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

As filed with the Securities and Exchange Commission on October 29, 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

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

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Date of fiscal year end: August 31

Date of reporting period: August 31, 2018

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

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

Item 1. Report to Shareholders.

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

Neuberger Berman
Equity Funds

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

Dividend Growth Fund

Emerging Markets Equity Fund

Equity Income Fund

Focus Fund

Genesis Fund

Global Equity Fund

Global Real Estate Fund

Greater China Equity Fund

Guardian Fund

International Equity Fund

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

International Select Fund

International Small Cap Fund

Intrinsic Value Fund

Large Cap Value Fund

Mid Cap Growth Fund

Mid Cap Intrinsic Value Fund

Multi-Cap Opportunities Fund

Real Estate Fund

Small Cap Growth Fund

Sustainable Equity Fund

(Formerly Socially Responsive Fund)

Value Fund

Annual Report

August 31, 2018

Contents

THE FUNDS

President's Letter					1
PORTFOLIO COMMENTARY
Dividend Growth Fund					2
Emerging Markets Equity Fund					6
Equity Income Fund					10
Focus Fund					14
Genesis Fund					17
Global Equity Fund					20
Global Real Estate Fund					24
Greater China Equity Fund					27
Guardian Fund					31
International Equity Fund					34
International Select Fund					37
International Small Cap Fund					40
Intrinsic Value Fund					44
Large Cap Value Fund					47
Mid Cap Growth Fund					50
Mid Cap Intrinsic Value Fund					53
Multi-Cap Opportunities Fund					57
Real Estate Fund					60
Small Cap Growth Fund					63
Sustainable Equity Fund					66
Value Fund					70
FUND EXPENSE INFORMATION					80
SCHEDULE OF INVESTMENTS
Dividend Growth Fund					84
Emerging Markets Equity Fund					86
Positions by Industry					89
Equity Income Fund					92

Focus Fund					96
Genesis Fund					100
Global Equity Fund					103
Positions by Industry					105
Global Real Estate Fund					107
Positions by Sector					109
Greater China Equity Fund					111
Guardian Fund					113
International Equity Fund					119
Positions by Industry					121
International Select Fund					123
Positions by Industry					125
International Small Cap Fund					127
Positions by Industry					129
Intrinsic Value Fund					131
Large Cap Value Fund					134
Mid Cap Growth Fund					137
Mid Cap Intrinsic Value Fund					140
Multi-Cap Opportunities Fund					143
Real Estate Fund					145
Small Cap Growth Fund					147
Sustainable Equity Fund					149
Value Fund					151
FINANCIAL STATEMENTS					153
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA
Dividend Growth Fund					221
Emerging Markets Equity Fund					221
Equity Income Fund					223
Focus Fund					225
Genesis Fund					227
Global Equity Fund					229
Global Real Estate Fund					231
Greater China Equity Fund					233
Guardian Fund					233

International Equity Fund					237
International Select Fund					239
International Small Cap Fund					241
Intrinsic Value Fund					243
Large Cap Value Fund					243
Mid Cap Growth Fund					247
Mid Cap Intrinsic Value Fund					249
Multi-Cap Opportunities Fund					251
Real Estate Fund					253
Small Cap Growth Fund					255
Sustainable Equity Fund					259
Value Fund					261
Reports of Independent Registered Public Accounting Firms					268
Directory					272
Trustees and Officers					273
Proxy Voting Policies and Procedures					284
Quarterly Portfolio Schedule					284
Notice to Shareholders					285

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,

During the 12-month reporting period ended August 31, 2018, we saw a significant shift in investor sentiment—from increasing confidence around global growth and trade trends through January—to concern through the end of the period; as inflation, oil prices, and potentially disruptive U.S. trade policy made headlines and increased volatility.

The U.S. equity market remained positive, though its momentum slowed. Developed international markets returned some of their early gains, and fortunes reversed for emerging markets, the beneficiaries of risk appetite in the first half of the period.

Ten years after the global financial crisis, global economic trends are, in fact, very healthy. U.S. household income has finally returned to 2007 levels. Unemployment has dropped in the U.S. and Eurozone, consumer confidence has improved, GDP growth rates have climbed across the developed and developing world, and corporate profits and balance sheets are strong.

However, investors are understandably concerned that tariffs and trade protectionism could disrupt these positive trends. Policy uncertainty causes business leaders to delay expansion plans, and draw down inventories. This is happening in Europe now, leading the European Central Bank to reduce growth forecasts this September. Trade wars also cost jobs, damaging income and spending. Further, tariffs increase the cost of goods, adding to inflationary pressures, and decreasing purchasing power. Unintended consequences are another factor—such as the losses U.S. farmers faced this year when China placed retaliatory tariffs on U.S. agricultural exports.

Other trends impacting investor sentiment are the rise in oil price, which increases costs to both manufacturers and consumers; and rising interest rates, which the U.S. Federal Reserve suggests may increase two additional times in 2018 in response to signs of inflation. Debt is another concern. Student debt, for example, has doubled to $1.5 trillion since the financial crisis, and is now the second largest category of household debt behind mortgages. This stressor potentially delays major purchases and new household formation.

As markets measure optimistic data against various risk factors, we anticipate volatility will continue. The benefit of a strong team of managers with deep analyst bench strength is the ability to thoroughly investigate, and discriminate between investment opportunities, and to be ready to take advantage of pricing anomalies as they arise. Our teams work to identify the sectors of the economy that they believe can grow regardless of overarching pressures, and those companies best positioned within them; the parts of the economy best insulated from headline risk, and the companies with cash flows and reserves sufficient to survive and perhaps even benefit from economic dips; and companies with niche markets or undiscovered value.

As we wait for the cloud of policy uncertainty to diminish, our managers will continue to work to use volatility to investors' advantage, building portfolios of stocks they believe represent the most rewarding longer-term opportunities.

Thank you for your confidence in Neuberger Berman. We look forward to continuing to serve your investment needs.

Sincerely,

JOSEPH V. AMATO

PRESIDENT AND CEO

NEUBERGER BERMAN MUTUAL FUNDS

Dividend Growth Fund Commentary (Unaudited)

Neuberger Berman Dividend Growth Fund Institutional Class generated a 10.44% total return for the fiscal year ended August 31, 2018, underperforming its benchmark, the S&P 500^® Index (the Index), which posted a 19.66 % total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the reporting period, the market (as measured by the Index) set a new all-time high, as the current expansion officially became the longest in U.S. history, driven by "growth" stocks with limited, and, in many cases, no dividend programs. Overall within the Index, all eleven sectors posted gains with Information Technology (IT), Consumer Discretionary, and Energy benefitting the most.

The Fund seeks long term capital appreciation and current 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 we judge to have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies.

The Fund generated the bulk of its returns from its average ~19% allocation to IT as Microsoft drove results. Under the leadership of CEO Satya Nadella, the tech giant has become a dominant player in cloud computing services, gaining market share from rivals. Positive momentum reinforced investor enthusiasm as the company's double-digit free cash flow growth has been used aggressively towards growing its dividend policy.

On the other end of the spectrum, the flash memory producer Western Digital was among our losers as waning demand weighed on performance. However, we believe this pullback could present a buying opportunity as this business remains, in our view, well positioned to benefit from reaccelerating demand for high capacity enterprise devices.

Within Industrials, stock selection was strong as CSX was our top overall performer. Shares of the rail operator rallied sharply as industry veteran Hunter Harrison took the helm as CEO in early 2017. During the reporting period, Mr. Harrison sadly passed away; however, during his tenure he successfully streamlined operations—unlocking significant value for shareholders. In our view, this freight holding remains well positioned to benefit from an uptick in consumer confidence and infrastructure projects, transporting consumer goods and raw materials.

On the commodity front, the portfolio's Energy exposure generated significant positive returns. Several holdings posted attractive results, moving higher with oil prices, as West Texas Intermediate crude oil was priced at approximately $70 at the end of the reporting period. Stock selection across our oil/gas holdings lifted results as Devon Energy was among our top performers. This upstream business rallied as management raised their output guidance driven by improving well productivity from the Delaware Basin. From a capital allocation perspective, management remains aligned with shareholders through stock buybacks and dividend increases, making this, in our view, an ideal investment given our mandate.

However, Materials detracted from absolute and relative performance. Stock performance was largely driven by the commodities these companies produce, including gold, cobalt and copper, which all declined in price, primarily in the final months of the period. We continue to believe the supply of these metals is likely to face challenges in coming years, while demand is likely to be driven, in the case of cobalt and copper, by the trend towards electric vehicles.

Lastly, Health Care exposure negatively impacted relative results versus the Index as Allergan preferred stock was among our laggards. This position was eliminated with proceeds used to fund opportunities elsewhere.

Directionally, we remain positive on the health of the economy. In our view, valuations across equities remain supported by robust corporate results as the market rally has been driven by the strongest profit growth witnessed in several years. Moreover, earnings season provided further insight into capital allocation plans whereby we anticipate greater dividend growth potential. However, looking ahead, we feel the effects from tax reforms likely represented a one time benefit, and feel volatility could be stoked by protectionist rhetoric. Under this scenario, equities could face headwinds, making a compelling case for dividend paying stocks as a defensive ballast. Given this backdrop, we remain focused on the search for high-quality cash-generative companies for risk-adverse investors.

We thank you for your investment in our Fund.

Sincerely,

DAVID A. KIEFER AND WILLIAM D. HUNTER
PORTFOLIO MANAGERS

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

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

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

Dividend Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	11.4	%
Consumer Staples	6.9
Energy	9.7
Financials	12.6
Health Care	13.5
Industrials	15.1
Information Technology	18.8
Materials	6.4
Short-Term Investments	5.6
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/15/2015		10.44	%		14.80	%
Class A	12/15/2015		9.98	%		14.39	%
Class C	12/15/2015		9.17	%		13.51	%
Class R6	12/15/2015		10.51	%		14.85	%
With Sales Charge
Class A			3.65	%		11.92	%
Class C			8.17	%		13.51	%
Index
S&P 500^® Index^1,15			19.66	%		16.60	%

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 annual period ended August 31, 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.

Dividend Growth Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

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

Emerging Markets Equity Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of –2.49% for the fiscal year ended August 31, 2018, lagging its benchmark, the MSCI Emerging Markets Index (Net) (the Index), which reported a total return of –0.68% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Although Emerging Market (EM) equities performed extremely well during the first half of this period—as risk appetite, positive GDP growth revisions, and global growth trends attracted investors—the market reversed course in February 2018. Volatility and negative sentiment prevailed for the remainder of the period on fears of the global repercussions of U.S.-China trade tensions. U.S. policy toward other trading partners, a stronger U.S. dollar, rising U.S. interest rates, and rising oil prices compounded pressures through the end of the period.

Within the Index, the defensive Health Care sector and commodity price driven Energy sector were standout performers. Each posted double-digit positive returns for the period. Information Technology (IT) and Materials stocks also outperformed the Index overall. The interest rate sensitive Telecommunication Services and Real Estate sectors, and economically sensitive Industrials, declined significantly. Among individual markets, Qatar, Thailand, and Czech Republic were top performers. Turkey saw the sharpest losses, followed by Greece and Pakistan.

The portfolio lagged the Index most within the Consumer Discretionary and Consumer Staples sectors, and also due to a relative underweight to Energy. Relative returns were positive within Financials, due both to strong stock selection and our underweight on average during the period. Stock selection was advantageous within Health Care, and IT as well. By country, holdings based in China, South Africa, and Korea outperformed while those based in India, Russia, and Taiwan lagged.

Top contributors included China's Sinopharm, which demonstrated strong cost containment, enabling investors to focus on the robust growth prospects within its strong drug pipeline. Despite concerns over peak smartphone sales, Taiwan Semiconductor continues to benefit from demand for high-end semiconductor chips used in other application such as artificial intelligence and 5G communications. 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.

Detractors included X5 Retail, a Russian food retailer that retreated along with other Russian domestic names, as investors grew concerned about the impact of sanctions on the Russian economy. Elite Material, the Taiwanese eco-friendly printed circuit board supplier, fell as recent quarterly margins disappointed investors due to recently lost contracts; however, we believe the firm could potentially gain market share. China Everbright declined following a surprise rights issue and poor communication from the management team.

Looking ahead, while the recent selloff has left EM equities cheaper on a price to earnings basis, we would distinguish between market segments that are cheap for a reason, such as commodities (which suffer from underlying price volatility), and areas where we believe earnings can be sustained, such as smaller cap stocks. As such, part of our current emphasis is identifying small cap names with sufficient liquidity that were sold off based on sentiment rather than fundamentals.

Although we anticipate ongoing equity market volatility, the EM earnings growth forecast*, for both 2018 and 2019, remains in double-digit growth territory despite the U.S. dollar's strength, which speaks to the fundamental strength of EM companies. As the year progresses, we will continue to seek individual companies where we believe growth can be sustained regardless of tougher market conditions.

Sincerely,

CONRAD SALDANHA
PORTFOLIO MANAGER

* Source: Bank of America Merrill Lynch as of September 2018

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

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

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

Emerging Markets Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	10/08/2008		–2.49	%		5.38	%		8.61	%
Class A	10/08/2008		–2.78	%		5.11	%		8.34	%
Class C	10/08/2008		–3.51	%		4.31	%		7.53	%
Class R3¹⁰	06/21/2010		–3.16	%		4.68	%		8.01	%
Class R6²²	03/15/2013		–2.46	%		5.45	%		8.65	%
With Sales Charge
Class A			–8.35	%		3.88	%		7.70	%
Class C			–4.47	%		4.31	%		7.53	%
Index
MSCI Emerging Markets Index (Net)^1,15			–0.68	%		5.04	%		7.41	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Emerging Markets Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated a 10.58% total return for the fiscal year ended August 31, 2018, trailing its benchmark, the S&P 500^® Index (the Index) which posted a 19.66% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During this timeframe, the market (as measured by the Index) set a new all-time high, as the current expansion officially became the longest in U.S. history driven by "growth" stocks with lower, and, in many cases, no dividend programs. In fact, stocks with dividend yields below the S&P's aggregate yield of 1.8% contributed about 60% of the market return over that period.

The Fund has an objective-based strategy, targeting a total return between stocks and bonds with lower 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.

The Fund's largest contribution to total returns came from its average ~12% allocation to the Information Technology sector. The passage of tax reform and the resulting clarity around cash repatriation helped to drive sector earnings expectations and shares higher. Microsoft was a key contributor to the Fund's performance during the period. This company has become a dominant player in cloud computing services, leading to double-digit free cash flow growth, rising dividends, and share repurchases. On the other end of the spectrum, the flash memory producer Western Digital was among our losers as pricing of its key products remains a market concern.

On the commodity front, the Fund's stock selection across our oil/gas holdings lifted absolute and relative results. We believe several commodities have attractive supply-demand fundamentals, and the Fund's holdings in this sector can provide a potential hedge against inflation.

Elsewhere, our underweight to Consumer Discretionary holdings weighed on performance, as the sector was lifted by constituents with limited free cash flow and dividends. Within this space, L Brands dampened results of the Fund, as sales within its Pink brand faced mounting challenges, offset partially by improving sales at the company's Bath & Body Works segment.

Financials, and in particular Banks, continued to be a key component of the Fund. Over the period, stock selection contributed positively to performance. The sector has exhibited high correlation with 10-year U.S. Treasury note yields, which helps to offset the interest rate sensitivity inherent in the Fund.

The Fund increased its exposure to convertible bonds over the course of the year. Rising yields in the high yield market have led issuers to consider convertible bonds. We believe this trend is likely to continue, and have found attractive risk-reward opportunities in this eclectic asset class.

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

Directionally, we remain positive on the health of the economy. In our view, valuations across equities remain supported by robust corporate results as the market rally has been driven by the strongest profit growth witnessed in several years. Capital allocation plans for our companies continue to include dividends and importantly growth in dividends as a key component. However, we feel the effects from tax reforms likely represented a one time benefit, and feel volatility could be stoked by protectionist rhetoric. Under this scenario, equities could face headwinds, making a compelling case for dividend paying stocks as a defensive ballast. In our opinion, companies with growing free cash flow, strong balance sheets, and capital allocation strategies that benefit shareholders with current yield, while re-investing for the future, will deliver attractive returns in the future.

We thank you for your investment in our Fund.

Sincerely,

RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS

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

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

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

Equity Income Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	6.4	%
Consumer Staples	3.5
Energy	8.6
Financials	12.0
Health Care	6.6
Industrials	16.5
Information Technology	11.5
Materials	5.2
Telecommunication Services	1.7
Utilities	13.2
Convertible Bonds	11.1
Short-Term Investments	3.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹³	06/09/2008		10.58	%		9.83	%		7.93	%		7.95	%
Class A¹³	06/09/2008		10.21	%		9.43	%		7.51	%		7.59	%
Class C¹³	06/09/2008		9.36	%		8.61	%		6.73	%		6.92	%
Class R3¹³	06/21/2010		9.93	%		9.15	%		7.35	%		7.46	%
With Sales Charge
Class A¹³			3.84	%		8.15	%		6.88	%		7.05	%
Class C¹³			8.36	%		8.61	%		6.73	%		6.92	%
Index
S&P 500^® Index^1,15			19.66	%		14.52	%		10.86	%		8.85	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Equity Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹³

(000's Omitted)

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a 13.05% total return for the fiscal year ended August 31, 2018, underperforming its benchmark, the S&P 500^® Index (the Index), which provided a 19.66% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market generated strong results during the reporting period. After rising over the first five months of the period, the overall stock market fell sharply in February and March 2018. This occurred given concerns that the U.S. Federal Reserve may raise interest rates at a faster pace than previously expected. However, this was a short-term setback, as the market then rallied over the last five months of the period and reached several new all-time highs in August 2018. This rally was driven by a number of factors, including overall strong corporate profits and accelerating growth in the U.S.—both of which overshadowed concerns over a global trade war. All told, the Index gained 19.66% for the 12-month period.

Within the Index, Information Technology (IT), Consumer Discretionary and Energy led sector performance. These areas benefited from the solid U.S. economy, which bolstered consumers and enhanced operating conditions for many businesses. Defensive areas such as Utilities, Consumer Staples, and Telecommunication Services were the weakest segments of the Index over the period.

The greatest detractors 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 industry, where we owned cybersecurity firm Symantec Corp. Its shares fell sharply as the company released disappointing fiscal results and weaker than expected guidance. Symantec Corp. was sold during the period. Consumer Discretionary was also a source of relative weakness for the Fund. The greatest loss stemmed from the Household Durables industry, as shares of Whirlpool Corp. declined in the wake of disappointing earnings and concerns over potential trade issues.

Consumer Staples provided the largest lift to relative performance for the Fund owing to better overall stock selection. In particular, the Fund's holding in the Food Products industry added the most value. A standout performer was packaged foods company Conagra Brands, Inc. Its shares rallied sharply as the company released strong operational results. Stock selection in the Industrials sector was also beneficial, led by the Fund's positions in the Road & Rail industry. A top performer in this segment was CSX Corp. The company reported robust earnings that exceeded expectations.

The Fund's use of purchased and written options detracted from performance during the period.

Looking ahead, we believe the U.S. economy has the necessary momentum to continue expanding. While growth will likely moderate from the second quarter's robust rate, in our view it will still grow at a solid pace as the year progresses. This, in turn, would likely further bolster equity fundamentals and could continue to drive the stock market upward in our view. That being said, there are areas of uncertainty that could lead to periods of volatility. For example, the levying of additional tariffs and restrictions on key U.S. trade partners could backfire if it escalates into a trade war that results in rising prices for U.S. consumers. The geopolitical backdrop is also a source of apprehension with the rise of nationalist fervor in Europe. While the general equity market has at times been swayed by external macro conditions, we believe that our bottom-up investment strategy has the potential to mitigate these broader uncertainties. We therefore conduct extensive fundamental research on individual stocks to create a portfolio that we believe can generate positive returns over an economic cycle.

Sincerely,

TIMOTHY CREEDON AND DAVID LEVINE
PORTFOLIO MANAGERS

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

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

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

Focus Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	16.5	%
Consumer Staples	6.4
Energy	6.8
Financials	15.3
Health Care	14.7
Industrials	8.6
Information Technology	20.4
Materials	3.0
Telecommunication Services	4.4
Utilities	2.7
Short-Term Investments	1.2
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁸

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		13.05	%		11.67	%		8.59	%		10.53	%
Trust Class³	08/30/1993		12.88	%		11.46	%		8.37	%		10.51	%
Advisor Class⁴	09/03/1996		12.62	%		11.30	%		8.18	%		10.44	%
Institutional Class⁵	06/21/2010		13.20	%		11.85	%		8.75	%		10.56	%
Class A¹⁹	06/21/2010		12.80	%		11.44	%		8.43	%		10.50	%
Class C¹⁹	06/21/2010		11.92	%		10.62	%		7.77	%		10.40	%
With Sales Charge
Class A¹⁹			6.34	%		10.13	%		7.79	%		10.40	%
Class C¹⁹			11.18	%		10.62	%		7.77	%		10.40	%
Index
S&P 500^® Index^1,15			19.66	%		14.52	%		10.86	%		10.32	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Focus Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class generated a 26.73% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the Russell 2000^® Index (the Index), which provided a 25.45% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite weakness in early calendar year 2018, the U.S. stock market generated strong results during the reporting period. After rising over the first five months of the period, the overall stock market declined in February and March 2018. This turnaround occurred given concerns that the U.S. Federal Reserve may raise interest rates at a faster pace than previously expected. However, this proved to be a temporary setback, as the market then rallied during the last five months of the period and reached several new all-time highs in August 2018. This was driven by a number of factors, including corporate profits that often exceeded expectations and accelerating growth in the U.S.—both of which overshadowed concerns over a global trade war. All told, the S&P 500^® Index gained 19.66% for the 12-month period. Small-cap stocks also produced even stronger results, as the Russell 2000 Index gained 25.45%.

The Fund outperformed the benchmark 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. Within the Information Technology (IT) sector, an overweight to higher quality Software companies was a meaningful contributor to performance. Conversely, within the IT sector, an underweight to the lower quality, more speculative Internet Software & Services industry was the largest detractor from results. Finally, an underweight to Biotechnology companies and a modest allocation to cash were headwinds to performance.

In terms of stock selection, our holding in the IT sector was the largest contributor to relative returns, partially driven by our Software and Electronic Equipment, Instruments & Components names. Within the Consumer Staples sector, several Food Products and Household Products holdings benefited relative performance. Looking at the Health Care sector, our Life Science Tools & Software names were the most additive for returns. On the downside, stock selection in the Industrials (mostly Machinery), Consumer Discretionary (mostly Specialty Retail and Hotels, Restaurants & Leisure) and Health Care (mostly Health Care Equipment & Supplies) sectors were the largest detractors from relative performance.

While the labor market in the U.S. has tightened amidst a vibrant domestic economy, economic activity outside the U.S. appears to be decelerating. We believe this is most likely due to increased uncertainty around trade disputes and a stronger U.S. dollar. The latter acts to increase the burden of dollar-based loans, particularly in many emerging markets. Domestically-oriented small-caps benefited from their perceived insulation from global trade wars. We will have to wait and see if trade rhetoric turns out to be part of a negotiating process or something more serious. Either way, companies with superior business models and strong balance sheets, as well as those with high returns defended by competitive moats that grow earnings and free cash flow faster than the market overall, in our view, will outperform in the long term. We began to see evidence of this in the tail end of the reporting period. Whether or not this is sustainable will depend on the direction of interest rates, whether there is a spillover effect from moderating growth overseas and other factors that could impact investor sentiment.

Sincerely,

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

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

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

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

Genesis Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	12.8	%
Consumer Staples	5.0
Energy	4.9
Financials	15.7
Health Care	13.5
Industrials	18.4
Information Technology	21.8
Materials	6.3
Real Estate	0.6
Short-Term Investments	1.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
Investor Class	09/27/1988		26.73	%		12.42	%		9.46	%		12.56	%
Trust Class³	08/26/1993		26.64	%		12.33	%		9.38	%		12.54	%
Advisor Class⁴	04/02/1997		26.31	%		12.02	%		9.09	%		12.31	%
Institutional Class⁵	07/01/1999		26.96	%		12.61	%		9.66	%		12.71	%
Class R6²³	03/15/2013		27.07	%		12.69	%		9.61	%		12.61	%
Index
Russell 2000^® Index^1,15			25.45	%		13.00	%		10.46	%		10.18	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Genesis Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Global Equity Fund Commentary (Unaudited)

Neuberger Berman Global Equity Fund Institutional Class generated a total return of 14.53% for the fiscal year ended August 31, 2018, outperforming the 11.41% total return of its benchmark, the MSCI All Country World Index (Net) (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the first half of this period, global equity markets climbed steadily on positive and improving economic data, healthy global trade, strong corporate earnings, and low interest rates. By February 2018, emerging markets and U.S. equities were up approximately 16 percent from the beginning of the period, with developed international markets not far behind. Since February, volatility increased sharply. Protectionist U.S. trade policy, higher oil prices, and early signs of inflation—suggesting higher interest rates—gave investors pause. This slowed U.S. equity momentum, damaged international developed market returns and pushed emerging markets into negative territory.

Within the Index, the Information Technology (IT), Energy, and Consumer Discretionary sectors outperformed, with cyclical sectors benefiting from generally positive economic data, and Energy from higher oil prices. Interest rate sensitive areas including Utilities and Telecommunication Services lagged, as did Consumer Staples. By country, Israel, Qatar, and the U.S. led the Index this period, while Turkey, Greece, and Pakistan were among markets posting losses.

Both stock selection and sector allocation benefited the portfolio's relative performance this period. Stock selection within Consumer Staples, Financials, and Industrials had the largest positive effect. By country, holdings from the U.S., UK, and Netherlands added to relative performance.

Individual contributors included Amazon.com, ASML, and Centene. Amazon, the e-commerce giant, posted better than expected results and guided targets higher, driven by revenue acceleration in the web services division. Dutch semiconductor specialist ASML benefited from solid earnings announcements, and managed care provider Centene's second quarter results beat analyst expectations.

Portfolio holdings lagged the benchmark in the IT, Health Care, and Energy sectors. By country, holdings based in Israel, France and Germany underperformed.

Detractors included Western Digital, Tower Semiconductor, and Valeo. Western Digital, the U.S. memory chip maker, declined on concerns that memory chip prices will fall. We believe these fears to be overdone, and added to the position. Tower Semiconductor, the Israeli headquartered semiconductor foundry, announced solid fourth quarter results but revised guidance downwards based on weaker first quarter demand, particularly in smartphones; and Valeo, the French auto parts supplier, was caught up in the selloff due to rising global trade tensions.

While a trade dispute between the U.S. and China is unhelpful for market sentiment in the near term, we anticipate that cooler heads will prevail and a major trade-driven global slowdown will be avoided. Still, the economic effects are uncertain until negotiations conclude.

Our focus generally remains on what we believe are the most innovative businesses in the healthier countries. We believe this helps insulate the portfolio from political uncertainty and helped reduce volatility and drive relative performance this period. We endeavor to avoid firms exposed to markets characterized by low economic growth, significant debt and limited appetite for reform.

Continued volatility should afford us opportunities to add or trim positions in core names. Our focus remains on quality businesses that we anticipate will benefit from secular growth, niche business models and/or defensive end-markets, which, historically, have typically helped our portfolios experience lower volatility than 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.

Global Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGQIX
Class A				NGQAX
Class C				NGQCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	06/30/2011		14.53	%		10.08	%		7.57	%
Class A	06/30/2011		14.17	%		9.73	%		7.21	%
Class C	06/30/2011		13.22	%		8.88	%		6.40	%
With Sales Charge
Class A			7.55	%		8.43	%		6.33	%
Class C			12.22	%		8.88	%		6.40	%
Index
MSCI All Country World Index (Net)^1,15			11.41	%		9.67	%		8.51	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Global Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Global Real Estate Fund Commentary (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a 4.98% total return for the fiscal year ended August 31, 2018, underperforming its benchmark, the FTSE EPRA/NAREIT Developed Index (Net) (the Index), which generated a 5.49% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of weakness, the global stock market, as measured by the MSCI All Country World Index (Net), generated strong results during the reporting period. After rising over the first five months of the period, the global stock market declined in February and March 2018. This turnaround occurred given concerns that the U.S. Federal Reserve (Fed) may raise interest rates at a faster pace than previously expected. This proved to be a temporary setback in the U.S, as its market then rallied during the last five months of the period and reached several new all-time highs in August 2018. This was driven by a number of factors, including corporate profits that often exceeded expectations and accelerating growth in the U.S. In contrast, equities outside the U.S. remained largely challenged, partially due to signs of moderating growth and concerns over a global trade war. Comparatively, global real estate investment trusts (REITs) posted less robust results during the period.

The Fund underperformed the benchmark during the reporting period. The Fund's positioning from a regional/country perspective relative to the Index detracted from results. In particular, an overweight to the Netherlands on average during the period, along with underweights to the U.S and Austria, were the largest detractors from relative performance. On the upside, overweights to Spain and Canada, coupled with an underweight to Singapore, were additive for results.

On the upside, stock selection contributed to the Fund's results. Our holdings in the Industrial & Office REITs, Residential REITs, and Retail REITs sectors were the most additive for returns. The largest detractors from performance were the Fund's holdings in the Real Estate Holding & Development, and Specialty REITs sectors.

We anticipate seeing solid economic growth for the U.S. as the year progresses, and for the Fed to take a measured approach in terms of further rate hikes. While interest rate movements could be a near-term headwind, we believe the drivers of this change, namely solid economic and job growth, combined with modest inflation, should be positive for real estate fundamentals. The tax cuts signed into law in late 2017 have had a positive impact on corporate profitability, while also increasing disposable income for most consumers. Improved consumer confidence, accelerating non-residential fixed investment and modest inflation, if they continue, should benefit tenant demand for real estate space. We are monitoring the potential impact from proposed trade tariffs, government deregulation and infrastructure that may affect the real estate sector. Overseas, we continue to see 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. That being said, 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 rising inflation continues to bolster the case, in our minds, for Japan real estate stocks in 2018, especially with loose monetary policy and greater focus on shareholder returns. We anticipate that Hong Kong will come under moderate pressure due to the rising interbank rates and the threat of the U.S./China trade war. We believe the fundamental outlook for Australia and Singapore remains quite solid and the two markets will likely prove more defensive in the near term.

Sincerely,

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

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

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

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

Global Real Estate Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/30/2014		4.98	%		5.01	%
Class A	12/30/2014		4.47	%		4.61	%
Class C	12/30/2014		3.81	%		3.85	%
With Sales Charge
Class A			–1.54	%		2.94	%
Class C			2.81	%		3.85	%
Index
FTSE EPRA/NAREIT Developed Index (Net)^1,15			5.49	%		3.90	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Global Real Estate Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Greater China Equity Fund Commentary²⁵ (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a 4.37% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the MSCI China Index (Net) (the Index), which returned 0.22% over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the past 12 months, the China equity markets were quite volatile. In September 2017, profit taking led to markets consolidating, and investor sentiment was weighed down by Standard & Poor's downgrading China and Hong Kong's sovereign credit ratings, tighter restrictions on the sale of certain real property 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 markets by month-end. Positive momentum continued into October due to policy support expectations from the 19th National Congress of the Communist Party of China, the State Council's supportive decision to cut reserve requirement ratio (RRR) aimed at small and medium enterprises financing, the PBoC's announcement of RRR reduction for certain banks and solid corporate earnings in the third quarter of 2017. 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 later as sentiment was impacted by purging of online microlenders, reduction of import tariffs, and property tightening policies. Towards year-end, despite concerns over liquidity, the PBoC raising rates for certain instruments and the U.S. Federal Reserve's third rate hike, China equity markets ended the year on a high note primarily due to the removal of uncertainty regarding 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 indicated mixed signals, and investors remained cautious ahead of earnings season and China's "Two Sessions" to be held in March.

Market performance continued to decline in March despite the State Council's approval of the China Securities Regulatory Commission's China depository receipts mechanism plans, and upcoming initial public offerings (IPOs) by Chinese tech unicorns as investors were concerned over trade war tensions between China and the U.S. Sentiment continued to weaken in April, as markets succumbed to pressure due to the U.S. ban on ZTE and investigations of Huawei. Towards month-end, the PBoC cut RRR for certain banks, but investors were cautious amid the ongoing earnings season. In May, investors took a risk-off position due to China-U.S. trade talks, U.S.-North Korea Summit developments, concerns over liquidity from heavy IPO pipeline in Hong Kong and the Eurozone geopolitical issues, but both the onshore and offshore markets pared some losses later in the month as the focus shifted towards A-shares inclusion into the MSCI Emerging Market Index ("MSCI"). Markets declined sharply in June primarily due to escalating trade war tensions. Despite A-shares having been effectively included in the MSCI and the PBoC continuing to cut RRR, sentiment was further weighed down by the continued depreciation of the Chinese Yuan (CNY), concerns over liquidity tightening, a hawkish Federal Open Market Committee, and weaker China economic data. China equity markets further consolidated in July from escalating Sino-U.S. trade tensions, CNY depreciation, weaker than expected Purchasing Managers Index and trade data, ongoing deleveraging, and tightening property policies. Later in the month, markets rebounded to pare some losses after the government announced a range of targeted measures to support the economy, including a shift to fiscal stimulus and credit easing. Weak performance of the markets extended into August despite positive company earnings results and a stabilizing CNY, but both onshore and offshore markets corrected towards month-end as trade tensions and emerging markets currency risks escalated once again.

For the 12-month period, contributors to performance relative to the Index included Consumer Discretionary (stock selection in Automobiles & Components, Hotels, Restaurants & Leisure, and Textiles, Apparel & Luxury Goods), Financials (stock selection within Insurance and Banks), Materials (an overweight to Construction Materials) and Health Care (an overweight). Detractors from performance relative to the Index included Energy (an underweight) and Utilities (an underweight and stock selection, primarily to environmental-related companies).

We continue to focus on companies that we believe have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of August 31, 2018, the Fund's largest sector overweight relative to the Index was Consumer Discretionary, followed by Consumer Staples and Industrials. The largest sector underweight was Information Technology, followed by Energy and Telecommunication Services. The Fund's top 10 positions comprised more than 50% of total portfolio assets at the end of August.

Economic activity in China for the second quarter of 2018 pointed towards slight moderation. Amongst the detracting factors were much lower than expected credit growth. While bank lending has moderated, the decrease in credit growth was primarily attributed to a decline in non-bank financing. This coincided with a drop in year over year growth in fixed asset investment, particularly infrastructure investment. At the same time, China retail sales were also softer than expected, driven primarily by weaker auto sales as certain tax subsidies on passenger vehicles came to an end. On the other hand, industrial production has remained resilient, led by strength within manufacturing. In addition, the property sector continues to be robust in terms of sales and new starts. Notwithstanding the relatively stable economic backdrop outlined above, all eyes have been on the rising trade tensions between China and the U.S. Investors have reacted via broad-based profit-taking which saw the MSCI China Index (Net) and CSI 300 Index (Net)* decline by –7.8% and –19.6%, respectively YTD. While we believe the implementation of tariffs is not productive and expected to weigh on global growth, their immediate impact on economic activity is expected to be relatively benign on China GDP growth, and slightly less for the US. The risk scenario is that the current situation further escalates from this point, either in the form of incremental tariffs announced and implemented by the U.S. (and Chinese countermeasures), or spillover effects into other areas of commerce between the world's two largest economies. Policy uncertainty has undoubtedly heightened, and the process towards de-escalation is expected to be lengthy. Nonetheless, we believe the Chinese government continues to have various tools at its disposal to dampen the potential economic impact of ongoing trade tensions. While deleveraging remains an important objective of policymakers, we may see a recalibration around its pace, leaving scope for potential cuts to the RRR for banks, more rapid issuance of local government bonds and open market injections. This would potentially mitigate the impact from a reduction in shadow bank financing. Policy moves on the fiscal side also seems to us to be probable through direct fiscal support to domestic investment and/or tax relief/subsidies to businesses and consumers. A combination of the above may help serve as a buffer to downside risk and restore calm to markets in the process. With the above in mind, we have continued to take advantage of recent market volatility by making incremental adjustments to the portfolio, seeking high quality companies we believe are capable of weathering shorter-term external shocks.

Sincerely,

LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS

* The CSI 300 Index (Net) is a free-float weighted index that consists of 300 stocks with the largest market capitalization and liquidity from the entire universe of listed A share companies in China. Launched on April 8, 2005, the index aims to measure the performance of all the A shares traded on the Shanghai and Shenzhen stock exchanges.

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

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

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

Greater China Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	17.8	%
Consumer Staples	7.0
Financials	26.6
Health Care	6.8
Industrials	8.8
Information Technology	23.4
Materials	5.7
Real Estate	2.6
Telecommunication Services	0.5
Utilities	0.4
Short-Term Investments	0.4
Total	100.0	%

EXCHANGE ALLOCATION

(as a % of Long Term Investments)
Mainland China	24.6	%
Hong Kong	59.2
United States	16.2
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS²⁵

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	07/17/2013		4.37	%		14.94	%		14.92	%
Class A	07/17/2013		4.02	%		14.66	%		14.62	%
Class C	07/17/2013		3.26	%		13.71	%		13.67	%
With Sales Charge
Class A			–1.98	%		13.31	%		13.30	%
Class C			2.33	%		13.71	%		13.67	%
Index
MSCI China Index (Net)^1,15			0.22	%		9.27	%		10.03	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Greater China Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class generated a 21.86% total return for the fiscal year ended August 31, 2018, outperforming the 19.66% 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.)

The U.S. stock market generated strong results during the reporting period. After rising over the first five months of the period, the overall stock market declined in February and March 2018. This turnaround occurred given concerns that the U.S. Federal Reserve (Fed) may raise interest rates at a faster pace than previously expected. However, this proved to be a short-term setback, as the market then rallied during the last five months of the period. This was due to a number of factors, including corporate profits that often exceeded expectations and improving growth in the U.S.—both of which overshadowed concerns over a global trade war. All told, the Index gained 19.66% for the 12-month period.

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

Stock selection, overall, was the largest contributor to the Fund's relative performance during the reporting period. In particular, holdings in the Industrials, Consumer Staples and Financials sectors were the most beneficial for performance. Conversely, stock selection in the Energy and Health Care sectors were the only meaningful detractors from relative results.

Sector allocation, overall, was also additive for performance during the period. This was primarily driven by underweights to Telecommunication Services and Consumer Staples, coupled with an overweight to Consumer Discretionary. Conversely, overweights to Industrials and Utilities detracted from results. The Fund's small cash position was also a headwind for performance as the market rallied sharply during the reporting period.

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

We entered the 2018 calendar year with a still constructive—albeit increasingly selective—outlook for U.S. equities. This was driven by solid global economic growth, lower corporate tax rates, repatriation of foreign earnings and the continued emergence of a more pro-business environment. Second quarter 2018 annualized GDP growth accelerated and, in our view, overall U.S. macroeconomic data has been steady. Meanwhile, strong growth helped move the economy to near full employment. However, we remain mindful that our constructive view on the equity market is not without its challenges. Despite positive U.S. and global economic data, the shift in Fed policy presents potential for spikes in volatility. The gulf between the social and economic agendas of the Republican and Democratic parties is wider than the historical norm. As a consequence, we believe that this adds a higher degree of risk to the timely implementation of legislative initiatives. We also continue to closely monitor the Trump administration's actions on global trade, as strong protectionist policies could impede economic growth and spur a trade war, both of which would hurt growth and the equity markets. Given the vicissitudes of an increasingly global economy, we will also remain flexible in our decisions and open-minded to new ideas across different asset classes and geographies.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

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

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

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

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

Guardian Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	19.8	%
Consumer Staples	4.3
Energy	3.5
Financials	11.4
Health Care	6.1
Industrials	19.4
Information Technology	27.2
Materials	1.8
Utilities	2.7
Options Purchased	0.1
Short-Term Investments	3.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS^7,11

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		21.86	%		12.93	%		9.62	%		11.21	%
Trust Class³	08/03/1993		21.76	%		12.74	%		9.44	%		11.16	%
Advisor Class⁴	09/03/1996		21.34	%		12.42	%		9.07	%		11.02	%
Institutional Class⁵	05/27/2009		22.15	%		13.13	%		9.81	%		11.24	%
Class A¹⁹	05/27/2009		21.67	%		12.71	%		9.43	%		11.19	%
Class C¹⁹	05/27/2009		20.74	%		11.87	%		8.68	%		11.07	%
Class R3¹⁶	05/27/2009		21.33	%		12.40	%		9.17	%		11.15	%
With Sales Charge
Class A¹⁹			14.67	%		11.38	%		8.79	%		11.09	%
Class C¹⁹			19.74	%		11.87	%		8.68	%		11.07	%
Index
S&P 500^® Index^1,15			19.66	%		14.52	%		10.86	%		11.26	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Guardian Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a total return of 5.12% for the fiscal year ended August 31, 2018, outperforming its benchmark, the MSCI EAFE^® Index (Net) (the Index), which provided a 4.39% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The fiscal year started on strong footing, with broadly positive global economic news buoying developed international equity markets. In the Eurozone, economic growth broadened to more countries, unemployment fell, and consumer confidence increased. Japan benefited from solid corporate earnings, strong global trade, and local economic and fiscal policies. From February through the period's end, however, the market shifted. Volatility increased as stronger U.S. economic data suggested the likelihood of higher interest rates, and concerns grew around aggressive U.S. trade policy. Investor fears resulted in a loss of much of the market's early gains.

Index returns were led by Energy, up over 26% on rising oil prices. Information Technology (IT) and Health Care also outperformed. There was wide dispersion between sector returns, however, with interest rate sensitive areas such as Telecommunication Services, Financials and Utilities posting losses. By country, Israel, Finland, and Norway saw the strongest returns, while Spain, Belgium, and Italy declined the most.

The Fund's outperformance resulted primarily from strong stock selection, with sector allocation a secondary benefit. Key areas of outperformance included Financials, Telecommunication Services and IT. By country, our holdings based in Switzerland, the Netherlands and Hong Kong outperformed.

Top individual contributors included HKBN, the Hong Kong telecom player, which reported solid earnings driven by increasing momentum in mobile and enterprise. Kose, the Japanese cosmetics firm, continued to expand sales in China, where penetration is still low, and internationally with their high-end brand, Decorte. Suncor Energy, the Canadian oil-sands player, rose with oil prices. Their production and free cash flows also look to be improving as new projects come on line.

Our Consumer Discretionary holdings underperformed the Index this period. The portfolio also underperformed slightly in Health Care, and an underweight to Energy had a small detrimental effect. From a country perspective, French and Israeli portfolio holdings underperformed, and an underweight to the robust Japanese market was also detrimental on a relative basis.

Individual detractors included Tower Semiconductor, the Israeli headquartered semiconductor foundry, which announced solid fourth quarter results but revised guidance downwards based on weaker first quarter demand, particularly in smartphones. SPIE, the French engineering services group, reported weaker than expected results for the first half of 2017 due to a challenging environment in their UK and oil and gas businesses. Valeo, the French auto parts supplier, was caught up in the selloff due to rising global trade tensions.

While a trade dispute between the U.S. and China is unhelpful for market sentiment in the near term, we anticipate cooler heads will prevail and a major trade-driven global slowdown will be avoided. Still, the economic effects are uncertain until negotiations conclude.

Our focus generally remains on the most innovative businesses in the healthier countries. We believe this helps insulate the portfolio from political uncertainty and helped reduce volatility and drive relative performance this period. We endeavor to avoid firms exposed to markets characterized by low economic growth, significant debt and limited appetite for reform.

Sincerely,

BENJAMIN SEGAL
PORTFOLIO MANAGER

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

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

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

International Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹²	01/28/2013		4.88	%		6.56	%		4.74	%		5.34	%
Trust Class¹²	01/28/2013		4.84	%		6.49	%		4.70	%		5.32	%
Institutional Class	06/17/2005		5.12	%		6.71	%		4.83	%		5.41	%
Class A¹²	01/28/2013		4.77	%		6.32	%		4.61	%		5.25	%
Class C¹²	01/28/2013		4.05	%		5.53	%		4.18	%		4.92	%
Class R6²²	09/03/2013		5.26	%		6.81	%		4.88	%		5.45	%
With Sales Charge
Class A¹²			–1.25	%		5.07	%		3.99	%		4.78	%
Class C¹²			3.05	%		5.53	%		4.18	%		4.92	%
Index
MSCI EAFE^® Index (Net)^1,15			4.39	%		5.73	%		3.66	%		5.04	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

International Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class generated a total return of 5.17% for the fiscal year ended August 31, 2018, outperforming its benchmark, the MSCI EAFE^® Index (Net) (the Index), which provided a 4.39% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's outperformance resulted primarily from strong stock selection, with sector allocation a secondary benefit. Key areas of outperformance included Consumer Staples, Financials, and Telecommunication Services. By country, our holdings based in the Netherlands, Switzerland, and the UK outperformed.

ASML, Kose and Suncor Energy were among standout contributors for the period. Dutch semiconductor equipment specialist, ASML, benefited from solid earnings announcements. Kose, the Japanese cosmetics firm, continued to expand sales in China where penetration is still low, and internationally with their high-end brand, Decorte. Suncor, the Canadian oil-sands player, rose with oil prices. Their production and free cash flows also look to be improving as new projects come on line.

Stock selection detracted from relative results within the Consumer Discretionary sector. Underweights to Energy and Health Care relative to the Index detracted as well. By country, holdings in France and Israel, and our underweight to Japan detracted.

Individual detractors included Tower Semiconductor, the Israeli headquartered semiconductor foundry, which announced solid fourth quarter results but revised guidance downwards based on weaker first quarter demand, particularly in smartphones. SPIE, the French engineering services group, reported weaker than expected results for the first half of 2017 due to a challenging environment in their UK and oil and gas businesses; and Japan's Kansai Paint suffered due to higher input costs.

Sincerely,

BENJAMIN SEGAL
PORTFOLIO MANAGER

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

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

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

International Select Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	08/01/2006		5.17	%		6.07	%		3.77	%		3.69	%
Institutional Class⁶	10/06/2006		5.52	%		6.45	%		4.14	%		4.05	%
Class A¹⁴	12/20/2007		5.12	%		6.07	%		3.77	%		3.69	%
Class C¹⁴	12/20/2007		4.37	%		5.28	%		3.01	%		3.00	%
Class R3¹⁴	05/27/2009		4.92	%		5.80	%		3.52	%		3.48	%
Class R6²⁴	04/17/2017		5.59	%		6.19	%		3.83	%		3.74	%
With Sales Charge
Class A¹⁴			–0.90	%		4.83	%		3.16	%		3.18	%
Class C¹⁴			3.37	%		5.28	%		3.01	%		3.00	%
Index
MSCI EAFE^® Index (Net)^1,15			4.39	%		5.73	%		3.66	%		3.38	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

International Select Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

International Small Cap Fund Commentary (Unaudited)

Neuberger Berman International Small Cap Fund Institutional Class generated a total return of 9.06% for the fiscal year ended August 31, 2018, outperforming the 7.46% 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.)

The fiscal year started on strong footing, with broadly positive global economic news buoying international equity markets. In the Eurozone, economic growth broadened to more countries, unemployment fell, and consumer confidence increased. Japan benefited from solid corporate earnings, strong global trade, and local economic and fiscal policies. From February through the period's end, however, the market shifted. Volatility increased as stronger U.S. economic data suggested the likelihood of higher interest rates, and concerns grew around aggressive U.S. trade policy. 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 larger-cap counterparts.

All sectors within the Index reported positive results this period, with a rebounding Energy sector significantly outperforming. Information Technology and Health Care were other areas of strong outperformance. Interest rate sensitive sectors, such as Financials, Utilities, and Telecommunication Services, lagged. By country, Israel and Denmark performed the best, while Hong Kong, Italy, and Finland saw losses.

Stock selection accounted for the portfolio's outperformance this period, particularly within Industrials and Real Estate. Consumer Discretionary holdings also outperformed. By country, the portfolio's Japanese, Swiss, and Canadian holdings outperformed.

Top contributors included Dechra Pharma, Interoll and Colliers. Dechra Pharma, a British veterinary drug company, delivered strong growth both organically and by acquisition, with solid margins. Interoll, a Swiss manufacturer of components for warehouse automation, continued to see strong organic growth both on revenues and orders, with positive development of its margins. Colliers, a Canadian real estate service provider, pursued its strategy of consolidation of the market with deals accretive to its margins.

