Neuberger Berman
Equity Funds
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Value Fund
Semi-Annual Report
February 28, 2019
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website www.nb.com/fundliterature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.877.9700 or by sending an e-mail request to fundinfo@nb.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.877.9700 or send an email request to fundinfo@nb.com to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
Contents
THE FUNDS
President's Letter | 1 | ||||||
PORTFOLIO COMMENTARY | |||||||
Dividend Growth Fund | 2 | ||||||
Emerging Markets Equity Fund | 4 | ||||||
Equity Income Fund | 6 | ||||||
Focus Fund | 8 | ||||||
Genesis Fund | 10 | ||||||
Global Equity Fund | 12 | ||||||
Global Real Estate Fund | 14 | ||||||
Greater China Equity Fund | 17 | ||||||
Guardian Fund | 20 | ||||||
International Equity Fund | 23 | ||||||
International Select Fund | 25 | ||||||
International Small Cap Fund | 27 | ||||||
Intrinsic Value Fund | 29 | ||||||
Large Cap Value Fund | 31 | ||||||
Mid Cap Growth Fund | 33 | ||||||
Mid Cap Intrinsic Value Fund | 35 | ||||||
Multi-Cap Opportunities Fund | 37 | ||||||
Real Estate Fund | 39 | ||||||
Small Cap Growth Fund | 41 | ||||||
Sustainable Equity Fund | 43 | ||||||
Value Fund | 45 | ||||||
FUND EXPENSE INFORMATION | 54 | ||||||
SCHEDULE OF INVESTMENTS | |||||||
Dividend Growth Fund | 58 | ||||||
Emerging Markets Equity Fund | 60 | ||||||
Positions by Industry | 63 | ||||||
Equity Income Fund | 66 |
Focus Fund | 71 | ||||||
Genesis Fund | 74 | ||||||
Global Equity Fund | 77 | ||||||
Positions by Industry | 79 | ||||||
Global Real Estate Fund | 81 | ||||||
Positions by Sector | 83 | ||||||
Greater China Equity Fund | 85 | ||||||
Guardian Fund | 87 | ||||||
International Equity Fund | 93 | ||||||
Positions by Industry | 95 | ||||||
International Select Fund | 97 | ||||||
Positions by Industry | 99 | ||||||
International Small Cap Fund | 101 | ||||||
Positions by Industry | 103 | ||||||
Intrinsic Value Fund | 105 | ||||||
Large Cap Value Fund | 108 | ||||||
Mid Cap Growth Fund | 110 | ||||||
Mid Cap Intrinsic Value Fund | 113 | ||||||
Multi-Cap Opportunities Fund | 115 | ||||||
Real Estate Fund | 117 | ||||||
Small Cap Growth Fund | 119 | ||||||
Sustainable Equity Fund | 121 | ||||||
Value Fund | 123 | ||||||
FINANCIAL STATEMENTS | 125 | ||||||
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA | |||||||
Dividend Growth Fund | 193 | ||||||
Emerging Markets Equity Fund | 195 | ||||||
Equity Income Fund | 197 | ||||||
Focus Fund | 199 | ||||||
Genesis Fund | 201 | ||||||
Global Equity Fund | 205 | ||||||
Global Real Estate Fund | 205 | ||||||
Greater China Equity Fund | 207 | ||||||
Guardian Fund | 209 |
International Equity Fund | 213 | ||||||
International Select Fund | 215 | ||||||
International Small Cap Fund | 217 | ||||||
Intrinsic Value Fund | 219 | ||||||
Large Cap Value Fund | 221 | ||||||
Mid Cap Growth Fund | 225 | ||||||
Mid Cap Intrinsic Value Fund | 229 | ||||||
Multi-Cap Opportunities Fund | 231 | ||||||
Real Estate Fund | 233 | ||||||
Small Cap Growth Fund | 235 | ||||||
Sustainable Equity Fund | 239 | ||||||
Value Fund | 243 | ||||||
Directory | 250 | ||||||
Proxy Voting Policies and Procedures | 251 | ||||||
Quarterly Portfolio Schedule | 251 | ||||||
Board Consideration of the Management Agreements | 252 |
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. ©2019 Neuberger Berman BD LLC, distributor. All rights reserved.
President's Letter
Dear Shareholder,
International trade disputes and other geopolitical conflicts joined suggestions of a slowing global economy in casting a pall over the markets for most of this six month reporting period.
Within the fourth quarter of 2018, retail data disappointed; corporate capital expenditures slowed, proving that tax cuts would not bolster business investment as U.S. government leaders had promised; corporate leaders struggled to decipher the tumultuous shifts in trade policy; and new home sales and real estate values suffered as mortgage rates rose.
Signs of economic slowdowns in important global economies like China and the EU and a more than $30 drop in oil prices added to concerns, further dampening investor sentiment already anxious about the potential for a recession in the U.S.
As 2019 began, a break in trade tensions and positive news from the U.S. Federal Reserve Board allowed markets in January to recover some of their deep losses from the fourth quarter. Consumer spending and employment trends appeared positive against the headwind of a government shutdown. Fourth quarter earnings data arrived in January and February, and showed profit growth had slowed by nearly half from earlier in 2018, but remained positive, with profit growth within S&P 500® Index companies estimated at 12.7% on a quarterly year-over-year basis.
Even with January's improvements, volatility continued, and both the U.S. (as measured by the S&P 500) and the international developed markets (as measured by the MSCI EAFE® Index) closed the reporting period down. Emerging markets (as measured by the MSCI Emerging Markets Index) posted small gains after deep losses in early 2018, as risk appetite improved somewhat.
As we look toward the remainder of the year, from an economic standpoint, we foresee a soft landing in the U.S. We anticipate U.S. GDP growth to slow from around 3.5% in mid-2018, but absent a macro shock, we believe it should remain positive, in the 2.0% to 2.5% range for 2019. We anticipate the rising trend in U.S. wages will continue, helping consumers but squeezing earnings, but believe that the inflationary effect will be offset by lower commodity prices.
We foresee global opportunity as well. As fiscal stimulus efforts in China take hold, we watch for China to join the emerging recovery we see in Japan, Europe and emerging markets in keeping global economic data positive, confirming our view that many economies are in the middle of their growth cycles relative to the late-cycle position of the U.S.
Looking at the global markets, we believe volatility will continue as long as both trade policy and international relations remain volatile. Volatile markets underpinned by generally positive fundamental data can create buy and sell opportunities for research-intensive active strategies like ours, allowing managers to fine-tune portfolio positioning for potentially attractive long-term results at favorable valuations—while remaining cognizant of company-specific, industry-specific and macro/policy threats.
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
1
Dividend Growth Fund Commentary
Neuberger Berman Dividend Growth Fund Institutional Class generated a –4.20% total return for the six months ended February 28, 2019, underperforming its benchmark, the S&P 500® Index (the Index), which posted a –3.04% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The Fund seeks to provide current income in line with its benchmark, while seeking capital appreciation driven by dividend per share growth. We believe this approach identifies companies with strong business models generating cash to grow their businesses while providing rising dividend distributions to shareholders. Overall, we focus on companies that appear to us to have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies.
By late September 2018, the market (as measured by the Index) set a new all-time high as the expansion officially became the longest in U.S. history, driven by "growth" stocks with limited, and, in many cases, no dividend programs. However, in the fourth quarter, equities tumbled as investors grappled with an uptick in volatility tied to fears surrounding plateauing global growth, and geopolitical headwinds.
From a portfolio construction standpoint, top equity sectors at the end of the period included Information Technology (~21%), Financials (~14%), and Health Care (~12%). This reporting period, the bulk of the Fund's total return was generated from stocks across Real Estate, Utilities, and Financials—while exposure to Energy, Health Care, and Information Technology weighed on absolute results.
While the broader Financials sector experienced a pronounced drawdown, stock selection across our holdings generated better returns relative to the Index's sector constituents. On the capital markets front, Virtu Financial proved to be among our top overall performers. This company operates one of the largest automated market-making platforms and tends to benefit from increased volatility, capitalizing on wider spreads. During the reporting period, shares of the electronic market-maker surged by double-digits as the company reported strong earnings growth, coupled with an uptick in trading volume. Based on our analysis, we believe this off-benchmark security provides a unique hedge in times of uncertainty relative to other financial service names.
On the other end of the spectrum, the Fund's overweight to Energy relative to the Index weighed on absolute and relative performance versus the Index as the commodity sector experienced profit taking in the midst of geopolitical tensions between the world's two largest economies. Within this space, Devon Energy negatively impacted returns as this upstream holding declined by double-digits despite management raising its full year light-oil guidance. We remain encouraged by reports of improving well productivity from the Delaware Basin and STACK plays (i.e., Anadarko Basin area of Oklahoma). From a capital allocation perspective, management remains aligned with shareholders through stock buybacks and dividend increases, making this, in our view, an ideal holding given our investment mandate.
Directionally, we remain constructive on the health of the U.S. economy. In our view, valuations across equities remain reasonable as we believe the fourth quarter correction created opportunities for long term investors. When evaluating investment candidates, we continue to favor stable businesses with clear capital allocation plans whereby we anticipate dividend growth potential. In addition, we believe the year ahead could represent an inflection point driven by divergence across central banks. Through this lens, equities could face headwinds, making a compelling case for dividend-paying stocks as a defensive ballast. Today, we believe the Fund remains positioned to navigate potential cross-currents given our focus on high-quality, cash-generative companies.
In closing, we thank you for investing 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.
2
Dividend Growth Fund
TICKER SYMBOLS
Institutional Class | NDGIX | ||||||
Class A | NDGAX | ||||||
Class C | NDGCX | ||||||
Class R6 | NRDGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 3.3 | % | |||||
Consumer Discretionary | 8.1 | ||||||
Consumer Staples | 9.8 | ||||||
Energy | 9.5 | ||||||
Financials | 14.4 | ||||||
Health Care | 12.5 | ||||||
Industrials | 8.0 | ||||||
Information Technology | 21.1 | ||||||
Materials | 5.6 | ||||||
Real Estate | 4.0 | ||||||
Utilities | 2.2 | ||||||
Short-Term Investments | 1.5 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/15/2015 | –4.20 | % | –1.88 | % | 10.88 | % | ||||||||||||
Class A | 12/15/2015 | –4.27 | % | –2.17 | % | 10.52 | % | ||||||||||||
Class C | 12/15/2015 | –4.69 | % | –2.94 | % | 9.66 | % | ||||||||||||
Class R6 | 12/15/2015 | –4.08 | % | –1.75 | % | 10.97 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –9.78 | % | –7.78 | % | 8.50 | % | |||||||||||||
Class C | –5.60 | % | –3.86 | % | 9.66 | % | |||||||||||||
Index | |||||||||||||||||||
S&P 500® Index1,15 | –3.04 | % | 4.68 | % | 12.77 | % |
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 2018 were 1.24%, 1.68%, 2.35% and 1.17% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.70%, 1.06%, 1.81% and 0.60% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
3
Emerging Markets Equity Fund Commentary
Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 0.27% for the six months ended February 28, 2019, trailing its benchmark, the MSCI Emerging Markets Index (Net) (the Index), which reported a total return of 0.33% for the same time period. (Performance for all share classes is provided in the table immediately following this letter.)
Emerging markets (EM) equities trailed other major equity segments for the majority of this period, on investor concerns about reverberations of U.S.-China trade relations, evidence of a slowing global economy, and increases in both oil prices and U.S. interest rates. As the new year began, however, a January 2019 rally—driven by increased risk appetite on a break in the trade war and supportive statements from the U.S. Federal Reserve Board—brought EM equities into positive territory, with a performance advantage over both the S&P 500® Index and MSCI EAFE® Index for the full reporting period.
Within the Index, the Utilities, Financials, and Energy sectors outperformed the most. Health Care underperformed the most, followed by Information Technology and Materials. By country, Turkey, Brazil, and Indonesia strongly outperformed—rebounding from losses in the period before, while Pakistan, Greece, and Mexico posted the largest losses.
The Fund benefited from strong stock selection, particularly within the Consumer Staples and Discretionary sectors. By country, stock selection and an underweight to the lagging Taiwan market, and stock selection in the strong Brazilian and Russian markets were beneficial. Stock selection lagged within Communications Services and Industrials. By country, Indian, Chinese, and South African names underperformed.
Key individual contributors included B3, Energisa, and Itau Unibanco, three Brazilian names that all benefited from the renewed optimism in the Brazilian economic outlook with the business-friendly party winning the national election.
Individual detractors included Baidu, the dominant Chinese internet search engine, which dropped with news of a local small business activity slowdown, which negatively impacted advertising spend; Sino Biopharmaceutical, a leading China pharma name, which fell with its local peers after news agencies reported that the Chinese government is considering cutting generic drug pricing; and Dewan Housing Finance Corporation, an Indian affordable housing lender, which sold off in sympathy with the local finance sub-sector due to an unrelated infrastructure lender's funding liquidity issues.
Just as political jockeying drove the past year's news-driven market gyrations, we expect volatility to continue in the months ahead. From a fundamental perspective, however, the EM earnings growth forecast* remains advantaged relative to developed markets peers. As the year progresses, we will continue to seek individual companies where we believe fundamental growth can be sustained regardless of stock market direction.
Sincerely,
CONRAD SALDANHA
PORTFOLIO MANAGER
* Source: Bank of America—Merrill Lynch as of March 1st, 2019.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
4
Emerging Markets Equity Fund
TICKER SYMBOLS
Institutional Class | NEMIX | ||||||
Class A | NEMAX | ||||||
Class C | NEMCX | ||||||
Class R3 | NEMRX | ||||||
Class R6 | NREMX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class | 10/08/2008 | 0.27 | % | –12.06 | % | 4.32 | % | 10.34 | % | 8.21 | % | ||||||||||||||||
Class A | 10/08/2008 | 0.16 | % | –12.28 | % | 4.07 | % | 10.07 | % | 7.95 | % | ||||||||||||||||
Class C | 10/08/2008 | –0.16 | % | –12.89 | % | 3.30 | % | 9.26 | % | 7.14 | % | ||||||||||||||||
Class R310 | 06/21/2010 | –0.06 | % | –12.62 | % | 3.63 | % | 9.70 | % | 7.61 | % | ||||||||||||||||
Class R622 | 03/15/2013 | 0.34 | % | –11.95 | % | 4.40 | % | 10.39 | % | 8.26 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A | –5.62 | % | –17.32 | % | 2.84 | % | 9.42 | % | 7.33 | % | |||||||||||||||||
Class C | –1.16 | % | –13.76 | % | 3.30 | % | 9.26 | % | 7.14 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI Emerging Markets Index (Net)1,15 | 0.33 | % | –9.89 | % | 4.13 | % | 10.32 | % | 7.08 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.29%, 1.66%, 2.38%, 1.92% and 1.17% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.26%, 1.51%, 2.26% and 1.16% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
5
Equity Income Fund Commentary
Neuberger Berman Equity Income Fund Institutional Class generated a –0.77% total return for the six months ended February 28, 2019, outperforming its benchmark, the S&P 500® Index (the Index), which posted a –3.04% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The Fund seeks a total return between stocks and bonds with lower volatility relative to the Index. This portfolio is diversified among dividend-paying stocks and convertible securities, selected through extensive analysis of cash flow prospects, which we believe have the ability to sustain and grow dividends.
By late September 2018, the market (as measured by the Index) set a new all-time high as the expansion officially became the longest in U.S. history driven by "growth" stocks with limited, and, in many cases, no dividend programs. However, in the fourth quarter equities tumbled as investors grappled with an uptick in volatility tied to fears surrounding plateauing global growth, and geopolitical headwinds.
From a portfolio construction standpoint, top equity sectors at the end of the period included Utilities (~17%), Financials (~11%), and Health Care (~10%). This reporting period, the bulk of the Fund's total return was generated from stocks across Utilities, Consumer Discretionary, and Communication Services—while exposure to Information Technology, Financials, and Energy weighed on absolute results.
The Fund generated the bulk of its absolute and relative returns versus the Index from its allocation to Utilities. Stock selection across our carefully selected electric/gas names generated significant gains driven by names tied to infrastructure modernization. This space benefitted from a year-end rally as investors favored defensive sectors amid turbulent market conditions. From a portfolio construction standpoint, Utilities often act to dampen portfolio volatility, serving as defensive ballast, and therefore NextEra Energy was among our top performers. The common thread across our holdings is exposure to earnings per share and dividend growth above the sector average—fueled in part by renewable energy initiatives.
On the commodity front, West Texas Intermediate oil prices experienced intense headwinds, posting their worst calendar year decline since 2015. Lower energy prices were driven by increased output coupled with fears of a global economic slowdown. In aggregate, our oil/gas holdings outperformed the broader Energy sector; however, Canada's Suncor Energy weighed on our results. Sticking with Energy, we opportunistically established new positions across businesses we believe are well positioned to capitalize from natural gas transportation as the U.S. emerges as a net exporter in 2019. Given this backdrop, we believe our diversified holdings could experience a relief rally tied to improving fundamentals while also providing a potential hedge to inflationary pressures.
Elsewhere, the Fund increased its exposure to convertible bonds. Through February 2019, our ~11.5% average allocation helped dampen volatility. In retrospect, 2018 was a banner year for new issuance as U.S. companies sold over $30 billion of convertible securities. This was the fastest pace of new issuance in nearly a decade as rising yields across the high yield market led issuers to consider convertible bonds. We believe this trend is likely to continue, and believe we have identified 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 constructive on the health of the U.S. economy. In our view, valuations across equities remain reasonable as we believe the fourth quarter correction created opportunities for long term investors. When evaluating investment candidates, we continue to favor stable businesses with clear capital allocation plans whereby we anticipate dividend growth potential. In addition, we believe the year ahead could represent an inflection point driven by divergence across central banks. Through this lens, equities could face headwinds, making a compelling case for dividend paying stocks as a defensive ballast. Today, we believe the Fund remains positioned to navigate potential cross-currents given our focus on high-quality, cash-generative companies.
In closing, we thank you for investing 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.
6
Equity Income Fund
TICKER SYMBOLS
Institutional Class | NBHIX | ||||||
Class A | NBHAX | ||||||
Class C | NBHCX | ||||||
Class R3 | NBHRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 4.3 | % | |||||
Consumer Discretionary | 6.5 | ||||||
Consumer Staples | 3.3 | ||||||
Energy | 9.0 | ||||||
Financials | 10.9 | ||||||
Health Care | 9.8 | ||||||
Industrials | 5.8 | ||||||
Information Technology | 8.7 | ||||||
Materials | 3.7 | ||||||
Real Estate | 9.2 | ||||||
Utilities | 17.0 | ||||||
Convertible Bonds | 9.3 | ||||||
Short-Term Investments | 2.5 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class13 | 06/09/2008 | –0.77 | % | 4.41 | % | 7.33 | % | 12.58 | % | 7.55 | % | ||||||||||||||||
Class A13 | 06/09/2008 | –0.97 | % | 4.03 | % | 6.94 | % | 12.17 | % | 7.19 | % | ||||||||||||||||
Class C13 | 06/09/2008 | –1.29 | % | 3.33 | % | 6.16 | % | 11.36 | % | 6.52 | % | ||||||||||||||||
Class R313 | 06/21/2010 | –1.12 | % | 3.77 | % | 6.64 | % | 11.94 | % | 7.05 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A13 | –6.64 | % | –1.93 | % | 5.69 | % | 11.50 | % | 6.68 | % | |||||||||||||||||
Class C13 | –2.23 | % | 2.36 | % | 6.16 | % | 11.36 | % | 6.52 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | –3.04 | % | 4.68 | % | 10.67 | % | 16.67 | % | 8.21 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through June 9, 2008. The performance data for Class R3 also includes the performance of the Fund's Institutional Class from June 9, 2008 through June 21, 2010. See endnote 13 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.69%, 1.05%, 1.80% and 1.33% for Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
7
Focus Fund Commentary
Neuberger Berman Focus Fund Investor Class generated a –4.40% total return for the six months ended February 28, 2019, underperforming its benchmark, the S&P 500® Index (the Index), which provided a –3.04% 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 experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the Fund's reporting period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade negotiations.
Both stock selection and sector allocation detracted from performance during the reporting period. In terms of stock selection, holdings in the Consumer Discretionary, Industrials and Energy sectors were among the largest detractors from relative returns versus the Index over the period. In the Consumer Discretionary sector, the Fund's position in LKQ Corp., an alternative provider of collision auto parts, as well as recycled and remanufactured mechanical parts, was the largest headwind for relative results. Within the Industrials sector, shares of credit monitoring company Equifax, Inc. fell sharply and we eliminated our position. Within the Energy sector, several holdings in the Oil, Gas & Consumable Fuels industry performed poorly. In terms of sector allocation, a lack of exposure to Real Estate, along with overweights to Consumer Discretionary and Energy versus the Index, were the largest detractors from relative performance.
On the upside, holdings in the Information Technology (IT), Communication Services and Utilities sectors added the most value. Within IT, the Fund's position in Motorola Solutions, Inc., a data communications and telecommunications equipment provider, was the most beneficial for returns. In Communication Services, our position in wireless communications company T-Mobile US, Inc. was rewarded. Within the Utilities sector, shares of DTE Energy Co. rallied and aided the Fund's performance. From a sector allocation perspective, an underweight to IT versus the Index was the only meaningful contributor to results.
The Fund's use of written options contributed positively to performance during the period.
The markets have recovered most of the declines experienced at the end of 2018, as the Fed pivoted in December 2018 to put on hold any additional interest rate hikes. The stock market took this as good news and, coupled with earnings reports coming in mostly in-line to better-than-expected, the market has rallied sharply thus far in 2019. In recent years, markets have experienced relatively low volatility which, in our view, is coming to an end. This potential increased volatility gives us optimism going forward that our ability to add value from in-depth fundamental research will be realized. In particular, we will continue to build the portfolio from the bottom up and seek to identify individual stocks that meet our stringent investment criteria.
Sincerely,
TIMOTHY CREEDON AND DAVID LEVINE
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
8
Focus Fund
TICKER SYMBOLS
Investor Class | NBSSX | ||||||
Trust Class | NBFCX | ||||||
Advisor Class | NBFAX | ||||||
Institutional Class | NFALX | ||||||
Class A | NFAAX | ||||||
Class C | NFACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Consumer Discretionary | 15.5 | % | |||||
Consumer Staples | 12.2 | ||||||
Energy | 5.3 | ||||||
Financials | 5.8 | ||||||
Health Care | 15.6 | ||||||
Industrials | 14.1 | ||||||
Information Technology | 8.3 | ||||||
Materials | 15.3 | ||||||
Communication Services | 2.4 | ||||||
Utilities | 3.3 | ||||||
Short-Term Investments | 2.2 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS8
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/19/1955 | –4.40 | % | 1.85 | % | 7.50 | % | 14.57 | % | 10.36 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | –4.49 | % | 1.68 | % | 7.30 | % | 14.35 | % | 10.34 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | –4.54 | % | 1.53 | % | 7.14 | % | 14.16 | % | 10.28 | % | ||||||||||||||||
Institutional Class5 | 06/21/2010 | –4.31 | % | 2.01 | % | 7.68 | % | 14.76 | % | 10.39 | % | ||||||||||||||||
Class A19 | 06/21/2010 | –4.45 | % | 1.69 | % | 7.30 | % | 14.40 | % | 10.34 | % | ||||||||||||||||
Class C19 | 06/21/2010 | –4.85 | % | 0.89 | % | 6.49 | % | 13.66 | % | 10.23 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –9.95 | % | –4.15 | % | 6.03 | % | 13.73 | % | 10.24 | % | |||||||||||||||||
Class C19 | –5.72 | % | –0.04 | % | 6.49 | % | 13.66 | % | 10.23 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | –3.04 | % | 4.68 | % | 10.67 | % | 16.67 | % | 10.18 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.92%, 1.10%, 1.26%, 0.76%, 1.13%, 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 total annual operating expense ratio for Institutional Class includes the class' repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
9
Genesis Fund Commentary
Neuberger Berman Genesis Fund Investor Class generated a –5.50% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 2000® Index (the Index), which provided a –8.86% 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 experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months and nearly experienced a bear market (a decline of 20% or more from a recent high). This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the Fund's reporting period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade conflict. All told, the S&P 500® Index returned –3.04% during the reporting period. Small-cap stocks produced even weaker results.
The Fund outperformed the Index during the reporting period. Stock selection contributed to relative results versus the Index, whereas sector allocation modestly detracted from performance. As we would expect, the Fund outperformed during periods of market weakness and modestly lagged the market when it rallied. In terms of stock selection, holdings in the Financials, Industrials and Consumer Discretionary sectors were the most additive to relative results. In Financials, our regional banks outperformed, as did electronic trading company MarketAxess. In Industrials, strength from a number of long-held commercial services and supplies companies, including Nordson Corp. and RBC Bearings, added the most value. In Consumer Discretionary, the Fund benefited from solid returns from a number of holdings, as well as our avoidance of several weak performers. On the downside, in terms of stock selection, the Information Technology sector was the only detractor from relative results. A lack of exposure to lower quality software companies, along with weak results from two portfolio holdings, were a drag on relative results.
From a sector allocation perspective, an overweight to Exploration & Production companies in the Energy sector was a drag on results. The lack of exposure to bond proxies, namely real estate investment trusts (REITs) and Utilities, also negatively impacted our relative returns, as these areas did better than the Index as a whole. However, we do not typically own REITs and Utilities as they do not meet our investment criteria. On the upside, a lack of exposure to low quality biotechnology and pharmaceutical companies was additive to relative performance, as they posted very poor results.
As anticipated, central bankers around the world responded to slowing global economic growth by either implementing aggressive stimulus policies (China), or by pausing previously scheduled tightening actions (U.S. and Europe). The equity markets rebounded quickly in reaction to these adjustments, particularly in the U.S. The U.S. and China appear to be working towards resolving trade frictions which are thought to be a significant factor in the global slowdown. We would anticipate some sort of deal to be reached, although radically differing economic, political and philosophical beliefs suggest the relationship is likely to remain strained for the foreseeable future, particularly as it relates to thorny intellectual property issues. While markets have exhibited violent swings between risk on and risk off leadership, there is evidence that investors are gradually favoring higher quality business models with superior financial profiles and strong balance sheets such as those we seek for the Genesis Fund.
