268 | 55 | (475 | ) | (152 | ) | 399 | 70 | (301 | ) | 168 | ||||||||||||||||||||||||
Class R6 | 1,104 | 605 | (4,471 | ) | (2,762 | ) | 2,524 | 430 | (4,139 | ) | (1,185 | ) | |||||||||||||||||||||||
Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 34 | 55 | (150 | ) | (61 | ) | 442 | 5 | (430 | ) | 17 | ||||||||||||||||||||||||
Class A | 6 | 13 | (28 | ) | (9 | ) | 355 | 1 | (452 | ) | (96 | ) | |||||||||||||||||||||||
Class C | 1 | 17 | (21 | ) | (3 | ) | 179 | 1 | (17 | ) | 163 |
(a) Period from April 17, 2017 (Commencement of Operations) to August 31, 2017.
(b) Period from December 8, 2016 (Commencement of Operations) to August 31, 2017.
(c) After the close of business on December 8, 2017, the Funds' applicable classes underwent a stock split or reverse stock split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note H of the Notes to Financial Statements.
(d) After the close of business on February 23, 2018, the Funds' applicable classes underwent a stock split or reverse stock split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note H of the Notes to Financial Statements.
z Amount less than one thousand.
Note E—Line of Credit:
At February 28, 2018, 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. 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 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 for any Fund at February 28, 2018. During the period ended February 28, 2018, each Fund did not utilize the Credit Facility.
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Note F—Investments in Affiliates(a):
Balance of Shares Held August 31, 2017 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2018 | Value February 28, 2018 | 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 | |||||||||||||||||||||||||||||||||||
AZZ, Inc. | 1,499,039 | 20,575 | (95,616 | ) | 1,423,998 | $ | 58,170,318 | $ | 492,017 | $ | (1,278,158 | ) | $ | (10,301,102 | ) | ||||||||||||||||||||
Calavo Growers, Inc. | 1,104,279 | — | (156,475 | ) | 947,804 | 80,895,071 | 962,962 | 2,913,535 | 15,637,421 | ||||||||||||||||||||||||||
CommerceHub, Inc. Series A | — | 1,262,960 | (48,172 | ) | 1,214,788 | 24,077,098 | — | * | (94,201 | ) | (3,003,037 | ) | |||||||||||||||||||||||
Computer Modelling Group Ltd.(e) | 4,240,438 | 387,180 | (573,879 | ) | 4,053,739 | 28,368,593 | 682,242 | 362,437 | (1,317,284 | ) | |||||||||||||||||||||||||
Exponent, Inc. | 1,723,752 | — | (244,255 | ) | 1,479,497 | 115,030,892 | 329,553 | 13,529,972 | 2,071,137 | ||||||||||||||||||||||||||
Heska Corp. | 392,697 | 119,710 | (47,086 | ) | 465,321 | 31,632,522 | — | * | 465,058 | (15,541,425 | ) | ||||||||||||||||||||||||
Power Integrations, Inc. | 2,029,349 | 131,940 | (98,581 | ) | 2,062,708 | 138,613,978 | 618,812 | 4,109,102 | (15,587,376 | ) | |||||||||||||||||||||||||
Qualys, Inc. | 1,745,452 | 391,211 | (149,802 | ) | 1,986,861 | 147,127,057 | — | * | 2,426,633 | 50,075,885 | |||||||||||||||||||||||||
RBC Bearings, Inc. | 1,450,858 | 38,317 | (189,725 | ) | 1,299,450 | 156,583,725 | — | * | 9,029,142 | 6,553,753 | |||||||||||||||||||||||||
Rogers Corp. | 1,145,268 | 60,850 | (100,159 | ) | 1,105,959 | 151,870,290 | — | * | 8,226,205 | 14,492,923 | |||||||||||||||||||||||||
Sensient Technologies Corp. | 2,485,181 | 37,510 | (333,390 | ) | 2,189,301 | 157,520,207 | 1,509,964 | 13,540,099 | (12,857,648 | ) | |||||||||||||||||||||||||
U.S. Physical Therapy, Inc. | 792,415 | — | (112,271 | ) | 680,144 | 52,711,160 | 145,477 | 1,210,155 | 11,518,047 | ||||||||||||||||||||||||||
Sub-total for affiliates held as of 2/28/18(b) | $ | 1,142,600,911 | $ | 4,741,027 | $ | 54,439,979 | $ | 41,741,294 | |||||||||||||||||||||||||||
Astronics Corp. | 1,138,109 | — | (161,288 | ) | 976,821 | $ | 37,656,450 | $ | — | * | $ | (1,443,285 | ) | $ | 14,910,437 | ||||||||||||||||||||
Bank of Hawaii Corp. | 2,181,636 | — | (309,122 | ) | 1,872,514 | 153,564,873 | 2,006,515 | 7,471,776 | 1,502,446 | ||||||||||||||||||||||||||
CVB Financial Corp. | 5,937,653 | — | (841,411 | ) | 5,096,242 | 117,213,566 | 1,512,568 | 5,225,480 | 9,080,111 | ||||||||||||||||||||||||||
Gray Television, Inc. | 4,247,791 | — | (601,977 | ) | 3,645,814 | 50,312,233 | — | * | 900,291 | (1,910,176 | ) |
186
Balance of Shares Held August 31, 2017 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2018 | Value February 28, 2018 | 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 | ||||||||||||||||||||||||||||
LegacyTexas Financial Group, Inc. | 2,481,903 | — | (351,679 | ) | 2,130,224 | $ | 89,235,083 | $ | 712,351 | $ | 3,000,747 | $ | 11,174,390 | ||||||||||||||||||||||
Lindsay Corp. | 594,944 | — | (84,302 | ) | 510,642 | 45,161,178 | 317,808 | 2,290,722 | (942,864 | ) | |||||||||||||||||||||||||
MGP Ingredients, Inc. | 847,383 | — | (120,070 | ) | 727,313 | 61,036,107 | 31,172 | 2,271,838 | 19,293,398 | ||||||||||||||||||||||||||
Monotype Imaging Holdings, Inc. | 2,722,100 | — | (1,036,290 | ) | 1,685,810 | 40,628,021 | 556,083 | (2,565,186 | ) | 17,945,805 | |||||||||||||||||||||||||
Nexstar Media Group, Inc. Class A | 2,523,996 | — | (309,512 | ) | 2,214,484 | 158,224,882 | 1,543,197 | 5,994,812 | 21,403,705 | ||||||||||||||||||||||||||
Pason Systems, Inc. | 4,695,341 | — | (635,154 | ) | 4,060,187 | 55,903,903 | 1,215,261 | 216,673 | (2,606,954 | ) | |||||||||||||||||||||||||
Sub-total for securities no longer affiliated as of 2/28/18(c) | $ | 808,936,296 | $ | 7,894,955 | $ | 23,363,868 | $ | 89,850,298 | |||||||||||||||||||||||||||
Total | �� | $ | 1,951,537,207 | $ | 12,635,982 | $ | 77,803,847 | $ | 131,591,592 | ||||||||||||||||||||||||||
Intrinsic Value | |||||||||||||||||||||||||||||||||||
Fluidigm Corp. | 1,737,259 | — | (188,600 | ) | 1,548,659 | $ | 10,484,421 | $ | — | * | $ | (861,178 | ) | $ | 4,627,931 | ||||||||||||||||||||
Total for securities no longer affiliated as of 2/28/18(d) | $ | 10,484,421 | $ | — | $ | (861,178 | ) | $ | 4,627,931 |
(a) Affiliated issuers, as defined in the 1940 Act.
(b) At February 28, 2018, these securities amounted to approximately 10.8% of net assets of the Fund.
(c) At February 28, 2018, the issuers of these securities were no longer affiliated with Genesis.
(d) At February 28, 2018, the issuers of these securities were no longer affiliated with Intrinsic Value.
(e) Security fair valued as of February 28, 2018, in accordance with procedures approved by the Board of Trustees.
* Security did not produce income during the last twelve months.
187
Other: At February 28, 2018, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.10%, 0.01% and 1.23%, of the outstanding shares of Emerging Markets Equity, Genesis and International Select, respectively.
In addition, at February 28, 2018, affiliated investors owned 0.05%, 0.00%, 0.00%, 66.33%, 97.98%, 0.06%, 0.00%, 0.00%, 19.13%, 0.00%, 0.00%, 0.03% and 0.41% 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—Stock Splits:
As previously announced, the Board of Trustees of Neuberger Berman Equity Funds ("Board") approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Focus, Genesis, Guardian, International Equity, Large Cap Value, Mid Cap Growth, Small Cap Growth and Socially Responsive (collectively, the "Stock Split Funds"). The Stock Split was completed in two phases, with the first phase to include certain classes of Genesis, Large Cap Value, Mid Cap Growth and Socially Responsive, which occurred after the close of the business on December 8, 2017. Phase two of the Stock Split, for the remaining Stock Split Funds, was completed for certain classes of the remaining Stock Split Funds after the close of the business on February 23, 2018. The Stock Split was carried out in accordance with a stock split ratio calculated to result in net asset values per share ("NAVs") that better aligned the share class prices of each of the Stock Split Funds.
188
After the close of business on December 8, 2017, the following classes of Stock Split Funds underwent a stock split or reverse stock split as follows:
Fund Class | Stock Split Ratio (old to New) | Fund Class | Stock Split Ratio (old to New) | Fund Class | Stock Split Ratio (old to New) | Fund Class | Stock Split Ratio (old to New) | ||||||||||||||||||||||||
Genesis Investor Class | 1 | : 0.5760 | Large Cap Value Trust Class | 1 | : 0.6374 | Mid Cap Growth Investor Class | 1 | : 0.9724 | Socially Responsive Investor Class | 1 | : 0.9982 | ||||||||||||||||||||
Genesis Trust Class | 1 | : 1.0537 | Large Cap Value Advisor Class | 1 | : 0.4658 | Mid Cap Growth Trust Class | 1 | : 1.7186 | Socially Responsive Trust Class | 1 | : 0.5700 | ||||||||||||||||||||
Genesis Advisor Class | 1 | : 0.3915 | Large Cap Value Institutional Class | 1 | : 1.0080 | Mid Cap Growth Advisor Class | 1 | : 1.7406 | Socially Responsive Class A | 1 | : 0.5631 | ||||||||||||||||||||
Genesis Class R6 | 1 | : 1.0003 | Large Cap Value Class A | 1 | : 0.6359 | Mid Cap Growth Class A | 1 | : 1.7093 | Socially Responsive Class C | 1 | : 0.5445 | ||||||||||||||||||||
Large Cap Value | 1 | : 0.4379 | Mid Cap Growth | 1 | : 1.6694 | Socially Responsive | 1 | : 0.5555 | |||||||||||||||||||||||
Class C | Class C | Class R3 |
| ||||||||||||||||||||||||||||
Large Cap Value | 1 | : 0.4729 | Mid Cap Growth | 1 | : 1.7357 | Socially Responsive | 1 | : 1.0008 | |||||||||||||||||||||||
Class R3 | Class R3 | Class R6 |
| ||||||||||||||||||||||||||||
Mid Cap Growth | 1 | : 1.0040 | |||||||||||||||||||||||||||||
Class R6 |
|
After the close of business on February 23, 2018, the following classes of Stock Split Funds underwent a stock split or reverse stock split as follows:
Fund Class | Stock Split Ratio (old to New) | Fund Class | Stock Split Ratio (old to New) | Fund Class | Stock Split Ratio (old to New) | Fund Class | Stock Split Ratio (old to New) | ||||||||||||||||||||||||
Focus Trust Class | 1 | : 0.5483 | Guardian Trust Class | 1 | : 0.5975 | International Equity Investor Class | 1 | : 1.8904 | Small Cap Growth Trust Class | 1 | : 1.0831 | ||||||||||||||||||||
Focus Advisor Class | 1 | : 0.1720 | Guardian Advisor Class | 1 | : 0.7858 | International Equity Trust Class | 1 | : 2.1151 | Small Cap Growth Advisor Class | 1 | : 0.6866 | ||||||||||||||||||||
Focus | 1 | : 1.0011 | Guardian | 1 | : 1.0017 | International Equity | 1 | : 2.0998 | Small Cap Growth | 1 | : 1.0298 | ||||||||||||||||||||
Institutional Class | Institutional Class | Class A | Institutional Class |
| |||||||||||||||||||||||||||
Focus | 1 | : 0.5403 | Guardian | 1 | : 0.5870 | International Equity | 1 | : 2.0430 | Small Cap Growth | 1 | : 1.0951 | ||||||||||||||||||||
Class A | Class A | Class C | Class A |
| |||||||||||||||||||||||||||
Focus | 1 | : 0.1542 | Guardian | 1 | : 0.7496 | International Equity | 1 | : 1.0085 | Small Cap Growth | 1 | : 0.6571 | ||||||||||||||||||||
Class C | Class C | Class R6 | Class C |
| |||||||||||||||||||||||||||
Guardian | 1 | : 0.7801 | Small Cap Growth | 1 | : 0.6886 | ||||||||||||||||||||||||||
Class R3 | Class R3 |
|
Note I—Subsequent Event:
Effective on or about May 1, 2018, the name of Neuberger Berman Socially Responsive Fund will change to Neuberger Berman Sustainable Equity Fund. The Fund will seek to invest primarily in common stocks of mid- to large capitalization companies that meet the Fund's quality oriented financial, environmental, social and governance criteria.
Note J—Unaudited Financial Information:
The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.