The portfolio lagged the Index within Consumer Staples, Energy, and Health Care. Sector allocation was another small disadvantage to relative performance. By country, holdings based in the UK, Belgium, and Denmark detracted.

Individual detractors included CVS Group, Schouw & Co., and Byggmax Group. CVS Group, a British operator of veterinary clinics and laboratories, was negatively impacted by inflation pressure following the Brexit vote. We sold the stock, given our negative view on rising costs in the UK. Schouw & Co, a Danish holding, manufactures fish feed and non-woven textiles. The stock was negatively impacted by overcapacity in the fish feed business, and a combination of lower demand and rising input costs. Byggmax, a Swedish discount building-materials retailer, faced a more challenging local real estate market, and was sold.

While a trade dispute between the U.S. and China is unhelpful for market sentiment in the near term, we expect cooler heads will prevail and a major trade-driven global slowdown will be avoided. Still, the economic effects are uncertain until negotiations conclude.

Sincerely,

BENJAMIN SEGAL AND DAVID BUNAN
CO-PORTFOLIO MANAGERS

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

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

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

International Small Cap Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/08/2016		9.06	%		20.92	%
Class A	12/08/2016		8.60	%		20.40	%
Class C	12/08/2016		7.89	%		19.57	%
Class R6	12/08/2016		9.12	%		20.96	%
With Sales Charge
Class A			2.39	%		16.35	%
Class C			6.89	%		19.57	%
Index
MSCI EAFE^® Small Cap Index (Net)^1,15			7.46	%		17.77	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

International Small Cap Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's Omitted)

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a 21.01% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the Russell 2000^® Value Index (the Index), which returned 20.05% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

While 2017 was a year of robust equity returns for most all investors, 2018 has been marked by volatility. Equities were down in the first calendar quarter, resumed their upward trend in the second quarter and continued to climb through August. At times market sentiment has been broadly bullish or bearish. Other times there were more specific preferences or avoidances—between growth or yield factors, global or domestic exposures and small or large capitalization. Thus far the result has been the outperformance of smaller and faster growing companies.

The market behavior is, in our view, the result of the Trump administration's high risk, high reward economic policies. Regardless of your politics, we can agree that the president's style is to upset the status quo. On one side we've seen positive, pro-growth oriented legislation (deregulation and tax reform) and on the other some higher risk initiatives with questionable economic benefit (trade negotiations and renewed Iran sanctions).

Although the prospect of tariffs makes global exposures a risk, that does not prevent companies with international revenues from contributing to performance. Two of our top contributors during the period have significant overseas sales (Ciena and Mellanox Technologies) while the global factor is hampering two of our laggards (Crown Holdings and MACOM Technology).

Our focus remains on finding long-term investment opportunities with the right mix of value and growth. The team continues to develop a robust set of new investment ideas. We introduced 19 new ideas and 13 positions were eliminated. At period end the portfolio's weighted average discount to intrinsic value stood at 26% versus 27% at the start.¹

Finally, a few of words on our "activist" investments. Ciena has been executing well, winning new business and increasingly convincing investors that it is capable of generating attractive margins while returning capital to shareholders. VeriFone accepted our Director nominee late last year and in the second quarter agreed to an acquisition offer from private equity firm Francisco Partners. VeriFone was sold during the period. Verint posted solid quarterly earnings. Both of its segments, cyber and customer call center, are growing nicely. There are market rumors about Verint making a large acquisition. We don't know whether the deal mentioned in the press will come to pass but have made our opinions known to the company. Lastly, we recently engaged the Board of one of our largest and most undervalued investments and hope to have something positive to report in our next communication.

Wrapping it all up we're of mixed mind. We are encouraged by the opportunities we are finding in the market, the level of merger and acquisition activity seen in the portfolio and the absolute returns generated. On the other hand, we believe factors based strategies focused on shorter-term preferences can distort one's assessment of relative performance.

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 As of 8/31/2018, the Fund's discount to the team's calculated intrinsic value estimate was 26 percent. Intrinsic value reflects the team's analysis and estimates. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values. This estimate of intrinsic value represents what we believe a company in the portfolio could be worth if it is acquired, if its profitability normalizes to its long-term average level, if its valuation moves in line with publicly traded peers' valuations, or if other investors recognize its potential for earnings growth. Intrinsic value is not a guarantee of performance of the Fund.

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

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

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

Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NINLX
Class A				NINAX
Class C				NINCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	7.6	%
Consumer Staples	1.8
Energy	3.9
Financial Services	8.7
Health Care	15.0
Materials & Processing	4.1
Producer Durables	20.8
Technology	34.3
Utilities	3.2
Convertible Bonds	0.6
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2018
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁸	05/10/2010		21.01	%		12.38	%		10.56	%		11.67	%
Class A¹⁸	05/10/2010		20.58	%		11.97	%		10.23	%		11.51	%
Class C¹⁸	05/10/2010		19.65	%		11.14	%		9.55	%		11.19	%
With Sales Charge
Class A¹⁸			13.62	%		10.66	%		9.58	%		11.20	%
Class C¹⁸			18.65	%		11.14	%		9.55	%		11.19	%
Index
Russell 2000^® Value Index^1,15			20.05	%		11.72	%		9.27	%		9.30	%
Russell 2000^® Index^1,15			25.45	%		13.00	%		10.46	%		8.66	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Intrinsic Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁸

(000's Omitted)

Large Cap Value Fund Commentary (Unaudited)

Neuberger Berman Large Cap Value Fund Investor Class generated a 12.90% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 12.47% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Within the Index, Information Technology (IT) and Energy were among the strongest sectors of the market owing in part to the solid U.S. economy. Financials was another outperforming area due to the increasingly pro-business stance in Washington. Defensive segments including Consumer Staples, Telecommunication Services and Utilities were the weakest performers and underperformed the overall Index.

Consumer Discretionary was a top area of relative strength within the Fund over the 12-month period, owing in part to its exposure to the Textiles, Apparel & Luxury Goods industry. In particular, lululemon Athletica, Inc. generated strong results. The company reported strong results during the reporting period and remained well insulated from some of the factors that negatively impacted other retailers. Stock selection in the Consumer Staples sector gave an additional lift to returns versus the Index. Within the sector, the Fund's Personal Products holdings were additive for results. Elsewhere, stock selection in the Health Care sector meaningfully contributed to performance. A standout holding in the Fund was Centene Corp., a company that serves as an intermediary for both government-sponsored and privately insured health care programs. Its shares rallied sharply as some uncertainties surrounding health care reform were lifted.

On the downside, stock selection in the Materials sector was the largest detractor from relative returns over the period. Weakness in Materials stemmed from the Metals & Mining industry, where our investments in aggregate fell short of Index constituents. Elsewhere, the Fund's underweight exposures to Energy and IT negatively impacted results. Both sectors significantly outperformed the benchmark during the reporting period.

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

Strong earnings growth, with the help of corporate tax cuts and accelerating economic growth, have contributed to the rise in equities thus far in 2018. However, we remain cautious, as valuations in certain segments of the market have soared, and we believe these areas could be susceptible to a pullback if investors decide to take profits amidst growing uncertainty over the global economy. Particularly, we believe anxiety is mounting that the Trump administration's efforts to correct trade imbalances could result in a full-blown trade war, which could hamper global growth and lead to rising prices for certain U.S. goods. Rising interest rates also pose risks to domestic equities and underscore our defensive positioning. Within this environment, we are exploring all areas of the market for price dislocations that we believe could turn into rewarding investment opportunities. Our portfolio construction strategy entails seeking to uncover what we believe are underappreciated stocks with hidden value that can be realized as specific catalysts play out over time; it is our opinion that this approach is fundamental to generating favorable returns over the long term.

Sincerely,

ELI M. SALZMANN
PORTFOLIO MANAGER

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

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

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

Large Cap Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	3.6	%
Consumer Staples	16.2
Energy	5.5
Financials	18.9
Health Care	21.4
Industrials	8.6
Information Technology	1.2
Materials	3.1
Telecommunication Services	5.3
Utilities	13.6
Short-Term Investments	2.6
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		12.90	%		11.17	%		7.15	%		12.55	%
Trust Class³	08/30/1993		12.68	%		10.98	%		6.96	%		12.50	%
Advisor Class⁴	08/16/1996		12.56	%		10.81	%		6.80	%		12.33	%
Institutional Class⁵	06/07/2006		13.11	%		11.35	%		7.33	%		12.60	%
Class A¹⁹	06/21/2010		12.68	%		10.93	%		6.96	%		12.50	%
Class C¹⁹	06/21/2010		11.83	%		10.11	%		6.31	%		12.35	%
Class R3¹⁶	06/21/2010		12.39	%		10.61	%		6.72	%		12.45	%
With Sales Charge
Class A¹⁹			6.19	%		9.63	%		6.32	%		12.35	%
Class C¹⁹			10.83	%		10.11	%		6.31	%		12.35	%
Index
Russell 1000^® Value Index^1,15			12.47	%		11.22	%		8.93	%		N/A

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Large Cap Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Growth Fund Investor Class generated a 26.75% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the Russell Midcap^® Growth Index (the Index), which returned 25.06% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The fiscal year remained a positive environment for small- and mid-cap growth stocks, even with the reemergence of volatility, as inflation remained modest, underlying GDP growth continued to improve and the market, for the most part, remained willing to pay up for positive differentiation and compelling underlying corporate fundamentals. The continued durability of this bull market was further bolstered by the U.S. Federal Reserve's constructive tenor around the economy and the overall pace of their monetary tightening, which stayed consistent with the market's expectations. If there was one glaring warning sign, it would be the potential negative implications from the Trump Administration's highly protectionist approach to global trade. While we're not necessarily close to any "point-of-no-return," the market has clearly been uncomfortable with the escalating rhetoric.

During the period, the portfolio was materially overweight in the Health Care and Information Technology (IT) sectors versus the Index, and underweight in the Materials, Consumer Discretionary, Real Estate and Consumer Staples sectors. These decisions reflect the compelling catalysts and underlying fundamentals that we continue to discover in Health Care and IT, our persistent wariness around retail and consumer spending, and the fact that neither GDP-dependent commodities nor income-yielding real estate investment trusts (REITs) are an ideal fit with our earnings-centric philosophy. Looking at attribution, our Health Care effort could be felt at all levels of the Fund and ultimately helped to drive our positive results relative to the benchmark. At the industry-level, compelling science and the positive realization of catalysts within our overweight allocation to Biotechnology resulted in that segment being the leading contributor to performance, while stock specific issues resulted in IT's Electronic Equipment Instruments & Components segment being the leading detractor. Drilling down to our holdings, Square, Inc. was the top contributor to performance, while TESARO, Inc. was the leading detractor. Square, which combines software and hardware to enable business owners to turn mobile and computing devices into point-of-sale payment solutions, benefited from the expanding acceptance of their technology in the marketplace and continued to deliver compelling top-line growth, while TESARO, a biopharmaceutical company focused on the development and acquisition of oncology-related treatments, fell short of heightened "whisper" expectations in the fourth quarter of 2017. We subsequently exited our position in TESARO.

Looking ahead, we remain bullish on business sentiment, the potential for increased strategic capital expenditures and the continued broad strength of economic data and trends. We're neutral on valuations, as we believe they are somewhat range-bound by inflation largely still being a non-factor (floor) and the realities of a rising rate environment (ceiling). If we're bearish on anything, it would be the lingering risk that the current tit-for-tat tariff gamesmanship potentially intensifies and ultimately has a disruptive effect on business spending and consumer confidence. That said, we don't anticipate finding ourselves in a worst-case trade war scenario, and while we believe intermittent volatility is likely to persist, with the potential for continued intriguing catalysts, strong corporate fundamentals and fair valuations we're cautiously optimistic that this market still has room to grow.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Mid Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	14.5	%
Consumer Staples	1.2
Energy	1.8
Financials	6.3
Health Care	20.5
Industrials	18.9
Information Technology	30.1
Materials	0.9
Telecommunication Services	0.7
Utilities	0.7
Exchange Traded Funds	1.0
Short-Term Investments	3.4
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		26.75	%		13.43	%		10.81	%		12.06	%
Trust Class³	08/30/1993		26.65	%		13.36	%		10.73	%		11.97	%
Advisor Class⁴	09/03/1996		26.32	%		13.07	%		10.40	%		11.76	%
Institutional Class⁵	04/19/2007		26.93	%		13.64	%		11.09	%		12.14	%
Class A¹⁹	05/27/2009		26.48	%		13.22	%		10.67	%		12.02	%
Class C¹⁹	05/27/2009		25.49	%		12.36	%		9.90	%		11.82	%
Class R3¹⁶	05/27/2009		26.11	%		12.93	%		10.41	%		11.95	%
Class R6²³	03/15/2013		26.99	%		13.73	%		10.97	%		12.10	%
With Sales Charge
Class A¹⁹			19.23	%		11.88	%		10.02	%		11.85	%
Class C¹⁹			24.49	%		12.36	%		9.90	%		11.82	%
Index
Russell Midcap^® Growth Index^1,15			25.06	%		14.19	%		11.64	%		N/A
Russell Midcap^® Index^1,15			17.89	%		12.80	%		10.92	%		13.38	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class shares generated a 12.20% total return for the fiscal year ended August 31, 2018, slightly underperforming its benchmark, the Russell Midcap^® Value Index (the Index), which returned 12.67% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

While 2017 was a year of robust returns, equities were down in first calendar quarter of 2018 but resumed their upward trend in the second quarter and continued to climb through August. Equity markets entered 2018 at above average valuation levels. As we near the end of the third calendar quarter, valuations have dropped to five-year average levels. Over the past several months, stocks reacted positively to strong earnings gains, fueled in part by the recently enacted corporate tax rate cuts.

During the period, stock selection in the Consumer Discretionary sector helped performance most with SeaWorld, Best Buy and Macy's posting strong returns. SeaWorld's results were driven by new strategic pricing strategies, new marketing and communications initiatives and the positive reception of new rides, attractions and events. The retailers rallied after reporting several strong quarters. Macy's results were bolstered by improving consumer spending and a strong fashion cycle, while Best Buy continued to see broad-based strength across all categories. Macy's was sold during the period. Stock selection in Health Care was also a positive for the strategy. Investors were encouraged by the pace of Molina's turnaround progress. The company recently reported earnings far in excess of street estimates and raised annual guidance significantly. Several of our bank stocks also performed well benefitting from the rising rate environment, strong loan growth and lower tax rates.

Stock selection in Technology presented the biggest headwind. Western Digital shares declined as cyclical solid state memory price declines continued to drive bearish sentiment. Flex (which was sold during the period) was hampered by delays in its Nike program sales ramp and uncertainty over tariffs on supply chain customers. Stock selection in Consumer Staples also hurt performance. Despite better recent results, both TreeHouse Foods and Hain Celestial continued to be plagued by rising costs, higher freight rates and operational headwinds. In the Energy sector, Cabot Oil & Gas traded down with natural gas prices.

Company specific events had a positive impact on the portfolio. Since our last communication, nine of the Fund's holdings were acquired, disposed of significant assets, or made large acquisitions. Notable events include: Envision Healthcare agreed to be acquired by KKR, Best Buy agreed to acquire GreatCall, and Molina Healthcare agreed to sell its Medicaid Solutions business to DXC Technology.

We introduced 15 new ideas during the period, six in the last six months. Alexion Pharmaceuticals is a biopharmaceutical company focused on developing drugs in the rare disease area. Vectren Corp. is an energy holding company with regulated utility operations in both gas and electric. The company recently agreed to a merger with CenterPoint Energy. ARRIS International is a leading provider of video and broadband processing and delivery. Chico's FAS is a leading retailer of private label women's apparel. Esterline Technologies is a manufacturer of aircraft parts and components and machine tool systems. We also participated in BJ's Wholesale Club's IPO, but sold the position after it opened at a significant premium to the IPO price and close to our near-term intrinsic value¹ estimate.

We also eliminated nine positions as Quintiles, Avery Dennison, Avis Budget, CenterPoint, and Macy's reached our estimates of their intrinsic values. Office Depot, CBS and Valvoline were sold as our investment theses for these companies changed.

Many factors causing investor concerns remain in play including U.S. Federal Reserve rate hikes, ongoing trade negotiations and the upcoming U.S. mid-term elections. We anticipate that the merger and acquisition market will remain robust, which usually benefits a number of our holdings. We believe that we are in a stock pickers' market and that the changes we have made during the year have improved the risk/reward profile of the portfolio.

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.

Mid Cap Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	10.4	%
Consumer Staples	6.6
Energy	7.2
Financial Services	18.2
Health Care	9.5
Materials & Processing	5.7
Producer Durables	14.5
Technology	15.8
Utilities	5.1
Short-Term Investments	7.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		12.20	%		11.08	%		9.58	%		9.74	%
Trust Class³	06/10/1999		12.17	%		10.88	%		9.46	%		9.64	%
Institutional Class⁵	03/08/2010		12.60	%		11.34	%		9.83	%		9.87	%
Class A¹⁹	06/21/2010		12.23	%		10.94	%		9.49	%		9.69	%
Class C¹⁹	06/21/2010		11.37	%		10.10	%		8.83	%		9.35	%
Class R3¹⁶	06/21/2010		11.92	%		10.65	%		9.27	%		9.58	%
With Sales Charge
Class A¹⁹			5.77	%		9.64	%		8.85	%		9.36	%
Class C¹⁹			10.37	%		10.10	%		8.83	%		9.35	%
Index
Russell Midcap^® Value Index^1,15			12.67	%		11.81	%		10.33	%		9.60	%
Russell Midcap^® Index^1,15			17.89	%		12.80	%		10.92	%		9.43	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Multi-Cap Opportunities Fund Commentary (Unaudited)

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a 19.15% total return for the fiscal year ended August 31, 2018, versus a 19.66% 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.)

Positive performance for the Index was broad-based, with gains in all 11 sectors. U.S. equity fundamentals remain strong. Corporate earnings growth is positive and U.S. real Gross Domestic Product continues to expand at a solid rate. We believe this is broadly beneficial for the U.S. equity market.

Within the Index, Consumer Discretionary, Energy, and Information Technology (IT) were the top performing sectors. Consumer Staples, Financials, Health Care, Industrials, Materials, Real Estate, Telecommunication Services and Utilities were the bottom performing sectors within the Index.

Within the Fund, stock selection in Consumer Staples, Health Care and Industrials benefitted performance relative to the benchmark. Selection within IT detracted from relative performance during the year. From a positioning perspective, an underweight to Consumer Staples relative to the Index and no exposure to the Real Estate, Telecommunications Services, or Utilities sectors benefitted relative performance. An underweight to Consumer Discretionary and overweight to Materials detracted. The Fund ended the fiscal year with an overweight, relative to the Index, in the Financials, Industrials, and Materials sectors. The Fund ended the fiscal year with an underweight, relative to the Index, in the Consumer Discretionary, Consumer Staples, Energy, Health Care and IT sectors. The Fund continued to have no exposure to the Real Estate, Telecommunication Services, or Utilities sectors at fiscal year end.

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

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

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

Sincerely,

RICHARD S. NACKENSON
PORTFOLIO MANAGER

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

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

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

Multi-Cap Opportunities Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	1.5	%
Consumer Staples	5.9
Energy	2.4
Financials	27.4
Health Care	11.3
Industrials	16.8
Information Technology	24.7
Materials	9.0
Short-Term Investments	1.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁷	12/21/2009		19.15	%		13.46	%		11.01	%		9.52	%
Class A¹⁷	12/21/2009		18.72	%		13.04	%		10.67	%		9.23	%
Class C¹⁷	12/21/2009		17.83	%		12.22	%		9.95	%		8.63	%
With Sales Charge
Class A¹⁷			11.89	%		11.71	%		10.01	%		8.68	%
Class C¹⁷			16.83	%		12.22	%		9.95	%		8.63	%
Index
S&P 500^® Index^1,15			19.66	%		14.52	%		10.86	%		8.85	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT¹⁷

(000's Omitted)

Real Estate Fund Commentary (Unaudited)

Neuberger Berman Real Estate Fund Trust Class generated a 5.01% total return for the fiscal year ended August 31, 2018, underperforming its benchmark, the FTSE NAREIT All Equity REITs Index (the Index), which generated a 6.08% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market was volatile at times, but produced strong results during the reporting period. After rising over the first five months of the period, the overall stock market declined in February and March 2018. This occurred given concerns that the U.S. Federal Reserve (Fed) may raise interest rates at a faster pace than previously expected. However, this proved to be a temporary setback, as the market then moved higher during the last five months of the period. This was driven by a number of factors, including corporate profits that often exceeded expectations and accelerating growth in the U.S.—both of which overshadowed concerns over a global trade war. All told, the S&P 500^® Index, gained 19.66% for the 12-month period. Comparatively, real estate investment trusts (REITs) posted less robust returns during the period. This was partially due to rising interest rates in the U.S.

The Fund generated a positive return but underperformed its benchmark during the reporting period. Stock selection, overall, was negative for relative performance during the period. In particular, holdings within the Health Care, Infrastructure REITs and Apartment subsectors were among the largest detractors from returns. Several individual holdings were also negative for results, including Equinix, Inc., a Data Center REIT; Ventas, Inc., a Health Care REIT and Highwoods Properties, Inc., an Office REIT. Contributing the most to results were our holdings in the Regional Malls, Diversified, and Industrial subsectors. Simon Property Group, Inc., a Regional Mall REIT; Marriott International, Inc., a Lodging/Reports company; and Extra Space Storage, a Self Storage REIT were the largest contributors to performance. Marriott International, Inc. was sold during the period.

On the upside, sector positioning, overall, contributed to the Fund's relative performance. In particular, an underweight to Diversified, an overweight to Regional Malls and an underweight to Health Care were beneficial for performance. Conversely, underweights to Lodging/Resorts and Self Storage, along with an overweight to Infrastructure REITs, were the largest headwinds from returns.

Sincerely,

STEVE SHIGEKAWA AND BRIAN C. JONES
PORTFOLIO CO-MANAGERS

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

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

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

Real Estate Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Apartments	12.4	%
Data Centers	10.7
Diversified	1.5
Free Standing	3.7
Health Care	8.7
Industrial	6.6
Infrastructure	14.9
Lodging/Resorts	3.8
Manufactured Homes	4.2
Office	8.0
Regional Malls	7.5
Self Storage	4.3
Shopping Centers	4.0
Single Family Homes	4.3
Timber	3.5
Short-Term Investments	1.9
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS^7,21

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		5.01	%		9.62	%		8.36	%		10.88	%
Institutional Class⁶	06/04/2008		5.28	%		9.84	%		8.57	%		11.02	%
Class A¹⁴	06/21/2010		4.90	%		9.44	%		8.21	%		10.79	%
Class C¹⁴	06/21/2010		4.14	%		8.63	%		7.55	%		10.37	%
Class R3¹⁴	06/21/2010		4.58	%		9.16	%		7.98	%		10.64	%
Class R6²⁴	03/15/2013		5.35	%		9.92	%		8.53	%		10.99	%
With Sales Charge
Class A¹⁴			–1.11	%		8.15	%		7.57	%		10.38	%
Class C¹⁴			3.16	%		8.63	%		7.55	%		10.37	%
Index
FTSE NAREIT All Equity REITs Index^1,15			6.08	%		10.86	%		8.02	%		10.11	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Real Estate Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Small Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Small Cap Growth Fund Investor Class generated a 38.67% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the Russell 2000^® Growth Index (the Index), which returned 30.72% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing 12-month period remained a positive environment for small cap growth stocks, even with the reemergence of volatility, as inflation remained modest, underlying GDP growth continued to improve and the market, for the most part, remained willing to pay up for positive differentiation and compelling underlying corporate fundamentals. The continued durability of this bull market was further bolstered by the U.S. Federal Reserve's constructive tenor around the economy and the overall pace of their monetary tightening, which stayed consistent with the market's expectations. If there was one glaring warning sign, it would be the potential negative implications from the Trump Administration's highly protectionist approach to global trade. While we're not necessarily close to any "point-of-no-return," the market has clearly been uncomfortable with the escalating rhetoric.

During the period, the portfolio was materially overweight Health Care and Information Technology (IT) and underweight Materials and Real Estate, relative to the index. These decisions reflect the compelling catalysts and underlying fundamentals that we continue to see in Health Care and IT, our persistent wariness around retail and consumer spending and the fact that neither GDP-dependent commodities nor income-yielding real estate investment trusts (REITs) are an ideal fit with our earnings-centric philosophy. The Fund's outperformance over the last year was driven by strong stock selection, especially within Health Care, Consumer Discretionary, and IT, and broadly positive allocation decisions. At the industry-level, compelling science and the positive realization of catalysts within our overweight allocation to Biotechnology resulted in that segment being the leading contributor to performance, while stock specific issues resulted in the Media industry being the leading detractor. Drilling down to our holdings, RingCentral Inc., which offers cloud-based unified communication solutions to support an increasingly mobile workforce, was the top performing holding as their efforts to broaden their platform, expand cross-selling efforts and move upstream to larger clients translated to strong top- and bottom-line results. Impinj, Inc., a provider of ultra-high frequency radio solutions for real time inventory management and tracking data, 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 uncertainty and ebbing confidence in management we elected to exit our position.

Looking ahead, we remain bullish on business sentiment, the potential for increased strategic capital expenditures and the continued broad strength of economic data and trends. We're neutral on valuations, as we believe they are somewhat range-bound by inflation largely still being a non-factor (floor) and the realities of a rising rate environment (ceiling). If we're bearish on anything, it would be the lingering risk that the current tit-for-tat tariff gamesmanship potentially intensifies and ultimately has a disruptive effect on business spending and consumer confidence. That said, we don't anticipate finding ourselves in a worst-case trade war scenario and while we believe intermittent volatility is likely to persist, with the potential for continued intriguing catalysts, strong corporate fundamentals and fair valuations we're cautiously optimistic that this market still has room to grow.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Small Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	15.0	%
Consumer Staples	2.4
Energy	1.0
Financials	5.5
Health Care	30.3
Industrials	17.6
Information Technology	23.2
Materials	1.6
Short-Term Investments	3.4
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		38.67	%		14.87	%		10.43	%		10.03	%
Trust Class³	11/03/1998		38.45	%		14.67	%		10.20	%		9.87	%
Advisor Class⁴	05/03/2002		38.26	%		14.53	%		10.02	%		9.78	%
Institutional Class⁵	04/01/2008		39.12	%		15.23	%		10.74	%		10.19	%
Class A¹⁹	05/27/2009		38.60	%		14.81	%		10.34	%		9.98	%
Class C¹⁹	05/27/2009		37.56	%		13.96	%		9.57	%		9.60	%
Class R3¹⁶	05/27/2009		38.29	%		14.54	%		10.08	%		9.85	%
With Sales Charge
Class A¹⁹			30.62	%		13.46	%		9.69	%		9.65	%
Class C¹⁹			36.56	%		13.96	%		9.57	%		9.60	%
Index
Russell 2000^® Growth Index^1,15			30.72	%		14.20	%		11.57	%		8.95	%
Russell 2000^® Index^1,15			25.45	%		13.00	%		10.46	%		9.81	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Small Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Sustainable Equity Fund* Commentary (Unaudited)

Neuberger Berman Sustainable Equity Fund Investor Class generated a total return of 18.36% for the fiscal year ended August 31, 2018, trailing the 19.66% total return of 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.)

The Index saw upward momentum this fiscal year, as slow but steady economic growth, tax cuts and reduced regulation drove investor appetite. Positive sentiment outweighed concerns over the potential impacts of trade wars on several fronts, a lack of policy clarity, and upticks in inflation and interest rates in the U.S. Volatility was a factor throughout the period as investors grappled with headlines, and the market continued to be fairly narrow. This presented both a headwind and new opportunities for the Fund.

Stock selection caused our shortfall relative to the Index this period, primarily due to the market's narrowness. Investors favored high revenue growth names—without consideration of valuation. On the other hand, the volatility present throughout the year allowed us to buy and sell within core holdings and from our prospect list—at opportunistic prices.

Consumer Discretionary, Energy, and Information Technology sectors detracted from relative performance. Newell Brands, EQT, and NetScout Systems were key underperformers. Newell and NetScout were sold, as their execution was inconsistent with our investment premise. EQT's performance was impacted by a contraction in valuation multiples as investors worried about increase in U.S. gas supply while ignoring the potential demand for natural gas as a transition fuel replacing coal and nuclear generation.

The Fund outperformed the Index within Consumer Staples, Financials, and Industrials. Long-term holdings W.W. Grainger, Progressive, and Texas Instruments were our top contributors for the period, with performance driven by strong operating results and continued industry leadership. During the period, we added Compass Group and Sherwin-Williams to the portfolio. In addition to selling Newell Brands and NetScout Systems, we also sold Eversource Energy, Manpower Group, and Motorola Solutions on the back of rich valuation.

Looking ahead, notwithstanding the market volatility and absent an exogenous shock, we continue to anticipate a slow growth environment in the U.S. However, we are incrementally cautious about economic growth given a full labor market and a tightening in monetary policy. With inflationary indicators tracking up slightly, we continue to be mindful of its potential impact across our portfolio in terms of overall portfolio positioning.

On the international front, geopolitical volatility, particularly increasing tensions with China, continued uncertainty created by Brexit, as well as any potential disruptions to global trade as a result of the current U.S. administration's trade policies could be sources of market volatility.

From an environmental, social and governance (ESG) perspective we continually engage the companies we invest in. In this past period we engaged in portfolio-wide discussions around setting science based emission reduction targets, ensuring gender pay equity and discussing best practices related to engaging board of directors.

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 practices in ESG. We believe our portfolio holdings also have the balance sheet strength and free cash flow generation that could enable them to weather global economic turmoil, should it occur.

We look forward to continuing to serve your investment needs.

Sincerely,

INGRID S. DYOTT AND SAJJAD S. LADIWALA
CO-PORTFOLIO MANAGERS

* As previously announced, effective May 1, 2018, the name of Neuberger Berman Socially Responsive Fund changed to Neuberger Berman Sustainable Equity Fund.

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.

Sustainable Equity Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	15.3	%
Consumer Staples	6.7
Energy	7.0
Financials	16.2
Health Care	17.7
Industrials	12.9
Information Technology	18.3
Materials	4.2
Short-Term Investments	1.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2018
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		18.36	%		12.60	%		9.62	%		9.59	%
Trust Class³	03/03/1997		18.13	%		12.41	%		9.43	%		9.41	%
Institutional Class⁵	11/28/2007		18.56	%		12.80	%		9.82	%		9.68	%
Class A¹⁹	05/27/2009		18.14	%		12.39	%		9.43	%		9.51	%
Class C¹⁹	05/27/2009		17.26	%		11.55	%		8.67	%		9.20	%
Class R3¹⁶	05/27/2009		17.85	%		12.11	%		9.18	%		9.41	%
Class R6²³	03/15/2013		18.65	%		12.88	%		9.77	%		9.65	%
With Sales Charge
Class A¹⁹			11.35	%		11.06	%		8.79	%		9.25	%
Class C¹⁹			16.26	%		11.55	%		8.67	%		9.20	%
Index
S&P 500^® Index^1,15			19.66	%		14.52	%		10.86	%		9.85	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Sustainable Equity Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Value Fund Commentary (Unaudited)

Neuberger Berman Value Fund Institutional Class generated a 12.98% total return for the fiscal year ended August 31, 2018, outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 12.47% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

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

Sincerely,

ELI M. SALZMANN
PORTFOLIO MANAGER

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

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

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

Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLRLX
Class A				NVAAX
Class C				NVACX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	3.6	%
Consumer Staples	16.2
Energy	5.5
Financials	18.8
Health Care	21.4
Industrials	8.6
Information Technology	1.2
Materials	3.1
Telecommunication Services	5.2
Utilities	13.5
Short-Term Investments	2.9
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2018
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class²⁰	04/19/2010		12.98	%		11.09	%		9.44	%		8.52	%
Class A²⁰	03/02/2011		12.56	%		10.67	%		9.13	%		8.26	%
Class C²⁰	03/02/2011		11.72	%		9.85	%		8.52	%		7.75	%
With Sales Charge
Class A²⁰			6.09	%		9.37	%		8.49	%		7.72	%
Class C²⁰			10.72	%		9.85	%		8.52	%		7.75	%
Index
Russell 1000^® Value Index^1,15			12.47	%		11.22	%		8.93	%		6.74	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 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 annual period ended August 31, 2018 can be found in the Financial Highlights section of this report.

Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT²⁰

(000's Omitted)

Endnotes

1 Please see "Glossary of Indices" on page 77 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 ("NBIA" or "Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

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

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

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

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

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

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

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

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

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

Endnotes (cont'd)

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

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

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

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

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

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

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

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

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

Endnotes (cont'd)

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

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

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

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

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

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

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

25 On April 28, 2017, NBIA retained Green Court Capital Management Limited ("Green Court") as the subadviser to Neuberger Berman Greater China Equity Fund, replacing Neuberger Berman Asia Limited. The nature and level of

Endnotes (cont'd)

the services provided under the new sub-advisory agreement are the same as under the previous sub-advisory agreement, and there was 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.

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. China A shares are included starting from June 1, 2018 and are partially represented at 5% of their free float-adjusted market capitalization. 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. U.S.-listed China stocks in the index. China A shares are included starting from June 1, 2018 and are partially represented at 5% of their free float-adjusted market capitalization. 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.

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. China A shares are included starting from June 1, 2018 and are partially represented at 5% of their free float-adjusted market capitalization. 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.

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.

Information About Your Fund's Expenses (Unaudited)

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

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

Expense Example (Unaudited)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During the Period⁽¹⁾3/1/18 - 8/31/18		Expense Ratio			Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During the Period⁽²⁾3/1/18 - 8/31/18		Expense Ratio
Dividend Growth Fund
Institutional Class	$	1,000.00	$	1,024.30	$	3.52		0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class A	$	1,000.00	$	1,022.00	$	5.35		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class C	$	1,000.00	$	1,018.40	$	9.16		1.80	%	$	1,000.00	$	1,016.13	$	9.15		1.80	%
Class R6	$	1,000.00	$	1,024.30	$	3.21		0.63	%	$	1,000.00	$	1,022.03	$	3.21		0.63	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	877.00	$	5.91		1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class A	$	1,000.00	$	875.80	$	7.09		1.50	%	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class C	$	1,000.00	$	872.50	$	10.62		2.25	%	$	1,000.00	$	1,013.86	$	11.42		2.25	%
Class R3	$	1,000.00	$	874.30	$	9.02		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6	$	1,000.00	$	877.50	$	5.58		1.18	%	$	1,000.00	$	1,019.26	$	6.01		1.18	%
Equity Income Fund
Institutional Class	$	1,000.00	$	1,052.20	$	3.57		0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class A	$	1,000.00	$	1,050.50	$	5.48		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class C	$	1,000.00	$	1,046.90	$	9.29		1.80	%	$	1,000.00	$	1,016.13	$	9.15		1.80	%
Class R3	$	1,000.00	$	1,049.40	$	6.87		1.33	%	$	1,000.00	$	1,018.50	$	6.77		1.33	%
Focus Fund
Investor Class	$	1,000.00	$	1,065.40	$	4.74		0.91	%	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Trust Class	$	1,000.00	$	1,064.60	$	5.72		1.10	%	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Advisor Class	$	1,000.00	$	1,063.50	$	6.55		1.26	%	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Institutional Class	$	1,000.00	$	1,066.10	$	3.91		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class A	$	1,000.00	$	1,064.30	$	5.78		1.11	%	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C	$	1,000.00	$	1,060.30	$	9.66		1.86	%	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Genesis Fund
Investor Class	$	1,000.00	$	1,141.50	$	5.51		1.02	%	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Trust Class	$	1,000.00	$	1,141.00	$	5.94		1.10	%	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Advisor Class	$	1,000.00	$	1,139.60	$	7.28		1.35	%	$	1,000.00	$	1,018.40	$	6.87		1.35	%
Institutional Class	$	1,000.00	$	1,142.60	$	4.59		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class R6	$	1,000.00	$	1,143.00	$	4.05		0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Global Equity Fund
Institutional Class	$	1,000.00	$	1,048.70	$	3.92		0.76	%	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Class A	$	1,000.00	$	1,048.00	$	5.78		1.12	%	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class C	$	1,000.00	$	1,042.70	$	9.63		1.87	%	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	1,080.90	$	5.30		1.01	%	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Class A	$	1,000.00	$	1,079.10	$	7.18		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class C	$	1,000.00	$	1,075.40	$	11.09		2.12	%	$	1,000.00	$	1,014.52	$	10.76		2.12	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	870.60	$	7.12		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Class A	$	1,000.00	$	869.30	$	8.81		1.87	%	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class C	$	1,000.00	$	865.70	$	12.32		2.62	%	$	1,000.00	$	1,012.00	$	13.29		2.62	%
Guardian Fund
Investor Class	$	1,000.00	$	1,096.60	$	4.70		0.89	%	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Trust Class	$	1,000.00	$	1,096.10	$	5.60		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Advisor Class	$	1,000.00	$	1,093.90	$	7.49		1.42	%	$	1,000.00	$	1,018.05	$	7.22		1.42	%
Institutional Class	$	1,000.00	$	1,097.70	$	3.75		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class A	$	1,000.00	$	1,095.50	$	5.70		1.08	%	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class C	$	1,000.00	$	1,091.10	$	9.65		1.83	%	$	1,000.00	$	1,015.98	$	9.30		1.83	%
Class R3	$	1,000.00	$	1,093.90	$	7.18		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During the Period⁽¹⁾3/1/18 - 8/31/18		Expense Ratio			Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During the Period⁽²⁾3/1/18 - 8/31/18		Expense Ratio
International Equity Fund
Investor Class	$	1,000.00	$	983.60	$	5.85		1.17	%	$	1,000.00	$	1,019.31	$	5.96		1.17	%
Trust Class	$	1,000.00	$	983.60	$	6.00		1.20	%	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Institutional Class	$	1,000.00	$	985.10	$	4.25		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	982.80	$	6.05		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	979.80	$	9.78		1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R6	$	1,000.00	$	985.80	$	3.90		0.78	%	$	1,000.00	$	1,021.27	$	3.97		0.78	%
International Select Fund
Trust Class	$	1,000.00	$	984.80	$	5.75		1.15	%	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Institutional Class	$	1,000.00	$	987.10	$	4.01		0.80	%	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class A	$	1,000.00	$	984.70	$	5.80		1.16	%	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C	$	1,000.00	$	981.40	$	9.54		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R3	$	1,000.00	$	983.80	$	7.05		1.41	%	$	1,000.00	$	1,018.10	$	7.17		1.41	%
Class R6	$	1,000.00	$	987.10	$	3.66		0.73	%	$	1,000.00	$	1,021.53	$	3.72		0.73	%
International Small Cap Fund
Institutional Class	$	1,000.00	$	986.30	$	5.31		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class A	$	1,000.00	$	983.30	$	7.10		1.42	%	$	1,000.00	$	1,018.05	$	7.22		1.42	%
Class C	$	1,000.00	$	980.10	$	10.83		2.17	%	$	1,000.00	$	1,014.27	$	11.02		2.17	%
Class R6	$	1,000.00	$	985.60	$	4.95		0.99	%	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	1,133.90	$	5.38		1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class A	$	1,000.00	$	1,131.90	$	7.31		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class C	$	1,000.00	$	1,127.60	$	11.32		2.11	%	$	1,000.00	$	1,014.57	$	10.71		2.11	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	1,072.10	$	4.54		0.87	%	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Trust Class	$	1,000.00	$	1,071.00	$	5.48		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Advisor Class	$	1,000.00	$	1,070.30	$	6.26		1.20	%	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Institutional Class	$	1,000.00	$	1,072.80	$	3.66		0.70	%	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class A	$	1,000.00	$	1,071.00	$	5.69		1.09	%	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class C	$	1,000.00	$	1,066.90	$	9.48		1.82	%	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R3	$	1,000.00	$	1,069.60	$	7.09		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	1,113.40	$	4.79		0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Trust Class	$	1,000.00	$	1,112.70	$	5.06		0.95	%	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Advisor Class	$	1,000.00	$	1,111.50	$	6.44		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Institutional Class	$	1,000.00	$	1,113.90	$	3.73		0.70	%	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class A	$	1,000.00	$	1,112.10	$	5.70		1.07	%	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C	$	1,000.00	$	1,107.80	$	9.83		1.85	%	$	1,000.00	$	1,015.88	$	9.40		1.85	%
Class R3	$	1,000.00	$	1,110.20	$	7.23		1.36	%	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class R6	$	1,000.00	$	1,114.60	$	3.36		0.63	%	$	1,000.00	$	1,022.03	$	3.21		0.63	%
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	1,054.70	$	6.21		1.20	%	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Trust Class	$	1,000.00	$	1,054.60	$	6.47		1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Institutional Class	$	1,000.00	$	1,056.80	$	4.41		0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	1,055.20	$	6.27		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	1,051.10	$	10.13		1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R3	$	1,000.00	$	1,053.10	$	7.56		1.46	%	$	1,000.00	$	1,017.85	$	7.43		1.46	%
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	1,062.30	$	3.69		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class A	$	1,000.00	$	1,060.00	$	5.66		1.09	%	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class C	$	1,000.00	$	1,056.00	$	9.48		1.83	%	$	1,000.00	$	1,015.98	$	9.30		1.83	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During the Period⁽¹⁾3/1/18 - 8/31/18		Expense Ratio			Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During the Period⁽²⁾3/1/18 - 8/31/18		Expense Ratio
Real Estate Fund
Trust Class	$	1,000.00	$	1,122.90	$	5.62		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Institutional Class	$	1,000.00	$	1,124.40	$	4.61		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class A	$	1,000.00	$	1,121.80	$	6.52		1.22	%	$	1,000.00	$	1,019.06	$	6.21		1.22	%
Class C	$	1,000.00	$	1,118.20	$	10.52		1.97	%	$	1,000.00	$	1,015.27	$	10.01		1.97	%
Class R3	$	1,000.00	$	1,120.00	$	7.86		1.47	%	$	1,000.00	$	1,017.80	$	7.48		1.47	%
Class R6	$	1,000.00	$	1,124.80	$	4.23		0.79	%	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	1,212.50	$	6.75		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Trust Class	$	1,000.00	$	1,211.50	$	7.64		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Advisor Class	$	1,000.00	$	1,210.70	$	8.41		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Institutional Class	$	1,000.00	$	1,214.20	$	5.02		0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class A	$	1,000.00	$	1,212.20	$	7.03		1.26	%	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C	$	1,000.00	$	1,207.70	$	11.18		2.01	%	$	1,000.00	$	1,015.07	$	10.21		2.01	%
Class R3	$	1,000.00	$	1,210.70	$	8.41		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Sustainable Equity Fund
Investor Class	$	1,000.00	$	1,074.40	$	4.50		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Trust Class	$	1,000.00	$	1,073.30	$	5.33		1.02	%	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Institutional Class	$	1,000.00	$	1,075.30	$	3.50		0.67	%	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Class A	$	1,000.00	$	1,073.60	$	5.44		1.04	%	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Class C	$	1,000.00	$	1,069.30	$	9.28		1.78	%	$	1,000.00	$	1,016.23	$	9.05		1.78	%
Class R3	$	1,000.00	$	1,071.90	$	6.74		1.29	%	$	1,000.00	$	1,018.70	$	6.56		1.29	%
Class R6	$	1,000.00	$	1,075.60	$	3.14		0.60	%	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Value Fund
Institutional Class	$	1,000.00	$	1,069.50	$	3.70		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class A	$	1,000.00	$	1,067.30	$	5.68		1.09	%	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class C	$	1,000.00	$	1,063.40	$	9.52		1.83	%	$	1,000.00	$	1,015.98	$	9.30		1.83	%

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

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

Schedule of Investments Dividend Growth Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 95.3%
Aerospace & Defense 5.9%
Boeing Co.		3,300	$	1,131
General Dynamics Corp.		6,000		1,160
Raytheon Co.		5,900		1,177
				3,468
Auto Components 1.7%
Aptiv PLC		11,600		1,021
Banks 7.9%
Bank of America Corp.		35,700		1,104
Comerica, Inc.		12,500		1,218
JPMorgan Chase & Co.		10,900		1,249
PNC Financial Services Group, Inc.		7,500		1,077
				4,648
Biotechnology 4.3%
AbbVie, Inc.		10,600		1,018
Gilead Sciences, Inc.		19,400		1,469
				2,487
Diversified Consumer Services 1.1%
Service Corp. International		14,700		617
Diversified Financial Services 2.0%
Voya Financial, Inc.		23,000		1,152
Electronic Equipment, Instruments & Components 2.2%
Corning, Inc.		38,700		1,297
Energy Equipment & Services 1.6%
Schlumberger Ltd.		15,000		947
Equity Real Estate Investment Trusts 5.4%
American Tower Corp.		5,750		857
Equinix, Inc.		2,000		872
Outfront Media, Inc.		71,000		1,411
				3,140
Food & Staples Retailing 4.0%
Walgreens Boots Alliance, Inc.		17,600		1,207
Walmart, Inc.		11,500		1,102
				2,309

	Number of Shares		Value (000's)
Food Products 1.5%
Mondelez International, Inc. Class A		21,050	$	899
Health Care Equipment & Supplies 1.2%
STERIS PLC		6,000		686
Hotels, Restaurants & Leisure 4.1%
Carnival Corp.		20,000		1,230
MGM Resorts International		40,500		1,174
				2,404
Industrial Conglomerates 1.6%
Honeywell International, Inc.		6,000		954
Insurance 2.8%
Aon PLC		7,500		1,092
Hartford Financial Services Group, Inc.		11,050		556
				1,648
IT Services 5.2%
Automatic Data Processing, Inc.		8,400		1,233
InterXion Holding NV*		14,000		923
Leidos Holdings, Inc.		12,300		870
				3,026
Media 3.1%
CBS Corp. Class B		16,700		885
Interpublic Group of Cos., Inc.		40,500		946
				1,831
Metals & Mining 6.4%
Cobalt 27 Capital Corp.*		180,000		883
First Quantum Minerals Ltd.		84,016		1,054
Rio Tinto PLC ADR		19,150		920
Royal Gold, Inc.		12,000		915
				3,772
Oil, Gas & Consumable Fuels 8.1%
Devon Energy Corp.		33,200		1,425
EOG Resources, Inc.		9,700		1,147
Occidental Petroleum Corp.		12,100		967
Suncor Energy, Inc.		29,700		1,223
				4,762

	Number of Shares		Value (000's)
Pharmaceuticals 8.2%
Allergan PLC		5,829	$	1,118
AstraZeneca PLC ADR		30,000		1,150
Bristol-Myers Squibb Co.		22,100		1,338
Pfizer, Inc.		29,000		1,204
				4,810
Road & Rail 2.3%
CSX Corp.		18,500		1,372
Semiconductors & Semiconductor Equipment 3.3%
Maxim Integrated Products, Inc.		16,650		1,007
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		20,900		911
				1,918
Software 4.4%
Microsoft Corp.		12,100		1,359
Oracle Corp.		24,400		1,186
				2,545
Specialty Retail 1.5%
Williams-Sonoma, Inc.		12,700		892
Technology Hardware, Storage & Peripherals 4.0%
Apple, Inc.		6,075		1,383
Western Digital Corp.		15,100		955
				2,338
Tobacco 1.5%
British American Tobacco PLC		17,800		859
Total Common Stocks (Cost $49,048)				55,802
Short-Term Investments 5.6%
Investment Companies 5.6%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(a) (Cost $3,283)		3,283,221		3,283
Total Investments 100.9% (Cost $52,331)				59,085
Liabilities Less Other Assets (0.9)%				(541	)
Net Assets 100.0%			$	58,544

See Notes to Financial Statements

Schedule of Investments Dividend Growth Fund (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	55,802	$	—	$	—	$	55,802
Short-Term Investments		—		3,283		—		3,283
Total Investments	$	55,802	$	3,283	$	—	$	59,085

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 92.0%
Brazil 5.2%
Atacadao Distribuicao Comercio e Industria Ltda		2,737,100	$	9,771
B3 SA—Brasil Bolsa Balcao		2,598,900		13,884
BK Brasil Operacao e Assessoria a Restaurantes SA*		2,001,685		7,126
Energisa SA		2,292,456		16,998
Itau Unibanco Holding SA, Preference Shares		1,448,267		15,030
Localiza Rent a Car SA		625,300		3,305
Pagseguro Digital Ltd. Class A*^(a)		184,500		5,330
				71,444
Chile 0.5%
SACI Falabella		890,512		7,087
China 26.5%
Alibaba Group Holding Ltd. ADR*		192,752		33,734
Baidu, Inc. ADR*		114,300		25,887
Beijing Enterprises Holdings Ltd.		440,800		2,114
Changyou.com Ltd. ADR		167,700		2,262
China Everbright International Ltd.		13,309,900		11,209
China Medical System Holdings Ltd.		4,006,800		6,636
China Mobile Ltd.		1,917,500		18,030
China State Construction International Holdings Ltd.		3,243,900		3,377
CNOOC Ltd.		8,179,600		14,465
Huatai Securities Co. Ltd., H Shares*^(b)		9,451,200		14,161
Industrial & Commercial Bank of China Ltd., H Shares		35,306,400		26,000

	Number of Shares		Value (000's)
Lens Technology Co. Ltd. Class A		3,832,910	$	6,606
Momo, Inc. ADR*		251,139		11,625
Ping An Insurance Group Co. of China Ltd., H Shares		4,436,000		42,728
Sinopharm Group Co. Ltd., H Shares		2,145,600		10,675
Sunny Optical Technology Group Co. Ltd.		1,844,800		23,446
Tencent Holdings Ltd.		1,596,400		69,154
Vipshop Holdings Ltd. ADR*		1,225,725		8,556
Zhejiang Huace Film & TV Co. Ltd., Class A		8,076,117		10,891
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		2,133,500		11,512
ZTO Express Cayman, Inc. ADR		640,075		11,816
				364,884
Czech Republic 0.8%
Komercni Banka A/S		265,005		11,030
Hong Kong 2.7%
ASM Pacific Technology Ltd.		1,154,100		12,175
Haier Electronics Group Co. Ltd.*		2,502,200		6,519
Sino Biopharmaceutical Ltd.		14,572,200		18,455
				37,149
India 9.0%
Ashok Leyland Ltd.		2,490,682		4,549
Can Fin Homes Ltd.		62,200		280
CreditAccess Grameen Ltd.*^(c)(h)		1,066,345		5,624
Cummins India Ltd.		900,753		9,800
Dabur India Ltd.		1,561,927		10,532
Dewan Housing Finance Corp. Ltd.		750,713		7,056
HDFC Bank Ltd.		478,382		13,894

	Number of Shares		Value (000's)
Housing Development Finance Corp. Ltd.		668,675	$	18,298
ICICI Bank Ltd.		2,241,307		10,795
JM Financial Ltd.		2,037,607		3,447
National Stock Exchange^(c)(d)(h)		1,063,830		14,099
Power Grid Corp. of India Ltd.		4,154,189		11,781
Prestige Estates Projects Ltd.		720,566		2,406
SH Kelkar & Co. Ltd.^(b)		706,370		2,320
Vedanta Ltd.		2,951,535		9,501
				124,382
Indonesia 1.4%
PT Astra International Tbk		14,904,500		7,336
PT Bank Negara Indonesia Persero Tbk		14,528,900		7,694
PT Matahari Department Store Tbk		8,593,200		4,375
				19,405
Kazakhstan 0.4%
KAZ Minerals PLC*		904,358		5,464
Korea 16.3%
Com2uS Corp.		80,381		11,258
Coway Co. Ltd.		237,030		19,462
DB Insurance Co. Ltd.		184,831		10,627
Hankook Tire Co. Ltd.		140,598		5,892
Hyundai Motor Co.		72,215		8,109
Korea Aerospace Industries Ltd.*		355,944		13,350
LG Chem Ltd.		59,251		19,482
Mando Corp.		245,786		7,894
NAVER Corp.		6,943		4,690
Orion Corp.		123,990		11,918
Samsung Electronics Co. Ltd.		1,473,415		64,131
SFA Engineering Corp.		242,124		8,309
SK Hynix, Inc.		324,367		24,186
SK Telecom Co. Ltd.		61,396		14,478
				223,786

See Notes to Financial Statements

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

	Number of Shares		Value (000's)
Malaysia 0.8%
Inari Amertron Bhd		19,438,425	$	10,580
Mexico 3.2%
Fomento Economico Mexicano SAB de CV		1,754,730		16,808
Grupo Financiero Banorte SAB de CV, O Shares		2,152,904		14,684
Grupo GICSA SA de CV*^(a)		1,836,332		862
Infraestructura Energetica Nova SAB de CV		2,379,478		11,101
				43,455
Peru 0.9%
Credicorp Ltd.		54,500		11,882
Philippines 1.6%
Ayala Corp.		241,510		4,517
GT Capital Holdings, Inc.		354,611		5,810
Metropolitan Bank & Trust Co.		8,530,413		11,686
				22,013
Poland 2.6%
Dino Polska SA*^(b)		501,460		12,352
PLAY Communications SA^(b)		1,240,544		7,262
Powszechny Zaklad Ubezpieczen SA		1,309,767		15,781
				35,395
Russia 3.6%
Detsky Mir PJSC^(b)(c)		3,154,260		4,206
LUKOIL PJSC ADR		35,555		2,456

	Number of Shares		Value (000's)
LUKOIL PJSC ADR		262,580	$	18,118
Sberbank of Russia PJSC^(c)		3,006,843		8,108
X5 Retail Group NV GDR^(b)		480,405		10,982
Yandex NV Class A*		173,803		5,584
				49,454
South Africa 6.5%
Barloworld Ltd.		568,765		4,838
Bid Corp. Ltd.		550,519		11,748
FirstRand Ltd.		3,416,850		16,439
JSE Ltd.		662,695		7,304
Life Healthcare Group Holdings Ltd.		1,892,232		3,433
Naspers Ltd., N Shares		117,430		26,097
Sasol Ltd.		516,586		20,249
				90,108
Taiwan, Province of China 8.7%
Accton Technology Corp.		4,381,600		15,621
Advanced Ceramic X Corp.		474,500		3,885
Delta Electronics, Inc.		1,025,200		4,105
Elite Advanced Laser Corp.		2,336,268		5,644
Elite Material Co. Ltd.		3,344,100		9,668
eMemory Technology, Inc.		634,400		6,527
Hu Lane Associate, Inc.		511,000		1,805
MediaTek, Inc.		1,210,200		9,909
Parade Technologies Ltd.		794,000		11,762
Taiwan Semiconductor Manufacturing Co. Ltd.		6,143,839		51,207
				120,133

	Number of Shares		Value (000's)
Thailand 0.9%
CP ALL PCL^(c)		6,348,900	$	13,093
Turkey 0.4%
Mavi Giyim Sanayi Ve Ticaret A/S Class B^(b)		320,440		1,234
Sok Marketler Ticaret A/S*		4,262,528		4,622
				5,856
Total Common Stocks (Cost $1,195,667)				1,266,600
Rights 0.0%^(e)
China 0.0%^(e)
China Everbright International Ltd.^(c) (Cost $0)*		4,929,592		383
Short-Term Investments 7.0%
Investment Companies 7.0%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(f)		94,736,802		94,737
State Street Navigator Securities Lending Government Money Market Portfolio, 1.93%^(f)(g)		1,243,231		1,243
Total Short-Term Investments (Cost $95,980)				95,980
Total Investments 99.0% (Cost $1,291,647)				1,362,963
Other Assets Less Liabilities 1.0%				13,305
Net Assets 100.0%			$	1,376,268

* Non-income producing security.