Sincerely,
JUDITH M. VALE AND ROBERT W. D'ALELIO
PORTFOLIO CO-MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
10
Genesis Fund
TICKER SYMBOLS
Investor Class | NBGNX | ||||||
Trust Class | NBGEX | ||||||
Advisor Class | NBGAX | ||||||
Institutional Class | NBGIX | ||||||
Class R6 | NRGSX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 3.3 | % | |||||
Consumer Discretionary | 10.5 | ||||||
Consumer Staples | 5.2 | ||||||
Energy | 3.6 | ||||||
Financials | 16.9 | ||||||
Health Care | 13.4 | ||||||
Industrials | 17.3 | ||||||
Information Technology | 21.8 | ||||||
Materials | 6.1 | ||||||
Real Estate | 0.7 | ||||||
Short-Term Investments | 1.2 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 09/27/1988 | –5.50 | % | 7.87 | % | 8.37 | % | 15.33 | % | 12.14 | % | ||||||||||||||||
Trust Class3 | 08/26/1993 | –5.54 | % | 7.78 | % | 8.28 | % | 15.23 | % | 12.11 | % | ||||||||||||||||
Advisor Class4 | 04/02/1997 | –5.66 | % | 7.51 | % | 7.98 | % | 14.93 | % | 11.89 | % | ||||||||||||||||
Institutional Class5 | 07/01/1999 | –5.42 | % | 8.06 | % | 8.55 | % | 15.53 | % | 12.29 | % | ||||||||||||||||
Class R623 | 03/15/2013 | –5.38 | % | 8.15 | % | 8.63 | % | 15.49 | % | 12.19 | % | ||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Index1,15 | –8.86 | % | 5.58 | % | 7.36 | % | 16.60 | % | 9.67 | % |
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 2018 were 1.02%, 1.10%, 1.35%, 0.85% and 0.75% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
11
Global Equity Fund Commentary
Neuberger Berman Global Equity Fund Institutional Class generated a total return of –5.86% for the six months ended February 28, 2019, trailing the –2.92% total return of its benchmark, the MSCI All Country World Index (Net) (the Index) for the same time period. (Performance for all share classes is provided in the table immediately following this letter.)
This was a difficult period for global equity markets as trade tensions and related threats to global growth continued to distress investor sentiment. As the new year began, although pressures on investor sentiment continued, a weaker U.S. dollar allowed international and emerging markets to rebound from a dismal fourth quarter, while dovish statements from the U.S. Federal Reserve Board served the same purpose domestically. Emerging markets equities closed the period nominally positive, while developed markets (as measured by the Index) and U.S. equities (as measured by the S&P 500® Index) saw declines.
Within the Index, Utilities, Real Estate, and Consumer Staples sectors outperformed, posting positive results as investors favored defensive sectors, and on supportive interest rate news. The Energy, Consumer Discretionary, and Information Technology sectors saw the largest losses. By country, Turkey, Brazil, and Indonesia outperformed significantly, while Pakistan, Greece, and Mexico declined the most.
Within the Fund, stock selection in Financials and Materials benefited relative performance most versus the Index. By country, holdings within Japan and Belgium, and a zero allocation to the weak Taiwan market were beneficial.
Top individual contributors to performance included AIA, Alimentation Couche-Tard and Aon. Hong Kong-based insurer AIA reported earnings ahead of expectations and continues to see strong growth in premiums in Hong Kong and China, while also delivering profit margin expansion. Alimentation Couche-Tard, the Canadian gas station and convenience store operator, beat earnings expectations and enjoyed continued success in both acquisitions and improving organic growth. Aon, the UK-headquartered, U.S.-listed global insurance firm, saw good organic growth and margin expansion and continues to buy back stock.
Stock selection within Communications Services, Health Care, and Energy accounted for most of the Fund's underperformance relative to the Index. By country, holdings within the U.S. and the Netherlands, and a zero weight to rallying Brazil detracted.
Individual disappointments included U.S. names Amazon, Activision Blizzard and Apple. Amazon, the e-commerce giant, announced weaker earnings guidance in late 2018, just as sentiment turned negative toward Internet-related companies. Activision, the online game developer, missed revenue expectations and failed to provide a clear 2019 outlook. Apple, the consumer electronics leader, fell on fears of a slowdown in iPhone revenue, which was confirmed in a pre-announcement in January 2019.
Looking ahead, our Fund is well diversified by country and sector and remains focused on companies we believe to be quality, well-managed businesses. We avoid companies with excessive leverage or highly cyclical businesses, which we believe is important as the global economic cycle lengthens and higher interest rates in selected geographies like the U.S. persist. We remain underweight in the U.S. market, favoring multinationals domiciled in the Netherlands and Switzerland.
Current decisions are part of an overall positioning designed to make the most of an environment of continued political and trade policy uncertainty, modest growth and higher interest rates over time. We will continue to focus our efforts on uncovering the best opportunities within the coming market, with an eye toward mitigating risk.
Sincerely,
BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
12
Global Equity Fund
TICKER SYMBOLS
Institutional Class | NGQIX | ||||||
Class A | NGQAX | ||||||
Class C | NGQCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 06/30/2011 | –5.86 | % | –1.28 | % | 5.82 | % | 6.22 | % | ||||||||||||||
Class A | 06/30/2011 | –6.04 | % | –1.53 | % | 5.48 | % | 5.87 | % | ||||||||||||||
Class C | 06/30/2011 | –6.33 | % | –2.32 | % | 4.68 | % | 5.07 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –11.45 | % | –7.24 | % | 4.24 | % | 5.05 | % | |||||||||||||||
Class C | –7.21 | % | –3.24 | % | 4.68 | % | 5.07 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI All Country World Index (Net)1,15 | –2.92 | % | –0.84 | % | 6.28 | % | 7.52 | % |
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 2018 were 6.49%, 6.71% and 7.62% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
13
Global Real Estate Fund Commentary
Neuberger Berman Global Real Estate Fund Institutional Class generated a 3.59% total return for the six months ended February 28, 2019, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index (Net) (the Index), which generated a 2.25% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The global stock market experienced periods of heightened volatility and generated weak results during the reporting period. After largely treading water in September 2018, the market fell sharply during two out of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations, hopes for the avoidance of a "hard Brexit" persisted and the U.S. and China appeared to be making some progress in their trade negotiations. Comparatively, global real estate investment trusts (REITs) generated positive results during the period.
The Fund outperformed the Index during the reporting period. Stock selection, overall, was the largest contributor to the Fund's relative results versus the Index. In particular, holdings in the Diversified REITs, Residential REITs and Retail REITs sectors were the most additive for returns. In terms of individual holdings, American Tower Corp., CK Asset Holdings Limited, Goodman Group, Sun Hung Kai Properties Limited and Essex Property Trust, Inc. were the largest contributors to performance. Sector detractors from relative performance included the Fund's holdings in Industrial & Office REITs and Hotel & Lodging REITs. Several individual holdings were also negative for results, including Gecina SA, Zayo Group Holdings, Inc., Interxion Holding N.V., ICADE SA and Weyerhaeuser Company (the first three holdings were sold during the reporting period).
The Fund's positioning versus the Index from a regional/country perspective modestly detracted from relative results. In particular, an underweight to Hong Kong and an overweight to Spain relative to the Index were the largest detractors from performance. On the upside, an overweight to Australia and an underweight to Switzerland were the most additive for results.
Looking ahead, we anticipate continued but modest economic growth for the U.S. for 2019. We believe many economic indicators, including high consumer confidence, strong non-residential fixed investment, and modest inflation, point to good tenant demand for real estate. However, headwinds, including slowing global growth, turmoil in Washington and ongoing U.S.-China trade tension threaten to derail the long-lasting U.S. recovery. As the Fed tries to balance these factors, it has signaled a more flexible stance for policy changes and rates. Resolution of some of these headwinds could be a catalyst for the capital markets. On balance, we believe solid real estate fundamentals, strong private market demand for real estate and a more dovish Fed will be supportive of the U.S. listed real estate market.
Overseas, in the UK and Europe, equity markets are facing pressure from a number of areas, namely Brexit, political unrest in France, unstable Italian politics, trade disruption and slower growth. In order to position for these challenging times, we continue to focus on businesses where we see a structural growth angle and a strong rental growth profile. With regard to the UK and Brexit, we remain on the sidelines while we wait for clarity and what Brexit will mean for the broader UK property market. We are starting to see good value but political uncertainty remains the great unknown and has trumped valuation so far. Within Asia-Pacific, we believe Japan remains an attractive opportunity given signs of deflation finally ending, robust tenant demand and wide valuation discounts to net asset values. In Hong Kong, real estate fundamentals are starting to stabilize following a sharp price correction and slowing U.S. rate hikes. In addition, demand from capital inflows from China remains highly supportive. Singapore's residential market has cooled significantly in volume terms following government intervention in mid-2018 and stock valuations have returned to a reasonably attractive level. Australia has a steady outlook, as solid prospects in the office and logistic sectors are offset by the uncertainties hanging over the residential and retail sectors.
14
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.
15
Global Real Estate Fund
TICKER SYMBOLS
Institutional Class | NGRIX | ||||||
Class A | NGRAX | ||||||
Class C | NGRCX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/30/2014 | 3.59 | % | 11.97 | % | 5.29 | % | ||||||||||||
Class A | 12/30/2014 | 3.40 | % | 11.58 | % | 4.89 | % | ||||||||||||
Class C | 12/30/2014 | 3.02 | % | 10.79 | % | 4.13 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –2.53 | % | 5.16 | % | 3.41 | % | |||||||||||||
Class C | 2.02 | % | 9.79 | % | 4.13 | % | |||||||||||||
Index | |||||||||||||||||||
FTSE EPRA/NAREIT Developed Index (Net)1,15 | 2.25 | % | 11.98 | % | 3.98 | % |
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 2018 were 11.12%, 11.57% and 12.21% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
16
Greater China Equity Fund Commentary25
Neuberger Berman Greater China Equity Fund Institutional Class generated a –0.29% total return for the six months ended February 28, 2019, and underperformed its benchmark, the MSCI China Index (Net) (the Index), which generated a 1.13% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
For the six months ended February, the Fund's main contributors to return relative to the Index included Consumer Staples (positive stock selection, primarily within Food Products and Beverages), Communication Services (a significant underweight versus the Index and positive stock selection among Diversified Telecommunication Services and Interactive Media & Services) and Industrials (an overweight and positive stock selection, primarily to environmental and clean energy related companies). Detractors from performance relative to the Index included Health Care (an overweight and negative stock selection within Pharmaceuticals), Financials (stock selection, primarily among Insurance and Banks) and Materials (an overweight to Construction Materials).
The Fund continues to focus on companies that we believe have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 28, 2019, the Fund's largest sector overweight relative to the Index was Consumer Discretionary, and the largest sector underweight was Communication Services. The Fund also held overweight positions in Consumer Staples and Industrials, and underweight positions in Utilities and Energy. The Fund's top 10 positions comprised more than 52% of total portfolio assets at the end of February.
Over the past six months, the China equity markets experienced extreme volatility, as indicated by both the Index, which is mostly a proxy for offshore listed Chinese equities, as well as the domestic China A-shares market. In September, the State Council announced supportive policies to boost consumption, lower tariffs and provide incentives for foreign investments. In addition, the announcement of two index inclusion events for A-shares helped investor sentiment, specifically FTSE will include A-shares starting from June 2019 and MSCI will increase its A-shares weighting and expand its universe to mid-caps and ChiNext stocks as of May, August and November 2019. Markets declined sharply in October despite a round of reserve requirement ratio (RRR) cuts as equity markets globally suffered from a sell-off over further interest rate hikes and increasing Treasury yields after hawkish Federal Open Market Committee minutes were released. Profit warnings and worse than expected third quarter 2018 corporate results also suggested that the China-U.S. trade war may have started to tangibly impact company earnings, and sentiment remained cautious ahead of the G20 meeting between Presidents Xi and Trump.
The China equity markets exhibited mixed results in November amidst increased volatility as a stronger U.S. dollar, decline in commodity futures prices and disappointing China macroeconomic data weighed on sentiment, but later in the month, both domestic and offshore markets climbed higher as investors increased positions ahead of the G20 meeting and the U.S. Federal Reserve Board Chairman Powell delivered dovish comments. After a lack of meaningful concessions between President Xi and President Trump at the G20 meeting and a worsening of China-U.S. relations after Huawei's CFO was detained in Canada for allegedly violating U.S. trade sanctions, the markets continued their sell-offs. Discouraging November macroeconomic data, lack of further supportive policies from President Xi's speech at the 40th Anniversary of Reform and Opening Up and concerns over the slowing global economic growth resulted in broad based weakness through December.
In January, the China equity markets set off on a strong rally due to easing trade tensions, the People's Bank of China's announcement of a cut in RRR and plans to set up central bank bills swaps aimed at improving the liquidity of banks' perpetual bonds. Although February demonstrated continued softening of macroeconomic data, investors became optimistic on a potential trade agreement, expectations of additional policy support and the dovish shift in the U.S. Federal Reserve Board's policy. A significant increase in retail participation and leverage onshore, coupled with inflows ahead of the MSCI inclusion decision, led the domestic China A-shares market to surge and outperform global indices.
17
Sincerely,
LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
18
Greater China Equity Fund
TICKER SYMBOLS
Institutional Class | NCEIX | ||||||
Class A | NCEAX | ||||||
Class C | NCECX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 13.1 | % | |||||
Consumer Discretionary | 30.8 | ||||||
Consumer Staples | 7.9 | ||||||
Energy | 2.9 | ||||||
Financials | 21.9 | ||||||
Health Care | 6.2 | ||||||
Industrials | 9.1 | ||||||
Materials | 4.3 | ||||||
Real Estate | 3.3 | ||||||
Utilities | 0.4 | ||||||
Short-Term Investments | 0.1 | ||||||
Total | 100.0 | % |
EXCHANGE ALLOCATION
(as a % of Long Term Investments) | |||||||
Mainland China | 24.5 | % | |||||
Hong Kong | 58.8 | ||||||
United States | 16.7 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS25
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 07/17/2013 | –0.29 | % | –13.19 | % | 13.29 | % | 13.46 | % | ||||||||||||||
Class A | 07/17/2013 | –0.54 | % | –13.54 | % | 12.97 | % | 13.14 | % | ||||||||||||||
Class C | 07/17/2013 | –0.89 | % | –14.20 | % | 12.04 | % | 12.22 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –6.26 | % | –18.53 | % | 11.63 | % | 11.95 | % | |||||||||||||||
Class C | –1.51 | % | –14.74 | % | 12.04 | % | 12.22 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI China Index (Net)1,15 | 1.13 | % | –11.47 | % | 8.53 | % | 9.32 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.58%, 2.01% and 2.80% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51%, 1.87% and 2.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
19
Guardian Fund Commentary
Neuberger Berman Guardian Fund Investor Class generated a –7.46% total return for the six months ended February 28, 2019, underperforming the –3.04% 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 experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months and nearly experienced a bear market (a decline of 20% or more from a recent high). This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade conflict.
The Fund's investments typically 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, and 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, or other market dislocations that we believe have the potential to unlock intrinsic value.1 It also includes companies with "hidden assets," i.e., valuable business lines, properties or prospects not yet recognized by the markets.
Stock selection, overall, was the largest detractor from the Fund's relative performance versus the Index during the reporting period. In particular, holdings in the Consumer Staples, Industrials and Communication Services sectors were the largest headwinds for results. Conversely, stock selection in the Information Technology, Financials and Energy sectors were the most beneficial for relative returns.
Sector allocation, overall, was also negative for performance during the period. This was primarily driven by an underweight to Health Care and lack of exposure to the Real Estate sector. Conversely, an overweight to Industrials and an underweight to Energy were the largest contributors to relative results.
The Fund's use of purchased and written options detracted from performance during the period.
We remain constructive—albeit increasingly selective—on our outlook for U.S. equities. This perspective is driven by steady U.S. economic growth, continued increases in capital expenditures, repatriation of foreign earnings and a more pro-business environment in the U.S. The labor market saw not only very low unemployment rates and strong hiring, but also increasing labor participation rates as more potential employees were encouraged to rejoin the labor force. Household spending and, more importantly, disposable personal income continued to grow. We believe that when combining expected earnings and dividends within today's interest rate environment (at the low end of historical standards), prospects for reasonably attractive risk-adjusted returns remain intact. After all, expectations of inflation remain low, helping to contain long term interest rates and the competition for equities from the bond market. While the U.S. economy is anticipated to slow this year, to us it is still the envy of the world. We believe we are in the midst of a deceleration from "above trend" growth to "trend growth." In our view, overall U.S. macroeconomic data, while decelerating, has remained positive—ranging from manufacturing output, to capacity utilization, to healthy home and auto sales. Global economic expectations have already been adjusted downward. 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.
20
Sincerely,
CHARLES KANTOR
PORTFOLIO MANAGER
1 Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
21
Guardian Fund
TICKER SYMBOLS
Investor Class | NGUAX | ||||||
Trust Class | NBGTX | ||||||
Advisor Class | NBGUX | ||||||
Institutional Class | NGDLX | ||||||
Class A | NGDAX | ||||||
Class C | NGDCX | ||||||
Class R3 | NGDRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 10.1 | % | |||||
Consumer Discretionary | 21.2 | ||||||
Consumer Staples | 4.3 | ||||||
Energy | 2.2 | ||||||
Financials | 10.6 | ||||||
Health Care | 9.6 | ||||||
Industrials | 15.0 | ||||||
Information Technology | 16.5 | ||||||
Materials | 2.4 | ||||||
Utilities | 3.0 | ||||||
Options Purchased | 0.1 | ||||||
Short-Term Investments | 5.0 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,11
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1950 | –7.46 | % | 1.43 | % | 8.15 | % | 14.90 | % | 11.00 | % | ||||||||||||||||
Trust Class3 | 08/03/1993 | –7.55 | % | 1.23 | % | 7.96 | % | 14.70 | % | 10.95 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | –7.69 | % | 0.87 | % | 7.65 | % | 14.32 | % | 10.80 | % | ||||||||||||||||
Institutional Class5 | 05/27/2009 | –7.32 | % | 1.63 | % | 8.34 | % | 15.11 | % | 11.03 | % | ||||||||||||||||
Class A19 | 05/27/2009 | –7.53 | % | 1.20 | % | 7.94 | % | 14.69 | % | 10.97 | % | ||||||||||||||||
Class C19 | 05/27/2009 | –7.83 | % | 0.46 | % | 7.13 | % | 13.86 | % | 10.86 | % | ||||||||||||||||
Class R316 | 05/27/2009 | –7.69 | % | 0.92 | % | 7.63 | % | 14.40 | % | 10.93 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –12.85 | % | –4.64 | % | 6.67 | % | 14.01 | % | 10.88 | % | |||||||||||||||||
Class C19 | –8.66 | % | –0.45 | % | 7.13 | % | 13.86 | % | 10.86 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | –3.04 | % | 4.68 | % | 10.67 | % | 16.67 | % | 11.12 | % |
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 2018 were 0.89%, 1.06%, 1.40%, 0.71%, 1.09%, 1.83% and 1.37% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
22
International Equity Fund Commentary
Neuberger Berman International Equity Fund Institutional Class generated a total return of –5.42% for the six months ended February 28, 2019, underperforming its benchmark, the MSCI EAFE® Index (the Index), which generated a total return of –3.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
International equity markets declined this period as trade tensions and related threats to global growth continued to roil global markets. As the new year began, although pressures on investor sentiment continued, a weaker U.S. dollar allowed markets to rebound from a dismal fourth quarter. Emerging markets equities closed this period nominally positive, while developed markets (as measured by the Index) and U.S. equities (as measured by the S&P 500® Index) declined.
Within the Index, Utilities and Real Estate outperformed, posting positive results on helpful interest rate news. The Information Technology (IT) and Consumer Discretionary sectors saw the largest losses. By country, Hong Kong outperformed significantly, followed by Italy and Switzerland. Ireland, Belgium, and Portugal declined the most.
Stock selection drove the Fund's relative outperformance versus the Index in the Health Care, IT, Consumer Discretionary, and Communications Services sectors. By country, stock selection and an underweight to Japan versus the Index, and stock selection in Belgium benefited relative results.
Top individual performers included Aon, Alimentation Couche-Tard and AIA. Aon, the UK-headquartered, U.S.-listed global insurance firm, saw good organic growth and margin expansion and continues to buy back stock. Alimentation Couche-Tard, the Canadian gas station and convenience store operator, announced solid results helped by strong revenue growth from acquisitions and good cost control. AIA, the Hong Kong based insurance company, reported earnings ahead of expectations. It continues to see strong growth in premiums in both Hong Kong and China, while also delivering margin expansion.
Stock selection within Energy and Industrials, and an underweight versus the Index to Utilities, which tends not to meet our growth requirements, accounted for most of the portfolio's underperformance. By country, holdings within Switzerland and Hong Kong detracted most, even as overweight positions in these strong markets was a relative benefit.
Samsonite, the Hong Kong listed global luggage manufacturer, was the largest individual detractor, selling off after questions about accounting and corporate governance practices led to the CEO's resignation. We added to the position, believing the issues were immaterial for the longer term. AerCap, the Irish headquartered aircraft-leasing firm, sold off on broader airline industry concerns and potentially slower global growth. Core Laboratories, the Netherlands-headquartered oil services company, sold off following the sharp fall in oil prices on both supply and demand.
Looking ahead, our strategy remains well diversified by country and sector. We remain focused on what we believe to be quality, well managed businesses, avoiding companies with excessive leverage or highly cyclical businesses and those with large exposure to vulnerable economies such as Italy, Turkey, and Argentina.
In down markets, it's common for correlations to increase and for markets to move in tandem. It is the job of active managers to determine whether a decline in individual securities is deserved or whether it offers potential opportunity. Fourth quarter 2018's broad market selloff was a case in point: major equity indices fell in tandem, but in our view, these issues are likely to impact some areas of the market more than others. We have taken the opportunity to add exposure to names where we have the greatest conviction—at much lower prices in many cases—and we believe we have positioned the Fund for an environment of political and trade policy uncertainty, modest growth and higher interest rates over time. We believe the resulting Fund should reward our investors over time.
Sincerely,
BENJAMIN SEGAL AND ELIAS COHEN
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.
23
International Equity Fund
TICKER SYMBOLS
Investor Class | NIQVX | ||||||
Trust Class | NIQTX | ||||||
Institutional Class | NBIIX | ||||||
Class A | NIQAX | ||||||
Class C | NIQCX | ||||||
Class R6 | NRIQX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class12 | 01/28/2013 | –5.61 | % | –7.16 | % | 2.94 | % | 10.51 | % | 4.70 | % | ||||||||||||||||
Trust Class12 | 01/28/2013 | –5.65 | % | –7.20 | % | 2.88 | % | 10.47 | % | 4.68 | % | ||||||||||||||||
Institutional Class | 06/17/2005 | –5.42 | % | –6.83 | % | 3.11 | % | 10.63 | % | 4.78 | % | ||||||||||||||||
Class A12 | 01/28/2013 | –5.60 | % | –7.23 | % | 2.72 | % | 10.38 | % | 4.61 | % | ||||||||||||||||
Class C12 | 01/28/2013 | –6.04 | % | –7.94 | % | 1.95 | % | 9.87 | % | 4.26 | % | ||||||||||||||||
Class R622 | 09/03/2013 | –5.48 | % | –6.82 | % | 3.18 | % | 10.67 | % | 4.82 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A | –11.02 | % | –12.58 | % | 1.51 | % | 9.73 | % | 4.16 | % | |||||||||||||||||
Class C | –6.98 | % | –8.86 | % | 1.95 | % | 9.87 | % | 4.26 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index (Net)1,15 | –3.58 | % | –6.04 | % | 2.07 | % | 9.56 | % | 4.58 | % |
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 2018 were 1.20%, 1.24%, 1.00%, 1.36%, 2.12% and 0.90% 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, and after restatement for Class R6 shares). The expense ratios were 0.86%, 1.22%, 1.97% and 0.76% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
24
International Select Fund Commentary
Neuberger Berman International Select Fund Trust Class generated a total return of –5.22% for the six months ended February 28, 2019, underperforming its benchmark, the MSCI EAFE® Index (the Index), which generated a total return of –3.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
International equity markets declined this period as trade tensions and related threats to global growth continued to roil global markets. As the new year began, although pressures on investor sentiment continued, a weaker U.S. dollar allowed markets to rebound from a dismal fourth quarter. Emerging markets equities closed this period nominally positive, while developed markets (as measured by the Index) and U.S. equities (as measured by the S&P 500® Index) declined.
Within the Index, Utilities and Real Estate outperformed, posting positive results on helpful interest rate news. The Information Technology (IT) and Consumer Discretionary sectors saw the largest losses. By country, Hong Kong outperformed significantly, followed by Italy and Switzerland. Ireland, Belgium, and Portugal declined the most.
Stock selection drove the Fund's relative outperformance versus the Index in the Health Care, Consumer Discretionary, and IT sectors. By country, stock selection and an underweight to Japan versus the Index, and stock selection in Belgium and Germany benefited relative results.
Top individual performers included Aon, AIA and Roche. Aon, the UK-headquartered, U.S.-listed global insurance firm, saw good organic growth and margin expansion and continues to buy back stock. AIA, the Hong Kong based insurance company, reported earnings ahead of expectations. It continues to see strong growth in premiums in both Hong Kong and China, while also delivering margin expansion. Roche, the Swiss pharmaceutical giant, held up well in the difficult market environment. While the risk from biosimilars remains, we believe its pipeline looks solid, and newly launched products are performing well.
Stock selection within Energy and Materials, and a lack of exposure to Utilities, which tends not to meet our growth requirements, accounted for most of the Fund's underperformance. By country, holdings within the Netherlands, Switzerland and UK detracted the most.
Core Laboratories, the Netherlands-headquartered oil services company, was the largest individual detractor. It declined following the sharp fall in oil prices on both supply and demand concerns. Samsonite, the Hong Kong listed global luggage manufacturer, sold off after questions about accounting and corporate governance practices led to the CEO's resignation. We added to the position, believing the issues were immaterial for the longer term. AerCap, the Irish headquartered aircraft-leasing firm, sold off on broader airline industry concerns and potentially slower global growth.
Looking ahead, our strategy remains well diversified by country and sector. We remain focused on what we believe to be quality, well managed businesses, avoiding companies with excessive leverage or highly cyclical businesses and those with large exposure to vulnerable economies such as Italy, Turkey, and Argentina.
In down markets, it's common for correlations to increase and for markets to move in tandem. It is the job of active managers to determine whether a decline in individual securities is deserved or whether it offers potential opportunity. Fourth quarter 2018's broad market selloff was a case in point: major equity indices fell in tandem, but in our view, these issues are likely to impact some areas of the market more than others. We have taken the opportunity to add exposure to names where we have the greatest conviction—at much lower prices in many cases—and we believe we have positioned the Fund for an environment of political and trade policy uncertainty, modest growth and higher interest rates over time. We believe the resulting Fund should reward our investors over time.