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Financial Highlights
The following tables include selected data for a share outstanding throughout each 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 Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.93 | $ | 0.09 | $ | 0.91 | $ | 1.00 | $ | (0.15 | ) | $ | (0.18 | ) | $ | (0.33 | ) | $ | — | $ | 13.60 | 7.82 | %* | $ | 47.6 | 1.27 | %** | 0.69 | %** | 1.31 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.94 | $ | 0.06 | $ | 0.92 | $ | 0.98 | $ | (0.11 | ) | $ | (0.18 | ) | $ | (0.29 | ) | $ | — | $ | 13.63 | 7.61 | %* | $ | 1.9 | 1.69 | %** | 1.05 | %** | 0.92 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.87 | $ | 0.01 | $ | 0.91 | $ | 0.92 | $ | (0.01 | ) | $ | (0.18 | ) | $ | (0.19 | ) | $ | — | $ | 13.60 | 7.20 | %* | $ | 3.3 | 2.39 | %** | 1.80 | %** | 0.18 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.93 | $ | 0.09 | $ | 0.92 | $ | 1.01 | $ | (0.16 | ) | $ | (0.18 | ) | $ | (0.34 | ) | $ | — | $ | 13.60 | 7.89 | %* | $ | 0.0 | 1.24 | %** | 0.62 | %** | 1.36 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 19.87 | $ | (0.01 | ) | $ | 2.23 | $ | 2.22 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | 21.95 | 11.18 | %* | $ | 1,080.0 | 1.27 | %** | 1.25 | %** | (0.11 | )%** | 9 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
191
192
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 19.75 | $ | (0.04 | ) | $ | 2.21 | $ | 2.17 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | — | $ | 21.82 | 11.00 | %* | $ | 64.1 | 1.63 | %** | 1.50 | %** | (0.41 | )%** | 9 | %* | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.98 | $ | (0.11 | ) | $ | 2.12 | $ | 2.01 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 20.94 | 10.59 | %* | $ | 11.3 | 2.37 | %** | 2.25 | %** | (1.11 | )%** | 9 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 19.31 | $ | (0.08 | ) | $ | 2.16 | $ | 2.08 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | — | $ | 21.32 | 10.77 | %* | $ | 1.9 | 1.91 | %** | 1.91 | %**§ | (0.78 | )%** | 9 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 19.89 | $ | (0.01 | ) | $ | 2.22 | $ | 2.21 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | 21.96 | 11.15 | %* | $ | 189.4 | 1.18 | %** | 1.18 | %** | (0.05 | )%** | 9 | %* | ||||||||||||||||||||||||||||||
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 |
See Notes to Financial Highlights
193
194
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.09 | $ | 0.15 | $ | 0.52 | $ | 0.67 | $ | (0.23 | ) | $ | (0.49 | ) | $ | (0.72 | ) | $ | — | $ | 13.04 | 5.09 | %* | $ | 1,182.0 | 0.68 | %** | 0.68 | %** | 2.32 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.04 | $ | 0.13 | $ | 0.51 | $ | 0.64 | $ | (0.20 | ) | $ | (0.49 | ) | $ | (0.69 | ) | $ | — | $ | 12.99 | 4.91 | %* | $ | 181.3 | 1.05 | %** | 1.05 | %** | 1.95 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.95 | $ | 0.08 | $ | 0.50 | $ | 0.58 | $ | (0.15 | ) | $ | (0.49 | ) | $ | (0.64 | ) | $ | — | $ | 12.89 | 4.47 | %* | $ | 264.1 | 1.80 | %** | 1.80 | %** | 1.20 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.01 | $ | 0.11 | $ | 0.51 | $ | 0.62 | $ | (0.18 | ) | $ | (0.49 | ) | $ | (0.67 | ) | $ | — | $ | 12.96 | 4.76 | %* | $ | 1.5 | 1.33 | %** | 1.33 | %** | 1.63 | %** | 25 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
195
196
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 27.50 | $ | 0.04 | $ | 1.60 | $ | 1.64 | $ | (0.08 | ) | $ | (2.13 | ) | $ | (2.21 | ) | $ | — | $ | 26.93 | 6.12 | %* | $ | 673.6 | 0.91 | %** | 0.91 | %** | 0.30 | %** | 32 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 29.18 | $ | 0.02 | $ | 1.66 | $ | 1.68 | $ | (0.06 | ) | $ | (3.88 | ) | $ | (3.94 | ) | $ | — | $ | 26.92 | 6.03 | %* | $ | 59.8 | 1.10 | %** | 1.10 | %** | 0.11 | %** | 32 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 29.14 | $ | 0.04 | $ | 4.19 | $ | 4.23 | $ | (0.14 | ) | $ | (4.05 | ) | $ | (4.19 | ) | $ | 0.00 | $ | 29.18 | 16.61 | %eh | $ | 63.0 | 1.10 | % | 1.09 | %f | 0.10 | %f | 72 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 29.62 | $ | 0.12 | $ | 1.70 | $ | 1.82 | $ | (0.29 | ) | $ | (2.01 | ) | $ | (2.30 | ) | $ | — | $ | 29.14 | 6.50 | % | $ | 70.4 | 1.11 | % | 1.11 | % | 0.47 | % | 89 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 37.64 | $ | 0.18 | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.27 | ) | $ | (7.70 | ) | $ | (7.97 | ) | $ | — | $ | 29.62 | 0.26 | % | $ | 92.7 | 1.10 | % | 1.10 | % | 0.57 | % | 52 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 35.56 | $ | 0.16 | $ | 7.19 | $ | 7.35 | $ | (0.38 | ) | $ | (4.89 | ) | $ | (5.27 | ) | $ | 0.00 | $ | 37.64 | 22.40 | %c | $ | 125.7 | 1.11 | % | 1.11 | % | 0.47 | % | 84 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 28.78 | $ | 0.18 | $ | 6.82 | $ | 7.00 | $ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | — | $ | 35.56 | 24.48 | % | $ | 56.3 | 1.14 | % | 1.14 | % | 0.53 | % | 79 | % | |||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 37.33 | $ | (0.01 | ) | $ | 1.96 | $ | 1.95 | $ | — | $ | (12.37 | ) | $ | (12.37 | ) | $ | — | $ | 26.91 | 5.89 | %* | $ | 3.0 | 1.26 | %** | 1.26 | %** | (0.03 | )%** | 32 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 45.35 | $ | (0.00 | ) | $ | 5.52 | $ | 5.52 | $ | (0.64 | ) | $ | (12.90 | ) | $ | (13.54 | ) | $ | 0.00 | $ | 37.33 | 16.51 | %eh | $ | 3.5 | 1.26 | % | 1.23 | %f | (0.04 | )%f | 72 | % | |||||||||||||||||||||||||||||
8/31/2016l | $ | 50.00 | $ | 0.17 | $ | 2.62 | $ | 2.79 | $ | (1.05 | ) | $ | (6.39 | ) | $ | (7.44 | ) | $ | — | $ | 45.35 | 6.33 | % | $ | 3.9 | 1.26 | % | 1.26 | % | 0.33 | % | 89 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 75.76 | $ | 0.23 | $ | (0.52 | ) | $ | (0.29 | ) | $ | (0.93 | ) | $ | (24.54 | ) | $ | (25.47 | ) | $ | — | $ | 50.00 | 0.15 | % | $ | 6.1 | 1.27 | % | 1.27 | % | 0.39 | % | 52 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 77.15 | $ | 0.23 | $ | 14.94 | $ | 15.17 | $ | (0.98 | ) | $ | (15.58 | ) | $ | (16.56 | ) | $ | 0.00 | $ | 75.76 | 22.21 | %c | $ | 7.1 | 1.27 | % | 1.27 | % | 0.28 | % | 84 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 62.73 | $ | 0.23 | $ | 14.83 | $ | 15.06 | $ | (0.64 | ) | $ | — | $ | (0.64 | ) | $ | — | $ | 77.15 | 24.22 | % | $ | 6.1 | 1.29 | % | 1.29 | % | 0.37 | % | 79 | % | |||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 27.53 | $ | 0.06 | $ | 1.59 | $ | 1.65 | $ | (0.12 | ) | $ | (2.12 | ) | $ | (2.24 | ) | $ | — | $ | 26.94 | 6.18 | %* | $ | 8.7 | 0.75 | %** | 0.75 | %**§ | 0.46 | %** | 32 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 25.83 | $ | 0.11 | $ | 3.95 | $ | 4.06 | $ | (0.14 | ) | $ | (2.22 | ) | $ | (2.36 | ) | $ | 0.00 | $ | 27.53 | 17.04 | %e | $ | 7.8 | 0.76 | % | 0.75 | % | 0.44 | % | 72 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 25.47 | $ | 0.22 | $ | 1.46 | $ | 1.68 | $ | (0.22 | ) | $ | (1.10 | ) | $ | (1.32 | ) | $ | — | $ | 25.83 | 6.86 | % | $ | 6.8 | 0.76 | % | 0.75 | % | 0.89 | % | 89 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 29.80 | $ | 0.26 | $ | (0.16 | ) | $ | 0.10 | $ | (0.21 | ) | $ | (4.22 | ) | $ | (4.43 | ) | $ | — | $ | 25.47 | 0.65 | % | $ | 28.7 | 0.76 | % | 0.75 | % | 0.96 | % | 52 | % | |||||||||||||||||||||||||||||
8/31/2014l | $ | 26.92 | $ | 0.21 | $ | 5.60 | $ | 5.81 | $ | (0.25 | ) | $ | (2.68 | ) | $ | (2.93 | ) | $ | 0.00 | $ | 29.80 | 22.86 | %c | $ | 9.4 | 0.76 | % | 0.75 | % | 0.72 | % | 84 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 21.74 | $ | 0.24 | $ | 5.13 | $ | 5.37 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | — | $ | 26.92 | 24.89 | % | $ | 22.6 | 0.77 | % | 0.75 | % | 0.96 | % | 79 | % |
See Notes to Financial Highlights
197
198
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Focus Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 29.24 | $ | 0.01 | $ | 1.67 | $ | 1.68 | $ | (0.06 | ) | $ | (3.94 | ) | $ | (4.00 | ) | $ | — | $ | 26.92 | 5.99 | %* | $ | 3.1 | 1.12 | %** | 1.11 | %** | 0.10 | %** | 32 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 29.28 | $ | 0.02 | $ | 4.22 | $ | 4.24 | $ | (0.17 | ) | $ | (4.11 | ) | $ | (4.28 | ) | $ | 0.00 | $ | 29.24 | 16.58 | %e | $ | 3.1 | 1.13 | % | 1.11 | % | 0.07 | % | 72 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 29.80 | $ | 0.13 | $ | 1.70 | $ | 1.83 | $ | (0.31 | ) | $ | (2.04 | ) | $ | (2.35 | ) | $ | — | $ | 29.28 | 6.52 | % | $ | 3.2 | 1.15 | % | 1.11 | % | 0.48 | % | 89 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 37.94 | $ | 0.19 | $ | (0.24 | ) | $ | (0.05 | ) | $ | (0.28 | ) | $ | (7.81 | ) | $ | (8.09 | ) | $ | — | $ | 29.80 | 0.24 | % | $ | 4.4 | 1.14 | % | 1.11 | % | 0.58 | % | 52 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 35.87 | $ | 0.17 | $ | 7.23 | $ | 7.40 | $ | (0.37 | ) | $ | (4.96 | ) | $ | (5.33 | ) | $ | 0.00 | $ | 37.94 | 22.40 | %c | $ | 3.9 | 1.13 | % | 1.11 | % | 0.47 | % | 84 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 29.08 | $ | 0.18 | $ | 6.87 | $ | 7.05 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | — | $ | 35.87 | 24.47 | % | $ | 1.9 | 1.19 | % | 1.11 | % | 0.56 | % | 79 | % | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 38.78 | $ | (0.11 | ) | $ | 2.01 | $ | 1.90 | $ | — | $ | (13.80 | ) | $ | (13.80 | ) | $ | — | $ | 26.88 | 5.56 | %* | $ | 1.8 | 1.87 | %** | 1.86 | %** | (0.65 | )%** | 32 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 48.05 | $ | (0.25 | ) | $ | 5.77 | $ | 5.52 | $ | (0.39 | ) | $ | (14.40 | ) | $ | (14.79 | ) | $ | 0.00 | $ | 38.78 | 15.76 | %e | $ | 1.9 | 1.88 | % | 1.86 | % | (0.67 | )% | 72 | % | |||||||||||||||||||||||||||||
8/31/2016l | $ | 53.44 | $ | (0.13 | ) | $ | 2.84 | $ | 2.71 | $ | (0.97 | ) | $ | (7.13 | ) | $ | (8.10 | ) | $ | — | $ | 48.05 | 5.75 | % | $ | 2.2 | 1.90 | % | 1.86 | % | (0.27 | )% | 89 | % | |||||||||||||||||||||||||||||
8/31/2015l | $ | 82.36 | $ | (0.13 | ) | $ | (0.64 | ) | $ | (0.77 | ) | $ | (0.78 | ) | $ | (27.37 | ) | $ | (28.15 | ) | $ | — | $ | 53.44 | (0.50 | )% | $ | 2.9 | 1.89 | % | 1.86 | % | (0.18 | )% | 52 | % | |||||||||||||||||||||||||||
8/31/2014l | $ | 84.50 | $ | (0.19 | ) | $ | 16.34 | $ | 16.15 | $ | (0.91 | ) | $ | (17.38 | ) | $ | (18.29 | ) | $ | 0.00 | $ | 82.36 | 21.52 | %c | $ | 1.5 | 1.91 | % | 1.86 | % | (0.27 | )% | 84 | % | |||||||||||||||||||||||||||||
8/31/2013l | $ | 68.87 | $ | (0.13 | ) | $ | 16.28 | $ | 16.15 | $ | (0.52 | ) | $ | — | $ | (0.52 | ) | $ | — | $ | 84.50 | 23.61 | % | $ | 0.6 | 1.94 | % | 1.86 | % | (0.20 | )% | 79 | % | ||||||||||||||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 58.73 | $ | 0.04 | $ | 6.41 | $ | 6.45 | $ | (0.11 | ) | $ | (7.89 | ) | $ | (8.00 | ) | $ | — | $ | 57.18 | 11.02 | %* | $ | 1,782.6 | 1.02 | %** | 1.02 | %** | 0.13 | %** | 8 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 59.25 | $ | 0.12 | $ | 5.73 | $ | 5.85 | $ | (0.26 | ) | $ | (6.11 | ) | $ | (6.37 | ) | $ | — | $ | 58.73 | 10.19 | %h | $ | 1,786.0 | 1.02 | % | 1.01 | %f | 0.21 | %f | 20 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 63.04 | $ | 0.16 | $ | 5.95 | $ | 6.11 | $ | (0.26 | ) | $ | (9.64 | ) | $ | (9.90 | ) | $ | — | $ | 59.25 | 11.43 | % | $ | 1,752.8 | 1.03 | % | 1.03 | % | 0.28 | % | 16 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 70.99 | $ | 0.19 | $ | 0.62 | $ | 0.81 | $ | (0.24 | ) | $ | (8.52 | ) | $ | (8.76 | ) | $ | — | $ | 63.04 | 1.52 | % | $ | 2,023.6 | 1.01 | % | 1.01 | % | 0.29 | % | 13 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 69.76 | $ | 0.14 | $ | 9.32 | $ | 9.46 | $ | (0.42 | ) | $ | (7.81 | ) | $ | (8.23 | ) | $ | 0.00 | $ | 70.99 | 13.65 | %c | $ | 2,437.6 | 1.01 | % | 1.01 | % | 0.20 | % | 14 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 60.16 | $ | 0.45 | $ | 13.14 | $ | 13.59 | $ | (0.33 | ) | $ | (3.66 | ) | $ | (3.99 | ) | $ | — | $ | 69.76 | 23.91 | % | $ | 2,458.7 | 1.02 | % | 1.02 | % | 0.71 | % | 20 | % | ||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 58.73 | $ | 0.01 | $ | 6.43 | $ | 6.44 | $ | (0.05 | ) | $ | (7.89 | ) | $ | (7.94 | ) | $ | — | $ | 57.23 | 10.99 | %* | $ | 1,464.7 | 1.10 | %** | 1.10 | %** | 0.04 | %** | 8 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 56.48 | $ | 0.08 | $ | 5.54 | $ | 5.62 | $ | (0.03 | ) | $ | (3.34 | ) | $ | (3.37 | ) | $ | — | $ | 58.73 | 10.11 | %h | $ | 1,576.2 | 1.09 | % | 1.08 | %f | 0.13 | %f | 20 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 56.00 | $ | 0.11 | $ | 5.67 | $ | 5.78 | $ | (0.03 | ) | $ | (5.27 | ) | $ | (5.30 | ) | $ | — | $ | 56.48 | 11.35 | % | $ | 1,761.0 | 1.10 | % | 1.10 | % | 0.21 | % | 16 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 59.99 | $ | 0.11 | $ | 0.60 | $ | 0.71 | $ | (0.04 | ) | $ | (4.66 | ) | $ | (4.70 | ) | $ | — | $ | 56.00 | 1.41 | % | $ | 2,003.4 | 1.10 | % | 1.10 | % | 0.19 | % | 13 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 56.78 | $ | 0.07 | $ | 7.59 | $ | 7.66 | $ | (0.18 | ) | $ | (4.27 | ) | $ | (4.45 | ) | $ | 0.00 | $ | 59.99 | 13.55 | %c | $ | 2,935.3 | 1.10 | % | 1.10 | % | 0.11 | % | 14 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 47.90 | $ | 0.33 | $ | 10.66 | $ | 10.99 | $ | (0.11 | ) | $ | (2.00 | ) | $ | (2.11 | ) | $ | — | $ | 56.78 | 23.81 | % | $ | 3,192.4 | 1.10 | % | 1.10 | % | 0.63 | % | 20 | % |
See Notes to Financial Highlights
199
200