(a) The security or a portion of this security is on loan at August 31, 2018. Total value of all such securities at August 31, 2018 amounted to approximately $1,338,000 for the Fund (see Note A of the Notes to Financial Statements).

See Notes to Financial Statements

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

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $52,517,000, which represents 3.8% of net assets of the Fund.

(c) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2018 amounted to approximately $45,513,000, which represents 3.3% of net assets of the Fund.

(d) Value determined using significant unobservable inputs.

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

(f) Represents 7-day effective yield as of August 31, 2018.

(g) Represents investment of cash collateral received from securities lending.

(h) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.

At August 31, 2018, these securities amounted to approximately $19,723,000, which represents 1.4% of net assets of the Fund.

(000's omitted) Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Value as of 8/31/2018		Fair Value Percentage of Net Assets as of 8/31/2018
CreditAccess Grameen Ltd.	8/07/2018	$	6,554		0.5	%	$	5,624		0.4	%
National Stock Exchange	4/13/2018		15,536		1.1			14,099		1.0
Total		$	22,090		1.6	%	$	19,723		1.4	%

See Notes to Financial Statements

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

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Semiconductors & Semiconductor Equipment	$	185,541		13.5	%
Internet Software & Services		150,674		10.9	%
Banks		130,803		9.5	%
Insurance		69,136		5.0	%
Electronic Equipment, Instruments & Components		62,714		4.6	%
Food & Staples Retailing		62,568		4.6	%
Capital Markets		52,895		3.8	%
Chemicals		42,051		3.1	%
Wireless Telecommunication Services		39,770		2.9	%
Media		36,988		2.7	%
Oil, Gas & Consumable Fuels		35,039		2.6	%
Electric Utilities		28,779		2.1	%
Household Durables		25,981		1.9	%
Thrifts & Mortgage Finance		25,634		1.9	%
Pharmaceuticals		25,091		1.8	%
Diversified Financial Services		20,956		1.5	%
Communications Equipment		19,506		1.4	%
Beverages		16,808		1.2	%
Auto Components		15,591		1.1	%
Automobiles		15,445		1.1	%
Metals & Mining		14,965		1.1	%
Machinery		14,349		1.0	%
Health Care Providers & Services		14,108		1.0	%
Software		13,520		1.0	%
Aerospace & Defense		13,350		1.0	%
Food Products		11,918		0.9	%
Air Freight & Logistics		11,816		0.9	%
Commercial Services & Supplies		11,592		0.8	%
Electrical Equipment		11,512		0.8	%
Multiline Retail		11,462		0.8	%
Gas Utilities		11,101		0.8	%
Personal Products		10,532		0.8	%
Internet & Catalog Retail		8,556		0.6	%
Hotels, Restaurants & Leisure		7,126		0.5	%
Diversified Financials		5,810		0.4	%
Consumer Finance		5,624		0.4	%
IT Services		5,330		0.4	%
Trading Companies & Distributors		4,838		0.4	%
Specialty Retail		4,206		0.3	%
Construction & Engineering		3,377		0.2	%
Road & Rail		3,305		0.2	%
Real Estate Management & Development		3,268		0.2	%
Industrial Conglomerates		2,114		0.2	%
Textiles, Apparel & Luxury Goods		1,234		0.1	%
Short-Term Investments and Other Assets—Net		109,285		8.0	%
	$	1,376,268		100.0	%

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
India	$	104,659	$	5,624	$	14,099	$	124,382
Malaysia		—		10,580		—		10,580
Russia		37,140		12,314		—		49,454
Thailand		—		13,093		—		13,093
Other Common Stocks^(a)		1,069,091		—		—		1,069,091
Total Common Stocks		1,210,890		41,611		14,099		1,266,600
Rights^(a)		—		383		—		383
Short-Term Investments		—		95,980		—		95,980
Total Investments	$	1,210,890	$	137,974	$	14,099	$	1,362,963

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

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

	Beginning balance, as of 9/1/2017		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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Investments in Securities: (000's omitted)
Common Stocks
India	$	—	$	—	$	—	$	(1,437	)	$	15,536	$	—	$	—	$	—	$	14,099	$	(1,437	)
Total	$	—	$	—	$	—	$	(1,437	)	$	15,536	$	—	$	—	$	—	$	14,099	$	(1,437	)

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

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

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 August 31, 2018.

Asset
class

Fair value
at 8/31/2018

Valuation
approach

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
increase
in input^(c)

Common
Stock

14,099,000

Market
Approach

Transaction
Price

13.25

Increase

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

See Notes to Financial Statements

Schedule of Investments Equity Income Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 85.7%
Aerospace & Defense 2.6%
BAE Systems PLC		3,315,000	$	26,044
Lockheed Martin Corp.		51,000		16,341
				42,385
Banks 8.5%
First Hawaiian, Inc.		729,200		21,140
JPMorgan Chase & Co.^(a)		374,000		42,853
PNC Financial Services Group, Inc.		115,000		16,507
SunTrust Banks, Inc.		355,100		26,121
Umpqua Holdings Corp.		1,366,000		29,232
				135,853
Beverages 1.5%
PepsiCo, Inc.		220,000		24,642
Biotechnology 2.2%
Gilead Sciences, Inc.		459,100		34,768
Capital Markets 1.2%
Virtu Financial, Inc. Class A		890,250		19,408
Chemicals 2.4%
LyondellBasell Industries NV Class A		150,000		16,917
Nutrien Ltd.		326,000		18,462
Umicore SA		44,118		2,460
				37,839
Communications Equipment 1.4%
Cisco Systems, Inc.^(a)		479,500		22,906
Construction & Engineering 0.7%
Ferrovial SA		509,400		11,013
Containers & Packaging 0.9%
International Paper Co.^(a)		296,200		15,148
Diversified Telecommunication Services 1.7%
Verizon Communications, Inc.		500,000		27,185
Electric Utilities 6.2%
Evergy, Inc.		592,000		33,774
Exelon Corp.		427,000		18,664

	Number of Shares		Value (000's)
NextEra Energy, Inc.		275,000	$	46,777
				99,215
Energy Equipment & Services 1.6%
Helmerich & Payne, Inc.		395,163		25,911
Equity Real Estate Investment Trusts 11.9%
Alexandria Real Estate Equities, Inc.		202,000		25,927
CoreSite Realty Corp.		155,398		18,099
Crown Castle International Corp.		243,900		27,812
Douglas Emmett, Inc.		450,000		17,577
Equinix, Inc.^(a)		66,700		29,090
Equity Lifestyle Properties, Inc.		175,000		16,954
Host Hotels & Resorts, Inc.		1,378,300		29,675
Outfront Media, Inc.		550,000		10,928
Weyerhaeuser Co.		440,000		15,272
				191,334
Food & Staples Retailing 1.2%
Walmart, Inc.		200,000		19,172
Food Products 0.8%
Flowers Foods, Inc.		660,000		13,299
Hotels, Restaurants & Leisure 1.3%
Carnival Corp.		260,000		15,988
Las Vegas Sands Corp.		65,000		4,252
				20,240
Industrial Conglomerates 1.0%
Siemens AG		120,000		15,598
IT Services 1.9%
Paychex, Inc.		424,400		31,087
Media 1.7%
Interpublic Group of Cos., Inc.		1,139,500		26,607
Metals & Mining 2.0%
Rio Tinto PLC ADR		665,000		31,940
Mortgage Real Estate Investment 1.4%
Blackstone Mortgage Trust, Inc. Class A		648,900		22,102

	Number of Shares		Value (000's)
Multi-Utilities 7.1%
Ameren Corp.		295,000	$	18,653
DTE Energy Co.		317,000		35,231
NiSource, Inc.		1,250,000		33,838
Sempra Energy		82,300		9,553
WEC Energy Group, Inc.		259,800		17,557
				114,832
Oil, Gas & Consumable Fuels 6.9%
ONEOK, Inc.		314,700		20,742
Pembina Pipeline Corp.		710,000		24,216
Suncor Energy, Inc.		1,033,900		42,576
TOTAL SA		384,000		24,011
				111,545
Pharmaceuticals 4.4%
AstraZeneca PLC ADR		310,000		11,885
Johnson & Johnson		229,100		30,858
Pfizer, Inc.		691,000		28,690
				71,433
Road & Rail 0.5%
Union Pacific Corp.		52,000		7,832
Semiconductors & Semiconductor Equipment 4.8%
Maxim Integrated Products, Inc.		630,700		38,138
QUALCOMM, Inc.		193,200		13,275
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		595,000		25,942
				77,355
Software 2.5%
Microsoft Corp.^(a)		361,100		40,562
Specialty Retail 3.5%
Foot Locker, Inc.		327,000		16,121
Home Depot, Inc.		86,500		17,366
L Brands, Inc.		157,500		4,163
Williams- Sonoma, Inc.		264,000		18,541
				56,191
Technology Hardware, Storage & Peripherals 0.9%
Western Digital Corp.^(a)		219,162		13,860

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

	Number of Shares		Value (000's)
Transportation Infrastructure 1.0%
Sydney Airport		3,179,137	$	16,478
Total Common Stocks (Cost $1,062,031)				1,377,740
Preferred Stocks 0.1%
Oil, Gas & Consumable Fuel 0.1%
El Paso Energy Capital Trust I, 4.75% (Cost $1,339)		32,900		1,507
	Principal Amount
Convertible Bonds 11.2%
Banks 1.0%
Hope Bancorp, Inc., 2.00%, due 5/15/38^(b)	$	16,415,000		15,839
Biotechnology 0.3%
BioMarin Pharmaceutical, Inc., 0.60%, due 8/1/24		4,565,000		4,843
Communications Equipment 0.1%
Finisar Corp., 0.50%, due 12/15/36		2,685,000		2,474
Equity Real Estate Investment Trusts 2.4%
Extra Space Storage LP, 3.13%, due 10/1/35^(b)		33,260,000		36,519
IH Merger Sub LLC, 3.50%, due 1/15/22		2,600,000		2,906
				39,425
Independent Power and Renewable Electricity Producers 1.0%
NextEra Energy Partners L.P., 1.50%, due 9/15/20^(b)		16,535,000		16,901

	Principal Amount		Value (000's)
Internet & Direct Marketing Retail 0.2%
Liberty Expedia Holdings, Inc., 1.00%, due 6/30/47^(b)	$	3,615,000	$	3,626
Internet Software & Services 1.7%
Envestnet, Inc., 1.75%, due 6/1/23^(b)		10,930,000		12,048
LinkedIn Corp., 0.50%, due 11/1/19		8,600,000		8,385
Zillow Group, Inc., 1.50%, due 7/1/23		6,850,000		6,435
				26,868
Media 1.3%
Gannett Co., Inc., 4.75%, due 4/15/24^(b)		2,730,000		2,869
Liberty Media Corp., 2.13%, due 3/31/48^(b)		16,500,000		16,760
Live Nation Entertainment, Inc., 2.50%, due 3/15/23^(b)		860,000		891
				20,520
Metals & Mining 0.8%
Endeavour Mining Corp., 3.00%, due 2/15/23^(b)		13,765,000		12,854
Oil, Gas & Consumable Fuels 0.8%
Golar LNG Ltd., 2.75%, due 2/15/22		8,950,000		9,050
Teekay Corp., 5.00%, due 1/15/23^(b)		3,664,000		3,321
				12,371

	Principal Amount		Value (000's)
Semiconductors & Semiconductor Equipment 0.1%
Rambus, Inc., 1.38%, due 2/1/23^(b)	$	1,378,000	$	1,293
Software 1.4%
Guidewire Software, Inc., 1.25%, due 3/15/25		9,000,000		9,697
PROS Holdings, Inc., 2.00%, due 6/1/47		4,265,000		4,186
Verint Systems, Inc., 1.50%, due 6/1/21		8,700,000		8,907
				22,790
Telecommunications 0.1%
GCI Liberty, Inc., 1.75%, due 9/30/46^(b)		913,000		954
Total Convertible Bonds (Cost $175,606)				180,758
	Number of Shares
Short-Term Investments 3.7%
Investment Companies 3.7%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(c)(Cost $58,849)		58,849,230		58,849
Total Investments 100.7% (Cost $1,297,825)	1,618,854
Liabilities Less Other Assets (0.7)%^(d)				(10,698	)
Net Assets 100.0%			$	1,608,156

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

(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At August 31, 2018, these securities amounted to approximately $123,875,000, which represents 7.7% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(d) Includes the impact of the Fund's open positions in derivatives at August 31, 2018.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

Derivative Instruments

Written option contracts ("options written")

At August 31, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Banks
SunTrust Banks, Inc.		250	$	(1,839,000	)	$	80	1/18/2019	$	(28,750	)
Beverages
PepsiCo, Inc.		150		(1,680,150	)		130	6/21/2019		(17,175	)
Chemicals
Nutrien Ltd.		250		(1,415,750	)		60	1/18/2019		(41,875	)
Communications Equipment
Cisco Systems, Inc.		250		(1,194,250	)		50	1/18/2019		(33,000	)
Electric Utilities
Exelon Corp.		250		(1,092,750	)		45	1/18/2019		(24,375	)
NextEra Energy, Inc.		200		(3,402,000	)		180	12/21/2018		(36,500	)
NextEra Energy, Inc.		200		(3,402,000	)		185	1/18/2019		(24,000	)
NextEra Energy, Inc.		200		(3,402,000	)		190	3/15/2019		(19,500	)
										(104,375	)
Equity Real Estate Investment Trusts
CoreSite Realty Corp.		150		(1,747,050	)		130	1/18/2019		(16,125	)
IT Services
Paychex, Inc.		250		(1,831,250	)		72.5	1/18/2019		(91,250	)
Paychex, Inc.		250		(1,831,250	)		75	1/18/2019		(58,125	)
										(149,375	)
Oil, Gas & Consumable Fuels
ONEOK, Inc.		150		(988,650	)		72.5	1/18/2019		(13,875	)
Suncor Energy, Inc.		200		(823,600	)		44	12/21/2018		(17,000	)
Suncor Energy, Inc.		250		(1,029,500	)		46	1/18/2019		(14,250	)
										(45,125	)
Road & Rail
Union Pacific Corp.		150		(2,259,300	)		165	2/15/2019		(45,225	)
Semiconductors & Semiconductor Equipment
QUALCOMM, Inc.		200		(1,374,200	)		70	10/19/2018		(28,800	)
QUALCOMM, Inc.		200		(1,374,200	)		72.5	1/18/2019		(43,800	)
QUALCOMM, Inc.		200		(1,374,200	)		75	1/18/2019		(30,100	)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		250		(1,090,000	)		46	1/18/2019		(40,000	)
										(142,700	)
Software
Microsoft Corp.		250		(2,808,250	)		105	9/21/2018		(191,875	)
Microsoft Corp.		200		(2,246,600	)		110	10/19/2018		(91,000	)
Microsoft Corp.		200		(2,246,600	)		115	1/18/2019		(91,000	)
										(373,875	)

See Notes to Financial Statements

Schedule of Investments Equity Income Fund (cont'd)

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Specialty Retail
Williams-Sonoma, Inc.		250	$	(1,755,750	)	$	62.5	11/16/2018	$	(218,750	)
Williams-Sonoma, Inc.		250		(1,755,750	)		65	1/18/2019		(206,250	)
Williams-Sonoma, Inc.		250		(1,755,750	)		70	1/18/2019		(131,250	)
										(556,250	)
Total options written (premiums received: $736,551)									$	(1,553,850	)

For the year ended August 31, 2018, the Fund had an average market value of $(1,811,591) in options written. At August 31, 2018, the Fund had securities pledged in the amount of $30,099,069 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,377,740	$	—	$	—	$	1,377,740
Preferred Stocks^(a)		1,507		—		—		1,507
Convertible Bonds^(a)		—		180,758		—		180,758
Short-Term Investments		—		58,849		—		58,849
Total Investments	$	1,379,247	$	239,607	$	—	$	1,618,854

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

As of the year ended August 31, 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 August 31, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(1,554	)	$	—	$	—	$	(1,554	)
Total	$	(1,554	)	$	—	$	—	$	(1,554	)

See Notes to Financial Statements

Schedule of Investments Focus Fund August 31,2018

	Number of Shares		Value (000's)
Common Stocks 98.6%
Aerospace & Defense 0.9%
General Dynamics Corp.		36,600	$	7,078
Auto Components 1.2%
Aptiv PLC		100,000		8,801
Banks 8.1%
Comerica, Inc.		312,000		30,414
JPMorgan Chase & Co.		272,000		31,166
				61,580
Biotechnology 4.8%
BioMarin Pharmaceutical, Inc.*		87,000		8,698
Gilead Sciences, Inc.		366,000		27,717
				36,415
Building Products 1.3%
Johnson Controls International PLC		271,000		10,236
Capital Markets 4.5%
Intercontinental Exchange, Inc.		336,000		25,613
Morgan Stanley		173,000		8,448
				34,061
Chemicals 2.1%
Air Products & Chemicals, Inc.		42,000		6,984
Ashland Global Holdings, Inc.		108,000		9,094
				16,078
Commercial Services 0.4%
LegalZoom.com, Inc.*^(a)(b)(d)		71,572		3,000
Communications Equipment 3.9%
Motorola Solutions, Inc.		235,000		30,165
Containers & Packaging 0.9%
Packaging Corp. of America		64,000		7,035
Distributors 3.2%
LKQ Corp.*		720,000		24,854
Food & Staples Retailing 1.3%
Walmart, Inc.		106,000		10,161

	Number of Shares		Value (000's)
Food Products 5.0%
Conagra Brands, Inc.		413,000	$	15,178
Mondelez International, Inc. Class A		545,000		23,282
				38,460
Health Care Equipment & Supplies 2.7%
Zimmer Biomet Holdings, Inc.		167,000		20,646
Health Care Providers & Services 4.2%
Cigna Corp.		170,000		32,018
Hotels, Restaurants & Leisure 2.0%
Carnival Corp.		247,000		15,188
Household Durables 1.7%
Whirlpool Corp.		107,000		13,373
Insurance 2.8%
Athene Holding Ltd. Class A*		428,000		21,255
Internet & Direct Marketing Retail 4.5%
Amazon.com, Inc.*		17,000		34,216
Internet Software & Services 5.6%
Alphabet, Inc. Class A*		17,100		21,064
Alphabet, Inc. Class C*		17,600		21,440
				42,504
IT Services 1.7%
Worldpay, Inc. Class A*		135,000		13,148
Media 3.5%
Charter Communications, Inc. Class A*		43,000		13,347
Twenty-First Century Fox, Inc. Class A		290,000		13,166
				26,513
Multi-Utilities 2.7%
DTE Energy Co.		188,000		20,894
Oil, Gas & Consumable Fuels 6.8%
Cabot Oil & Gas Corp.		675,000		16,085
Concho Resources, Inc.*		91,000		12,481

	Number of Shares		Value (000's)
Phillips 66		90,000	$	10,666
WPX Energy, Inc.*		654,000		12,472
				51,704
Pharmaceuticals 2.9%
Pfizer, Inc.		543,000		22,545
Professional Services 2.3%
Equifax, Inc.		132,000		17,684
Road & Rail 4.0%
CSX Corp.		412,000		30,554
Semiconductors & Semiconductor Equipment 2.8%
Analog Devices, Inc.		213,000		21,055
Software 4.4%
Autodesk, Inc.*		116,400		17,966
Electronic Arts, Inc.*		138,000		15,651
				33,617
Technology Hardware, Storage & Peripherals 2.0%
Western Digital Corp.		240,000		15,178
Wireless Telecommunication Services 4.4%
T-Mobile US, Inc.*		510,000		33,680
Total Common Stocks753,696 (Cost $604,625)
Short-Term Investments 1.2%
Investment Companies 1.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(c) (Cost $9,522)		9,522,300		9,522
Total Investments 99.8% (Cost $614,147)				763,218
Other Assets Less Liabilities 0.2%				1,243
Net Assets 100.0%			$	764,461

See Notes to Financial Statements

Schedule of Investments Focus Fund (cont'd)

* Non-income producing security.

(a) Value determined using significant unobservable inputs.

(b) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2018 amounted to approximately $3,000,000, which represents 0.4% of net assets of the Fund.

(d) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.

At August 31, 2018, these securities amounted to approximately $3,000,000, which represents 0.4% of net assets of the Fund.

(000's omitted) Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Value as of 8/31/2018		Fair Value Percentage of Net Assets as of 8/31/2018
LegalZoom.com, Inc.	8/21/2018	$	3,000		0.4	%	$	3,000		0.4	%
Total		$	3,000		0.4	%	$	3,000		0.4	%

Derivative Instruments

Purchased option contracts ("options purchased")

At August 31, 2018, the Fund did not have any outstanding options purchased. For the year ended August 31, 2018, the Fund had an average market value of $359,425 in options purchased.

Written option contracts ("options written")

At August 31, 2018, the Fund did not have any outstanding options written. For the year ended August 31, 2018, the Fund had an average market value of $(329,728) in options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Commercial Services	$	—	$	—	$	3,000	$	3,000
Other Common Stocks^(a)		750,696		—		—		750,696
Total Common Stocks		750,696		—		3,000		753,696
Short-Term Investments		—		9,522		—		9,522
Total Investments	$	750,696	$	9,522	$	3,000	$	763,218

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

See Notes to Financial Statements

Schedule of Investments Focus Fund (cont'd)

(b) 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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Investments in Securities: (000's omitted)
Common Stocks
Commercial Services	$	—	$	—	$	—	$	—	$	3,000	$	—	$	—	$	—	$	3,000	$	—
Total	$	—	$	—	$	—	$	—	$	3,000	$	—	$	—	$	—	$	3,000	$	—

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of August 31, 2018.

Asset
class

Fair value
at 8/31/2018

Valuation
techniques

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
increase
in input^(c)

Common
Stocks

3,000,298

Market
Approach

Transaction
Price

41.92

Increase

See Notes to Financial Statements

Schedule of Investments Focus Fund (cont'd)

Other Financial Instruments

The Fund held no Level 3 derivative investments at August 31, 2018.

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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Other Financial Instruments: (000's omitted)
Options Written^(a)
Puts
Food Products	$	(0	)	$	—	$	16	$	(16	)	$	0	$	—	$	—	$	—	$	—	$	—
Total	$	(0	)	$	—	$	16	$	(16	)	$	0	$	—	$	—	$	—	$	—	$	—

(a) At the beginning of the year, 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.

See Notes to Financial Statements

Schedule of Investments Genesis Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 99.0%
Aerospace & Defense 0.3%
Astronics Corp.*		907,912	$	39,503
Air Freight & Logistics 0.5%
Forward Air Corp.		962,425		61,845
Airlines 0.6%
Allegiant Travel Co.		487,563		66,430
Auto Components 1.7%
Fox Factory Holding Corp.*		1,568,008		103,567
LCI Industries		975,348		90,659
				194,226
Automobiles 0.3%
Thor Industries, Inc.		409,033		39,038
Banks 11.6%
Bank of Hawaii Corp.		1,741,514		144,772
Bank OZK		2,409,380		97,484
BOK Financial Corp.		1,101,049		112,913
Columbia Banking System, Inc.		1,983,400		83,799
Community Bank System, Inc.		1,357,700		89,785
Cullen/Frost Bankers, Inc.		1,402,079		155,477
CVB Financial Corp.		4,739,807		113,992
First Financial Bankshares, Inc.		2,287,231		138,149
First Hawaiian, Inc.		1,909,274		55,350
FNB Corp.		4,181,743		56,244
Glacier Bancorp, Inc.		1,599,832		73,080
Lakeland Financial Corp.		724,769		35,709
LegacyTexas Financial Group, Inc.		1,983,734		91,787
PacWest Bancorp		1,168,021		58,973
				1,307,514

	Number of Shares		Value (000's)
Beverages 0.5%
MGP Ingredients, Inc.		677,792	$	52,265
Biotechnology 0.3%
Abcam PLC		1,776,766		34,921
Building Products 1.9%
AAON, Inc.		2,579,198		104,200
AO Smith Corp.		1,328,323		77,149
Patrick Industries, Inc.*		454,546		29,091
				210,440
Capital Markets 2.7%
Artisan Partners Asset Management, Inc. Class A		1,299,691		43,085
BrightSphere Investment Group PLC		2,701,801		34,286
FactSet Research Systems, Inc.		310,681		71,267
Houlihan Lokey, Inc.		836,393		39,335
MarketAxess Holdings, Inc.		638,895		121,275
				309,248
Chemicals 3.3%
Balchem Corp.		624,056		69,202
Chase Corp.		371,278		46,020
Innophos Holdings, Inc.		420,169		18,366
NewMarket Corp.		117,537		47,137
Quaker Chemical Corp.		477,147		85,953
Sensient Technologies Corp.		1,533,784		108,929
				375,607
Commercial Services & Supplies 3.5%
Healthcare Services Group, Inc.		2,090,181		86,136
MSA Safety, Inc.		661,441		66,865
Rollins, Inc.		2,949,828		177,226
UniFirst Corp.		347,634		64,382
				394,609
Communications Equipment 0.9%
NetScout Systems, Inc.*^(a)		4,073,838		101,846
Construction & Engineering 0.8%
Valmont Industries, Inc.		669,896		94,053

	Number of Shares		Value (000's)
Construction Materials 1.1%
Eagle Materials, Inc.		1,327,432	$	122,562
Containers & Packaging 1.1%
AptarGroup, Inc.		1,229,138		128,703
Distributors 2.3%
Pool Corp.		1,567,984		257,557
Diversified Consumer Services 1.0%
Bright Horizons Family Solutions, Inc.*		905,539		108,149
Electrical Equipment 0.7%
AZZ, Inc.^(a)		1,366,653		73,458
Electronic Equipment, Instruments & Components 6.0%
Cognex Corp.		2,059,972		110,826
Littelfuse, Inc.		831,136		185,809
nLight, Inc.*		324,540		9,999
Novanta, Inc.*		1,042,554		79,860
Rogers Corp.*^(a)		1,238,614		171,015
Zebra Technologies Corp. Class A*		709,960		121,929
				679,438
Energy Equipment & Services 1.5%
Apergy Corp.*		1,167,766		52,806
Cactus, Inc. Class A*		851,055		29,089
Computer Modelling Group Ltd.^(b)		3,773,999		25,218
Pason Systems, Inc.		3,770,987		61,995
				169,108
Food Products 2.4%
Calavo Growers, Inc.^(a)		881,159		93,271
J & J Snack Foods Corp.		454,567		66,139
Lancaster Colony Corp.		735,052		114,867
				274,277
Health Care Equipment & Supplies 7.3%
Atrion Corp.^(a)		96,017		62,896
Cantel Medical Corp.		1,134,226		110,020
Haemonetics Corp.*		1,049,142		117,126
Heska Corp.*^(a)		432,416		46,269
IDEXX Laboratories, Inc.*		826,469		209,956

See Notes to Financial Statements

100

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value (000's)
Neogen Corp.*		430,096	$	40,188
West Pharmaceutical Services, Inc.		2,058,984		241,004
				827,459
Health Care Providers & Services 3.2%
Chemed Corp.		497,209		160,867
Henry Schein, Inc.*		994,760		77,273
Tivity Health, Inc.*		1,309,211		45,037
U.S. Physical Therapy, Inc.		632,275		79,192
				362,369
Hotels, Restaurants & Leisure 1.7%
Cheesecake Factory, Inc.		603,422		32,084
Cracker Barrel Old Country Store, Inc.		402,909		60,070
Texas Roadhouse, Inc.		1,428,565		98,499
				190,653
Household Durables 0.2%
Installed Building Products, Inc.*		567,770		26,430
Household Products 2.1%
Church & Dwight Co., Inc.		2,706,171		153,115
WD-40 Co.		467,684		82,991
				236,106
Industrial Conglomerates 0.5%
Raven Industries, Inc.		1,080,028		52,273
Insurance 1.4%
AMERISAFE, Inc.		794,599		50,695
RLI Corp.		1,429,895		110,059
				160,754
IT Services 1.5%
Jack Henry & Associates, Inc.		1,045,122		165,589
Life Sciences Tools & Services 2.6%
Bio-Techne Corp.		1,092,278		209,903
ICON PLC*		589,777		87,889
				297,792

	Number of Shares		Value (000's)
Machinery 6.3%
Graco, Inc.		1,518,590	$	71,389
Lindsay Corp.		516,477		49,463
Middleby Corp.*		803,630		97,673
Nordson Corp.		739,831		102,851
RBC Bearings, Inc.*		1,177,415		176,388
Toro Co.		2,018,503		122,705
Wabtec Corp.		847,856		91,840
				712,309
Media 2.6%
Cable One, Inc.		77,352		64,801
Gray Television, Inc.*		3,544,424		61,850
Nexstar Media Group, Inc. Class A		2,062,289		169,108
				295,759
Multiline Retail 0.4%
Ollie's Bargain Outlet Holdings, Inc.*		464,015		40,416
Oil, Gas & Consumable Fuels 3.4%
Centennial Resource Development, Inc. Class A*		7,852,450		151,317
Concho Resources, Inc.*		381,618		52,339
Matador Resources Co.*		3,492,555		114,346
WPX Energy, Inc.*		3,573,375		68,144
				386,146
Paper & Forest Products 0.8%
Stella-Jones, Inc.		2,584,965		88,093
Professional Services 1.3%
Exponent, Inc.^(a)		2,752,322		144,084
Real Estate Management & Development 0.6%
FirstService Corp.		773,955		66,452
Semiconductors & Semiconductor Equipment 2.9%
Cabot Microelectronics Corp.		830,022		93,568
MKS Instruments, Inc.		838,291		77,877
Power Integrations, Inc.^(a)		2,093,383		153,550
				324,995

	Number of Shares		Value (000's)
Software 10.6%
Altair Engineering, Inc. Class A*		1,271,430	$	53,108
Aspen Technology, Inc.*		2,436,730		281,101
Blackline, Inc.*		137,345		7,246
Constellation Software, Inc.		71,560		54,600
Fair Isaac Corp.*		856,985		197,946
Manhattan Associates, Inc.*^(a)		3,405,346		197,476
Monotype Imaging Holdings, Inc.		1,569,325		32,328
Qualys, Inc.*		1,788,201		162,816
Tyler Technologies, Inc.*		851,200		210,204
				1,196,825
Specialty Retail 2.6%
Asbury Automotive Group, Inc.*		660,853		49,234
Floor & Decor Holdings, Inc. Class A*		779,500		28,654
Lithia Motors, Inc. Class A		832,964		71,968
Monro, Inc.		1,051,956		74,636
Tractor Supply Co.		755,228		66,672
				291,164
Trading Companies & Distributors 2.0%
Applied Industrial Technologies, Inc.		421,737		32,495
Richelieu Hardware Ltd.^(b)		1,250,478		29,752
SiteOne Landscape Supply, Inc.*		683,467		61,765
Watsco, Inc.		606,611		106,151
				230,163
Total Common Stocks (Cost $5,573,079)				11,190,628

See Notes to Financial Statements

101

Schedule of Investments Genesis Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 1.0%
Investment Companies 1.0%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(c)		5,438,722	$	5,439
State Street Institutional Treasury Plus Money Market Fund Premier Class, 1.88%^(c)		113,546,349		113,546
Total Short-Term Investments (Cost $118,985)				118,985
Total Investments 100.0% (Cost $5,692,064)				11,309,613
Liabilities Less Other Assets (0.0)%^(d)				(4,680	)
Net Assets 100.0%			$	11,304,933

* Non-income producing security.

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

(b) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2018 amounted to approximately $54,970,000, which represents 0.5% of net assets of the Fund.

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Energy Equipment & Services	$	143,890	$	25,218	$	—	$	169,108
Trading Companies & Distributors		200,411		29,752		—		230,163
Other Common Stocks^(a)		10,791,357		—		—		10,791,357
Total Common Stocks		11,135,658		54,970		—		11,190,628
Short-Term Investments		—		118,985		—		118,985
Total Investments	$	11,135,658	$	173,955	$	—	$	11,309,613

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

102

Schedule of Investments Global Equity Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 99.6%
Australia 0.7%
Insurance Australia Group Ltd.		6,518	$	36
Belgium 0.6%
KBC Group NV		487		35
Canada 4.8%
Alimentation Couche-Tard, Inc. Class B		1,425		68
Kinaxis, Inc.*		931		70
Suncor Energy, Inc.		959		40
Waste Connections, Inc.		997		79
				257
China 2.7%
Alibaba Group Holding Ltd. ADR*		540		95
Baidu, Inc. ADR*		209		47
				142
France 1.5%
Air Liquide SA		314		40
Valeo SA		868		39
				79
Germany 4.0%
Continental AG		245		45
Gerresheimer AG		320		27
Henkel AG & Co. KGaA, Preference Shares		469		60
Infineon Technologies AG		2,061		52
SAP SE ADR		239		29
				213
Hong Kong 3.5%
AIA Group Ltd.		8,200		71
Haier Electronics Group Co. Ltd.*		14,350		37
Techtronic Industries Co. Ltd.		12,500		77
				185
Ireland 0.7%
CRH PLC		1,105		37
Israel 2.0%
Check Point Software Technologies Ltd.*		636		74
Tower Semiconductor Ltd.*		1,575		34
				108
Italy 0.9%
Brembo SpA		3,587		48

	Number of Shares		Value (000's)
Japan 7.0%
Bridgestone Corp.		1,030	$	38
Daikin Industries Ltd.		450		57
Hoya Corp.		900		53
Ichigo, Inc.		9,900		40
Kao Corp.		600		47
Kose Corp.		325		60
Sanwa Holdings Corp.		2,650		30
Toyota Motor Corp.		750		47
				372
Mexico 0.6%
Infraestructura Energetica Nova SAB de CV		6,428		30
Netherlands 6.6%
AerCap Holdings NV*		1,260		72
ASML Holding NV		732		149
Heineken NV		450		44
Intertrust NV^(a)		1,633		30
NXP Semiconductors NV*		586		55
				350
Norway 1.0%
Sbanken ASA^(a)		5,067		51
Singapore 0.7%
DBS Group Holdings Ltd.		2,100		38
Switzerland 7.6%
Cie Financiere Richemont SA		598		53
Ferguson PLC		545		44
Givaudan SA		31		75
Julius Baer Group Ltd.*		1,220		65
Roche Holding AG		221		55
SGS SA		24		63
Sonova Holding AG		245		46
				401
United Kingdom 6.7%
Aon PLC		540		78
Bunzl PLC		1,379		43
Compass Group PLC		2,595		56
Howden Joinery Group PLC		3,037		19
Prudential PLC		2,168		49
RELX PLC		2,568		57
St. James's Place PLC		3,679		54
				356

	Number of Shares		Value (000's)
United States 48.0%
Activision Blizzard, Inc.		925	$	67
Alphabet, Inc. Class A*		45		55
Alphabet, Inc. Class C*		45		55
Amazon.com, Inc.*		98		197
Apple, Inc.		479		109
Biogen, Inc.*		179		63
BlackRock, Inc.		145		69
Cabot Oil & Gas Corp.		2,535		60
CDW Corp.		1,109		97
Centene Corp.*		575		84
Comerica, Inc.		586		57
Core Laboratories NV		337		39
CVS Health Corp.		746		56
EOG Resources, Inc.		658		78
Estee Lauder Cos., Inc. Class A		503		71
Expedia Group, Inc.		163		21
Exxon Mobil Corp.		838		67
Facebook, Inc. Class A*		230		40
Fidelity National Information Services, Inc.		770		83
First Republic Bank		402		41
Gilead Sciences, Inc.		395		30
Graco, Inc.		2,050		96
Halliburton Co.		770		31
Henry Schein, Inc.*		895		70
Intercontinental Exchange, Inc.		1,040		79
JPMorgan Chase & Co.		730		84
Medtronic PLC		816		79
RPM International, Inc.		970		66
Samsonite International SA*^(a)		17,095		69
Sealed Air Corp.		1,285		52
Sensata Technologies Holding PLC*		2,129		113
Service Corp. International		995		42
T-Mobile US, Inc.*		1,015		67
VF Corp.		600		55
Visa, Inc. Class A		625		92
Western Digital Corp.		855		54
Worldpay, Inc. Class A*		642		62
				2,550
Total Common Stocks (Cost $4,033)				5,288

See Notes to Financial Statements

103

Schedule of Investments Global Equity Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 1.3%
Investment Companies 1.3%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(b)(Cost $70)		70,326	$	70
Total Investments 100.9% (Cost $4,103)				5,358
Liabilities Less Other Assets (0.9)%				(48	)
Net Assets 100.0%			$	5,310

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $150,000, which represents 2.8% of net assets of the Fund.

(b) Represents 7-day effective yield as of August 31, 2018.

See Notes to Financial Statements

104

Schedule of Investments Global Equity Fund (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Banks	$	306		5.8	%
Internet Software & Services		292		5.5	%
Semiconductors & Semiconductor Equipment		290		5.5	%
Capital Markets		267		5.0	%
Oil, Gas & Consumable Fuels		245		4.6	%
Software		240		4.5	%
IT Services		237		4.5	%
Insurance		234		4.4	%
Internet & Direct Marketing Retail		218		4.1	%
Health Care Providers & Services		210		4.0	%
Chemicals		181		3.4	%
Health Care Equipment & Supplies		178		3.4	%
Personal Products		178		3.4	%
Trading Companies & Distributors		178		3.4	%
Textiles, Apparel & Luxury Goods		177		3.3	%
Auto Components		170		3.2	%
Technology Hardware, Storage & Peripherals		163		3.1	%
Professional Services		150		2.8	%
Household Durables		114		2.1	%
Electrical Equipment		113		2.1	%
Electronic Equipment, Instruments & Components		97		1.8	%
Machinery		96		1.8	%
Biotechnology		93		1.8	%
Building Products		87		1.6	%
Commercial Services & Supplies		79		1.5	%
Energy Equipment & Services		70		1.3	%
Food & Staples Retailing		68		1.3	%
Wireless Telecommunication Services		67		1.3	%
Household Products		60		1.1	%
Hotels, Restaurants & Leisure		56		1.0	%
Pharmaceuticals		55		1.0	%
Containers & Packaging		52		1.0	%
Automobiles		47		0.9	%
Beverages		44		0.8	%
Diversified Consumer Services		42		0.8	%
Real Estate Management & Development		40		0.7	%
Construction Materials		37		0.7	%
Gas Utilities		30		0.6	%
Life Sciences Tools & Services		27		0.5	%
Short-Term Investments and Other Liabilities—Net		22		0.4	%
	$	5,310		100.0	%

See Notes to Financial Statements

105

Schedule of Investments Global Equity Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	5,288	$	—	$	—	$	5,288
Short-Term Investments		—		70		—		70
Total Investments	$	5,288	$	70	$	—	$	5,358

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

106

Schedule of Investments Global Real Estate Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 99.7%
Australia 6.5%
Dexus		7,700	$	59
Goodman Group		12,977		100
Scentre Group		9,960		29
				188
Canada 3.5%
Allied Properties Real Estate Investment Trust		910		30
Brookfield Asset Management, Inc. Class A		553		24
Canadian Apartment Properties REIT		1,283		46
				100
France 4.4%
Gecina SA		339		58
ICADE		705		69
				127
Germany 4.9%
ADO Properties SA^(a)		767		49
Deutsche Wohnen SE		1,808		92
				141
Hong Kong 6.9%
CK Asset Holdings Ltd.		14,572		104
Sun Hung Kai Properties Ltd.		6,394		95
				199
Japan 11.2%
Advance Residence Investment Corp.		15		38
Mitsubishi Estate Co. Ltd.		3,058		51
Mitsui Fudosan Co. Ltd.		4,022		92
Nippon Accommodations Fund, Inc.		13		59
Nippon Building Fund, Inc.		7		41
Sumitomo Realty & Development Co. Ltd.		1,178		41
				322
Netherlands 1.7%
InterXion Holding NV*		747		49

	Number of Shares		Value (000's)
Singapore 1.9%
Ascendas Real Estate Investment Trust		14,071	$	28
CapitaLand Ltd.		11,037		28
				56
Spain 1.5%
Merlin Properties Socimi SA		3,050		42
Sweden 1.4%
Hufvudstaden AB, A Shares		2,622		41
United Kingdom 4.4%
Safestore Holdings PLC		5,866		40
SEGRO PLC		6,274		54
Shaftesbury PLC		2,724		33
				127
United States 51.4%
Alexandria Real Estate Equities, Inc.		406		52
American Tower Corp.		957		143
Apartment Investment & Management Co. Class A		692		30
Crown Castle International Corp.		597		68
CyrusOne, Inc.		350		24
Digital Realty Trust, Inc.		407		51
Douglas Emmett, Inc.		1,251		49
EastGroup Properties, Inc.		450		44
Equinix, Inc.		138		60
Equity Lifestyle Properties, Inc.		653		63
Equity Residential		892		60
Essex Property Trust, Inc.		232		57
Extra Space Storage, Inc.		317		29
Four Corners Property Trust, Inc.		887		24
Healthcare Trust of America, Inc. Class A		997		29
Highwoods Properties, Inc.		585		29
Hyatt Hotels Corp. Class A		360		28
Invitation Homes, Inc.		2,637		62
Kimco Realty Corp.		2,246		38

	Number of Shares		Value (000's)
Mid-America Apartment Communities, Inc.		408	$	42
National Retail Properties, Inc.		766		35
Prologis, Inc.		942		63
Public Storage		164		35
Regency Centers Corp.		756		50
Simon Property Group, Inc.		631		116
Sunstone Hotel Investors, Inc.		1,810		30
Ventas, Inc.		876		53
Welltower, Inc.		769		51
Weyerhaeuser Co.		1,162		40
Zayo Group Holdings, Inc.*		780		27
				1,482
Total Common Stocks (Cost $2,687)				2,874
Short-Term Investments 2.6%
Investment Companies 2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(b) (Cost $75)		75,352		75
Total Investments 102.3% (Cost $2,762)				2,949
Liabilities Less Other Assets (2.3)%				(65	)
Net Assets 100.0%			$	2,884

See Notes to Financial Statements

107

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

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $49,000, which represents 1.7% of net assets of the Fund.