Sincerely,
BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
25
International Select Fund
TICKER SYMBOLS
Trust Class | NILTX | ||||||
Institutional Class | NILIX | ||||||
Class A | NBNAX | ||||||
Class C | NBNCX | ||||||
Class R3 | NBNRX | ||||||
Class R6 | NRILX |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 08/01/2006 | –5.22 | % | –6.66 | % | 2.50 | % | 9.20 | % | 3.10 | % | ||||||||||||||||
Institutional Class6 | 10/06/2006 | –5.10 | % | –6.33 | % | 2.86 | % | 9.57 | % | 3.45 | % | ||||||||||||||||
Class A14 | 12/20/2007 | –5.24 | % | –6.69 | % | 2.49 | % | 9.20 | % | 3.10 | % | ||||||||||||||||
Class C14 | 12/20/2007 | –5.60 | % | –7.35 | % | 1.72 | % | 8.38 | % | 2.41 | % | ||||||||||||||||
Class R314 | 05/27/2009 | –5.40 | % | –6.93 | % | 2.23 | % | 8.91 | % | 2.88 | % | ||||||||||||||||
Class R624 | 04/17/2017 | –5.00 | % | –6.23 | % | 2.67 | % | 9.29 | % | 3.17 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A14 | –10.72 | % | –12.07 | % | 1.29 | % | 8.55 | % | 2.61 | % | |||||||||||||||||
Class C14 | –6.53 | % | –8.27 | % | 1.72 | % | 8.38 | % | 2.41 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
MSCI EAFE® Index (Net)1,15 | –3.58 | % | –6.04 | % | 2.07 | % | 9.56 | % | 2.95 | % |
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 2018 were 1.39%, 0.94%, 1.32%, 2.07%, 1.56% and 0.85% 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, and after restatement for Class R6 shares). The expense ratios were 1.16%, 0.81%, 1.17%, 1.92%, 1.42% and 0.71% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
26
International Small Cap Fund Commentary
Neuberger Berman International Small Cap Fund Institutional Class reported a total return of –13.23% for the six months ended February 28, 2019, trailing the –7.92% total return of 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.)
International equity markets declined this period as trade tensions and related threats to global growth continued to roil global markets. International small cap stocks trailed their larger cap peers, missing much of the rebound the MSCI EAFE® Index (Net) enjoyed (–3.58% for the period), as a weaker U.S. dollar and supportive interest rate news benefited larger, more globally focused international names over their smaller, more domestically oriented counterparts.
The Utilities and Real Estate sectors led the Index this period, posting positive results on supportive interest rate news. All other sectors showed losses, with Energy and Information Technology declining the most. By country, New Zealand, Singapore, and Israel posted gains. Denmark declined the most, followed by Switzerland and France.
The Fund outperformed the Index within Materials, and on an underweight to Financials versus the Index. Stocks from within Denmark, China, and Norway also benefited relative results.
Top individual contributors included Xiabuxiabu, a Chinese chain restaurant operator, which we initially bought after we saw the stock severely correct. It rebounded as investors believed the company was strategically positioned to gain market share in the Chinese Hot-Pot restaurant segment. Lectra, the France-based provider of computer aided design and manufacturing equipment, reported solid full year results, and Carel, the Italian producer of electronic components for HVAC and refrigeration applications, continued to benefit from its solid customer base and technology leadership in the space.
Stock selection, primarily within the Industrials, Consumer Discretionary, and Consumer Staples sectors contributed to the Fund's shortfall in relative performance. By country, UK- and German-listed names detracted, as did our overweight to Switzerland versus the Index.
Individual detractors included Ariake, Restore and WashTec. Ariake, the Japanese producer of natural seasonings and flavorings, disappointed after announcing the sale of its U.S. manufacturing units, and the company's management justified the decision by a focus on better opportunities in China and Asia. The stock is under review. Restore, a UK leader in records management, office relocation, and shredding services, declined after the company completed a large consolidation deal in the UK, and had ongoing pressure on profit margins. While the stock is under review, we believe the company is well positioned to benefit from organic growth and to improve its margins. WashTec, the German manufacturer of custom-designed cleaning machinery for transport equipment, sold off due to concerns around the extent of the economic slowdown in Germany and across the broader continent.
We have observed global growth slowing this period, which we believe is partially responsible for the worldwide market selloff. We have also seen extreme price movements from quarter to quarter as exemplified by the Index's Energy sector rising 6% during the third quarter 2018, then falling 31% in the fourth quarter. In our opinion, this demonstrates that fundamentals are not driving markets, which can be a poor backdrop for a strategy such as ours that remains focused on what we believe to be quality and well managed businesses, and is diversified across sectors and geographies.
We continue to be opportunistic in adding exposure to names where we have the greatest conviction—at lower prices in many cases—and we have attempted to position the portfolio to navigate an environment of political and trade policy uncertainty, modest growth and higher interest rates over time. We are comfortable with the quality and focus of the current portfolio and believe it should be well positioned to deliver results over time.
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.
27
International Small Cap Fund
TICKER SYMBOLS
Institutional Class | NIOIX | ||||||
Class A | NIOAX | ||||||
Class C | NIOCX | ||||||
Class R6 | NIORX |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 12/08/2016 | –13.23 | % | –14.42 | % | 8.76 | % | ||||||||||||
Class A | 12/08/2016 | –13.30 | % | –14.75 | % | 8.35 | % | ||||||||||||
Class C | 12/08/2016 | –13.72 | % | –15.44 | % | 7.54 | % | ||||||||||||
Class R6 | 12/08/2016 | –13.10 | % | –14.36 | % | 8.86 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –18.30 | % | –19.64 | % | 5.51 | % | |||||||||||||
Class C | –14.57 | % | –16.27 | % | 7.54 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI EAFE® Small Cap Index (Net)1,15 | –7.92 | % | –10.53 | % | 9.43 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 7.03%, 7.57%, 8.16% and 6.95% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.06%, 1.42%, 2.17% and 0.96% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
28
Intrinsic Value Fund Commentary
Neuberger Berman Intrinsic Value Fund Institutional Class generated a –2.16% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 2000® Value Index (the Index), which returned –8.59% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
A powerful correction roiled equity markets in the fourth quarter of 2018. Investors feared that growth at home had peaked and international economies were slowing even sooner than anticipated. Concerns mounted that the U.S. Federal Reserve Board (Fed) and White House were out of touch with the risks that their interest rate and trade policies posed to a fragile global economy. Small caps, viewed as proxies for the domestic economy, were hard hit. Global equity markets had a robust start to 2019 and during the first two months, stocks have rebounded sharply from December's lows. The bounce back has been broad-based. Investor appetite for risk appears to have increased, as evidenced by the outperformance of cyclicals over defensives with Industrials and Technology sectors posting the biggest gains in January and February. As such, our large contingent of tech and manufacturing names outperformed in early 2019, while stock selection in the Technology sector added to relative returns versus the Index over the full reporting period.
Merger and acquisition activity in the portfolio has been strong. Seven of our portfolio companies agreed to merge or be acquired during the period. When reviewing both companies and sectors that helped, it's reassuring to see that our long-term contrarian approach towards the Technology and Health Care sectors rather than Financial Services contributed to our outperformance. Among the top five performers, four were the subject of shareholder activism. The Intrinsic Value team led the charge at three of these (Ciena, ARRIS (which was sold during the period) and Fluidigm). Ciena is a good example where management executed extremely well while also publicly sharing long-term financial objectives and clarifying how they intend to manage their balance sheet and cash flows. Prior to our involvement, the company only gave quarterly guidance and was unwilling to discuss how it would allocate capital. It was our largest position and best contributor to absolute and relative returns for the period.
In what is a familiar pattern, company earnings disappointments combined with financial leverage resulted in underperformance. Despite strong performance from our Health Care names overall, several of our holdings in this area experienced stock specific issues. Amneal Pharmaceuticals traded down due to increased competition in its base business and lower value from its generic pipeline. Shares of Acadia Healthcare fell sharply after reports that the sale process had stalled and the CEO was subsequently replaced. The stock has underperformed for the past two years largely due to challenges in the company's UK business.
The team continues to have a competitive skill set in uncovering out-of-favor investments that in our opinion hold long-term promise. To this end we added six companies to the Fund during the reporting period and eliminated the same number. Of the sales, four were the result of acquisitions. At period end, the Fund's weighted average discount to intrinsic value1 stood at 33% versus 26% at the start.
Despite many positive market indicators, we believe geopolitical risks remain which could negatively impact returns. The outcome of U.S./China trade talks is still uncertain, Brexit is not yet completed and political gridlock at home continues. Looking ahead, we anticipate turbulent interactions between sentiment and statistics. We believe data points that suggest economic weakness could result in the systematic selling of equities. Conversely, progress on trade and greater accommodation by the Fed could soften some of the negative psychology, resulting in sharp upward reversals.
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.
29
Intrinsic Value Fund
TICKER SYMBOLS
Institutional Class | NINLX | ||||||
Class A | NINAX | ||||||
Class C | NINCX | ||||||
Class R6 | NRINX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Consumer Discretionary | 8.0 | % | |||||
Consumer Staples | 2.1 | ||||||
Energy | 3.2 | ||||||
Financial Services | 6.7 | ||||||
Health Care | 16.5 | ||||||
Materials & Processing | 4.6 | ||||||
Producer Durables | 20.2 | ||||||
Technology | 32.5 | ||||||
Utilities | 3.8 | ||||||
Convertible Bonds | 0.7 | ||||||
Short-Term Investments | 1.7 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class18 | 05/10/2010 | –2.16 | % | 10.94 | % | 7.95 | % | 17.18 | % | 11.27 | % | ||||||||||||||||
Class A18 | 05/10/2010 | –2.33 | % | 10.56 | % | 7.56 | % | 16.80 | % | 11.11 | % | ||||||||||||||||
Class C18 | 05/10/2010 | –2.67 | % | 9.75 | % | 6.77 | % | 16.05 | % | 10.78 | % | ||||||||||||||||
Class R618,22 | 01/18/2019 | –2.10 | % | 11.01 | % | 7.97 | % | 17.18 | % | 11.28 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A18 | –7.92 | % | 4.18 | % | 6.29 | % | 16.11 | % | 10.81 | % | |||||||||||||||||
Class C18 | –3.52 | % | 8.79 | % | 6.77 | % | 16.05 | % | 10.78 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Value Index1,15 | –8.59 | % | 4.42 | % | 6.48 | % | 15.43 | % | 8.63 | % | |||||||||||||||||
Russell 2000® Index1,15 | –8.86 | % | 5.58 | % | 7.36 | % | 16.60 | % | 7.99 | % |
*The inception date for Neuberger Berman Intrinsic Value Fund Institutional Class, Class A, and Class C shares is May 10, 2010. The performance data for Class R6 also includes the performance of the Fund's Institutional Class from May 10, 2010 through January 18, 2019. Performance prior to May 10, 2010 is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund"); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"), which had similar investment goals, strategies, and portfolio management team. See endnote 18 for more information.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.03%, 1.42% and 2.14% for Institutional Class, Class A and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.92% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.91% for Class R6 after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
30
Large Cap Value Fund Commentary
Neuberger Berman Large Cap Value Fund Investor Class generated a 2.22% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 1000® Value Index (the Index), which returned –1.62% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the reporting period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade negotiations.
The Fund outperformed the Index during the reporting period, driven by strong stock selection and sector allocation. In terms of stock selection, holdings in the Materials, Financials and Energy sectors added the most relative value versus the Index. Within the Materials sector, the Fund's Metals & Mining positions contributed the most to performance, led by strong results from Newmont Mining Corp. In the Financials sector, selection in the Capital Markets industry was the most beneficial for relative returns. Looking at the Energy sector, positions in the Oil, Gas & Consumable Fuels industry added to results. From a sector allocation perspective, overweights to Utilities and Consumer Staples versus the Index, along with an underweight to Financials, were the largest contributors to relative performance.
On the downside, stock selection in the Consumer Discretionary, Communication Services and Health Care sectors were the largest detractors from relative returns over the period. In the Consumer Discretionary sector, the Fund's position in retailer Nordstrom, Inc. was not rewarded as its shares fell sharply. We eliminated our position in the stock. Within the Communication Services sector, CenturyLink, Inc. generated extremely poor results and we exited our position. Finally, a few holdings in the Health Care Providers & Services industry were headwinds for performance. In terms of sector allocation, an underweight to Information Technology versus the Index was the only meaningful detractor from relative results.
Looking ahead, we remain cautious on the growth trajectory for the U.S. economy given the lagging effect of Fed rate hikes, as well as other macro related leading indicators that appear to be slowing. While we do not believe a recession is imminent, the pace of the U.S. economic expansion could moderate in 2019. Meanwhile, we believe the recent increase in market volatility will continue going forward. In such an environment, we anticipate an uptick in price dislocations that could turn into rewarding investment opportunities. We remain disciplined value managers, looking for opportunities to buy stocks that we believe are below their normalized valuations to generate results for our shareholders. In addition, we firmly believe that equities remain the most appropriate asset class over the long term given their potential to generate capital appreciation.
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.
31
Large Cap Value Fund
TICKER SYMBOLS
Investor Class | NPRTX | ||||||
Trust Class | NBPTX | ||||||
Advisor Class | NBPBX | ||||||
Institutional Class | NBPIX | ||||||
Class A | NPNAX | ||||||
Class C | NPNCX | ||||||
Class R3 | NPNRX | ||||||
Class R6 | NRLCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 6.8 | % | |||||
Consumer Discretionary | 3.6 | ||||||
Consumer Staples | 9.6 | ||||||
Energy | 8.3 | ||||||
Financials | 13.8 | ||||||
Health Care | 14.3 | ||||||
Industrials | 4.5 | ||||||
Information Technology | 0.7 | ||||||
Materials | 7.1 | ||||||
Real Estate | 5.5 | ||||||
Utilities | 11.7 | ||||||
Short-Term Investments | 14.1 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 01/20/19752 | 2.22 | % | 9.59 | % | 8.59 | % | 15.92 | % | 12.46 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 2.12 | % | 9.37 | % | 8.40 | % | 15.71 | % | 12.37 | % | ||||||||||||||||
Advisor Class4 | 08/16/1996 | 2.02 | % | 9.19 | % | 8.22 | % | 15.53 | % | 12.23 | % | ||||||||||||||||
Institutional Class5 | 06/07/2006 | 2.30 | % | 9.75 | % | 8.77 | % | 16.11 | % | 12.51 | % | ||||||||||||||||
Class A19 | 06/21/2010 | 2.08 | % | 9.32 | % | 8.35 | % | 15.69 | % | 12.41 | % | ||||||||||||||||
Class C19 | 06/21/2010 | 1.74 | % | 8.54 | % | 7.57 | % | 14.95 | % | 12.24 | % | ||||||||||||||||
Class R316 | 06/21/2010 | 1.94 | % | 9.03 | % | 8.05 | % | 15.42 | % | 12.35 | % | ||||||||||||||||
Class R623 | 01/18/2019 | 2.22 | % | 9.56 | % | 8.59 | % | 15.92 | % | 12.46 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –3.80 | % | 3.05 | % | 7.08 | % | 15.01 | % | 12.26 | % | |||||||||||||||||
Class C19 | 0.84 | % | 7.58 | % | 7.57 | % | 14.95 | % | 12.24 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,15 | –1.62 | % | 3.16 | % | 8.09 | % | 15.39 | % | N/A |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.88%, 1.06%, 1.21%, 0.71%, 1.09%, 1.83% and 1.37% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.61% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratio was 1.36% for Class R3 shares after expense reimbursements and/or fee waivers and/or restatement. The total annual operating expense ratio for Institutional Class includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
32
Mid Cap Growth Fund Commentary
Neuberger Berman Mid Cap Growth Fund Investor Class generated a –3.63% total return for the six months ended February 28, 2019, trailing its benchmark, the Russell Midcap® Growth Index (the Index), which returned –1.27% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The trailing six months ushered in a more volatile phase for the market as we finally experienced a period of meaningful and sustained dislocation, which was then surprisingly matched by a rapid and robust recovery, as many of the trigger points behind the fourth quarter's corrective angst, such as the U.S. Federal Reserve Board's hawkish stance and the Administration's escalating global tariffs gamesmanship, either reversed course or dissipated somewhat as we ushered in 2019. Regardless of the prevailing top-down sentiment, corporate top- and bottom-line results remained broadly positive, which continues to be the main driver of this expansionary phase and at the heart of this current cycle's resiliency.
During the period, the Fund was materially overweight Health Care versus the Index, modestly overweight Industrials and underweight the Information Technology (IT), Materials, Consumer Discretionary, Consumer Staples and Real Estate sectors. Our allocation decisions generally reflect our belief that the catalysts and underlying fundamentals that we identify in Health Care and IT are compelling, our persistent wariness around retail and consumer spending and the fact that neither GDP-dependent growth commodities nor income-yielding real estate investment trusts are an ideal fit with our earnings-centric philosophy. In fact, despite our relative underweight to IT, it remains our largest allocation.
Looking back at our performance for the period, despite a good start to 2019, the Fund wasn't able to completely overcome the broad effect of volatility-induced weakness in the fourth quarter of 2018, which served to amplify any nascent market concerns around less than perfect results or guidance, and the reaction to a handful of unexpected stock-specific issues, such as the CFO of Square resigning to pursue another opportunity or Tivity's surprising move to acquire Nutrisytem. (Tivity was sold during the period.)
Overall, for the period, Okta, Inc. was the top contributor to relative performance, while Take-Two Interactive Software was the leading detractor. Okta, which provides identity management and authentication software solutions, continued to capitalize on increasing demand for effective enterprise-grade security solutions to meet the rising sophistication and frequency of threats, and delivered strong results and market share gains, while Take-Two, a developer and marketer of video gaming content, lagged as the market adopted a more skeptical "wait-and-see" approach to both the rollout of, and the long-term "add-on purchase" revenue potential for, their long awaited and much-hyped Red Dead Redemption 2 title. We remain holders of Okta and Take-Two.
Looking ahead, we're cautiously optimistic that corporate fundamentals will broadly remain positive and we believe that, given the dearth of sustainable recessionary warning signals, 2019 can be a constructive environment for small- and mid-cap growth stocks, even if the pace of economic growth eases over the balance of the year. With that in mind, as we enter the later stages of this current expansionary phase, we're confident that active management, a higher qualitative bottom-up approach and an emphasis on balancing risk/reward have the potential to be key differentiators in navigating what should prove to be both an unpredictable and more discriminating market.
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.
33
Mid Cap Growth Fund
TICKER SYMBOLS
Investor Class | NMANX | ||||||
Trust Class | NBMTX | ||||||
Advisor Class | NBMBX | ||||||
Institutional Class | NBMLX | ||||||
Class A | NMGAX | ||||||
Class C | NMGCX | ||||||
Class R3 | NMGRX | ||||||
Class R6 | NRMGX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 3.9 | % | |||||
Consumer Discretionary | 13.9 | ||||||
Consumer Staples | 1.5 | ||||||
Energy | 0.8 | ||||||
Financials | 5.4 | ||||||
Health Care | 19.3 | ||||||
Industrials | 18.2 | ||||||
Information Technology | 32.2 | ||||||
Materials | 1.7 | ||||||
Utilities | 1.0 | ||||||
Short-Term Investments | 2.1 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/01/19792 | –3.63 | % | 7.29 | % | 9.02 | % | 16.17 | % | 11.79 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | –3.63 | % | 7.23 | % | 8.96 | % | 16.09 | % | 11.71 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | –3.78 | % | 6.96 | % | 8.66 | % | 15.74 | % | 11.50 | % | ||||||||||||||||
Institutional Class5 | 04/19/2007 | –3.51 | % | 7.49 | % | 9.22 | % | 16.44 | % | 11.88 | % | ||||||||||||||||
Class A19 | 05/27/2009 | –3.71 | % | 7.09 | % | 8.81 | % | 16.01 | % | 11.76 | % | ||||||||||||||||
Class C19 | 05/27/2009 | –4.04 | % | 6.30 | % | 7.99 | % | 15.16 | % | 11.55 | % | ||||||||||||||||
Class R316 | 05/27/2009 | –3.84 | % | 6.76 | % | 8.53 | % | 15.72 | % | 11.69 | % | ||||||||||||||||
Class R623 | 03/15/2013 | –3.45 | % | 7.62 | % | 9.31 | % | 16.36 | % | 11.84 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –9.22 | % | 0.93 | % | 7.53 | % | 15.32 | % | 11.59 | % | |||||||||||||||||
Class C19 | –4.90 | % | 5.35 | % | 7.99 | % | 15.16 | % | 11.55 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Growth Index1,15 | –1.27 | % | 9.85 | % | 10.18 | % | 18.52 | % | N/A | ||||||||||||||||||
Russell Midcap® Index1,15 | –2.84 | % | 5.63 | % | 8.56 | % | 17.81 | % | 13.12 | % |
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 2018 were 0.91%, 0.96%, 1.22%, 0.71%, 1.08%, 1.86%, 1.37% and 0.61% 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, and after restatement for Class R6 shares). The total annual operating expense ratio for each of Class C and Class R3 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
34
Mid Cap Intrinsic Value Fund Commentary
Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a –4.96% total return for the six-month period ended February 28, 2019, underperforming the Russell Midcap® Value Index (the Index) which returned –3.98% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
During the final quarter of 2018, a powerful market correction led to a sharp decline in equities. Investor focus shifted from the positive backdrop of solid economic and earnings growth, low unemployment and relatively low interest rates to a negative focus on U.S. Federal Reserve Board (Fed) tightening, the impact of tariffs, declining oil prices, a flattening yield curve, widening credit spreads and leveraged corporate balance sheets. Stocks rebounded sharply from December lows, and all major U.S. equity indices produced double digit returns for the first two months of 2019. Several things have helped fuel the recovery in stocks. Fed policymakers have reversed their outlook for interest rate increases this year, crude oil prices rebounded and there is optimism surrounding the outcome of U.S./China trade talks.
For the period, individual stocks we held that had disappointing earnings and/or financial reports were severely punished by the market, sometimes declining much more than our analysts projected and fundamentals warranted, in our opinion. In December, Perrigo, which is undergoing a restructuring led by a new CEO, announced that the Irish tax authority filed a $1.9 billion tax assessment against the company relating to Perrigo's purchase of Elan in 2013 and its sale of the MS drug, Tysabri. While the company will appeal this decision, given the uncertainty and the amount of time it will take to resolve, the stock lost over 25% of its value in one trading day. Perrigo was sold during the period. AerCap, one of our larger positions, came under unrelenting selling pressure in December, despite what seemed to be very solid fundamentals. At year end, this leading aircraft leasing company sold for approximately 60% of its tangible book value.
In an effort to enhance performance and shareholder governance in our portfolio companies, we sometimes engage with an issuer's board of directors to discuss ways to enhance shareholder value. Recently we did so with two of our holdings in the Technology sector, Ciena and ARRIS International. Ciena was our best performer for the period as earnings exceeded expectations, and ARRIS International, also a top performer, agreed to be purchased by CommScope at a significant premium to our purchase price. We view this engagement as a core fundamental of our investment process and will continue to act as advocates in companies where we believe our actions can benefit shareholders.
Company specific events had a positive impact on the portfolio. Since our last communication, six of the Fund's portfolio companies were acquired, disposed of significant assets, or made large acquisitions. Notable events include: Esterline Technologies agreed to be acquired by TransDigm; Johnson Controls agreed to sell its Power Solutions business; and Alexion Pharmaceuticals agreed to acquire Syntimmune.
We used the market dislocation during the fourth quarter of 2018 to improve the risk/reward profile of the Fund by increasing the position size of some existing holdings, selling stocks where the investment thesis has changed, and investing in new companies that have dropped to our purchase targets. We introduced seven new positions during the period, six of them in the fourth quarter. On the sell side, we eliminated eight positions.
While we believe there are many positive market indicators, risks and uncertainty remain. The outcome of U.S./China trade talks is still undetermined, Brexit is not yet completed and political gridlock at home continues, to name a few. While volatility has declined from late last year's high point, we believe an increased level of volatility is likely to continue this year.
Sincerely,
MICHAEL C. GREENE
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
35
Mid Cap Intrinsic Value Fund
TICKER SYMBOLS
Investor Class | NBRVX | ||||||
Trust Class | NBREX | ||||||
Institutional Class | NBRTX | ||||||
Class A | NBRAX | ||||||
Class C | NBRCX | ||||||
Class R3 | NBRRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Consumer Discretionary | 13.9 | % | |||||
Consumer Staples | 5.6 | ||||||
Energy | 7.6 | ||||||
Financial Services | 20.0 | ||||||
Health Care | 6.4 | ||||||
Materials & Processing | 7.0 | ||||||
Producer Durables | 15.0 | ||||||
Technology | 13.1 | ||||||
Utilities | 2.6 | ||||||
Short-Term Investments | 8.8 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1999 | –4.96 | % | 0.24 | % | 7.19 | % | 17.17 | % | 9.20 | % | ||||||||||||||||
Trust Class3 | 06/10/1999 | –5.02 | % | 0.16 | % | 7.01 | % | 17.03 | % | 9.10 | % | ||||||||||||||||
Institutional Class5 | 03/08/2010 | –4.83 | % | 0.58 | % | 7.45 | % | 17.46 | % | 9.33 | % | ||||||||||||||||
Class A19 | 06/21/2010 | –5.02 | % | 0.22 | % | 7.07 | % | 17.07 | % | 9.15 | % | ||||||||||||||||
Class C19 | 06/21/2010 | –5.37 | % | –0.54 | % | 6.26 | % | 16.32 | % | 8.80 | % | ||||||||||||||||
Class R316 | 06/21/2010 | –5.08 | % | –0.04 | % | 6.80 | % | 16.82 | % | 9.04 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –10.48 | % | –5.55 | % | 5.81 | % | 16.38 | % | 8.83 | % | |||||||||||||||||
Class C19 | –6.25 | % | –1.46 | % | 6.26 | % | 16.32 | % | 8.80 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Value Index1,15 | –3.98 | % | 2.63 | % | 7.44 | % | 17.31 | % | 9.13 | % | |||||||||||||||||
Russell Midcap® Index1,15 | –2.84 | % | 5.63 | % | 8.56 | % | 17.81 | % | 9.02 | % |
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 2018 were 1.21%, 1.38%, 1.02%, 1.40%, 2.15% and 1.65% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 0.85%, 1.22%, 1.97% 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 expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
36
Multi-Cap Opportunities Fund Commentary
Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a –1.56% total return for the six months ended February 28, 2019 outperforming the –3.04% 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.)