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Genesis Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 58.77 | $ | (0.06 | ) | $ | 6.42 | $ | 6.36 | $ | — | $ | (7.89 | ) | $ | (7.89 | ) | $ | — | $ | 57.24 | 10.84 | %* | $ | 192.6 | 1.36 | %** | 1.36 | %** | (0.21 | )%** | 8 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 62.10 | $ | (0.08 | ) | $ | 5.93 | $ | 5.85 | $ | (0.19 | ) | $ | (8.99 | ) | $ | (9.18 | ) | $ | — | $ | 58.77 | 9.81 | %h | $ | 203.8 | 1.36 | % | 1.35 | %f | (0.13 | )%f | 20 | % | |||||||||||||||||||||||||||||
8/31/2016k | $ | 70.12 | $ | (0.05 | ) | $ | 6.28 | $ | 6.23 | $ | (0.07 | ) | $ | (14.18 | ) | $ | (14.25 | ) | $ | — | $ | 62.10 | 11.06 | % | $ | 264.9 | 1.38 | % | 1.38 | % | (0.07 | )% | 16 | % | |||||||||||||||||||||||||||||
8/31/2015k | $ | 82.20 | $ | (0.08 | ) | $ | 0.64 | $ | 0.56 | $ | (0.10 | ) | $ | (12.54 | ) | $ | (12.64 | ) | $ | — | $ | 70.12 | 1.11 | % | $ | 451.3 | 1.39 | % | 1.39 | % | (0.09 | )% | 13 | % | |||||||||||||||||||||||||||||
8/31/2014k | $ | 82.91 | $ | (0.13 | ) | $ | 11.04 | $ | 10.91 | $ | (0.13 | ) | $ | (11.49 | ) | $ | (11.62 | ) | $ | 0.00 | $ | 82.20 | 13.24 | %c | $ | 598.9 | 1.37 | % | 1.37 | % | (0.16 | )% | 14 | % | |||||||||||||||||||||||||||||
8/31/2013k | $ | 72.59 | $ | 0.28 | $ | 15.66 | $ | 15.94 | $ | (0.23 | ) | $ | (5.39 | ) | $ | (5.62 | ) | $ | — | $ | 82.91 | 23.46 | % | $ | 626.0 | 1.38 | % | 1.38 | % | 0.35 | % | 20 | % | ||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 58.71 | $ | 0.09 | $ | 6.41 | $ | 6.50 | $ | (0.22 | ) | $ | (7.89 | ) | $ | (8.11 | ) | $ | — | $ | 57.10 | 11.12 | %* | $ | 3,404.6 | 0.85 | %** | 0.85 | %** | 0.29 | %** | 8 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 58.70 | $ | 0.12 | $ | 6.41 | $ | 6.53 | $ | (0.27 | ) | $ | (7.89 | ) | $ | (8.16 | ) | $ | — | $ | 57.07 | 11.17 | %* | $ | 3,696.3 | 0.78 | %** | 0.76 | %** | 0.40 | %** | 8 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 56.63 | $ | 0.26 | $ | 5.56 | $ | 5.82 | $ | (0.23 | ) | $ | (3.52 | ) | $ | (3.75 | ) | $ | — | $ | 58.70 | 10.47 | %h | $ | 3,603.6 | 0.77 | % | 0.77 | %f§ | 0.45 | %f | 20 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 56.48 | $ | 0.29 | $ | 5.67 | $ | 5.96 | $ | (0.26 | ) | $ | (5.55 | ) | $ | (5.81 | ) | $ | — | $ | 56.63 | 11.69 | % | $ | 3,381.6 | 0.78 | % | 0.78 | %§ | 0.54 | % | 16 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 60.73 | $ | 0.30 | $ | 0.60 | $ | 0.90 | $ | (0.24 | ) | $ | (4.91 | ) | $ | (5.15 | ) | $ | — | $ | 56.48 | 1.75 | % | $ | 2,798.0 | 0.78 | % | 0.78 | % | 0.52 | % | 13 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 57.61 | $ | 0.28 | $ | 7.70 | $ | 7.98 | $ | (0.36 | ) | $ | (4.50 | ) | $ | (4.86 | ) | $ | 0.00 | $ | 60.73 | 13.92 | %c | $ | 2,690.7 | 0.78 | % | 0.78 | %§ | 0.45 | % | 14 | % | ||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013k | $ | 53.89 | $ | 0.18 | $ | 3.54 | $ | 3.72 | $ | — | $ | — | $ | — | $ | — | $ | 57.61 | 6.90 | %* | $ | 975.9 | 0.80 | %** | 0.78 | %** | 0.67 | %** | 20 | %d | |||||||||||||||||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 7.56 | $ | 0.01 | $ | 0.69 | $ | 0.70 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 8.21 | 9.21 | %* | $ | 4.5 | 6.94 | %** | 0.75 | %** | 0.24 | %** | 13 | %* | |||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
201
202
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Global Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 7.48 | $ | (0.00 | ) | $ | 0.67 | $ | 0.67 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | — | $ | 8.12 | 8.93 | %* | $ | 0.4 | 7.43 | %** | 1.11 | %** | (0.13 | )%** | 13 | %* | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 7.11 | $ | (0.03 | ) | $ | 0.64 | $ | 0.61 | $ | — | $ | — | $ | — | $ | — | $ | 7.72 | 8.58 | %* | $ | 0.1 | 8.06 | %** | 1.86 | %** | (0.88 | )%** | 13 | %* | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 10.64 | $ | 0.07 | $ | (0.37 | ) | $ | (0.30 | ) | $ | (0.06 | ) | $ | (0.12 | ) | $ | (0.18 | ) | $ | — | $ | 10.16 | (2.88 | )%* | $ | 2.1 | 11.84 | %** | 1.00 | %** | 1.31 | %** | 25 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 10.64 | $ | 0.05 | $ | (0.38 | ) | $ | (0.33 | ) | $ | (0.04 | ) | $ | (0.12 | ) | $ | (0.16 | ) | $ | — | $ | 10.15 | (3.18 | )%* | $ | 0.3 | 12.26 | %** | 1.36 | %** | 0.89 | %** | 25 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 10.62 | $ | 0.01 | $ | (0.37 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | (0.12 | ) | $ | (0.14 | ) | $ | — | $ | 10.12 | (3.46 | )%* | $ | 0.3 | 12.97 | %** | 2.11 | %** | 0.20 | %** | 25 | %* | ||||||||||||||||||||||||||||
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 | %* |
See Notes to Financial Highlights
203
204
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 15.85 | $ | (0.09 | ) | $ | 3.06 | $ | 2.97 | $ | (0.18 | ) | $ | (1.64 | ) | $ | (1.82 | ) | $ | — | $ | 17.00 | 19.89 | %* | $ | 110.5 | 1.60 | %** | 1.50 | %** | (1.13 | )%** | 36 | %* | |||||||||||||||||||||||||||||
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 | %* | ||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 15.86 | $ | (0.12 | ) | $ | 3.06 | $ | 2.94 | $ | (0.17 | ) | $ | (1.64 | ) | $ | (1.81 | ) | $ | — | $ | 16.99 | 19.65 | %* | $ | 19.7 | 1.97 | %** | 1.86 | %** | (1.49 | )%** | 36 | %* | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 15.43 | $ | (0.18 | ) | $ | 2.99 | $ | 2.81 | $ | (0.07 | ) | $ | (1.64 | ) | $ | (1.71 | ) | $ | — | $ | 16.53 | 19.28 | %* | $ | 0.3 | 2.75 | %** | 2.61 | %** | (2.24 | )%** | 36 | %* | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 17.12 | $ | 0.06 | $ | 1.82 | $ | 1.88 | $ | (0.11 | ) | $ | (1.09 | ) | $ | (1.20 | ) | $ | — | $ | 17.80 | 11.12 | %* | $ | 1,122.8 | 0.88 | %** | 0.88 | %** | 0.63 | %** | 20 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
205
206
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 17.82 | $ | 0.04 | $ | 1.90 | $ | 1.94 | $ | (0.13 | ) | $ | (1.83 | ) | $ | (1.96 | ) | $ | — | $ | 17.80 | 11.08 | %* | $ | 56.8 | 1.06 | %** | 1.06 | %** | 0.44 | %** | 20 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 18.34 | $ | 0.10 | $ | 2.64 | $ | 2.74 | $ | (0.16 | ) | $ | (3.10 | ) | $ | (3.26 | ) | $ | — | $ | 17.82 | 17.37 | %h | $ | 57.8 | 1.07 | % | 1.04 | %f | 0.60 | %f | 37 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 20.17 | $ | 0.07 | $ | 1.36 | $ | 1.43 | $ | (0.15 | ) | $ | (3.11 | ) | $ | (3.26 | ) | $ | — | $ | 18.34 | 8.31 | % | $ | 70.6 | 1.08 | % | 1.08 | % | 0.41 | % | 99 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 25.44 | $ | 0.10 | $ | (0.75 | ) | $ | (0.65 | ) | $ | (0.22 | ) | $ | (4.40 | ) | $ | (4.62 | ) | $ | — | $ | 20.17 | (3.22 | )% | $ | 103.8 | 1.06 | % | 1.06 | % | 0.46 | % | 31 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 23.93 | $ | 0.15 | $ | 4.71 | $ | 4.86 | $ | (0.15 | ) | $ | (3.20 | ) | $ | (3.35 | ) | $ | 0.00 | $ | 25.44 | 21.61 | %c | $ | 136.6 | 1.06 | % | 1.06 | % | 0.64 | % | 37 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 20.60 | $ | 0.15 | $ | 4.23 | $ | 4.38 | $ | (0.32 | ) | $ | (0.73 | ) | $ | (1.05 | ) | $ | — | $ | 23.93 | 22.36 | % | $ | 129.4 | 1.08 | % | 1.08 | % | 0.66 | % | 36 | % | ||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 17.36 | $ | 0.01 | $ | 1.86 | $ | 1.87 | $ | (0.05 | ) | $ | (1.39 | ) | $ | (1.44 | ) | $ | — | $ | 17.79 | 10.93 | %* | $ | 0.2 | 1.37 | %** | 1.37 | %** | 0.15 | %** | 20 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 17.14 | $ | 0.09 | $ | 2.54 | $ | 2.63 | $ | (0.06 | ) | $ | (2.35 | ) | $ | (2.41 | ) | $ | — | $ | 17.36 | 17.26 | %h | $ | 0.1 | 1.38 | % | 1.18 | %f | 0.51 | %f | 37 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 18.24 | $ | 0.04 | $ | 1.25 | $ | 1.29 | $ | (0.02 | ) | $ | (2.37 | ) | $ | (2.39 | ) | $ | — | $ | 17.14 | 8.03 | % | $ | 0.2 | 1.31 | % | 1.31 | %§ | 0.20 | % | 99 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 22.33 | $ | 0.00 | $ | (0.68 | ) | $ | (0.68 | ) | $ | (0.06 | ) | $ | (3.35 | ) | $ | (3.41 | ) | $ | — | $ | 18.24 | (3.66 | )% | $ | 0.3 | 1.54 | % | 1.50 | % | 0.03 | % | 31 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 20.71 | $ | 0.05 | $ | 4.12 | $ | 4.17 | $ | (0.12 | ) | $ | (2.43 | ) | $ | (2.55 | ) | $ | 0.00 | $ | 22.33 | 21.27 | %c | $ | 0.4 | 1.28 | % | 1.28 | % | 0.25 | % | 37 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 17.70 | $ | 0.05 | $ | 3.66 | $ | 3.71 | $ | (0.14 | ) | $ | (0.56 | ) | $ | (0.70 | ) | $ | — | $ | 20.71 | 21.81 | % | $ | 0.6 | 1.50 | % | 1.50 | %§ | 0.23 | % | 36 | % | ||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 17.13 | $ | 0.07 | $ | 1.84 | $ | 1.91 | $ | (0.14 | ) | $ | (1.09 | ) | $ | (1.23 | ) | $ | — | $ | 17.81 | 11.27 | %* | $ | 76.7 | 0.70 | %** | 0.70 | %** | 0.81 | %** | 20 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 16.47 | $ | 0.15 | $ | 2.50 | $ | 2.65 | $ | (0.14 | ) | $ | (1.85 | ) | $ | (1.99 | ) | $ | — | $ | 17.13 | 17.72 | %h | $ | 70.2 | 0.72 | % | 0.71 | %f | 0.94 | %f | 37 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 17.14 | $ | 0.12 | $ | 1.22 | $ | 1.34 | $ | (0.15 | ) | $ | (1.86 | ) | $ | (2.01 | ) | $ | — | $ | 16.47 | 8.68 | % | $ | 59.0 | 0.72 | % | 0.72 | % | 0.73 | % | 99 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 20.44 | $ | 0.16 | $ | (0.65 | ) | $ | (0.49 | ) | $ | (0.18 | ) | $ | (2.63 | ) | $ | (2.81 | ) | $ | — | $ | 17.14 | (2.84 | )% | $ | 94.1 | 0.71 | % | 0.71 | % | 0.82 | % | 31 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 18.59 | $ | 0.20 | $ | 3.70 | $ | 3.90 | $ | (0.14 | ) | $ | (1.91 | ) | $ | (2.05 | ) | $ | 0.00 | $ | 20.44 | 22.03 | %c | $ | 129.4 | 0.71 | % | 0.71 | % | 1.01 | % | 37 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 15.80 | $ | 0.17 | $ | 3.29 | $ | 3.46 | $ | (0.23 | ) | $ | (0.44 | ) | $ | (0.67 | ) | $ | — | $ | 18.59 | 22.80 | % | $ | 88.9 | 0.73 | % | 0.73 | % | 1.00 | % | 36 | % | ||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 17.85 | $ | 0.04 | $ | 1.90 | $ | 1.94 | $ | (0.13 | ) | $ | (1.86 | ) | $ | (1.99 | ) | $ | — | $ | 17.80 | 11.06 | %* | $ | 5.3 | 1.09 | %** | 1.09 | %** | 0.40 | %** | 20 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 18.43 | $ | 0.10 | $ | 2.64 | $ | 2.74 | $ | (0.17 | ) | $ | (3.15 | ) | $ | (3.32 | ) | $ | — | $ | 17.85 | 17.28 | %h | $ | 5.6 | 1.10 | % | 1.09 | %f | 0.56 | %f | 37 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 20.31 | $ | 0.05 | $ | 1.39 | $ | 1.44 | $ | (0.15 | ) | $ | (3.17 | ) | $ | (3.32 | ) | $ | — | $ | 18.43 | 8.32 | % | $ | 6.6 | 1.07 | % | 1.07 | % | 0.27 | % | 99 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 25.69 | $ | 0.11 | $ | (0.77 | ) | $ | (0.66 | ) | $ | (0.24 | ) | $ | (4.48 | ) | $ | (4.72 | ) | $ | — | $ | 20.31 | (3.23 | )% | $ | 79.3 | 1.07 | % | 1.07 | % | 0.46 | % | 31 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 24.21 | $ | 0.15 | $ | 4.75 | $ | 4.90 | $ | (0.17 | ) | $ | (3.25 | ) | $ | (3.42 | ) | $ | 0.00 | $ | 25.69 | 21.62 | %c | $ | 73.8 | 1.09 | % | 1.09 | %§ | 0.64 | % | 37 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 20.85 | $ | 0.14 | $ | 4.29 | $ | 4.43 | $ | (0.32 | ) | $ | (0.75 | ) | $ | (1.07 | ) | $ | — | $ | 24.21 | 22.38 | % | $ | 34.6 | 1.11 | % | 1.11 | %§ | 0.62 | % | 36 | % |
See Notes to Financial Highlights
207
208
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 17.42 | $ | (0.03 | ) | $ | 1.86 | $ | 1.83 | $ | (0.01 | ) | $ | (1.46 | ) | $ | (1.47 | ) | $ | — | $ | 17.78 | 10.66 | %* | $ | 1.8 | 1.83 | %** | 1.83 | %** | (0.31 | )%** | 20 | %* | |||||||||||||||||||||||||||||
8/31/2017l | $ | 17.38 | $ | (0.03 | ) | $ | 2.58 | $ | 2.55 | $ | (0.04 | ) | $ | (2.47 | ) | $ | (2.51 | ) | $ | — | $ | 17.42 | 16.53 | %h | $ | 1.6 | 1.84 | % | 1.84 | %f | (0.20 | )%f | 37 | % | |||||||||||||||||||||||||||||
8/31/2016l | $ | 18.64 | $ | (0.05 | ) | $ | 1.27 | $ | 1.22 | $ | — | $ | (2.48 | ) | $ | (2.48 | ) | $ | — | $ | 17.38 | 7.47 | % | $ | 2.4 | 1.85 | % | 1.85 | % | (0.34 | )% | 99 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 22.92 | $ | (0.06 | ) | $ | (0.71 | ) | $ | (0.77 | ) | $ | — | $ | (3.51 | ) | $ | (3.51 | ) | $ | — | $ | 18.64 | (4.01 | )% | $ | 2.4 | 1.83 | % | 1.83 | % | (0.30 | )% | 31 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 21.29 | $ | (0.04 | ) | $ | 4.22 | $ | 4.18 | $ | (0.00 | ) | $ | (2.55 | ) | $ | (2.55 | ) | $ | 0.00 | $ | 22.92 | 20.71 | %c | $ | 2.9 | 1.86 | % | 1.86 | %§ | (0.15 | )% | 37 | % | |||||||||||||||||||||||||||||
8/31/2013l | $ | 18.22 | $ | (0.03 | ) | $ | 3.79 | $ | 3.76 | $ | (0.10 | ) | $ | (0.59 | ) | $ | (0.69 | ) | $ | — | $ | 21.29 | 21.43 | % | $ | 2.6 | 1.86 | % | 1.86 | % | (0.15 | )% | 36 | % | |||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 17.37 | $ | 0.01 | $ | 1.86 | $ | 1.87 | $ | (0.05 | ) | $ | (1.40 | ) | $ | (1.45 | ) | $ | — | $ | 17.79 | 10.92 | %* | $ | 0.4 | 1.36 | %** | 1.36 | %** | 0.13 | %** | 20 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 17.20 | $ | 0.05 | $ | 2.55 | $ | 2.60 | $ | (0.06 | ) | $ | (2.37 | ) | $ | (2.43 | ) | $ | — | $ | 17.37 | 17.02 | %h | $ | 0.5 | 1.38 | % | 1.36 | %f | 0.28 | %f | 37 | % | ||||||||||||||||||||||||||||||
8/31/2016l | $ | 18.34 | $ | 0.03 | $ | 1.27 | $ | 1.30 | $ | (0.05 | ) | $ | (2.39 | ) | $ | (2.44 | ) | $ | — | $ | 17.20 | 8.00 | % | $ | 0.6 | 1.39 | % | 1.36 | % | 0.15 | % | 99 | % | ||||||||||||||||||||||||||||||
8/31/2015l | $ | 22.48 | $ | 0.02 | $ | (0.69 | ) | $ | (0.67 | ) | $ | (0.10 | ) | $ | (3.37 | ) | $ | (3.47 | ) | $ | — | $ | 18.34 | (3.53 | )% | $ | 0.5 | 1.37 | % | 1.36 | % | 0.15 | % | 31 | % | ||||||||||||||||||||||||||||