(b) Represents 7-day effective yield as of August 31, 2018.

See Notes to Financial Statements

108

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

POSITIONS BY SECTOR

Sector	Investments at Value (000's omitted)		Percentage of Net Assets
Real Estate Holding & Development	$	617		21.4	%
Industrial & Office REITs		597		20.7	%
Specialty REITs		594		20.6	%
Residential REITs		419		14.5	%
Retail REITs		301		10.5	%
Diversified REITs		239		8.3	%
Hotel & Lodging REITs		58		2.0	%
Real Estate Services		49		1.7	%
Short-Term Investments and Other Liabilities—Net		10		0.3	%
	$	2,884		100.0	%

See Notes to Financial Statements

109

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,874	$	—	$	—	$	2,874
Short-Term Investments		—		75		—		75
Total Investments	$	2,874	$	75	$	—	$	2,949

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

110

Schedule of Investments Greater China Equity Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 96.3%
Air Freight & Logistics 3.7%
ZTO Express Cayman, Inc. ADR		180,034	$	3,323
Auto Components 0.8%
Minth Group Ltd.		172,000		705
Automobiles 7.9%
BAIC Motor Corp. Ltd., H Shares^(a)		1,087,000		914
Brilliance China Automotive Holdings Ltd.		1,718,000		2,723
Guangzhou Automobile Group Co. Ltd., H Shares		3,170,000		3,441
				7,078
Banks 11.4%
Bank of China Ltd., H Shares		2,319,000		1,043
China Construction Bank Corp., H Shares		6,871,000		6,084
Industrial & Commercial Bank of China Ltd., H Shares		4,121,911		3,036
				10,163
Beverages 2.2%
Kweichow Moutai Co. Ltd. Class A		20,246		1,954
Commercial Services & Supplies 1.5%
China Everbright International Ltd.		1,609,000		1,355
Construction Materials 5.5%
Anhui Conch Cement Co. Ltd. Class A		571,700		3,108
China National Building Material Co. Ltd., H Shares		1,932,000		1,807
				4,915

	Number of Shares		Value (000's)
Diversified Telecommunication Services 0.5%
China Tower Corp. Ltd., H Shares*^(a)		2,846,000	$	435
Electrical Equipment 1.6%
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		261,400		1,411
Food & Staples Retailing 1.1%
Yonghui Superstores Co. Ltd. Class A		884,334		993
Food Products 3.4%
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		869,800		3,082
Health Care Providers & Services 3.4%
Huadong Medicine Co. Ltd. Class A		6,000		39
Huadong Medicine Co. Ltd. Class A		454,877		2,996
				3,035
Household Durables 6.1%
Gree Electric Appliances, Inc. of Zhuhai Class A*		644,103		3,673
Midea Group Co. Ltd. Class A		287,620		1,752
				5,425
Independent Power and Renewable Electricity Producers 0.4%
China Everbright Greentech Ltd.^(a)		385,469		380
Insurance 11.7%
China Pacific Insurance Group Co. Ltd., H Shares		384,200		1,432
China Taiping Insurance Holdings Co. Ltd.		944,600		2,997

	Number of Shares		Value (000's)
PICC Property & Casualty Co. Ltd., H Shares		2,748,000	$	3,095
Ping An Insurance Group Co. of China Ltd., H Shares		309,000		2,976
				10,500
Internet Software & Services 22.7%
Alibaba Group Holding Ltd. ADR*		49,518		8,666
Baidu, Inc. ADR*		8,547		1,936
SINA Corp.*		29,821		2,116
Tencent Holdings Ltd.		173,900		7,533
				20,251
Pharmaceuticals 3.2%
China Medical System Holdings Ltd.		1,075,000		1,780
CSPC Pharmaceutical Group Ltd.		430,000		1,085
				2,865
Real Estate Management & Development 5.2%
China Jinmao Holdings Group Ltd.		1,822,000		859
China Resources Land Ltd.		314,000		1,094
CIFI Holdings Group Co. Ltd.		2,146,000		1,244
Longfor Group Holdings Ltd.		506,000		1,406
				4,603
Textiles, Apparel & Luxury Goods 2.4%
Shenzhou International Group Holdings Ltd.		163,000		2,139
Transportation Infrastructure 1.6%
Guangzhou Baiyun International Airport Co. Ltd. Class A		815,788		1,459
Total Common Stocks (Cost $85,249)				86,071

See Notes to Financial Statements

111

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

	Number of Shares		Value (000's)
Rights 0.1%
Commercial Services & Supplies 0.1%
China Everbright International Ltd.^(b) (Cost $0)*		620,370	$	48
Short-Term Investments 0.3%
Investment Companies 0.3%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(c)(Cost $304)		303,680		304
Total Investments 96.7% (Cost $85,553)				86,423
Other Assets Less Liabilities 3.3%				2,992
Net Assets 100.0%			$	89,415

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $1,729,000, which represents 1.9% of net assets of the Fund.

(b) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2018 amounted to approximately $48,000, which represents 0.1% of net assets of the Fund.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	86,071	$	—	$	—	$	86,071
Rights^(a)		—		48		—		48
Short-Term Investments		—		304		—		304
Total Investments	$	86,071	$	352	$	—	$	86,423

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

112

Schedule of Investments Guardian Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 94.8%
Aerospace & Defense 3.7%
General Dynamics Corp.		145,000	$	28,043
Raytheon Co.		107,300		21,400
				49,443
Air Freight & Logistics 0.1%
Expeditors International of Washington, Inc.^(a)		27,195		1,993
Airlines 2.0%
Delta Air Lines, Inc.^(b)		459,000		26,842
Banks 4.6%
Comerica, Inc.		268,475		26,171
JPMorgan Chase & Co.		305,580		35,013
				61,184
Biotechnology 1.4%
Gilead Sciences, Inc.		244,000		18,478
Capital Markets 5.2%
BlackRock, Inc.		38,895		18,633
Brookfield Asset Management, Inc. Class A		561,355		24,009
CME Group, Inc.		156,700		27,380
				70,022
Chemicals 1.8%
Ashland Global Holdings, Inc.		286,000		24,081
Commercial Services 1.7%
LegalZoom.com, Inc.*^(c)(d)(h)		544,184		22,812
Diversified Financial Services 0.6%
CF Corp. Class A		885,000		7,708
Electric Utilities 1.0%
NextEra Energy, Inc.		80,000		13,608
Electrical Equipment 2.1%
Eaton Corp. PLC		330,000		27,436
Electronic Equipment, Instruments & Components 2.5%
CDW Corp.		378,000		33,098
Energy Equipment & Services 1.4%
Schlumberger Ltd.		291,675		18,422
Food & Staples Retailing 1.7%
Costco Wholesale Corp.		100,000		23,313

	Number of Shares		Value (000's)
Food Products 2.6%
Conagra Brands, Inc.^(b)		830,000	$	30,503
Hain Celestial Group, Inc.*		150,000		4,284
				34,787
Health Care Providers & Services 4.0%
CVS Health Corp.		346,000		26,033
UnitedHealth Group, Inc.		103,615		27,817
				53,850
Hotels, Restaurants & Leisure 1.9%
McDonald's Corp.		154,000		24,983
Industrial Conglomerates 0.9%
3M Co.		58,215		12,279
Internet & Direct Marketing Retail 7.7%
Amazon.com, Inc.*^(a)		24,500		49,312
Booking Holdings, Inc.*		14,275		27,858
Expedia Group, Inc.		196,600		25,656
				102,826
Internet Software & Services 10.2%
Alphabet, Inc. Class A*		41,700		51,366
eBay, Inc.*		604,000		20,904
Facebook, Inc. Class A*		219,335		38,544
Spotify Technology SA*		131,300		24,884
				135,698
IT Services 4.7%
PayPal Holdings, Inc.*		188,680		17,421
Visa, Inc. Class A^(b)		306,340		44,998
				62,419
Machinery 0.5%
Gates Industrial Corp. PLC*		347,000		6,326
Multi-Utilities 1.7%
Brookfield Infrastructure Partners LP		569,815		22,223
Oil, Gas & Consumable Fuel 2.2%
Enbridge, Inc.		857,000		29,284
Professional Services 5.8%
Equifax, Inc.		242,000		32,421
IHS Markit Ltd.*		623,000		34,265

	Number of Shares		Value (000's)
Verisk Analytics, Inc.*^(a)		92,570	$	11,024
				77,710
Road & Rail 2.5%
CSX Corp.^(b)		261,735		19,410
Norfolk Southern Corp.		79,000		13,734
				33,144
Software 6.5%
Activision Blizzard, Inc.^(a)		166,000		11,969
Microsoft Corp.		484,000		54,368
salesforce.com, inc.*		135,200		20,642
				86,979
Specialty Retail 6.1%
Home Depot, Inc.		139,000		27,907
Hudson Ltd. Class A*		681,000		14,028
Lowe's Cos., Inc.		198,765		21,616
Tractor Supply Co.^(b)		208,200		18,380
				81,931
Technology Hardware, Storage & Peripherals 3.5%
Apple, Inc.		205,000		46,664
Textiles, Apparel & Luxury Goods 2.4%
PVH Corp.^(b)		222,000		31,782
Trading Companies & Distributors 1.8%
HD Supply Holdings, Inc.*		520,000		23,707
Total Common Stocks (Cost $916,320)				1,265,032
Preferred Stocks 0.8%
Health Care 0.8%
Moderna, Inc. Ser. F*^(c)(d)(h)		990,888		9,968
Moderna, Inc. Ser. G*^(c)(d)(h)		72,603		730
Total Preferred Stocks (Cost $9,430)				10,698
Master Limited Partnerships 1.0%
Capital Markets 1.0%
Blackstone Group LP (Cost $13,110)		363,745		13,426
Total Options Purchased 0.1%^(e) (Cost $1,468)				1,304

See Notes to Financial Statements

113

Schedule of Investments Guardian Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 3.7%
Investment Companies 3.7%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(a)(f) (Cost $48,774)		48,774,274	$	48,774
Total Investments 100.4% (Cost $989,102)				1,339,234
Liabilities Less Other Assets (0.4)%^(g)				(4,902	)
Net Assets 100.0%			$	1,334,332

* Non-income producing security.

(a) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $116,716,000.

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

(d) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees.Total value of all such securities at August 31, 2018 amounted to approximately $33,510,000, which represents 2.5% of net assets of the Fund.

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

(f) Represents 7-day effective yield as of August 31, 2018.

(g) Includes the impact of the Fund's open positions in derivatives at August 31, 2018.

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

At August 31, 2018, these securities amounted to approximately $33,510,000, which represents 2.5% of net assets of the Fund.

(000's omitted) Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Fair Value Value as of 8/31/2018		Percentage of Net Assets as of 8/31/2018
LegalZoom.com, Inc.	8/21/2018	$	22,812		1.7	%	$	22,812		1.7	%
Moderna, Inc. (Ser. F Preferred Shares)	8/10/2016		8,700		0.8	%		9,968		0.7	%
Moderna, Inc. (Ser. G Preferred Shares)	1/30/2018		730		0.1	%		730		0.1	%
Total		$	32,242		2.6	%	$	33,510		2.5	%

See Notes to Financial Statements

114

Schedule of Investments Guardian Fund (cont'd)

Derivative Instruments

Purchased option contracts ("options purchased")

At August 31, 2018, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Aerospace & Defense
General Dynamics Corp.		220	$	4,254,800	$	205	11/16/2018	$	46,750
Capital Markets
BlackRock, Inc.		127		6,084,062		500	1/18/2019		173,990
Food Products
Hain Celestial Group, Inc.		600		1,713,600		36	11/16/2018		16,500
Hain Celestial Group, Inc.		1,000		2,856,000		31	11/16/2018		112,500
									129,000
Internet & Direct Marketing Retail
Booking Holdings, Inc.		16		3,122,480		2,100	10/19/2018		16,480
Machinery
Caterpillar, Inc.		472		6,553,720		150	11/16/2018		115,640
Professional Services
Equifax, Inc.		621		8,319,537		130	1/18/2019		565,110
Specialty Retail
Lowe's Cos., Inc.		473		5,143,875		110	1/18/2019		249,508
Textiles, Apparel & Luxury Goods
PVH Corp.		185		2,648,460		155	9/21/2018		7,400
Total options purchased (cost $1,467,758)									$1,303,878

See Notes to Financial Statements

115

Schedule of Investments Guardian Fund (cont'd)

Written option contracts ("options written")

At August 31, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Chemicals
Ashland Global Holdings, Inc.		314	$	(2,643,880	)	$	85	10/19/2018	$	(57,305	)
Total calls									$	(57,305	)
Puts
Aerospace & Defense
General Dynamics Corp.		220		(4,254,800	)	$	180	11/16/2018	$	(49,500	)
Banks
Comerica, Inc.		315		(3,070,620	)		90	1/18/2019		(76,230	)
Capital Markets
BlackRock, Inc.		127		(6,084,062	)		430	1/18/2019		(87,630	)
Food Products
Conagra Brands, Inc.		800		(2,940,000	)		33	9/21/2018		(0	)^(a)(b)
Hain Celestial Group, Inc.		600		(1,713,600	)		28	11/16/2018		(96,000	)
Hain Celestial Group, Inc.		1,000		(2,856,000	)		25	11/16/2018		(60,000	)
										(156,000	)
Internet & Direct Marketing Retail
Booking Holdings, Inc.		17		(3,317,635	)		1,900	10/19/2018		(52,615	)
Internet Software & Services
Facebook, Inc. Class A		253		(4,445,969	)		160	11/16/2018		(92,345	)
Machinery
Caterpillar, Inc.		472		(6,553,720	)		120	11/16/2018		(59,236	)
Specialty Retail
Lowe's Cos., Inc.		473		(5,143,875	)		92.5	1/18/2019		(50,848	)
Textiles, Apparel & Luxury Goods
PVH Corp.		370		(5,296,920	)		140	9/21/2018		(66,600	)
Total puts									$	(691,004	)
Total options written (premium received $1,273,548)									$	(748,309	)

(a) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees.

(b) Value determined using significant unobservable inputs.

At August 31, 2018, the Fund had an average market value of $1,897,529 in options purchased and $(1,338,783) in options written. The Fund had securities pledged in the amount of $ 36,162,891 to cover collateral requirements for options written.

See Notes to Financial Statements

116

Schedule of Investments Guardian Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks
Commercial Services	$	—	$	—	$	22,812	$	22,812
Other Common Stocks^(a)		1,242,220		—		—		1,242,220
Total Common Stocks		1,242,220		—		22,812		1,265,032
Preferred Stocks^(a)		—		—		10,698		10,698
Master Limited Partnerships^(a)		13,426		—		—		13,426
Options Purchased^(b)		1,304		—		—		1,304
Short-Term Investments		—		48,774		—		48,774
Total Investments	$	1,256,950	$	48,774	$	33,510	$	1,339,234

(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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Investments in Securities: (000's omitted)
Common Stocks
Commercial Services	$	—	$	—	$	—	$	—	$	22,812	$	—	$	—	$	—	$	22,812	$	—

Preferred
Stocks

Health Care					8,700				—				—				1,268				730				—				—				—				10,698				1,268
Total				$	8,700			$	—			$	—			$	1,268			$	23,542			$	—			$	—			$	—			$	33,510			$	1,268

See Notes to Financial Statements

117

Schedule of Investments Guardian Fund (cont'd)

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 August 31, 2018.

Asset
class

Fair value
at 8/31/2018

Valuation
approach

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
increase
in input^(a)

Common
Stocks

22,812,193

Market Approach

Transaction Price

41.92

Increase

Preferred Stocks

9,968,333

Market Approach

Transaction Price

10.06

Increase

Preferred Stocks

730,387

Market Approach

Transaction Price

10.06

Increase

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

As of the year ended August 31, 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 August 31, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(a)			Total
Options Written
Liabilities	$	(748	)	$	—	$	(0	)	$	(748	)
Total	$	(748	)	$	—	$	(0	)	$	(748	)

(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 8/31/2018			Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Other Financial Instruments: (000's omitted)
Options Written^(b)
Food Products	$	—	$	—	$	—	$	56	$	—	$	(56	)	$	—	$	—	$	(0	)	$	56
Total	$	—	$	—	$	—	$	56	$	—	$	(56	)	$	—	$	—	$	(0	)	$	56

(b) As of the year ended August 31, 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

118

Schedule of Investments International Equity Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.4%
Australia 0.9%
Insurance Australia Group Ltd.		3,351,245	$	18,599
Austria 1.3%
BAWAG Group AG^(a)		567,663		26,541
Belgium 0.9%
KBC Group NV		258,056		18,332
Canada 3.7%
Alimentation Couche-Tard, Inc. Class B		548,535		26,262
Kinaxis, Inc.*		338,432		25,537
Suncor Energy, Inc.		626,142		25,775
				77,574
China 2.7%
Alibaba Group Holding Ltd. ADR*		214,569		37,552
Baidu, Inc. ADR*		82,186		18,613
				56,165
Denmark 0.9%
Danske Bank A/S		654,753		19,264
Finland 0.6%
Huhtamaki OYJ^(b)		364,985		13,070
France 6.7%
Air Liquide SA		177,380		22,340
Arkema SA		129,995		16,281
Pernod-Ricard SA		191,635		30,252
SPIE SA		886,713		16,797
TOTAL SA		494,507		30,921
Valeo SA		497,274		22,575
				139,166
Germany 10.3%
Brenntag AG		306,805		18,497
Continental AG		115,245		21,143
CTS Eventim AG & Co. KGaA		606,105		26,875
Deutsche Boerse AG		125,226		17,297
Gerresheimer AG		244,543		20,437
Henkel AG & Co. KGaA, Preference Shares		217,829		27,800
Infineon Technologies AG		1,034,166		26,313
SAP SE ADR		239,089		28,629

	Number of Shares		Value (000's)
Scout24 AG^(a)		208,685	$	10,794
Stabilus SA		174,117		15,299
				213,084
Hong Kong 3.0%
HKBN Ltd.		18,178,800		27,006
Techtronic Industries Co. Ltd.		5,639,300		34,488
				61,494
Ireland 2.1%
CRH PLC		425,985		14,100
Greencore Group PLC		5,062,632		11,420
Kerry Group PLC Class A		165,927		18,923
				44,443
Israel 2.1%
Check Point Software Technologies Ltd.*		255,401		29,675
Tower Semiconductor Ltd.*		636,400		13,874
				43,549
Italy 0.5%
Brembo SpA		696,614		9,315
Japan 15.9%
Bridgestone Corp.		750,500		27,646
Daikin Industries Ltd.		321,400		40,989
Hoya Corp.		371,500		21,723
Ichigo, Inc.^(b)		5,519,900		22,554
Kansai Paint Co. Ltd.		1,026,300		20,293
Kao Corp.		243,600		18,910
Keyence Corp.		67,600		38,263
Kose Corp.		140,700		25,959
Nabtesco Corp.		627,850		16,370
Santen Pharmaceutical Co. Ltd.		638,100		9,832
Sanwa Holdings Corp.		919,200		10,540
Shionogi & Co. Ltd.		504,500		29,314
SMC Corp.		76,500		25,454
Toyota Motor Corp.		343,900		21,449
				329,296
Luxembourg 0.9%
Befesa SA*^(a)		446,508		19,565

	Number of Shares		Value (000's)
Mexico 0.7%
Infraestructura Energetica Nova SAB de CV		3,260,550	$	15,211
Netherlands 7.6%
AerCap Holdings NV*		601,950		34,293
ASML Holding NV		291,275		59,384
Heineken NV		282,836		27,952
Intertrust NV^(a)		849,875		15,537
NXP Semiconductors NV*		222,376		20,712
				157,878
Norway 1.1%
Sbanken ASA^(a)		2,181,980		21,986
Portugal 1.3%
Galp Energia SGPS SA		1,289,885		26,157
Singapore 0.9%
DBS Group Holdings Ltd.		1,079,000		19,614
Switzerland 13.6%
Bucher Industries AG		28,576		10,018
Cie Financiere Richemont SA		243,939		21,569
Ferguson PLC		290,402		23,271
Givaudan SA		13,960		33,962
Julius Baer Group Ltd.*		417,162		22,174
Novartis AG		204,642		16,971
Partners Group Holding AG		38,180		29,977
Roche Holding AG		91,960		22,846
SGS SA		9,976		26,277
Sonova Holding AG		103,898		19,713
Tecan Group AG		149,800		35,794
UBS Group AG*		1,286,304		20,086
				282,658
United Kingdom 16.8%
Aon PLC		222,000		32,314
Biffa PLC^(a)		3,897,198		12,581
Bunzl PLC		1,136,828		35,343
Clinigen Group PLC		2,136,427		27,628
Compass Group PLC		1,550,956		33,348
DCC PLC		196,385		17,708
Howden Joinery Group PLC		650,693		4,156
IMI PLC		1,324,490		20,743

See Notes to Financial Statements

119

Schedule of Investments International Equity Fund (cont'd)

	Number of Shares		Value (000's)
Lloyds Banking Group PLC		23,321,129	$	17,929
London Stock Exchange Group PLC		391,899		23,493
Prudential PLC		1,256,742		28,268
RELX PLC		1,589,533		35,239
Spectris PLC		451,290		13,773
St. James's Place PLC		2,012,469		29,522
Unilever NV		275,951		15,870
				347,915
United States 3.9%
Core Laboratories NV^(b)		132,446		15,172
Samsonite International SA*^(a)		8,290,348		33,536

	Number of Shares		Value (000's)
Sensata Technologies Holding PLC*		612,943	$	32,455
				81,163
Total Common Stocks (Cost $1,825,159)				2,042,039
Short-Term Investments 2.3%
Investment Companies 2.3%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(c)		29,275,386		29,275

	Number of Shares		Value (000's)
State Street Navigator Securities Lending Government Money Market Portfolio, 1.93%^(c)(d)		18,919,611	$	18,920
Total Short-Term Investments (Cost $48,195)				48,195
Total Investments 100.7% (Cost $1,873,354)				2,090,234
Liabilities Less Other Assets (0.7)%				(14,453	)
Net Assets 100.0%			$	2,075,781

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $140,540,000, which represents 6.8% of net assets of the Fund.

(b) The security or a portion of this security is on loan at August 31, 2018. Total value of all such securities at August 31, 2018 amounted to approximately $18,373,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

120

Schedule of Investments International Equity Fund (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Capital Markets	$	142,549		6.9	%
Banks		123,666		6.0	%
Semiconductors & Semiconductor Equipment		120,283		5.8	%
Trading Companies & Distributors		115,560		5.6	%
Chemicals		92,876		4.5	%
Machinery		87,884		4.2	%
Life Sciences Tools & Services		83,859		4.0	%
Software		83,841		4.0	%
Oil, Gas & Consumable Fuels		82,853		4.0	%
Auto Components		80,679		3.9	%
Insurance		79,181		3.8	%
Pharmaceuticals		78,963		3.8	%
Professional Services		77,053		3.7	%
Internet Software & Services		66,959		3.2	%
Personal Products		60,739		2.9	%
Beverages		58,204		2.8	%
Textiles, Apparel & Luxury Goods		55,105		2.7	%
Electronic Equipment, Instruments & Components		52,036		2.5	%
Building Products		51,529		2.5	%
Commercial Services & Supplies		48,943		2.4	%
Health Care Equipment & Supplies		41,436		2.0	%
Household Durables		34,488		1.7	%
Hotels, Restaurants & Leisure		33,348		1.6	%
Electrical Equipment		32,455		1.6	%
Food Products		30,343		1.5	%
Household Products		27,800		1.3	%
Diversified Telecommunication Services		27,006		1.3	%
Media		26,875		1.3	%
Food & Staples Retailing		26,262		1.3	%
Real Estate Management & Development		22,554		1.1	%
Automobiles		21,449		1.0	%
Industrial Conglomerates		17,708		0.8	%
Gas Utilities		15,211		0.7	%
Energy Equipment & Services		15,172		0.7	%
Construction Materials		14,100		0.7	%
Containers & Packaging		13,070		0.6	%
Short-Term Investments and Other Liabilities—Net		33,742		1.6	%
	$	2,075,781		100.0	%

See Notes to Financial Statements

121

Schedule of Investments International Equity Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,042,039	$	—	$	—	$	2,042,039
Short-Term Investments		—		48,195		—		48,195
Total Investments	$	2,042,039	$	48,195	$	—	$	2,090,234

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

122

Schedule of Investments International Select Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.5%
Australia 0.7%
Insurance Australia Group Ltd.		224,652	$	1,247
Austria 1.3%
BAWAG Group AG^(a)		46,607		2,179
Belgium 0.9%
KBC Group NV		21,116		1,500
Canada 2.8%
Alimentation Couche-Tard, Inc. Class B		45,073		2,158
Suncor Energy, Inc.		62,490		2,572
				4,730
China 2.9%
Alibaba Group Holding Ltd. ADR*		19,876		3,478
Baidu, Inc. ADR*		6,666		1,510
				4,988
Denmark 0.9%
Danske Bank A/S		54,454		1,602
France 9.4%
Air Liquide SA		10,073		1,269
Arkema SA		10,811		1,354
L'Oreal SA		9,369		2,248
Pernod-Ricard SA		15,726		2,482
Schneider Electric SE		23,720		1,934
SPIE SA		71,299		1,351
TOTAL SA		55,907		3,496
Valeo SA		40,563		1,841
				15,975
Germany 10.4%
Brenntag AG		24,993		1,507
Continental AG		10,185		1,869
CTS Eventim AG & Co. KGaA		49,592		2,199
Deutsche Boerse AG		13,613		1,880
Gerresheimer AG		19,948		1,667
Henkel AG & Co. KGaA, Preference Shares		20,757		2,649
Infineon Technologies AG		84,505		2,150
SAP SE ADR		23,449		2,808
Scout24 AG^(a)		17,000		879
				17,608
Hong Kong 3.3%
AIA Group Ltd.		257,900		2,225

	Number of Shares		Value (000's)
Techtronic Industries Co. Ltd.		542,100	$	3,315
				5,540
Ireland 1.8%
CRH PLC		51,063		1,690
Kerry Group PLC Class A		12,208		1,392
				3,082
Israel 2.7%
Check Point Software Technologies Ltd.*		29,209		3,394
Tower Semiconductor Ltd.*		52,000		1,134
				4,528
Italy 0.5%
Brembo SpA		59,156		791
Japan 16.2%
Bridgestone Corp.		53,200		1,960
Daikin Industries Ltd.		25,900		3,303
Hoya Corp.		29,600		1,731
Kansai Paint Co. Ltd.		105,000		2,076
Kao Corp.		31,800		2,469
Keyence Corp.		6,300		3,566
Kose Corp.		12,300		2,269
Nabtesco Corp.		51,600		1,345
Omron Corp.		25,500		1,142
Sanwa Holdings Corp.		75,600		867
Shionogi & Co. Ltd.		41,500		2,411
SMC Corp.		7,600		2,529
Toyota Motor Corp.		29,300		1,827
				27,495
Netherlands 7.1%
AerCap Holdings NV*		51,624		2,941
ASML Holding NV		25,031		5,103
Heineken NV		23,060		2,279
NXP Semiconductors NV*		18,198		1,695
				12,018
Portugal 1.0%
Galp Energia SGPS SA		84,493		1,713
Singapore 1.0%
DBS Group Holdings Ltd.		88,700		1,612

	Number of Shares		Value (000's)
Sweden 0.8%
Swedbank AB, A Shares		60,457	$	1,407
Switzerland 13.3%
Cie Financiere Richemont SA		20,113		1,779
Ferguson PLC		23,860		1,912
Givaudan SA		1,132		2,754
Julius Baer Group Ltd.*		32,373		1,721
Novartis AG		28,423		2,357
Partners Group Holding AG		3,126		2,454
Roche Holding AG		11,791		2,929
SGS SA		969		2,552
Sonova Holding AG		10,704		2,031
UBS Group AG*		131,118		2,048
				22,537
United Kingdom 17.1%
Aon PLC		20,541		2,990
Bunzl PLC		108,327		3,368
Compass Group PLC		126,273		2,715
DCC PLC		17,375		1,567
Howden Joinery Group PLC		77,932		498
IMI PLC		136,208		2,133
Lloyds Banking Group PLC		2,385,584		1,834
London Stock Exchange Group PLC		31,491		1,888
Prudential PLC		102,735		2,311
Reckitt Benckiser Group PLC		22,112		1,880
RELX PLC		151,215		3,352
Spectris PLC		37,613		1,148
St. James's Place PLC		165,617		2,430
Unilever NV		14,733		847
				28,961
United States 4.4%
Core Laboratories NV^(b)		13,526		1,550
Samsonite International SA^(a)		680,141		2,751
Sensata Technologies Holding PLC*		58,832		3,115
				7,416
Total Common Stocks (Cost $153,899)				166,929

See Notes to Financial Statements

123

Schedule of Investments International Select Fund (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 1.5%
Investment Companies 1.5%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(c)		1,032,345	$	1,032
State Street Navigator Securities Lending Government Money Market Portfolio, 1.93%^(c)(d)		1,585,689		1,586
Total Short-Term Investments (Cost $2,618)				2,618
Total Investments 100.0% (Cost $156,517)				169,547
Liabilities Less Other Assets (0.0)%^(e)				(71	)
Net Assets 100.0%			$	169,476

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $5,809,000, which represents 3.4% of net assets of the Fund.

(b) The security or a portion of this security is on loan at August 31, 2018. Total value of all such securities at August 31, 2018 amounted to approximately $1,549,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents investment of cash collateral received from securities lending.

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

See Notes to Financial Statements

124

Schedule of Investments International Select Fund (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Capital Markets	$	12,421		7.3	%
Trading Companies & Distributors		10,226		6.0	%
Banks		10,134		6.0	%
Semiconductors & Semiconductor Equipment		10,082		5.9	%
Insurance		8,773		5.1	%
Personal Products		7,833		4.6	%
Oil, Gas & Consumable Fuels		7,781		4.6	%
Pharmaceuticals		7,697		4.5	%
Chemicals		7,453		4.4	%
Auto Components		6,461		3.8	%
Software		6,202		3.7	%
Machinery		6,007		3.5	%
Professional Services		5,904		3.5	%
Internet Software & Services		5,867		3.5	%
Electronic Equipment, Instruments & Components		5,856		3.5	%
Electrical Equipment		5,049		3.0	%
Beverages		4,761		2.8	%
Textiles, Apparel & Luxury Goods		4,530		2.7	%
Household Products		4,529		2.7	%
Building Products		4,170		2.5	%
Health Care Equipment & Supplies		3,762		2.2	%
Household Durables		3,315		2.0	%
Hotels, Restaurants & Leisure		2,715		1.6	%
Media		2,199		1.3	%
Food & Staples Retailing		2,158		1.3	%
Automobiles		1,827		1.1	%
Construction Materials		1,690		1.0	%
Life Sciences Tools & Services		1,667		1.0	%
Industrial Conglomerates		1,567		0.9	%
Energy Equipment & Services		1,550		0.9	%
Food Products		1,392		0.8	%
Commercial Services & Supplies		1,351		0.8	%
Short-Term Investments and Other Liabilities—Net		2,547		1.5	%
	$	169,476		100.0	%

See Notes to Financial Statements

125

Schedule of Investments International Select Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	166,929	$	—	$	—	$	166,929
Short-Term Investments		—		2,618		—		2,618
Total Investments	$	166,929	$	2,618	$	—	$	169,547

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

126

Schedule of Investments International Small Cap Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 96.5%
Australia 1.6%
SpeedCast International Ltd.		13,963	$	42
Steadfast Group Ltd.		31,775		68
				110
Austria 0.9%
Schoeller-Bleckmann Oilfield Equipment AG		549		59
Canada 5.1%
ATS Automation Tooling Systems, Inc.*		3,451		58
Colliers International Group, Inc.		1,255		102
Computer Modelling Group Ltd.		11,201		75
Kinaxis, Inc.*		1,478		112
				347
Denmark 3.4%
Schouw & Co. A/S		1,108		87
SimCorp A/S		782		74
Sydbank A/S		2,345		69
				230
Finland 1.3%
Kemira OYJ		6,780		90
France 3.7%
ESI Group*		1,447		73
Trigano SA		626		92
Virbac SA*		555		85
				250
Germany 7.1%
Dermapharm Holding SE*		2,544		85
Jenoptik AG		2,656		104
SAF-Holland SA		4,685		73
Stabilus SA		1,200		106
Washtec AG		1,195		116
				484
Ireland 1.3%
Applegreen PLC^(a)(b)		12,605		89
Italy 3.2%
Anima Holding SpA^(c)		10,391		48
Carel Industries SpA*^(c)		8,296		87
Cerved Group SpA		7,818		82
				217

	Number of Shares		Value (000's)
Japan 21.9%
Aeon Delight Co. Ltd.		2,250	$	81
Amano Corp.		4,600		96
Ariake Japan Co. Ltd.		1,200		108
Azbil Corp.		2,300		100
Chugoku Marine Paints Ltd.		7,400		73
Fukushima Industries Corp.		1,325		64
Ichigo, Inc.		16,100		66
Konishi Co. Ltd.		5,400		85
Nihon Parkerizing Co. Ltd.		6,700		89
Nohmi Bosai Ltd.		4,600		97
Okamoto Industries, Inc.		6,500		72
Optex Group Co. Ltd.^(d)		2,500		56
Prestige International, Inc.		9,200		106
Relo Group, Inc.		3,900		107
SHO-BOND Holdings Co. Ltd.		1,600		112
Shoei Co. Ltd.^(d)		2,300		98
Sun Frontier Fudousan Co. Ltd.		7,000		86
				1,496
Luxembourg 1.1%
Befesa SA*^(c)		1,736		76
Netherlands 2.3%
Corbion NV		2,790		88
Intertrust NV^(c)		3,640		66
				154
Norway 2.4%
Borregaard ASA		8,225		78
Sbanken ASA^(c)		8,894		90
				168
Singapore 1.5%
Haw Par Corp. Ltd.		10,400		103
Spain 1.4%
Applus Services SA		6,895		94
Sweden 6.5%
Cloetta AB, B Shares		28,245		85
Dustin Group AB^(c)		8,619		85
Getinge AB, B Shares		5,791		69
Sweco AB, B Shares		4,003		102
Thule Group AB^(c)		4,420		104
				445

	Number of Shares		Value (000's)
Switzerland 16.0%
Ascom Holding AG		4,589	$	91
Autoneum Holding AG		375		89
Belimo Holding AG		21		107
Bossard Holding AG Class A		485		100
Comet Holding AG*^(d)		740		73
Interroll Holding AG		51		106
Kardex AG*		534		96
Komax Holding AG		300		101
Medartis Holding AG*^(c)		1,031		78
Tecan Group AG		470		112
u-blox Holding AG*		460		69
VZ Holding AG		217		67
				1,089
United Kingdom 15.8%
Amigo Holdings PLC*^(c)		18,411		63
Biffa PLC^(c)		29,805		96
Big Yellow Group PLC		5,535		68
Clarkson PLC		2,040		75
Clinigen Group PLC		8,545		110
Dechra Pharmaceuticals PLC		2,589		105
Diploma PLC		4,906		93
Essentra PLC		14,014		81
Gocompare.Com Group PLC		61,643		82
Johnson Service Group PLC		51,245		93
Restore PLC^(d)		15,770		105
RPS Group PLC		22,449		68
Sensyne Health Ltd.*		15,331		39
				1,078
Total Common Stocks (Cost $6,458)				6,579
Short-Term Investments 7.5%
Investment Companies 7.5%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(e)		288,246		288

See Notes to Financial Statements

127

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

	Number of Shares		Value (000's)
State Street Navigator Securities Lending Government Money Market Portfolio, 1.93%^(e)(f)		224,760	$	225
Total Short-Term Investments (Cost $513)				513
Total Investments 104.0% (Cost $6,971)				7,092
Liabilities Less Other Assets (4.0)%				(272	)
Net Assets 100.0%			$	6,820

* Non-income producing security.

(a) Security fair valued as of August 31, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2018 amounted to approximately $89,000, which represents 1.3% of net assets of the Fund.

(b) Value determined using significant unobservable inputs.

(c) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 August 31, 2018 amounted to approximately $793,000, which represents 11.6% of net assets of the Fund.

(d) The security or a portion of this security is on loan at August 31, 2018. Total value of all such securities at August 31, 2018 amounted to approximately $215,000 for the Fund (see Note A of the Notes to Financial Statements).

(e) Represents 7-day effective yield as of August 31, 2018.

(f) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

128

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

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Chemicals	$	656		9.6	%
Machinery		647		9.5	%
Commercial Services & Supplies		625		9.2	%
Electronic Equipment, Instruments & Components		613		9.0	%
Pharmaceuticals		378		5.5	%
Real Estate Management & Development		361		5.3	%
Food Products		280		4.1	%
Auto Components		260		3.8	%
Software		259		3.8	%
Life Sciences Tools & Services		222		3.3	%
Construction & Engineering		214		3.1	%
Leisure Products		196		2.9	%
Trading Companies & Distributors		193		2.8	%
Professional Services		160		2.4	%
Banks		159		2.3	%
Health Care Equipment & Supplies		147		2.2	%
Energy Equipment & Services		134		2.0	%
Health Care Technology		130		1.9	%
Capital Markets		115		1.7	%
Building Products		107		1.6	%
Specialty Retail		89		1.3	%
Internet & Direct Marketing Retail		85		1.2	%
Internet Software & Services		82		1.2	%
Diversified Financial Services		82		1.2	%
Marine		75		1.1	%
Semiconductors & Semiconductor Equipment		69		1.0	%
Equity Real Estate Investment Trusts		68		1.0	%
Insurance		68		1.0	%
Consumer Finance		63		0.9	%
Diversified Telecommunication Services		42		0.6	%
Short-Term Investments and Other Liabilities—Net		241		3.5	%
	$	6,820		100.0	%

See Notes to Financial Statements

129

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Ireland	$	—	$	—	$	89	$	89
Other Common Stocks^(a)		6,490		—		—		6,490
Total Common Stocks		6,490		—		89		6,579
Short-Term Investments		—		513		—		513
Total Investments	$	6,490	$	513	$	89	$	7,092

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

(b) 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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Investments in Securities (000's omitted)
Common Stocks Ireland	$	—	$	—	$	(0	)^(c)	$	(0	)^(c)	$	89	$	(0	)^(c)	$	—	$	—	$	89	$	(0	)^(c)
Total	$	—	$	—	$	(0	)^(c)	$	(0	)^(c)	$	89	$	(0	)^(c)	$	—	$	—	$	89	$	(0	)^(c)

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

130

Schedule of Investments Intrinsic Value Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.7%
Aerospace & Defense 5.7%
Esterline Technologies Corp.*		48,000	$	4,125
KEYW Holding Corp.*		881,906		7,505
Mercury Systems, Inc.*		163,147		8,893
Spirit AeroSystems Holdings, Inc. Class A		136,490		11,670
Teledyne Technologies, Inc.*		36,452		8,649
				40,842
Banks 5.3%
BankUnited, Inc.		178,104		6,909
Comerica, Inc.		69,974		6,821
Huntington Bancshares, Inc.		432,730		7,014
TCF Financial Corp.		409,900		10,391
Texas Capital Bancshares, Inc.*		82,200		7,308
				38,443
Capital Markets 0.0%^(a)
Alimco Financial Corp.*		6,637		77
Commercial Services & Supplies 3.3%
Clean Harbors, Inc.*		161,814		11,099
Covanta Holding Corp.		431,400		7,614
Stericycle, Inc.*		87,100		5,373
				24,086
Communications Equipment 10.6%
ARRIS International PLC*		893,471		23,150
Ciena Corp.*		1,002,583		31,661
Infinera Corp.*		1,141,900		10,220
Ribbon Communications, Inc.*		640,499		4,432
Viavi Solutions, Inc.*		618,099		6,923
				76,386
Construction & Engineering 2.2%
KBR, Inc.		545,600		11,447
Valmont Industries, Inc.		30,700		4,310
				15,757

	Number of Shares		Value (000's)
Containers & Packaging 4.3%
Avery Dennison Corp.		151,336	$	15,918
Crown Holdings, Inc.*		349,526		14,963
				30,881
Electrical Equipment 0.4%
Babcock & Wilcox Enterprises, Inc.*		2,131,540		2,984
Electronic Equipment, Instruments & Components 3.1%
II-VI, Inc.*		95,430		4,748
Itron, Inc.*		139,731		9,278
Maxwell Technologies, Inc.*		530,100		1,892
OSI Systems, Inc.*		83,900		6,535
				22,453
Energy Equipment & Services 3.9%
Dril-Quip, Inc.*		87,900		4,628
Forum Energy Technologies, Inc.*		298,600		3,568
ION Geophysical Corp.*		115,431		2,072
McDermott International, Inc.*		189,366		3,662
Oil States International, Inc.*		136,700		4,627
Patterson-UTI Energy, Inc.		180,300		3,089
Superior Energy Services, Inc.*		383,100		3,448
TETRA Technologies, Inc.*		695,992		3,195
				28,289
Equity Real Estate Investment Trusts 1.5%
InfraREIT, Inc.		234,100		4,891
Uniti Group, Inc.		271,000		5,642
				10,533
Food Products 1.8%
Hain Celestial Group, Inc.*		193,100		5,515
TreeHouse Foods, Inc.*		148,900		7,758
				13,273

	Number of Shares		Value (000's)
Health Care Equipment & Supplies 1.8%
Accuray, Inc.*		1,313,739	$	5,255
AtriCure, Inc.*		225,300		7,784
				13,039
Health Care Providers & Services 2.9%
Acadia Healthcare Co., Inc.*		225,300		9,357
Molina Healthcare, Inc.*		77,161		10,648
Patterson Cos., Inc.		55,100		1,242
				21,247
Health Care Technology 1.7%
Allscripts Healthcare Solutions, Inc.*		842,400		12,307
Hotels, Restaurants & Leisure 1.1%
SeaWorld Entertainment, Inc.*		273,600		8,022
Household Durables 0.8%
Tempur Sealy International, Inc.*		101,200		5,606
Independent Power and Renewable Electricity Producers 2.5%
Atlantic Power Corp.*		2,059,835		4,532
Ormat Technologies, Inc.		133,741		7,041
Vistra Energy Corp.*		287,561		6,769
				18,342
Internet Software & Services 0.4%
Cloudera, Inc.*		179,600		2,696
IT Services 6.2%
Acxiom Corp.*		259,700		11,866
Conduent, Inc.*		524,800		12,165
CoreLogic, Inc.*		277,325		14,099
Unisys Corp.*		373,700		6,951
				45,081
Life Sciences Tools & Services 5.8%
Charles River Laboratories International, Inc.*		149,771		18,498
Fluidigm Corp.*		1,334,159		10,567
Luminex Corp.		262,400		7,402
NanoString Technologies, Inc.*		354,000		5,724
				42,191

See Notes to Financial Statements

131

Schedule of Investments Intrinsic Value Fund (cont'd)

	Number of Shares		Value (000's)
Machinery 4.5%
Actuant Corp. Class A		273,075	$	8,042
Harsco Corp.*		359,300		10,150
ITT, Inc.		138,100		8,163
Manitowoc Co., Inc.*		134,975		3,130
Twin Disc, Inc.*		124,809		3,189
				32,674
Marine 0.1%
Danaos Corp.*		416,659		688
Media 0.7%
MSG Networks, Inc. Class A*		192,753		4,684
Metals & Mining 1.4%
Cleveland-Cliffs, Inc.*		999,600		10,046
Pharmaceuticals 2.7%
Amneal Pharmaceuticals, Inc.*		508,110		11,737
Intersect ENT, Inc.*		95,588		2,801
Mallinckrodt PLC*		142,700		4,918
				19,456
Road & Rail 2.8%
Avis Budget Group, Inc.*		179,200		5,575
Hertz Global Holdings, Inc.*		373,900		6,584
Ryder System, Inc.		104,704		8,046
				20,205
Semiconductors & Semiconductor Equipment 8.5%
CEVA, Inc.*		131,900		4,036
Cypress Semiconductor Corp.		691,935		11,908
Impinj, Inc.*		138,500		2,975
MACOM Technology Solutions Holdings, Inc.*		467,418		10,774
Mellanox Technologies Ltd.*		205,550		17,102
Rambus, Inc.*		719,544		8,793
Veeco Instruments, Inc.*		484,300		5,812
				61,400

	Number of Shares		Value (000's)
Software 8.9%
FireEye, Inc.*		679,700	$	11,283
Nuance Communications, Inc.*		940,400		15,347
OneSpan, Inc.*		255,300		4,787
Seachange International, Inc.*		608,767		1,004
TiVo Corp.		658,430		8,988
Verint Systems, Inc.*		475,761		23,098
				64,507
Specialty Retail 2.8%
Chico's FAS, Inc.		417,300		3,806
Express, Inc.*		443,000		4,970
New York & Co., Inc.*		247,000		1,124
Office Depot, Inc.		1,892,367		6,339
Party City Holdco, Inc.*		243,490		3,738
				19,977
Technology Hardware, Storage & Peripherals 0.4%
Diebold Nixdorf, Inc.		468,800		2,227
Quantum Corp.*		194,175		392
				2,619
Textiles, Apparel & Luxury Goods 0.6%
Crocs, Inc.*		213,900		4,419
Total Common Stocks (Cost $512,865)				713,210
Convertible Preferred Stocks 0.6%
Independent Power and Renewable Electricity Producers 0.6%
Vistra Energy Corp., 7.00%, due 7/1/19 (Cost $4,926)		51,300		4,875

	Principal Amount		Value (000's)
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	$	4,088
Total Investments 99.9% (Cost $522,291)				722,173
Other Assets Less Liabilities 0.1%				362
Net Assets 100.0%			$	722,535

See Notes to Financial Statements

132

Schedule of Investments Intrinsic Value Fund (cont'd)

* 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, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At August 31, 2018, these securities amounted to approximately $4,088,000, which represents 0.6% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	713,210	$	—	$	—	$	713,210
Convertible Preferred Stocks^(a)		4,875		—		—		4,875
Convertible Bonds^(a)		—		4,088		—		4,088
Total Investments	$	718,085	$	4,088	$	—	$	722,173

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

133

Schedule of Investments Large Cap Value Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.2%
Airlines 0.9%
Delta Air Lines, Inc.		232,497	$	13,596
Banks 9.0%
JPMorgan Chase & Co.		635,648		72,832
M&T Bank Corp.		107,884		19,112
PNC Financial Services Group, Inc.		110,553		15,869
SunTrust Banks, Inc.		211,894		15,587
Wells Fargo & Co.		124,150		7,260
				130,660
Biotechnology 1.1%
BioMarin Pharmaceutical, Inc.*		162,426		16,239
Capital Markets 1.5%
CME Group, Inc.		122,710		21,441
Communications Equipment 0.7%
Cisco Systems, Inc.		216,973		10,365
Diversified Telecommunication Services 5.3%
AT&T, Inc.		662,428		21,158
CenturyLink, Inc.		984,755		21,034
Verizon Communications, Inc.		644,911		35,064
				77,256
Electric Utilities 9.3%
American Electric Power Co., Inc.		386,388		27,716
Evergy, Inc.		305,800		17,446
Exelon Corp.		999,500		43,688
FirstEnergy Corp.		913,131		34,133
NextEra Energy, Inc.		76,570		13,024
				136,007
Electrical Equipment 0.9%
Emerson Electric Co.		174,028		13,353
Equity Real Estate Investment Trusts 9.0%
American Homes 4 Rent Class A		282,838		6,562
AvalonBay Communities, Inc.		47,683		8,740
Equity Residential		450,250		30,504

	Number of Shares		Value (000's)
Mid-America Apartment Communities, Inc.		42,713	$	4,423
Prologis, Inc.		234,393		15,747
Public Storage		122,562		26,054
Simon Property Group, Inc.		116,363		21,298
SL Green Realty Corp.		166,456		17,378
				130,706
Food & Staples Retailing 4.6%
Costco Wholesale Corp.		52,991		12,354
Walgreens Boots Alliance, Inc.		167,854		11,508
Walmart, Inc.		456,546		43,764
				67,626
Food Products 6.3%
Conagra Brands, Inc.		360,362		13,243
Kraft Heinz Co.		464,311		27,056
Mondelez International, Inc. Class A		1,208,108		51,610
				91,909
Health Care Equipment & Supplies 2.1%
Abbott Laboratories		315,374		21,079
Medtronic PLC		97,883		9,437
				30,516
Health Care Providers & Services 9.4%
Centene Corp.*		328,435		48,109
Cigna Corp.		104,485		19,679
CVS Health Corp.		104,394		7,855
Express Scripts Holding Co.*		88,339		7,775
HCA Healthcare, Inc.		334,847		44,906
Quest Diagnostics, Inc.		73,621		8,097
				136,421
Household Products 3.7%
Church & Dwight Co., Inc.		183,085		10,359
Procter & Gamble Co.		521,686		43,274
				53,633
Industrial Conglomerates 0.9%
Honeywell International, Inc.		86,608		13,776

	Number of Shares		Value (000's)
Insurance 4.3%
Aon PLC		88,059	$	12,818
Assurant, Inc.		56,724		5,832
Athene Holding Ltd. Class A*		367,646		18,257
Chubb Ltd.		185,727		25,118
				62,025
Life Sciences Tools & Services 0.4%
Thermo Fisher Scientific, Inc.		25,244		6,036
Machinery 1.3%
Caterpillar, Inc.		93,290		12,953
Deere & Co.		41,192		5,924
				18,877
Media 0.3%
Comcast Corp. Class A		122,534		4,533
Metals & Mining 3.2%
Newmont Mining Corp.		1,484,255		46,056
Multi-Utilities 4.3%
DTE Energy Co.		246,265		27,370
NiSource, Inc.		904,329		24,480
Sempra Energy		99,307		11,528
				63,378
Multiline Retail 1.2%
Nordstrom, Inc.		277,528		17,443
Oil, Gas & Consumable Fuels 5.6%
Cabot Oil & Gas Corp.		901,541		21,484
EOG Resources, Inc.		147,486		17,438
Exxon Mobil Corp.		340,942		27,333
Phillips 66		129,618		15,361
				81,616
Personal Products 1.7%
Unilever NV		437,441		25,144
Pharmaceuticals 8.6%
Allergan PLC		27,674		5,305
Eli Lilly & Co.		48,762		5,152
Johnson & Johnson		302,038		40,682
Merck & Co., Inc.		389,436		26,711
Pfizer, Inc.		1,151,847		47,825
				125,675
Software 0.5%
Microsoft Corp.		69,836		7,845
Specialty Retail 0.7%
Tiffany & Co.		80,731		9,902

See Notes to Financial Statements

134

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

	Number of Shares		Value (000's)
Textiles, Apparel & Luxury Goods 1.4%
lululemon Athletica, Inc.*		135,387	$	20,976
Total Common Stocks				1,433,010
(Cost $1,284,521)
Short-Term Investments 2.6%
Investment Companies 2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(a) (Cost $38,029)		38,029,366		38,029
Total Investments 100.8%				1,471,039
(Cost $1,322,550)
Liabilities Less Other Assets (0.8)%				(12,356	)
Net Assets 100.0%			$	1,458,683

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 2018.