During the reporting period for the Index, the Consumer Staples, Health Care, Industrials, Real Estate and Utilities sectors outperformed, while the Communication Services, Consumer Discretionary, Energy, Financials, Information Technology (IT) and Materials sectors underperformed. Increased uncertainty surrounding global trade negotiations, monetary policy, and the corresponding potential effects on the pace of global growth drove a decline in investor sentiment during the fourth quarter of 2018. These declines were largely offset in early 2019 as investors refocused on strong underlying company fundamentals and continued growth in the U.S. economy. We believe the backdrop for U.S. equities remains attractive. Disciplined active managers may be able to selectively identify attractive opportunities and help navigate an evolving U.S. equity landscape.
Within the portfolio, superior stock selection drove outperformance relative to the Index. This was primarily a result of strong selection within Consumer Discretionary, IT, and Materials. Stock selection within Communication Services and Energy detracted from relative performance. The Fund's overweight position to Industrials versus the Index, and underweight positions to Consumer Discretionary and Energy benefitted performance relative to the Index. Having no exposure to Real Estate and Utilities detracted from relative performance. The Fund finished the period with an overweight, relative to the Index, in the Financials, Industrials, and Materials sectors. The Fund completed the period with an underweight, relative to the Index, in the Consumer Discretionary, Consumer Staples, Energy, Health Care, IT, Real Estate, Communication Services, and Utilities sectors.
Portfolio construction is an important component of our investment process and consists of three distinct investment categories: Special Situations, Opportunistic and Classic. Special Situations have unique attributes (e.g., restructuring, spin-offs, post-bankruptcy equities) that require specific valuation methodologies and customized investment research. Opportunistic investments are companies that have become inexpensive for a tangible reason that we believe is temporary. Classic investments are those companies with long histories of shareholder friendly policies, high quality management teams and exceptional operating performance. We believe maintaining a balance of these three categories helps to mitigate risk within the portfolio. We continue to find investment opportunities across each investment category with attractive risk/return profiles.
We believe the current environment is attractive for free cash flow oriented investing. Many company balance sheets are healthy and free cash flow generation remains strong. As a result, we believe management teams have a significant opportunity to create value for shareholders by allocating capital effectively. Dividend increases, share repurchase programs, cash accumulation, debt retirement, organic growth initiatives, selective and highly accretive acquisitions—all can accrue to the benefit of equity holders. When company specific drivers are in focus, high conviction active managers have the potential to add value for their clients through stock selection. We believe deep fundamental analysis centered on free cash flow and capital structure efficiency may be an important driver of performance going forward.
As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients' assets through the disciplined application of our investment philosophy and process.
Sincerely,
RICHARD S. NACKENSON
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
37
Multi-Cap Opportunities Fund
TICKER SYMBOLS
Institutional Class | NMULX | ||||||
Class A | NMUAX | ||||||
Class C | NMUCX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 8.2 | % | |||||
Consumer Discretionary | 5.6 | ||||||
Consumer Staples | 5.7 | ||||||
Energy | 1.9 | ||||||
Financials | 24.5 | ||||||
Health Care | 9.5 | ||||||
Industrials | 17.9 | ||||||
Information Technology | 18.8 | ||||||
Materials | 5.9 | ||||||
Short-Term Investments | 2.0 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class17 | 12/21/2009 | –1.56 | % | 4.58 | % | 9.94 | % | 16.74 | % | 8.98 | % | ||||||||||||||||
Class A17 | 12/21/2009 | –1.75 | % | 4.15 | % | 9.53 | % | 16.35 | % | 8.69 | % | ||||||||||||||||
Class C17 | 12/21/2009 | –2.11 | % | 3.38 | % | 8.72 | % | 15.55 | % | 8.08 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A17 | –7.41 | % | –1.85 | % | 8.23 | % | 15.66 | % | 8.16 | % | |||||||||||||||||
Class C17 | –3.00 | % | 2.44 | % | 8.72 | % | 15.55 | % | 8.08 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | –3.04 | % | 4.68 | % | 10.67 | % | 16.67 | % | 8.21 | % |
*Prior to December 14, 2009, the Fund had different investment goals, strategies, and portfolio management team. The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through December 21, 2009. See endnote 17 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.72%, 1.10% and 1.83% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
38
Real Estate Fund Commentary
Neuberger Berman Real Estate Fund Trust Class generated a 3.35% total return for the six months ended February 28, 2019, outperforming its benchmark, the FTSE NAREIT All Equity REITs Index (the Index), which generated a 2.80% 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 experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months and nearly experienced a bear market (a decline of 20% or more from a recent high). This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade conflict. All told, the S&P 500® Index returned –3.04% for the six-month period. Comparatively, real estate investment trusts (REITs) posted superior results during the period. This was partially due to declining interest rates in the U.S.
The Fund generated a positive return and outperformed the Index on a relative basis during the reporting period. Stock selection, overall, was the largest contributor to relative performance during the period. Contributing the most to results were our holdings in the Regional Malls, Infrastructure REITs, Apartments and Office sectors. In terms of individual holdings, American Tower Corp., Essex Property Trust, Inc., Equity Residential, SBA Communications Corp. and Welltower, Inc. were the largest contributors to performance. On the downside, holdings within the Specialty, Free Standing, Data Centers and Single Family Homes sectors were the largest detractors from returns. Several individual holdings were also negative for results, including Zayo Group Holdings, Inc. (sold during the period), Weyerhaeuser Company, CyrusOne, Inc., Sunstone Hotel Investors, Inc. (sold during the period) and Digital Realty Trust, Inc.
Sector positioning, overall, also contributed to the Fund's relative performance. In particular, underweights to Lodging/Resorts and Timber REITs, along with an overweight to Manufactured Homes, were the most beneficial for performance. Conversely, overweights to Data Centers, Single Family Homes and Regional Malls were the largest headwinds for returns.
Looking ahead, we anticipate continued but modest economic growth for the U.S. for 2019. We believe many economic indicators, including high consumer confidence, strong non-residential fixed investment, and modest inflation, point to good tenant demand for real estate. However, headwinds including slowing global growth, turmoil in Washington, and ongoing U.S.-China trade tension threaten to derail the long-lasting U.S. recovery. As the Fed tries to balance these factors, it has signaled a more flexible stance for policy changes and rates. Resolution of some of these headwinds could be a catalyst for the capital markets. On balance, we anticipate solid real estate fundamentals, strong private market demand for real estate and a more dovish Fed, which would be supportive of the U.S. listed real estate market.
Sincerely,
STEVE SHIGEKAWA AND BRIAN C. JONES
PORTFOLIO CO-MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
39
Real Estate Fund
TICKER SYMBOLS
Trust Class | NBRFX | ||||||
Institutional Class | NBRIX | ||||||
Class A | NREAX | ||||||
Class C | NRECX | ||||||
Class R3 | NRERX | ||||||
Class R6 | NRREX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Apartments | 14.5 | % | |||||
Data Centers | 11.4 | ||||||
Diversified | 1.6 | ||||||
Free Standing | 3.8 | ||||||
Health Care | 8.1 | ||||||
Industrial | 9.3 | ||||||
Infrastructure | 16.0 | ||||||
Lodging/Resorts | 3.0 | ||||||
Manufactured Homes | 5.4 | ||||||
Office | 7.6 | ||||||
Regional Malls | 5.2 | ||||||
Self Storage | 4.2 | ||||||
Shopping Centers | 3.0 | ||||||
Single Family Homes | 3.5 | ||||||
Timber | 2.4 | ||||||
Short-Term Investments | 1.0 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7,21
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 05/01/2002 | 3.35 | % | 16.06 | % | 8.14 | % | 17.82 | % | 10.76 | % | ||||||||||||||||
Institutional Class6 | 06/04/2008 | 3.44 | % | 16.32 | % | 8.34 | % | 18.03 | % | 10.90 | % | ||||||||||||||||
Class A14 | 06/21/2010 | 3.26 | % | 15.83 | % | 7.94 | % | 17.64 | % | 10.66 | % | ||||||||||||||||
Class C14 | 06/21/2010 | 2.84 | % | 15.00 | % | 7.14 | % | 16.88 | % | 10.24 | % | ||||||||||||||||
Class R314 | 06/21/2010 | 3.21 | % | 15.60 | % | 7.70 | % | 17.39 | % | 10.52 | % | ||||||||||||||||
Class R624 | 03/15/2013 | 3.49 | % | 16.41 | % | 8.42 | % | 18.02 | % | 10.87 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A14 | –2.65 | % | 9.19 | % | 6.67 | % | 16.95 | % | 10.27 | % | |||||||||||||||||
Class C14 | 1.87 | % | 14.00 | % | 7.14 | % | 16.88 | % | 10.24 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
FTSE NAREIT All Equity REITs Index1,15 | 2.80 | % | 19.61 | % | 9.12 | % | 18.75 | % | 10.01 | % |
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 2018 were 1.42%, 1.07%, 1.43%, 2.19%, 1.69% and 0.97% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.86%, 1.22%, 1.97%, 1.47% and 0.76% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
40
Small Cap Growth Fund Commentary
Neuberger Berman Small Cap Growth Fund Investor Class generated a 2.38% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 2000® Growth Index (the Index), which returned –9.14% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The trailing six months ushered in a more volatile phase for the markets as we finally experienced a period of meaningful and sustained dislocation, which was then surprisingly matched by a rapid and robust recovery, as many of the trigger points behind the fourth quarter's corrective angst, such as the U.S. Federal Reserve Board's hawkish stance and the Administration's escalating global tariffs gamesmanship, either reversed course or dissipated somewhat as we ushered in 2019. Regardless of the prevailing top-down sentiment, corporate top- and bottom-line results remained broadly positive, which continues to be the main driver of this expansionary phase and at the heart of this current cycle's resiliency.
During the period, the Fund was materially overweight Health Care, modestly overweight Information Technology (IT) and underweight Real Estate, Materials, Communication Services, Financials and Energy versus the Index. Our allocation decisions generally reflect what we see as compelling growth catalysts and underlying fundamentals in Health Care and IT, especially relative to other segments of the market that are either more interest rate- and commodity price-sensitive or GDP growth-dependent.
Looking back at performance for the period, the following strategies proved beneficial during both the year-ending downturn and 2019's strong early rebound: our active approach to harvesting profits, in order to maintain an appropriate risk/reward profile; our late September decisions to reposition in favor of more positive secular trends, such as IT security, and towards companies potentially offering more fundamentally-driven resiliency; and our choice to reduce development-stage biotechnology exposure in favor of pivoting towards therapeutic companies with commercialized science capable of delivering strengthening revenue growth.
The Fund's positive return and strong relative outperformance throughout the period was powered by the positive realization of catalysts and compelling fundamentals within Health Care, IT, Industrials and Consumer Discretionary. Drilling down to our holdings, Fluidigm, which develops, manufactures and markets innovative technologies, instruments and consumables for life sciences research, continued to exceed revenue expectations and was the leading contributor to both absolute and relative performance, while Aerie Pharmaceuticals, which is focused on the development and commercialization of therapies for glaucoma and other eye-related conditions, struggled with market apathy towards the rollout of their recently approved Glaucoma drug and ended up the leading detractor during the period. We remain positive on Aerie, as it's not atypical for the market to underestimate a new treatment's efficacy and the potential size of the market. While the market has taken a wait-and-see approach, we believe Aerie has demonstrated the strong prescription growth and positive doctor and patient feedback necessary to foster consistent top-line growth and draw investors back to the company, especially with FDA approval of their second Glaucoma drug potentially imminent.
Looking ahead, we are cautiously optimistic that corporate fundamentals will broadly remain positive and that, given the dearth of sustainable recessionary warning signals, 2019 can be a constructive environment for small- and mid-cap growth stocks, even if the pace of economic growth eases over the balance of the year. With that in mind, as we enter the later stages of this current expansionary phase, we're confident that active management, a higher qualitative bottom-up approach and an emphasis on balancing risk/reward have the potential to be key differentiators in navigating what should prove to be both an unpredictable and more discriminating market.
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.
41
Small Cap Growth Fund
TICKER SYMBOLS
Investor Class | NBMIX | ||||||
Trust Class | NBMOX | ||||||
Advisor Class | NBMVX | ||||||
Institutional Class | NBSMX | ||||||
Class A | NSNAX | ||||||
Class C | NSNCX | ||||||
Class R3 | NSNRX | ||||||
Class R6 | NSRSX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 2.3 | % | |||||
Consumer Discretionary | 13.7 | ||||||
Consumer Staples | 2.1 | ||||||
Financials | 4.4 | ||||||
Health Care | 30.2 | ||||||
Industrials | 15.9 | ||||||
Information Technology | 18.5 | ||||||
Materials | 1.2 | ||||||
Short-Term Investments | 11.7 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/20/1998 | 2.38 | % | 24.14 | % | 10.71 | % | 17.65 | % | 9.90 | % | ||||||||||||||||
Trust Class3 | 11/03/1998 | 2.33 | % | 23.98 | % | 10.53 | % | 17.41 | % | 9.75 | % | ||||||||||||||||
Advisor Class4 | 05/03/2002 | 2.24 | % | 23.78 | % | 10.38 | % | 17.22 | % | 9.65 | % | ||||||||||||||||
Institutional Class5 | 04/01/2008 | 2.51 | % | 24.48 | % | 11.04 | % | 17.97 | % | 10.07 | % | ||||||||||||||||
Class A19 | 05/27/2009 | 2.33 | % | 24.05 | % | 10.64 | % | 17.54 | % | 9.85 | % | ||||||||||||||||
Class C19 | 05/27/2009 | 1.95 | % | 23.12 | % | 9.82 | % | 16.69 | % | 9.46 | % | ||||||||||||||||
Class R316 | 05/27/2009 | 2.22 | % | 23.76 | % | 10.38 | % | 17.26 | % | 9.72 | % | ||||||||||||||||
Class R623 | 09/07/2018 | 2.56 | % | 24.32 | % | 10.75 | % | 17.67 | % | 9.91 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –3.55 | % | 16.92 | % | 9.34 | % | 16.85 | % | 9.53 | % | |||||||||||||||||
Class C19 |
| 1.13 | % | 22.13 | % | 9.82 | % | 16.69 | % | 9.46 | % | ||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Growth Index1,15 | –9.14 | % | 6.70 | % | 8.16 | % | 17.69 | % | 8.22 | % | |||||||||||||||||
Russell 2000® Index1,15 | –8.86 | % | 5.58 | % | 7.36 | % | 16.60 | % | 9.06 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.76%, 1.87%, 2.04%, 1.51%, 1.89%, 2.63% and 2.18% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 1.37% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). 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, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.81% for Class R6 after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
42
Sustainable Equity Fund* Commentary
Neuberger Berman Sustainable Equity Fund Investor Class reported a total return of –4.64% for the six months ended February 28, 2019, trailing the –3.04% 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.)
While the overall economic fundamentals of the U.S. economy appear healthy, fears of a material economic slowdown, driven primarily by trade and geopolitical tensions, caused equity market losses for the majority of this period. As the new calendar year began, equities rallied on a break in trade tensions and favorable interest rate news.
A reactive, headline-driven market creates both opportunities and challenges in managing a long-term focused portfolio, as valuations—given macro fears and a quest for growth within changing perceptions—do not always reflect company fundamentals.
Stock selection within the Energy, Industrials, and Real Estate sectors was a headwind this period, responsible for our shortfall in relative performance.
The top detractors to total return included EQT, the gas exploration and delivery company, impacted by concerns related to oversupply in U.S. natural gas; Schlumberger, the energy services company, who underperformed as slower global growth concerns pressured commodity prices; and Weyerhaeuser, who declined along with its sector on concerns about lower new housing starts. We continue to see the potential for long-term outperformance in each name.
The Fund enjoyed positive stock selection within the Consumer Discretionary, Financials, and Communication Services sectors.
Danaher, Progressive, and Roche contributed the most to total return. Danaher's stock benefited from the company's announcement that it will acquire GE's healthcare assets. Insurer Progressive advanced, driven by strong operating results and continued industry leadership. For Roche, a leader in personalized medicine with a deep pipeline targeting unmet needs, strong sales of new products supported the company's ability to grow through biosimilar competition.
New purchases included Manpower Group, Cigna and Stanley Black & Decker, all of which are driving sustainability through their business models—from diverse employment, to lowering healthcare costs, to innovation in battery technology. Given market volatility, we were able to establish positions at what we consider attractive valuations. Additionally, Equitrans Midstream is a spin-off from existing portfolio holding EQT. J.B. Hunt and Fastenal were sold on valuations.
Despite healthy fundamentals, we believe a tight labor market, higher interest rates, and trade protectionism could dampen economic growth in 2019. Further, we anticipate corporate profit growth could moderate given the lapse of the tax cut benefit, a stronger dollar, and the impact of tariffs.
Geopolitically, the Chinese economic slowdown, continued uncertainty around Brexit, and any disruptions to global trade resulting from the current U.S. administration's trade policies, could be sources of market volatility.
Given this outlook and our long-term focus, we continue to emphasize what we believe to be best-in-class businesses that are exposed to secular growth trends (energy efficiency, aging demographics, water quality, etc.) that should enable them to grow and increase market share within a slower-growth backdrop. We believe the fundamentals of the businesses we own can translate such top-line growth into stronger, advantaged bottom-line growth—supported by competitive advantages, attractive return on capital profiles, and demonstrated leadership in environmental, social and governance (ESG) practices. In our opinion, our portfolio holdings also have the balance sheet strength and free cash flow generation required to help 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.
43
Sustainable Equity Fund
TICKER SYMBOLS
Investor Class | NBSRX | ||||||
Trust Class | NBSTX | ||||||
Institutional Class | NBSLX | ||||||
Class A | NRAAX | ||||||
Class C | NRACX | ||||||
Class R3 | NRARX | ||||||
Class R6 | NRSRX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 7.9 | % | |||||
Consumer Discretionary | 14.4 | ||||||
Consumer Staples | 6.5 | ||||||
Energy | 5.2 | ||||||
Financials | 15.4 | ||||||
Health Care | 21.1 | ||||||
Industrials | 11.0 | ||||||
Information Technology | 11.5 | ||||||
Materials | 4.3 | ||||||
Real Estate | 1.9 | ||||||
Short-Term Investments | 0.8 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/16/1994 | –4.64 | % | 2.46 | % | 8.44 | % | 15.20 | % | 9.18 | % | ||||||||||||||||
Trust Class3 | 03/03/1997 | –4.70 | % | 2.29 | % | 8.26 | % | 15.01 | % | 9.01 | % | ||||||||||||||||
Institutional Class5 | 11/28/2007 | –4.54 | % | 2.64 | % | 8.64 | % | 15.41 | % | 9.27 | % | ||||||||||||||||
Class A19 | 05/27/2009 | –4.73 | % | 2.28 | % | 8.24 | % | 14.99 | % | 9.10 | % | ||||||||||||||||
Class C19 | 05/27/2009 | –5.05 | % | 1.53 | % | 7.44 | % | 14.16 | % | 8.79 | % | ||||||||||||||||
Class R316 | 05/27/2009 | –4.82 | % | 2.03 | % | 7.98 | % | 14.72 | % | 9.00 | % | ||||||||||||||||
Class R623 | 03/15/2013 | –4.49 | % | 2.73 | % | 8.72 | % | 15.38 | % | 9.25 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –10.22 | % | –3.60 | % | 6.97 | % | 14.32 | % | 8.85 | % | |||||||||||||||||
Class C19 | –5.92 | % | 0.60 | % | 7.44 | % | 14.16 | % | 8.79 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,15 | –3.04 | % | 4.68 | % | 10.67 | % | 16.67 | % | 9.51 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.86%, 1.02%, 0.67%, 1.04%, 1.78%, 1.28% and 0.57% 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, and after restatement for Class R6 shares). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.
Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
44
Value Fund Commentary
Neuberger Berman Value Fund Institutional Class generated a 3.09% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 1000® Value Index (the Index), which returned –1.62% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)
The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade negotiations.
The Fund outperformed the Index during the reporting period, driven by strong stock selection and sector allocation. In terms of stock selection, holdings in the Materials, Financials and Energy sectors added the most relative value versus the Index. Within the Materials sector, the Fund's Metals & Mining positions contributed the most to performance, led by strong results from Newmont Mining Corp. In the Financials sector, selection in the Capital Markets industry was the most beneficial for relative returns. Looking at the Energy sector, positions in the Oil, Gas & Consumable Fuels industry added to results. From a sector allocation perspective, overweights to Utilities and Consumer Staples versus the Index, along with an underweight to Financials, were the largest contributors to relative performance.
On the downside, stock selection in the Consumer Discretionary, Communication Services and Health Care sectors was the largest detractor from relative returns over the period. In the Consumer Discretionary sector, the Fund's position in retailer Nordstrom, Inc. was not rewarded as its shares fell sharply. We eliminated our position in the stock. Within the Communication Services sector, CenturyLink, Inc. generated extremely poor results and we exited our position. Finally, a few holdings in the Health Care Providers & Services industry were headwinds for performance. In terms of sector allocation, an underweight to Information Technology versus the Index was the only meaningful detractor from relative results.
Looking ahead, we remain cautious on the growth trajectory for the U.S. economy given the lagging effect of Fed rate hikes, as well as other macro related leading indicators that appear to be slowing. While we do not believe a recession is imminent, the pace of the U.S. economic expansion could moderate in 2019. Meanwhile, we believe the recent increase in market volatility will continue going forward. In such an environment, we anticipate an uptick in price dislocations that could turn into rewarding investment opportunities. We remain disciplined value managers, looking for opportunities to buy stocks that we believe are below their normalized valuations to generate results for our clients. In addition, we firmly believe that equities remain the most appropriate asset class over the long term given their potential to generate capital appreciation.
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.
45
Value Fund
TICKER SYMBOLS
Institutional Class | NLRLX | ||||||
Class A | NVAAX | ||||||
Class C | NVACX |
SECTOR ALLOCATION
(as a % of Total Investments*) | |||||||
Communication Services | 6.9 | % | |||||
Consumer Discretionary | 3.6 | ||||||
Consumer Staples | 9.7 | ||||||
Energy | 8.5 | ||||||
Financials | 13.0 | ||||||
Health Care | 14.4 | ||||||
Industrials | 4.5 | ||||||
Information Technology | 0.7 | ||||||
Materials | 7.2 | ||||||
Real Estate | 5.5 | ||||||
Utilities | 11.6 | ||||||
Short-Term Investments | 14.4 | ||||||
Total | 100.0 | % |
* Derivatives (other than options purchased), if any, are excluded from this chart.
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2019 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2019 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class20 | 04/19/2010 | 3.09 | % | 10.25 | % | 8.72 | % | 14.63 | % | 8.43 | % | ||||||||||||||||
Class A20 | 03/02/2011 | 2.86 | % | 9.78 | % | 8.29 | % | 14.28 | % | 8.16 | % | ||||||||||||||||
Class C20 | 03/02/2011 | 2.52 | % | 9.01 | % | 7.50 | % | 13.60 | % | 7.64 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –3.05 | % | 3.47 | % | 7.01 | % | 13.60 | % | 7.64 | % | |||||||||||||||||
Class C20 | 1.57 | % | 8.01 | % | 7.50 | % | 13.60 | % | 7.64 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,15 | –1.62 | % | 3.16 | % | 8.09 | % | 15.39 | % | 6.32 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through April 19, 2010. The performance data for Class A and Class C also includes the performance of the Fund's Institutional Class from April 19, 2010 through March 2, 2011. See endnote 20 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 2.67%, 3.13% and 3.83% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 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.
46
Endnotes
1 Please see "Glossary of Indices" on page 51 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
47
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");
48
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. The performance for Class R6 from May 10, 2010 to January 18, 2019 includes the performance of the Fund's Institutional Class, and prior to May 10, 2010 includes the performance of the Predecessors, as noted above.
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.
49
Endnotes (cont'd)
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 the services provided under the 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.
50
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 are also included 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. |
51
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. |
52
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. |
53
Information About Your Fund's Expenses (Unaudited)
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.
This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended February 28, 2019 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.