8/31/2014l | $ | 20.83 | $ | 0.08 | $ | 4.11 | $ | 4.19 | $ | (0.09 | ) | $ | (2.45 | ) | $ | (2.54 | ) | $ | 0.00 | $ | 22.48 | 21.29 | %c | $ | 0.7 | 1.38 | % | 1.36 | % | 0.37 | % | 37 | % | ||||||||||||||||||||||||||||||
8/31/2013l | $ | 17.68 | $ | 0.05 | $ | 3.70 | $ | 3.75 | $ | (0.04 | ) | $ | (0.56 | ) | $ | (0.60 | ) | $ | — | $ | 20.83 | 22.03 | % | $ | 0.4 | 1.41 | % | 1.36 | % | 0.24 | % | 36 | % | ||||||||||||||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 12.58 | $ | (0.01 | ) | $ | 0.84 | $ | 0.83 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | — | $ | 13.38 | 6.63 | %* | $ | 114.3 | 1.19 | %** | 1.12 | %** | (0.17 | )%** | 15 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 10.90 | $ | 0.15 | $ | 1.58 | $ | 1.73 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 12.58 | 15.97 | %h | $ | 110.4 | 1.23 | % | 0.73 | %f | 1.34 | %f | 27 | % | |||||||||||||||||||||||||||||||
8/31/2016l | $ | 10.46 | $ | 0.13 | $ | 0.36 | $ | 0.49 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 10.90 | 4.60 | % | $ | 104.0 | 1.26 | % | 1.08 | % | 1.20 | % | 30 | % | |||||||||||||||||||||||||||||||
8/31/2015l | $ | 10.95 | $ | 0.10 | $ | (0.51 | ) | $ | (0.41 | ) | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | — | $ | 10.46 | (3.71 | )% | $ | 117.7 | 1.25 | % | 1.02 | % | 0.93 | % | 25 | % | |||||||||||||||||||||||||||||
8/31/2014l | $ | 9.85 | $ | 0.14 | $ | 1.05 | $ | 1.19 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 0.00 | $ | 10.95 | 12.14 | %c | $ | 124.4 | 1.26 | % | 1.07 | % | 1.29 | % | 34 | % | |||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013l | $ | 9.54 | $ | 0.11 | $ | 0.20 | $ | 0.31 | $ | — | $ | — | $ | — | $ | — | $ | 9.85 | 3.27 | %* | $ | 125.7 | 1.32 | %** | 1.09 | %** | 1.87 | %** | 44 | %dg | |||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 12.57 | $ | (0.01 | ) | $ | 0.84 | $ | 0.83 | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | — | $ | 13.38 | 6.60 | %* | $ | 47.0 | 1.24 | %** | 1.16 | %** | (0.21 | )%** | 15 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 10.88 | $ | 0.15 | $ | 1.58 | $ | 1.73 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | — | $ | 12.57 | 15.92 | %h | $ | 45.7 | 1.27 | % | 0.74 | %f | 1.29 | %f | 27 | % | |||||||||||||||||||||||||||||||
8/31/2016l | $ | 10.43 | $ | 0.12 | $ | 0.35 | $ | 0.47 | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | — | $ | 10.88 | 4.59 | % | $ | 48.4 | 1.30 | % | 1.12 | % | 1.15 | % | 30 | % | |||||||||||||||||||||||||||||||
8/31/2015l | $ | 10.88 | $ | 0.09 | $ | (0.50 | ) | $ | (0.41 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | — | $ | 10.43 | (3.82 | )% | $ | 55.3 | 1.36 | % | 1.13 | % | 0.81 | % | 25 | % | |||||||||||||||||||||||||||||
8/31/2014l | $ | 9.79 | $ | 0.13 | $ | 1.04 | $ | 1.17 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 0.00 | $ | 10.88 | 12.02 | %c | $ | 67.7 | 1.36 | % | 1.16 | % | 1.23 | % | 34 | % | |||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013l | $ | 9.48 | $ | 0.10 | $ | 0.21 | $ | 0.31 | $ | — | $ | — | $ | — | $ | — | $ | 9.79 | 3.24 | %* | $ | 111.9 | 1.42 | %** | 1.19 | %** | 1.73 | %** | 44 | %dg |
See Notes to Financial Highlights
209
210
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.66 | $ | 0.01 | $ | 0.84 | $ | 0.85 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | $ | — | $ | 13.38 | 6.71 | %* | $ | 1,502.4 | 0.98 | %** | 0.85 | %** | 0.09 | %** | 15 | %* | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 12.56 | $ | (0.02 | ) | $ | 0.85 | $ | 0.83 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | 13.38 | 6.61 | %* | $ | 79.7 | 1.35 | %** | 1.21 | %** | (0.27 | )%** | 15 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 10.91 | $ | 0.07 | $ | 1.60 | $ | 1.67 | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | — | $ | 12.56 | 15.32 | % | $ | 71.9 | 1.39 | % | 1.21 | %§ | 0.65 | %f | 27 | % | |||||||||||||||||||||||||||||||
8/31/2016l | $ | 10.48 | $ | 0.11 | $ | 0.35 | $ | 0.46 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | — | $ | 10.91 | 4.48 | % | $ | 104.9 | 1.40 | % | 1.21 | % | 1.05 | % | 30 | % | |||||||||||||||||||||||||||||||
8/31/2015l | $ | 10.96 | $ | 0.12 | $ | (0.55 | ) | $ | (0.43 | ) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 10.48 | (3.90 | )% | $ | 91.0 | 1.43 | % | 1.21 | %§ | 1.09 | % | 25 | % | |||||||||||||||||||||||||||||
8/31/2014l | $ | 9.85 | $ | 0.13 | $ | 1.05 | $ | 1.18 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 0.00 | $ | 10.96 | 11.98 | %c | $ | 26.2 | 1.45 | % | 1.21 | % | 1.23 | % | 34 | % | |||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013l | $ | 9.55 | $ | 0.09 | $ | 0.21 | $ | 0.30 | $ | — | $ | — | $ | — | $ | — | $ | 9.85 | 3.19 | %* | $ | 12.8 | 1.55 | %** | 1.28 | %** | 1.57 | %** | 44 | %dg | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 12.58 | $ | (0.07 | ) | $ | 0.85 | $ | 0.78 | $ | — | $ | — | $ | — | $ | — | $ | 13.36 | 6.20 | %* | $ | 15.3 | 2.10 | %** | 1.96 | %** | (1.02 | )%** | 15 | %* | ||||||||||||||||||||||||||||||||
8/31/2017l | $ | 10.99 | $ | 0.00 | $ | 1.59 | $ | 1.59 | $ | — | $ | — | $ | — | $ | — | $ | 12.58 | 14.48 | % | $ | 13.2 | 2.14 | % | 1.96 | %§ | 0.04 | %f | 27 | % | |||||||||||||||||||||||||||||||||
8/31/2016l | $ | 10.60 | $ | 0.04 | $ | 0.35 | $ | 0.39 | $ | — | $ | — | $ | — | $ | — | $ | 10.99 | 3.70 | % | $ | 14.7 | 2.16 | % | 1.96 | % | 0.37 | % | 30 | % | |||||||||||||||||||||||||||||||||
8/31/2015l | $ | 11.12 | $ | 0.00 | $ | (0.51 | ) | $ | (0.51 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | 10.60 | (4.61 | )% | $ | 11.2 | 2.18 | % | 1.96 | % | 0.02 | % | 25 | % | |||||||||||||||||||||||||||||
8/31/2014l | $ | 10.03 | $ | 0.06 | $ | 1.06 | $ | 1.12 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 0.00 | $ | 11.12 | 11.16 | %c | $ | 6.1 | 2.21 | % | 1.96 | % | 0.59 | % | 34 | % | |||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013l | $ | 9.78 | $ | 0.04 | $ | 0.21 | $ | 0.25 | $ | — | $ | — | $ | — | $ | — | $ | 10.03 | 2.65 | %* | $ | 1.9 | 2.51 | %* | 2.08 | %* | 0.74 | %** | 44 | %dg | |||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 12.67 | $ | 0.01 | $ | 0.85 | $ | 0.86 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | 13.39 | 6.77 | %* | $ | 211.2 | 0.92 | %** | 0.78 | %** | 0.17 | %** | 15 | %* | |||||||||||||||||||||||||||||||
8/31/2017l | $ | 11.11 | $ | 0.15 | $ | 1.57 | $ | 1.72 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | — | $ | 12.67 | 15.85 | % | $ | 134.6 | 0.94 | % | 0.77 | % | 1.31 | %f | 27 | % | |||||||||||||||||||||||||||||||
8/31/2016l | $ | 10.72 | $ | 0.16 | $ | 0.38 | $ | 0.54 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | 11.11 | 5.02 | % | $ | 46.7 | 0.96 | % | 0.78 | % | 1.49 | % | 30 | % | |||||||||||||||||||||||||||||||
8/31/2015l | $ | 11.32 | $ | 0.14 | $ | (0.53 | ) | $ | (0.39 | ) | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | — | $ | 10.72 | (3.49 | )% | $ | 32.7 | 0.99 | % | 0.77 | %§ | 1.24 | % | 25 | % | |||||||||||||||||||||||||||||
Period from 9/3/2013 to 8/31/2014l | $ | 10.17 | $ | 0.08 | $ | 1.18 | $ | 1.26 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 0.00 | $ | 11.32 | 12.46 | %*c | $ | 21.9 | 1.12 | %** | 0.79 | %* | 0.73 | %** | 34 | %d |
See Notes to Financial Highlights
211
212
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Select Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.43 | $ | (0.02 | ) | $ | 0.86 | $ | 0.84 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | — | $ | 13.17 | 6.80 | %* | $ | 8.3 | 1.33 | %** | 1.16 | %** | (0.31 | )%** | 14 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.42 | $ | 0.00 | $ | 0.85 | $ | 0.85 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | 13.13 | 6.90 | %* | $ | 219.9 | 0.90 | %** | 0.81 | %** | 0.04 | %** | 14 | %* | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.34 | $ | (0.02 | ) | $ | 0.85 | $ | 0.83 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | — | $ | 13.07 | 6.75 | %* | $ | 4.0 | 1.27 | %** | 1.17 | %** | (0.32 | )%** | 14 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.16 | $ | (0.07 | ) | $ | 0.84 | $ | 0.77 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | 12.92 | 6.35 | %* | $ | 2.6 | 2.01 | %** | 1.92 | %** | (1.07 | )%** | 14 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
213
214
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Select Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.22 | $ | (0.04 | ) | $ | 0.85 | $ | 0.81 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | — | $ | 12.96 | 6.65 | %* | $ | 3.7 | 1.51 | %** | 1.42 | %** | (0.56 | )%** | 14 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.42 | $ | 0.01 | $ | 0.85 | $ | 0.86 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | 13.13 | 6.97 | %* | $ | 9.6 | 0.83 | %** | 0.74 | %** | 0.11 | %** | 14 | %* | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
International Small Cap Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.74 | $ | (0.03 | ) | $ | 1.34 | $ | 1.31 | $ | (0.17 | ) | $ | (0.72 | ) | $ | (0.89 | ) | $ | — | $ | 13.16 | 10.57 | %* | $ | 6.2 | 10.72 | %** | 1.05 | %** | (0.42 | )%** | 14 | %* | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.70 | $ | (0.03 | ) | $ | 1.32 | $ | 1.29 | $ | (0.12 | ) | $ | (0.72 | ) | $ | (0.84 | ) | $ | — | $ | 13.15 | 10.44 | %* | $ | 0.3 | 14.72 | %** | 1.41 | %** | (0.52 | )%** | 14 | %* | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.63 | $ | (0.08 | ) | $ | 1.32 | $ | 1.24 | $ | (0.06 | ) | $ | (0.72 | ) | $ | (0.78 | ) | $ | — | $ | 13.09 | 10.08 | %* | $ | 0.1 | 15.13 | %** | 2.16 | %** | (1.28 | )%** | 14 | %* | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 12.74 | $ | (0.01 | ) | $ | 1.34 | $ | 1.33 | $ | (0.18 | ) | $ | (0.72 | ) | $ | (0.90 | ) | $ | — | $ | 13.17 | 10.72 | %* | $ | 0.3 | 14.05 | %** | 0.98 | %** | (0.10 | )%** | 14 | %* | |||||||||||||||||||||||||||||
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 | %* |
See Notes to Financial Highlights
215
216
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 16.12 | $ | (0.03 | ) | $ | 1.11 | $ | 1.08 | $ | — | $ | (0.85 | ) | $ | (0.85 | ) | $ | — | $ | 16.35 | 6.72 | %* | $ | 764.5 | 1.00 | %** | 1.00 | %**§ | (0.37 | )%** | 10 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 15.67 | $ | (0.06 | ) | $ | 1.08 | $ | 1.02 | $ | — | $ | (0.85 | ) | $ | (0.85 | ) | $ | — | $ | 15.84 | 6.53 | %* | $ | 17.4 | 1.41 | %** | 1.36 | %** | (0.75 | )%** | 10 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 14.76 | $ | (0.11 | ) | $ | 1.01 | $ | 0.90 | $ | — | $ | (0.85 | ) | $ | (0.85 | ) | $ | — | $ | 14.81 | 6.11 | %* | $ | 22.8 | 2.12 | %** | 2.11 | %** | (1.49 | )%** | 10 | %* | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 31.61 | $ | 0.20 | $ | 1.52 | $ | 1.72 | $ | (0.40 | ) | $ | (2.27 | ) | $ | (2.67 | ) | $ | — | $ | 30.66 | 5.31 | %* | $ | 1,130.4 | 0.86 | %** | 0.86 | %** | 1.24 | %** | 66 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
217
218
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 31.63 | $ | 0.17 | $ | 1.52 | $ | 1.69 | $ | (0.35 | ) | $ | (2.27 | ) | $ | (2.62 | ) | $ | — | $ | 30.70 | 5.21 | %* | $ | 72.4 | 1.05 | %** | 1.05 | %** | 1.05 | %** | 66 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 28.84 | $ | 0.36 | $ | 4.10 | $ | 4.46 | $ | (0.30 | ) | $ | (1.37 | ) | $ | (1.67 | ) | $ | — | $ | 31.63 | 15.77 | %h | $ | 75.0 | 1.05 | % | 1.01 | %f | 1.16 | %f | 74 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 29.40 | $ | 0.28 | $ | 2.83 | $ | 3.11 | $ | (0.44 | ) | $ | (3.23 | ) | $ | (3.67 | ) | $ | — | $ | 28.84 | 12.97 | % | $ | 77.6 | 1.07 | % | 1.07 | % | 1.03 | % | 126 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 38.50 | $ | 0.30 | $ | (2.73 | ) | $ | (2.43 | ) | $ | (0.41 | ) | $ | (6.26 | ) | $ | (6.67 | ) | $ | — | $ | 29.40 | (7.40 | )% | $ | 108.2 | 1.05 | % | 1.05 | % | 0.88 | % | 153 | % | ||||||||||||||||||||||||||||
8/31/2014k | $ | 38.91 | $ | 0.31 | $ | 7.74 | $ | 8.05 | $ | (0.58 | ) | $ | (7.88 | ) | $ | (8.46 | ) | $ | 0.00 | $ | 38.50 | 23.36 | %c | $ | 141.1 | 1.05 | % | 1.05 | % | 0.83 | % | 104 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 31.85 | $ | 0.36 | $ | 7.12 | $ | 7.48 | $ | (0.42 | ) | $ | — | $ | (0.42 | ) | $ | — | $ | 38.91 | 23.76 | % | $ | 156.6 | 1.06 | % | 1.06 | % | 1.01 | % | 159 | % | |||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 31.62 | $ | 0.14 | $ | 1.54 | $ | 1.68 | $ | (0.31 | ) | $ | (2.27 | ) | $ | (2.58 | ) | $ | — | $ | 30.72 | 5.17 | %* | $ | 135.7 | 1.20 | %** | 1.20 | %** | 0.90 | %** | 66 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 29.45 | $ | 0.30 | $ | 4.15 | $ | 4.45 | $ | (0.41 | ) | $ | (1.87 | ) | $ | (2.28 | ) | $ | — | $ | 31.62 | 15.51 | %h | $ | 144.1 | 1.20 | % | 1.19 | %f | 0.98 | %f | 74 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 31.41 | $ | 0.24 | $ | 2.83 | $ | 3.07 | $ | (0.61 | ) | $ | (4.42 | ) | $ | (5.03 | ) | $ | — | $ | 29.45 | 12.81 | % | $ | 145.9 | 1.22 | % | 1.22 | % | 0.88 | % | 126 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 43.19 | $ | 0.26 | $ | (2.94 | ) | $ | (2.68 | ) | $ | (0.54 | ) | $ | (8.56 | ) | $ | (9.10 | ) | $ | — | $ | 31.41 | (7.55 | )% | $ | 162.3 | 1.20 | % | 1.20 | % | 0.73 | % | 153 | % | ||||||||||||||||||||||||||||