Derivative Instruments

Written option contracts ("options written")

At August 31, 2018, the Fund did not have any outstanding options written.

For the year ended August 31, 2018, the Fund had an average market value of $(6,317,158) in options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,433,010	$	—	$	—	$	1,433,010
Short-Term Investments		—		38,029		—		38,029
Total Investments	$	1,433,010	$	38,029	$	—	$	1,471,039

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

135

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

Other Financial Instruments
(000's omitted)

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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Other Financial Instruments: (000's omitted)
Options Written^(a)Technology Hardware, Storage & Peripherals	$	(0	)	$	—	$	217	$	(217	)	$	0	$	—	$	—	$	—	$	—	$	—
Total	$	(0	)	$	—	$	217	$	(217	)	$	0	$	—	$	—	$	—	$	—	$	—

(a) At the beginning of the year, 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 August 31, 2018.

See Notes to Financial Statements

136

Schedule of Investments Mid Cap Growth Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 96.4%
Aerospace & Defense 1.1%
Harris Corp.		97,500	$	15,845
Auto Components 1.2%
Aptiv PLC		145,000		12,762
Delphi Technologies PLC		128,333		4,521
				17,283
Banks 3.3%
Comerica, Inc.		130,000		12,673
East West Bancorp, Inc.		175,000		11,093
SVB Financial Group*		77,500		25,013
				48,779
Biotechnology 6.6%
Agios Pharmaceuticals, Inc.*		100,000		8,072
Array BioPharma, Inc.*		475,000		7,396
BioMarin Pharmaceutical, Inc.*		160,000		15,997
Exelixis, Inc.*		600,000		11,274
Incyte Corp.*		220,000		16,260
Neurocrine Biosciences, Inc.*		180,000		22,131
Sarepta Therapeutics, Inc.*		85,000		11,733
Seattle Genetics, Inc.*		75,000		5,757
				98,620
Capital Markets 3.0%
Affiliated Managers Group, Inc.		62,500		9,130
Cboe Global Markets, Inc.		125,000		12,600
MarketAxess Holdings, Inc.		35,000		6,644
Raymond James Financial, Inc.		180,000		16,747
				45,121
Commercial Services & Supplies 3.5%
Brink's Co.		177,500		13,330
Cintas Corp.		100,000		21,337
Waste Connections, Inc.		225,000		17,863
				52,530
Communications Equipment 2.5%
Arista Networks, Inc.*		30,000		8,969

	Number of Shares		Value (000's)
Motorola Solutions, Inc.		160,000	$	20,538
Palo Alto Networks, Inc.*		35,000		8,090
				37,597
Construction & Engineering 0.6%
MasTec, Inc.*		200,000		8,760
Containers & Packaging 0.9%
Packaging Corp. of America		125,000		13,740
Diversified Consumer Services 2.3%
Bright Horizons Family Solutions, Inc.*		162,000		19,348
Service Corp. International		350,000		14,686
				34,034
Diversified Telecommunication Services 0.7%
Zayo Group Holdings, Inc.*		300,000		10,398
Electrical Equipment 1.8%
AMETEK, Inc.		225,000		17,316
Rockwell Automation, Inc.		55,000		9,953
				27,269
Electronic Equipment, Instruments & Components 5.5%
Amphenol Corp. Class A		209,500		19,815
CDW Corp.		282,500		24,736
Cognex Corp.		245,000		13,181
IPG Photonics Corp.*		30,000		5,264
Trimble, Inc.*		450,000		18,945
				81,941
Equity Real Estate Investment Trusts 0.7%
CyrusOne, Inc.		150,000		10,044
Food Products 0.6%
Lamb Weston Holdings, Inc.		130,000		8,788
Health Care Equipment & Supplies 5.5%
ABIOMED, Inc.*		20,000		8,132
Align Technology, Inc.*		30,000		11,595
AxoGen, Inc.*		125,000		5,481
Edwards Lifesciences Corp.*		80,000		11,539
Hill-Rom Holdings, Inc.		135,000		13,131

	Number of Shares		Value (000's)
IDEXX Laboratories, Inc.*		30,000	$	7,621
Insulet Corp.*		70,000		7,299
Merit Medical Systems, Inc.*		277,500		16,331
				81,129
Health Care Providers & Services 2.5%
Encompass Health Corp.		150,000		12,238
Tivity Health, Inc.*		375,000		12,900
WellCare Health Plans, Inc.*		40,000		12,103
				37,241
Health Care Technology 1.7%
Teladoc Health, Inc.*^(a)		75,000		5,816
Veeva Systems, Inc. Class A*		180,000		18,785
				24,601
Hotels, Restaurants & Leisure 5.0%
Aramark		300,000		12,324
International Game Technology PLC		275,000		5,786
MGM Resorts International		407,500		11,813
Norwegian Cruise Line Holdings Ltd.*		275,000		14,743
Red Rock Resorts, Inc. Class A		300,000		9,792
Vail Resorts, Inc.		67,500		20,118
				74,576
Household Products 0.7%
Church & Dwight Co., Inc.		175,000		9,901
Independent Power and Renewable Electricity Producers 0.7%
Vistra Energy Corp.*		450,000		10,593
Industrial Conglomerates 1.6%
Roper Technologies, Inc.		80,000		23,870
Internet Software & Services 3.1%
IAC/InterActive Corp*		70,000		13,804
Nutanix, Inc. Class A*		350,000		19,712
Okta, Inc.*		200,000		12,366
				45,882

See Notes to Financial Statements

137

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

	Number of Shares		Value (000's)
IT Services 5.1%
DXC Technology Co.		150,000	$	13,663
Global Payments, Inc.		190,000		23,670
Perspecta, Inc.		150,000		3,489
Square, Inc. Class A*		245,000		21,717
Total System Services, Inc.		135,000		13,114
				75,653
Life Sciences Tools & Services 2.7%
Bio-Rad Laboratories, Inc. Class A*		72,500		23,584
PRA Health Sciences, Inc.*		161,000		17,002
				40,586
Machinery 5.3%
Fortive Corp.		215,000		18,056
Gardner Denver Holdings, Inc.*		350,000		9,786
IDEX Corp.		130,000		19,917
John Bean Technologies Corp.		60,000		7,098
Milacron Holdings Corp.*		449,700		9,534
Stanley Black & Decker, Inc.		100,000		14,053
				78,444
Media 0.7%
Altice USA, Inc. Class A		600,000		10,752
Oil, Gas & Consumable Fuels 1.8%
Concho Resources, Inc.*		75,000		10,286
Devon Energy Corp.		400,000		17,172
				27,458
Pharmaceuticals 1.7%
Aerie Pharmaceuticals, Inc.*		220,000		13,497
Jazz Pharmaceuticals PLC*		67,500		11,537
				25,034

	Number of Shares		Value (000's)
Professional Services 2.1%
CoStar Group, Inc.*		70,000	$	30,951
Road & Rail 1.5%
J.B. Hunt Transport Services, Inc.		87,500		10,566
Old Dominion Freight Line, Inc.		80,000		12,192
				22,758
Semiconductors & Semiconductor Equipment 3.8%
Advanced Micro Devices, Inc.*		300,000		7,551
Lam Research Corp.		53,500		9,260
Microchip Technology, Inc^(a)		175,000		15,055
Monolithic Power Systems, Inc.		162,500		24,354
				56,220
Software 10.3%
Autodesk, Inc.*		117,500		18,136
Proofpoint, Inc.*		177,500		21,060
RingCentral, Inc. Class A*		220,000		20,493
ServiceNow, Inc.*		135,000		26,508
Splunk, Inc.*		165,000		21,145
Take-Two Interactive Software, Inc.*		182,500		24,375
Tyler Technologies, Inc.*		40,000		9,878
Ultimate Software Group, Inc.*		40,000		12,387
				153,982
Specialty Retail 5.5%
Burlington Stores, Inc.*		140,000		23,545
Five Below, Inc.*		180,000		20,965
Hudson Ltd. Class A*		300,000		6,180
O'Reilly Automotive, Inc.*		25,000		8,386
Ross Stores, Inc.		230,000		22,029
				81,105

	Number of Shares		Value (000's)
Trading Companies & Distributors 0.8%
United Rentals, Inc.*		80,000	$	12,470
Total Common Stocks (Cost $990,033)				1,433,955
Exchange-Traded Funds 1.0%
iShares Russell Mid-Cap Growth ETF (Cost $12,481)		110,000		15,027
Short-Term Investments 3.4%
Investment Companies 3.4%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(b)		39,030,038		39,030
State Street Navigator Securities Lending Government Money Market Portfolio, 1.93%^(b)(c)		11,478,818		11,479
Total Short-Term Investments (Cost $50,509)				50,509
Total Investments 100.8% (Cost $1,053,023)				1,499,491
Liabilities Less Other Assets (0.8)%				(11,891	)
Net Assets 100.0%			$	1,487,600

See Notes to Financial Statements

138

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

* Non-income producing security.

(a) The security or a portion of this security is on loan at August 31, 2018. Total value of all such securities at August 31, 2018 amounted to approximately $11,387,000 for the Fund (see Note A of the Notes to Financial Statements).

(b) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,433,955	$	—	$	—	$	1,433,955
Exchange-Traded Funds		15,027		—		—		15,027
Short-Term Investments		—		50,509		—		50,509
Total Investments	$	1,448,982	$	50,509	$	—	$	1,499,491

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

139

Schedule of Investments Mid Cap Intrinsic Value Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 92.8%
Aerospace & Defense 6.0%
Esterline Technologies Corp.*		11,300	$	971
General Dynamics Corp.		17,850		3,452
Hexcel Corp.		19,000		1,256
Spirit AeroSystems Holdings, Inc. Class A		15,700		1,343
				7,022
Airlines 1.7%
American Airlines Group, Inc.		50,200		2,032
Banks 7.5%
BankUnited, Inc.		61,900		2,401
BB&T Corp.		34,700		1,793
Comerica, Inc.		23,200		2,261
KeyCorp		115,000		2,423
				8,878
Beverages 2.0%
Molson Coors Brewing Co. Class B		35,100		2,343
Biotechnology 1.5%
Alexion Pharmaceuticals, Inc.*		14,400		1,760
Building Products 2.5%
Johnson Controls International PLC		78,308		2,958
Capital Markets 1.5%
State Street Corp.		19,700		1,712
Chemicals 1.7%
Ashland Global Holdings, Inc.		23,100		1,945
Commercial Services & Supplies 2.3%
Covanta Holding Corp.		154,600		2,729
Communications Equipment 3.5%
ARRIS International PLC*		65,100		1,687
Ciena Corp.*		76,500		2,416
				4,103
Construction & Engineering 1.6%
Valmont Industries, Inc.		13,500		1,895
Electric Utilities 1.6%
Edison International		28,000		1,840

	Number of Shares		Value (000's)
Electrical Equipment 1.4%
Acuity Brands, Inc.		10,700	$	1,635
Electronic Equipment, Instruments & Components 2.6%
Flex Ltd.*		135,900		1,874
Itron, Inc.*		17,600		1,169
				3,043
Equity Real Estate Investment Trusts 2.9%
CoreCivic, Inc.		74,300		1,923
Invitation Homes, Inc.		66,100		1,545
				3,468
Food Products 4.6%
Hain Celestial Group, Inc.*		86,900		2,482
TreeHouse Foods, Inc.*		56,600		2,949
				5,431
Health Care Equipment & Supplies 3.2%
Zimmer Biomet Holdings, Inc.		30,100		3,721
Health Care Providers & Services 1.5%
Envision Healthcare Corp.*		25,500		1,157
Molina Healthcare, Inc.*		4,200		579
				1,736
Hotels, Restaurants & Leisure 3.6%
MGM Resorts International		40,300		1,168
SeaWorld Entertainment, Inc.*		75,800		2,222
Wyndham Destinations, Inc.		8,100		358
Wyndham Hotels & Resorts, Inc.		8,100		460
				4,208
Household Durables 1.5%
Whirlpool Corp.		14,600		1,825
Independent Power and Renewable Electricity Producers 2.4%
AES Corp.		211,900		2,852
IT Services 4.4%
Amdocs Ltd.		16,400		1,071
Conduent, Inc.*		102,100		2,367
Teradata Corp.*		43,100		1,787
				5,225

	Number of Shares		Value (000's)
Media 2.5%
Lions Gate Entertainment Corp. Class A		24,600	$	579
Lions Gate Entertainment Corp. Class B		24,600		552
MSG Networks, Inc. Class A*		75,400		1,832
				2,963
Mortgage Real Estate Investment 2.4%
Starwood Property Trust, Inc.		128,800		2,837
Multi-Utilities 1.1%
Vectren Corp.		17,500		1,246
Oil, Gas & Consumable Fuels 7.2%
Cabot Oil & Gas Corp.		90,900		2,166
Devon Energy Corp.		54,200		2,327
ONEOK, Inc.		32,200		2,122
Williams Cos., Inc.		62,300		1,844
				8,459
Pharmaceuticals 3.3%
Perrigo Co. PLC		30,100		2,303
Teva Pharmaceutical Industries Ltd. ADR*		68,900		1,578
				3,881
Semiconductors & Semiconductor Equipment 2.4%
ON Semiconductor Corp.*		69,800		1,490
Skyworks Solutions, Inc.		14,700		1,342
				2,832
Software 4.0%
Check Point Software Technologies Ltd.*		19,400		2,254
Nuance Communications, Inc.*		147,400		2,406
				4,660
Specialty Retail 3.1%
Best Buy Co., Inc.		7,600		605
Chico's FAS, Inc.		133,800		1,220
Party City Holdco, Inc.*		115,100		1,767
				3,592

See Notes to Financial Statements

140

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

	Number of Shares		Value (000's)
Technology Hardware, Storage & Peripherals 1.8%
Western Digital Corp.		34,436	$	2,178
Trading Companies & Distributors 3.5%
AerCap Holdings NV*		71,900		4,096
Total Common Stocks (Cost $89,742)				109,105
Short-Term Investments 7.0%
Investment Companies 7.0%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(a) (Cost $8,295)		8,294,933		8,295
Total Investments 99.8% (Cost $98,037)				117,400
Other Assets Less Liabilities 0.2%				217
Net Assets 100.0%			$	117,617

See Notes to Financial Statements

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	109,105	$	—	$	—	$	109,105
Short-Term Investments		—		8,295		—		8,295
Total Investments	$	109,105	$	8,295	$	—	$	117,400

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

141

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

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

	Beginning balance, as of 9/1/2017		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 8/31/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2018
Investments in Securities: (000's omitted)
Rights^(c)Food & Staples Retailing	$	11	$	—	$	(2	)	$	11	$	—	$	(20	)	$	—	$	—	$	—	$	—
Total	$	11	$	—	$	(2	)	$	11	$	—	$	(20	)	$	—	$	—	$	—	$	—

(c) At the beginning of the period, these securities were valued based on a single quotation obtained from a dealer. The Fund held no Level 3 investments at August 31, 2018.

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

142

Schedule of Investments Multi-Cap Opportunities Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.9%
Aerospace & Defense 4.3%
Boeing Co.		138,000	$	47,305
Raytheon Co.		195,000		38,891
				86,196
Banks 6.4%
FCB Financial Holdings, Inc. Class A*		575,000		29,785
JPMorgan Chase & Co.		850,000		97,393
				127,178
Building Products 0.5%
Masonite International Corp.*		150,000		10,042
Capital Markets 12.3%
Brookfield Asset Management, Inc. Class A		1,200,000		51,324
Charles Schwab Corp.		1,060,000		53,837
Goldman Sachs Group, Inc.		333,000		79,191
Intercontinental Exchange, Inc.		800,000		60,984
				245,336
Chemicals 4.1%
Methanex Corp.		385,000		28,066
Scotts Miracle-Gro Co.		370,000		27,646
Sherwin-Williams Co.		58,000		26,424
				82,136
Communications Equipment 8.2%
Cisco Systems, Inc.		1,470,000		70,222
Motorola Solutions, Inc.		725,000		93,061
				163,283
Construction Materials 1.1%
Martin Marietta Materials, Inc.		105,000		20,866
Containers & Packaging 3.8%
Ball Corp.		1,010,000		42,299
Sealed Air Corp.		820,000		32,890
				75,189

	Number of Shares		Value (000's)
Diversified Financial Services 5.1%
Berkshire Hathaway, Inc. Class B*		490,000	$	102,273
Electrical Equipment 2.1%
Rockwell Automation, Inc.		230,000		41,621
Energy Equipment & Services 0.6%
Schlumberger Ltd.		200,000		12,632
Food & Staples Retailing 4.2%
US Foods Holding Corp.*		2,550,000		83,104
Food Products 1.7%
Mondelez International, Inc. Class A		780,000		33,322
Health Care Equipment & Supplies 1.5%
Hill-Rom Holdings, Inc.		300,000		29,181
Health Care Providers & Services 7.4%
Aetna, Inc.		220,000		44,060
HCA Healthcare, Inc.		765,000		102,594
				146,654
Industrial Conglomerates 2.6%
3M Co.		240,000		50,621
Insurance 3.5%
Chubb Ltd.		510,000		68,972
Internet Software & Services 4.5%
Alphabet, Inc. Class C*		74,000		90,146
IT Services 2.3%
PayPal Holdings, Inc.*		490,000		45,242
Machinery 3.5%
Stanley Black & Decker, Inc.		495,000		69,562
Oil, Gas & Consumable Fuel 1.8%
EOG Resources, Inc.		295,000		34,878
Pharmaceuticals 2.4%
Pfizer, Inc.		1,150,000		47,748
Road & Rail 3.8%
CSX Corp.		1,020,000		75,643

	Number of Shares		Value (000's)
Semiconductors & Semiconductor Equipment 2.5%
Analog Devices, Inc.		500,000	$	49,425
Software 3.0%
Activision Blizzard, Inc.		485,000		34,968
Microsoft Corp.		215,000		24,151
				59,119
Technology Hardware, Storage & Peripherals 4.2%
Apple, Inc.		370,000		84,223
Textiles, Apparel & Luxury Goods 1.5%
NIKE, Inc. Class B		365,000		30,003
Total Common Stocks (Cost $1,170,494)				1,964,595
Short-Term Investments 1.0%
Investment Companies 1.0%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(a) (Cost $21,056)		21,055,517		21,056
Total Investments 99.9% (Cost $1,191,550)				1,985,651
Other Assets Less Liabilities 0.1%				1,498
Net Assets 100.0%			$	1,987,149

See Notes to Financial Statements

143

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

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,964,595	$	—	$	—	$	1,964,595
Short-Term Investments		—		21,056		—		21,056
Total Investments	$	1,964,595	$	21,056	$	—	$	1,985,651

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

144

Schedule of Investments Real Estate Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.2%
Apartments 12.4%
Apartment Investment & Management Co. Class A		235,840	$	10,330
Equity Residential		282,459		19,137
Essex Property Trust, Inc.		57,175		14,081
Mid-America Apartment Communities, Inc.		129,212		13,381
				56,929
Data Centers 9.0%
CyrusOne, Inc.		109,400		7,325
Digital Realty Trust, Inc.		123,005		15,287
Equinix, Inc.		43,099		18,797
				41,409
Free Standing 3.7%
Four Corners Property Trust, Inc.		263,200		7,090
National Retail Properties, Inc.		211,671		9,756
				16,846
Health Care 8.7%
Healthcare Trust of America, Inc. Class A		368,145		10,518
Ventas, Inc.		256,280		15,344
Welltower, Inc.		212,415		14,170
				40,032
Hotels, Restaurants & Leisure 1.7%
Hyatt Hotels Corp. Class A		102,059		7,895
Industrial 6.6%
EastGroup Properties, Inc.		94,800		9,221
Prologis, Inc.		211,949		14,239
Rexford Industrial Realty, Inc.		209,849		6,820
				30,280

	Number of Shares		Value (000's)
Infrastructure 14.9%
American Tower Corp.		218,430	$	32,572
Crown Castle International Corp.		159,321		18,167
SBA Communications Corp.*		59,122		9,178
Zayo Group Holdings, Inc.*		244,300		8,468
				68,385
IT Services 1.7%
InterXion Holding NV*		116,283		7,667
Lodging/Resorts 2.1%
Sunstone Hotel Investors, Inc.		564,900		9,479
Manufactured Homes 4.2%
Equity LifeStyle Properties, Inc.		97,935		9,488
Sun Communities, Inc.		94,075		9,707
				19,195
Office 8.0%
Alexandria Real Estate Equities, Inc.		107,835		13,841
Douglas Emmett, Inc.		349,565		13,654
Highwoods Properties, Inc.		182,700		9,087
				36,582
Real Estate Management & Development 1.5%
Brookfield Asset Management, Inc. Class A		163,815		7,006
Regional Malls 7.3%
Simon Property Group, Inc.		182,398		33,384

	Number of Shares		Value (000's)
Self Storage 4.3%
Extra Space Storage, Inc.		97,846	$	9,022
Public Storage		50,484		10,732
				19,754
Shopping Centers 4.3%
Brookfield Property REIT, Inc. Class A		58,759		1,178
Kimco Realty Corp.		332,520		5,689
Regency Centers Corp.		195,162		12,887
				19,754
Single Family Homes 4.3%
American Homes 4 Rent Class A		566,925		13,153
Invitation Homes, Inc.		272,481		6,368
				19,521
Timber 3.5%
Weyerhaeuser Co.		457,849		15,892
Total Common Stocks (Cost $414,939)				450,010
Short-Term Investments 1.9%
Investment Companies 1.9%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(a)(Cost $8,693)		8,693,226		8,693
Total Investments 100.1% (Cost $423,632)				458,703
Liabilities Less Other Assets (0.1)%				(422	)
Net Assets 100.0%			$	458,281

See Notes to Financial Statements

145

Schedule of Investments Real Estate Fund (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	450,010	$	—	$	—	$	450,010
Short-Term Investments		—		8,693		—		8,693
Total Investments	$	450,010	$	8,693	$	—	$	458,703

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

146

Schedule of Investments Small Cap Growth Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 99.0%
Aerospace & Defense 2.4%
HEICO Corp. Class A		13,000	$	968
Teledyne Technologies, Inc.*		6,000		1,424
				2,392
Auto Components 1.1%
Dorman Products, Inc.*		14,000		1,134
Banks 3.3%
Pinnacle Financial Partners, Inc.		12,500		807
Seacoast Banking Corp. of Florida*		48,500		1,533
TCF Financial Corp.		40,000		1,014
				3,354
Beverages 0.5%
MGP Ingredients, Inc.^(a)		7,000		540
Biotechnology 13.0%
Amicus Therapeutics, Inc.*^(a)		95,000		1,281
Arena Pharmaceuticals, Inc.*		35,000		1,359
Array BioPharma, Inc.*		60,000		934
Fate Therapeutics, Inc.*		120,000		1,547
Heron Therapeutics, Inc.*		30,500		1,176
Immunomedics, Inc.*		77,000		2,060
Iovance Biotherapeutics, Inc.*		80,000		1,416
Stemline Therapeutics, Inc.*		60,500		1,035
Vanda Pharmaceuticals, Inc.*		25,500		493
Veracyte, Inc.*		95,000		1,201
Viking Therapeutics, Inc.*		20,000		261
Zymeworks, Inc.*		20,000		281
				13,044

	Number of Shares		Value (000's)
Building Products 1.7%
AAON, Inc.		22,000	$	889
Trex Co, Inc.*		9,500		804
				1,693
Chemicals 1.6%
Ferro Corp.*		31,000		680
Ingevity Corp.*		9,500		960
				1,640
Commercial Services & Supplies 3.7%
Brink's Co.		16,000		1,202
Casella Waste Systems, Inc. Class A*		50,000		1,419
MSA Safety, Inc.		11,000		1,112
				3,733
Communications Equipment 2.4%
Lumentum Holdings, Inc.*^(a)		35,500		2,410
Construction & Engineering 0.8%
MasTec, Inc.*		18,000		788
Consumer Finance 1.1%
Green Dot Corp. Class A*		12,500		1,071
Diversified Consumer Services 3.8%
Bright Horizons Family Solutions, Inc.*		8,000		955
Carriage Services, Inc.		19,000		433
Chegg, Inc.*		38,000		1,231
Grand Canyon Education, Inc.*		10,000		1,191
				3,810
Food & Staples Retailing 0.9%
Performance Food Group Co.*		26,000		861
Health Care Equipment & Supplies 8.5%
Glaukos Corp.*		8,000		547
Invuity, Inc.*		294,998		1,372
iRhythm Technologies, Inc.*		4,500		419
Merit Medical Systems, Inc.*		33,000		1,942
Penumbra, Inc.*		3,000		416
Sientra, Inc.*		72,000		1,809
Wright Medical Group NV*^(a)		70,000		2,028
				8,533

	Number of Shares		Value (000's)
Health Care Providers & Services 4.1%
R1 RCM, Inc.*		180,000	$	1,795
Tivity Health, Inc.*		66,000		2,270
				4,065
Health Care Technology 0.8%
Teladoc Health, Inc.*^(a)		10,000		775
Hotels, Restaurants & Leisure 5.6%
Eldorado Resorts, Inc.*		29,000		1,393
Hilton Grand Vacations, Inc.*		19,000		620
International Game Technology PLC		23,000		484
Planet Fitness, Inc. Class A*		24,500		1,259
Red Rock Resorts, Inc. Class A		26,000		849
Texas Roadhouse, Inc.		14,000		965
				5,570
Household Durables 0.9%
Cavco Industries, Inc.*		3,500		859
Insurance 1.2%
Primerica, Inc.		10,000		1,222
Internet Software & Services 7.1%
2U, Inc.*		18,800		1,680
New Relic, Inc.*		13,600		1,397
Nutanix, Inc. Class A*		8,500		479
Okta, Inc.*		32,000		1,979
Q2 Holdings, Inc.*		25,200		1,570
				7,105
IT Services 1.1%
EPAM Systems, Inc.*		7,700		1,101
Life Sciences Tools & Services 1.6%
Fluidigm Corp.*		197,000		1,560
Machinery 3.2%
Gardner Denver Holdings, Inc.*		20,000		559
John Bean Technologies Corp.		8,000		946
Milacron Holdings Corp.*		35,500		753
Rexnord Corp.*		34,000		987
				3,245
Marine 1.0%
Kirby Corp.*		12,000		1,048

See Notes to Financial Statements

147

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

	Number of Shares		Value (000's)
Media 0.8%
Marcus Corp.		19,000	$	771
Multiline Retail 0.9%
Ollie's Bargain Outlet Holdings, Inc.*		10,000		871
Oil, Gas & Consumable Fuel 1.1%
Matador Resources Co.*		32,500		1,064
Pharmaceuticals 3.1%
Aerie Pharmaceuticals, Inc.*		23,800		1,460
Assembly Biosciences, Inc.*		11,000		440
MyoKardia, Inc.*		11,000		678
Optinose, Inc.*		34,000		506
				3,084
Professional Services 2.1%
Exponent, Inc.		13,000		681
Insperity, Inc.		12,000		1,438
				2,119
Road & Rail 2.1%
Genesee & Wyoming, Inc. Class A*		14,500		1,274
Saia, Inc.*		10,000		793
				2,067

	Number of Shares		Value (000's)
Semiconductors & Semiconductor Equipment 1.5%
Monolithic Power Systems, Inc.		9,900	$	1,484
Software 11.6%
Descartes Systems Group, Inc.*		43,500		1,522
Everbridge, Inc.*		23,800		1,433
HubSpot, Inc.*^(a)		15,400		2,213
Proofpoint, Inc.*		15,600		1,851
RingCentral, Inc. Class A*		25,000		2,329
Upland Software, Inc.*		21,500		800
Zendesk, Inc.*		22,000		1,516
				11,664
Specialty Retail 2.3%
At Home Group, Inc.*		20,000		688
Five Below, Inc.*		7,500		874
Hudson Ltd. Class A*		36,300		748
				2,310
Tobacco 1.1%
Turning Point Brands, Inc.		33,000		1,111

	Number of Shares		Value (000's)
Trading Companies & Distributors 1.0%
Air Lease Corp.		22,000	$	1,017
Total Common Stocks (Cost $79,922)				99,115
Short-Term Investments 3.4%
Investment Companies 3.4%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.87%^(b)		1,482,156		1,482
State Street Navigator Securities Lending Government Money Market Portfolio, 1.93%^(b)(c)		1,869,358		1,869
Total Short-Term Investments (Cost $3,351)				3,351
Total Investments 102.4% (Cost $83,273)				102,466
Liabilities Less Other Assets (2.4)%				(2,379	)
Net Assets 100.0%			$	100,087

* Non-income producing security.

(a) The security or a portion of this security is on loan at August 31, 2018. Total value of all such securities at August 31, 2018 amounted to approximately $1,855,000 for the Fund (see Note A of the Notes to Financial Statements).

(b) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	99,115	$	—	$	—	$	99,115
Short-Term Investments		—		3,351		—		3,351
Total Investments	$	99,115	$	3,351	$	—	$	102,466

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

148

Schedule of Investments Sustainable Equity Fund^(a) August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 97.7%
Airlines 1.9%
Ryanair Holdings PLC ADR*		449,107	$	45,750
Auto Components 3.2%
Aptiv PLC		884,191		77,818
Banks 5.8%
JPMorgan Chase & Co.		650,027		74,480
U.S. Bancorp		1,180,138		63,857
				138,337
Capital Markets 3.6%
Intercontinental Exchange, Inc.		1,151,511		87,780
Chemicals 2.2%
Sherwin-Williams Co.		117,827		53,680
Consumer Finance 2.5%
American Express Co.		564,476		59,823
Energy Equipment & Services 2.3%
Schlumberger Ltd.		875,557		55,300
Equity Real Estate Investment Trust 2.5%
Weyerhaeuser Co.		1,724,548		59,859
Food & Staples Retailing 3.6%
Kroger Co.		2,727,518		85,917
Health Care Equipment & Supplies 10.2%
Becton, Dickinson & Co.		341,431		89,411
Danaher Corp.		842,767		87,260
Medtronic PLC		713,299		68,769
				245,440
Health Care Providers & Services 5.1%
AmerisourceBergen Corp.		863,556		77,694
Premier, Inc. Class A*		1,023,136		45,253
				122,947
Hotels, Restaurants & Leisure 2.1%
Compass Group PLC		2,358,626		50,714
Industrial Conglomerates 3.1%
3M Co.		357,768		75,460

	Number of Shares		Value (000's)
Insurance 4.3%
Progressive Corp.		1,521,569	$	102,752
Internet Software & Services 6.0%
Alphabet, Inc. Class A*		64,040		78,884
eBay, Inc.*		1,913,828		66,238
				145,122
IT Services 6.0%
Cognizant Technology Solutions Corp. Class A		1,074,692		84,288
MasterCard, Inc. Class A		282,856		60,973
				145,261
Media 4.3%
Comcast Corp. Class A		2,790,824		103,233
Oil, Gas & Consumable Fuels 4.7%
Cimarex Energy Co.		171,426		14,482
EQT Corp.		928,553		47,375
Noble Energy, Inc.		1,712,796		50,904
				112,761
Personal Products 3.0%
Unilever NV		1,268,351		72,905
Pharmaceuticals 2.3%
Roche Holding AG		217,799		54,110
Road & Rail 1.8%
J.B. Hunt Transport Services, Inc.		357,923		43,219
Semiconductors & Semiconductor Equipment 3.8%
Texas Instruments, Inc.		823,106		92,517
Software 2.3%
Intuit, Inc.		254,384		55,830
Specialty Chemicals 2.0%
Novozymes A/S B Shares		859,935		47,133
Specialty Retail 4.3%
Advance Auto Parts, Inc.		627,449		102,920

	Number of Shares		Value (000's)
Textiles, Apparel & Luxury Goods 1.3%
Gildan Activewear, Inc.		1,047,389	$	30,846
Trading Companies & Distributors 3.5%
Fastenal Co.		411,739		24,029
W.W. Grainger, Inc.		169,634		60,062
				84,091
Total Common Stocks (Cost $1,540,786)				2,351,525
	Principal Amount
Short-Term Investments 1.7%
Certificates of Deposit 0.0%^(b)
Carver Federal Savings Bank 0.25%, due 9/23/18	$	100,000		100
Self Help Credit Union, 0.25%, due 9/25/18		250,000		250
Self Help Credit Union, 0.25%, due 11/16/18		250,000		250
				600
	Number of Shares
Investment Companies 1.7%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(c)		41,567,987		41,568
Total Short-Term Investments (Cost $42,168)				42,168
Total Investments 99.4% (Cost $1,582,954)				2,393,693
Other Assets Less Liabilities 0.6%				13,269
Net Assets 100.0%			$	2,406,962

See Notes to Financial Statements

149

Schedule of Investments Sustainable Equity Fund^(a)(cont'd)

* Non-income producing security.

(a) Formerly Socially Responsive Fund through April 30, 2018.

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,351,525	$	—	$	—	$	2,351,525
Short-Term Investments		—		42,168		—		42,168
Total Investments	$	2,351,525	$	42,168	$	—	$	2,393,693

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

150

Schedule of Investments Value Fund August 31, 2018

	Number of Shares		Value (000's)
Common Stocks 98.3%
Airlines 0.9%
Delta Air Lines, Inc.		2,016	$	118
Banks 9.0%
JPMorgan Chase & Co.		5,595		641
M&T Bank Corp.		949		168
PNC Financial Services Group, Inc.		971		140
SunTrust Banks, Inc.		1,867		137
Wells Fargo & Co.		1,094		64
				1,150
Biotechnology 1.1%
BioMarin Pharmaceutical, Inc.*		1,411		141
Capital Markets 1.5%
CME Group, Inc.		1,074		188
Communications Equipment 0.7%
Cisco Systems, Inc.		1,906		91
Diversified Telecommunication Services 5.3%
AT&T, Inc.		5,721		183
CenturyLink, Inc.		8,681		185
Verizon Communications, Inc.		5,685		309
				677
Electric Utilities 9.4%
American Electric Power Co., Inc.		3,403		244
Evergy, Inc.		2,686		153
Exelon Corp.		8,804		385
FirstEnergy Corp.		7,977		298
NextEra Energy, Inc.		673		115
				1,195
Electrical Equipment 0.9%
Emerson Electric Co.		1,526		117

	Number of Shares		Value (000's)
Equity Real Estate Investment Trusts 8.9%
American Homes 4 Rent Class A		2,457	$	57
AvalonBay Communities, Inc.		417		76
Equity Residential		3,890		264
Mid-America Apartment Communities, Inc.		370		38
Prologis, Inc.		2,053		138
Public Storage		1,059		225
Simon Property Group, Inc.		1,001		183
SL Green Realty Corp.		1,443		151
				1,132
Food & Staples Retailing 4.7%
Costco Wholesale Corp.		467		109
Walgreens Boots Alliance, Inc.		1,480		101
Walmart, Inc.		4,014		385
				595
Food Products 6.3%
Conagra Brands, Inc.		3,166		116
Kraft Heinz Co.		4,034		235
Mondelez International, Inc. Class A		10,594		453
				804
Health Care Equipment & Supplies 2.1%
Abbott Laboratories		2,810		188
Medtronic PLC		860		83
				271
Health Care Providers & Services 9.4%
Centene Corp.*		2,895		424
Cigna Corp.		921		173
CVS Health Corp.		919		69
Express Scripts Holding Co.*		778		69
HCA Healthcare, Inc.		2,935		394
Quest Diagnostics, Inc.		645		71
				1,200

	Number of Shares		Value (000's)
Household Products 3.7%
Church & Dwight Co., Inc.		1,580	$	89
Procter & Gamble Co.		4,602		382
				471
Industrial Conglomerates 0.9%
Honeywell International, Inc.		748		119
Insurance 4.3%
Aon PLC		771		112
Assurant, Inc.		498		51
Athene Holding Ltd. Class A*		3,230		161
Chubb Ltd.		1,627		220
				544
Life Sciences Tools & Services 0.4%
Thermo Fisher Scientific, Inc.		222		53
Machinery 1.3%
Caterpillar, Inc.		822		114
Deere & Co.		362		52
				166
Media 0.3%
Comcast Corp. Class A		1,080		40
Metals & Mining 3.2%
Newmont Mining Corp.		13,039		404
Multi-Utilities 4.3%
DTE Energy Co.		2,171		241
NiSource, Inc.		7,827		212
Sempra Energy		859		100
				553
Multiline Retail 1.2%
Nordstrom, Inc.		2,445		154
Oil, Gas & Consumable Fuels 5.6%
Cabot Oil & Gas Corp.		7,941		189
EOG Resources, Inc.		1,296		153
Exxon Mobil Corp.		2,944		236
Phillips 66		1,137		135
				713

See Notes to Financial Statements

151

Schedule of Investments Value Fund (cont'd)

	Number of Shares		Value (000's)
Personal Products 1.7%
Unilever NV		3,856	$	221
Pharmaceuticals 8.6%
Allergan PLC		244		47
Eli Lilly & Co.		429		45
Johnson & Johnson		2,661		358
Merck & Co., Inc.		3,424		235
Pfizer, Inc.		10,084		419
				1,104
Software 0.5%
Microsoft Corp.		613		69
Specialty Retail 0.7%
Tiffany & Co.		710		87
Textiles, Apparel & Luxury Goods 1.4%
lululemon Athletica, Inc.*		1,193		185
Total Common Stocks (Cost $11,435)				12,562

	Number of Shares		Value (000's)
Short-Term Investments 2.9%
Investment Companies 2.9%
State Street Institutional Treasury Money Market Fund Premier Class, 1.87%^(a)(Cost $371)		370,818	$	371
Total Investments 101.2% (Cost $11,806)				12,933
Liabilities Less Other Assets (1.2)%				(151	)
Net Assets 100.0%			$	12,782

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 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 August 31, 2018:

Derivative Instruments

Written option contracts ("options written")

At August 31, 2018, the Fund did not have any outstanding options written. For the year ended August 31, 2018, the Fund had an average market value of $(69,490) in options written.

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	12,562	$	—	$	—	$	12,562
Short-Term Investments		—		371		—		371
Total Investments	$	12,562	$	371	$	—	$	12,933

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

As of the year ended August 31, 2018, no securities were transferred from one level (as of August 31, 2017) to another.