54
Expense Example (Unaudited)
Neuberger Berman Equity Funds | |||||||||||||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During the Period(1) 9/1/18 - 2/28/19 | Expense Ratio | Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During the Period(2) 9/1/18 - 2/28/19 | Expense Ratio | ||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 958.00 | $ | 3.35 | 0.69 | % | $ | 1,000.00 | $ | 1,021.37 | $ | 3.46 | 0.69 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 957.30 | $ | 5.10 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 953.10 | $ | 8.72 | 1.80 | % | $ | 1,000.00 | $ | 1,015.87 | $ | 9.00 | 1.80 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 959.20 | $ | 2.96 | 0.61 | % | $ | 1,000.00 | $ | 1,021.77 | $ | 3.06 | 0.61 | % | |||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,002.70 | $ | 6.21 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,001.60 | $ | 7.44 | 1.50 | % | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | 1.50 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 998.40 | $ | 11.15 | 2.25 | % | $ | 1,000.00 | $ | 1,013.64 | $ | 11.23 | 2.25 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 999.40 | $ | 9.47 | 1.91 | % | $ | 1,000.00 | $ | 1,015.32 | $ | 9.54 | 1.91 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,003.40 | $ | 5.81 | 1.17 | % | $ | 1,000.00 | $ | 1,018.99 | $ | 5.86 | 1.17 | % | |||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 992.30 | $ | 3.46 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 990.30 | $ | 5.23 | 1.06 | % | $ | 1,000.00 | $ | 1,019.54 | $ | 5.31 | 1.06 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 987.10 | $ | 8.92 | 1.81 | % | $ | 1,000.00 | $ | 1,015.82 | $ | 9.05 | 1.81 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 988.80 | $ | 6.61 | 1.34 | % | $ | 1,000.00 | $ | 1,018.15 | $ | 6.71 | 1.34 | % | |||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 956.00 | $ | 4.46 | 0.92 | % | $ | 1,000.00 | $ | 1,020.23 | $ | 4.61 | 0.92 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 955.10 | $ | 5.33 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 954.60 | $ | 6.11 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 956.90 | $ | 3.64 | 0.75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | 0.75 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 955.50 | $ | 5.38 | 1.11 | % | $ | 1,000.00 | $ | 1,019.29 | $ | 5.56 | 1.11 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 951.50 | $ | 9.00 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 945.00 | $ | 4.92 | 1.02 | % | $ | 1,000.00 | $ | 1,019.74 | $ | 5.11 | 1.02 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 944.60 | $ | 5.30 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 943.40 | $ | 6.51 | 1.35 | % | $ | 1,000.00 | $ | 1,018.10 | $ | 6.76 | 1.35 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 945.80 | $ | 4.10 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 946.20 | $ | 3.62 | 0.75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | 0.75 | % | |||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 941.40 | $ | 3.66 | 0.76 | % | $ | 1,000.00 | $ | 1,021.03 | $ | 3.81 | 0.76 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 939.60 | $ | 5.39 | 1.12 | % | $ | 1,000.00 | $ | 1,019.24 | $ | 5.61 | 1.12 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 936.70 | $ | 8.98 | 1.87 | % | $ | 1,000.00 | $ | 1,015.52 | $ | 9.35 | 1.87 | % | |||||||||||||||||||
Global Real Estate Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,035.90 | $ | 5.05 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,034.00 | $ | 6.86 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,030.20 | $ | 10.62 | 2.11 | % | $ | 1,000.00 | $ | 1,014.33 | $ | 10.54 | 2.11 | % | |||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 997.10 | $ | 7.53 | 1.52 | % | $ | 1,000.00 | $ | 1,017.26 | $ | 7.60 | 1.52 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 994.60 | $ | 9.35 | 1.89 | % | $ | 1,000.00 | $ | 1,015.42 | $ | 9.44 | 1.89 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 991.10 | $ | 13.03 | 2.64 | % | $ | 1,000.00 | $ | 1,011.70 | $ | 13.17 | 2.64 | % | |||||||||||||||||||
Guardian Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 925.40 | $ | 4.25 | 0.89 | % | $ | 1,000.00 | $ | 1,020.38 | $ | 4.46 | 0.89 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 924.50 | $ | 5.06 | 1.06 | % | $ | 1,000.00 | $ | 1,019.54 | $ | 5.31 | 1.06 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 923.10 | $ | 6.48 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 926.80 | $ | 3.39 | 0.71 | % | $ | 1,000.00 | $ | 1,021.27 | $ | 3.56 | 0.71 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 924.70 | $ | 5.15 | 1.08 | % | $ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | 1.08 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 921.70 | $ | 8.72 | 1.83 | % | $ | 1,000.00 | $ | 1,015.72 | $ | 9.15 | 1.83 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 923.10 | $ | 6.48 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % |
55
Expense Example (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During the Period(1) 9/1/18 - 2/28/19 | Expense Ratio | Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During the Period(2) 9/1/18 - 2/28/19 | Expense Ratio | ||||||||||||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 943.90 | $ | 5.59 | 1.16 | % | $ | 1,000.00 | $ | 1,019.04 | $ | 5.81 | 1.16 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 943.50 | $ | 5.78 | 1.20 | % | $ | 1,000.00 | $ | 1,018.84 | $ | 6.01 | 1.20 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 945.80 | $ | 4.10 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 944.00 | $ | 5.83 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 939.60 | $ | 9.43 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 945.20 | $ | 3.71 | 0.77 | % | $ | 1,000.00 | $ | 1,020.98 | $ | 3.86 | 0.77 | % | |||||||||||||||||||
International Select Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 947.80 | $ | 5.55 | 1.15 | % | $ | 1,000.00 | $ | 1,019.09 | $ | 5.76 | 1.15 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 949.00 | $ | 3.87 | 0.80 | % | $ | 1,000.00 | $ | 1,020.83 | $ | 4.01 | 0.80 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 947.60 | $ | 5.60 | 1.16 | % | $ | 1,000.00 | $ | 1,019.04 | $ | 5.81 | 1.16 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 944.00 | $ | 9.21 | 1.91 | % | $ | 1,000.00 | $ | 1,015.32 | $ | 9.54 | 1.91 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 946.00 | $ | 6.80 | 1.41 | % | $ | 1,000.00 | $ | 1,017.80 | $ | 7.05 | 1.41 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 950.00 | $ | 3.48 | 0.72 | % | $ | 1,000.00 | $ | 1,021.22 | $ | 3.61 | 0.72 | % | |||||||||||||||||||
International Small Cap Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 867.70 | $ | 4.86 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 867.00 | $ | 6.53 | 1.41 | % | $ | 1,000.00 | $ | 1,017.80 | $ | 7.05 | 1.41 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 862.80 | $ | 9.98 | 2.16 | % | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | 2.16 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 869.00 | $ | 4.50 | 0.97 | % | $ | 1,000.00 | $ | 1,019.98 | $ | 4.86 | 0.97 | % | |||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 978.40 | $ | 4.95 | 1.01 | % | $ | 1,000.00 | $ | 1,019.79 | $ | 5.06 | 1.01 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 976.70 | $ | 6.71 | 1.37 | % | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | 1.37 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 973.30 | $ | 10.37 | 2.12 | % | $ | 1,000.00 | $ | 1,014.28 | $ | 10.59 | 2.12 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,119.50 | $ | 1.12 | (3) | 0.92 | % | $ | 1,000.00 | $ | 1,020.23 | $ | 4.61 | 0.92 | % | ||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,022.20 | $ | 4.31 | 0.86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | 0.86 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,021.20 | $ | 5.26 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,020.20 | $ | 5.96 | 1.19 | % | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | 1.19 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,023.00 | $ | 3.51 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.80 | $ | 5.36 | 1.07 | % | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | 1.07 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,017.40 | $ | 9.05 | 1.81 | % | $ | 1,000.00 | $ | 1,015.82 | $ | 9.05 | 1.81 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,019.40 | $ | 6.81 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,042.60 | $ | 0.71 | (3) | 0.60 | % | $ | 1,000.00 | $ | 1,021.82 | $ | 3.01 | 0.60 | % | ||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 963.70 | $ | 4.38 | 0.90 | % | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | 0.90 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 963.70 | $ | 4.63 | 0.95 | % | $ | 1,000.00 | $ | 1,020.08 | $ | 4.76 | 0.95 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 962.20 | $ | 5.89 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 964.90 | $ | 3.41 | 0.70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | 0.70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 962.90 | $ | 5.21 | 1.07 | % | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | 1.07 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 959.60 | $ | 8.84 | 1.82 | % | $ | 1,000.00 | $ | 1,015.77 | $ | 9.10 | 1.82 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 961.60 | $ | 6.57 | 1.35 | % | $ | 1,000.00 | $ | 1,018.10 | $ | 6.76 | 1.35 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 965.50 | $ | 3.02 | 0.62 | % | $ | 1,000.00 | $ | 1,021.72 | $ | 3.11 | 0.62 | % | |||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 950.40 | $ | 5.75 | 1.19 | % | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | 1.19 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 949.80 | $ | 6.04 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 951.70 | $ | 4.11 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 949.80 | $ | 5.85 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 946.30 | $ | 9.46 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 949.20 | $ | 7.06 | 1.46 | % | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % |
56
Expense Example (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During the Period(1) 9/1/18 - 2/28/19 | Expense Ratio | Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During the Period(2) 9/1/18 - 2/28/19 | Expense Ratio | ||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 984.40 | $ | 3.59 | 0.73 | % | $ | 1,000.00 | $ | 1,021.17 | $ | 3.66 | 0.73 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 982.50 | $ | 5.41 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 978.90 | $ | 9.03 | 1.84 | % | $ | 1,000.00 | $ | 1,015.67 | $ | 9.20 | 1.84 | % | |||||||||||||||||||
Real Estate Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,033.50 | $ | 5.24 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,034.40 | $ | 4.29 | 0.85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,032.60 | $ | 6.10 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,028.40 | $ | 9.86 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,032.10 | $ | 7.36 | 1.46 | % | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,034.90 | $ | 3.88 | 0.77 | % | $ | 1,000.00 | $ | 1,020.98 | $ | 3.86 | 0.77 | % | |||||||||||||||||||
Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,023.80 | $ | 5.97 | 1.19 | % | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | 1.19 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,023.30 | $ | 6.52 | 1.30 | % | $ | 1,000.00 | $ | 1,018.35 | $ | 6.51 | 1.30 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,022.40 | $ | 7.27 | 1.45 | % | $ | 1,000.00 | $ | 1,017.60 | $ | 7.25 | 1.45 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,025.10 | $ | 4.52 | 0.90 | % | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | 0.90 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.30 | $ | 6.32 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,019.50 | $ | 10.06 | 2.01 | % | $ | 1,000.00 | $ | 1,014.83 | $ | 10.04 | 2.01 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,022.20 | $ | 7.57 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,043.90 | $ | 3.92 | (4) | 0.80 | % | $ | 1,000.00 | $ | 1,020.83 | $ | 4.01 | 0.80 | % | ||||||||||||||||||
Sustainable Equity Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 953.60 | $ | 4.21 | 0.87 | % | $ | 1,000.00 | $ | 1,020.48 | $ | 4.36 | 0.87 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 953.00 | $ | 4.94 | 1.02 | % | $ | 1,000.00 | $ | 1,019.74 | $ | 5.11 | 1.02 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 954.60 | $ | 3.25 | 0.67 | % | $ | 1,000.00 | $ | 1,021.47 | $ | 3.36 | 0.67 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 952.70 | $ | 5.04 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 949.50 | $ | 8.65 | 1.79 | % | $ | 1,000.00 | $ | 1,015.92 | $ | 8.95 | 1.79 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 951.80 | $ | 6.24 | 1.29 | % | $ | 1,000.00 | $ | 1,018.40 | $ | 6.46 | 1.29 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 955.10 | $ | 2.86 | 0.59 | % | $ | 1,000.00 | $ | 1,021.87 | $ | 2.96 | 0.59 | % | |||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,030.90 | $ | 3.58 | 0.71 | % | $ | 1,000.00 | $ | 1,021.27 | $ | 3.56 | 0.71 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,028.60 | $ | 5.48 | 1.09 | % | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,025.20 | $ | 9.19 | 1.83 | % | $ | 1,000.00 | $ | 1,015.72 | $ | 9.15 | 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 181/365 (to reflect the one-half year period shown), unless otherwise indicated.
(2) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 181/365 (to reflect the one-half year period shown).
(3) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 42/365 (to reflect the period shown of January 18, 2019 (Commencement of Operations) to February 28, 2019).
(4) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 175/365 (to reflect the period shown of September 7, 2018 (Commencement of Operations) to February 28, 2019).
57
Schedule of Investments Dividend Growth Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.7% | |||||||||||
Aerospace & Defense 3.9% | |||||||||||
General Dynamics Corp. | 5,900 | $ | 1,004 | ||||||||
Raytheon Co. | 5,800 | 1,082 | |||||||||
2,086 | |||||||||||
Auto Components 2.2% | |||||||||||
Aptiv PLC | 14,500 | 1,205 | |||||||||
Banks 4.0% | |||||||||||
Comerica, Inc. | 12,300 | 1,071 | |||||||||
JPMorgan Chase & Co. | 10,700 | 1,117 | |||||||||
2,188 | |||||||||||
Beverages 1.4% | |||||||||||
Coca-Cola Co. | 16,300 | 739 | |||||||||
Biotechnology 2.3% | |||||||||||
Gilead Sciences, Inc. | 19,100 | 1,242 | |||||||||
Capital Markets 3.7% | |||||||||||
Morgan Stanley | 23,900 | 1,003 | |||||||||
Virtu Financial, Inc. Class A | 39,500 | 993 | |||||||||
1,996 | |||||||||||
Communications Equipment 2.3% | |||||||||||
Cisco Systems, Inc. | 23,500 | 1,217 | |||||||||
Diversified Consumer Services 1.7% | |||||||||||
Service Corp. International | 21,800 | 901 | |||||||||
Diversified Financial Services 2.3% | |||||||||||
Voya Financial, Inc. | 24,200 | 1,224 | |||||||||
Electronic Equipment, Instruments & Components 2.5% | |||||||||||
Corning, Inc. | 38,200 | 1,330 | |||||||||
Equity Real Estate Investment Trusts 3.9% | |||||||||||
American Tower Corp. | 5,650 | 995 | |||||||||
Equinix, Inc. | 2,680 | 1,135 | |||||||||
2,130 | |||||||||||
Food & Staples Retailing 4.4% | |||||||||||
Walgreens Boots Alliance, Inc. | 17,300 | 1,231 | |||||||||
Walmart, Inc. | 11,300 | 1,119 | |||||||||
2,350 | |||||||||||
Food Products 1.8% | |||||||||||
Mondelez International, Inc. Class A | 20,750 | 979 |
Number of Shares | Value (000's) | ||||||||||
Health Care Equipment & Supplies 1.6% | |||||||||||
STERIS PLC | 7,200 | $ | 871 | ||||||||
Hotels, Restaurants & Leisure 4.1% | |||||||||||
Carnival Corp. | 19,600 | 1,132 | |||||||||
MGM Resorts International | 40,000 | 1,070 | |||||||||
2,202 | |||||||||||
Industrial Conglomerates 2.0% | |||||||||||
Honeywell International, Inc. | 7,000 | 1,078 | |||||||||
Insurance 4.1% | |||||||||||
Aon PLC | 6,600 | 1,132 | |||||||||
Hartford Financial Services Group, Inc. | 22,100 | 1,091 | |||||||||
2,223 | |||||||||||
IT Services 6.1% | |||||||||||
Automatic Data Processing, Inc. | 8,200 | 1,255 | |||||||||
InterXion Holding NV* | 13,700 | 897 | |||||||||
Leidos Holdings, Inc. | 18,100 | 1,169 | |||||||||
3,321 | |||||||||||
Media 3.2% | |||||||||||
CBS Corp. Class B | 16,400 | 823 | |||||||||
Interpublic Group of Cos., Inc. | 40,100 | 924 | |||||||||
1,747 | |||||||||||
Metals & Mining 5.5% | |||||||||||
Cobalt 27 Capital Corp.* | 183,000 | 598 | |||||||||
First Quantum Minerals Ltd. | 115,200 | 1,321 | |||||||||
Wheaton Precious Metals Corp. | 47,400 | 1,031 | |||||||||
2,950 | |||||||||||
Multi-Utilities 2.1% | |||||||||||
Sempra Energy | 9,500 | 1,144 | |||||||||
Oil, Gas & Consumable Fuels 9.3% | |||||||||||
Devon Energy Corp. | 40,100 | 1,183 | |||||||||
EOG Resources, Inc. | 10,300 | 968 | |||||||||
Kinder Morgan, Inc. | 57,500 | 1,102 | |||||||||
Occidental Petroleum Corp. | 9,900 | 655 | |||||||||
Suncor Energy, Inc. | 32,900 | 1,134 | |||||||||
5,042 |
Number of Shares | Value (000's) | ||||||||||
Pharmaceuticals 8.3% | |||||||||||
AstraZeneca PLC ADR | 29,500 | $ | 1,226 | ||||||||
Bristol-Myers Squibb Co. | 22,500 | 1,162 | |||||||||
Novartis AG ADR | 12,700 | 1,159 | |||||||||
Pfizer, Inc. | 21,700 | 941 | |||||||||
4,488 | |||||||||||
Road & Rail 2.0% | |||||||||||
CSX Corp. | 14,800 | 1,076 | |||||||||
Semiconductors & Semiconductor Equipment 4.4% | |||||||||||
ASML Holding NV | 3,700 | 677 | |||||||||
Maxim Integrated Products, Inc. | 16,600 | 904 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 20,600 | 804 | |||||||||
2,385 | |||||||||||
Software 3.6% | |||||||||||
Microsoft Corp. | 11,700 | 1,311 | |||||||||
Oracle Corp. | 11,800 | 615 | |||||||||
1,926 | |||||||||||
Technology Hardware, Storage & Peripherals 1.9% | |||||||||||
Apple, Inc. | 5,975 | 1,035 | |||||||||
Tobacco 2.1% | |||||||||||
Philip Morris International, Inc. | 13,200 | 1,148 | |||||||||
Total Common Stocks (Cost $47,160) | 52,223 | ||||||||||
Short-Term Investments 1.5% | |||||||||||
Investment Companies 1.5% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(a) (Cost $803) | 803,236 | 803 | |||||||||
Total Investments 98.2% (Cost $47,963) | 53,026 | ||||||||||
Other Assets Less Liabilities 1.8% | 951 | ||||||||||
Net Assets 100.0% | $ | 53,977 |
See Notes to Financial Statements
58
Schedule of Investments Dividend Growth Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 52,223 | $ | — | $ | — | $ | 52,223 | |||||||||||
Short-Term Investments | — | 803 | — | 803 | |||||||||||||||
Total Investments | $ | 52,223 | $ | 803 | $ | — | $ | 53,026 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
59
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 92.5% | |||||||||||
Australia 1.3% | |||||||||||
Rio Tinto PLC | 328,941 | $ | 18,918 | ||||||||
Brazil 7.4% | |||||||||||
Atacadao Distribuicao Comercio e Industria Ltda | 2,782,800 | 14,462 | |||||||||
B3 SA—Brasil Bolsa Balcao | 2,568,105 | 22,419 | |||||||||
BK Brasil Operacao e Assessoria a Restaurantes SA | 2,001,685 | 11,815 | |||||||||
Energisa SA | 2,206,134 | 23,670 | |||||||||
Itau Unibanco Holding SA, Preference Shares | 2,245,400 | 21,060 | |||||||||
Localiza Rent a Car SA | 671,100 | 6,173 | |||||||||
Pagseguro Digital Ltd. Class A*(a) | 301,100 | 8,470 | |||||||||
108,069 | |||||||||||
China 29.8% | |||||||||||
3SBio, Inc.(b) | 5,597,500 | 9,256 | |||||||||
A-Living Services Co. Ltd., H Shares*(b) | 4,215,000 | 6,605 | |||||||||
Alibaba Group Holding Ltd. ADR* | 203,452 | 37,238 | |||||||||
Baidu, Inc. ADR* | 120,900 | 19,651 | |||||||||
Changyou.com Ltd. ADR | 96,266 | 1,964 | |||||||||
China Everbright International Ltd. | 14,091,900 | 13,787 | |||||||||
China Mobile Ltd. | 3,229,000 | 33,978 | |||||||||
CNOOC Ltd. | 9,889,600 | 17,058 | |||||||||
Greentown Service Group Co. Ltd.(b) | 1,266,000 | 1,155 | |||||||||
Huatai Securities Co. Ltd., H Shares(b) | 10,005,400 | 20,266 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 38,355,400 | 29,513 |
Number of Shares | Value (000's) | ||||||||||
Kweichow Moutai Co. Ltd. Class A | 67,291 | $ | 7,598 | ||||||||
Lens Technology Co. Ltd. Class A | 3,863,110 | 4,911 | |||||||||
Momo, Inc. ADR* | 360,409 | 11,955 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 4,695,000 | 49,434 | |||||||||
Sinopharm Group Co. Ltd., H Shares | 2,271,200 | 10,098 | |||||||||
Sunny Optical Technology Group Co. Ltd. | 2,382,400 | 28,225 | |||||||||
Tencent Holdings Ltd. | 1,689,700 | 72,283 | |||||||||
Vipshop Holdings Ltd. ADR* | 1,434,862 | 10,302 | |||||||||
Weibo Corp. ADR*(a) | 188,662 | 13,631 | |||||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 9,730,817 | 11,832 | |||||||||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 2,262,300 | 12,695 | |||||||||
ZTO Express Cayman, Inc. ADR | 677,375 | 13,466 | |||||||||
436,901 | |||||||||||
Colombia 0.2% | |||||||||||
Bancolombia SA ADR | 56,686 | 2,740 | |||||||||
Czech Republic 0.8% | |||||||||||
Komercni Banka A/S | 280,565 | 11,779 | |||||||||
Hong Kong 2.2% | |||||||||||
ASM Pacific Technology Ltd. | 1,222,000 | 12,944 | |||||||||
China Gas Holdings Ltd. | 720,800 | 2,369 | |||||||||
Haier Electronics Group Co. Ltd.* | 2,731,200 | 8,142 | |||||||||
Sino Biopharmaceutical Ltd. | 9,392,200 | 8,148 | |||||||||
31,603 |
Number of Shares | Value (000's) | ||||||||||
India 7.7% | |||||||||||
CreditAccess Grameen Ltd.* | 1,066,345 | $ | 6,266 | ||||||||
Cummins India Ltd. | 953,608 | 9,362 | |||||||||
Dabur India Ltd. | 1,008,503 | 6,234 | |||||||||
Dewan Housing Finance Corp. Ltd. | 1,726,224 | 3,109 | |||||||||
HDFC Bank Ltd. | 634,586 | 18,530 | |||||||||
Housing Development Finance Corp. Ltd. | 778,852 | 20,168 | |||||||||
ICICI Bank Ltd. | 3,086,762 | 15,235 | |||||||||
JM Financial Ltd. | 2,037,607 | 2,232 | |||||||||
Mahindra & Mahindra Ltd. | 631,438 | 5,731 | |||||||||
National Stock Exchange(c)(d)(i) | 1,063,830 | 14,060 | |||||||||
Power Grid Corp. of India Ltd. | 4,397,939 | 11,269 | |||||||||
SH Kelkar & Co. Ltd.(b) | 646,385 | 1,320 | |||||||||
113,516 | |||||||||||
Indonesia 2.1% | |||||||||||
PT Astra International Tbk | 23,326,100 | 11,856 | |||||||||
PT Bank Negara Indonesia Persero Tbk | 7,997,000 | 5,003 | |||||||||
PT Bank Rakyat Indonesia Persero Tbk | 35,110,400 | 9,609 | |||||||||
PT Matahari Department Store Tbk | 9,258,200 | 3,784 | |||||||||
30,252 | |||||||||||
Kazakhstan 0.1% | |||||||||||
KAZ Minerals PLC | 160,449 | 1,411 | |||||||||
Korea 12.5% | |||||||||||
Com2uS Corp. | 82,664 | 8,952 | |||||||||
Coway Co. Ltd. | 254,100 | 21,373 | |||||||||
DB Insurance Co. Ltd. | 193,346 | 12,463 | |||||||||
Hyundai Motor Co. | 37,899 | 4,263 | |||||||||
LG Chem Ltd. | 37,874 | 13,150 | |||||||||
NAVER Corp. | 37,080 | 4,385 | |||||||||
Orion Corp.(e) | 151,713 | 15,040 | |||||||||
Samsung Electronics Co. Ltd. | 1,559,860 | 62,550 |
See Notes to Financial Statements
60
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
SFA Engineering Corp. | 116,671 | $ | 4,315 | ||||||||
SK Hynix, Inc. | 343,402 | 21,373 | |||||||||
SK Telecom Co. Ltd. | 65,016 | 15,059 | |||||||||
182,923 | |||||||||||
Malaysia 0.5% | |||||||||||
Inari Amertron Bhd | 20,578,825 | 7,945 | |||||||||
Mexico 2.6% | |||||||||||
Fomento Economico Mexicano SAB de CV | 1,751,228 | 15,881 | |||||||||
Grupo Financiero Banorte SAB de CV, O Shares | 2,263,209 | 12,322 | |||||||||
Infraestructura Energetica Nova SAB de CV | 2,518,778 | 9,681 | |||||||||
37,884 | |||||||||||
Peru 1.2% | |||||||||||
Credicorp Ltd. | 73,758 | 17,930 | |||||||||
Philippines 1.7% | |||||||||||
Ayala Corp. | 255,700 | 4,573 | |||||||||
GT Capital Holdings, Inc. | 374,286 | 6,911 | |||||||||
Metropolitan Bank & Trust Co. | 9,030,933 | 13,271 | |||||||||
24,755 | |||||||||||
Poland 2.0% | |||||||||||
Dino Polska SA*(b) | 501,460 | 14,180 | |||||||||
Powszechny Zaklad Ubezpieczen SA | 1,353,279 | 14,592 | |||||||||
28,772 |
Number of Shares | Value (000's) | ||||||||||
Russia 5.2% | |||||||||||
Detsky Mir PJSC(b)(c) | 3,154,260 | $ | 4,254 | ||||||||
LUKOIL PJSC ADR | 80,039 | 6,687 | |||||||||
LUKOIL PJSC ADR | 262,580 | 21,847 | |||||||||
Sberbank of Russia PJSC(c) | 3,223,383 | 10,160 | |||||||||
X5 Retail Group NV GDR(b) | 508,595 | 12,867 | |||||||||
Yandex NV Class A* | 571,428 | 19,657 | |||||||||
75,472 | |||||||||||
South Africa 6.0% | |||||||||||
Barloworld Ltd. | 602,155 | 5,388 | |||||||||
Bid Corp. Ltd. | 582,839 | 12,186 | |||||||||
FirstRand Ltd. | 2,960,947 | 13,509 | |||||||||
JSE Ltd. | 662,695 | 7,595 | |||||||||
Multichoice Group Ltd.* | 124,325 | 926 | |||||||||
Naspers Ltd., N Shares | 143,289 | 30,962 | |||||||||
Sasol Ltd. | 557,669 | 17,010 | |||||||||
87,576 | |||||||||||
Taiwan, Province of China 6.3% | |||||||||||
Accton Technology Corp. | 2,529,600 | 8,857 | |||||||||
Elite Advanced Laser Corp. | 2,244,268 | 5,301 | |||||||||
Elite Material Co. Ltd. | 2,723,100 | 8,376 | |||||||||
eMemory Technology, Inc. | 671,400 | 6,035 | |||||||||
FLEXium Interconnect, Inc. | 61,000 | 177 | |||||||||
Parade Technologies Ltd. | 747,000 | 13,173 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6,506,839 | 49,931 | |||||||||
91,850 |
Number of Shares | Value (000's) | ||||||||||
Thailand 2.1% | |||||||||||
Bangkok Bank PCL | 1,367,300 | $ | 9,285 | ||||||||
CP ALL PCL(c) | 8,983,500 | 22,165 | |||||||||
31,450 | |||||||||||
Turkey 0.8% | |||||||||||
Mavi Giyim Sanayi Ve Ticaret A/S Class B(b) | 460,345 | 3,579 | |||||||||
Sok Marketler Ticaret A/S* | 4,262,528 | 8,512 | |||||||||
12,091 | |||||||||||
Total Common Stocks (Cost $1,241,725) | 1,353,837 | ||||||||||
Short-Term Investments 9.1% | |||||||||||
Investment Companies 9.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(f)(g) | 116,210,163 | 116,210 | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(f)(h) | 17,221,464 | 17,221 | |||||||||
Total Short-Term Investments (Cost $133,431) | 133,431 | ||||||||||
Total Investments 101.6% (Cost $1,375,156) | 1,487,268 | ||||||||||
Liabilities Less Other Assets (1.6)% | (22,858 | ) | |||||||||
Net Assets 100.0% | $ | 1,464,410 |
* Non-income producing security.