8/31/2014k | $ | 45.58 | $ | 0.30 | $ | 8.85 | $ | 9.15 | $ | (0.76 | ) | $ | (10.78 | ) | $ | (11.54 | ) | $ | 0.00 | $ | 43.19 | 23.17 | %c | $ | 216.1 | 1.20 | % | 1.20 | % | 0.69 | % | 104 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 37.48 | $ | 0.37 | $ | 8.35 | $ | 8.72 | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | 45.58 | 23.58 | % | $ | 205.3 | 1.21 | % | 1.21 | % | 0.86 | % | 159 | % | |||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 31.60 | $ | 0.23 | $ | 1.53 | $ | 1.76 | $ | (0.45 | ) | $ | (2.27 | ) | $ | (2.72 | ) | $ | — | $ | 30.64 | 5.43 | %* | $ | 96.2 | 0.70 | %** | 0.70 | %**§ | 1.42 | %** | 66 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 28.25 | $ | 0.45 | $ | 4.02 | $ | 4.47 | $ | (0.26 | ) | $ | (0.86 | ) | $ | (1.12 | ) | $ | — | $ | 31.60 | 16.04 | %h | $ | 80.6 | 0.70 | % | 0.69 | %f§ | 1.50 | %f | 74 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 27.42 | $ | 0.35 | $ | 2.85 | $ | 3.20 | $ | (0.33 | ) | $ | (2.04 | ) | $ | (2.37 | ) | $ | — | $ | 28.25 | 13.38 | % | $ | 56.2 | 0.71 | % | 0.70 | % | 1.38 | % | 126 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 33.84 | $ | 0.37 | $ | (2.49 | ) | $ | (2.12 | ) | $ | (0.34 | ) | $ | (3.96 | ) | $ | (4.30 | ) | $ | — | $ | 27.42 | (7.03 | )% | $ | 86.4 | 0.70 | % | 0.70 | %§ | 1.19 | % | 153 | % | ||||||||||||||||||||||||||||
8/31/2014k | $ | 32.30 | $ | 0.38 | $ | 6.60 | $ | 6.98 | $ | (0.46 | ) | $ | (4.98 | ) | $ | (5.44 | ) | $ | 0.00 | $ | 33.84 | 23.74 | %c | $ | 143.5 | 0.70 | % | 0.70 | %§ | 1.18 | % | 104 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 26.38 | $ | 0.41 | $ | 5.92 | $ | 6.33 | $ | (0.41 | ) | $ | — | $ | (0.41 | ) | $ | — | $ | 32.30 | 24.26 | % | $ | 32.3 | 0.70 | % | 0.70 | % | 1.36 | % | 159 | % | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 31.62 | $ | 0.16 | $ | 1.53 | $ | 1.69 | $ | (0.34 | ) | $ | (2.27 | ) | $ | (2.61 | ) | $ | — | $ | 30.70 | 5.21 | %* | $ | 3.2 | 1.07 | %** | 1.07 | %** | 0.98 | %** | 66 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 28.87 | $ | 0.34 | $ | 4.09 | $ | 4.43 | $ | (0.31 | ) | $ | (1.37 | ) | $ | (1.68 | ) | $ | — | $ | 31.62 | 15.65 | %h | $ | 3.8 | 1.07 | % | 1.07 | %f | 1.11 | %f | 74 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 29.47 | $ | 0.27 | $ | 2.83 | $ | 3.10 | $ | (0.46 | ) | $ | (3.24 | ) | $ | (3.70 | ) | $ | — | $ | 28.87 | 12.94 | % | $ | 3.2 | 1.09 | % | 1.09 | % | 1.02 | % | 126 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 38.61 | $ | 0.32 | $ | (2.77 | ) | $ | (2.45 | ) | $ | (0.42 | ) | $ | (6.27 | ) | $ | (6.69 | ) | $ | — | $ | 29.47 | (7.44 | )% | $ | 2.9 | 1.09 | % | 1.09 | % | 0.96 | % | 153 | % | ||||||||||||||||||||||||||||
8/31/2014k | $ | 39.05 | $ | 0.30 | $ | 7.77 | $ | 8.07 | $ | (0.61 | ) | $ | (7.90 | ) | $ | (8.51 | ) | $ | 0.00 | $ | 38.61 | 23.31 | %c | $ | 2.7 | 1.08 | % | 1.08 | %§ | 0.78 | % | 104 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 31.56 | $ | 0.35 | $ | 7.14 | $ | 7.49 | $ | — | $ | — | $ | — | $ | — | $ | 39.05 | 23.72 | % | $ | 1.6 | 1.11 | % | 1.11 | % | 0.97 | % | 159 | % |
See Notes to Financial Highlights
219
220
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 31.67 | $ | 0.05 | $ | 1.52 | $ | 1.57 | $ | (0.16 | ) | $ | (2.27 | ) | $ | (2.43 | ) | $ | — | $ | 30.81 | 4.82 | %* | $ | 2.1 | 1.81 | %** | 1.81 | %** | 0.29 | %** | 66 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 29.66 | $ | 0.11 | $ | 4.18 | $ | 4.29 | $ | (0.29 | ) | $ | (1.99 | ) | $ | (2.28 | ) | $ | — | $ | 31.67 | 14.84 | %h | $ | 2.3 | 1.81 | % | 1.81 | %f | 0.36 | %f | 74 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 31.83 | $ | 0.07 | $ | 2.83 | $ | 2.90 | $ | (0.37 | ) | $ | (4.70 | ) | $ | (5.07 | ) | $ | — | $ | 29.66 | 12.09 | % | $ | 2.1 | 1.83 | % | 1.83 | % | 0.26 | % | 126 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 44.30 | $ | 0.04 | $ | (3.01 | ) | $ | (2.97 | ) | $ | (0.39 | ) | $ | (9.11 | ) | $ | (9.50 | ) | $ | — | $ | 31.83 | (8.11 | )% | $ | 2.7 | 1.82 | % | 1.82 | %§ | 0.11 | % | 153 | % | ||||||||||||||||||||||||||||
8/31/2014k | $ | 47.34 | $ | 0.00 | $ | 9.16 | $ | 9.16 | $ | (0.74 | ) | $ | (11.46 | ) | $ | (12.20 | ) | $ | 0.00 | $ | 44.30 | 22.37 | %c | $ | 3.0 | 1.86 | % | 1.86 | %§ | 0.03 | % | 104 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 39.26 | $ | 0.05 | $ | 8.79 | $ | 8.84 | $ | (0.76 | ) | $ | — | $ | (0.76 | ) | $ | — | $ | 47.34 | 22.87 | % | $ | 1.2 | 1.86 | % | 1.86 | %§ | 0.10 | % | 159 | % | |||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 31.63 | $ | 0.12 | $ | 1.53 | $ | 1.65 | $ | (0.26 | ) | $ | (2.27 | ) | $ | (2.53 | ) | $ | — | $ | 30.75 | 5.08 | %* | $ | 0.2 | 1.36 | %** | 1.36 | %**§ | 0.74 | %** | 66 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 29.46 | $ | 0.28 | $ | 4.12 | $ | 4.40 | $ | (0.39 | ) | $ | (1.84 | ) | $ | (2.23 | ) | $ | — | $ | 31.63 | 15.27 | %h | $ | 0.2 | 1.43 | % | 1.36 | %f | 0.90 | %f | 74 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 31.34 | $ | 0.21 | $ | 2.81 | $ | 3.02 | $ | (0.55 | ) | $ | (4.35 | ) | $ | (4.90 | ) | $ | — | $ | 29.46 | 12.58 | % | $ | 0.1 | 1.54 | % | 1.36 | % | 0.75 | % | 126 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 42.97 | $ | 0.19 | $ | (2.92 | ) | $ | (2.73 | ) | $ | (0.46 | ) | $ | (8.44 | ) | $ | (8.90 | ) | $ | — | $ | 31.34 | (7.64 | )% | $ | 0.1 | 1.51 | % | 1.36 | % | 0.53 | % | 153 | % | ||||||||||||||||||||||||||||
8/31/2014k | $ | 45.27 | $ | 0.23 | $ | 8.80 | $ | 9.03 | $ | (0.72 | ) | $ | (10.61 | ) | $ | (11.33 | ) | $ | 0.00 | $ | 42.97 | 22.94 | %c | $ | 0.1 | 1.43 | % | 1.36 | % | 0.53 | % | 104 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 36.67 | $ | 0.19 | $ | 8.41 | $ | 8.60 | $ | — | $ | — | $ | — | $ | — | $ | 45.27 | 23.47 | % | $ | 0.1 | 1.42 | % | 1.36 | % | 0.46 | % | 159 | % | |||||||||||||||||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.61 | $ | (0.02 | ) | $ | 1.99 | $ | 1.97 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.26 | 13.84 | %* | $ | 489.4 | 0.90 | %** | 0.90 | %** | (0.30 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 13.25 | $ | (0.04 | ) | $ | 2.04 | $ | 2.00 | $ | — | $ | (0.64 | ) | $ | (0.64 | ) | $ | — | $ | 14.61 | 15.80 | %h | $ | 445.9 | 0.93 | % | 0.91 | %f | (0.28 | )%f | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 14.70 | $ | (0.04 | ) | $ | (0.27 | ) | $ | (0.31 | ) | $ | — | $ | (1.15 | ) | $ | (1.15 | ) | $ | 0.01 | $ | 13.25 | (1.70 | )%e | $ | 415.1 | 0.95 | % | 0.95 | % | (0.34 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 15.07 | $ | (0.07 | ) | $ | 1.51 | $ | 1.44 | $ | — | $ | (1.81 | ) | $ | (1.81 | ) | $ | — | $ | 14.70 | 10.74 | % | $ | 437.5 | 0.92 | % | 0.92 | % | (0.50 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 13.73 | $ | (0.07 | ) | $ | 2.41 | $ | 2.34 | $ | — | $ | (1.00 | ) | $ | (1.00 | ) | $ | 0.00 | $ | 15.07 | 17.54 | %c | $ | 415.6 | 0.93 | % | 0.93 | % | (0.47 | )% | 63 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 12.32 | $ | (0.04 | ) | $ | 2.14 | $ | 2.10 | $ | — | $ | (0.69 | ) | $ | (0.69 | ) | $ | — | $ | 13.73 | 18.03 | % | $ | 377.8 | 0.98 | % | 0.98 | % | (0.30 | )% | 46 | % | ||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.62 | $ | (0.03 | ) | $ | 1.99 | $ | 1.96 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.26 | 13.82 | %* | $ | 68.0 | 0.96 | %** | 0.96 | %** | (0.35 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 12.98 | $ | (0.04 | ) | $ | 2.04 | $ | 2.00 | $ | — | $ | (0.36 | ) | $ | (0.36 | ) | $ | — | $ | 14.62 | 15.75 | %h | $ | 52.0 | 0.97 | % | 0.97 | %f | (0.34 | )%f | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 13.91 | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.30 | ) | $ | — | $ | (0.65 | ) | $ | (0.65 | ) | $ | 0.02 | $ | 12.98 | (1.77 | )%e | $ | 66.7 | 0.98 | % | 0.98 | % | (0.37 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 13.58 | $ | (0.08 | ) | $ | 1.43 | $ | 1.35 | $ | — | $ | (1.02 | ) | $ | (1.02 | ) | $ | — | $ | 13.91 | 10.73 | % | $ | 91.7 | 0.99 | % | 0.99 | % | (0.58 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 12.07 | $ | (0.07 | ) | $ | 2.13 | $ | 2.06 | $ | — | $ | (0.55 | ) | $ | (0.55 | ) | $ | 0.00 | $ | 13.58 | 17.40 | %c | $ | 69.6 | 1.00 | % | 1.00 | % | (0.54 | )% | 63 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 10.61 | $ | (0.04 | ) | $ | 1.88 | $ | 1.84 | $ | — | $ | (0.38 | ) | $ | (0.38 | ) | $ | — | $ | 12.07 | 18.02 | % | $ | 54.9 | 1.04 | % | 1.04 | % | (0.38 | )% | 46 | % |
See Notes to Financial Highlights
221
222
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.62 | $ | (0.05 | ) | $ | 1.99 | $ | 1.94 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.24 | 13.64 | %* | $ | 15.2 | 1.22 | %** | 1.22 | %** | (0.61 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 13.01 | $ | (0.08 | ) | $ | 2.05 | $ | 1.97 | $ | — | $ | (0.36 | ) | $ | (0.36 | ) | $ | — | $ | 14.62 | 15.47 | %h | $ | 12.4 | 1.23 | % | 1.23 | %f | (0.60 | )%f | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 13.97 | $ | (0.08 | ) | $ | (0.25 | ) | $ | (0.33 | ) | $ | — | $ | (0.64 | ) | $ | (0.64 | ) | $ | 0.01 | $ | 13.01 | (2.04 | )%e | $ | 11.5 | 1.24 | % | 1.24 | % | (0.63 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 13.66 | $ | (0.12 | ) | $ | 1.44 | $ | 1.32 | $ | — | $ | (1.01 | ) | $ | (1.01 | ) | $ | — | $ | 13.97 | 10.39 | % | $ | 10.7 | 1.25 | % | 1.25 | % | (0.84 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 12.14 | $ | (0.10 | ) | $ | 2.15 | $ | 2.05 | $ | — | $ | (0.53 | ) | $ | (0.53 | ) | $ | 0.00 | $ | 13.66 | 17.16 | %c | $ | 10.3 | 1.26 | % | 1.26 | % | (0.81 | )% | 63 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 10.65 | $ | (0.07 | ) | $ | 1.89 | $ | 1.82 | $ | — | $ | (0.33 | ) | $ | (0.33 | ) | $ | — | $ | 12.14 | 17.64 | % | $ | 11.7 | 1.30 | % | 1.30 | % | (0.62 | )% | 46 | % | ||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 14.61 | $ | (0.01 | ) | $ | 1.99 | $ | 1.98 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.27 | 13.94 | %* | $ | 340.5 | 0.71 | %** | 0.71 | %** | (0.10 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.62 | $ | (0.04 | ) | $ | 1.99 | $ | 1.95 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.25 | 13.73 | %* | $ | 47.0 | 1.08 | %** | 1.08 | %** | (0.48 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 13.00 | $ | (0.06 | ) | $ | 2.04 | $ | 1.98 | $ | — | $ | (0.36 | ) | $ | (0.36 | ) | $ | — | $ | 14.62 | 15.58 | %h | $ | 54.4 | 1.11 | % | 1.11 | %f§ | (0.49 | )%f | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 13.95 | $ | (0.06 | ) | $ | (0.25 | ) | $ | (0.31 | ) | $ | — | $ | (0.66 | ) | $ | (0.66 | ) | $ | 0.02 | $ | 13.00 | (1.91 | )%e | $ | 76.9 | 1.11 | % | 1.11 | %§ | (0.51 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 13.64 | $ | (0.09 | ) | $ | 1.43 | $ | 1.34 | $ | — | $ | (1.03 | ) | $ | (1.03 | ) | $ | — | $ | 13.95 | 10.55 | % | $ | 102.3 | 1.11 | % | 1.11 | %§ | (0.69 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 12.13 | $ | (0.09 | ) | $ | 2.15 | $ | 2.06 | $ | — | $ | (0.55 | ) | $ | (0.55 | ) | $ | — | $ | 13.64 | 17.33 | %c | $ | 100.7 | 1.13 | % | 1.11 | % | (0.65 | )% | 63 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 10.66 | $ | (0.05 | ) | $ | 1.89 | $ | 1.84 | $ | — | $ | (0.37 | ) | $ | (0.37 | ) | $ | — | $ | 12.13 | 17.91 | % | $ | 89.0 | 1.18 | % | 1.11 | % | (0.44 | )% | 46 | % | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.64 | $ | (0.10 | ) | $ | 1.99 | $ | 1.89 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.21 | 13.28 | %* | $ | 10.5 | 1.86 | %** | 1.86 | %**§ | (1.26 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 13.13 | $ | (0.17 | ) | $ | 2.05 | $ | 1.88 | $ | — | $ | (0.37 | ) | $ | (0.37 | ) | $ | — | $ | 14.64 | 14.69 | % | $ | 9.7 | 1.86 | % | 1.86 | %§ | (1.24 | )% | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 14.20 | $ | (0.16 | ) | $ | (0.25 | ) | $ | (0.41 | ) | $ | — | $ | (0.67 | ) | $ | (0.67 | ) | $ | 0.01 | $ | 13.13 | (2.62 | )%e | $ | 10.9 | 1.88 | % | 1.86 | % | (1.24 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 13.99 | $ | (0.20 | ) | $ | 1.47 | $ | 1.27 | $ | — | $ | (1.06 | ) | $ | (1.06 | ) | $ | — | $ | 14.20 | 9.72 | % | $ | 8.4 | 1.88 | % | 1.86 | % | (1.45 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 12.47 | $ | (0.18 | ) | $ | 2.20 | $ | 2.02 | $ | — | $ | (0.50 | ) | $ | (0.50 | ) | $ | 0.00 | $ | 13.99 | 16.46 | %c | $ | 6.0 | 1.91 | % | 1.86 | % | (1.40 | )% | 63 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 10.97 | $ | (0.13 | ) | $ | 1.95 | $ | 1.82 | $ | — | $ | (0.32 | ) | $ | (0.32 | ) | $ | — | $ | 12.47 | 17.05 | % | $ | 4.4 | 1.95 | % | 1.86 | % | (1.20 | )% | 46 | % |
See Notes to Financial Highlights
223
224