See Notes to Financial Statements

152

Statements of Assets and Liabilities

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

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL EQUITY FUND		GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	August 31, 2018		August 31, 2018			August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018			August 31, 2018			August 31, 2018		August 31, 2018
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	59,085	$	1,362,963		$	1,618,854	$	763,218	$	10,265,748	$	5,358	$	2,949		$	86,423		$	1,339,234	$	2,090,234
Affiliated issuers^(b)		—		—			—		—		1,043,865		—		—			—			—		—
		59,085		1,362,963			1,618,854		763,218		11,309,613		5,358		2,949			86,423			1,339,234		2,090,234
Cash		—		—			—		—		—		—		—			—			—		—
Foreign currency^(c)		—		3,586			—		—		—		—		1			2,656			—		444
Dividends and interest receivable		133		1,882			6,775		846		9,040		9		4			—			2,039		6,910
Receivable for securities sold		—		9,944			1,635		1,231		4,245		6		—			654			—		1,370
Receivable for Fund shares sold		2		2,383			350		2		2,967		—		—			—			269		1,135
Receivable from Management—net (Note B)		15		—			—		—		—		24		20			—			—		—
Receivable for securities lending income (Note A)		—		1			—		—		—		—		—			—			31		6
Prepaid expenses and other assets		12		122			86		70		374		24		8			29			135		180
Total Assets		59,247		1,380,881			1,627,700		765,367		11,326,239		5,421		2,982			89,762			1,341,708		2,100,279
Liabilities
Payable to investment manager—net (Note B)		25		1,102			664		338		6,213		3		2			87			557		1,283
Option contracts written, at value^(d) (Note A)		—		—			1,554		—		—		—		—			—			748		—
Due to custodian		—		153			—		—		133		—		—			—			—		—
Payable for securities purchased		584		133			14,680		—		2,205		—		—			—			5,015		241
Payable for Fund shares redeemed		—		1,023			1,916		185		10,017		7		—			126			457		3,612
Payable to administrator—net (Note B)		—		126			495		182		1,668		—		—			17			298		137
Payable to trustees		5		5			5		5		5		5		5			5			5		5
Payable for loaned securities collateral (Note A)		—		1,243			—		—		—		—		—			—			—		18,920
Accrued capital gains taxes (Note A)		—		200			—		—		—		—		—			—			—		—
Accrued expenses and other payables		89		628			230		196		1,065		96		91			112			296		300
Total Liabilities		703		4,613			19,544		906		21,306		111		98			347			7,376		24,498
Net Assets	$	58,544	$	1,376,268		$	1,608,156	$	764,461	$	11,304,933	$	5,310	$	2,884		$	89,415		$	1,334,332	$	2,075,781
Net Assets consist of:
Paid-in capital	$	48,936	$	1,331,904		$	1,222,119	$	563,955	$	4,974,643	$	3,791	$	2,686		$	72,858		$	893,277	$	1,839,137
Undistributed net investment income/(loss)		529		8,343			2,651		2,414		12,253		31		—			—			2,223		15,225
Distributions in excess of net investment income		—		—			—		—		—		—		(16	)		(107	)		—		—
Accumulated net realized gains/(losses) on investments		2,325		(35,112	)		63,179		49,021		700,489		233		27			15,789			88,173		4,538
Net unrealized appreciation/(depreciation) in value of investments		6,754		71,133			320,207		149,071		5,617,548		1,255		187			875			350,659		216,881
Net Assets	$	58,544	$	1,376,268		$	1,608,156	$	764,461	$	11,304,933	$	5,310	$	2,884		$	89,415		$	1,334,332	$	2,075,781
Net Assets
Investor Class	$	—	$	—		$	—	$	690,726	$	1,919,090	$	—	$	—		$	—		$	1,187,229	$	106,663
Trust Class		—		—			—		57,657		1,561,603		—		—			—			56,612		40,893
Advisor Class		—		—			—		2,338		198,059		—		—			—			190		—
Institutional Class		53,430		1,149,402			1,172,819		8,620		3,253,834		4,759		2,265			78,995			82,537		1,772,441
Class A		1,775		47,629			186,465		3,436		—		425		313			10,169			5,531		67,238
Class C		3,310		10,865			246,657		1,684		—		126		306			251			1,811		14,286
Class R3		—		1,439			2,215		—		—		—		—			—			422		—
Class R6		29		166,933			—		—		4,372,347		—		—			—			—		74,260

See Notes to Financial Statements

153

154

Statements of Assets and Liabilities (cont'd)

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

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL EQUITY FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND		GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		24,075		29,401		—		—		—		60,807		8,106
Trust Class		—		—		—		2,012		23,915		—		—		—		2,902		3,109
Advisor Class		—		—		—		82		3,036		—		—		—		10		—
Institutional Class		3,837		59,719		86,651		300		49,878		553		209		5,337		4,221		134,450
Class A		127		2,493		13,829		120		—		50		29		689		284		5,112
Class C		239		595		18,430		59		—		16		28		18		93		1,092
Class R3		—		77		165		—		—		—		—		—		22		—
Class R6		2		8,663		—		—		67,029		—		—		—		—		5,627
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	28.69	$	65.27	$	—	$	—	$	—	$	19.52	$	13.16
Trust Class		—		—		—		28.66		65.30		—		—		—		19.51		13.16
Advisor Class		—		—		—		28.62		65.23		—		—		—		19.46		—
Institutional Class		13.93		19.25		13.53		28.72		65.24		8.61		10.85		14.80		19.55		13.18
Class R3		—		18.64		13.45		—		—		—		—		—		19.46		—
Class R6		13.93		19.27		—		—		65.23		—		—		—		—		13.20
Net Asset Value and redemption price per share
Class A	$	13.93	$	19.11	$	13.48	$	28.65	$	—	$	8.51	$	10.84	$	14.77	$	19.50	$	13.15
Offering Price per share
Class A‡	$	14.78	$	20.28	$	14.30	$	30.40	$	—	$	9.03	$	11.50	$	15.67	$	20.69	$	13.95
Net Asset Value and offering price per share
Class C^	$	13.85	$	18.27	$	13.38	$	28.50	$	—	$	8.05	$	10.81	$	14.31	$	19.40	$	13.09
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	1,338	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	18,373
* Cost of Investments:
(a) Unaffiliated issuers	$	52,331	$	1,291,647	$	1,297,825	$	614,147	$	5,052,636	$	4,103	$	2,762	$	85,553	$	989,102	$	1,873,354
(b) Affiliated issuers		—		—		—		—		639,428		—		—		—		—		—
Total cost of investments	$	52,331	$	1,291,647	$	1,297,825	$	614,147	$	5,692,064	$	4,103	$	2,762	$	85,553	$	989,102	$	1,873,354
(c) Total cost of foreign currency	$	—	$	3,583	$	—	$	—	$	—	$	—	$	1	$	2,651	$	—	$	445
(d) Premium received from option contracts written	$	—	$	—	$	737	$	—	$	—	$	—	$	—	$	—	$	1,274	$	—

‡ 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

155

156

Statements of Assets and Liabilities (cont'd)

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

	INTERNATIONAL SELECT FUND		INTERNATIONAL SMALL CAP FUND			INTRINSIC VALUE FUND			LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND		MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND		SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	August 31, 2018		August 31, 2018			August 31, 2018			August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	169,547	$	7,092		$	722,173		$	1,471,039	$	1,499,491	$	117,400	$	1,985,651	$	458,703	$	102,466	$	2,393,693
Affiliated issuers^(b)		—		—			—			—		—		—		—		—		—		—
		169,547		7,092			722,173			1,471,039		1,499,491		117,400		1,985,651		458,703		102,466		2,393,693
Cash		—		—			—			—		957		—		—		—		—		—
Foreign currency^(c)		33		1			—			—		—		—		—		—		—		—
Dividends and interest receivable		1,176		10			286			4,425		393		94		2,921		231		22		3,418
Receivable for securities sold		592		—			1,205			29,653		4,488		109		—		—		1,111		10,976
Receivable for Fund shares sold		9		—			336			31		1,009		169		293		350		116		1,437
Receivable from Management—net (Note B)		29		23			—			—		—		—		—		—		48		—
Receivable for securities lending income (Note A)		1		—			—			—		3		—		—		—		2		—
Prepaid expenses and other assets		55		11			49			114		93		49		63		58		55		136
Total Assets		171,442		7,137			724,049			1,505,262		1,506,434		117,821		1,988,928		459,342		103,820		2,409,660
Liabilities
Payable to investment manager—net (Note B)		80		5			479			607		604		54		877		311		69		942
Option contracts written, at value^(d) (Note A)		—		—			—			—		—		—		—		—		—		—
Due to custodian		—		—			294			—		—		—		—		—		—		—
Payable for securities purchased		18		—			—			41,867		5,502		—		—		—		1,550		—
Payable for Fund shares redeemed		154		—			499			3,438		757		50		420		567		115		897
Payable to administrator—net (Note B)		—		—			81			370		263		18		315		40		—		530
Payable to trustees		5		5			5			5		5		5		5		5		5		5
Payable for loaned securities collateral (Note A)		1,586		225			—			—		11,479		—		—		—		1,869		—
Accrued capital gains taxes (Note A)		—		—			—			—		—		—		—		—		—		—
Accrued expenses and other payables		123		82			156			292		224		77		162		138		125		324
Total Liabilities		1,966		317			1,514			46,579		18,834		204		1,779		1,061		3,733		2,698
Net Assets	$	169,476	$	6,820		$	722,535		$	1,458,683	$	1,487,600	$	117,617	$	1,987,149	$	458,281	$	100,087	$	2,406,962
Net Assets consist of:
Paid-in capital	$	153,723	$	6,606		$	471,053		$	1,155,244	$	932,318	$	92,476	$	1,083,490	$	405,816	$	65,153	$	1,462,704
Undistributed net investment income/(loss)		1,062		—			(87	)		17,710		—		376		7,856		—		—		4,837
Distributions in excess of net investment income		—		(3	)		—			—		—		—		—		—		—		—
Accumulated net realized gains/(losses) on investments		1,679		96			51,687			137,240		108,814		5,402		101,702		17,394		15,741		128,669
Net unrealized appreciation/(depreciation) in value of investments		13,012		121			199,882			148,489		446,468		19,363		794,101		35,071		19,193		810,752
Net Assets	$	169,476	$	6,820		$	722,535		$	1,458,683	$	1,487,600	$	117,617	$	1,987,149	$	458,281	$	100,087	$	2,406,962
Net Assets
Investor Class	$	—	$	—		$	—		$	1,160,307	$	528,062	$	40,150	$	—	$	—	$	66,129	$	679,343
Trust Class		7,968		—			—			68,352		77,640		10,223		—		133,687		4,433		230,762
Advisor Class		—		—			—			125,216		15,444		—		—		—		2,542		—
Institutional Class		142,375		6,192			678,034			98,471		353,726		52,502		1,866,711		177,684		16,431		950,507
Class A		3,911		212			19,965			4,068		52,105		10,080		75,691		58,842		5,298		126,409
Class C		2,364		157			24,536			1,930		11,582		2,351		44,747		13,484		3,059		62,441
Class R3		3,491		—			—			339		15,582		2,311		—		17,964		2,195		36,364
Class R6		9,367		259			—			—		433,459		—		—		56,620		—		321,136

See Notes to Financial Statements

157

158

Statements of Assets and Liabilities (cont'd)

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

	INTERNATIONAL SELECT FUND		INTERNATIONAL SMALL CAP FUND		INTRINSIC VALUE FUND		LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND		MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND		SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018		August 31, 2018
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		35,295		31,088		1,664		—		—		1,471		16,229
Trust Class		614		—		—		2,079		4,573		524		—		10,019		99		5,510
Advisor Class		—		—		—		3,808		912		—		—		—		57		—
Institutional Class		10,989		477		36,569		2,995		20,793		2,172		92,797		13,270		365		22,716
Class A		304		16		1,114		124		3,072		517		3,794		4,410		118		3,019
Class C		187		12		1,469		59		687		124		2,352		1,009		68		1,493
Class R3		274		—		—		10		921		119		—		1,349		49		868
Class R6		723		20		—		—		25,462		—		—		4,230		—		7,676
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	32.87	$	16.99	$	24.12	$	—	$	—	$	44.96	$	41.86
Trust Class		12.97		—		—		32.88		16.98		19.52		—		13.34		44.91		41.88
Advisor Class		—		—		—		32.88		16.94		—		—		—		44.87		—
Institutional Class		12.96		12.98		18.54		32.87		17.01		24.17		20.12		13.39		45.06		41.84
Class R3		12.75		—		—		32.89		16.92		19.42		—		13.31		44.87		41.90
Class R6		12.96		12.98		—		—		17.02		—		—		13.39		—		41.83
Net Asset Value and redemption price per share
Class A	$	12.87	$	12.93	$	17.93	$	32.88	$	16.96	$	19.51	$	19.95	$	13.34	$	44.95	$	41.88
Offering Price per share
Class A‡	$	13.66	$	13.72	$	19.02	$	34.89	$	17.99	$	20.70	$	21.17	$	14.15	$	47.69	$	44.44
Net Asset Value and offering price per share
Class C^	$	12.68	$	12.83	$	16.70	$	32.87	$	16.85	$	18.92	$	19.03	$	13.36	$	44.72	$	41.81
†Securities on loan, at value:
Unaffiliated issuers	$	1,549	$	215	$	—	$	—	$	11,387	$	—	$	—	$	—	$	1,855	$	—
* Cost of Investments:
(a) Unaffiliated issuers	$	156,517	$	6,971	$	522,291	$	1,322,550	$	1,053,023	$	98,037	$	1,191,550	$	423,632	$	83,273	$	1,582,954
(b) Affiliated issuers		—		—		—		—		—		—		—		—		—		—
Total cost of investments	$	156,517	$	6,971	$	522,291	$	1,322,550	$	1,053,023	$	98,037	$	1,191,550	$	423,632	$	83,273	$	1,582,954
(c) Total cost of foreign currency	$	33	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
(d) Premium received from option contracts written	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

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

See Notes to Financial Statements

159

160

Statements of Assets and Liabilities (cont'd)

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

	VALUE FUND
	August 31, 2018
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	12,933
Affiliated issuers^(b)		—
		12,933
Cash		—
Foreign currency^(c)		—
Dividends and interest receivable		39
Receivable for securities sold		252
Receivable for Fund shares sold		—
Receivable from Management—net (Note B)		22
Receivable for securities lending income (Note A)		—
Prepaid expenses and other assets		16
Total Assets		13,262
Liabilities
Payable to investment manager—net (Note B)		6
Option contracts written, at value^(d) (Note A)		—
Due to custodian		—
Payable for securities purchased		375
Payable for Fund shares redeemed		—
Payable to administrator—net (Note B)		—
Payable to trustees		5
Payable for loaned securities collateral (Note A)		—
Accrued capital gains taxes (Note A)		—
Accrued expenses and other payables		94
Total Liabilities		480
Net Assets	$	12,782
Net Assets consist of:
Paid-in capital	$	10,400
Undistributed net investment income/(loss)		120
Distributions in excess of net investment income		—
Accumulated net realized gains/(losses) on investments		1,135
Net unrealized appreciation/(depreciation) in value of investments		1,127
Net Assets	$	12,782
Net Assets
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		7,188
Class A		2,343
Class C		3,251
Class R3		—
Class R6		—

See Notes to Financial Statements

161

Statements of Assets and Liabilities (cont'd)

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

	VALUE FUND
	August 31, 2018
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		386
Class A		126
Class C		181
Class R3		—
Class R6		—
Net Asset Value, offering and redemption price per share
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		18.62
Class R3		—
Class R6		—
Net Asset Value and redemption price per share
Class A	$	18.56
Offering Price per share
Class A‡	$	19.69
Net Asset Value and offering price per share
Class C^	$	17.96
†Securities on loan, at value:
Unaffiliated issuers	$	—
* Cost of Investments:
(a) Unaffiliated issuers	$	11,806
(b) Affiliated issuers		—
Total cost of investments	$	11,806
(c) Total cost of foreign currency	$	—
(d) Premium received from option contracts written	$	—

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

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

See Notes to Financial Statements

162

Statements of Operations

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	1,103		$	29,116		$	50,755		$	9,854		$	97,023		$	81		$	76		$	2,019		$	18,784		$	39,556
Dividend income—affiliated issuers (Note F)		—			—			—			—			24,891			—			—			—			—			—
Interest income—unaffiliated issuers		46			1,115			3,629			254			1,459			2			1			10			367			750
Income from securities loaned—net (Note A)		—			5			—			4			—			—			—			—			53			104
Foreign taxes withheld (Note A)		(10	)		(3,243	)		(1,292	)		(20	)		(832	)		(5	)		(4	)		(148	)		(316	)		(3,174	)
Total income	$	1,139		$	26,993		$	53,092		$	10,092		$	122,541		$	78		$	73		$	1,881		$	18,888		$	37,236
Expenses:
Investment management fees (Note B)		256			11,668			8,032			3,934			71,899			29			22			1,367			6,280			15,308
Administration fees (Note B):
Investor Class		—			—			—			1,750			4,776			—			—			—			2,903			292
Trust Class		—			—			—			240			6,083			—			—			—			226			186
Advisor Class		—			—			—			12			801			—			—			—			1			—
Institutional Class		69			1,480			1,800			13			5,226			7			3			157			114			2,303
Class A		5			159			485			8			—			1			1			51			14			191
Class C		8			27			692			4			—			—			1			1			4			38
Class R3		—			4			5			—			—			—			—			—			1			—
Class R6		—			134			—			—			3,062			—			—			—			—			153
Distribution fees (Note B):
Trust Class		—			—			—			60			—			—			—			—			57			—
Advisor Class		—			—			—			7			501			—			—			—			1			—
Class A		5			152			467			8			—			1			1			49			13			184
Class C		32			104			2,663			18			—			1			3			3			17			146
Class R3		—			8			9			—			—			—			—			—			2			—
Shareholder servicing agent fees:
Investor Class		—			—			—			393			1,133			—			—			—			765			116
Trust Class		—			—			—			1			15			—			—			—			1			2
Advisor Class		—			—			—			—			14			—			—			—			—			—
Institutional Class		—			190			8			1			46			—			—			9			1			19
Class A		2			26			13			1			—			1			—			16			1			6
Class C		—			—			7			—			—			—			—			—			—			1
Class R3		—			1			1			—			—			—			—			—			—			—
Class R6		—			7			—			—			8			—			—			—			—			8
Audit fees		54			60			67			61			68			57			56			57			63			62
Custodian and accounting fees		67			1,387			234			111			1,322			74			67			125			169			438
Insurance expense		1			30			57			25			374			—			—			3			40			58
Legal fees		71			69			69			80			91			68			69			87			83			80
Registration and filing fees		54			152			97			100			285			48			47			58			119			239
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—			—			—			—			—			—			—			—
Shareholder reports		—			61			145			55			1,001			3			—			12			99			131
Trustees' fees and expenses		41			42			44			42			58			41			41			41			43			44
Interest expense		—			—			8			3			7			—			—			5			1			1
Miscellaneous		6			118			112			48			629			8			1			15			76			148
Total expenses		671			15,879			15,015			6,975			97,399			339			312			2,056			11,094			20,154

See Notes to Financial Statements

163

164

Statements of Operations (cont'd)

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

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018
Expenses reimbursed by Management (Note B)		(274	)		(344	)		—			—			(873	)		(296	)		(280	)		(109	)		—			(1,406	)
Investment management fees waived (Note B)		—			—			—			—			—			—			—			—			—			(1,135	)
Total net expenses		397			15,535			15,015			6,975			96,526			43			32			1,947			11,094			17,613
Net investment income/(loss)	$	742		$	11,458		$	38,077		$	3,117		$	26,015		$	35		$	41		$	(66	)	$	7,794		$	19,623
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		2,726			18,425	*		82,827			60,285			1,050,535			342			84			33,545			95,571			79,798
Transactions in investment securities of affiliated issuers		—			—			—			—			154,207			—			—			—			—			—
Redemption in-kind		—			—			—			—			266,799			—			—			—			—			37,148
Settlement of foreign currency transactions		4			(727	)		(224	)		8			(28	)		(1	)		—			(41	)		(17	)		(590	)
Expiration or closing of option contracts written		—			—			1,385			(746	)		—			—			—			—			5,819			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		1,307			(107,444	)**		43,375			29,392			766,202			310			6			(23,416	)		140,197			(45,472	)
Investment securities of affiliated issuers		—			—			—			—			346,723			—			—			—			—			—
Foreign currency translations		—			(47	)		(16	)		—			(3	)		1			—			(4	)		14			(41	)
Option contracts written		—			—			(44	)		(62	)		—			—			—			—			18			—
Net gain/(loss) on investments		4,037			(89,793	)		127,303			88,877			2,584,435			652			90			10,084			241,602			70,843
Net increase/(decrease) in net assets resulting from operations	$	4,779		$	(78,335	)	$	165,380		$	91,994		$	2,610,450		$	687		$	131		$	10,018		$	249,396		$	90,466

* Net of foreign capital gains tax $60,589.

** Change in accrued foreign capital gains tax amounted to $246,895.

See Notes to Financial Statements

165

166

Statements of Operations (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTERNATIONAL SELECT FUND			INTERNATIONAL SMALL CAP FUND			INTRINSIC VALUE FUND		LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP INTRINSIC VALUE FUND			MULTI-CAP OPPORTUNITIES FUND			REAL ESTATE FUND			SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018		For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018		For the Year Ended August 31, 2018
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	4,275		$	97		$	4,959	$	32,413		$	7,813		$	1,735		$	25,992		$	12,358		$	169	$	34,096
Dividend income—affiliated issuers (Note F)		—			—			—		—			—			—			—			—			—		—
Interest income—unaffiliated issuers		49			4			532		1,357			763			82			246			73			23		647
Income from securities loaned—net (Note A)		9			—			—		11			56			—			—			—			9		—
Foreign taxes withheld (Note A)		(359	)		(9	)		—		(62	)		(23	)		(2	)		(178	)		(21	)		—		(770	)
Total income	$	3,974		$	92		$	5,491	$	33,719		$	8,609		$	1,815		$	26,060		$	12,410		$	201	$	33,973
Expenses:
Investment management fees (Note B)		1,212			42			6,634		7,158			6,567			599			10,253			3,783			710		11,081
Administration fees (Note B):
Investor Class		—			—			—		2,973			1,267			105			—			—			146		1,868
Trust Class		33			—			—		288			269			43			—			555			16		937
Advisor Class		—			—			—		548			59			—			—			—			8		—
Institutional Class		286			6			1,199		141			514			66			2,757			264			21		1,340
Class A		12			1			48		9			127			25			173			182			11		316
Class C		7			1			60		6			27			6			113			40			6		155
Class R3		11			—			—		1			37			5			—			46			4		100
Class R6		8			—			—		—			268			—			—			44			—		245
Distribution fees (Note B):
Trust Class		8			—			—		72			—			11			—			138			4		234
Advisor Class		—			—			—		343			37			—			—			—			5		—
Class A		11			1			46		9			122			24			166			175			10		304
Class C		25			1			231		21			105			24			434			156			23		596
Class R3		22			—			—		1			72			10			—			88			7		192
Shareholder servicing agent fees:
Investor Class		—			—			—		688			435			33			—			—			82		585
Trust Class		7			—			—		2			2			1			—			28			1		7
Advisor Class		—			—			—		3			1			—			—			—			1		—
Institutional Class		1			1			8		1			10			2			160			5			1		17
Class A		1			—			6		1			5			1			12			7			1		16
Class C		—			—			2		—			1			—			3			2			—		4
Class R3		1			—			—		—			5			1			—			5			1		3
Class R6		—			—			—		—			8			—			—			2			—		11
Audit fees		62			40			29		61			29			29			29			61			29		29
Custodian and accounting fees		127			84			119		200			181			74			237			100			81		337
Insurance expense		7			—			25		48			40			3			63			17			3		78
Legal fees		68			37			68		86			83			68			67			69			120		90
Registration and filing fees		121			90			101		139			146			102			96			116			111		168
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—		1			6			—			—			—			—		—
Shareholder reports		12			2			197		108			118			14			77			47			16		207
Trustees' fees and expenses		41			41			42		43			43			41			44			42			41		45
Interest expense		4			—			—		7			—			—			8			4			—		—
Miscellaneous		73			7			51		87			77			11			112			32			9		141
Total expenses		2,160			354			8,866		13,045			10,661			1,298			14,804			6,008			1,468		19,106

See Notes to Financial Statements

167

168

Statements of Operations (cont'd)

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

	INTERNATIONAL SELECT FUND			INTERNATIONAL SMALL CAP FUND			INTRINSIC VALUE FUND			LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP INTRINSIC VALUE FUND			MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND			SMALL CAP GROWTH FUND			SUSTAINABLE EQUITY FUND
	For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018		For the Year Ended August 31, 2018			For the Year Ended August 31, 2018			For the Year Ended August 31, 2018
Expenses reimbursed by Management (Note B)		(293	)		(299	)		(107	)		—			—			(91	)		—		(1,211	)		(459	)		—
Investment management fees waived (Note B)		—			—			—			—			—			(31	)		—		—			—			—
Total net expenses		1,867			55			8,759			13,045			10,661			1,176			14,804		4,797			1,009			19,106
Net investment income/(loss)	$	2,107		$	37		$	(3,268	)	$	20,674		$	(2,052	)	$	639		$	11,256	$	7,613		$	(808	)	$	14,867
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		26,054			97			94,064			169,975			141,295			8,362			179,589		26,044			18,089			186,572
Transactions in investment securities of affiliated issuers		—			—			(1,290	)		—			—			—			—		—			—			—
Redemption in-kind		22,204			—			—			—			—			—			—		—			—			39,512
Settlement of foreign currency transactions		(43	)		(12	)		—			—			1			—			—		—			—			(37	)
Expiration or closing of option contracts written		—			—			—			1,613			—			—			—		—			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(36,139	)		(120	)		65,159			(15,809	)		173,664			3,283			154,176		(12,168	)		10,573			164,368
Investment securities of affiliated issuers		—			—			6,327			—			—			—			—		—			—			—
Foreign currency translations		(17	)		—			—			—			—			—			—		—			—			7
Option contracts written		—			—			—			(51	)		—			—			—		—			—			—
Net gain/(loss) on investments		12,059			(35	)		164,260			155,728			314,960			11,645			333,765		13,876			28,662			390,422
Net increase/(decrease) in net assets resulting from operations	$	14,166		$	2		$	160,992		$	176,402		$	312,908		$	12,284		$	345,021	$	21,489		$	27,854		$	405,289

See Notes to Financial Statements

169

170

Statements of Operations (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	VALUE FUND
	For the Year Ended August 31, 2018
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	329
Dividend income—affiliated issuers (Note F)		—
Interest income—unaffiliated issuers		11
Income from securities loaned—net (Note A)		—
Foreign taxes withheld (Note A)		(1	)
Total income	$	339
Expenses:
Investment management fees (Note B)		81
Administration fees (Note B):
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		13
Class A		6
Class C		9
Class R3		—
Class R6		—
Distribution fees (Note B):
Trust Class		—
Advisor Class		—
Class A		6
Class C		33
Class R3		—
Shareholder servicing agent fees:
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		—
Class A		2
Class C		—
Class R3		—
Class R6		—
Audit fees		57
Custodian and accounting fees		65
Insurance expense		1
Legal fees		71
Registration and filing fees		48
Repayment to Management of expenses previously assumed by Management (Note B)		—
Shareholder reports		3
Trustees' fees and expenses		41
Interest expense		—
Miscellaneous		5
Total expenses		441

See Notes to Financial Statements

171

Statements of Operations (cont'd)

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

	VALUE FUND
	For the Year Ended August 31, 2018
Expenses reimbursed by Management (Note B)		(292	)
Investment management fees waived (Note B)		—
Total net expenses		149
Net investment income/(loss)	$	190
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		1,783
Transactions in investment securities of affiliated issuers		—
Redemption in-kind		—
Settlement of foreign currency transactions		—
Expiration or closing of option written		18
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(263	)
Investment securities of affiliated issuers		—
Foreign currency translations		—
Option contracts written		(1	)
Net gain/(loss) on investments		1,537
Net increase/(decrease) in net assets resulting from operations	$	1,727

See Notes to Financial Statements

172

Statements of Changes in Net Assets

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL EQUITY FUND
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	742		$	487		$	11,458		$	5,440		$	38,077		$	45,803		$	3,117		$	1,864		$	26,015		$	35,868		$	35		$	25
Net realized gain/(loss) on investments (Note A)		2,730			491			17,698			16,413			83,988			66,004			59,547			68,542			1,471,513			1,485,004			341			(69	)
Net increase from payments by affiliates (Note B)		—			—			—			—			—			1			—			1			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments (Note A)		1,307			3,658			(107,491	)		128,717			43,315			67,898			29,330			41,930			1,112,922			(437,834	)		311			667
Net increase/(decrease) in net assets resulting from operations		4,779			4,636			(78,335	)		150,570			165,380			179,706			91,994			112,337			2,610,450			1,083,038			687			623
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—			—			—			(1,883	)		(2,166	)		(3,296	)		(7,859	)		—			—
Trust Class		—			—			—			—			—			—			(122	)		(337	)		(1,254	)		(894	)		—			—
Advisor Class		—			—			—			—			—			—			—			(53	)		(9	)		(765	)		—			—
Institutional Class		(472	)		(420	)		(5,443	)		(1,629	)		(35,754	)		(29,632	)		(37	)		(38	)		(12,519	)		(11,370	)		(25	)		(20	)
Class A		(16	)		(4	)		(229	)		(105	)		(4,945	)		(4,918	)		(6	)		(18	)		—			—			(1	)		(1	)
Class C		(3	)		(0	)		(22	)		—			(5,075	)		(4,676	)		—			(16	)		—			—			—			—
Class R3		—			—			(5	)		(1	)		(42	)		(40	)		—			—			—			—			—			—
Class R6		(0	)		(1	)		(1,139	)		(595	)		—			—			—			—			(15,711	)		(14,130	)		—			—
Net realized gain on investments:
Investor Class		—			—			—			—			—			—			(50,530	)		(52,641	)		(224,852	)		(179,026	)		—			—
Trust Class		—			—			—			—			—			—			(7,959	)		(9,025	)		(186,429	)		(96,426	)		—			—
Advisor Class		—			—			—			—			—			—			(1,095	)		(1,043	)		(25,746	)		(36,943	)		—			—
Institutional Class		(570	)		—			—			—			(45,883	)		(36,549	)		(673	)		(608	)		(438,796	)		(209,556	)		—			(25	)
Class A		(26	)		—			—			—			(6,999	)		(7,824	)		(397	)		(446	)		—			—			—			(3	)
Class C		(43	)		—			—			—			(10,330	)		(10,759	)		(635	)		(591	)		—			—			—			(1	)
Class R3		—			—			—			—			(58	)		(78	)		—			—			—			—			—			—
Class R6		(0	)		—			—			—			—			—			—			—			(447,218	)		(214,988	)		—			—
Total distributions to shareholders		(1,130	)		(425	)		(6,838	)		(2,330	)		(109,086	)		(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		—			—			—			—			—			—			3,861			5,643			127,479			202,685			—			—
Trust Class		—			—			—			—			—			—			2,281			1,253			130,291			147,223			—			—
Advisor Class		—			—			—			—			—			—			340			415			30,289			48,532			—			—
Institutional Class		21,342			9,350			782,707			330,877			151,932			280,182			2,598			2,633			506,405			774,017			36			177
Class A		1,090			1,581			42,405			42,186			25,357			27,595			821			234			—			—			682			56
Class C		124			2,908			6,015			2,423			9,342			16,974			75			312			—			—			31			9
Class R3		—			—			606			657			1,027			300			—			—			—			—			—			—
Class R6		—			—			83,104			9,077			—			—			—			—			874,418			654,289			—			—

See Notes to Financial Statements

173

174

Statements of Changes in Net Assets (cont'd)

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

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL EQUITY FUND
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			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			69,404			55,466			586			510			413,091			202,793			25			45
Class A		41			4			162			87			10,549			11,330			342			451			—			—			1			3
Class C		46			—			9			—			11,703			10,921			609			542			—			—			—			1
Class R3		—			—			3			—			51			71			—			—			—			—			—			—
Class R6		—			—			1,139			595			—			—			—			—			462,309			229,031			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(58,503	)		(58,894	)		(423,896	)		(340,454	)		—			—
Trust Class		—			—			—			—			—			—			(14,814	)		(18,668	)		(508,027	)		(494,926	)		—			—
Advisor Class		—			—			—			—			—			—			(1,836	)		(1,437	)		(81,711	)		(132,686	)		—			—
Institutional Class		(4,765	)		(1,414	)		(231,337	)		(90,148	)		(298,102	)		(262,887	)		(2,759	)		(2,687	)		(1,703,085	)		(944,849	)		(111	)		(153	)
Class A		(1,134	)		(263	)		(58,033	)		(11,389	)		(56,187	)		(92,482	)		(830	)		(792	)		—			—			(633	)		(286	)
Class C		(196	)		(70	)		(1,857	)		(1,437	)		(65,530	)		(94,582	)		(476	)		(813	)		—			—			(26	)		(71	)
Class R3		—			—			(603	)		(627	)		(736	)		(1,330	)		—			—			—			—			—			—
Class R6		—			(38	)		(42,487	)		(10,117	)		—			—			—			—			(1,027,844	)		(794,413	)		—			—
Net increase/(decrease) from Fund share transactions		17,590			12,477			583,992			273,029			(141,190	)		(48,442	)		(11,266	)		(11,662	)		(769,532	)		(135,484	)		5			(219	)
Net Increase/(Decrease) in Net Assets		21,239			16,688			498,819			421,269			(84,896	)		36,788			17,391			33,693			485,088			175,597			666			354
Net Assets:
Beginning of year		37,305			20,617			877,449			456,180			1,693,052			1,656,264			747,070			713,377			10,819,845			10,644,248			4,644			4,290
End of year	$	58,544		$	37,305		$	1,376,268		$	877,449		$	1,608,156		$	1,693,052		$	764,461		$	747,070		$	11,304,933		$	10,819,845		$	5,310		$	4,644
Undistributed net investment income/(loss) at end of year	$	529		$	311		$	8,343		$	4,510		$	2,651		$	11,234		$	2,414		$	1,337		$	12,253		$	21,800		$	31		$	24
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

175

176

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
Period from December 8, 2016 (Commencement	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			of Operations) to August 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	41		$	41		$	(66	)	$	708		$	7,794		$	8,775		$	19,623		$	18,387		$	2,107		$	2,901		$	37		$	9
Net realized gain/(loss) on investments (Note A)		84			23			33,504			13,360			101,373			86,107			116,356			47,042			48,215			6,765			85			72
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments (Note A)		6			(4	)		(23,420	)		18,893			140,229			91,586			(45,513	)		168,036			(36,156	)		26,824			(120	)		241
Net increase/(decrease) in net assets resulting from operations		131			60			10,018			32,961			249,396			186,468			90,466			233,465			14,166			36,490			2			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		(43	)		(66	)		(1,237	)		(359	)		(554	)		(523	)		(14,148	)		(16,444	)		(2,374	)		(3,092	)		(26	)		—
Class A		(5	)		(11	)		(224	)		(1	)		(36	)		(49	)		(69	)		(159	)		(41	)		(48	)		(7	)		—
Class C		(2	)		(5	)		(1	)		—			(1	)		(6	)		—			—			(2	)		(11	)		(3	)		—
Class R3		—			—			—			—			(1	)		(2	)		—			—			(28	)		(42	)		—			—
Class R6		—			—			—			—			—			—			(2,084	)		(776	)		(116	)		—			(7	)		—
Net realized gain on investments:
Investor Class		—			—			—			—			(65,843	)		(108,442	)		—			—			—			—			—			—
Trust Class		—			—			—			—			(5,485	)		(10,943	)		—			—			—			—			—			—
Advisor Class		—			—			—			—			(12	)		(29	)		—			—			—			—			—			—
Institutional Class		(21	)		(9	)		(10,798	)		—			(4,438	)		(6,846	)		—			—			—			—			(40	)		—
Class A		(2	)		(1	)		(2,099	)		—			(515	)		(916	)		—			—			—			—			(13	)		—
Class C		(3	)		(1	)		(28	)		—			(136	)		(330	)		—			—			—			—			(5	)		—
Class R3		—			—			—			—			(32	)		(72	)		—			—			—			—			—			—
Class R6		—			—			—			—			—			—			—			—			—			—			(11	)		—
Total distributions to shareholders		(76	)		(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		—			—			—			—			11,911			10,414			5,762			5,500			—			—			—			—
Trust Class		—			—			—			—			3,580			4,820			6,248			6,540			149			276			—			—
Advisor Class		—			—			—			—			23			22			—			—			—			—			—			—
Institutional Class		47			—			5,552			22,865			16,287			17,432			651,839			464,902			17,951			48,560			5,506			643
Class A		27			213			4,771			20,057			1,039			1,444			25,730			28,258			1,347			1,941			66			624
Class C		31			—			14			283			172			376			4,054			2,776			159			481			28			111
Class R3		—			—			—			—			41			209			—			—			953			2,170			—			—
Class R6		—			—			—			—			—			—			87,406			94,389			190			9,237			—			200

See Notes to Financial Statements

177

178

Statements of Changes in Net Assets (cont'd)

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

	GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			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		64			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		—			—			—			—			(94,582	)		(108,871	)		(14,869	)		(14,532	)		—			—			—			—
Trust Class		—			—			—			—			(15,794	)		(27,795	)		(13,234	)		(15,813	)		(791	)		(1,042	)		—			—
Advisor Class		—			—			—			—			(9	)		(141	)		—			—			—			—			—			—
Institutional Class		(39	)		(67	)		(43,135	)		(37,308	)		(19,040	)		(16,746	)		(393,626	)		(390,004	)		(102,410	)		(78,386	)		(71	)		—
Class A		(210	)		(387	)		(18,374	)		(2,503	)		(2,155	)		(3,205	)		(33,923	)		(70,145	)		(2,627	)		(2,306	)		(177	)		(387	)
Class C		—			(15	)		(77	)		(181	)		(305	)		(1,281	)		(3,521	)		(6,033	)		(360	)		(1,670	)		—			(11	)
Class R3		—			—			—			—			(161	)		(365	)		—			—			(2,748	)		(1,666	)		—			—
Class R6		—			—			—			—			—			—			(158,868	)		(15,680	)		(1,000	)		(628	)		—			—
Net increase/(decrease) from Fund share transactions		(74	)		(176	)		(37,625	)		3,319			(19,422	)		4,191			177,155			106,204			(86,638	)		(19,841	)		5,428			1,180
Net Increase/(Decrease) in Net Assets		(19	)		(209	)		(41,994	)		35,920			146,051			55,649			250,960			321,686			(75,098	)		13,372			5,318			1,502
Net Assets:
Beginning of year		2,903			3,112			131,409			95,489			1,188,281			1,132,632			1,824,821			1,503,135			244,574			231,202			1,502			—
End of year	$	2,884		$	2,903		$	89,415		$	131,409		$	1,334,332		$	1,188,281		$	2,075,781		$	1,824,821		$	169,476		$	244,574		$	6,820		$	1,502
Undistributed net investment income/(loss) at end of year	$	—		$	—		$	—		$	850		$	2,223		$	2,985		$	15,225		$	12,844		$	1,062		$	1,624		$	—		$	15
Distributions in excess of net investment income at end of year	$	(16	)	$	(35	)	$	(107	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(3	)	$	—

See Notes to Financial Statements

179

180

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	(3,268	)	$	(2,945	)	$	20,674		$	18,367		$	(2,052	)	$	(2,312	)	$	639		$	931		$	11,256		$	12,016		$	7,613		$	8,324
Net realized gain/(loss) on investments (Note A)		92,774			39,725			171,588			143,330			141,296			110,017			8,362			4,958			179,589			137,938			26,044			40,372
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments (Note A)		71,486			72,572			(15,860	)		47,490			173,664			57,664			3,283			8,449			154,176			187,940			(12,168	)		(41,934	)
Net increase/(decrease) in net assets resulting from operations		160,992			109,352			176,402			209,187			312,908			165,369			12,284			14,338			345,021			337,894			21,489			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	)		—			—			(2,098	)		(2,367	)
Advisor Class		—			—			(1,341	)		(1,953	)		—			—			—			—			—			—			—			—
Institutional Class		—			—			(1,235	)		(560	)		—			—			(270	)		(194	)		(10,422	)		(14,963	)		(3,032	)		(3,355	)
Class A		—			—			(30	)		(35	)		—			—			(39	)		(78	)		(134	)		(286	)		(929	)		(1,130	)
Class C		—			—			(12	)		(21	)		—			—			(0	)		(11	)		—			(1	)		(84	)		(89	)
Class R3		—			—			(2	)		(1	)		—			—			(4	)		(7	)		—			—			(191	)		(199	)
Class R6		—			—			—			—			—			—			—			—			—			—			(897	)		(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	)		—			—			—			(7,008	)		(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	)		(8,671	)		(26,621	)
Class A		(908	)		(609	)		(200	)		(158	)		(3,926	)		(2,041	)		(681	)		—			(5,678	)		(1,735	)		(3,711	)		(12,376	)
Class C		(1,255	)		(365	)		(168	)		(141	)		(859	)		(276	)		(188	)		—			(4,128	)		(1,065	)		(814	)		(2,889	)
Class R3		—			—			(15	)		(4	)		(1,127	)		(370	)		(111	)		—			—			—			(866	)		(2,659	)
Class R6		—			—			—			—			(24,371	)		(9,481	)		—			—			—			—			(2,282	)		(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	)		(30,583	)		(78,903	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			8,101			17,941			12,268			9,599			998			1,561			—			—			—			—
Trust Class		—			—			4,087			6,699			23,437			9,850			398			546			—			—			14,986			12,240
Advisor Class		—			—			5,499			13,478			5,456			3,126			—			—			—			—			—			—
Institutional Class		177,678			293,161			37,581			41,776			77,662			68,136			27,310			8,815			153,353			171,779			60,254			51,910
Class A		11,603			15,111			1,809			2,779			12,576			10,173			3,941			2,066			36,164			25,355			15,061			21,145
Class C		3,472			3,229			423			1,131			1,428			1,070			329			507			6,748			6,279			241			954
Class R3		—			—			172			196			4,513			3,705			1,160			434			—			—			4,732			5,625
Class R6		—			—			—			—			144,101			66,750			—			—			—			—			29,533			10,995

See Notes to Financial Statements

181

182

Statements of Changes in Net Assets (cont'd)

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

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			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			—			—			9,054			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			10,556			25,843
Class A		876			589			200			190			3,767			1,933			587			68			5,235			1,939			4,447			12,849
Class C		1,115			298			127			132			831			264			164			8			3,762			955			793			2,569
Class R3		—			—			12			—			1,015			323			92			6			—			—			988			2,647
Class R6		—			—			—			—			24,101			9,371			—			—			—			—			3,178			5,519
Payments for shares redeemed:
Investor Class		—			—			(132,889	)		(102,947	)		(42,932	)		(40,667	)		(5,671	)		(5,318	)		—			—			—			—
Trust Class		—			—			(19,162	)		(20,992	)		(13,534	)		(33,896	)		(2,306	)		(1,582	)		—			—			(44,221	)		(69,683	)
Advisor Class		—			—			(40,447	)		(36,688	)		(5,383	)		(3,916	)		—			—			—			—			—			—
Institutional Class		(490,716	)		(162,730	)		(30,147	)		(27,421	)		(126,889	)		(98,781	)		(8,770	)		(6,333	)		(431,903	)		(370,505	)		(82,169	)		(118,324	)
Class A		(13,148	)		(46,279	)		(1,907	)		(2,708	)		(26,324	)		(41,744	)		(3,437	)		(8,521	)		(24,170	)		(56,386	)		(41,552	)		(56,424	)
Class C		(5,400	)		(9,286	)		(938	)		(1,276	)		(1,861	)		(3,623	)		(757	)		(2,112	)		(9,355	)		(11,958	)		(5,979	)		(10,807	)
Class R3		—			—			(58	)		(66	)		(5,362	)		(6,143	)		(502	)		(579	)		—			—			(6,518	)		(11,595	)
Class R6		—			—			—			—			(52,519	)		(32,175	)		—			—			—			—			(20,531	)		(12,130	)
Net increase/(decrease) from Fund share transactions		(275,087	)		101,855			(53,435	)		(51,990	)		107,640			(42,735	)		19,484			(9,986	)		(81,971	)		(221,460	)		(47,147	)		(102,768	)
Net Increase/(Decrease) in Net Assets		(159,918	)		201,422			4,260			99,460			316,107			75,243			24,632			3,794			64,832			52,469			(56,241	)		(174,909	)
Net Assets:
Beginning of year		882,453			681,031			1,454,423			1,354,963			1,171,493			1,096,250			92,985			89,191			1,922,317			1,869,848			514,522			689,431
End of year	$	722,535		$	882,453		$	1,458,683		$	1,454,423		$	1,487,600		$	1,171,493		$	117,617		$	92,985		$	1,987,149		$	1,922,317		$	458,281		$	514,522
Undistributed net investment income/(loss) at end of year	$	(87	)	$	(100	)	$	17,710		$	14,558		$	—		$	—		$	376		$	294		$	7,856		$	7,156		$	—		$	—
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

183

184

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	SMALL CAP GROWTH FUND						SUSTAINABLE EQUITY FUND						VALUE FUND
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2018			August 31, 2017			August 31, 2018			August 31, 2017			August 31, 2018			August 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	(808	)	$	(597	)	$	14,867		$	16,348		$	190		$	226
Net realized gain/(loss) on investments (Note A)		18,089			14,135			226,047			145,869			1,801			2,275
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments (Note A)		10,573			104			164,375			129,440			(264	)		241
Net increase/(decrease) in net assets resulting from operations		27,854			13,642			405,289			291,657			1,727			2,742
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			(5,780	)		(4,454	)		—			—
Trust Class		—			—			(1,428	)		(2,808	)		—			—
Advisor Class		—			—			—			—			—			—
Institutional Class		—			—			(8,301	)		(6,309	)		(212	)		(84	)
Class A		—			—			(730	)		(1,404	)		(36	)		(25	)
Class C		—			—			(101	)		(226	)		(30	)		(19	)
Class R3		—			—			(138	)		(316	)		—			—
Class R6		—			—			(3,821	)		(2,872	)		—			—
Net realized gain on investments:
Investor Class		(749	)		—			(38,305	)		(26,356	)		—			—
Trust Class		(49	)		—			(12,216	)		(16,367	)		—			—
Advisor Class		(37	)		—			—			—			—			—
Institutional Class		(180	)		—			(44,279	)		(28,362	)		(753	)		—
Class A		(48	)		—			(6,220	)		(8,167	)		(195	)		—
Class C		(42	)		—			(3,045	)		(3,469	)		(264	)		—
Class R3		(24	)		—			(2,065	)		(2,219	)		—			—
Class R6		—			—			(18,997	)		(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		4,272			2,555			56,624			62,120			—			—
Trust Class		100			142			30,425			34,508			—			—
Advisor Class		833			187			—			—			—			—
Institutional Class		2,713			3,103			223,902			212,400			1,073			7,485
Class A		3,414			1,104			28,735			30,087			175			5,668
Class C		851			551			6,581			10,542			72			2,937
Class R3		1,595			444			16,496			14,587			—			—
Class R6		—			—			113,355			91,598			—			—

See Notes to Financial Statements

185

186

Statements of Changes in Net Assets (cont'd)

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

	SMALL CAP GROWTH FUND						SUSTAINABLE EQUITY FUND						VALUE FUND
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2018			August 31, 2017			August 31, 2018			August 31, 2017			August 31, 2018			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		(6,627	)		(5,968	)		(231,636	)		(159,318	)		—			—
Trust Class		(797	)		(1,503	)		(73,283	)		(101,908	)		—			—
Advisor Class		(663	)		(937	)		—			—			—			—
Institutional Class		(2,711	)		(2,725	)		(270,163	)		(207,457	)		(5,765	)		(7,469	)
Class A		(2,793	)		(1,946	)		(39,847	)		(58,324	)		(823	)		(7,567	)
Class C		(543	)		(684	)		(9,878	)		(13,306	)		(676	)		(274	)
Class R3		(934	)		(671	)		(27,732	)		(10,924	)		—			—
Class R6		—			—			(208,482	)		(144,516	)		—			—
Net increase/(decrease) from Fund share transactions		(188	)		(6,348	)		(245,925	)		(130,186	)		(4,454	)		908
Net Increase/(Decrease) in Net Assets		26,537			7,294			13,938			46,178			(4,217	)		3,522
Net Assets:
Beginning of year		73,550			66,256			2,393,024			2,346,846			16,999			13,477
End of year	$	100,087		$	73,550		$	2,406,962		$	2,393,024		$	12,782		$	16,999
Undistributed net investment income/(loss) at end of year	$	—		$	(405	)	$	4,837		$	10,306		$	120		$	210
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

187

188

Notes to Financial Statements Equity Funds

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman International Small Cap Fund ("International Small Cap"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman Sustainable Equity Fund ("Sustainable Equity") (formerly, Neuberger Berman Socially Responsive Fund) 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 Standards Codification ("ASC") 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 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.

189

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, master limited partnerships, 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.

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 (Level 2 inputs).

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 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

190

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 year ended August 31, 2018 were $199, $1,725, $9,494, $1,057, $8,420, $48,995, $220,972, $168,831, $81,812, $6,867, $51,093, $6,574, $10,721 and $828, for Emerging Markets Equity, 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, Sustainable Equity 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 August 31, 2018, the Funds did not have any unrecognized tax positions.

191

At August 31, 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	$	52,346	$	7,980	$	1,241	$	6,739
Emerging Markets Equity		1,294,182		169,757		100,976		68,781
Equity Income		1,298,153		325,386		5,502		319,884
Focus		615,034		156,915		8,731		148,184
Genesis		5,707,912		5,701,544		99,843		5,601,701
Global Equity		4,111		1,325		78		1,247
Global Real Estate		2,800		220		71		149
Greater China Equity		86,364		5,913		5,854		59
Guardian		989,529		361,671		11,441		350,230
International Equity		1,873,522		270,000		53,288		216,712
International Select		156,520		17,520		4,493		13,027
International Small Cap		6,989		444		341		103
Intrinsic Value		527,991		217,836		23,654		194,182
Large Cap Value		1,327,570		152,270		8,801		143,469
Mid Cap Growth		1,053,795		459,331		13,635		445,696
Mid Cap Intrinsic Value		97,888		22,249		2,737		19,512
Multi-Cap Opportunities		1,191,683		801,598		7,630		793,968
Real Estate		424,293		39,203		4,794		34,409
Small Cap Growth		83,413		20,463		1,410		19,053
Sustainable Equity		1,583,233		852,260		41,800		810,460
Value		11,871		1,185		123		1,062

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, 2018, 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, partnership adjustments, 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), deemed distributions on shareholder redemptions, prior period adjustments, prior year partnership basis adjustments, return of capital distributions, tax adjustments related to REITs, redemptions in kind reversal, non-deductible

192

foreign capital gain taxes, class action payment and convertible bond adjustments. For the year ended August 31, 2018, the Funds recorded the following permanent reclassifications:

	Paid-in Capital		Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gains/(Losses) on Investments
Dividend Growth	$	189,275	$	(33,179	)	$	(156,096	)
Emerging Markets Equity		—		(786,809	)		786,809
Equity Income		12,984,372		(843,824	)		(12,140,548	)
Focus		4,606,442		7,871			(4,614,313	)
Genesis		475,154,590		(2,772,986	)		(472,381,604	)
Global Equity		20,717		(1,472	)		(19,245	)
Global Real Estate		1,726		29,150			(30,876	)
Greater China Equity		3,594,554		571,555			(4,166,109	)
Guardian		5,919,430		(1,094,403	)		(4,825,027	)
International Equity		37,206,314		(580,575	)		(36,625,739	)
International Select		21,992,369		(43,206	)		(21,949,163	)
International Small Cap		—		(11,518	)		11,518
Intrinsic Value		20,359,455		3,281,139			(23,640,594	)
Large Cap Value		14,557,892		(125,828	)		(14,432,064	)
Mid Cap Growth		11,952,539		2,052,047			(14,004,586	)
Mid Cap Intrinsic Value		528,075		(5,835	)		(522,240	)
Multi-Cap Opportunities		14,775,843		—			(14,775,843	)
Real Estate		3,936,792		(382,840	)		(3,553,952	)
Small Cap Growth		1,110,712		1,212,789			(2,323,501	)
Sustainable Equity		62,498,276		(37,380	)		(62,460,896	)
Value		453,593		(1,427	)		(452,166	)

The tax character of distributions paid during the years ended August 31, 2018 and August 31, 2017 was as follows:

	Distributions Paid From:
	Ordinary Income					Long-Term Capital Gain					Return of Capital					Total
	2018		2017			2018		2017			2018		2017			2018		2017
Dividend Growth	$	505,410	$	424,723		$	624,343	$	—		$	—	$	—		$	1,129,753	$	424,723
Emerging Markets Equity		6,837,681		2,329,876			—		—			—		—			6,837,681		2,329,876
Equity Income		45,816,093		39,266,540			63,269,560		55,209,628			—		—			109,085,653		94,476,168
Focus		33,895,157		4,063,802			29,442,423		62,918,885			—		—			63,337,580		66,982,687
Genesis		63,910,574		43,971,041			1,291,918,972		727,986,249			—		—			1,355,829,546		771,957,290
Global Equity		26,186		20,547			—		29,438			—		—			26,186		49,985
Global Real Estate		51,623		93,198			24,773		—			—		—			76,396		93,198
Greater China Equity		8,294,757		359,921			6,092,283		—			—		—			14,387,040		359,921
Guardian		21,564,458		9,321,117			62,358,000		125,688,817			—		—			83,922,458		135,009,934
International Equity		16,661,495		17,982,686			—		—			—		—			16,661,495		17,982,686
International Select		2,625,735		3,276,565			—		—			—		—			2,625,735		3,276,565
International Small Cap		112,414		—	^(a)		—		—	^(a)		—		—	^(a)		112,414		—	^(a)
Intrinsic Value		5,894,092		2,063,474			39,928,465		7,721,689			—		—			45,822,557		9,785,163
Large Cap Value		58,656,776		35,514,012			60,050,227		22,223,369			—		—			118,707,003		57,737,381

193

	Distributions Paid From:
	Ordinary Income				Long-Term Capital Gain				Return of Capital				Total
	2018		2017		2018		2017		2018		2017		2018		2017
Mid Cap Growth	$	10,423,416	$	2,131,672	$	94,016,995	$	45,259,954	$	—	$	—	$	104,440,411	$	47,391,626
Mid Cap Intrinsic Value		1,057,152		558,393		6,079,356		—		—		—		7,136,508		558,393
Multi-Cap Opportunities		10,555,931		15,250,634		187,661,598		48,714,824		—		—		198,217,529		63,965,458
Real Estate		7,230,660		17,350,353		23,352,045		61,552,296		—		—		30,582,705		78,902,649
Small Cap Growth		—		—		1,129,421		—		—		—		1,129,421		—
Sustainable Equity		31,075,924		18,388,890		114,350,242		96,903,943		—		—		145,426,166		115,292,833
Value		1,066,913		128,375		423,175		—		—		—		1,490,088		128,375

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

As of August 31, 2018, 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	$	877,894	$	1,990,913	$	6,738,906	$	—		$	—		$	9,607,713
Emerging Markets Equity		8,368,162		—		68,598,350		(32,577,911	)		(24,392	)		44,364,209
Equity Income		3,293,463		62,864,823		319,878,855		—			—			386,037,141
Focus		18,915,201		33,500,388		148,183,737		—			(93,052	)		200,506,274
Genesis		12,252,532		716,337,104		5,601,700,263		—			—			6,330,289,899
Global Equity		69,946		202,361		1,247,158		—			—			1,519,465
Global Real Estate		20,521		30,668		148,661		—			(1,956	)		197,894
Greater China Equity		11,363,724		13,298,695		64,166		(8,149,349	)		(19,491	)		16,557,745
Guardian		21,328,032		69,648,913		350,230,942		—			(152,856	)		441,055,031
International Equity		15,226,127		4,706,282		216,712,502		—			(772	)		236,644,139
International Select		1,079,915		1,682,043		13,009,540		—			(18,197	)		15,753,301
International Small Cap		15,144		96,500		103,194		—			—			214,838
Intrinsic Value		10,369,130		47,017,073		194,182,125		—			(87,292	)		251,481,036
Large Cap Value		42,752,899		117,218,073		143,468,307		—			—			303,439,279
Mid Cap Growth		20,884,520		88,701,385		445,696,405		—			—			555,282,310
Mid Cap Intrinsic Value		2,732,619		2,895,998		19,512,200		—			—			25,140,817
Multi-Cap Opportunities		7,855,793		101,834,530		793,968,140		—			—			903,658,463
Real Estate		—		18,055,280		34,409,454		—			—			52,464,734
Small Cap Growth		10,737,456		5,142,866		19,053,596		—			—			34,933,918
Sustainable Equity		4,836,081		128,948,292		810,473,210		—			—			944,257,583
Value		418,346		901,545		1,062,000		—			—			2,381,891

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, unamortized organization

194

expenses, partnership basis adjustments, non-REIT income adjustments, convertible bond 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"). As determined at August 31, 2018, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Post-Enactment (No Expiration Date)
	Long-Term			Short-Term
Emerging Markets Equity	$	11,086,286		$	21,491,625
Greater China Equity		1,175,932	*		6,973,417	*

* Future utilization is limited under current tax regulations.