(a) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $16,656,000 for the Fund (see Note A of the Notes to Financial Statements).
See Notes to Financial Statements
61
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (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 directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $73,482,000, which represents 5.0% of net assets of the Fund.
(c) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $50,639,000, which represents 3.5% of net assets of the Fund.
(d) Value determined using significant unobservable inputs.
(e) All or a portion of this security was purchased on a delayed delivery basis.
(f) Represents 7-day effective yield as of February 28, 2019.
(g) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of approximately $116,210,000.
(h) Represents investment of cash collateral received from securities lending.
(i) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.
At February 28, 2019, this security amounted to approximately $14,060,000, which represents 1.0% of net assets of the Fund.
(000's omitted) Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets | Value as of 2/28/2019 | Fair Value Percentage of Net Assets as of 2/28/2019 | ||||||||||||||||||
National Stock Exchange | 4/13/2018 | $ | 15,536 | 1.1 | % | $ | 14,060 | 1.0 | % | ||||||||||||||
Total | $ | 15,536 | 1.1 | % | $ | 14,060 | 1.0 | % |
See Notes to Financial Statements
62
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 176,437 | 12.0 | % | |||||||
Interactive Media & Services | 141,562 | 9.7 | % | ||||||||
Semiconductors & Semiconductor Equipment | 108,757 | 7.4 | % | ||||||||
Food & Staples Retailing | 84,372 | 5.8 | % | ||||||||
Internet & Direct Marketing Retail | 78,502 | 5.4 | % | ||||||||
Insurance | 76,489 | 5.2 | % | ||||||||
Capital Markets | 66,572 | 4.5 | % | ||||||||
Technology Hardware, Storage & Peripherals | 62,550 | 4.3 | % | ||||||||
Electronic Equipment, Instruments & Components | 53,949 | 3.7 | % | ||||||||
Wireless Telecommunication Services | 49,037 | 3.3 | % | ||||||||
Oil, Gas & Consumable Fuels | 45,592 | 3.1 | % | ||||||||
Electric Utilities | 34,939 | 2.4 | % | ||||||||
Chemicals | 31,480 | 2.2 | % | ||||||||
Household Durables | 29,515 | 2.0 | % | ||||||||
Diversified Financial Services | 24,993 | 1.7 | % | ||||||||
Beverages | 23,479 | 1.6 | % | ||||||||
Thrifts & Mortgage Finance | 23,277 | 1.6 | % | ||||||||
Entertainment | 22,748 | 1.6 | % | ||||||||
Automobiles | 21,850 | 1.5 | % | ||||||||
Commercial Services & Supplies | 21,547 | 1.5 | % | ||||||||
Metals & Mining | 20,329 | 1.4 | % | ||||||||
Food Products | 15,040 | 1.0 | % | ||||||||
Air Freight & Logistics | 13,466 | 0.9 | % | ||||||||
Electrical Equipment | 12,695 | 0.9 | % | ||||||||
Gas Utilities | 12,050 | 0.8 | % | ||||||||
Hotels, Restaurants & Leisure | 11,815 | 0.8 | % | ||||||||
Health Care Providers & Services | 10,098 | 0.7 | % | ||||||||
Machinery | 9,362 | 0.6 | % | ||||||||
Biotechnology | 9,256 | 0.6 | % | ||||||||
Communications Equipment | 8,857 | 0.6 | % | ||||||||
IT Services | 8,470 | 0.6 | % | ||||||||
Pharmaceuticals | 8,148 | 0.6 | % | ||||||||
Consumer Finance | 6,266 | 0.4 | % | ||||||||
Personal Products | 6,234 | 0.4 | % | ||||||||
Road & Rail | 6,173 | 0.4 | % | ||||||||
Trading Companies & Distributors | 5,388 | 0.4 | % | ||||||||
Specialty Retail | 4,254 | 0.3 | % | ||||||||
Multiline Retail | 3,784 | 0.3 | % | ||||||||
Textiles, Apparel & Luxury Goods | 3,579 | 0.2 | % | ||||||||
Media | 926 | 0.1 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 110,573 | 7.5 | % | ||||||||
$ | 1,464,410 | 100.0 | % |
See Notes to Financial Statements
63
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(b) | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
India | $ | 99,456 | $ | — | $ | 14,060 | $ | 113,516 | |||||||||||
Russia | 61,058 | 14,414 | — | 75,472 | |||||||||||||||
Taiwan, Province of China | — | 91,850 | — | 91,850 | |||||||||||||||
Thailand | 9,285 | 22,165 | — | 31,450 | |||||||||||||||
Other Common Stocks(a) | 1,041,549 | — | — | 1,041,549 | |||||||||||||||
Total Common Stocks | 1,211,348 | 128,429 | 14,060 | 1,353,837 | |||||||||||||||
Short-Term Investments | — | 133,431 | — | 133,431 | |||||||||||||||
Total Investments | $ | 1,211,348 | $ | 261,860 | $ | 14,060 | $ | 1,487,268 |
(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 9/1/2018 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2019 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||||||||||||||||||||
India | $ | 14,099 | $ | — | $ | — | $ | (39 | ) | $ | — | $ | — | $ | — | $ | — | $ | 14,060 | $ | (39 | ) | |||||||||||||||||||||
Total | $ | 14,099 | $ | — | $ | — | $ | (39 | ) | $ | — | $ | — | $ | — | $ | — | $ | 14,060 | $ | (39 | ) |
See Notes to Financial Statements
64
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (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 February 28, 2019:
Asset class | Fair value at 2/28/2019 | Valuation approach | Unobservable input | Amount or range per unit | Input value per unit | Impact to valuation from increase in input(c) | |||||||||||||||||||||
Common Stocks | $ | 14,059,510 | Market Approach | Transaction Price | $ | 13.22 | $ | 13.22 | 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.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
65
Schedule of Investments Equity Income Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 87.3% | |||||||||||
Aerospace & Defense 2.0% | |||||||||||
Lockheed Martin Corp. | 93,000 | $ | 28,775 | ||||||||
Banks 5.8% | |||||||||||
Comerica, Inc. | 260,250 | 22,670 | |||||||||
JPMorgan Chase & Co.(a) | 374,000 | 39,031 | |||||||||
Umpqua Holdings Corp. | 1,229,000 | 22,343 | |||||||||
84,044 | |||||||||||
Beverages 0.5% | |||||||||||
Coca-Cola Co. | 161,500 | 7,322 | |||||||||
Biotechnology 1.8% | |||||||||||
Gilead Sciences, Inc. | 415,000 | 26,983 | |||||||||
Capital Markets 2.0% | |||||||||||
Virtu Financial, Inc. Class A | 1,135,000 | 28,534 | |||||||||
Chemicals 1.7% | |||||||||||
Nutrien Ltd. | 446,000 | 24,280 | |||||||||
Communications Equipment 2.3% | |||||||||||
Cisco Systems, Inc.(a) | 657,000 | 34,013 | |||||||||
Construction & Engineering 1.2% | |||||||||||
Ferrovial SA | 733,000 | 16,892 | |||||||||
Diversified Telecommunication Services 2.5% | |||||||||||
Verizon Communications, Inc. | 640,000 | 36,429 | |||||||||
Electric Utilities 6.9% | |||||||||||
Evergy, Inc. | 592,000 | 33,099 | |||||||||
Exelon Corp. | 402,000 | 19,533 | |||||||||
NextEra Energy, Inc. | 259,300 | 48,676 | |||||||||
101,308 | |||||||||||
Energy Equipment & Services 1.5% | |||||||||||
Helmerich & Payne, Inc. | 395,163 | 21,418 | |||||||||
Equity Real Estate Investment Trusts 8.6% | |||||||||||
Alexandria Real Estate Equities, Inc. | 202,000 | 27,450 | |||||||||
Crown Castle International Corp. | 239,200 | 28,405 | |||||||||
Equinix, Inc.(a) | 27,800 | 11,773 | |||||||||
Equity Lifestyle Properties, Inc. | 175,000 | 19,012 |
Number of Shares | Value (000's) | ||||||||||
National Retail Properties, Inc. | 200,000 | $ | 10,420 | ||||||||
Outfront Media, Inc. | 550,000 | 12,342 | |||||||||
STORE Capital Corp. | 473,500 | 15,375 | |||||||||
124,777 | |||||||||||
Food & Staples Retailing 1.9% | |||||||||||
Walmart, Inc. | 280,000 | 27,717 | |||||||||
Food Products 0.9% | |||||||||||
Flowers Foods, Inc. | 660,000 | 13,510 | |||||||||
Hotels, Restaurants & Leisure 1.6% | |||||||||||
Carnival Corp. | 400,000 | 23,104 | |||||||||
Industrial Conglomerates 0.9% | |||||||||||
Siemens AG | 120,000 | 13,121 | |||||||||
Insurance 1.6% | |||||||||||
Assurant, Inc. | 75,000 | 7,724 | |||||||||
Hartford Financial Services Group, Inc. | 305,000 | 15,055 | |||||||||
22,779 | |||||||||||
IT Services 2.2% | |||||||||||
Paychex, Inc. | 424,400 | 32,687 | |||||||||
Media 1.8% | |||||||||||
Interpublic Group of Cos., Inc. | 1,139,500 | 26,243 | |||||||||
Metals & Mining 2.0% | |||||||||||
Rio Tinto PLC ADR | 502,400 | 29,240 | |||||||||
Mortgage Real Estate Investment 1.5% | |||||||||||
Blackstone Mortgage Trust, Inc. Class A | 648,900 | 22,374 | |||||||||
Multi-Utilities 10.0% | |||||||||||
Ameren Corp. | 295,000 | 21,016 | |||||||||
Dominion Energy, Inc. | 275,400 | 20,404 | |||||||||
DTE Energy Co. | 266,000 | 32,867 | |||||||||
NiSource, Inc. | 1,250,000 | 33,725 | |||||||||
Sempra Energy | 195,000 | 23,486 | |||||||||
WEC Energy Group, Inc. | 190,900 | 14,562 | |||||||||
146,060 | |||||||||||
Oil, Gas & Consumable Fuels 7.5% | |||||||||||
Equitrans Midstream Corp. | 667,400 | 11,773 | |||||||||
ONEOK, Inc. | 314,700 | 20,223 |
Number of Shares | Value (000's) | ||||||||||
Pembina Pipeline Corp. | 710,000 | $ | 25,984 | ||||||||
Suncor Energy, Inc. | 883,500 | 30,445 | |||||||||
Williams Cos., Inc. | 785,000 | 20,952 | |||||||||
109,377 | |||||||||||
Pharmaceuticals 7.9% | |||||||||||
AstraZeneca PLC ADR | 772,300 | 32,112 | |||||||||
Bristol-Myers Squibb Co. | 428,700 | 22,147 | |||||||||
Johnson & Johnson | 229,100 | 31,304 | |||||||||
Pfizer, Inc. | 691,000 | 29,955 | |||||||||
115,518 | |||||||||||
Road & Rail 0.6% | |||||||||||
Union Pacific Corp. | 52,000 | 8,720 | |||||||||
Semiconductors & Semiconductor Equipment 2.2% | |||||||||||
Maxim Integrated Products, Inc. | 137,900 | 7,506 | |||||||||
QUALCOMM, Inc. | 218,000 | 11,639 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 343,000 | 13,394 | |||||||||
32,539 | |||||||||||
Software 1.9% | |||||||||||
Microsoft Corp.(a) | 241,400 | 27,044 | |||||||||
Specialty Retail 4.9% | |||||||||||
Foot Locker, Inc. | 622,000 | 37,022 | |||||||||
Home Depot, Inc. | 102,000 | 18,884 | |||||||||
Williams-Sonoma, Inc. | 264,000 | 15,354 | |||||||||
71,260 | |||||||||||
Trading Companies & Distributors 0.5% | |||||||||||
Watsco, Inc. | 50,000 | 7,194 | |||||||||
Transportation Infrastructure 0.6% | |||||||||||
Sydney Airport | 1,771,137 | 9,046 | |||||||||
Total Common Stocks (Cost $1,011,905) | 1,272,308 | ||||||||||
Preferred Stocks 0.0%(b) | |||||||||||
Oil, Gas & Consumable Fuel 0.0%(b) | |||||||||||
El Paso Energy Capital Trust I, 4.75% (Cost $324) | 8,000 | 402 |
See Notes to Financial Statements
66
Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)
Principal Amount | Value (000's) | ||||||||||
Convertible Bonds 10.0% | |||||||||||
Banks 0.1% | |||||||||||
Hope Bancorp, Inc., 2.00%, due 5/15/2038(c) | $ | 940,000 | $ | 845 | |||||||
Biotechnology 0.3% | |||||||||||
BioMarin Pharmaceutical, Inc., 0.60%, due 8/1/2024 | 4,565,000 | 4,762 | |||||||||
Communications Equipment 0.2% | |||||||||||
Finisar Corp., 0.50%, due 12/15/2036 | 2,685,000 | 2,621 | |||||||||
Entertainment 0.1% | |||||||||||
Live Nation Entertainment, Inc., 2.50%, due 3/15/2023(c) | 860,000 | 961 | |||||||||
Equity Real Estate Investment Trusts 0.8% | |||||||||||
Extra Space Storage LP, 3.13%, due 10/1/2035(c) | 8,090,000 | 8,994 | |||||||||
IH Merger Sub LLC, 3.50%, due 1/15/2022 | 2,600,000 | 2,898 | |||||||||
11,892 | |||||||||||
Health Care Equipment & Supplies 0.2% | |||||||||||
CONMED Corp., 2.63%, due 2/1/2024(c) | 2,755,000 | 2,908 | |||||||||
Independent Power and Renewable Electricity Producers 1.1% | |||||||||||
NextEra Energy Partners L.P., 1.50%, due 9/15/2020(c) | 16,535,000 | 16,090 | |||||||||
Interactive Media & Services 1.0% | |||||||||||
LinkedIn Corp., 0.50%, due 11/1/2019 | 8,600,000 | 8,600 |
Principal Amount | Value (000's) | ||||||||||
Zillow Group, Inc., 1.50%, due 7/1/2023 | $ | 6,850,000 | $ | 6,486 | |||||||
15,086 | |||||||||||
Internet & Direct Marketing Retail 0.2% | |||||||||||
Liberty Expedia Holdings, Inc., 1.00%, due 6/30/2047(c) | 3,615,000 | 3,557 | |||||||||
Machinery 0.2% | |||||||||||
Fortive Corp., 0.88%, due 2/15/2022(c)(d) | 2,300,000 | 2,391 | |||||||||
Media 1.2% | |||||||||||
GCI Liberty, Inc., 1.75%, due 9/30/2046(c) | 913,000 | 998 | |||||||||
Liberty Media Corp., 2.13%, due 3/31/2048(c) | 16,500,000 | 16,180 | |||||||||
17,178 | |||||||||||
Metals & Mining 0.9% | |||||||||||
Endeavour Mining Corp., 3.00%, due 2/15/2023(c) | 13,765,000 | 12,819 | |||||||||
Oil, Gas & Consumable Fuel 0.6% | |||||||||||
Golar LNG Ltd., 2.75%, due 2/15/2022 | 8,950,000 | 8,541 | |||||||||
Semiconductors & Semiconductor Equipment 0.1% | |||||||||||
Rambus, Inc., 1.38%, due 2/1/2023 | 1,378,000 | 1,267 | |||||||||
Software 2.8% | |||||||||||
DocuSign, Inc., 0.50%, due 9/15/2023(c) | 925,000 | 985 | |||||||||
Envestnet, Inc., 1.75%, due 6/1/2023(c) | 10,930,000 | 12,090 |
Principal Amount | Value (000's) | ||||||||||
Guidewire Software, Inc., 1.25%, due 3/15/2025 | $ | 9,000,000 | $ | 9,525 | |||||||
PROS Holdings, Inc., 2.00%, due 6/1/2047 | 4,265,000 | 4,508 | |||||||||
Splunk, Inc., 0.50%, due 9/15/2023(c) | 4,620,000 | 5,157 | |||||||||
Verint Systems, Inc., 1.50%, due 6/1/2021 | 8,700,000 | 9,012 | |||||||||
41,277 | |||||||||||
Technology Hardware, Storage & Peripherals 0.2% | |||||||||||
Electronics For Imaging, Inc., 2.25%, due 11/15/2023(c) | 2,765,000 | 2,822 | |||||||||
Total Convertible Bonds (Cost $142,132) | 145,017 | ||||||||||
Number of Shares | |||||||||||
Short-Term Investments 2.5% | |||||||||||
Investment Companies 2.5% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(e)(f) (Cost $36,549) | 36,548,522 | 36,549 | |||||||||
Total Investments 99.8% (Cost $1,190,910) | 1,454,276 | ||||||||||
Other Assets Less Liabilities 0.2%(g) | 2,187 | ||||||||||
Net Assets 100.0% | $ | 1,456,463 |
(a) All or a portion of the security is pledged as collateral for options written.
(b) Represents less than 0.05% of net assets.
See Notes to Financial Statements
67
Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)
(c) 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 February 28, 2019, these securities amounted to approximately $86,797,000, which represents 6.0% of net assets of the Fund. Securities denoted with (c) but without (d) have been deemed by the investment manager to be liquid.
(d) Illiquid security.
(e) Represents 7-day effective yield as of February 28, 2019.
(f) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $36,549,000.
(g) Includes the impact of the Fund's open positions in derivatives at February 28, 2019.
Derivative Instruments
Written option contracts ("options written")
At February 28, 2019, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls | |||||||||||||||||||||||
Communications Equipment | |||||||||||||||||||||||
Cisco Systems, Inc. | 300 | $ | (1,553,100 | ) | $ | 50 | 6/21/2019 | $ | (102,000 | ) | |||||||||||||
Cisco Systems, Inc. | 300 | (1,553,100 | ) | 55 | 7/19/2019 | (35,700 | ) | ||||||||||||||||
(137,700 | ) | ||||||||||||||||||||||
Electric Utilities | |||||||||||||||||||||||
NextEra Energy, Inc. | 250 | (4,693,000 | ) | 200 | 9/20/2019 | (83,750 | ) | ||||||||||||||||
Equity Real Estate Investment Trusts | |||||||||||||||||||||||
Alexandria Real Estate Equities, Inc. | 200 | (2,717,800 | ) | 140 | 7/19/2019 | (71,000 | ) | ||||||||||||||||
Alexandria Real Estate Equities, Inc. | 200 | (2,717,800 | ) | 145 | 7/19/2019 | (38,000 | ) | ||||||||||||||||
Crown Castle International Corp. | 200 | (2,375,000 | ) | 130 | 7/19/2019 | (25,000 | ) | ||||||||||||||||
Crown Castle International Corp. | 200 | (2,375,000 | ) | 140 | 10/18/2019 | (17,000 | ) | ||||||||||||||||
(151,000 | ) | ||||||||||||||||||||||
Food & Staples Retailing | |||||||||||||||||||||||
Walmart, Inc. | 250 | (2,474,750 | ) | 115 | 9/20/2019 | (19,250 | ) | ||||||||||||||||
IT Services | |||||||||||||||||||||||
Paychex, Inc. | 250 | (1,925,500 | ) | 77.5 | 9/20/2019 | (86,250 | ) | ||||||||||||||||
Paychex, Inc. | 250 | (1,925,500 | ) | 82.5 | 9/20/2019 | (36,250 | ) | ||||||||||||||||
(122,500 | ) | ||||||||||||||||||||||
Metals & Mining | |||||||||||||||||||||||
Rio Tinto PLC | 250 | (1,455,000 | ) | 62.5 | 7/19/2019 | (33,750 | ) | ||||||||||||||||
Rio Tinto PLC | 250 | (1,455,000 | ) | 65 | 10/18/2019 | (36,875 | ) | ||||||||||||||||
(70,625 | ) |
See Notes to Financial Statements
68
Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Multi-Utilities | |||||||||||||||||||||||
Ameren Corp. | 300 | $ | (2,137,200 | ) | $ | 70 | 3/15/2019 | $ | (44,250 | ) | |||||||||||||
WEC Energy Group, Inc. | 200 | (1,525,600 | ) | 80 | 10/18/2019 | (36,500 | ) | ||||||||||||||||
(80,750 | ) | ||||||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||
ONEOK, Inc. | 300 | (1,927,800 | ) | 72.5 | 7/19/2019 | (18,000 | ) | ||||||||||||||||
Road & Rail | |||||||||||||||||||||||
Union Pacific Corp. | 100 | (1,677,000 | ) | 185 | 6/21/2019 | (18,450 | ) | ||||||||||||||||
Specialty Retail | |||||||||||||||||||||||
Foot Locker, Inc. | 300 | (1,785,600 | ) | 70 | 8/16/2019 | (92,250 | ) | ||||||||||||||||
Foot Locker, Inc. | 300 | (1,785,600 | ) | 75 | 8/16/2019 | (61,500 | ) | ||||||||||||||||
(153,750 | ) | ||||||||||||||||||||||
Total calls | $ | (855,775 | ) | ||||||||||||||||||||
Puts | |||||||||||||||||||||||
Beverages | |||||||||||||||||||||||
Coca-Cola Co. | 250 | $ | (1,133,500 | ) | $ | 41 | 8/16/2019 | $ | (15,000 | ) | |||||||||||||
Machinery | |||||||||||||||||||||||
Caterpillar, Inc. | 200 | (2,746,800 | ) | 100 | 6/21/2019 | (10,900 | ) | ||||||||||||||||
Total puts | $ | (25,900 | ) | ||||||||||||||||||||
Total options written (premium received $673,030) | $ | (881,675 | ) |
For the six months ended February 28, 2019, the Fund had an average market value of $(786,808) in options written. At February 28, 2019, the Fund had securities pledged in the amount of $26,258,505 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,272,308 | $ | — | $ | — | $ | 1,272,308 | |||||||||||
Preferred Stocks(a) | 402 | — | — | 402 | |||||||||||||||
Convertible Bonds(a) | — | 145,017 | — | 145,017 | |||||||||||||||
Short-Term Investments | — | 36,549 | — | 36,549 | |||||||||||||||
Total Investments | $ | 1,272,710 | $ | 181,566 | $ | — | $ | 1,454,276 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
See Notes to Financial Statements
69
Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2019:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (882 | ) | $ | — | $ | — | $ | (882 | ) | |||||||||
Total | $ | (882 | ) | $ | — | $ | — | $ | (882 | ) |
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
70
Schedule of Investments Focus Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.4% | |||||||||||
Aerospace & Defense 0.8% | |||||||||||
Raytheon Co. | 29,000 | $ | 5,409 | ||||||||
Auto Components 1.2% | |||||||||||
Aptiv PLC | 100,000 | 8,311 | |||||||||
Banks 7.3% | |||||||||||
Comerica, Inc. | 307,500 | 26,786 | |||||||||
JPMorgan Chase & Co. | 229,000 | 23,899 | |||||||||
50,685 | |||||||||||
Biotechnology 4.4% | |||||||||||
Alexion Pharmaceuticals, Inc.* | 60,000 | 8,120 | |||||||||
Gilead Sciences, Inc. | 340,000 | 22,107 | |||||||||
30,227 | |||||||||||
Building Products 1.4% | |||||||||||
Johnson Controls International PLC | 271,000 | 9,558 | |||||||||
Capital Markets 4.8% | |||||||||||
Intercontinental Exchange, Inc. | 303,000 | 23,377 | |||||||||
Morgan Stanley | 232,000 | 9,739 | |||||||||
33,116 | |||||||||||
Chemicals 2.4% | |||||||||||
Air Products & Chemicals, Inc. | 42,000 | 7,609 | |||||||||
Ashland Global Holdings, Inc. | 118,000 | 9,131 | |||||||||
16,740 | |||||||||||
Commercial Services 0.4% | |||||||||||
LegalZoom.com, Inc.*(a)(b)(e) | 286,288 | 2,820 | |||||||||
Communications Equipment 4.9% | |||||||||||
Motorola Solutions, Inc. | 235,000 | 33,633 | |||||||||
Distributors 3.1% | |||||||||||
LKQ Corp.* | 770,000 | 21,329 | |||||||||
Entertainment 2.6% | |||||||||||
Activision Blizzard, Inc. | 426,000 | 17,952 | |||||||||
Food & Staples Retailing 1.3% | |||||||||||
Walmart, Inc. | 93,000 | 9,206 | |||||||||
Food Products 3.9% | |||||||||||
Mondelez International, Inc. Class A | 580,000 | 27,353 |
Number of Shares | Value (000's) | ||||||||||
Health Care Equipment & Supplies 3.0% | |||||||||||
Zimmer Biomet Holdings, Inc. | 167,000 | $ | 20,728 | ||||||||
Health Care Providers & Services 3.4% | |||||||||||
Cigna Corp. | 134,000 | 23,375 | |||||||||
Hotels, Restaurants & Leisure 2.2% | |||||||||||
Carnival Corp. | 269,000 | 15,537 | |||||||||
Household Durables 0.9% | |||||||||||
Lennar Corp. Class A | 125,000 | 5,998 | |||||||||
Insurance 3.5% | |||||||||||
American Equity Investment Life Holding Co. | 26,900 | 851 | |||||||||
Athene Holding Ltd. Class A* | 428,000 | 19,068 | |||||||||
Hartford Financial Services Group, Inc. | 86,000 | 4,245 | |||||||||
24,164 | |||||||||||
Interactive Media & Services 5.6% | |||||||||||
Alphabet, Inc. Class A* | 17,100 | 19,264 | |||||||||
Alphabet, Inc. Class C* | 17,600 | 19,711 | |||||||||
38,975 | |||||||||||
Internet & Direct Marketing Retail 4.0% | |||||||||||
Amazon.com, Inc.* | 17,000 | 27,877 | |||||||||
IT Services 3.6% | |||||||||||
Black Knight, Inc.* | 186,000 | 9,718 | |||||||||
Worldpay, Inc. Class A* | 162,000 | 15,520 | |||||||||
25,238 | |||||||||||
Machinery 2.0% | |||||||||||
Gates Industrial Corp. PLC* | 850,000 | 13,685 | |||||||||
Media 2.8% | |||||||||||
Altice USA, Inc. Class A | 250,000 | 5,452 | |||||||||
Charter Communications, Inc. Class A* | 41,500 | 14,314 | |||||||||
19,766 | |||||||||||
Multi-Utilities 3.3% | |||||||||||
DTE Energy Co. | 183,000 | 22,611 | |||||||||
Oil, Gas & Consumable Fuels 5.8% | |||||||||||
Cabot Oil & Gas Corp. | 610,000 | 15,018 |
Number of Shares | Value (000's) | ||||||||||
Concho Resources, Inc. | 81,000 | $ | 8,910 | ||||||||
Phillips 66 | 83,000 | 7,998 | |||||||||
WPX Energy, Inc.* | 654,000 | 8,070 | |||||||||
39,996 | |||||||||||
Pharmaceuticals 3.4% | |||||||||||
Pfizer, Inc. | 543,000 | 23,539 | |||||||||
Road & Rail 4.2% | |||||||||||
CSX Corp. | 398,000 | 28,923 | |||||||||
Semiconductors & Semiconductor Equipment 3.0% | |||||||||||
Analog Devices, Inc. | 193,000 | 20,643 | |||||||||
Software 2.5% | |||||||||||
Autodesk, Inc.* | 107,000 | 17,442 | |||||||||
Technology Hardware, Storage & Peripherals 1.3% | |||||||||||
Western Digital Corp. | 185,000 | 9,305 | |||||||||
Wireless Telecommunication Services 4.4% | |||||||||||
T-Mobile US, Inc.* | 421,000 | 30,400 | |||||||||
Total Common Stocks (Cost $559,731) | 674,541 | ||||||||||
Preferred Stocks 0.4% | |||||||||||
Food Products 0.4% | |||||||||||
Sweetgreen, Inc. Ser. D*(a)(b)(e) (Cost $3,000) | 250,000 | 3,000 | |||||||||
Short-Term Investments 2.2% | |||||||||||
Investment Companies 2.2% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(c) (Cost $15,348) | 15,348,175 | 15,348 | |||||||||
Total Investments 100.0% (Cost $578,079) | 692,889 | ||||||||||
Liabilities Less Other Assets (0.0)%(d) | (125 | ) | |||||||||
Net Assets 100.0% | $ | 692,764 |
See Notes to Financial Statements
71
Schedule of Investments Focus Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $5,820,000, which represents 0.8% of net assets of the Fund.