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.63 | $ | (0.06 | ) | $ | 1.99 | $ | 1.93 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.24 | 13.59 | %* | $ | 13.9 | 1.36 | %** | 1.36 | %**§ | (0.76 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 13.04 | $ | (0.10 | ) | $ | 2.05 | $ | 1.95 | $ | — | $ | (0.36 | ) | $ | (0.36 | ) | $ | — | $ | 14.63 | 15.30 | % | $ | 13.2 | 1.36 | % | 1.36 | % | (0.73 | )% | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 14.00 | $ | (0.09 | ) | $ | (0.24 | ) | $ | (0.33 | ) | $ | — | $ | (0.64 | ) | $ | (0.64 | ) | $ | 0.01 | $ | 13.04 | (2.12 | )%e | $ | 13.7 | 1.38 | % | 1.36 | % | (0.74 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 13.71 | $ | (0.13 | ) | $ | 1.44 | $ | 1.31 | $ | — | $ | (1.02 | ) | $ | (1.02 | ) | $ | — | $ | 14.00 | 10.29 | % | $ | 12.7 | 1.37 | % | 1.36 | % | (0.95 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 12.19 | $ | (0.12 | ) | $ | 2.16 | $ | 2.04 | $ | — | $ | (0.52 | ) | $ | (0.52 | ) | $ | 0.00 | $ | 13.71 | 17.02 | %c | $ | 8.3 | 1.38 | % | 1.36 | % | (0.90 | )% | 63 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 10.72 | $ | (0.07 | ) | $ | 1.90 | $ | 1.83 | $ | — | $ | (0.36 | ) | $ | (0.36 | ) | $ | — | $ | 12.19 | 17.63 | % | $ | 5.6 | 1.43 | % | 1.36 | % | (0.68 | )% | 46 | % | ||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 14.61 | $ | (0.00 | ) | $ | 1.98 | $ | 1.98 | $ | — | $ | (1.32 | ) | $ | (1.32 | ) | $ | — | $ | 15.27 | 13.93 | %* | $ | 338.4 | 0.64 | %** | 0.64 | %** | (0.03 | )%** | 26 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 13.19 | $ | (0.00 | ) | $ | 2.04 | $ | 2.04 | $ | — | $ | (0.62 | ) | $ | (0.62 | ) | $ | — | $ | 14.61 | 16.13 | %h | $ | 262.4 | 0.65 | % | 0.65 | %f | (0.02 | )%f | 47 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 14.56 | $ | (0.00 | ) | $ | (0.26 | ) | $ | (0.26 | ) | $ | — | $ | (1.12 | ) | $ | (1.12 | ) | $ | 0.01 | $ | 13.19 | (1.44 | )%e | $ | 193.7 | 0.66 | % | 0.66 | % | (0.02 | )% | 63 | % | ||||||||||||||||||||||||||||
8/31/2015k | $ | 14.85 | $ | (0.04 | ) | $ | 1.50 | $ | 1.46 | $ | — | $ | (1.75 | ) | $ | (1.75 | ) | $ | — | $ | 14.56 | 11.04 | % | $ | 88.6 | 0.67 | % | 0.67 | %§ | (0.26 | )% | 50 | % | ||||||||||||||||||||||||||||||
8/31/2014k | $ | 13.52 | $ | (0.03 | ) | $ | 2.37 | $ | 2.34 | $ | — | $ | (1.01 | ) | $ | (1.01 | ) | $ | 0.00 | $ | 14.85 | 17.89 | %c | $ | 22.5 | 0.68 | % | 0.68 | % | (0.21 | )% | 63 | % | ||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013k | $ | 12.72 | $ | (0.01 | ) | $ | 0.81 | $ | 0.80 | $ | — | $ | — | $ | — | $ | — | $ | 13.52 | 6.26 | %* | $ | 0.1 | 7.22 | %** | 0.68 | %** | (0.13 | )%** | 46 | %d | ||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 22.98 | $ | 0.05 | $ | 1.39 | $ | 1.44 | $ | (0.11 | ) | $ | (1.44 | ) | $ | (1.55 | ) | $ | — | $ | 22.87 | 6.38 | %* | $ | 40.4 | 1.21 | %** | 1.15 | %** | 0.43 | %** | 19 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.86 | $ | 0.03 | $ | 1.15 | $ | 1.18 | $ | (0.09 | ) | $ | (1.44 | ) | $ | (1.53 | ) | $ | — | $ | 18.51 | 6.36 | %* | $ | 10.7 | 1.38 | %** | 1.25 | %** | 0.32 | %** | 19 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
225
226
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 23.00 | $ | 0.08 | $ | 1.40 | $ | 1.48 | $ | (0.17 | ) | $ | (1.44 | ) | $ | (1.61 | ) | $ | — | $ | 22.87 | 6.54 | %* | $ | 47.7 | 1.03 | %** | 0.85 | %** | 0.69 | %** | 19 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.84 | $ | 0.03 | $ | 1.14 | $ | 1.17 | $ | (0.08 | ) | $ | (1.44 | ) | $ | (1.52 | ) | $ | — | $ | 18.49 | 6.36 | %* | $ | 10.0 | 1.39 | %** | 1.21 | %** | 0.36 | %** | 19 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.37 | $ | (0.04 | ) | $ | 1.11 | $ | 1.07 | $ | (0.00 | ) | $ | (1.44 | ) | $ | (1.44 | ) | $ | — | $ | 18.00 | 5.95 | %* | $ | 2.5 | 2.15 | %** | 1.96 | %** | (0.39 | )%** | 19 | %* | |||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.78 | $ | 0.01 | $ | 1.14 | $ | 1.15 | $ | (0.05 | ) | $ | (1.44 | ) | $ | (1.49 | ) | $ | — | $ | 18.44 | 6.27 | %* | $ | 2.2 | 1.65 | %** | 1.46 | %** | 0.11 | %** | 19 | %* | ||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
227
228
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.67 | $ | 0.05 | $ | 2.17 | $ | 2.22 | $ | (0.11 | ) | $ | (1.84 | ) | $ | (1.95 | ) | $ | — | $ | 18.94 | 12.16 | %* | $ | 1,819.2 | 0.73 | %** | 0.73 | %** | 0.56 | %** | 13 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.53 | $ | 0.02 | $ | 2.15 | $ | 2.17 | $ | (0.04 | ) | $ | (1.84 | ) | $ | (1.88 | ) | $ | — | $ | 18.82 | 11.99 | %* | $ | 65.6 | 1.10 | %** | 1.10 | %** | 0.19 | %** | 13 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 17.84 | $ | (0.05 | ) | $ | 2.07 | $ | 2.02 | $ | — | $ | (1.84 | ) | $ | (1.84 | ) | $ | — | $ | 18.02 | 11.58 | %* | $ | 44.4 | 1.83 | %** | 1.83 | %** | (0.55 | )%** | 13 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.52 | $ | 0.11 | $ | (0.92 | ) | $ | (0.81 | ) | $ | (0.14 | ) | $ | (0.57 | ) | $ | (0.71 | ) | $ | — | $ | 12.00 | (6.48 | )%* | $ | 125.7 | 1.42 | %** | 1.04 | %** | 1.62 | %** | 18 | %* | ||||||||||||||||||||||||||||
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
229
230
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.56 | $ | 0.12 | $ | (0.92 | ) | $ | (0.80 | ) | $ | (0.15 | ) | $ | (0.57 | ) | $ | (0.72 | ) | $ | — | $ | 12.04 | (6.37 | )%* | $ | 162.1 | 1.05 | %** | 0.85 | %** | 1.84 | %** | 18 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.51 | $ | 0.09 | $ | (0.90 | ) | $ | (0.81 | ) | $ | (0.13 | ) | $ | (0.57 | ) | $ | (0.70 | ) | $ | — | $ | 12.00 | (6.49 | )%* | $ | 70.9 | 1.42 | %** | 1.21 | %** | 1.44 | %** | 18 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.52 | $ | 0.05 | $ | (0.92 | ) | $ | (0.87 | ) | $ | (0.07 | ) | $ | (0.57 | ) | $ | (0.64 | ) | $ | — | $ | 12.01 | (6.86 | )%* | $ | 14.8 | 2.18 | %** | 1.96 | %** | 0.70 | %** | 18 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.49 | $ | 0.08 | $ | (0.91 | ) | $ | (0.83 | ) | $ | (0.11 | ) | $ | (0.57 | ) | $ | (0.68 | ) | $ | — | $ | 11.98 | (6.63 | )%* | $ | 15.9 | 1.68 | %** | 1.46 | %** | 1.21 | %** | 18 | %* | ||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
231
232
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 13.56 | $ | 0.12 | $ | (0.91 | ) | $ | (0.79 | ) | $ | (0.16 | ) | $ | (0.57 | ) | $ | (0.73 | ) | $ | — | $ | 12.04 | (6.34 | )%* | $ | 59.0 | 0.99 | %** | 0.78 | %** | 1.81 | %** | 18 | %* | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 32.90 | $ | (0.17 | ) | $ | 4.86 | $ | 4.69 | $ | — | $ | (0.51 | ) | $ | (0.51 | ) | $ | — | $ | 37.08 | 14.36 | %* | $ | 54.4 | 1.73 | %** | 1.21 | %** | (0.99 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 32.88 | $ | (0.20 | ) | $ | 4.86 | $ | 4.66 | $ | — | $ | (0.47 | ) | $ | (0.47 | ) | $ | — | $ | 37.07 | 14.28 | %* | $ | 3.7 | 1.83 | %** | 1.37 | %** | (1.15 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 27.01 | $ | (0.30 | ) | $ | 6.17 | $ | 5.87 | $ | — | $ | — | $ | — | $ | — | $ | 32.88 | 21.74 | % | $ | 3.9 | 1.88 | % | 1.37 | % | (1.04 | )% | 215 | % | ||||||||||||||||||||||||||||||||
8/31/2016l | $ | 29.44 | $ | (0.25 | ) | $ | (0.75 | ) | $ | (1.00 | ) | $ | — | $ | (1.43 | ) | $ | (1.43 | ) | $ | — | $ | 27.01 | (3.27 | )% | $ | 4.4 | 1.93 | % | 1.37 | % | (0.99 | )% | 164 | % | ||||||||||||||||||||||||||||
8/31/2015l | $ | 27.44 | $ | (0.34 | ) | $ | 2.34 | $ | 2.00 | $ | — | $ | — | $ | — | $ | — | $ | 29.44 | 7.30 | % | $ | 5.3 | 1.86 | % | 1.40 | % | (1.15 | )% | 336 | % | ||||||||||||||||||||||||||||||||
8/31/2014l | $ | 24.21 | $ | (0.28 | ) | $ | 3.51 | $ | 3.23 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 27.44 | 13.35 | %c | $ | 5.5 | 1.95 | % | 1.40 | % | (1.02 | )% | 284 | % | ||||||||||||||||||||||||||||||||
8/31/2013l | $ | 19.56 | $ | (0.18 | ) | $ | 4.83 | $ | 4.65 | $ | — | $ | — | $ | — | $ | — | $ | 24.21 | 23.74 | % | $ | 7.2 | 1.83 | % | 1.40 | % | (0.91 | )% | 249 | % | ||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 33.15 | $ | (0.22 | ) | $ | 4.87 | $ | 4.65 | $ | — | $ | (0.74 | ) | $ | (0.74 | ) | $ | — | $ | 37.06 | 14.19 | %* | $ | 1.9 | 2.00 | %** | 1.51 | %** | (1.29 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 27.27 | $ | (0.35 | ) | $ | 6.23 | $ | 5.88 | $ | — | $ | — | $ | — | $ | — | $ | 33.15 | 21.58 | %h | $ | 1.7 | 2.05 | % | 1.51 | %f | (1.18 | )%f | 215 | % | ||||||||||||||||||||||||||||||||
8/31/2016l | $ | 30.63 | $ | (0.29 | ) | $ | (0.81 | ) | $ | (1.10 | ) | $ | — | $ | (2.26 | ) | $ | (2.26 | ) | $ | — | $ | 27.27 | (3.40 | )% | $ | 2.1 | 2.08 | % | 1.51 | % | (1.13 | )% | 164 | % | ||||||||||||||||||||||||||||
8/31/2015l | $ | 28.59 | $ | (0.38 | ) | $ | 2.42 | $ | 2.04 | $ | — | $ | — | $ | — | $ | — | $ | 30.63 | 7.13 | % | $ | 2.7 | 2.00 | % | 1.51 | % | (1.26 | )% | 336 | % | ||||||||||||||||||||||||||||||||
8/31/2014l | $ | 25.24 | $ | (0.32 | ) | $ | 3.67 | $ | 3.35 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 28.59 | 13.27 | %c | $ | 3.5 | 1.96 | % | 1.51 | % | (1.15 | )% | 284 | % | ||||||||||||||||||||||||||||||||
8/31/2013l | $ | 20.43 | $ | (0.22 | ) | $ | 5.03 | $ | 4.81 | $ | — | $ | — | $ | — | $ | — | $ | 25.24 | 23.52 | % | $ | 3.6 | 1.93 | % | 1.52 | % | (1.00 | )% | 249 | % |
See Notes to Financial Highlights
233
234
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 32.85 | $ | (0.12 | ) | $ | 4.87 | $ | 4.75 | $ | — | $ | (0.49 | ) | $ | (0.49 | ) | $ | — | $ | 37.11 | 14.57 | %* | $ | 13.5 | 1.47 | %** | 0.90 | %** | (0.68 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 26.86 | $ | (0.17 | ) | $ | 6.16 | $ | 5.99 | $ | — | $ | — | $ | — | $ | — | $ | 32.85 | 22.31 | % | $ | 11.8 | 1.50 | % | 0.90 | % | (0.57 | )% | 215 | % | ||||||||||||||||||||||||||||||||
8/31/2016l | $ | 29.24 | $ | (0.14 | ) | $ | (0.73 | ) | $ | (0.87 | ) | $ | — | $ | (1.51 | ) | $ | (1.51 | ) | $ | — | $ | 26.86 | (2.82 | )% | $ | 9.4 | 1.55 | % | 0.90 | % | (0.53 | )% | 164 | % | ||||||||||||||||||||||||||||
8/31/2015l | $ | 27.11 | $ | (0.19 | ) | $ | 2.32 | $ | 2.13 | $ | — | $ | — | $ | — | $ | — | $ | 29.24 | 7.84 | % | $ | 20.7 | 1.44 | % | 0.90 | % | (0.65 | )% | 336 | % | ||||||||||||||||||||||||||||||||
8/31/2014l | $ | 23.80 | $ | (0.15 | ) | $ | 3.46 | $ | 3.31 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 27.11 | 13.91 | %c | $ | 19.0 | 1.48 | % | 0.90 | % | (0.54 | )% | 284 | % | ||||||||||||||||||||||||||||||||
8/31/2013l | $ | 19.14 | $ | (0.09 | ) | $ | 4.75 | $ | 4.66 | $ | — | $ | — | $ | — | $ | — | $ | 23.80 | 24.35 | % | $ | 14.9 | 1.41 | % | 0.90 | % | (0.41 | )% | 249 | % | ||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 32.87 | $ | (0.18 | ) | $ | 4.85 | $ | 4.67 | $ | — | $ | (0.46 | ) | $ | (0.46 | ) | $ | — | $ | 37.08 | 14.34 | %* | $ | 4.0 | 1.86 | %** | 1.26 | %** | (1.04 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 26.97 | $ | (0.27 | ) | $ | 6.17 | $ | 5.90 | $ | — | $ | — | $ | — | $ | — | $ | 32.87 | 21.88 | % | $ | 3.3 | 1.90 | % | 1.26 | % | (0.93 | )% | 215 | % | ||||||||||||||||||||||||||||||||
8/31/2016l | $ | 29.36 | $ | (0.23 | ) | $ | (0.74 | ) | $ | (0.97 | ) | $ | — | $ | (1.42 | ) | $ | (1.42 | ) | $ | — | $ | 26.97 | (3.18 | )% | $ | 3.5 | 1.95 | % | 1.26 | % | (0.88 | )% | 164 | % | ||||||||||||||||||||||||||||
8/31/2015l | $ | 27.32 | $ | (0.30 | ) | $ | 2.34 | $ | 2.04 | $ | — | $ | — | $ | — | $ | — | $ | 29.36 | 7.45 | % | $ | 5.1 | 1.83 | % | 1.26 | % | (1.01 | )% | 336 | % | ||||||||||||||||||||||||||||||||
8/31/2014l | $ | 24.07 | $ | (0.26 | ) | $ | 3.51 | $ | 3.25 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 27.32 | 13.51 | %c | $ | 4.4 | 1.81 | % | 1.26 | % | (0.96 | )% | 284 | % | ||||||||||||||||||||||||||||||||
8/31/2013l | $ | 19.42 | $ | (0.17 | ) | $ | 4.82 | $ | 4.65 | $ | — | $ | — | $ | — | $ | — | $ | 24.07 | 23.93 | % | $ | 2.4 | 1.83 | % | 1.26 | % | (0.81 | )% | 249 | % | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 33.24 | $ | (0.31 | ) | $ | 4.87 | $ | 4.56 | $ | — | $ | (0.77 | ) | $ | (0.77 | ) | $ | — | $ | 37.03 | 13.91 | %* | $ | 2.2 | 2.59 | %** | 2.01 | %** | (1.79 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 27.47 | $ | (0.50 | ) | $ | 6.27 | $ | 5.77 | $ | — | $ | — | $ | — | $ | — | $ | 33.24 | 21.00 | % | $ | 2.0 | 2.63 | % | 2.01 | % | (1.68 | )% | 215 | % | ||||||||||||||||||||||||||||||||
8/31/2016l | $ | 31.11 | $ | (0.43 | ) | $ | (0.85 | ) | $ | (1.28 | ) | $ | — | $ | (2.36 | ) | $ | (2.36 | ) | $ | — | $ | 27.47 | (3.92 | )% | $ | 1.8 | 2.68 | % | 2.01 | % | (1.63 | )% | 164 | % | ||||||||||||||||||||||||||||
8/31/2015l | $ | 29.16 | $ | (0.55 | ) | $ | 2.50 | $ | 1.95 | $ | — | $ | — | $ | — | $ | — | $ | 31.11 | 6.68 | % | $ | 2.3 | 2.58 | % | 2.01 | % | (1.76 | )% | 336 | % | ||||||||||||||||||||||||||||||||
8/31/2014l | $ | 25.89 | $ | (0.49 | ) | $ | 3.76 | $ | 3.27 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 29.16 | 12.64 | %c | $ | 1.8 | 2.57 | % | 2.01 | % | (1.68 | )% | 284 | % | ||||||||||||||||||||||||||||||||
8/31/2013l | $ | 21.05 | $ | (0.37 | ) | $ | 5.21 | $ | 4.84 | $ | — | $ | — | $ | — | $ | — | $ | 25.89 | 22.99 | % | $ | 1.1 | 2.56 | % | 2.01 | % | (1.58 | )% | 249 | % | ||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)l | $ | 33.14 | $ | (0.22 | ) | $ | 4.88 | $ | 4.66 | $ | — | $ | (0.74 | ) | $ | (0.74 | ) | $ | — | $ | 37.06 | 14.22 | %* | $ | 1.2 | 2.14 | %** | 1.51 | %** | (1.29 | )%** | 101 | %* | ||||||||||||||||||||||||||||||
8/31/2017l | $ | 27.26 | $ | (0.35 | ) | $ | 6.23 | $ | 5.88 | $ | — | $ | — | $ | — | $ | — | $ | 33.14 | 21.58 | % | $ | 1.0 | 2.19 | % | 1.51 | % | (1.17 | )% | 215 | % | ||||||||||||||||||||||||||||||||
8/31/2016l | $ | 30.63 | $ | (0.29 | ) | $ | (0.83 | ) | $ | (1.12 | ) | $ | — | $ | (2.25 | ) | $ | (2.25 | ) | $ | — | $ | 27.26 | (3.44 | )% | $ | 1.1 | 2.24 | % | 1.51 | % | (1.12 | )% | 164 | % | ||||||||||||||||||||||||||||
8/31/2015l | $ | 28.56 | $ | (0.39 | ) | $ | 2.46 | $ | 2.07 | $ | — | $ | — | $ | — | $ | — | $ | 30.63 | 7.22 | % | $ | 1.0 | 2.15 | % | 1.51 | % | (1.25 | )% | 336 | % | ||||||||||||||||||||||||||||||||
8/31/2014l | $ | 25.22 | $ | (0.32 | ) | $ | 3.66 | $ | 3.34 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 28.56 | 13.24 | %c | $ | 0.5 | 2.16 | % | 1.51 | % | (1.15 | )% | 284 | % | ||||||||||||||||||||||||||||||||