During the year ended August 31, 2018, Emerging Markets Equity, Global Equity, Greater China Equity, International Equity and International Select utilized capital loss carryforwards of $18,748,333, $77,199, $1,506,051, $74,012,423 and $23,982,792

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

Emerging Markets Equity accrues capital gains tax on unrealized and realized gains for certain securities of issuers domiciled in India. At August 31, 2018, Emerging Markets Equity had accrued capital gains taxes of $199,844 which is reflected in the Statements of Assets and Liabilities. This amount reflects $139,255 and $60,589 of unrealized and realized gains respectively.

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 Growth, Mid Cap Intrinsic Value, Real Estate and Sustainable Equity to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At August 31, 2018, these Funds estimated these amounts for the period January 1, 2018 to August 31, 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, 2018, 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

195

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 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 year ended August 31, 2018, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at August 31, 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.

196

Options: For the year ended August 31, 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.

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, a 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 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 August 31, 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	$	1,304	$	1,304
Total Value—Assets		$	1,304	$	1,304

Liability Derivatives
(000's omitted)

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk			Total
Equity Income
Options written	Option contracts written, at value	$	(1,554	)	$	(1,554	)
Total Value—Liabilities		$	(1,554	)	$	(1,554	)

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Liability Derivatives
(000's omitted)

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk			Total
Guardian
Options written	Option contracts written, at value	$	(748	)	$	(748	)
Total Value—Liabilities		$	(748	)	$	(748	)

The impact of the use of these derivative instruments on the Statements of Operations during the year ended August 31, 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	$	1,385		$	1,385
Total Realized Gain/(Loss)		$	1,385		$	1,385
Focus
Options purchased	Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers	$	(410	)	$	(410	)
Options written	Net realized gain/(loss) on: expiration or closing of option contracts written		(746	)		(746	)
Total Realized Gain/(Loss)		$	(1,156	)	$	(1,156	)
Guardian
Options purchased	Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers	$	1,644		$	1,644
Options written	Net realized gain/(loss) on: expiration or closing of option contracts written		5,819			5,819
Total Realized Gain/(Loss)		$	7,463		$	7,463
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	$	(44	)	$	(44	)
Total Change in Appreciation/(Depreciation)		$	(44	)	$	(44	)

198

Change in Appreciation/(Depreciation)
(000's omitted)

Derivative Type	Statements of Operations Location	Equity Risk			Total
Focus
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment	$	20		$	20
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written		(62	)		(62	)
Total Change in Appreciation/(Depreciation)		$	(42	)	$	(42	)
Guardian
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment	$	123		$	123
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written		18			18
Total Change in Appreciation/(Depreciation)		$	141		$	141
Large Cap Value
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written	$	(51	)	$	(51	)
Total Change in Appreciation/(Depreciation)		$	(51	)	$	(51	)
Value
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written	$	(1	)	$	(1	)
Total Change in Appreciation/(Depreciation)		$	(1	)	$	(1	)

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815. Management has concluded that the Funds, except Equity Income, Focus, Guardian, Large Cap Value and Value did not hold any derivative instruments during the year ended August 31, 2018 that require additional disclosures pursuant to ASC 815.

12 Securities lending: Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statements of Operations under the caption "Income from securities loaned—net" and are net of expenses retained by State Street as compensation for its services as lending agent. For the year ended August 31, 2018, the Funds listed below received income under the securities lending arrangement as follows:

(000's omitted)
Emerging Markets Equity	$	5
Focus		4
Guardian		53
International Equity		104
International Select		9
International Small Cap		0	^(a)
Large Cap Value		11
Mid Cap Growth		56
Small Cap Growth		9

(a) Amount less than one thousand

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The initial cash collateral received by a fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Thereafter, the value of the cash collateral is monitored on a daily basis, and cash collateral is moved daily between a counterparty and a fund until the close of the transaction. A fund may only receive collateral in the form of cash (U.S. dollars). Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to the Fund.

As of August 31, 2018, the Funds listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

(000's omitted)	Value of Securities Loaned
Emerging Markets Equity	$	1,338
International Equity		18,373
International Select		1,549
International Small Cap		215
Mid Cap Growth		11,387
Small Cap Growth		1,855

As of August 31, 2018, the Funds listed below had outstanding loans of securities to certain approved brokers for which each received collateral as follows:

	Remaining Contractual Maturity of the Agreements
(000's omitted)	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Securities Lending Transactions^(a)
Common Stocks
Emerging Markets Equity	$	1,243	$	—	$	—	$	—	$	1,243
International Equity		18,920		—		—		—		18,920
International Select		1,586		—		—		—		1,586
International Small Cap		225		—		—		—		225
Mid Cap Growth		11,479		—		—		—		11,479
Small Cap Growth		1,869		—		—		—		1,869

(a) Amounts represent the payable for loaned securities collateral received.

The Funds disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The following tables present Emerging Markets Equity's, International Equity's, International Select's, International Small Cap's, Mid Cap Growth's and Small Cap Growth's securities lending assets and liabilities by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by Emerging Markets Equity, International Equity, International Select, International Small Cap, Mid Cap Growth and Small Cap Growth for assets and pledged by the Funds for liabilities as of August 31, 2018.

200

Description (000's omitted)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Emerging Markets Equity
Securities Lending	$	1,338	$	—	$	1,338
Total	$	1,338	$	—	$	1,338
International Equity
Securities Lending	$	18,373	$	—	$	18,373
Total	$	18,373	$	—	$	18,373
International Select
Securities Lending	$	1,549	$	—	$	1,549
Total	$	1,549	$	—	$	1,549
International Small Cap
Securities Lending	$	215	$	—	$	215
Total	$	215	$	—	$	215
Mid Cap Growth
Securities Lending	$	11,387	$	—	$	11,387
Total	$	11,387	$	—	$	11,387
Small Cap Growth
Securities Lending	$	1,855	$	—	$	1,855
Total	$	1,855	$	—	$	1,855

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset		Collateral Received^(a)			Net Amount^(b)
Emerging Markets Equity
State Street Bank and Trust Company	$	1,338	$	—	$	(1,243	)	$	95
Total	$	1,338	$	—	$	(1,243	)	$	95
International Equity
State Street Bank and Trust Company	$	18,373	$	—	$	(18,373	)	$	—
Total	$	18,373	$	—	$	(18,373	)	$	—
International Select
State Street Bank and Trust Company	$	1,549	$	—	$	(1,549	)	$	—
Total	$	1,549	$	—	$	(1,549	)	$	—
International Small Cap
State Street Bank and Trust Company	$	215	$	—	$	(215	)	$	—
Total	$	215	$	—	$	(215	)	$	—
Mid Cap Growth
State Street Bank and Trust Company	$	11,387	$	—	$	(11,387	)	$	—
Total	$	11,387	$	—	$	(11,387	)	$	—
Small Cap Growth
State Street Bank and Trust Company	$	1,855	$	—	$	(1,855	)	$	—
Total	$	1,855	$	—	$	(1,855	)	$	—

(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above.

(b) Net Amount represents amounts subject to loss at August 31, 2018, in the event of a counterparty failure.

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13 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

14 In-kind subscription: Under certain circumstances, and when considered to be in the best interest of a Fund, a Fund may accept portfolio securities rather than cash as payment for the purchase of Fund shares (in-kind subscription). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities, less any applicable foreign security taxes, on the date of contribution. In-kind subscriptions result in no gain or loss and no tax consequences for a Fund. During the year ended August 31, 2018, Genesis accepted $117,648,065 of in-kind subscriptions.

15 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 year ended August 31, 2018, Genesis, International Equity, International Select and Sustainable Equity realized net gains of $266,798,836, $37,148,378, $22,204,328 and $39,512,498, respectively, on $475,404,196, $122,988,128, $70,976,192 and $103,913,811, respectively, of in-kind redemptions.

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

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

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

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

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

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	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 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). 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. Management may, at its sole discretion, modify or terminate the voluntary waiver without notice to International Equity. For the year ended August 31, 2018, such waived fees amounted to $1,135,111 and $30,924 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.

(c) Prior to December 8, 2016, Global Equity paid Management a fee at the annual rate of 0.750% of the first $250 million of the Fund's average daily net assets, 0.725% of the next $250 million, 0.700% of the next $250 million, 0.675% of the next $250 million, 0.650% of the next $500 million, 0.625% of the next $2.5 billion, and 0.600% of average daily net assets in excess of $4 billion.

Accordingly, for the year ended August 31, 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		0.95	%	Intrinsic Value		0.79	%
Equity Income		0.49	%	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	%	Sustainable Equity		0.47	%
International Equity		0.78	%^(a)	Value		0.55	%
International Select		0.55	%

(a) 0.72% annual effective net rate of the Fund's average daily net assets.

(b) 0.52% annual effective net rate of the Fund's average daily net assets.

203

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 as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the Sub-Administration 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.

					Expenses Reimbursed in Year Ended August 31,
					2016			2017		2018
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019			2020		2021
Dividend Growth Institutional Class		0.69	%	8/31/21	$	215,047	^(b)	$	258,355	$	245,104
Dividend Growth Class A		1.05	%	8/31/21		9,994	^(b)		8,372		11,408
Dividend Growth Class C		1.80	%	8/31/21		9,444	^(b)		20,432		17,402
Dividend Growth Class R6		0.62	%	8/31/21		15,585	^(b)		484		158
Emerging Markets Equity Institutional Class		1.25	%	8/31/21		528,129			460,088		231,794
Emerging Markets Equity Class A		1.50	%	8/31/21		54,600			91,792		92,255
Emerging Markets Equity Class C		2.25	%	8/31/21		13,399			11,097		12,202
Emerging Markets Equity Class R3		1.91	%	8/31/21		1,403			1,161		24
Emerging Markets Equity Class R6		1.18	%	8/31/21		127,742			88,158		7,769
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		755			209		—
Focus Class A		1.11	%	8/31/21		1,451			580		312
Focus Class C		1.86	%	8/31/21		893			336		137

204

					Expenses Reimbursed in Year Ended August 31,
					2016		2017			2018
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019		2020			2021
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		—		—			872,606
Global Equity Institutional Class		0.75	%^(d)	8/31/21		240,098		239,590			259,479
Global Equity Class A		1.11	%^(d)	8/31/21		38,361		24,676			30,042
Global Equity Class C		1.86	%^(d)	8/31/21		16,073		8,112			6,624
Global Real Estate Institutional Class		1.00	%	8/31/21		197,159		202,973			220,996
Global Real Estate Class A		1.36	%	8/31/21		64,529		38,044			30,605
Global Real Estate Class C		2.11	%	8/31/21		25,169		25,661			28,315
Greater China Equity Institutional Class		1.50	%	8/31/21		229,329		164,058			79,507
Greater China Equity Class A		1.86	%	8/31/21		7,590		9,343			28,600
Greater China Equity Class C		2.61	%	8/31/21		320		321			536
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		—		—			—
Guardian Class C		1.86	%	8/31/21		—		—			—
Guardian Class R3		1.36	%	8/31/21		148		88			20
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		—		—			1,186,829
International Equity Class A		1.21	%	8/31/21		10,042		—			59,940
International Equity Class C		1.96	%	8/31/21		2,521		—			12,453
International Equity Class R6		0.78	%	8/31/21		—		—			146,965
International Select Trust Class		1.15	%^(e)	8/31/21		12,258		12,594			18,565
International Select Institutional Class		0.80	%^(e)	8/31/21		91,989		141,368			244,239
International Select Class A		1.16	%^(e)	8/31/21		1,276		3,083			6,671
International Select Class C		1.91	%^(e)	8/31/21		1,955		2,278			3,656
International Select Class R3		1.41	%^(e)	8/31/21		2,218		3,513			6,179
International Select Class R6		0.73	%^(e)	8/31/21		—		1,906	^(g)		13,555
International Small Cap Institutional Class		1.05	%	8/31/21		—		159,342	^(h)		257,330
International Small Cap Class A		1.41	%	8/31/21		—		65,158	^(h)		16,926
International Small Cap Class C		2.16	%	8/31/21		—		25,270	^(h)		8,534
International Small Cap Class R6		0.98	%	8/31/21		—		50,711	^(h)		15,753
Intrinsic Value Institutional Class		1.00	%	8/31/21		357,588		205,715			93,339
Intrinsic Value Class A		1.36	%	8/31/21		58,200		21,955			8,931

205

					Expenses Reimbursed in Year Ended August 31,
					2016		2017		2018
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019		2020		2021
Intrinsic Value Class C		2.11	%	8/31/21	$	22,495	$	9,376	$	4,695
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		126		70		3
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		—		—		—
Mid Cap Growth Class R3		1.36	%	8/31/21		865		80		—
Mid Cap Growth Class R6		0.68	%	8/31/21		—		—		—
Mid Cap Intrinsic Value Investor Class		1.50	%	8/31/22		—		—		—
Mid Cap Intrinsic Value Trust Class		1.25	%	8/31/22		8,167		—		9,030
Mid Cap Intrinsic Value Institutional Class		0.85	%	8/31/21		24,711		5,015		61,130
Mid Cap Intrinsic Value Class A		1.21	%	8/31/21		17,891		4,690		13,941
Mid Cap Intrinsic Value Class C		1.96	%	8/31/21		4,388		1,218		3,434
Mid Cap Intrinsic Value Class R3		1.46	%	8/31/21		1,736		629		3,348
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	%^(f)	8/31/22		—		—		—
Real Estate Institutional Class		0.85	%	8/31/22		588,136		418,961		355,600
Real Estate Class A		1.21	%	8/31/21		261,138		193,727		145,323
Real Estate Class C		1.96	%	8/31/21		62,906		47,102		33,477
Real Estate Class R3		1.46	%	8/31/21		50,219		46,018		39,632
Real Estate Class R6		0.78	%	8/31/21		70,754		85,221		110,981
Small Cap Growth Investor Class		1.30	%^(f)	8/31/22		243,435		221,840		248,687
Small Cap Growth Trust Class		1.40	%^(f)	8/31/22		24,155		19,320		17,589
Small Cap Growth Advisor Class		1.60	%^(f)	8/31/22		10,968		8,126		8,542
Small Cap Growth Institutional Class		0.90	%	8/31/21		94,448		61,816		81,452
Small Cap Growth Class A		1.26	%	8/31/21		26,066		20,750		25,896
Small Cap Growth Class C		2.01	%	8/31/21		13,463		11,214		14,080
Small Cap Growth Class R3		1.51	%	8/31/21		8,774		6,935		9,492
Sustainable Equity Trust Class		1.50	%	8/31/21		—		—		—

206

					Expenses Reimbursed in Year Ended August 31,
					2016		2017		2018
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019		2020		2021
Sustainable Equity Institutional Class		0.75	%	8/31/21	$	—	$	—	$	—
Sustainable Equity Class A		1.11	%	8/31/21		—		—		—
Sustainable Equity Class C		1.86	%	8/31/21		—		—		—
Sustainable Equity Class R3		1.36	%	8/31/21		—		—		—
Sustainable Equity Class R6		0.68	%	8/31/21		—		—		—
Value Institutional Class		0.75	%^(f)	8/31/21		172,294		165,002		169,458
Value Class A		1.11	%^(f)	8/31/21		87,821		66,962		50,138
Value Class C		1.86	%^(f)	8/31/21		9,526		41,187		65,116

(a) Expense limitation per annum of the respective class's average daily net assets.

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

(d) Prior to December 8, 2016, the contractual expense limitation was 1.15% for Institutional Class, 1.51% for Class A and 2.26% for Class C.

(e) Prior to December 8, 2016, the contractual expense limitation was 1.25% for Trust Class, 0.90% for Institutional Class, 1.30% for Class A, 2.00% for Class C and 1.51% for Class R3 and 0.83% for Class R6.

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

Class	Voluntary Expense Limitation			Expenses Voluntarily Waived in Year Ended August 31, 2018 Not Subject to Repayment⁽ⁱ⁾
Real Estate Trust Class		1.04	%	$	525,955
Small Cap Growth Investor Class		1.21	%		50,426
Small Cap Growth Trust Class		1.37	%		1,167
Small Cap Growth Advisor Class		1.51	%		1,783
	Effective March 21, 2018
Value Institutional Class*		0.70	%		4,647
	Effective March 21, 2018
Value Class A**		1.08	%		1,171
	Effective March 21, 2018
Value Class C***		1.82	%		1,806

* 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.

207

** 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.

*** 1.80% 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.

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

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

(i) 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 that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays Management, whichever is lower. Any such repayment must be made within three years after the year in which Management incurred the expense.

During the year ended August 31, 2018, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
Focus Institutional Class	$	315
Large Cap Value Institutional Class		983
Mid Cap Growth Class C		3,164
Mid Cap Growth Class R3		2,863

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 Sustainable Equity, 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.

208

Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the year ended August 31, 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	$	1,835	$	—	$	—	$	—
Dividend Growth Class C		—		1,556		—		—
Emerging Markets Equity Class A		35,657		—		—		—
Emerging Markets Equity Class C		—		2,472		—		—
Equity Income Class A		12,902		—		—		—
Equity Income Class C		—		3,920		—		—
Focus Class A		2,250		—		—		—
Focus Class C		—		24		—		—
Global Equity Class A		161		—		—		—
Global Equity Class C		—		—		—		—
Global Real Estate Class A		16		—		—		—
Global Real Estate Class C		—		—		—		—
Greater China Equity Class A		597		—		—		—
Greater China Equity Class C		—		597		—		—
Guardian Class A		1,061		—		—		—
Guardian Class C		—		—		—		—
International Equity Class A		6,261		—		—		—
International Equity Class C		—		855		—		—
International Select Class A		1,069		—		—		—
International Select Class C		—		91		—		—
International Small Cap Class A		—		—		—		—
International Small Cap Class C		—		—		—		—
Intrinsic Value Class A		7,514		—		—		—
Intrinsic Value Class C		—		1,252		—		—
Large Cap Value Class A		5,591		—		—		—
Large Cap Value Class C		—		2,023		—		—
Mid Cap Growth Class A		6,633		—		—		—
Mid Cap Growth Class C		—		310		—		—
Mid Cap Intrinsic Value Class A		2,493		—		—		—
Mid Cap Intrinsic Value Class C		—		678		—		—
Multi-Cap Opportunities Class A		26,656		—		—		—
Multi-Cap Opportunities Class C		—		2,589		—		—
Real Estate Class A		3,179		—		—		—
Real Estate Class C		—		1,900		—		—
Small Cap Growth Class A		4,926		—		—		—

209

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Small Cap Growth Class C	$	—	$	505	$	—	$	—
Sustainable Equity Class A		33,132		—		—		—
Sustainable Equity Class C		—		6,551		—		—
Value Class A		256		—		—		—
Value Class C		—		583		—		—

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 year ended August 31, 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	$	38,726	$	20,398	International Small Cap	$	7,330	$	2,242
Emerging Markets Equity		787,785		260,661	Intrinsic Value		203,350		475,143
Equity Income		667,279		853,139	Large Cap Value		2,131,931		2,064,786
Focus		432,828		507,784	Mid Cap Growth		633,644		633,991
Genesis		1,373,279		3,075,136	Mid Cap Intrinsic Value		46,342		37,189
Global Equity		1,784		1,656	Multi-Cap Opportunities		437,880		707,692
Global Real Estate		1,314		1,478	Real Estate		221,223		289,692
Greater China Equity		70,997		120,447	Small Cap Growth		177,296		179,428
Guardian		501,059		623,798	Sustainable Equity		276,776		562,305
International Equity		952,238		610,817	Value		21,047		24,670
International Select		94,876		106,667

During the year ended August 31, 2018, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended August 31, 2018 and August 31, 2017 was as follows:

	For the Year Ended August 31, 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		1,594		79		(351	)		1,322			767		36			(118	)		685
Class A		80		3		(83	)		0	^z		128		0	^z		(21	)		107
Class C		9		3		(14	)		(2	)		246		0	^z		(5	)		241
Class R6		—		—		—			—			—		—			(3	)		(3	)

210

	For the Year Ended August 31, 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
Emerging Markets Equity
Institutional Class		37,031		103			(11,160	)		25,974			19,088		56			(5,318	)		13,826
Class A		2,007		8			(2,817	)		(802	)		2,492		6			(679	)		1,819
Class C		296		0	^z		(93	)		203			143		—			(88	)		55
Class R3		29		0	^z		(30	)		(1	)		39		0	^z		(38	)		1
Class R6		3,926		54			(1,998	)		1,982			522		39			(580	)		(19	)
Equity Income
Institutional Class		11,451		5,290			(22,423	)		(5,682	)		22,175		4,444			(20,756	)		5,863
Class A		1,919		806			(4,251	)		(1,526	)		2,203		912			(7,356	)		(4,241	)
Class C		713		900			(4,985	)		(3,372	)		1,365		885			(7,568	)		(5,318	)
Class R3		79		4			(55	)		28			24		6			(107	)		(77	)
Focus^(d)
Investor Class		140		1,793			(2,136	)		(203	)		217		2,051			(2,278	)		(10	)
Trust Class		82		305			(533	)		(146	)		45		365			(669	)		(259	)
Advisor Class		11		41			(64	)		(12	)		11		34			(38	)		7
Institutional Class		95		22			(101	)		16			103		21			(104	)		20
Class A		29		13			(29	)		13			8		18			(29	)		(3	)
Class C		3		23			(16	)		10			8		16			(21	)		3
Genesis^(c)
Investor Class		2,128		3,861			(6,999	)		(1,010	)		3,441		3,171			(5,788	)		824
Trust Class		2,164		3,263			(8,346	)		(2,919	)		2,542		1,689			(8,573	)		(4,342	)
Advisor Class		505		428			(1,364	)		(431	)		811		629			(2,240	)		(800	)
Institutional Class		8,421		7,259			(27,980	)		(12,300	)		13,326		3,561			(16,214	)		673
Class R6		14,262		8,129			(16,751	)		5,640			11,218		4,024			(13,560	)		1,682
Global Equity
Institutional Class		5		3			(14	)		(6	)		25		7			(21	)		11
Class A		83		0	^z		(75	)		8			8		1			(43	)		(34	)
Class C		4		—			(3	)		1			1		0	^z		(10	)		(9	)
Global Real Estate
Institutional Class		5		6			(4	)		7			—		8			(7	)		1
Class A		3		0	^z		(20	)		(17	)		21		0	^z		(40	)		(19	)
Class C		3		0	^z		—			3			—		0	^z		(2	)		(2	)
Greater China Equity
Institutional Class		343		732			(2,643	)		(1,568	)		1,738		10			(2,950	)		(1,202	)
Class A		296		146			(1,120	)		(678	)		1,367		0	^z		(182	)		1,185
Class C		1		2			(5	)		(2	)		21		—			(14	)		7

211

	For the Year Ended August 31, 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
Guardian^(d)
Investor Class		662		3,906			(5,244	)		(676	)		644		7,181			(6,730	)		1,095
Trust Class		197		333			(870	)		(340	)		278		728			(1,610	)		(604	)
Advisor Class		1		1			(0	)^z		2			1		2			(8	)		(5	)
Institutional Class		903		277			(1,054	)		126			1,076		472			(1,037	)		511
Class A		56		30			(118	)		(32	)		86		58			(184	)		(40	)
Class C		9		7			(17	)		(1	)		23		15			(80	)		(42	)
Class R3		3		1			(9	)		(5	)		12		3			(22	)		(7	)
International Equity^(d)
Investor Class		429		21			(1,121	)		(671	)		491		42			(1,298	)		(765	)
Trust Class		471		5			(999	)		(523	)		578		14			(1,412	)		(820	)
Institutional Class		48,906		889			(29,829	)		19,966			40,572		1,388			(34,232	)		7,728
Class A		1,947		2			(2,560	)		(611	)		2,525		8			(6,421	)		(3,888	)
Class C		305		—			(265	)		40			239		—			(529	)		(290	)
Class R6		6,784		158			(11,940	)		(4,998	)		7,739		73			(1,397	)		6,415
International Select
Trust Class		11		5			(62	)		(46	)		26		8			(95	)		(61	)
Institutional Class		1,370		180			(7,831	)		(6,281	)		4,446		295			(6,957	)		(2,216	)
Class A		102		3			(197	)		(92	)		176		4			(213	)		(33	)
Class C		12		0	^z		(27	)		(15	)		47		0	^z		(150	)		(103	)
Class R3		74		2			(210	)		(134	)		202		3			(151	)		54
Class R6		14		9			(74	)		(51	)		825		—			(51	)		774	^(a)
International Small Cap
Institutional Class		414		5			(6	)		413			64		—			—			64	^(b)
Class A		5		1			(14	)		(8	)		55		—			(31	)		24	^(b)
Class C		2		—			—			2			11		—			(1	)		10	^(b)
Class R6		—		—			—			—			20		—			—			20	^(b)
Intrinsic Value
Institutional Class		10,567		2,425			(28,642	)		(15,650	)		18,969		521			(10,867	)		8,623
Class A		706		56			(807	)		(45	)		1,026		40			(3,161	)		(2,095	)
Class C		225		75			(351	)		(51	)		229		22			(669	)		(418	)
Large Cap Value^(c)
Investor Class		257		2,893			(4,192	)		(1,042	)		593		1,274			(3,403	)		(1,536	)
Trust Class		127		190			(609	)		(292	)		221		145			(687	)		(321	)
Advisor Class		173		359			(1,279	)		(747	)		440		359			(1,196	)		(397	)
Institutional Class		1,178		221			(956	)		443			1,385		80			(903	)		562
Class A		58		6			(59	)		5			90		6			(88	)		8
Class C		13		4			(29	)		(12	)		37		4			(42	)		(1	)
Class R3		5		1			(2	)		4			6		0	^z		(2	)		4

212

	For the Year Ended August 31, 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		786		2,564		(2,772	)		578			703		1,440			(2,980	)		(837	)
Trust Class		1,520		365		(868	)		1,017			731		136			(2,452	)		(1,585	)
Advisor Class		357		54		(346	)		65			230		19			(287	)		(38	)
Institutional Class		5,005		1,900		(8,119	)		(1,214	)		4,987		1,034			(7,323	)		(1,302	)
Class A		807		258		(1,718	)		(653	)		748		149			(3,090	)		(2,193	)
Class C		90		57		(120	)		27			79		20			(269	)		(170	)
Class R3		293		70		(345	)		18			273		25			(447	)		(149	)
Class R6		9,212		1,651		(3,366	)		7,497			4,938		728			(2,391	)		3,275
Mid Cap Intrinsic Value
Investor Class		43		112		(246	)		(91	)		73		9			(249	)		(167	)
Trust Class		21		47		(123	)		(55	)		30		4			(87	)		(53	)
Institutional Class		1,167		115		(376	)		906			405		9			(297	)		117
Class A		208		32		(181	)		59			119		4			(483	)		(360	)
Class C		18		9		(42	)		(15	)		29		0	^z		(124	)		(95	)
Class R3		63		5		(26	)		42			24		0	^z		(32	)		(8	)
Multi-Cap Opportunities
Institutional Class		8,019		9,663		(22,825	)		(5,143	)		9,649		669			(21,655	)		(11,337	)
Class A		1,915		285		(1,291	)		909			1,452		118			(3,263	)		(1,693	)
Class C		371		214		(514	)		71			374		60			(722	)		(288	)
Real Estate
Trust Class		1,148		689		(3,405	)		(1,568	)		916		1,899			(5,271	)		(2,456	)
Institutional Class		4,745		802		(6,386	)		(839	)		3,910		2,045			(8,926	)		(2,971	)
Class A		1,168		338		(3,275	)		(1,769	)		1,582		1,022			(4,282	)		(1,678	)
Class C		18		60		(467	)		(389	)		73		204			(815	)		(538	)
Class R3		369		75		(504	)		(60	)		419		211			(876	)		(246	)
Class R6		2,267		242		(1,612	)		897			835		437			(906	)		366
Small Cap Growth^(d)
Investor Class		112		21		(177	)		(44	)		86		—			(202	)		(116	)
Trust Class		3		1		(22	)		(18	)		4		—			(52	)		(48	)
Advisor Class		21		1		(17	)		5			6		—			(31	)		(25	)
Institutional Class		70		5		(70	)		5			104		—			(93	)		11
Class A		88		1		(71	)		18			37		—			(66	)		(29	)
Class C		22		1		(15	)		8			18		—			(23	)		(5	)
Class R3		40		1		(23	)		18			14		—			(22	)		(8	)

213

	For the Year Ended August 31, 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
Sustainable Equity^(c)
Investor Class		1,442		1,148		(5,866	)		(3,276	)		1,720		867		(4,465	)		(1,878	)
Trust Class		773		358		(1,864	)		(733	)		950		551		(2,828	)		(1,327	)
Institutional Class		5,701		1,273		(6,864	)		110			5,894		910		(5,774	)		1,030
Class A		731		167		(1,018	)		(120	)		829		258		(1,624	)		(537	)
Class C		168		73		(253	)		(12	)		290		90		(365	)		15
Class R3		416		55		(701	)		(230	)		399		70		(301	)		168
Class R6		2,887		605		(5,439	)		(1,947	)		2,524		430		(4,139	)		(1,185	)
Value
Institutional Class		59		55		(324	)		(210	)		442		5		(430	)		17
Class A		9		13		(46	)		(24	)		355		1		(452	)		(96	)
Class C		4		17		(39	)		(18	)		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 August 31, 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 interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at August 31, 2018. During the year ended August 31, 2018, no Fund utilized the Credit Facility.

214

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 August 31, 2018		Value August 31, 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
Atrion Corp.		63,388		35,392		2,763		96,017	$	62,895,936	$	341,206		$	805,487		$	3,448,876
AZZ, Inc.		1,499,039		143,640		276,026		1,366,653		73,457,599		957,832			(3,906,324	)		9,448,549
Calavo Growers, Inc.		1,104,279		10,360		233,480		881,159		93,270,680		962,962			5,859,005			31,341,357
Exponent, Inc.		1,723,752		1,475,200		446,630		2,752,322		144,084,057		1,089,809			23,095,902			31,420,753
Heska Corp.		392,697		124,550		84,831		432,416		46,268,512		—	*		1,137,832			1,634,908
Manhattan Associates, Inc.		3,347,374		513,370		455,398		3,405,346		197,476,015		—	*		3,623,120			49,758,831
NetScout Systems, Inc.		4,272,673		442,295		641,130		4,073,838		101,845,950		—	*		(2,509,724	)		(29,230,059	)
Power Integrations, Inc.		2,029,349		247,690		183,656		2,093,383		153,549,643		1,283,787			6,646,376			(5,056,661	)
Rogers Corp.		1,145,268		195,995		102,649		1,238,614		171,015,435		—	*		8,332,219			17,286,007
Sub-total for affiliates held as of 8/31/18^(b)									$	1,043,863,827	$	4,635,596		$	43,083,893		$	110,052,561
Astronics Corp.		1,138,109		10,592		240,789		907,912	$	39,503,251	$	—	*	$	(1,808,363	)	$	19,827,781
Bank of Hawaii Corp.		2,181,636		21,165		461,287		1,741,514		144,772,059		4,150,749			12,709,231			(1,514,604	)
CommerceHub, Inc. Series A		—		1,262,960		1,262,960		—		—		—	*		92,892			—
Computer Modelling Group Ltd.^(e)		4,240,438		438,280		904,719		3,773,999		25,217,831		1,303,452			489,268			(2,530,471	)
CVB Financial Corp.		5,937,653		58,575		1,256,421		4,739,807		113,992,358		2,908,298			8,288,885			11,152,914
Gray Television, Inc.		4,247,791		453,145		1,156,512		3,544,424		61,850,199		—	*		290,324			9,662,081

215

	Balance of Shares Held August 31, 2017		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held August 31, 2018		Value August 31, 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		26,915		525,084		1,983,734	$	91,787,372	$	1,374,947		$	5,497,042		$	17,535,323
Lindsay Corp.		594,944		43,215		121,682		516,477		49,463,002		629,981			2,897,872			1,992,742
MGP Ingredients, Inc.		847,383		9,570		179,161		677,792		52,264,541		201,175			4,450,515			12,522,644
Monotype Imaging Holdings, Inc.		2,722,100		20,770		1,173,545		1,569,325		32,328,095		940,701			(3,056,693	)		12,647,471
Nexstar Media Group, Inc. Class A		2,523,996		23,665		485,372		2,062,289		169,107,698		3,145,663			10,624,434			38,692,341
Pason Systems, Inc.		4,695,341		41,360		965,714		3,770,987		61,995,026		2,258,264			263,477			7,910,332
Qualys, Inc.		1,745,452		411,541		368,792		1,788,201		162,815,701		—	*		12,813,514			72,892,653
RBC Bearings, Inc.		1,450,858		51,877		325,320		1,177,415		176,388,541		—	*		16,826,504			34,493,411
Sensient Technologies Corp.		2,485,181		58,898		1,010,295		1,533,784		108,929,340		2,739,449			36,898,064			(38,780,891	)
U.S. Physical Therapy, Inc.		792,415		7,335		167,475		632,275		79,192,444		602,582			3,846,108			40,166,374
Sub-total for securities no longer affiliated as of 8/31/18^(c)									$	1,369,607,458	$	20,255,261		$	111,123,074		$	236,670,101
Total									$	2,413,471,285	$	24,890,857		$	154,206,967		$	346,722,662
Intrinsic Value
Fluidigm Corp.		1,737,259		—		403,100		1,334,159	$	10,566,539	$	—	*	$	(1,289,721	)	$	6,326,769
Total for securities no longer affiliated as of 8/31/18^(d)									$	10,566,539	$	—		$	(1,289,721	)	$	6,326,769

216

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

(b) At August 31, 2018, these securities amounted to approximately 9.2% of net assets of Genesis.

(d) At August 31, 2018, the issuers of these securities were no longer affiliated with Intrinsic Value.

(e) Security fair valued as of August 31, 2018, in accordance with procedures approved by the Board.

* Non-income producing security.

Other: At August 31, 2018, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.08%, 0.01% and 1.74%, of the outstanding shares of Emerging Markets Equity, Genesis and International Select, respectively.

In addition, at August 31, 2018, affiliated investors owned 0.05%, 1.97%, 0.00%, 0.30%, 65.49%, 95.83%, 0.07%, 0.00%, 0.02%, 19.02%, 0.00%, 0.00%, 0.03% and 0.52% of the outstanding shares of Dividend Growth, Emerging Markets Equity, Focus, Genesis, 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
Sustainable Equity		94,334		7,420

Note H—Stock Splits:

In 2017, the 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 Sustainable Equity (collectively, the "Stock Split Funds"). The Stock Split for certain classes of Genesis, Large Cap Value, Mid Cap Growth and Sustainable Equity occurred after the close of the business on December 8, 2017. The Stock Split for certain classes of the remaining Stock Split Funds occurred after the close of the business on February 23, 2018. The Stock Split was carried out in accordance with a stock split ratio

217

calculated to result in net asset values per share that better aligned the share class prices of each of the Stock Split Funds.

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

: 0.5760

Large Cap Value
Trust Class

: 0.6374

Mid Cap Growth
Investor Class

: 0.9724

Sustainable Equity
Investor Class

: 0.9982

Genesis
Trust Class

: 1.0537

Large Cap Value
Advisor Class

: 0.4658

Mid Cap Growth
Trust Class

: 1.7186

Sustainable Equity
Trust Class

: 0.5700

Genesis
Advisor Class

: 0.3915

Large Cap Value
Institutional Class

: 1.0080

Mid Cap Growth
Advisor Class

: 1.7406

Sustainable Equity
Class A

: 0.5631

Genesis
Class R6

: 1.0003

Large Cap Value
Class A

: 0.6359

Mid Cap Growth
Class A

: 1.7093

Sustainable Equity
Class C

: 0.5445

Large Cap Value
Class C

: 0.4379

Mid Cap Growth
Class C

: 1.6694

Sustainable Equity
Class R3

: 0.5555

Large Cap Value
Class R3

: 0.4729

Mid Cap Growth
Class R3

: 1.7357

Sustainable Equity
Class R6

: 1.0008

Mid Cap Growth
Class R6

: 1.0040

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

: 0.5483

Guardian
Trust Class

: 0.5975

International Equity
Investor Class

: 1.8904

Small Cap Growth
Trust Class

: 1.0831

Focus
Advisor Class

: 0.1720

Guardian
Advisor Class

: 0.7858

International Equity
Trust Class

: 2.1151

Small Cap Growth
Advisor Class

: 0.6866

Focus
Institutional Class

: 1.0011

Guardian
Institutional Class

: 1.0017

International Equity
Class A

: 2.0998

Small Cap Growth
Institutional Class

: 1.0298

Focus
Class A

: 0.5403

Guardian
Class A

: 0.5870

International Equity
Class C

: 2.0430

Small Cap Growth
Class A

: 1.0951

Focus
Class C

: 0.1542

Guardian
Class C

: 0.7496

International Equity
Class R6

: 1.0085

Small Cap Growth
Class C

: 0.6571

Guardian
Class R3

: 0.7801

Small Cap Growth
Class R3

: 0.6886

Note I—Recent Accounting Pronouncement:

In August 2018, FASB issued Accounting Standards Update No. 2018-13, "Fair Value Measurement (Topic 820: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the impact of applying this guidance.

218

Note J—Subsequent Event:

As previously announced, the Board approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Emerging Markets Equity, Global Equity, Intrinsic Value, Mid Cap Intrinsic Value, and Multi-Cap Opportunities (collectively, the "Stock Split Funds"). The Stock Split is anticipated to occur after the close of the business on December 7, 2018. The Stock Split will be carried out in accordance with a stock split ratio calculated to result in net asset values per share that better align the share class prices of each of the Stock Split Funds.

219

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220

Financial Highlights

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

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab		Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#		Ratio of Net Expenses to Average Net Assets		Ratio of Net Investment Income/ (Loss) to Average Net Assets		Portfolio Turnover Rate
Dividend Growth Fund
Institutional Class
8/31/2018	$	12.93	$	0.21	$	1.12	$	1.33	$	(0.15	)	$	(0.18	)	$	(0.33	)	$	—	$	13.93	10.44	%	$	53.4	1.23	%	0.69	%	1.54	%	43	%
8/31/2017	$	11.11	$	0.22	$	1.82	$	2.04	$	(0.22	)	$	—		$	(0.22	)	$	—	$	12.93	18.54	%	$	32.5	1.69	%	0.69	%	1.78	%	44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.18	$	0.93	$	1.11	$	—		$	—		$	—		$	—	$	11.11	11.10	%*	$	20.3	2.61	%**^‡	0.69	%**^‡	2.44	%**^‡	23	%*
Class A
8/31/2018	$	12.94	$	0.15	$	1.13	$	1.28	$	(0.11	)	$	(0.18	)	$	(0.29	)	$	—	$	13.93	9.98	%	$	1.8	1.67	%	1.05	%	1.14	%	43	%
8/31/2017	$	11.09	$	0.18	$	1.81	$	1.99	$	(0.14	)	$	—		$	(0.14	)	$	—	$	12.94	18.10	%	$	1.6	2.14	%	1.05	%	1.48	%	44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.16	$	0.93	$	1.09	$	—		$	—		$	—		$	—	$	11.09	10.90	%*	$	0.2	3.36	%**^‡	1.05	%**^‡	2.14	%**^‡	23	%*
Class C
8/31/2018	$	12.87	$	0.05	$	1.12	$	1.17	$	(0.01	)	$	(0.18	)	$	(0.19	)	$	—	$	13.85	9.17	%	$	3.3	2.34	%	1.80	%	0.40	%	43	%
8/31/2017	$	11.00	$	0.07	$	1.85	$	1.92	$	(0.05	)	$	—		$	(0.05	)	$	—	$	12.87	17.47	%	$	3.1	2.81	%	1.80	%	0.61	%	44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.08	$	0.92	$	1.00	$	—		$	—		$	—		$	—	$	11.00	10.00	%*	$	0.0	4.11	%**^‡	1.80	%**^‡	1.17	%**^‡	23	%*
Class R6
8/31/2018	$	12.93	$	0.21	$	1.13	$	1.34	$	(0.16	)	$	(0.18	)	$	(0.34	)	$	—	$	13.93	10.51	%	$	0.0	1.19	%	0.62	%	1.58	%	43	%
8/31/2017	$	11.11	$	0.23	$	1.81	$	2.04	$	(0.22	)	$	—		$	(0.22	)	$	—	$	12.93	18.60	%	$	0.0	1.65	%	0.62	%	1.91	%	44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.15	$	0.96	$	1.11	$	—		$	—		$	—		$	—	$	11.11	11.10	%*	$	0.1	2.75	%**^‡	0.62	%**^‡	2.06	%**^‡	23	%*
Emerging Markets Equity Fund
Institutional Class
8/31/2018	$	19.87	$	0.20	$	(0.68	$	(0.48	$	(0.14	)	$	—		$	(0.14	)	$	—	$	19.25	(2.49	)%	$	1,149.4	1.28	%	1.25	%	0.98	%	23	%
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	%

See Notes to Financial Highlights

221

222

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Equity Fund (cont'd)
Class A
8/31/2018	$	19.75	$	0.10		$	(0.64	)	$	(0.54	)	$	(0.10	)	$	—		$	(0.10	)	$	—	$	19.11		(2.78	)%	$	47.6		1.65	%		1.50	%		0.49	%		23	%
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	%
Class C
8/31/2018	$	18.98	$	(0.02	)	$	(0.64	)	$	(0.66	)	$	(0.05	)	$	—		$	(0.05	)	$	—	$	18.27		(3.51	)%	$	10.9		2.37	%		2.25	%		(0.08	)%		23	%
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	%
Class R3
8/31/2018	$	19.31	$	0.03		$	(0.63	)	$	(0.60	)	$	(0.07	)	$	—		$	(0.07	)	$	—	$	18.64		(3.16	)%	$	1.4		1.91	%		1.91	%		0.14	%		23	%
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	%
Class R6
8/31/2018	$	19.89	$	0.19		$	(0.67	)	$	(0.48	)	$	(0.14	)	$	—		$	(0.14	)	$	—	$	19.27		(2.46	)%	$	166.9		1.19	%		1.18	%		0.91	%		23	%
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	%
Equity Income Fund
Institutional Class
8/31/2018	$	13.09	$	0.33		$	1.01		$	1.34		$	(0.40	)	$	(0.50	)	$	(0.90	)	$	—	$	13.53		10.58	%	$	1,172.8		0.69	%		0.69	%		2.52	%		41	%
8/31/2017	$	12.45	$	0.38		$	1.01		$	1.39		$	(0.33	)	$	(0.42	)	$	(0.75	)	$	0.00	$	13.09		11.56	%^ei	$	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	%

See Notes to Financial Highlights

223

224

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Income Fund (cont'd)
Class A
8/31/2018	$	13.04	$	0.29	$	1.00		$	1.29		$	(0.35	)	$	(0.50	)	$	(0.85	)	$	—	$	13.48		10.21	%	$	186.5		1.05	%		1.05	%		2.16	%		41	%
8/31/2017	$	12.40	$	0.32	$	1.02		$	1.34		$	(0.28	)	$	(0.42	)	$	(0.70	)	$	0.00	$	13.04		11.17	%^ei	$	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	%
Class C
8/31/2018	$	12.95	$	0.18	$	1.00		$	1.18		$	(0.25	)	$	(0.50	)	$	(0.75	)	$	—	$	13.38		9.36	%	$	246.7		1.80	%		1.80	%		1.40	%		41	%
8/31/2017	$	12.32	$	0.23	$	1.01		$	1.24		$	(0.19	)	$	(0.42	)	$	(0.61	)	$	0.00	$	12.95		10.34	%^ei	$	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	%
Class R3
8/31/2018	$	13.01	$	0.25	$	1.01		$	1.26		$	(0.32	)	$	(0.50	)	$	(0.82	)	$	—	$	13.45		9.93	%	$	2.2		1.33	%		1.33	%		1.87	%		41	%
8/31/2017	$	12.37	$	0.28	$	1.02		$	1.30		$	(0.24	)	$	(0.42	)	$	(0.66	)	$	0.00	$	13.01		10.88	%^ei	$	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	%
Focus Fund
Investor Class
8/31/2018	$	27.50	$	0.12	$	3.28		$	3.40		$	(0.08	)	$	(2.13	)	$	(2.21	)	$	—	$	28.69		13.05	%	$	690.7		0.91	%		0.91	%		0.43	%		59	%
8/31/2017	$	25.81	$	0.07	$	3.93		$	4.00		$	(0.09	)	$	(2.22	)	$	(2.31	)	$	0.00	$	27.50		16.81	%^ei	$	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	%
Trust Class
8/31/2018^h	$	29.18	$	0.07	$	3.35		$	3.42		$	(0.06	)	$	(3.88	)	$	(3.94	)	$	—	$	28.66		12.88	%	$	57.7		1.10	%		1.10	%		0.25	%		59	%
8/31/2017^h	$	29.14	$	0.04	$	4.19		$	4.23		$	(0.14	)	$	(4.05	)	$	(4.19	)	$	0.00	$	29.18		16.61	%^ei	$	63.0		1.10	%		1.09	%^f		0.10	%^f		72	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%

See Notes to Financial Highlights

225

226

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Focus Fund (cont'd)
Advisor Class
8/31/2018^h	$	37.33	$	0.03		$	3.63		$	3.66		$	—		$	(12.37	)	$	(12.37	)	$	—	$	28.62		12.62	%	$	2.3		1.26	%		1.26	%		0.09	%		59	%
8/31/2017^h	$	45.35	$	(0.00	)	$	5.52		$	5.52		$	(0.64	)	$	(12.90	)	$	(13.54	)	$	0.00	$	37.33		16.51	%^ei	$	3.5		1.26	%		1.23	%^f		(0.04	)%^f		72	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Institutional Class
8/31/2018^h	$	27.53	$	0.16		$	3.27		$	3.43		$	(0.12	)	$	(2.12	)	$	(2.24	)	$	—	$	28.72		13.20	%	$	8.6		0.75	%		0.75	%^§		0.60	%		59	%
8/31/2017^h	$	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	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Class A
8/31/2018^h	$	29.24	$	0.07		$	3.34		$	3.41		$	(0.06	)	$	(3.94	)	$	(4.00	)	$	—	$	28.65		12.80	%	$	3.4		1.12	%		1.11	%		0.23	%		59	%
8/31/2017^h	$	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	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Class C
8/31/2018^h	$	38.78	$	(0.16	)	$	3.68		$	3.52		$	—		$	(13.80	)	$	(13.80	)	$	—	$	28.50		11.92	%	$	1.7		1.87	%		1.86	%		(0.52	)%		59	%
8/31/2017^h	$	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	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Genesis Fund
Investor Class
8/31/2018^g	$	58.73	$	0.07		$	14.47		$	14.54		$	(0.11	)	$	(7.89	)	$	(8.00	)	$	—	$	65.27		26.73	%	$	1,919.1		1.02	%		1.02	%		0.11	%		13	%
8/31/2017^g	$	59.25	$	0.12		$	5.73		$	5.85		$	(0.26	)	$	(6.11	)	$	(6.37	)	$	—	$	58.73		10.19	%ⁱ	$	1,786.0		1.02	%		1.01	%^f		0.21	%^f		20	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%