(b) Value determined using significant unobservable inputs.
(c) Represents 7-day effective yield as of February 28, 2019.
(d) Represents less than 0.05% of net assets.
(e) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.
At February 28, 2019, these securities amounted to approximately $5,820,000 which represents 0.8% of net assets of the Fund.
(000's omitted) Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets | Value as of 2/28/2019 | Fair Value Percentage of Net Assets as of 2/28/2019 | ||||||||||||||||||
LegalZoom.com, Inc. | 8/21/2018 | $ | 3,000 | 0.4 | % | $ | 2,820 | 0.4 | % | ||||||||||||||
Sweetgreen, Inc. (Ser. D Preferred Shares) | 11/29/2018 | 3,000 | 0.4 | % | 3,000 | 0.4 | % | ||||||||||||||||
Total | $ | 6,000 | 0.8 | % | $ | 5,820 | 0.8 | % |
Derivative Instruments
Written option contracts ("options written")
At February 28, 2019, the Fund did not have any outstanding options written. For the six months ended February 28, 2019, the Fund had an average market value of $(357,528) 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 February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(b) | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Commercial Services | $ | — | $ | — | $ | 2,820 | $ | 2,820 | |||||||||||
Other Common Stocks(a) | 671,721 | — | — | 671,721 | |||||||||||||||
Total Common Stocks | 671,721 | — | 2,820 | 674,541 | |||||||||||||||
Preferred Stocks(a) | — | — | 3,000 | 3,000 | |||||||||||||||
Short-Term Investments | — | 15,348 | — | 15,348 | |||||||||||||||
Total Investments | $ | 671,721 | $ | 15,348 | $ | 5,820 | $ | 692,889 |
See Notes to Financial Statements
72
Schedule of Investments Focus Fund^ (Unaudited) (cont'd)
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
(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 9/1/2018 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2019 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||||||||||||||||||||
Commercial Services | $ | 3,000 | $ | — | $ | — | $ | (180 | ) | $ | — | $ | — | $ | — | $ | — | $ | 2,820 | $ | (180 | ) | |||||||||||||||||||||
Preferred Stocks | |||||||||||||||||||||||||||||||||||||||||||
Food Products | — | — | — | — | 3,000 |
|
|
| 3,000 | — | |||||||||||||||||||||||||||||||||
Total | $ | 3,000 | $ | — | $ | — | $ | (180 | ) | $ | 3,000 | $ | — | $ | — | $ | — | $ | 5,820 | $ | (180 | ) |
The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2019.
Asset class | Fair value at 2/28/2019 | Valuation approach | Unobservable input | Amount or range per unit | Input value per unit | Impact to valuation from increase in input(c) | |||||||||||||||||||||
Common Stocks | $ | 2,819,507 | Market Approach | Adjusted Transaction Price | $ | 9.85 | $ | 9.85 | Increase | ||||||||||||||||||
Preferred Stocks | 3,000,000 | Market Approach | Transaction Price | 12.00 | 12.00 | 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.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
73
Schedule of Investments Genesis Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.0% | |||||||||||
Aerospace & Defense 0.4% | |||||||||||
Astronics Corp.* | 968,762 | $ | 34,845 | ||||||||
Air Freight & Logistics 0.6% | |||||||||||
Forward Air Corp. | 893,005 | 57,733 | |||||||||
Airlines 0.6% | |||||||||||
Allegiant Travel Co. | 453,478 | 59,904 | |||||||||
Auto Components 2.1% | |||||||||||
Fox Factory Holding Corp.*(a) | 2,137,453 | 135,472 | |||||||||
LCI Industries | 905,013 | 73,740 | |||||||||
209,212 | |||||||||||
Automobiles 0.3% | |||||||||||
Thor Industries, Inc. | 379,543 | 24,507 | |||||||||
Banks 12.0% | |||||||||||
Bank of Hawaii Corp. | 1,797,914 | 147,842 | |||||||||
Bank OZK | 2,330,145 | 76,429 | |||||||||
BOK Financial Corp. | 1,021,644 | 92,398 | |||||||||
Columbia Banking System, Inc. | 2,302,400 | 87,215 | |||||||||
Community Bank System, Inc. | 1,444,545 | 93,592 | |||||||||
Cullen/Frost Bankers, Inc. | 1,300,974 | 134,885 | |||||||||
CVB Financial Corp. | 5,230,532 | 119,204 | |||||||||
First Financial Bankshares, Inc. | 2,122,301 | 137,631 | |||||||||
First Hawaiian, Inc. | 3,593,379 | 96,878 | |||||||||
Glacier Bancorp, Inc. | 1,659,502 | 72,719 | |||||||||
Lakeland Financial Corp. | 770,144 | 37,213 | |||||||||
LegacyTexas Financial Group, Inc. | 1,840,664 | 76,811 | |||||||||
PacWest Bancorp | 687,221 | 28,190 | |||||||||
1,201,007 | |||||||||||
Beverages 0.5% | |||||||||||
MGP Ingredients, Inc. | 628,907 | 51,476 | |||||||||
Biotechnology 1.1% | |||||||||||
Abcam PLC | 2,025,226 | 34,517 |
Number of Shares | Value (000's) | ||||||||||
Emergent BioSolutions, Inc.* | 1,269,790 | $ | 74,092 | ||||||||
108,609 | |||||||||||
Building Products 1.8% | |||||||||||
AAON, Inc. | 2,393,178 | 95,392 | |||||||||
AO Smith Corp. | 1,232,533 | 64,006 | |||||||||
Patrick Industries, Inc.* | 421,726 | 19,066 | |||||||||
178,464 | |||||||||||
Capital Markets 3.4% | |||||||||||
Artisan Partners Asset Management, Inc. Class A | 1,205,906 | 31,715 | |||||||||
BrightSphere Investment Group PLC | 3,435,876 | 48,618 | |||||||||
FactSet Research Systems, Inc. | 288,281 | 67,795 | |||||||||
Houlihan Lokey, Inc. | 1,118,743 | 51,440 | |||||||||
MarketAxess Holdings, Inc. | 588,420 | 143,504 | |||||||||
343,072 | |||||||||||
Chemicals 3.0% | |||||||||||
Chase Corp. | 453,248 | 43,761 | |||||||||
Ingevity Corp.* | 488,555 | 56,291 | |||||||||
NewMarket Corp. | 123,117 | 54,049 | |||||||||
Quaker Chemical Corp. | 474,627 | 99,192 | |||||||||
Sensient Technologies Corp. | 776,099 | 50,214 | |||||||||
303,507 | |||||||||||
Commercial Services & Supplies 3.4% | |||||||||||
Healthcare Services Group, Inc. | 1,131,246 | 43,191 | |||||||||
MSA Safety, Inc. | 856,276 | 88,530 | |||||||||
Rollins, Inc. | 3,932,389 | 155,958 | |||||||||
UniFirst Corp. | 322,574 | 46,393 | |||||||||
334,072 | |||||||||||
Communications Equipment 1.1% | |||||||||||
NetScout Systems, Inc.*(a) | 4,159,468 | 113,845 | |||||||||
Construction & Engineering 0.8% | |||||||||||
Valmont Industries, Inc. | 613,016 | 83,732 | |||||||||
Construction Materials 1.1% | |||||||||||
Eagle Materials, Inc. | 1,438,367 | 109,949 |
Number of Shares | Value (000's) | ||||||||||
Containers & Packaging 1.2% | |||||||||||
AptarGroup, Inc. | 1,196,163 | $ | 121,686 | ||||||||
Distributors 2.3% | |||||||||||
Pool Corp. | 1,459,804 | 232,897 | |||||||||
Diversified Consumer Services 1.3% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 1,031,554 | 127,913 | |||||||||
Electrical Equipment 0.6% | |||||||||||
AZZ, Inc. | 1,271,133 | 58,497 | |||||||||
Electronic Equipment, Instruments & Components 6.9% | |||||||||||
Cognex Corp. | 2,153,037 | 114,972 | |||||||||
Littelfuse, Inc. | 771,216 | 148,914 | |||||||||
nLight, Inc.* | 1,039,828 | 22,242 | |||||||||
Novanta, Inc.* | 1,315,319 | 107,501 | |||||||||
Rogers Corp.*(a) | 1,157,239 | 179,661 | |||||||||
Zebra Technologies Corp. Class A* | 581,960 | 116,689 | |||||||||
689,979 | |||||||||||
Energy Equipment & Services 1.7% | |||||||||||
Apergy Corp.* | 1,083,531 | 45,486 | |||||||||
Cactus, Inc. Class A* | 1,267,010 | 45,942 | |||||||||
Computer Modelling Group Ltd. | 3,424,659 | 15,664 | |||||||||
Pason Systems, Inc. | 3,959,517 | 60,567 | |||||||||
167,659 | |||||||||||
Food Products 2.4% | |||||||||||
Calavo Growers, Inc. | 817,619 | 69,604 | |||||||||
J & J Snack Foods Corp. | 421,787 | 65,495 | |||||||||
Lancaster Colony Corp. | 682,057 | 106,926 | |||||||||
242,025 | |||||||||||
Health Care Equipment & Supplies 6.8% | |||||||||||
Atrion Corp.(a) | 96,552 | 75,926 | |||||||||
Cantel Medical Corp. | 1,179,046 | 86,683 | |||||||||
Haemonetics Corp.* | 1,145,322 | 99,494 | |||||||||
Heska Corp.*(a) | 401,226 | 32,816 | |||||||||
IDEXX Laboratories, Inc.* | 757,739 | 159,906 | |||||||||
Neogen Corp.* | 614,781 | 38,092 | |||||||||
West Pharmaceutical Services, Inc. | 1,800,949 | 188,649 | |||||||||
681,566 |
See Notes to Financial Statements
74
Schedule of Investments Genesis Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Health Care Providers & Services 2.8% | |||||||||||
Chemed Corp. | 461,379 | $ | 152,024 | ||||||||
Covetrus, Inc.* | 163,765 | 5,860 | |||||||||
Henry Schein, Inc.* | 923,010 | 54,734 | |||||||||
U.S. Physical Therapy, Inc. | 616,505 | 67,964 | |||||||||
280,582 | |||||||||||
Hotels, Restaurants & Leisure 1.0% | |||||||||||
Cheesecake Factory, Inc. | 221,692 | 10,486 | |||||||||
Texas Roadhouse, Inc. | 1,325,555 | 83,921 | |||||||||
94,407 | |||||||||||
Household Durables 0.2% | |||||||||||
Installed Building Products, Inc.* | 528,080 | 23,035 | |||||||||
Household Products 2.3% | |||||||||||
Church & Dwight Co., Inc. | 2,068,871 | 136,131 | |||||||||
WD-40 Co. | 517,739 | 92,660 | |||||||||
228,791 | |||||||||||
Industrial Conglomerates 0.4% | |||||||||||
Raven Industries, Inc. | 1,003,973 | 40,079 | |||||||||
Insurance 1.4% | |||||||||||
AMERISAFE, Inc. | 737,289 | 46,530 | |||||||||
RLI Corp. | 1,326,785 | 93,565 | |||||||||
140,095 | |||||||||||
IT Services 1.2% | |||||||||||
Jack Henry & Associates, Inc. | 923,522 | 122,487 | |||||||||
Life Sciences Tools & Services 2.7% | |||||||||||
Bio-Techne Corp. | 981,818 | 190,374 | |||||||||
ICON PLC* | 547,227 | 76,601 | |||||||||
266,975 | |||||||||||
Machinery 5.7% | |||||||||||
Graco, Inc. | 1,409,070 | 66,170 | |||||||||
Lindsay Corp. | 479,242 | 44,315 | |||||||||
Middleby Corp.* | 723,830 | 88,734 | |||||||||
Nordson Corp. | 673,256 | 91,401 | |||||||||
RBC Bearings, Inc.* | 1,045,605 | 146,542 | |||||||||
Toro Co. | 1,978,258 | 135,669 | |||||||||
572,831 |
Number of Shares | Value (000's) | ||||||||||
Media 3.3% | |||||||||||
Cable One, Inc. | 71,797 | $ | 68,135 | ||||||||
Gray Television, Inc.* | 3,288,739 | 72,056 | |||||||||
Nexstar Media Group, Inc. Class A | 1,913,589 | 187,015 | |||||||||
327,206 | |||||||||||
Multiline Retail 0.4% | |||||||||||
Ollie's Bargain Outlet Holdings, Inc.* | 430,560 | 37,984 | |||||||||
Oil, Gas & Consumable Fuels 2.0% | |||||||||||
Centennial Resource Development, Inc. Class A* | 8,086,955 | 73,349 | |||||||||
Matador Resources Co.* | 3,481,140 | 64,749 | |||||||||
WPX Energy, Inc.* | 4,958,570 | 61,189 | |||||||||
199,287 | |||||||||||
Paper & Forest Products 0.8% | |||||||||||
Stella-Jones, Inc. | 2,398,500 | 75,553 | |||||||||
Professional Services 1.6% | |||||||||||
Exponent, Inc.(a) | 2,739,202 | 155,121 | |||||||||
Real Estate Management & Development 0.7% | |||||||||||
FirstService Corp. | 807,540 | 70,127 | |||||||||
Semiconductors & Semiconductor Equipment 3.2% | |||||||||||
Cabot Microelectronics Corp. | 779,732 | 88,188 | |||||||||
MKS Instruments, Inc. | 1,009,716 | 83,675 | |||||||||
Power Integrations, Inc.(a) | 2,078,178 | 151,831 | |||||||||
323,694 | |||||||||||
Software 9.3% | |||||||||||
Altair Engineering, Inc. Class A* | 1,293,580 | 45,870 | |||||||||
Aspen Technology, Inc.* | 2,251,700 | 226,769 | |||||||||
Fair Isaac Corp.* | 759,175 | 188,139 | |||||||||
Manhattan Associates, Inc.* | 3,159,771 | 172,997 | |||||||||
Qualys, Inc.* | 1,682,851 | 140,737 | |||||||||
Tyler Technologies, Inc.* | 771,785 | 158,054 | |||||||||
932,566 |
Number of Shares | Value (000's) | ||||||||||
Specialty Retail 3.0% | |||||||||||
Asbury Automotive Group, Inc.* | 614,333 | $ | 44,103 | ||||||||
Floor & Decor Holdings, Inc. Class A* | 1,362,990 | 50,676 | |||||||||
Lithia Motors, Inc. Class A | 772,899 | 69,770 | |||||||||
Monro, Inc. | 976,101 | 74,486 | |||||||||
Tractor Supply Co. | 648,503 | 61,835 | |||||||||
300,870 | |||||||||||
Trading Companies & Distributors 1.6% | |||||||||||
Applied Industrial Technologies, Inc. | 391,307 | 22,751 | |||||||||
Richelieu Hardware Ltd.(b) | 1,534,618 | 27,498 | |||||||||
SiteOne Landscape Supply, Inc.* | 663,097 | 35,615 | |||||||||
Watsco, Inc. | 523,996 | 75,398 | |||||||||
161,262 | |||||||||||
Total Common Stocks (Cost $5,493,989) | 9,889,108 | ||||||||||
Short-Term Investments 1.1% | |||||||||||
Investment Companies 1.1% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(c) | 5,495,868 | 5,496 | |||||||||
State Street Institutional Treasury Plus Money Market Fund Premier Class, 2.33%(c) | 111,035,793 | 111,036 | |||||||||
Total Short-Term Investments (Cost $116,532) | 116,532 | ||||||||||
Total Investments 100.1% (Cost $5,610,521) | 10,005,640 | ||||||||||
Liabilities Less Other Assets (0.1)% | (13,461 | ) | |||||||||
Net Assets 100.0% | $ | 9,992,179 |
See Notes to Financial Statements
75
Schedule of Investments Genesis Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Affiliated company (see Note F of Notes to Financial Statements).
(b) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $27,498,000, which represents 0.3% of net assets of the Fund.
(c) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Trading Companies & Distributors | $ | 133,764 | $ | 27,498 | $ | — | $ | 161,262 | |||||||||||
Other Common Stocks(a) | 9,727,846 | — | — | 9,727,846 | |||||||||||||||
Total Common Stocks | 9,861,610 | 27,498 | — | 9,889,108 | |||||||||||||||
Short-Term Investments | — | 116,532 | — | 116,532 | |||||||||||||||
Total Investments | $ | 9,861,610 | $ | 144,030 | $ | — | $ | 10,005,640 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
76
Schedule of Investments Global Equity Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.5% | |||||||||||
Australia 0.7% | |||||||||||
Insurance Australia Group Ltd. | 5,860 | $ | 30 | ||||||||
Belgium 1.1% | |||||||||||
KBC Group NV | 665 | 49 | |||||||||
Canada 5.1% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 1,148 | 65 | |||||||||
Kinaxis, Inc.* | 1,069 | 67 | |||||||||
Suncor Energy, Inc. | 890 | 31 | |||||||||
Waste Connections, Inc. | 917 | 76 | |||||||||
239 | |||||||||||
China 2.6% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 495 | 91 | |||||||||
Baidu, Inc. ADR* | 194 | 31 | |||||||||
122 | |||||||||||
France 1.0% | |||||||||||
Air Liquide SA | 289 | 36 | |||||||||
Valeo SA | 372 | 12 | |||||||||
48 | |||||||||||
Germany 4.1% | |||||||||||
Continental AG | 225 | 37 | |||||||||
Gerresheimer AG | 471 | 36 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 228 | 23 | |||||||||
Infineon Technologies AG | 3,286 | 72 | |||||||||
SAP SE ADR | 219 | 23 | |||||||||
191 | |||||||||||
Hong Kong 4.1% | |||||||||||
AIA Group Ltd. | 7,600 | 76 | |||||||||
Haier Electronics Group Co. Ltd.* | 13,350 | 40 | |||||||||
Techtronic Industries Co. Ltd. | 11,500 | 77 | |||||||||
193 | |||||||||||
Ireland 0.7% | |||||||||||
CRH PLC | 1,020 | 32 | |||||||||
Israel 1.5% | |||||||||||
Check Point Software Technologies Ltd.* | 551 | 67 | |||||||||
Japan 7.0% | |||||||||||
Bridgestone Corp. | 930 | 37 | |||||||||
Daikin Industries Ltd. | 450 | 49 | |||||||||
Hoya Corp. | 400 | 24 | |||||||||
Ichigo, Inc. | 9,100 | 31 |
Number of Shares | Value (000's) | ||||||||||
Kao Corp. | 600 | $ | 45 | ||||||||
Kose Corp. | 425 | 69 | |||||||||
Sanwa Holdings Corp. | 3,050 | 35 | |||||||||
Toyota Motor Corp. | 650 | 39 | |||||||||
329 | |||||||||||
Mexico 0.5% | |||||||||||
Infraestructura Energetica Nova SAB de CV | 5,928 | 23 | |||||||||
Netherlands 6.5% | |||||||||||
AerCap Holdings NV* | 1,393 | 63 | |||||||||
ASML Holding NV | 672 | 123 | |||||||||
Heineken NV | 415 | 42 | |||||||||
Intertrust NV(a) | 1,503 | 28 | |||||||||
NXP Semiconductors NV | 541 | 50 | |||||||||
306 | |||||||||||
Norway 0.9% | |||||||||||
Sbanken ASA(a) | 4,667 | 44 | |||||||||
Singapore 1.1% | |||||||||||
DBS Group Holdings Ltd. | 2,700 | 50 | |||||||||
Sweden 0.4% | |||||||||||
Assa Abloy AB Class B | 913 | 19 | |||||||||
Switzerland 8.5% | |||||||||||
Cie Financiere Richemont SA | 553 | 42 | |||||||||
Ferguson PLC | 847 | 59 | |||||||||
Givaudan SA | 19 | 48 | |||||||||
Julius Baer Group Ltd.* | 1,125 | 49 | |||||||||
Lonza Group AG* | 131 | 37 | |||||||||
Roche Holding AG | 206 | 57 | |||||||||
SGS SA | 15 | 38 | |||||||||
Sonova Holding AG | 359 | 67 | |||||||||
397 | |||||||||||
United Kingdom 7.1% | |||||||||||
Aon PLC | 352 | 60 | |||||||||
Bunzl PLC | 1,269 | 40 | |||||||||
Compass Group PLC | 2,424 | 53 | |||||||||
Fevertree Drinks PLC | 1,058 | 38 | |||||||||
Prudential PLC | 1,998 | 42 | |||||||||
RELX PLC | 2,363 | 54 | |||||||||
St. James's Place PLC | 3,389 | 44 | |||||||||
331 | |||||||||||
United States 46.6% | |||||||||||
Activision Blizzard, Inc. | 1,160 | 49 |
Number of Shares | Value (000's) | ||||||||||
Alexion Pharmaceuticals, Inc.* | 280 | $ | 38 | ||||||||
Alphabet, Inc. Class A* | 39 | 44 | |||||||||
Alphabet, Inc. Class C* | 39 | 44 | |||||||||
Amazon.com, Inc.* | 88 | 144 | |||||||||
Apple, Inc. | 444 | 77 | |||||||||
Biogen, Inc.* | 164 | 54 | |||||||||
BlackRock, Inc. | 135 | 60 | |||||||||
Cabot Oil & Gas Corp. | 2,335 | 57 | |||||||||
CDW Corp. | 1,019 | 96 | |||||||||
Centene Corp.* | 1,060 | 64 | |||||||||
Cognex Corp. | 572 | 30 | |||||||||
Comerica, Inc. | 536 | 47 | |||||||||
Core Laboratories NV | 312 | 20 | |||||||||
Covetrus, Inc.* | 330 | 12 | |||||||||
CVS Health Corp. | 686 | 40 | |||||||||
EOG Resources, Inc. | 603 | 57 | |||||||||
Estee Lauder Cos., Inc. Class A | 463 | 73 | |||||||||
Expedia Group, Inc. | 148 | 18 | |||||||||
Exxon Mobil Corp. | 768 | 61 | |||||||||
Fidelity National Information Services, Inc. | 710 | 77 | |||||||||
First Republic Bank | 241 | 25 | |||||||||
Gilead Sciences, Inc. | 360 | 23 | |||||||||
Graco, Inc. | 1,295 | 61 | |||||||||
Halliburton Co. | 710 | 22 | |||||||||
Henry Schein, Inc.* | 825 | 49 | |||||||||
Intercontinental Exchange, Inc. | 960 | 74 | |||||||||
JPMorgan Chase & Co. | 675 | 70 | |||||||||
Medtronic PLC | 751 | 68 | |||||||||
RPM International, Inc. | 895 | 52 | |||||||||
Samsonite International SA*(a) | 18,895 | 57 | |||||||||
Sealed Air Corp. | 1,185 | 52 | |||||||||
Sensata Technologies Holding PLC* | 1,964 | 100 | |||||||||
Service Corp. International | 667 | 27 | |||||||||
SVB Financial Group* | 163 | 40 | |||||||||
T-Mobile US, Inc.* | 935 | 67 | |||||||||
VF Corp. | 555 | 48 | |||||||||
Visa, Inc. Class A | 575 | 85 | |||||||||
Western Digital Corp. | 790 | 40 | |||||||||
Worldpay, Inc. Class A* | 592 | 57 | |||||||||
2,179 | |||||||||||
Total Common Stocks (Cost $3,793) | 4,649 |
See Notes to Financial Statements
77
Schedule of Investments Global Equity Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 0.8% | |||||||||||
Investment Companies 0.8% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(b) (Cost $40) | 39,805 | $ | 40 | ||||||||
Total Investments 100.3% (Cost $3,833) | 4,689 | ||||||||||
Liabilities Less Other Assets (0.3)% | (16 | ) | |||||||||
Net Assets 100.0% | $ | 4,673 |
* 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 directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $129,000, which represents 2.8% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2019.