8/31/2013l | $ | 20.42 | $ | (0.23 | ) | $ | 5.03 | $ | 4.80 | $ | — | $ | — | $ | — | $ | — | $ | 25.22 | 23.54 | % | $ | 0.4 | 2.15 | % | 1.51 | % | (1.08 | )% | 249 | % |
See Notes to Financial Highlights
235
236
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 37.56 | $ | 0.13 | $ | 3.61 | $ | 3.74 | $ | (0.24 | ) | $ | (2.10 | ) | $ | (2.34 | ) | $ | — | $ | 38.96 | 10.16 | %* | $ | 709.5 | 0.85 | %** | 0.85 | %** | 0.66 | %** | 7 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 34.56 | $ | 0.24 | $ | 4.31 | $ | 4.55 | $ | (0.23 | ) | $ | (1.32 | ) | $ | (1.55 | ) | $ | — | $ | 37.56 | 13.54 | %h | $ | 732.6 | 0.85 | % | 0.84 | %f | 0.66 | %f | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 33.29 | $ | 0.24 | $ | 3.10 | $ | 3.34 | $ | (0.22 | ) | $ | (1.85 | ) | $ | (2.07 | ) | $ | — | $ | 34.56 | 10.49 | % | $ | 739.0 | 0.86 | % | 0.86 | % | 0.74 | % | 25 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 37.01 | $ | 0.27 | $ | (0.12 | ) | $ | 0.15 | $ | (0.26 | ) | $ | (3.61 | ) | $ | (3.87 | ) | $ | — | $ | 33.29 | 0.29 | % | $ | 758.0 | 0.85 | % | 0.85 | % | 0.76 | % | 28 | % | |||||||||||||||||||||||||||||
8/31/2014k | $ | 32.72 | $ | 0.31 | $ | 6.49 | $ | 6.80 | $ | (0.30 | ) | $ | (2.21 | ) | $ | (2.51 | ) | $ | 0.00 | $ | 37.01 | 21.54 | %c | $ | 821.1 | 0.86 | % | 0.86 | % | 0.87 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 26.53 | $ | 0.27 | $ | 6.10 | $ | 6.37 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | 32.72 | 24.18 | % | $ | 825.2 | 0.87 | % | 0.87 | % | 0.91 | % | 35 | % | |||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 37.58 | $ | 0.10 | $ | 3.61 | $ | 3.71 | $ | (0.17 | ) | $ | (2.10 | ) | $ | (2.27 | ) | $ | — | $ | 39.02 | 10.07 | %* | $ | 236.8 | 1.01 | %** | 1.01 | %** | 0.49 | %** | 7 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 35.74 | $ | 0.18 | $ | 4.38 | $ | 4.56 | $ | (0.40 | ) | $ | (2.32 | ) | $ | (2.72 | ) | $ | — | $ | 37.58 | 13.41 | %h | $ | 234.6 | 1.02 | % | 1.01 | %f | 0.51 | %f | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 35.91 | $ | 0.19 | $ | 3.25 | $ | 3.44 | $ | (0.37 | ) | $ | (3.24 | ) | $ | (3.61 | ) | $ | — | $ | 35.74 | 10.29 | % | $ | 270.6 | 1.03 | % | 1.03 | % | 0.58 | % | 25 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 42.53 | $ | 0.23 | $ | (0.11 | ) | $ | 0.12 | $ | (0.42 | ) | $ | (6.32 | ) | $ | (6.74 | ) | $ | — | $ | 35.91 | 0.12 | % | $ | 318.3 | 1.03 | % | 1.03 | % | 0.58 | % | 28 | % | |||||||||||||||||||||||||||||
8/31/2014k | $ | 38.95 | $ | 0.28 | $ | 7.62 | $ | 7.90 | $ | (0.44 | ) | $ | (3.88 | ) | $ | (4.32 | ) | $ | 0.00 | $ | 42.53 | 21.32 | %c | $ | 418.4 | 1.03 | % | 1.03 | % | 0.70 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 31.70 | $ | 0.26 | $ | 7.27 | $ | 7.53 | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | $ | — | $ | 38.95 | 23.95 | % | $ | 431.3 | 1.04 | % | 1.04 | % | 0.76 | % | 35 | % | |||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 37.55 | $ | 0.16 | $ | 3.62 | $ | 3.78 | $ | (0.32 | ) | $ | (2.10 | ) | $ | (2.42 | ) | $ | — | $ | 38.91 | 10.26 | %* | $ | 885.4 | 0.66 | %** | 0.66 | %** | 0.85 | %** | 7 | %* | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 37.58 | $ | 0.09 | $ | 3.61 | $ | 3.70 | $ | (0.17 | ) | $ | (2.10 | ) | $ | (2.27 | ) | $ | — | $ | 39.01 | 10.04 | %* | $ | 123.7 | 1.03 | %** | 1.03 | %** | 0.48 | %** | 7 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 35.78 | $ | 0.18 | $ | 4.37 | $ | 4.55 | $ | (0.41 | ) | $ | (2.34 | ) | $ | (2.75 | ) | $ | — | $ | 37.58 | 13.36 | %h | $ | 118.0 | 1.03 | % | 1.03 | %f | 0.48 | %f | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 36.02 | $ | 0.19 | $ | 3.25 | $ | 3.44 | $ | (0.39 | ) | $ | (3.29 | ) | $ | (3.68 | ) | $ | — | $ | 35.78 | 10.27 | % | $ | 131.6 | 1.05 | % | 1.05 | % | 0.56 | % | 25 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 42.73 | $ | 0.23 | $ | (0.11 | ) | $ | 0.12 | $ | (0.44 | ) | $ | (6.39 | ) | $ | (6.83 | ) | $ | — | $ | 36.02 | 0.11 | % | $ | 140.9 | 1.05 | % | 1.05 | % | 0.57 | % | 28 | % | |||||||||||||||||||||||||||||
8/31/2014k | $ | 39.16 | $ | 0.28 | $ | 7.64 | $ | 7.92 | $ | (0.43 | ) | $ | (3.92 | ) | $ | (4.35 | ) | $ | 0.00 | $ | 42.73 | 21.28 | %c | $ | 134.0 | 1.05 | % | 1.05 | % | 0.68 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 31.88 | $ | 0.25 | $ | 7.31 | $ | 7.56 | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | $ | — | $ | 39.16 | 23.89 | % | $ | 109.6 | 1.09 | % | 1.09 | %§ | 0.67 | % | 35 | % |
See Notes to Financial Highlights
237
238
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 37.63 | $ | (0.05 | ) | $ | 3.62 | $ | 3.57 | $ | — | $ | (2.10 | ) | $ | (2.10 | ) | $ | — | $ | 39.10 | 9.66 | %* | $ | 59.8 | 1.78 | %** | 1.78 | %** | (0.26 | )%** | 7 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 35.92 | $ | (0.09 | ) | $ | 4.39 | $ | 4.30 | $ | (0.17 | ) | $ | (2.42 | ) | $ | (2.59 | ) | $ | — | $ | 37.63 | 12.53 | %h | $ | 56.6 | 1.78 | % | 1.78 | %f | (0.27 | )%f | 26 | % | |||||||||||||||||||||||||||||
8/31/2016k | $ | 36.25 | $ | (0.07 | ) | $ | 3.27 | $ | 3.20 | $ | (0.13 | ) | $ | (3.40 | ) | $ | (3.53 | ) | $ | — | $ | 35.92 | 9.44 | % | $ | 53.5 | 1.79 | % | 1.79 | % | (0.19 | )% | 25 | % | |||||||||||||||||||||||||||||
8/31/2015k | $ | 43.29 | $ | (0.08 | ) | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.26 | ) | $ | (6.61 | ) | $ | (6.87 | ) | $ | — | $ | 36.25 | (0.67 | )% | $ | 52.2 | 1.79 | % | 1.79 | % | (0.18 | )% | 28 | % | |||||||||||||||||||||||||||
8/31/2014k | $ | 39.72 | $ | (0.02 | ) | $ | 7.75 | $ | 7.73 | $ | (0.11 | ) | $ | (4.05 | ) | $ | (4.16 | ) | $ | 0.00 | $ | 43.29 | 20.42 | %c | $ | 44.5 | 1.80 | % | 1.80 | % | (0.05 | )% | 36 | % | |||||||||||||||||||||||||||||
8/31/2013k | $ | 32.40 | $ | (0.04 | ) | $ | 7.45 | $ | 7.41 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | 39.72 | 22.98 | % | $ | 27.5 | 1.86 | % | 1.86 | %§ | (0.10 | )% | 35 | % | ||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 37.59 | $ | 0.04 | $ | 3.63 | $ | 3.67 | $ | (0.07 | ) | $ | (2.10 | ) | $ | (2.17 | ) | $ | — | $ | 39.09 | 9.95 | %* | $ | 37.0 | 1.28 | %** | 1.28 | %** | 0.21 | %** | 7 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 35.86 | $ | 0.07 | $ | 4.37 | $ | 4.44 | $ | (0.34 | ) | $ | (2.37 | ) | $ | (2.71 | ) | $ | — | $ | 37.59 | 13.04 | %h | $ | 41.3 | 1.28 | % | 1.28 | %f | 0.21 | %f | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 36.13 | $ | 0.11 | $ | 3.26 | $ | 3.37 | $ | (0.31 | ) | $ | (3.33 | ) | $ | (3.64 | ) | $ | — | $ | 35.86 | 10.01 | % | $ | 33.3 | 1.29 | % | 1.29 | % | 0.30 | % | 25 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 42.93 | $ | 0.13 | $ | (0.09 | ) | $ | 0.04 | $ | (0.36 | ) | $ | (6.48 | ) | $ | (6.84 | ) | $ | — | $ | 36.13 | (0.12 | )% | $ | 30.4 | 1.29 | % | 1.29 | % | 0.31 | % | 28 | % | |||||||||||||||||||||||||||||
8/31/2014k | $ | 39.35 | $ | 0.18 | $ | 7.69 | $ | 7.87 | $ | (0.31 | ) | $ | (3.98 | ) | $ | (4.29 | ) | $ | 0.00 | $ | 42.93 | 21.02 | %c | $ | 32.2 | 1.29 | % | 1.29 | % | 0.45 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2013k | $ | 32.06 | $ | 0.16 | $ | 7.36 | $ | 7.52 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | — | $ | 39.35 | 23.64 | % | $ | 25.3 | 1.30 | % | 1.30 | % | 0.46 | % | 35 | % | |||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited)k | $ | 37.54 | $ | 0.17 | $ | 3.62 | $ | 3.79 | $ | (0.34 | ) | $ | (2.10 | ) | $ | (2.44 | ) | $ | — | $ | 38.89 | 10.31 | %* | $ | 266.8 | 0.59 | %** | 0.59 | %** | 0.89 | %** | 7 | %* | ||||||||||||||||||||||||||||||
8/31/2017k | $ | 34.54 | $ | 0.33 | $ | 4.31 | $ | 4.64 | $ | (0.32 | ) | $ | (1.32 | ) | $ | (1.64 | ) | $ | — | $ | 37.54 | 13.84 | %h | $ | 361.3 | 0.59 | % | 0.59 | %f | 0.91 | %f | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016k | $ | 33.27 | $ | 0.32 | $ | 3.11 | $ | 3.43 | $ | (0.31 | ) | $ | (1.85 | ) | $ | (2.16 | ) | $ | — | $ | 34.54 | 10.78 | % | $ | 373.4 | 0.60 | % | 0.60 | % | 0.96 | % | 25 | % | ||||||||||||||||||||||||||||||
8/31/2015k | $ | 37.00 | $ | 0.36 | $ | (0.14 | ) | $ | 0.22 | $ | (0.35 | ) | $ | (3.60 | ) | $ | (3.95 | ) | $ | — | $ | 33.27 | 0.51 | % | $ | 222.4 | 0.60 | % | 0.60 | % | 1.02 | % | 28 | % | |||||||||||||||||||||||||||||
8/31/2014k | $ | 32.68 | $ | 0.39 | $ | 6.51 | $ | 6.90 | $ | (0.37 | ) | $ | (2.21 | ) | $ | (2.58 | ) | $ | 0.00 | $ | 37.00 | 21.88 | %c | $ | 279.6 | 0.60 | % | 0.60 | % | 1.11 | % | 36 | % | ||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013k | $ | 31.14 | $ | 0.14 | $ | 1.40 | $ | 1.54 | $ | — | $ | — | $ | — | $ | — | $ | 32.68 | 4.97 | %* | $ | 249.6 | 0.62 | %** | 0.62 | %** | 0.94 | %** | 35 | %d | |||||||||||||||||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.14 | $ | 0.13 | $ | 0.92 | $ | 1.05 | $ | (0.39 | ) | $ | (1.39 | ) | $ | (1.78 | ) | $ | — | $ | 17.41 | 5.64 | %* | $ | 9.3 | 2.50 | %** | 0.70 | %** | 1.41 | %** | 70 | %* | ||||||||||||||||||||||||||||||
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
239
240
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets## | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 18.02 | $ | 0.10 | $ | 0.91 | $ | 1.01 | $ | (0.25 | ) | $ | (1.39 | ) | $ | (1.64 | ) | $ | — | $ | 17.39 | 5.47 | %* | $ | 2.4 | 2.92 | %** | 1.05 | %** | 1.08 | %** | 70 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2018 (Unaudited) | $ | 17.52 | $ | 0.03 | $ | 0.89 | $ | 0.92 | $ | (0.16 | ) | $ | (1.39 | ) | $ | (1.55 | ) | $ | — | $ | 16.89 | 5.07 | %* | $ | 3.3 | 3.61 | %** | 1.80 | %** | 0.34 | %** | 70 | %* | ||||||||||||||||||||||||||||||
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
241
242
Notes to Financial Highlights (Unaudited)
@ 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 the 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:
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Emerging Markets Equity Class R3 | 1.91 | % | — | — | — | — | — | ||||||||||||||||||||
Equity Income Class R3 | — | — | — | — | 1.32 | % | 1.31 | % | |||||||||||||||||||
Focus Institutional Class | 0.75 | % | — | — | — | — | — | ||||||||||||||||||||
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 | % | — | — | ||||||||||||||||||||
Intrinsic Value Institutional Class | 1.00 | % | — | — | — | — | — | ||||||||||||||||||||
Large Cap Value Institutional Class | 0.70 | % | 0.69 | % | — | 0.70 | % | 0.70 | % | — | |||||||||||||||||
Large Cap Value Class A | — | — | — | — | 1.08 | % | — | ||||||||||||||||||||
Large Cap Value Class C | — | — | — | 1.82 | % | 1.82 | % | 1.86 | % | ||||||||||||||||||
Large Cap Value Class R3 | 1.36 | % | — | — | — | — | — | ||||||||||||||||||||
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 | 1.83 | % | 1.86 | % | — | — | — | — | |||||||||||||||||||
Mid Cap Growth Class R3 | 1.35 | % | — | — | — | — | — | ||||||||||||||||||||
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 | % | — |
243
Notes to Financial Highlights (Unaudited) (cont'd)
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
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 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 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 will 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.
b The class action proceeds listed in Note A of the Notes to Financial Statements had no impact on the Funds' total returns for the six months ended February 28, 2018. Except for the Fund classes listed below, the class action proceeds received in 2017, 2016, 2015, 2014 and/or 2013, if any, had no impact on the Funds' total returns for the years ended August 31, 2017, 2016, 2015, 2014 and/or 2013. Had the Fund classes listed below not received class
244
Notes to Financial Highlights (Unaudited) (cont'd)
action proceeds in 2017, 2016, 2015, 2014 and/or 2013, total return based on per share NAV for the years ended August 31, 2017, 2016, 2015, 2014 and/or 2013 would have been:
Year Ended August 31, | |||||||||||||||||||||||
2017 | 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 | — | — | — | — | — | ||||||||||||||||||
Mid Cap Intrinsic Value Class A | 16.89 | % | — | — | — | — | |||||||||||||||||
Mid Cap Intrinsic Value Class R3 | — | — | — | 22.17 | % | — | |||||||||||||||||
Small Cap Growth Investor Class | 21.91 | % | (3.27 | )% | 7.07 | % | — | 23.81 | % | ||||||||||||||
Small Cap Growth Trust Class | 21.68 | % | (3.40 | )% | 6.86 | % | — | 23.45 | % | ||||||||||||||
Small Cap Growth Advisor Class | 21.47 | % | (3.50 | )% | 6.72 | % | — | 23.31 | % | ||||||||||||||
Small Cap Growth Institutional Class | 22.23 | % | (2.99 | )% | 7.41 | % | — | 24.05 | % | ||||||||||||||
Small Cap Growth Class A | 21.81 | % | (3.31 | )% | 7.05 | % | — | 23.84 | % | ||||||||||||||
Small Cap Growth Class C | 20.94 | % | (4.02 | )% | 6.37 | % | — | 22.92 | % | ||||||||||||||
Small Cap Growth Class R3 | 21.47 | % | (3.54 | )% | 6.81 | % | — | 23.47 | % |
c The voluntary contribution 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 in 2016, 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 | )% |
245
Notes to Financial Highlights (Unaudited) (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 | % |
246
Notes to Financial Highlights (Unaudited) (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 | ||||||||||
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 | )% | |||||||
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 ("International") 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.