See Notes to Financial Highlights

227

228

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Genesis Fund (cont'd)
Trust Class
8/31/2018^g	$	58.73	$	0.02		$	14.49		$	14.51		$	(0.05	)	$	(7.89	)	$	(7.94	)	$	—	$	65.30		26.64	%	$	1,561.6		1.10	%		1.10	%		0.03	%		13	%
8/31/2017^g	$	56.48	$	0.08		$	5.54		$	5.62		$	(0.03	)	$	(3.34	)	$	(3.37	)	$	—	$	58.73		10.11	%ⁱ	$	1,576.2		1.09	%		1.08	%^f		0.13	%^f		20	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Advisor Class
8/31/2018^g	$	58.77	$	(0.14	)	$	14.49		$	14.35		$	(0.00	)	$	(7.89	)	$	(7.89	)	$	—	$	65.23		26.31	%	$	198.1		1.35	%		1.35	%		(0.23	)%		13	%
8/31/2017^g	$	62.10	$	(0.08	)	$	5.93		$	5.85		$	(0.19	)	$	(8.99	)	$	(9.18	)	$	—	$	58.77		9.81	%ⁱ	$	203.8		1.36	%		1.35	%^f		(0.13	)%^f		20	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Institutional Class
8/31/2018	$	58.71	$	0.17		$	14.47		$	14.64		$	(0.22	)	$	(7.89	)	$	(8.11	)	$	—	$	65.24		26.96	%	$	3,253.8		0.85	%		0.85	%		0.28	%		13	%
8/31/2017	$	56.64	$	0.22		$	5.56		$	5.78		$	(0.19	)	$	(3.52	)	$	(3.71	)	$	—	$	58.71		10.40	%ⁱ	$	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	%
Class R6
8/31/2018^g	$	58.70	$	0.23		$	14.46		$	14.69		$	(0.27	)	$	(7.89	)	$	(8.16	)	$	—	$	65.23		27.07	%	$	4,372.3		0.78	%		0.75	%		0.38	%		13	%
8/31/2017^g	$	56.63	$	0.26		$	5.56		$	5.82		$	(0.23	)	$	(3.52	)	$	(3.75	)	$	—	$	58.70		10.47	%ⁱ	$	3,603.6		0.77	%		0.77	%^f§		0.45	%^f		20	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Global Equity Fund
Institutional Class
8/31/2018	$	7.56	$	0.06		$	1.04		$	1.10		$	(0.05	)	$	—		$	(0.05	)	$	—	$	8.61		14.53	%	$	4.8		6.48	%		0.75	%		0.74	%		33	%
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	%

See Notes to Financial Highlights

229

230

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Equity Fund (cont'd)
Class A
8/31/2018	$	7.48	$	0.03		$	1.03		$	1.06		$	(0.03	)	$	—		$	(0.03	)	$	—	$	8.51		14.17	%	$	0.4		6.70	%		1.11	%		0.41	%		33	%
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	%
Class C
8/31/2018	$	7.11	$	(0.03	)	$	0.97		$	0.94		$	—		$	—		$	—		$	—	$	8.05		13.22	%	$	0.1		7.61	%		1.86	%		(0.40	)%		33	%
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	%
Global Real Estate Fund
Institutional Class
8/31/2018	$	10.64	$	0.17		$	0.35		$	0.52		$	(0.21	)	$	(0.10	)	$	(0.31	)	$	—	$	10.85		4.98	%	$	2.3		11.12	%		1.01	%		1.62	%		48	%
8/31/2017	$	10.62	$	0.17		$	0.22		$	0.39		$	(0.33	)	$	(0.04	)	$	(0.37	)	$	—	$	10.64		4.01	%	$	2.2		10.97	%		1.01	%		1.67	%		61	%
8/31/2016	$	9.32	$	0.17		$	1.35		$	1.52		$	(0.22	)	$	(0.00	)	$	(0.22	)	$	—	$	10.62		16.49	%	$	2.1		10.93	%		1.00	%		1.68	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.08		$	(0.67	)	$	(0.59	)	$	(0.09	)	$	—		$	(0.09	)	$	—	$	9.32		(5.92	)%*	$	1.9		13.21	%**^‡		1.00	%**^‡		1.22	%**^‡		16	%*
Class A
8/31/2018	$	10.64	$	0.13		$	0.34		$	0.47		$	(0.17	)	$	(0.10	)	$	(0.27	)	$	—	$	10.84		4.47	%	$	0.3		11.57	%		1.37	%		1.23	%		48	%
8/31/2017	$	10.61	$	0.14		$	0.22		$	0.36		$	(0.29	)	$	(0.04	)	$	(0.33	)	$	—	$	10.64		3.71	%	$	0.5		11.23	%		1.37	%		1.41	%		61	%
8/31/2016	$	9.31	$	0.13		$	1.35		$	1.48		$	(0.18	)	$	(0.00	)	$	(0.18	)	$	—	$	10.61		16.09	%	$	0.7		11.31	%		1.36	%		1.32	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.06		$	(0.67	)	$	(0.61	)	$	(0.08	)	$	—		$	(0.08	)	$	—	$	9.31		(6.19	)%*	$	0.6		13.62	%**^‡		1.36	%**^‡		0.94	%**^‡		16	%*
Class C
8/31/2018	$	10.62	$	0.06		$	0.34		$	0.40		$	(0.11	)	$	(0.10	)	$	(0.21	)	$	—	$	10.81		3.81	%	$	0.3		12.21	%		2.12	%		0.53	%		48	%
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

231

232

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater China Equity Fund
Institutional Class
8/31/2018	$	15.85	$	0.00		$	0.77		$	0.77		$	(0.18	)	$	(1.64	)	$	(1.82	)	$	—	$	14.80		4.37	%	$	79.0		1.58	%		1.51	%		0.03	%		60	%
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	%
Class A
8/31/2018	$	15.86	$	(0.08	)	$	0.80		$	0.72		$	(0.17	)	$	(1.64	)	$	(1.81	)	$	—	$	14.77		4.02	%	$	10.2		2.01	%		1.87	%		(0.47	)%		60	%
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	%
Class C
8/31/2018	$	15.43	$	(0.16	)	$	0.75		$	0.59		$	(0.07	)	$	(1.64	)	$	(1.71	)	$	—	$	14.31		3.26	%	$	0.3		2.80	%		2.62	%		(0.99	)%		60	%
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	%
Guardian Fund
Investor Class
8/31/2018	$	17.12	$	0.11		$	3.49		$	3.60		$	(0.11	)	$	(1.09	)	$	(1.20	)	$	—	$	19.52		21.86	%	$	1,187.2		0.88	%		0.88	%		0.62	%		41	%
8/31/2017	$	16.45	$	0.12		$	2.51		$	2.63		$	(0.11	)	$	(1.85	)	$	(1.96	)	$	—	$	17.12		17.60	%ⁱ	$	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	%
Trust Class
8/31/2018^h	$	17.82	$	0.08		$	3.57		$	3.65		$	(0.13	)	$	(1.83	)	$	(1.96	)	$	—	$	19.51		21.76	%	$	56.6		1.06	%		1.06	%		0.44	%		41	%
8/31/2017^h	$	18.34	$	0.10		$	2.64		$	2.74		$	(0.16	)	$	(3.10	)	$	(3.26	)	$	—	$	17.82		17.37	%ⁱ	$	57.8		1.07	%		1.04	%^f		0.60	%^f		37	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%

See Notes to Financial Highlights

233

234

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Guardian Fund (cont'd)
Advisor Class
8/31/2018^h	$	17.36	$	0.02		$	3.52		$	3.54		$	(0.05	)	$	(1.39	)	$	(1.44	)	$	—	$	19.46		21.34	%	$	0.2		1.40	%		1.40	%		0.12	%		41	%
8/31/2017^h	$	17.14	$	0.09		$	2.54		$	2.63		$	(0.06	)	$	(2.35	)	$	(2.41	)	$	—	$	17.36		17.26	%ⁱ	$	0.1		1.38	%		1.18	%^f		0.51	%^f		37	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Institutional Class
8/31/2018^h	$	17.13	$	0.14		$	3.51		$	3.65		$	(0.14	)	$	(1.09	)	$	(1.23	)	$	—	$	19.55		22.15	%	$	82.5		0.71	%		0.71	%		0.80	%		41	%
8/31/2017^h	$	16.47	$	0.15		$	2.50		$	2.65		$	(0.14	)	$	(1.85	)	$	(1.99	)	$	—	$	17.13		17.72	%ⁱ	$	70.2		0.72	%		0.71	%^f		0.94	%^f		37	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Class A
8/31/2018^h	$	17.85	$	0.07		$	3.57		$	3.64		$	(0.13	)	$	(1.86	)	$	(1.99	)	$	—	$	19.50		21.67	%	$	5.5		1.09	%		1.09	%		0.41	%		41	%
8/31/2017^h	$	18.43	$	0.10		$	2.64		$	2.74		$	(0.17	)	$	(3.15	)	$	(3.32	)	$	—	$	17.85		17.28	%ⁱ	$	5.6		1.10	%		1.09	%^f		0.56	%^f		37	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Class C
8/31/2018^h	$	17.42	$	(0.06	)	$	3.51		$	3.45		$	(0.01	)	$	(1.46	)	$	(1.47	)	$	—	$	19.40		20.74	%	$	1.8		1.83	%		1.83	%		(0.32	)%		41	%
8/31/2017^h	$	17.38	$	(0.03	)	$	2.58		$	2.55		$	(0.04	)	$	(2.47	)	$	(2.51	)	$	—	$	17.42		16.53	%ⁱ	$	1.6		1.84	%		1.84	%^f		(0.20	)%^f		37	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Class R3
8/31/2018^h	$	17.37	$	0.02		$	3.52		$	3.54		$	(0.05	)	$	(1.40	)	$	(1.45	)	$	—	$	19.46		21.33	%	$	0.4		1.37	%		1.36	%		0.13	%		41	%
8/31/2017^h	$	17.20	$	0.05		$	2.55		$	2.60		$	(0.06	)	$	(2.37	)	$	(2.43	)	$	—	$	17.37		17.02	%ⁱ	$	0.5		1.38	%		1.36	%^f		0.28	%^f		37	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%

See Notes to Financial Highlights

235

236

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Investor Class
8/31/2018^h	$	12.58	$	0.10		$	0.51		$	0.61		$	(0.03	)	$	—	$	(0.03	)	$	—	$	13.16		4.88	%	$	106.7		1.20	%		1.14	%		0.74	%		32	%
8/31/2017^h	$	10.90	$	0.15		$	1.58		$	1.73		$	(0.05	)	$	—	$	(0.05	)	$	—	$	12.58		15.97	%ⁱ	$	110.4		1.23	%		0.73	%^f		1.34	%^f		27	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Trust Class
8/31/2018^h	$	12.57	$	0.09		$	0.52		$	0.61		$	(0.02	)	$	—	$	(0.02	)	$	—	$	13.16		4.84	%	$	40.9		1.24	%		1.18	%		0.71	%		32	%
8/31/2017^h	$	10.88	$	0.15		$	1.58		$	1.73		$	(0.04	)	$	—	$	(0.04	)	$	—	$	12.57		15.92	%ⁱ	$	45.7		1.27	%		0.74	%^f		1.29	%^f		27	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Institutional Class
8/31/2018	$	12.66	$	0.14		$	0.51		$	0.65		$	(0.13	)	$	—	$	(0.13	)	$	—	$	13.18		5.12	%	$	1,772.4		0.99	%		0.85	%		1.03	%		32	%
8/31/2017	$	11.09	$	0.14		$	1.58		$	1.72		$	(0.15	)	$	—	$	(0.15	)	$	—	$	12.66		15.82	%ⁱ	$	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	%
Class A
8/31/2018^h	$	12.56	$	0.08		$	0.52		$	0.60		$	(0.01	)	$	—	$	(0.01	)	$	—	$	13.15		4.77	%	$	67.2		1.35	%		1.21	%		0.63	%		32	%
8/31/2017^h	$	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	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%
Class C
8/31/2018^h	$	12.58	$	(0.01	)	$	0.52		$	0.51		$	—		$	—	$	—		$	—	$	13.09		4.05	%	$	14.3		2.11	%		1.96	%		(0.06	)%		32	%
8/31/2017^h	$	10.99	$	0.00		$	1.59		$	1.59		$	—		$	—	$	—		$	—	$	12.58		14.48	%	$	13.2		2.14	%		1.96	%^§		0.04	%^f		27	%
8/31/2016^h	$	10.60	$	0.04		$	0.35		$	0.39		$	—		$	—	$	—		$	—	$	10.99		3.70	%	$	14.7		2.16	%		1.96	%		0.37	%		30	%
8/31/2015^h	$	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	%
8/31/2014^h	$	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	%

See Notes to Financial Highlights

237

238

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund (cont'd)
Class R6
8/31/2018^h	$	12.67	$	0.15		$	0.52		$	0.67		$	(0.14	)	$	—	$	(0.14	)	$	—	$	13.20		5.26	%	$	74.3		0.92	%		0.78	%		1.15	%		32	%
8/31/2017^h	$	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	%
8/31/2016^h	$	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	%
8/31/2015^h	$	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 8/31/2014^h	$	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
International Select Fund
Trust Class
8/31/2018	$	12.43	$	0.10		$	0.54		$	0.64		$	(0.10	)	$	—	$	(0.10	)	$	—	$	12.97		5.17	%	$	8.0		1.38	%		1.16	%		0.74	%		44	%
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	%
Institutional Class
8/31/2018	$	12.42	$	0.13		$	0.55		$	0.68		$	(0.14	)	$	—	$	(0.14	)	$	—	$	12.96		5.52	%	$	142.4		0.93	%		0.81	%		0.99	%		44	%
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	%
Class A
8/31/2018	$	12.34	$	0.08		$	0.55		$	0.63		$	(0.10	)	$	—	$	(0.10	)	$	—	$	12.87		5.12	%	$	3.9		1.31	%		1.17	%		0.63	%		44	%
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	%
Class C
8/31/2018	$	12.16	$	(0.00	)	$	0.53		$	0.53		$	(0.01	)	$	—	$	(0.01	)	$	—	$	12.68		4.37	%	$	2.4		2.06	%		1.92	%		(0.02	)%		44	%
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	%

See Notes to Financial Highlights

239

240

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Select Fund (cont'd)
Class R3
8/31/2018	$	12.22	$	0.05		$	0.55		$	0.60		$	(0.07	)	$	—		$	(0.07	)	$	—	$	12.75		4.92	%	$	3.5		1.56	%		1.42	%		0.36	%		44	%
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	%
Class R6
8/31/2018	$	12.42	$	0.15		$	0.54		$	0.69		$	(0.15	)	$	—		$	(0.15	)	$	—	$	12.96		5.59	%	$	9.4		0.87	%		0.74	%		1.15	%		44	%
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
8/31/2018	$	12.74	$	0.11		$	1.02		$	1.13		$	(0.35	)	$	(0.54	)	$	(0.89	)	$	—	$	12.98		9.06	%	$	6.2		7.02	%		1.05	%		0.83	%		48	%
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
8/31/2018	$	12.70	$	0.02		$	1.05		$	1.07		$	(0.30	)	$	(0.54	)	$	(0.84	)	$	—	$	12.93		8.60	%	$	0.2		7.56	%		1.41	%		0.16	%		48	%
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
8/31/2018	$	12.63	$	(0.07	)	$	1.05		$	0.98		$	(0.24	)	$	(0.54	)	$	(0.78	)	$	—	$	12.83		7.89	%	$	0.2		8.15	%		2.16	%		(0.53	)%		48	%
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
8/31/2018	$	12.74	$	0.08		$	1.06		$	1.14		$	(0.36	)	$	(0.54	)	$	(0.90	)	$	—	$	12.98		9.12	%	$	0.3		6.97	%		0.98	%		0.64	%		48	%
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

241

242

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Intrinsic Value Fund
Institutional Class
8/31/2018	$	16.12	$	(0.06	)	$	3.33		$	3.27		$	—		$	(0.85	)	$	(0.85	)	$	—	$	18.54		21.01	%	$	678.0		1.02	%		1.00	%		(0.35	)%		25	%
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	%
Class A
8/31/2018	$	15.67	$	(0.12	)	$	3.23		$	3.11		$	—		$	(0.85	)	$	(0.85	)	$	—	$	17.93		20.58	%	$	20.0		1.41	%		1.36	%		(0.73	)%		25	%
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	%
Class C
8/31/2018	$	14.76	$	(0.23	)	$	3.02		$	2.79		$	—		$	(0.85	)	$	(0.85	)	$	—	$	16.70		19.65	%	$	24.5		2.13	%		2.11	%		(1.47	)%		25	%
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	%
Large Cap Value Fund
Investor Class
8/31/2018	$	31.61	$	0.46		$	3.47		$	3.93		$	(0.40	)	$	(2.27	)	$	(2.67	)	$	—	$	32.87		12.90	%	$	1,160.3		0.87	%		0.87	%		1.46	%		153	%
8/31/2017	$	28.25	$	0.40		$	4.03		$	4.43		$	(0.20	)	$	(0.87	)	$	(1.07	)	$	—	$	31.61		15.88	%ⁱ	$	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	%
Trust Class
8/31/2018^g	$	31.63	$	0.40		$	3.47		$	3.87		$	(0.35	)	$	(2.27	)	$	(2.62	)	$	—	$	32.88		12.68	%	$	68.4		1.05	%		1.05	%		1.26	%		153	%
8/31/2017^g	$	28.84	$	0.36		$	4.10		$	4.46		$	(0.30	)	$	(1.37	)	$	(1.67	)	$	—	$	31.63		15.77	%ⁱ	$	75.0		1.05	%		1.01	%^f		1.16	%^f		74	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%

See Notes to Financial Highlights

243

244

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund (cont'd)
Advisor Class
8/31/2018^g	$	31.62	$	0.35	$	3.49		$	3.84		$	(0.31	)	$	(2.27	)	$	(2.58	)	$	—	$	32.88		12.56	%	$	125.2		1.20	%		1.20	%		1.11	%		153	%
8/31/2017^g	$	29.45	$	0.30	$	4.15		$	4.45		$	(0.41	)	$	(1.87	)	$	(2.28	)	$	—	$	31.62		15.51	%ⁱ	$	144.1		1.20	%		1.19	%^f		0.98	%^f		74	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Institutional Class
8/31/2018^g	$	31.60	$	0.52	$	3.47		$	3.99		$	(0.45	)	$	(2.27	)	$	(2.72	)	$	—	$	32.87		13.11	%	$	98.5		0.70	%		0.70	%^§		1.64	%		153	%
8/31/2017^g	$	28.25	$	0.45	$	4.02		$	4.47		$	(0.26	)	$	(0.86	)	$	(1.12	)	$	—	$	31.60		16.04	%ⁱ	$	80.6		0.70	%		0.69	%^f§		1.50	%^f		74	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class A
8/31/2018^g	$	31.62	$	0.39	$	3.48		$	3.87		$	(0.34	)	$	(2.27	)	$	(2.61	)	$	—	$	32.88		12.68	%	$	4.1		1.08	%		1.08	%		1.24	%		153	%
8/31/2017^g	$	28.87	$	0.34	$	4.09		$	4.43		$	(0.31	)	$	(1.37	)	$	(1.68	)	$	—	$	31.62		15.65	%ⁱ	$	3.8		1.07	%		1.07	%^f		1.11	%^f		74	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class C
8/31/2018^g	$	31.67	$	0.15	$	3.48		$	3.63		$	(0.16	)	$	(2.27	)	$	(2.43	)	$	—	$	32.87		11.83	%	$	1.9		1.82	%		1.82	%		0.48	%		153	%
8/31/2017^g	$	29.66	$	0.11	$	4.18		$	4.29		$	(0.29	)	$	(1.99	)	$	(2.28	)	$	—	$	31.67		14.84	%ⁱ	$	2.3		1.81	%		1.81	%^f		0.36	%^f		74	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class R3
8/31/2018^g	$	31.63	$	0.32	$	3.47		$	3.79		$	(0.26	)	$	(2.27	)	$	(2.53	)	$	—	$	32.89		12.39	%	$	0.3		1.37	%		1.36	%		1.00	%		153	%
8/31/2017^g	$	29.46	$	0.28	$	4.12		$	4.40		$	(0.39	)	$	(1.84	)	$	(2.23	)	$	—	$	31.63		15.27	%ⁱ	$	0.2		1.43	%		1.36	%^f		0.90	%^f		74	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%

See Notes to Financial Highlights

245

246

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund
Investor Class
8/31/2018^g	$	14.61	$	(0.04	)	$	3.74		$	3.70		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.99		26.75	%	$	528.1		0.90	%		0.90	%		(0.25	)%		50	%
8/31/2017^g	$	13.25	$	(0.04	)	$	2.04		$	2.00		$	—	$	(0.64	)	$	(0.64	)	$	—	$	14.61		15.80	%ⁱ	$	445.9		0.93	%		0.91	%^f		(0.28	)%^f		47	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Trust Class
8/31/2018^g	$	14.62	$	(0.05	)	$	3.73		$	3.68		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.98		26.65	%	$	77.6		0.95	%		0.95	%		(0.30	)%		50	%
8/31/2017^g	$	12.98	$	(0.04	)	$	2.04		$	2.00		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.62		15.75	%ⁱ	$	52.0		0.97	%		0.97	%^f		(0.34	)%^f		47	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Advisor Class
8/31/2018^g	$	14.62	$	(0.09	)	$	3.73		$	3.64		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.94		26.32	%	$	15.4		1.21	%		1.21	%		(0.56	)%		50	%
8/31/2017^g	$	13.01	$	(0.08	)	$	2.05		$	1.97		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.62		15.47	%ⁱ	$	12.4		1.23	%		1.23	%^f		(0.60	)%^f		47	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Institutional Class
8/31/2018	$	14.61	$	(0.01	)	$	3.73		$	3.72		$	—	$	(1.32	)	$	(1.32	)	$	—	$	17.01		26.93	%	$	353.7		0.70	%		0.70	%		(0.05	)%		50	%
8/31/2017	$	13.20	$	(0.01	)	$	2.04		$	2.03		$	—	$	(0.62	)	$	(0.62	)	$	—	$	14.61		16.03	%ⁱ	$	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	%
Class A
8/31/2018^g	$	14.62	$	(0.07	)	$	3.73		$	3.66		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.96		26.48	%	$	52.1		1.07	%		1.07	%		(0.42	)%		50	%
8/31/2017^g	$	13.00	$	(0.06	)	$	2.04		$	1.98		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.62		15.58	%ⁱ	$	54.4		1.11	%		1.11	%^f§		(0.49	)%^f		47	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%

See Notes to Financial Highlights

247

248

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund (cont'd)
Class C
8/31/2018^g	$	14.64	$	(0.19	)	$	3.72		$	3.53		$	—		$	(1.32	)	$	(1.32	)	$	—	$	16.85		25.49	%	$	11.6		1.85	%		1.85	%^§		(1.20	)%		50	%
8/31/2017^g	$	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	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class R3
8/31/2018^g	$	14.63	$	(0.11	)	$	3.72		$	3.61		$	—		$	(1.32	)	$	(1.32	)	$	—	$	16.92		26.11	%	$	15.6		1.36	%		1.36	%^§		(0.71	)%		50	%
8/31/2017^g	$	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	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class R6
8/31/2018^g	$	14.61	$	0.00		$	3.73		$	3.73		$	—		$	(1.32	)	$	(1.32	)	$	—	$	17.02		26.99	%	$	433.5		0.63	%		0.63	%		0.02	%		50	%
8/31/2017^g	$	13.19	$	(0.00	)	$	2.04		$	2.04		$	—		$	(0.62	)	$	(0.62	)	$	—	$	14.61		16.13	%ⁱ	$	262.4		0.65	%		0.65	%^f		(0.02	)%^f		47	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Mid Cap Intrinsic Value Fund
Investor Class
8/31/2018	$	22.98	$	0.12		$	2.57		$	2.69		$	(0.11	)	$	(1.44	)	$	(1.55	)	$	—	$	24.12		12.20	%	$	40.2		1.21	%		1.17	%		0.49	%		36	%
8/31/2017	$	19.71	$	0.23		$	3.15		$	3.38		$	(0.11	)	$	—		$	(0.11	)	$	—	$	22.98		17.19	%ⁱ	$	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	%
Trust Class
8/31/2018	$	18.86	$	0.08		$	2.11		$	2.19		$	(0.09	)	$	(1.44	)	$	(1.53	)	$	—	$	19.52		12.17	%	$	10.2		1.37	%		1.25	%		0.42	%		36	%
8/31/2017	$	16.24	$	0.15		$	2.58		$	2.73		$	(0.11	)	$	—		$	(0.11	)	$	—	$	18.86		16.85	%ⁱ	$	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	%

See Notes to Financial Highlights

249

250

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund (cont'd)
Institutional Class
8/31/2018	$	23.00	$	0.19		$	2.59		$	2.78		$	(0.17	)	$	(1.44	)	$	(1.61	)	$	—	$	24.17		12.60	%	$	52.5		1.02	%		0.85	%		0.81	%		36	%
8/31/2017	$	19.75	$	0.26		$	3.16		$	3.42		$	(0.17	)	$	—		$	(0.17	)	$	—	$	23.00		17.40	%ⁱ	$	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	%
Class A
8/31/2018	$	18.84	$	0.09		$	2.10		$	2.19		$	(0.08	)	$	(1.44	)	$	(1.52	)	$	—	$	19.51		12.23	%	$	10.1		1.39	%		1.21	%		0.46	%		36	%
8/31/2017	$	16.21	$	0.16		$	2.58		$	2.74		$	(0.11	)	$	—		$	(0.11	)	$	—	$	18.84		16.95	%ⁱ	$	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	%
Class C
8/31/2018	$	18.37	$	(0.05	)	$	2.04		$	1.99		$	(0.00	)	$	(1.44	)	$	(1.44	)	$	—	$	18.92		11.37	%	$	2.4		2.14	%		1.96	%		(0.29	)%		36	%
8/31/2017	$	15.88	$	0.03		$	2.52		$	2.55		$	(0.06	)	$	—		$	(0.06	)	$	—	$	18.37		16.09	%ⁱ	$	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	%
Class R3
8/31/2018	$	18.78	$	0.04		$	2.09		$	2.13		$	(0.05	)	$	(1.44	)	$	(1.49	)	$	—	$	19.42		11.92	%	$	2.3		1.65	%		1.46	%		0.21	%		36	%
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	%
Multi-Cap Opportunities Fund
Institutional Class
8/31/2018	$	18.67	$	0.12		$	3.28		$	3.40		$	(0.11	)	$	(1.84	)	$	(1.95	)	$	—	$	20.12		19.15	%	$	1,866.7		0.72	%		0.72	%		0.61	%		23	%
8/31/2017	$	16.08	$	0.12		$	3.06		$	3.18		$	(0.14	)	$	(0.45	)	$	(0.59	)	$	—	$	18.67		20.27	%ⁱ	$	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	%

See Notes to Financial Highlights

251

252

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Multi-Cap Opportunities Fund (cont'd)
Class A
8/31/2018	$	18.53	$	0.05		$	3.25		$	3.30		$	(0.04	)	$	(1.84	)	$	(1.88	)	$	—	$	19.95		18.72	%	$	75.7		1.09	%		1.09	%		0.25	%		23	%
8/31/2017	$	15.95	$	0.06		$	3.04		$	3.10		$	(0.07	)	$	(0.45	)	$	(0.52	)	$	—	$	18.53		19.85	%ⁱ	$	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	%
Class C
8/31/2018	$	17.84	$	(0.09	)	$	3.12		$	3.03		$	—		$	(1.84	)	$	(1.84	)	$	—	$	19.03		17.83	%	$	44.7		1.83	%		1.83	%		(0.49	)%		23	%
8/31/2017	$	15.42	$	(0.07	)	$	2.94		$	2.87		$	(0.00	)	$	(0.45	)	$	(0.45	)	$	—	$	17.84		18.95	%ⁱ	$	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	%
Real Estate Fund
Trust Class
8/31/2018	$	13.52	$	0.20		$	0.45		$	0.65		$	(0.19	)	$	(0.64	)	$	(0.83	)	$	—	$	13.34		5.01	%	$	133.7		1.42	%		1.04	%		1.58	%		47	%
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	%
Institutional Class
8/31/2018	$	13.56	$	0.23		$	0.46		$	0.69		$	(0.22	)	$	(0.64	)	$	(0.86	)	$	—	$	13.39		5.28	%	$	177.7		1.06	%		0.85	%		1.81	%		47	%
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	%
Class A
8/31/2018	$	13.51	$	0.17		$	0.47		$	0.64		$	(0.17	)	$	(0.64	)	$	(0.81	)	$	—	$	13.34		4.90	%	$	58.8		1.42	%		1.21	%		1.31	%		47	%
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	%

See Notes to Financial Highlights

253

254

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Real Estate Fund (cont'd)
Class C
8/31/2018	$	13.52	$	0.08		$	0.47		$	0.55		$	(0.07	)	$	(0.64	)	$	(0.71	)	$	—	$	13.36		4.14	%	$	13.5		2.18	%		1.96	%		0.59	%		47	%
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	%
Class R3
8/31/2018	$	13.49	$	0.16		$	0.44		$	0.60		$	(0.14	)	$	(0.64	)	$	(0.78	)	$	—	$	13.31		4.58	%	$	18.0		1.69	%		1.46	%		1.21	%		47	%
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	%
Class R6
8/31/2018	$	13.56	$	0.23		$	0.47		$	0.70		$	(0.23	)	$	(0.64	)	$	(0.87	)	$	—	$	13.39		5.35	%	$	56.6		0.99	%		0.78	%		1.82	%		47	%
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	%
Small Cap Growth Fund
Investor Class
8/31/2018	$	32.90	$	(0.37	)	$	12.94		$	12.57		$	—		$	(0.51	)	$	(0.51	)	$	—	$	44.96		38.67	%	$	66.1		1.75	%		1.21	%		(0.97	)%		217	%
8/31/2017	$	26.97	$	(0.26	)	$	6.19		$	5.93		$	—		$	—		$	—		$	—	$	32.90		21.99	%ⁱ	$	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	%
Trust Class
8/31/2018^h	$	32.88	$	(0.43	)	$	12.93		$	12.50		$	—		$	(0.47	)	$	(0.47	)	$	—	$	44.91		38.45	%	$	4.4		1.86	%		1.37	%		(1.13	)%		217	%
8/31/2017^h	$	27.01	$	(0.30	)	$	6.17		$	5.87		$	—		$	—		$	—		$	—	$	32.88		21.74	%	$	3.9		1.88	%		1.37	%		(1.04	)%		215	%
8/31/2016^h	$	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	%
8/31/2015^h	$	27.44	$	(0.34	)	$	2.34		$	2.00		$	—		$	—		$	—		$	—	$	29.44		7.30	%	$	5.3		1.86	%		1.40	%		(1.15	)%		336	%
8/31/2014^h	$	24.21	$	(0.28	)	$	3.51		$	3.23		$	—		$	—		$	—		$	0.00	$	27.44		13.35	%^c	$	5.5		1.95	%		1.40	%		(1.02	)%		284	%

See Notes to Financial Highlights

255

256

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Advisor Class
8/31/2018^h	$	33.15	$	(0.48	)	$	12.94		$	12.46		$	—	$	(0.74	)	$	(0.74	)	$	—	$	44.87		38.26	%	$	2.5		2.03	%		1.51	%		(1.27	)%		217	%
8/31/2017^h	$	27.27	$	(0.35	)	$	6.23		$	5.88		$	—	$	—		$	—		$	—	$	33.15		21.58	%ⁱ	$	1.7		2.05	%		1.51	%^f		(1.18	)%^f		215	%
8/31/2016^h	$	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	%
8/31/2015^h	$	28.59	$	(0.38	)	$	2.42		$	2.04		$	—	$	—		$	—		$	—	$	30.63		7.13	%	$	2.7		2.00	%		1.51	%		(1.26	)%		336	%
8/31/2014^h	$	25.24	$	(0.32	)	$	3.67		$	3.35		$	—	$	—		$	—		$	0.00	$	28.59		13.27	%^c	$	3.5		1.96	%		1.51	%		(1.15	)%		284	%
Institutional Class
8/31/2018^h	$	32.85	$	(0.25	)	$	12.95		$	12.70		$	—	$	(0.49	)	$	(0.49	)	$	—	$	45.06		39.12	%	$	16.4		1.50	%		0.90	%		(0.66	)%		217	%
8/31/2017^h	$	26.86	$	(0.17	)	$	6.16		$	5.99		$	—	$	—		$	—		$	—	$	32.85		22.31	%	$	11.8		1.50	%		0.90	%		(0.57	)%		215	%
8/31/2016^h	$	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	%
8/31/2015^h	$	27.11	$	(0.19	)	$	2.32		$	2.13		$	—	$	—		$	—		$	—	$	29.24		7.84	%	$	20.7		1.44	%		0.90	%		(0.65	)%		336	%
8/31/2014^h	$	23.80	$	(0.15	)	$	3.46		$	3.31		$	—	$	—		$	—		$	0.00	$	27.11		13.91	%^c	$	19.0		1.48	%		0.90	%		(0.54	)%		284	%
Class A
8/31/2018^h	$	32.87	$	(0.39	)	$	12.93		$	12.54		$	—	$	(0.46	)	$	(0.46	)	$	—	$	44.95		38.60	%	$	5.3		1.88	%		1.26	%		(1.02	)%		217	%
8/31/2017^h	$	26.97	$	(0.27	)	$	6.17		$	5.90		$	—	$	—		$	—		$	—	$	32.87		21.88	%	$	3.3		1.90	%		1.26	%		(0.93	)%		215	%
8/31/2016^h	$	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	%
8/31/2015^h	$	27.32	$	(0.30	)	$	2.34		$	2.04		$	—	$	—		$	—		$	—	$	29.36		7.45	%	$	5.1		1.83	%		1.26	%		(1.01	)%		336	%
8/31/2014^h	$	24.07	$	(0.26	)	$	3.51		$	3.25		$	—	$	—		$	—		$	0.00	$	27.32		13.51	%^c	$	4.4		1.81	%		1.26	%		(0.96	)%		284	%
Class C
8/31/2018^h	$	33.24	$	(0.67	)	$	12.92		$	12.25		$	—	$	(0.77	)	$	(0.77	)	$	—	$	44.72		37.56	%	$	3.1		2.62	%		2.01	%		(1.77	)%		217	%
8/31/2017^h	$	27.47	$	(0.50	)	$	6.27		$	5.77		$	—	$	—		$	—		$	—	$	33.24		21.00	%	$	2.0		2.63	%		2.01	%		(1.68	)%		215	%
8/31/2016^h	$	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	%
8/31/2015^h	$	29.16	$	(0.55	)	$	2.50		$	1.95		$	—	$	—		$	—		$	—	$	31.11		6.68	%	$	2.3		2.58	%		2.01	%		(1.76	)%		336	%
8/31/2014^h	$	25.89	$	(0.49	)	$	3.76		$	3.27		$	—	$	—		$	—		$	0.00	$	29.16		12.64	%^c	$	1.8		2.57	%		2.01	%		(1.68	)%		284	%
Class R3
8/31/2018^h	$	33.14	$	(0.48	)	$	12.95		$	12.47		$	—	$	(0.74	)	$	(0.74	)	$	—	$	44.87		38.29	%	$	2.2		2.17	%		1.51	%		(1.27	)%		217	%
8/31/2017^h	$	27.26	$	(0.35	)	$	6.23		$	5.88		$	—	$	—		$	—		$	—	$	33.14		21.58	%	$	1.0		2.19	%		1.51	%		(1.17	)%		215	%
8/31/2016^h	$	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	%
8/31/2015^h	$	28.56	$	(0.39	)	$	2.46		$	2.07		$	—	$	—		$	—		$	—	$	30.63		7.22	%	$	1.0		2.15	%		1.51	%		(1.25	)%		336	%
8/31/2014^h	$	25.22	$	(0.32	)	$	3.66		$	3.34		$	—	$	—		$	—		$	0.00	$	28.56		13.24	%^c	$	0.5		2.16	%		1.51	%		(1.15	)%		284	%

See Notes to Financial Highlights

257

258

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Sustainable Equity Fund
Investor Class
8/31/2018^g	$	37.56	$	0.23		$	6.41		$	6.64		$	(0.31	)	$	(2.03	)	$	(2.34	)	$	—	$	41.86		18.36	%	$	679.3		0.85	%		0.85	%		0.59	%		12	%
8/31/2017^g	$	34.56	$	0.24		$	4.31		$	4.55		$	(0.23	)	$	(1.32	)	$	(1.55	)	$	—	$	37.56		13.54	%ⁱ	$	732.6		0.85	%		0.84	%^f		0.66	%^f		26	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Trust Class
8/31/2018^g	$	37.58	$	0.16		$	6.41		$	6.57		$	(0.24	)	$	(2.03	)	$	(2.27	)	$	—	$	41.88		18.13	%	$	230.8		1.02	%		1.02	%		0.42	%		12	%
8/31/2017^g	$	35.74	$	0.18		$	4.38		$	4.56		$	(0.40	)	$	(2.32	)	$	(2.72	)	$	—	$	37.58		13.41	%ⁱ	$	234.6		1.02	%		1.01	%^f		0.51	%^f		26	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Institutional Class
8/31/2018	$	37.55	$	0.30		$	6.41		$	6.71		$	(0.39	)	$	(2.03	)	$	(2.42	)	$	—	$	41.84		18.56	%	$	950.5		0.67	%		0.67	%		0.76	%		12	%
8/31/2017	$	34.55	$	0.30		$	4.32		$	4.62		$	(0.30	)	$	(1.32	)	$	(1.62	)	$	—	$	37.55		13.78	%ⁱ	$	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	%
Class A
8/31/2018^g	$	37.58	$	0.16		$	6.41		$	6.57		$	(0.24	)	$	(2.03	)	$	(2.27	)	$	—	$	41.88		18.14	%	$	126.4		1.04	%		1.04	%		0.40	%		12	%
8/31/2017^g	$	35.78	$	0.18		$	4.37		$	4.55		$	(0.41	)	$	(2.34	)	$	(2.75	)	$	—	$	37.58		13.36	%ⁱ	$	118.0		1.03	%		1.03	%^f		0.48	%^f		26	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class C
8/31/2018^g	$	37.63	$	(0.14	)	$	6.42		$	6.28		$	(0.07	)	$	(2.03	)	$	(2.10	)	$	—	$	41.81		17.26	%	$	62.4		1.78	%		1.78	%		(0.35	)%		12	%
8/31/2017^g	$	35.92	$	(0.09	)	$	4.39		$	4.30		$	(0.17	)	$	(2.42	)	$	(2.59	)	$	—	$	37.63		12.53	%ⁱ	$	56.6		1.78	%		1.78	%^f		(0.27	)%^f		26	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%

See Notes to Financial Highlights

259

260

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Sustainable Equity Fund (cont'd)
Class R3
8/31/2018^g	$	37.59	$	0.06		$	6.42		$	6.48		$	(0.14	)	$	(2.03	)	$	(2.17	)	$	—	$	41.90		17.85	%	$	36.4		1.28	%		1.28	%		0.15	%		12	%
8/31/2017^g	$	35.86	$	0.07		$	4.37		$	4.44		$	(0.34	)	$	(2.37	)	$	(2.71	)	$	—	$	37.59		13.04	%ⁱ	$	41.3		1.28	%		1.28	%^f		0.21	%^f		26	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Class R6
8/31/2018^g	$	37.54	$	0.32		$	6.41		$	6.73		$	(0.41	)	$	(2.03	)	$	(2.44	)	$	—	$	41.83		18.65	%	$	321.1		0.60	%		0.60	%		0.83	%		12	%
8/31/2017^g	$	34.54	$	0.33		$	4.31		$	4.64		$	(0.32	)	$	(1.32	)	$	(1.64	)	$	—	$	37.54		13.84	%ⁱ	$	361.3		0.59	%		0.59	%^f		0.91	%^f		26	%
8/31/2016^g	$	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	%
8/31/2015^g	$	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	%
8/31/2014^g	$	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	%
Value Fund
Institutional Class
8/31/2018	$	18.14	$	0.29		$	1.97		$	2.26		$	(0.39	)	$	(1.39	)	$	(1.78	)	$	—	$	18.62		12.98	%	$	7.2		2.67	%		0.70	%		1.59	%		151	%
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	%
Class A
8/31/2018	$	18.02	$	0.23		$	1.95		$	2.18		$	(0.25	)	$	(1.39	)	$	(1.64	)	$	—	$	18.56		12.56	%	$	2.3		3.13	%		1.07	%		1.26	%		151	%
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	%
Class C
8/31/2018	$	17.52	$	0.09		$	1.90		$	1.99		$	(0.16	)	$	(1.39	)	$	(1.55	)	$	—	$	17.96		11.72	%	$	3.3		3.82	%		1.81	%		0.53	%		151	%
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	%

See Notes to Financial Highlights

261

262

Notes to Financial Highlights

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

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee and/or if certain Funds did not receive the Custodian Out-of-Pocket Expenses Refunded, as listed in Note G of the Notes to Financial Statements.

^ The date investment operations commenced.

* Not annualized.

** Annualized.

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

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

	Year Ended August 31,
	2018			2017			2016			2015			2014
Equity Income Class R3		—			—			—			—			1.32	%
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	%		—			—
Guardian Class A		—			—			—			—			1.08	%
Guardian Class C		—			—			—			—			1.84	%
International Equity Institutional Class		—			0.84	%		0.85	%		0.83	%		—
International Equity Class A		—			1.20	%		—			1.20	%		—
International Equity Class C	—									1.96%
International Equity Class R6		—			—			—			0.76	%		—
Large Cap Value Institutional Class		0.70	%		0.69	%		—			0.70	%		0.70	%
Large Cap Value Class A		—			—			—			—			1.08	%
Large Cap Value Class C		—			—			—			1.82	%		1.82	%
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		1.82	%		1.86	%		—			—			—
Mid Cap Growth Class R3		1.34	%		—			—			—			—
Mid Cap Growth Class R6		—			—			—			0.67	%		—
Mid Cap Intrinsic Value Trust Class		—			1.24	%		—			—			1.23	%
Mid Cap Intrinsic Value Institutional Class		—			—			—			—			0.82	%
Mid Cap Intrinsic Value Class A		—			—			—			—			1.21	%
Mid Cap Intrinsic Value Class C		—			—			—			—			1.94	%

^^ 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

263

Notes to Financial Highlights (cont'd)

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 year ended August 31, 2018. Except for the Fund classes listed below, the class action proceeds received in 2017, 2016, 2015 and/or 2014, if any, had no impact on the respective Funds' total returns for the years ended August 31, 2017, 2016, 2015 and/or 2014. Had the Fund classes listed below not received class action proceeds in 2017, 2016, 2015 and/or 2014, total return based on per share NAV for the years ended August 31, 2017, 2016, 2015 and/or 2014 would have been:

	Year Ended August 31,
	2017			2016			2015			2014
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	)%		—
Large Cap Value Trust Class		—			—			(7.45	)%		—
Large Cap Value Advisor Class		—			—			—			—
Large Cap Value Institutional Class		—			—			(7.09	)%		—
Large Cap Value Class A		—			—			(7.49	)%		—
Large Cap Value Class R3		—			—			(7.71	)%		—
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	%		—
Small Cap Growth Trust Class		21.68	%		(3.40	)%		6.86	%		—

264

Notes to Financial Highlights (cont'd)

	Year Ended August 31,
	2017			2016			2015			2014
Small Cap Growth Advisor Class		21.47	%		(3.50	)%		6.72	%		—
Small Cap Growth Institutional Class		22.23	%		(2.99	)%		7.41	%		—
Small Cap Growth Class A		21.81	%		(3.31	)%		7.05	%		—
Small Cap Growth Class C		20.94	%		(4.02	)%		6.37	%		—
Small Cap Growth Class R3		21.47	%		(3.54	)%		6.81	%		—

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, 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 Fund's 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	)%

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	%

265

Notes to Financial Highlights (cont'd)

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
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 A		—			0.04	%
International Equity Class R6		—			1.31	%
Large Cap Value Investor Class		0.87	%		1.30	%
Large Cap Value Trust Class		1.05	%		1.11	%
Large Cap Value Advisor Class		1.20	%		0.97	%
Large Cap Value Institutional Class		0.70	%		1.49	%
Large Cap Value Class A		1.07	%		1.11	%
Large Cap Value Class C		1.81	%		0.36	%
Large Cap Value Class R3		1.36	%		0.90	%
Mid Cap Growth Investor Class		0.93	%		(0.30	)%
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	)%

266

Notes to Financial Highlights (cont'd)

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Small Cap Growth Advisor Class		1.51	%		(1.18	)%
Sustainable Equity Investor Class		0.85	%		0.66	%
Sustainable Equity Trust Class		1.02	%		0.49	%
Sustainable Equity Institutional Class		0.66	%		0.84	%
Sustainable Equity Class A		1.03	%		0.48	%
Sustainable Equity Class C		1.78	%		(0.27	)%
Sustainable Equity Class R3		1.28	%		0.21	%
Sustainable Equity Class R6		0.59	%		0.91	%

g 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.

h 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.

i 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	%

267

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Global Real Estate Fund, Neuberger Berman Greater China Equity Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman International Small Cap Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Real Estate Fund, and Neuberger Berman Value Fund (collectively referred to as the "Funds") (fifteen of the series constituting Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2018 and the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (fifteen of the series constituting Neuberger Berman Equity Funds) at August 31, 2018, the results of their operations, the changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

268

Individual Fund constituting
Neuberger Berman
Equity Funds

Statement of
operations

Statement of
changes in net assets

Financial highlights

Neuberger Berman Dividend Growth Fund

For the year ended August 31, 2018

For each of the two years in the period ended August 31, 2018

For each of the two years in the period ended August 31, 2018 and the period from December 15, 2015 (commencement of operations) through August 31, 2016

Neuberger Berman Emerging Markets Equity Fund
Neuberger Berman Equity Income Fund
Neuberger Berman Focus Fund
Neuberger Berman Genesis Fund
Neuberger Berman Global Equity Fund
Neuberger Berman Greater China Equity Fund
Neuberger Berman Guardian Fund
Neuberger Berman International Equity Fund
Neuberger Berman International Select Fund
Neuberger Berman Large Cap Value Fund
Neuberger Berman Real Estate Fund
Neuberger Berman Value Fund

For the year ended August 31, 2018

For each of the two years in the period ended August 31, 2018

For each of the five years in the period ended August 31, 2018

Neuberger Berman Global Real Estate Fund

For the year ended August 31, 2018

For each of the two years in the period ended August 31, 2018

For each of the three years in the period ended August 31, 2018 and the period from December 30, 2014 (commencement of operations) through August 31, 2015

Neuberger Berman International Small Cap Fund

For the year ended August 31, 2018

For the year ended August 31, 2018 and the period from December 8, 2016 (commencement of operations) through August 31, 2017

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding

269

of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts
October 22, 2018

270

Reports of Independent Registered Public Accounting Firms

To the Board of Trustees and Shareholders
Neuberger Berman Equity Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Neuberger Berman Intrinsic Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund , Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Small Cap Growth Fund, and Neuberger Berman Sustainable Equity Fund (formerly Neuberger Berman Socially Responsive Fund) (the "Funds"), each a series of Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets and financial highlights for the periods indicated therein, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2004.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania
October 19, 2018

271

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