247
Notes to Financial Highlights (Unaudited) (cont'd)
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 | % |
k After the close of business on December 8, 2017, the Funds' applicable classes underwent a stock split or reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note H of the Notes to Financial Statements.
l After the close of business on February 23, 2018, the Funds' applicable classes underwent a stock split or reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note H of the Notes to Financial Statements.
248
Directory
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
212.476.8800
Intermediary Client Services 800.366.6264
Distributor
Neuberger Berman BD LLC
1290 Avenue of the Americas
New York, NY 10104-0002
800.877.9700 or 212.476.8800
Intermediary Client Services
800.366.6264
Sub-Adviser
Green Court Capital Management Limited
Jardine House, 1 Connaught Place
Suites 2010-2020, 20th Floor
Central Hong Kong
Custodian
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Shareholder Servicing Agent
DST Asset Manager Solutions Inc.
30 Dan Road
Canton, MA 02021
For Investor Class Shareholders
Address correspondence to:
Neuberger Berman Funds
Boston Service Center
P.O. Box 8403
Boston, MA 02266-8403
800.877.9700 or 212.476.8800
For Class A, Class C, Class R3 and Class R6 Shareholders:
Please contact your investment provider
For Trust Class, Advisor Class and Institutional Class Shareholders
Address correspondence to:
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Attn: Intermediary Client Services
800.366.6264
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firms
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Tait, Weller & Baker LLP
1818 Market Street
Suite 2400
Philadelphia, PA 19103
249
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the Securities and Exchange Commission's website, at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available upon request, without charge, by calling 800-877-9700 (toll-free), on the Securities and Exchange Commission's website at www.sec.gov, and on Management's website at www.nb.com.
Quarterly Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities and Exchange Commission's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).
250
Board Consideration of the Management Agreement
On an annual basis, the Board of Trustees (the "Board") of Neuberger Berman Equity Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Neuberger Berman Investment Advisers LLC ("Management") (including its affiliates) ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (the "Agreements") with respect to each series (each a "Fund").Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel"). At a meeting held on September 28, 2017, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund.
In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to ensure that Management has time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, portfolio risk and other portfolio information for each Fund, including the use of derivatives if used as part of the Fund's strategy, as well as periodic reports on, among other matters, pricing and valuation; brokerage and execution; compliance; and shareholder and other services provided by Management and its affiliates. The Contract Review Committee, which is comprised of Independent Fund Trustees, was established by the Board to assist in its deliberations regarding the annual contract review. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports to the Contract Review Committee and the full Board, which consider that information as part of the annual contract review process. The Board's Contract Review Committee annually considers and updates the questions it asks of Management in light of developments in the industry, in the markets, in mutual fund regulation and litigation, and in Management's business model.
The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.
Provided below is a description of the Board's contract approval process and the material factors that the Board considered at its meetings regarding renewals of the Agreements and the compensation to be paid thereunder. In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund and whether the Agreements were in the best interests of each Fund and Fund shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review.
This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the costs and benefits of the Agreements to each Fund and, through the Fund, its shareholders.
Nature, Extent and Quality of Services
With respect to the nature, extent and quality of the services provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, and capabilities of, and the resources available to,
251
the portfolio management personnel of Management who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting and compliance services. The Board also considered Management's policies and practices regarding brokerage, commissions and other trading costs, and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. The Board also reviewed whether Management used brokers to execute Fund transactions that provide research and other services to Management. Moreover, the Board considered Management's approach to potential conflicts of interest between the Funds' investments and those of other funds or accounts managed by Management. The Board also noted that Management had increased its research capabilities with respect to environmental, social and corporate governance ("ESG") matters and how those factors may relate to investment performance.
The Board noted the extensive range of services that Management provides to the Funds beyond the investment management services. The Board noted that Management is also responsible for monitoring compliance with the Fund's investment objectives, policies and restrictions, as well as compliance with applicable law. The Board considered that Management's responsibilities include continual management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Funds, and considered information regarding Management's processes for managing risk. It also noted Management's activities under its contractual obligation to oversee the Funds' various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to Management. The Board also considered the general structure of the portfolio managers' compensation and whether this structure provides appropriate incentives to act in the best interests of the Funds. The Board also considered the ability of Management to attract and retain qualified personnel to service the Funds.
The Board noted that Management assumes significant ongoing risks with respect to all Funds, including investment, operational, enterprise, litigation, regulatory and compliance risks, for which Management is entitled to compensation. The Board also noted that when Management launches a new fund or share class, it assumes entrepreneurial risk with respect to that fund or class, and that some funds and share classes have been liquidated without ever having been profitable to Management.
As in past years, the Board also considered the manner in which Management addressed various matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it, including the Department of Labor Fiduciary Rule. In addition, the Board considered actions taken by Management in response to recent market conditions and considered the overall performance of Management in this context.
Fund Performance
The Board requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared each Fund's performance, along with its fees and other expenses, to a group of industry peers and a broad universe of funds with similar investment programs. The Board considered each Fund's performance and fees in light of the limitations inherent in the methodology for constructing such comparative groups and determining which investment companies should be included in the comparative groups.
With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, both on an absolute basis and relative to an appropriate benchmark index and the median performance of the composite industry peer group constructed by the consulting firm. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.
In the case of those Funds that had underperformed their benchmark indices and/or peer groups to an extent, or over a period of time, that the Board found to raise concerns, the Board discussed with Management each such Fund's performance and evaluated steps that Management had taken, or intended to take, to improve performance. The Board
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also met with the portfolio managers of certain Funds during the 12 months prior to voting on the contract renewal to discuss the Funds' performance. The Board also considered Management's responsiveness with respect to the Funds that experienced lagging performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of the Agreements and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreements notwithstanding a Fund's underperformance.
Fee Rates, Profitability, and Fall-out Benefits
With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to the peer group provided by the consulting firm. The Board reviewed a comparison of each Fund's management fee and total expense ratio to a peer group of comparable funds. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fees paid to Management, but it was not clear whether this was the case for all funds in the peer group. Accordingly, the Board also considered each Fund's total expense ratio.
The Board compared each Fund's contractual and actual management fees to the mean and median of the contractual and actual management fees, respectively, of that Fund's peer group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) Where a Fund's management fee was higher than the peer group mean and/or median, the Board considered whether specific portfolio management, administration or oversight needs contributed to the management fee. The Board also noted that for some classes of certain Funds, the overall expense ratio is maintained through a contractual or voluntary fee cap and/or expense reimbursements by Management.
In concluding that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to that Fund, the Board reviewed specific data as to Management's profit or loss on each Fund for a recent period on a pre-tax basis without regard to distribution expenses, including year-over-year changes in each of Management's reported expense categories. (The Board also reviewed data on Management's profit or loss on each Fund after distribution expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Board considered the cost allocation methodology that Management used in developing its profitability figures. The Board engaged an independent forensic accountant to review the profitability methodology utilized by Management when preparing this information and discussed with the consultant its conclusion that Management's process for calculating and reporting its profit or loss was not unreasonable. Recognizing that there is no uniform methodology within the asset management industry for determining profitability for this purpose and that the use of different reasonable methodologies can give rise to different profit and loss results, the Board requested from Management examples of profitability calculated by different methods and noted that the profitability levels were still reasonable when calculated by these other methods. In addition, the Board recognized that Management's calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a mutual fund in the current regulatory and market environment. The Board also considered any fall-out benefits likely to accrue to Management or its affiliates from their relationship with each Fund. The Board recognized that Management and its affiliates should be entitled to earn a reasonable level of profits for services they provide to each Fund and, based on its review, concluded that Management's reported level of profitability, if any, on each Fund was reasonable.
Information Regarding Services to Other Clients
The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the Fund to the fees charged to such comparable funds and/or separate accounts. The Board considered the appropriateness and
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reasonableness of any differences between the fees charged to a Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that although, generally, the rates of fees paid by such accounts were lower than the fee rates paid by the corresponding Funds, the differences reflected Management's greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds.
Economies of Scale
The Board also evaluated apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints and whether any such breakpoints are set at appropriate asset levels. The Board gave careful thought to the size of any breakpoints in each Fund's advisory fees and the asset levels at which they are set. It also considered whether the breakpoints were set at an appropriate level and compared the breakpoint structure to that of the peer group. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services that were required by new regulations or regulatory interpretations, impelled by changes in the securities markets or the business landscape, and/or requested by the Board, and that this is a way of sharing economies of scale with the Funds and their shareholders.
Fund-by-Fund Analysis
With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. The peer groups and broad universes of similar funds referenced in this section are those identified by the consulting firm, as discussed above; the risk/return ratios referenced are the Sharpe ratios. The data used to provide the benchmark comparison was provided by Management. In the case of underperformance for the periods reflected, the Board considered the magnitude of that underperformance relative to the peer group median and the benchmark (i.e., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed the peer group median or benchmark). Where a Fund has more than one class of shares outstanding, information for a single class has been provided as identified below. The Board reviewed the expense structures of all the other classes of shares of the Funds, some of which have higher fees and expenses that reflect their separate distribution and servicing arrangements and the differing needs of different investors. The Board reviewed the expenses of each class for one Fund in the Trust as a proxy for the class expense structure in comparison to a peer group for that class. The Board noted the effect of higher expenses on the performance of the other classes of shares.
• Neuberger Berman Dividend Growth Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period. In determining to renew the Management Agreement, the Board considered the Fund's short performance history and that, as compared to its benchmark, the Fund's performance was higher for the 1-year period. The Board also noted that the Fund's risk/return ratio for the 1-year period was better than the peer group median. The Fund was launched in 2015 and therefore does not have 3, 5 or 10-year performance.
• Neuberger Berman Emerging Markets Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3 and 5-year periods. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratios were better than the median of the broad universe of emerging market
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equity funds for the 3 and 5-year periods. The Fund was launched in 2008 and therefore does not have 10-year performance. The Board also noted the Fund's very good performance during the 8-month period ending August 31, 2017.
• Neuberger Berman Equity Income Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1 and 3-year periods, but lower than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period, but lower for the 3 and 5-year period. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratio was better than the median of the broad universe of equity income funds for the 3-year period. The Fund's Institutional Class was launched in 2008 and therefore does not have 10-year performance.
• Neuberger Berman Focus Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods, higher than the median for the 5-year period, and equal to the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, 5 and 10-year periods. In determining to renew the Management Agreement, the Board noted that the Fund's risk/return ratio was better than the median of the broad universe of multi-cap core funds for the 5-year period. The Board also noted the Fund's strong performance over the 8-month period ending August 31, 2017.
• Neuberger Berman Genesis Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both higher than the respective medians. The Board also considered that, as compared to its peer group, the Fund's total expense ratio was equal to the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 10-year periods, and equal to the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods, and higher for the 10-year periods. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratio was better than the median of the broad universe of small-cap growth funds for the 3 and 5-year periods. The Board noted that a new portfolio manager joined the team that manages the Fund in 2015. The Board also considered Management's addition of a new breakpoint in the Fund's advisory fee rate schedule.
• Neuberger Berman Global Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was equal to the median. The Board also considered that, as compared to its peer group, the Fund's total expense ratio was equal to the median. The Board also noted that Management, in response to Board requests and/or market pressures, had recently lowered its contractual management fees and fee caps for the Fund. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1 and 3-year periods, but lower than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods. The Fund was launched in 2011 and therefore does not have 10-year performance. In determining to renew the Management Agreement, the Board noted that the Fund's risk/return ratio was better than the median of the broad universe of global multi-cap growth funds for the 3-year period. The Board also noted the Fund's good performance during the 8-month period ending August 31, 2017.
• Neuberger Berman Global Real Estate Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was equal to the median for the 1-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period. The Fund was launched in 2014 and therefore does not have 3, 5 or 10-year performance. In determining to renew the Management
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Agreement, the Board considered the Fund's short performance history and that the Fund's performance was strong for the 8-month period ending August 31, 2017.
• Neuberger Berman Greater China Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee net of fees waived by Management was higher than the median. The Board also considered that, as compared to its peer group, the Fund's total expense ratio was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1-year period, but higher than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3-year period. The Board noted that the Fund's risk/return ratio was better than the median of the broad universe of China region funds for the 3-year period. The Fund was launched in 2013 and therefore does not have 5 or 10-year performance. In determining to renew the Management Agreement, the Board considered the Fund's short performance history and that the Fund's performance was very strong for the 8-month period ending August 31, 2017.
• Neuberger Berman Guardian Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3, and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods. The Board noted that a new portfolio manager assumed responsibility for the Fund in October 2015 and another new portfolio manager joined the team that manages the Fund in February 2017. The Fund's Institutional Class was launched in 2009 and therefore does not have 10-year performance. In determining to renew the Management Agreement, the Board also noted the Fund's very good performance for the 8-month period ending August 31, 2017.
• Neuberger Berman International Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was equal to the median. The Board also considered that, as compared to its peer group, the Fund's total expense ratio was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 10-year periods, but higher than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3, 5 and 10-year periods. In determining to renew the Management Agreement, the Board noted that the Fund's risk/return ratio was better than the median of the broad universe of international multi-cap growth funds for the 3 and 5-year periods. The Board noted that an additional portfolio manager joined the team that manages the Fund in December 2016. The Board also noted the Fund's good performance relative to its benchmark for the 8-month period ending August 31, 2017.
• Neuberger Berman International Select (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board also noted that Management, in response to Board requests and/or market pressures, had recently lowered its fee caps for the Fund. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 10-year periods, but lower than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3, 5, and 10-year periods. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratio was better than the median of the broad universe of international multi-cap growth funds for the 3-year period and equal to the median for the 5-year period. The Board noted that an additional portfolio manager joined the team that manages the Fund in December 2016. The Board noted the Fund's very good performance relative to its benchmark for the 8-month period ending August 31, 2017.
• Neuberger Berman Intrinsic Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both higher than the respective medians. The Board also considered that, as compared to its
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peer group, the Fund's total expense ratio was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3, and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods. The Fund's Institutional Class was launched in 2010 and therefore does not have 10-year performance. In determining to renew the Management Agreement, the Board also noted the Fund's very strong performance over the 8-month period ending August 31, 2017.
• Neuberger Berman Large Cap Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, and 5-year periods, but lower than the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period, but lower for the 3, 5 and 10-year periods. In determining to renew the Management Agreement, the Board also noted the Fund's good performance relative to its benchmark over the 8-month period ending August 31, 2017.
• Neuberger Berman Mid Cap Growth Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was equal to the median for the 1-year period, but lower than the median for the 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratio was better than the median of the broad universe of mid-cap growth funds for the 3 and 5-year periods. The Fund's Institutional Class was launched in 2007 and therefore does not have 10-year performance. The Board noted the Fund's positive performance during the 8-month period ending August 31, 2017.
• Neuberger Berman Mid Cap Intrinsic Value Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 10-year periods, equal to the median for the 3-year period, and higher than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, 5, and 10-year periods. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratio was better than the median of the broad universe of mid-cap value funds for the 3 and 5-year periods. The Board noted the Fund's very strong performance during the 8-month period ending August 31, 2017.
• Neuberger Berman Multi-Cap Opportunities Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, 5, and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 5, and 10-year periods, but lower for the 3-year period. In determining to renew the Management Agreement, the Board also noted the Fund's strong performance for the 8-month period ending August 31, 2017.
• Neuberger Berman Real Estate Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3, and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods. The Fund's Institutional Class was launched in 2008 and therefore does not have 10-year performance. In determining to renew the Management Agreement, the Board noted that the Fund's risk/return ratio was better than the median of the broad universe of multi-cap core funds for the 5-year period. The Board also noted the Fund's very strong performance over the 8-month period ending August 31, 2017.
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• Neuberger Berman Small Cap Growth Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but the actual management fee net of fees waived by Management was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3, 5, and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, 5, and 10-year periods. The Board noted that Management retained a new portfolio management team for this Fund in November 2015. In determining to renew the Management Agreement, the Board also noted the Fund's very strong performance during the 8-month period ending August 31, 2017.
• Neuberger Berman Socially Responsive Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 5-year periods, but higher than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods. In determining to renew the Management Agreement, the Board also noted that the Fund's risk/return ratio was better than the median of the broad universe of multi-cap core funds for the 3 and 5-year periods. The Fund's Institutional Class was launched in 2007 and therefore does not have 10-year performance. The Board noted the potential for Management's increased ESG research capabilities to supplement the robust ESG research capabilities that already support the Fund.
• Neuberger Berman Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, 5 and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1 and 10-year periods, but lower for the 3 and 5-year periods. In determining to renew the Management Agreement, the Board also noted the Fund's good performance relative to its benchmark for the 8-month period ending August 31, 2017.
Conclusions
In approving the continuation of the Agreements, the Board concluded that, in its business judgment, the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to continue to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of an underperforming Fund, that the Board retained confidence in Management's capabilities to manage the Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.
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Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104–0002
Retail Services: 800.877.9700
Broker-Dealer and Institutional Services: 800.366.6264/888.556.9030
Web site: www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.
I0134 04/18
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure. |
(b) | There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a)(1) | A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Advisers Management Trust’s Form N-CSRS, Investment Company Act file number 811-04255 (filed August 25, 2016). |
(a)(2) | The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith. |
(a)(3) | Not applicable to the Registrant. |
(a)(4) | Not applicable to the Registrant. |
(b) | The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith. |
By: | /s/Robert Conti |
By: | /s/Robert Conti |
By: | /s/ John M. McGovern |