See Notes to Financial Statements
78
Schedule of Investments Global Equity Fund^ (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 325 | 7.0 | % | |||||||
Internet & Direct Marketing Retail | 253 | 5.4 | % | ||||||||
Semiconductors & Semiconductor Equipment | 245 | 5.2 | % | ||||||||
Capital Markets | 227 | 4.9 | % | ||||||||
IT Services | 219 | 4.7 | % | ||||||||
Insurance | 208 | 4.5 | % | ||||||||
Oil, Gas & Consumable Fuels | 206 | 4.4 | % | ||||||||
Personal Products | 187 | 4.0 | % | ||||||||
Health Care Providers & Services | 165 | 3.5 | % | ||||||||
Trading Companies & Distributors | 162 | 3.5 | % | ||||||||
Health Care Equipment & Supplies | 159 | 3.4 | % | ||||||||
Software | 157 | 3.4 | % | ||||||||
Textiles, Apparel & Luxury Goods | 147 | 3.1 | % | ||||||||
Chemicals | 136 | 2.9 | % | ||||||||
Electronic Equipment, Instruments & Components | 126 | 2.8 | % | ||||||||
Professional Services | 120 | 2.6 | % | ||||||||
Interactive Media & Services | 119 | 2.5 | % | ||||||||
Technology Hardware, Storage & Peripherals | 117 | 2.5 | % | ||||||||
Household Durables | 117 | 2.5 | % | ||||||||
Biotechnology | 115 | 2.5 | % | ||||||||
Building Products | 103 | 2.2 | % | ||||||||
Electrical Equipment | 100 | 2.1 | % | ||||||||
Auto Components | 86 | 1.8 | % | ||||||||
Beverages | 80 | 1.7 | % | ||||||||
Commercial Services & Supplies | 76 | 1.6 | % | ||||||||
Life Sciences Tools & Services | 73 | 1.6 | % | ||||||||
Wireless Telecommunication Services | 67 | 1.4 | % | ||||||||
Food & Staples Retailing | 65 | 1.4 | % | ||||||||
Machinery | 61 | 1.3 | % | ||||||||
Pharmaceuticals | 57 | 1.2 | % | ||||||||
Hotels, Restaurants & Leisure | 53 | 1.1 | % | ||||||||
Containers & Packaging | 52 | 1.1 | % | ||||||||
Entertainment | 49 | 1.0 | % | ||||||||
Energy Equipment & Services | 42 | 0.9 | % | ||||||||
Automobiles | 39 | 0.8 | % | ||||||||
Construction Materials | 32 | 0.7 | % | ||||||||
Real Estate Management & Development | 31 | 0.7 | % | ||||||||
Diversified Consumer Services | 27 | 0.6 | % | ||||||||
Gas Utilities | 23 | 0.5 | % | ||||||||
Household Products | 23 | 0.5 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 24 | 0.5 | % | ||||||||
$ | 4,673 | 100.0 | % |
See Notes to Financial Statements
79
Schedule of Investments Global Equity Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 4,649 | $ | — | $ | — | $ | 4,649 | |||||||||||
Short-Term Investments | — | 40 | — | 40 | |||||||||||||||
Total Investments | $ | 4,649 | $ | 40 | $ | — | $ | 4,689 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
80
Schedule of Investments Global Real Estate Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.9% | |||||||||||
Australia 5.5% | |||||||||||
Dexus | 7,028 | $ | 60 | ||||||||
Goodman Group | 12,070 | 110 | |||||||||
GPT Group | 9,152 | 38 | |||||||||
208 | |||||||||||
Belgium 2.1% | |||||||||||
Shurgard Self Storage SA* | 2,551 | 79 | |||||||||
Canada 3.6% | |||||||||||
Allied Properties Real Estate Investment Trust | 1,161 | 42 | |||||||||
Brookfield Asset Management, Inc. Class A | 706 | 32 | |||||||||
Canadian Apartment Properties REIT | 1,637 | 63 | |||||||||
137 | |||||||||||
France 1.9% | |||||||||||
ICADE | 822 | 70 | |||||||||
Germany 5.3% | |||||||||||
ADLER Real Estate AG | 3,035 | 43 | |||||||||
ADO Properties SA(a) | 979 | 56 | |||||||||
Deutsche Wohnen SE | 2,118 | 99 | |||||||||
198 | |||||||||||
Hong Kong 6.7% | |||||||||||
CK Asset Holdings Ltd. | 14,316 | 119 | |||||||||
Sun Hung Kai Properties Ltd. | 8,153 | 135 | |||||||||
254 | |||||||||||
Japan 11.6% | |||||||||||
Advance Residence Investment Corp. | 18 | 50 | |||||||||
Japan Real Estate Investment Corp. | 10 | 58 | |||||||||
Mitsubishi Estate Co. Ltd. | 3,902 | 67 | |||||||||
Mitsui Fudosan Co. Ltd. | 5,130 | 121 | |||||||||
Nippon Accommodations Fund, Inc. | 17 | 85 | |||||||||
Sumitomo Realty & Development Co. Ltd. | 1,502 | 56 | |||||||||
437 |
Number of Shares | Value (000's) | ||||||||||
Singapore 2.6% | |||||||||||
Ascendas Real Estate Investment Trust | 17,945 | $ | 37 | ||||||||
City Developments Ltd. | 8,956 | 59 | |||||||||
96 | |||||||||||
Spain 1.3% | |||||||||||
Merlin Properties Socimi SA | 3,890 | 50 | |||||||||
Sweden 1.4% | |||||||||||
Hufvudstaden AB, A Shares | 3,344 | 54 | |||||||||
United Kingdom 5.5% | |||||||||||
Safestore Holdings PLC | 9,019 | 73 | |||||||||
SEGRO PLC | 9,753 | 86 | |||||||||
UNITE Group PLC | 3,960 | 48 | |||||||||
207 | |||||||||||
United States 51.4% | |||||||||||
Alexandria Real Estate Equities, Inc. | 463 | 63 | |||||||||
American Homes 4 Rent Class A | 3,560 | 78 | |||||||||
American Tower Corp. | 864 | 152 | |||||||||
Apartment Investment & Management Co. Class A | 1,415 | 69 | |||||||||
Crown Castle International Corp. | 763 | 91 | |||||||||
CyrusOne, Inc. | 783 | 39 | |||||||||
Digital Realty Trust, Inc. | 558 | 63 | |||||||||
Douglas Emmett, Inc. | 1,596 | 62 | |||||||||
Equinix, Inc. | 289 | 122 | |||||||||
Equity Lifestyle Properties, Inc. | 979 | 106 | |||||||||
Equity Residential | 1,622 | 120 | |||||||||
Essex Property Trust, Inc. | 391 | 109 | |||||||||
Extra Space Storage, Inc. | 405 | 39 | |||||||||
Four Corners Property Trust, Inc. | 1,133 | 31 | |||||||||
HCP, Inc. | 1,701 | 52 | |||||||||
Healthcare Trust of America, Inc. Class A | 1,419 | 40 | |||||||||
Highwoods Properties, Inc. | 747 | 35 |
Number of Shares | Value (000's) | ||||||||||
Hyatt Hotels Corp. Class A | 460 | $ | 33 | ||||||||
Liberty Property Trust | 1,049 | 50 | |||||||||
Macerich Co. | 660 | 29 | |||||||||
National Retail Properties, Inc. | 978 | 51 | |||||||||
Pebblebrook Hotel Trust | 845 | 27 | |||||||||
Prologis, Inc. | 1,448 | 101 | |||||||||
Public Storage | 209 | 44 | |||||||||
Regency Centers Corp. | 965 | �� | 63 | ||||||||
SBA Communications Corp.* | 398 | 72 | |||||||||
Simon Property Group, Inc. | 445 | 81 | |||||||||
Welltower, Inc. | 982 | 73 | |||||||||
Weyerhaeuser Co. | 1,800 | 45 | |||||||||
1,940 | |||||||||||
Total Common Stocks (Cost $3,461) | 3,730 | ||||||||||
Short-Term Investments 1.5% | |||||||||||
Investment Companies 1.5% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(b) (Cost $56) | 56,346 | 56 | |||||||||
Total Investments 100.4% (Cost $3,517) | 3,786 | ||||||||||
Liabilities Less Other Assets (0.4)% | (15 | ) | |||||||||
Net Assets 100.0% | $ | 3,771 |
See Notes to Financial Statements
81
Schedule of Investments Global Real Estate Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $56,000, which represents 1.5% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2019.
See Notes to Financial Statements
82
Schedule of Investments Global Real Estate Fund^ (Unaudited) (cont'd)
POSITIONS BY SECTOR
Sector | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Specialty REITs | $ | 833 | 22.1 | % | |||||||
Real Estate Holding & Development | 821 | 21.8 | % | ||||||||
Residential REITs | 729 | 19.3 | % | ||||||||
Industrial & Office REITs | 707 | 18.7 | % | ||||||||
Diversified REITs | 270 | 7.2 | % | ||||||||
Retail REITs | 262 | 6.9 | % | ||||||||
Hotel & Lodging REITs | 108 | 2.9 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 41 | 1.1 | % | ||||||||
$ | 3,771 | 100.0 | % |
See Notes to Financial Statements
83
Schedule of Investments Global Real Estate Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 3,730 | $ | — | $ | — | $ | 3,730 | |||||||||||
Short-Term Investments | — | 56 | — | 56 | |||||||||||||||
Total Investments | $ | 3,730 | $ | 56 | $ | — | $ | 3,786 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Sector summary.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
84
Schedule of Investments Greater China Equity Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 94.7% | |||||||||||
Air Freight & Logistics 4.0% | |||||||||||
ZTO Express Cayman, Inc. ADR | 104,327 | $ | 2,074 | ||||||||
Auto Components 0.8% | |||||||||||
Minth Group Ltd. | 112,000 | 444 | |||||||||
Automobiles 5.7% | |||||||||||
BAIC Motor Corp.Ltd., H Shares(a) | 259,000 | 164 | |||||||||
Brilliance China Automotive Holdings Ltd. | 1,096,000 | 1,074 | |||||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 1,438,000 | 1,768 | |||||||||
3,006 | |||||||||||
Banks 10.4% | |||||||||||
China Construction Bank Corp., H Shares | 4,454,000 | 3,960 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 1,948,000 | 1,499 | |||||||||
5,459 | |||||||||||
Beverages 3.1% | |||||||||||
China Resources Beer Holdings Co. Ltd. | 168,000 | 626 | |||||||||
Kweichow Moutai Co. Ltd. Class A | 9,000 | 1,016 | |||||||||
1,642 | |||||||||||
Commercial Services & Supplies 2.8% | |||||||||||
China Everbright International Ltd. | 1,496,370 | 1,464 | |||||||||
Construction Materials 4.1% | |||||||||||
Anhui Conch Cement Co. Ltd. Class A | 280,000 | 1,485 | |||||||||
China National Building Material Co. Ltd., H Shares | 824,000 | 656 | |||||||||
2,141 |
Number of Shares | Value (000's) | ||||||||||
Diversified Telecommunication Services 1.6% | |||||||||||
China Tower Corp. Ltd., H Shares*(a) | 3,562,000 | $ | 844 | ||||||||
Food Products 4.3% | |||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 564,000 | 2,281 | |||||||||
Health Care Providers & Services 2.2% | |||||||||||
Huadong Medicine Co. Ltd. Class A | 242,277 | 1,149 | |||||||||
Household Durables 10.0% | |||||||||||
Gree Electric Appliances, Inc. of Zhuhai Class A | 418,000 | 2,801 | |||||||||
Midea Group Co. Ltd. Class A | 183,620 | 1,312 | |||||||||
Qingdao Haier Co. Ltd. Class A | 450,000 | 1,109 | |||||||||
5,222 | |||||||||||
Independent Power and Renewable Electricity Producers 0.4% | |||||||||||
China Everbright Greentech Ltd.(a) | 245,469 | 193 | |||||||||
Insurance 10.4% | |||||||||||
China Pacific Insurance Group Co. Ltd., H Shares | 245,200 | 923 | |||||||||
China Taiping Insurance Holdings Co. Ltd. | 612,800 | 1,897 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 907,496 | 1,087 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 145,000 | 1,527 | |||||||||
5,434 | |||||||||||
Interactive Media & Services 10.8% | |||||||||||
SINA Corp.* | 16,400 | 1,105 | |||||||||
Tencent Holdings Ltd. | 106,100 | 4,539 | |||||||||
5,644 |
Number of Shares | Value (000's) | ||||||||||
Internet & Direct Marketing Retail 9.7% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 27,800 | $ | 5,088 | ||||||||
Oil, Gas & Consumable Fuel 2.7% | |||||||||||
China Petroleum & Chemical Corp., H Shares | 1,648,000 | 1,423 | |||||||||
Pharmaceuticals 3.7% | |||||||||||
China Medical System Holdings Ltd. | 720,000 | 758 | |||||||||
CSPC Pharmaceutical Group Ltd. | 686,000 | 1,171 | |||||||||
1,929 | |||||||||||
Real Estate Management & Development 3.2% | |||||||||||
China Jinmao Holdings Group Ltd. | 852,000 | 413 | |||||||||
CIFI Holdings Group Co. Ltd. | 1,050,000 | 685 | |||||||||
Longfor Group Holdings Ltd. | 187,000 | 555 | |||||||||
1,653 | |||||||||||
Textiles, Apparel & Luxury Goods 2.9% | |||||||||||
Shenzhou International Group Holdings Ltd. | 123,300 | 1,539 | |||||||||
Transportation Infrastructure 1.9% | |||||||||||
Guangzhou Baiyun International Airport Co. Ltd. Class A | 528,388 | 974 | |||||||||
Total Common Stocks (Cost $50,682) | 49,603 | ||||||||||
Short-Term Investments 0.1% | |||||||||||
Investment Companies 0.1% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(b) (Cost $43) | 42,923 | 43 | |||||||||
Total Investments 94.8% (Cost $50,725) | 49,646 | ||||||||||
Other Assets Less Liabilities 5.2% | 2,700 | ||||||||||
Net Assets 100.0% | $ | 52,346 |
See Notes to Financial Statements
85
Schedule of Investments Greater China Equity Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $1,201,000, which represents 2.3% of net assets of the Fund.
(b) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 49,603 | $ | — | $ | — | $ | 49,603 | |||||||||||
Short-Term Investments | — | 43 | — | 43 | |||||||||||||||
Total Investments | $ | 49,603 | $ | 43 | $ | — | $ | 49,646 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
86
Schedule of Investments Guardian Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 92.8% | |||||||||||
Aerospace & Defense 3.2% | |||||||||||
General Dynamics Corp. | 101,500 | $ | 17,277 | ||||||||
Raytheon Co. | 107,300 | 20,011 | |||||||||
37,288 | |||||||||||
Airlines 1.9% | |||||||||||
Delta Air Lines, Inc.(a) | 438,540 | 21,743 | |||||||||
Banks 1.5% | |||||||||||
JPMorgan Chase & Co. | 164,135 | 17,129 | |||||||||
Biotechnology 2.8% | |||||||||||
Gilead Sciences, Inc. | 289,465 | 18,821 | |||||||||
Moderna, Inc.*(b) | 158,890 | 3,591 | |||||||||
Moderna, Inc.*(c)(k) | 487,839 | 10,430 | |||||||||
32,842 | |||||||||||
Capital Markets 7.9% | |||||||||||
BlackRock, Inc. | 60,895 | 26,990 | |||||||||
Brookfield Asset Management, Inc. Class A(b) | 611,685 | 27,630 | |||||||||
CME Group, Inc. | 122,460 | 22,276 | |||||||||
S&P Global, Inc. | 78,240 | 15,677 | |||||||||
92,573 | |||||||||||
Chemicals 2.4% | |||||||||||
Ashland Global Holdings, Inc. | 357,330 | 27,650 | |||||||||
Commercial Services 1.8% | |||||||||||
LegalZoom.com, Inc.*(c)(d)(k) | 2,176,736 | 21,437 | |||||||||
Diversified Financial Services 0.0%(e) | |||||||||||
FGL Holdings* | 25,136 | 209 | |||||||||
Electric Utilities 1.3% | |||||||||||
NextEra Energy, Inc. | 80,000 | 15,018 | |||||||||
Electrical Equipment 0.4% | |||||||||||
Eaton Corp. PLC | 57,900 | 4,619 | |||||||||
Electronic Equipment, Instruments & Components 2.5% | |||||||||||
CDW Corp. | 318,210 | 29,877 | |||||||||
Entertainment 3.6% | |||||||||||
Activision Blizzard, Inc.(f) | 396,800 | 16,721 | |||||||||
Spotify Technology SA* | 182,000 | 25,506 | |||||||||
42,227 |
Number of Shares | Value (000's) | ||||||||||
Food & Staples Retailing 1.7% | |||||||||||
Costco Wholesale Corp. | 90,000 | $ | 19,687 | ||||||||
Food Products 2.6% | |||||||||||
Conagra Brands, Inc.(a) | 900,000 | 21,033 | |||||||||
Hain Celestial Group, Inc.* | 476,990 | 9,382 | |||||||||
30,415 | |||||||||||
Health Care Equipment & Supplies 3.8% | |||||||||||
Baxter International, Inc. | 129,445 | 9,673 | |||||||||
DENTSPLY SIRONA, Inc. | 277,265 | 11,579 | |||||||||
Medtronic PLC | 256,400 | 23,204 | |||||||||
44,456 | |||||||||||
Health Care Providers & Services 3.0% | |||||||||||
CVS Health Corp. | 321,440 | 18,589 | |||||||||
UnitedHealth Group, Inc. | 67,760 | 16,413 | |||||||||
35,002 | |||||||||||
Hotels, Restaurants & Leisure 2.4% | |||||||||||
McDonald's Corp. | 155,000 | 28,495 | |||||||||
Industrial Conglomerates 1.0% | |||||||||||
3M Co. | 58,215 | 12,073 | |||||||||
Interactive Media & Services 6.5% | |||||||||||
Alphabet, Inc. Class A* | 41,700 | 46,977 | |||||||||
Facebook, Inc. Class A* | 183,000 | 29,545 | |||||||||
76,522 | |||||||||||
Internet & Direct Marketing Retail 8.4% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 34,840 | 6,377 | |||||||||
Amazon.com, Inc.*(f) | 21,860 | 35,847 | |||||||||
Booking Holdings, Inc.* | 16,570 | 28,120 | |||||||||
eBay, Inc. | 527,890 | 19,611 | |||||||||
Expedia Group, Inc. | 73,265 | 9,034 | |||||||||
98,989 | |||||||||||
IT Services 4.3% | |||||||||||
PayPal Holdings, Inc.* | 82,550 | 8,096 | |||||||||
Visa, Inc. Class A(a) | 283,885 | 42,049 | |||||||||
50,145 |
Number of Shares | Value (000's) | ||||||||||
Machinery 0.5% | |||||||||||
Gates Industrial Corp. PLC* | 377,660 | $ | 6,080 | ||||||||
Multi-Utilities 1.7% | |||||||||||
Brookfield Infrastructure Partners LP | 493,035 | 19,731 | |||||||||
Oil, Gas & Consumable Fuel 2.2% | |||||||||||
Enbridge, Inc. | 644,860 | 23,853 | |||||||||
Venture Global LNG, Inc.*(c)(d)(k) | 329 | 2,303 | |||||||||
26,156 | |||||||||||
Professional Services 5.5% | |||||||||||
Equifax, Inc. | 205,840 | 22,542 | |||||||||
IHS Markit Ltd.* | 632,955 | 33,654 | |||||||||
Verisk Analytics, Inc.*(f) | 66,115 | 8,359 | |||||||||
64,555 | |||||||||||
Road & Rail 0.5% | |||||||||||
CSX Corp.(a) | 85,935 | 6,245 | |||||||||
Software 6.7% | |||||||||||
Microsoft Corp. | 484,000 | 54,223 | |||||||||
salesforce.com, inc.* | 147,640 | 24,161 | |||||||||
78,384 | |||||||||||
Specialty Retail 5.5% | |||||||||||
Home Depot, Inc. | 135,000 | 24,994 | |||||||||
Hudson Ltd. Class A* | 602,315 | 8,975 | |||||||||
Lowe's Cos., Inc. | 215,000 | 22,594 | |||||||||
Tractor Supply Co.(a) | 80,000 | 7,628 | |||||||||
64,191 | |||||||||||
Technology Hardware, Storage & Peripherals 3.0% | |||||||||||
Apple, Inc. | 205,000 | 35,496 | |||||||||
Textiles, Apparel & Luxury Goods 2.3% | |||||||||||
PVH Corp.(a) | 240,000 | 27,561 | |||||||||
Trading Companies & Distributors 1.9% | |||||||||||
HD Supply Holdings, Inc.* | 530,000 | 22,795 | |||||||||
Total Common Stocks (Cost $865,653) | 1,089,590 | ||||||||||
Preferred Stocks 0.6% | |||||||||||
Food Products 0.6% | |||||||||||
Sweetgreen, Inc. Ser. D(c)(d)(k) (Cost $7,520) | 626,667 | 7,520 |
See Notes to Financial Statements
87
Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)
Number of Units | Value (000's) | ||||||||||
Master Limited Partnerships 1.3% | |||||||||||
Capital Markets 1.3% | |||||||||||
Blackstone Group LP (Cost $15,801) | 443,865 | $ | 14,821 | ||||||||
Total Options Purchased(g) 0.0%(e) (Cost $267) | 157 | ||||||||||
Number of Shares | |||||||||||
Short-Term Investments 5.0% | |||||||||||
Investment Companies 5.0% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(f)(h) | 46,282,757 | 46,283 |
Number of Shares | Value (000's) | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(h)(i) | 12,310,545 | $ | 12,311 | ||||||||
Total Short-Term Investments (Cost $58,594) | 58,594 | ||||||||||
Total Investments 99.7% (Cost $947,835) | 1,170,682 | ||||||||||
Other Assets Less Liabilities(j) 0.3% | 3,204 | ||||||||||
Net Assets 100.0% | $ | 1,173,886 |
* Non-income producing security.
(a) All or a portion of the security is pledged as collateral for options written.
(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $12,130,000 for the Fund (see Note A of the Notes to Financial Statements).
(c) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $41,690,000, which represents 3.6% of net assets of the Fund.
(d) Value determined using significant unobservable inputs.
(e) Represents less than 0.05% of net assets.
(f) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $101,323,000.
(g) See "Purchased option contracts" under Derivative Instruments.
(h) Represents 7-day effective yield as of February 28, 2019.
(i) Represents investment of cash collateral received from securities lending.
(j) Includes the impact of the Fund's open positions in derivatives at February 28, 2019.
See Notes to Financial Statements
88
Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)
(k) These securities have been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.
At February 28, 2019, these securities amounted to approximately $41,690,000, which represents 3.6% of net assets of the Fund.
(000's omitted) Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets | Value as of 2/28/2019 | Fair Value Percentage of Net Assets as of 2/28/2019 | ||||||||||||||||||
LegalZoom.com, Inc. | 8/21/2018 | $ | 22,812 | 1.9 | % | $ | 21,437 | 1.8 | % | ||||||||||||||
Moderna, Inc. | 8/31/2018 | 9,430 | 0.8 | % | 10,430 | 1.0 | % | ||||||||||||||||
Sweetgreen, Inc. (Ser. D Preferred Shares) | 11/29/2018 | 7,520 | 0.6 | % | 7,520 | 0.6 | % | ||||||||||||||||
Venture Global LNG, Inc. | 11/20/2018 | 2,303 | 0.2 | % | 2,303 | 0.2 | % | ||||||||||||||||
Total | $ | 42,065 | 3.5 | % | $ | 41,690 | 3.6 | % |
Derivative Instruments
Purchased option contracts ("options purchased")
At February 28, 2019, the Fund had outstanding options purchased as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls | |||||||||||||||||||||||
Entertainment | |||||||||||||||||||||||
Activision Blizzard, Inc. | 700 | $ | 2,949,800 | $ | 47.5 | 8/16/2019 | $ | 156,800 | |||||||||||||||
Total options purchased (cost $267,050) | $ | 156,800 |
Written option contracts ("options written")
At February 28, 2019, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Calls | |||||||||||||||||||||||
Capital Markets | |||||||||||||||||||||||
CME Group, Inc. | 245 | $ | (4,456,795 | ) | $ | 190 | 6/21/2019 | $ | (104,125 | ) | |||||||||||||
Electrical Equipment | |||||||||||||||||||||||
Eaton Corp. PLC | 525 | (4,187,925 | ) | 72.5 | 4/18/2019 | (399,000 | ) | ||||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||||
CVS Health Corp. | 425 | (2,457,775 | ) | 72.5 | 5/17/2019 | (5,313 | ) | ||||||||||||||||
IT Services | |||||||||||||||||||||||
PayPal Holdings, Inc. | 354 | (3,471,678 | ) | 95 | 6/21/2019 | (274,350 | ) | ||||||||||||||||
Total calls | $ | (782,788 | ) | ||||||||||||||||||||
Puts | |||||||||||||||||||||||
Capital Markets | |||||||||||||||||||||||
CME Group, Inc. | 245 | $ | (4,456,795 | ) | $ | 170 | 6/21/2019 | $ | (89,425 | ) | |||||||||||||
Entertainment | |||||||||||||||||||||||
Activision Blizzard, Inc. | 1,050 | (4,424,700 | ) | 40 | 8/16/2019 | (333,375 | ) |
See Notes to Financial Statements
89
Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||||||||||||||||||
IT Services | |||||||||||||||||||||||
Visa, Inc. | 522 | $ | (7,731,864 | ) | $ | 125 | 3/15/2019 | $ | (2,871 | ) | |||||||||||||
Internet & Direct Marketing Retail | |||||||||||||||||||||||
ebay, Inc. | 1,402 | (5,208,430 | ) | 30 | 7/19/2019 | (67,296 | ) | ||||||||||||||||
Total puts | $ | (492,967 | ) | ||||||||||||||||||||
Total options written (premium received $1,325,244) | $ | (1,275,755 | ) |
For the six months ended February 28, 2019, the Fund had an average market value of $509,947 in options purchased and $(1,536,217) in options written. At February 28, 2019, the Fund had securities pledged in the amount of $31,863,722 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(c) | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks | |||||||||||||||||||
Biotechnology | $ | 22,412 | $ | 10,430 | $ | — | $ | 32,842 | |||||||||||
Commercial Services | — | — | 21,437 | 21,437 | |||||||||||||||
Oil, Gas & Consumable Fuel | 23,853 | — | 2,303 | 26,156 | |||||||||||||||
Other Common Stocks(a) | 1,009,155 | — | — | 1,009,155 | |||||||||||||||
Total Common Stocks | 1,055,420 | 10,430 | 23,740 | 1,089,590 | |||||||||||||||
Preferred Stocks(a) | — | — | 7,520 | 7,520 | |||||||||||||||
Master Limited Partnerships(a) | 14,821 | — | — | 14,821 | |||||||||||||||
Options Purchased(b) | 157 | — | — | 157 | |||||||||||||||
Short-Term Investments | — | 58,594 | — | 58,594 | |||||||||||||||
Total Investments | $ | 1,070,398 | $ | 69,024 | $ | 31,260 | $ | 1,170,682 |
(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.
See Notes to Financial Statements
90
Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)
(c) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
Beginning balance, as of 9/1/2018 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2019 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||||||||||||||||||||
Commercial Services | $ | 22,812 | $ | — | $ | — | $ | — | $ | — | $ | (1,375 | ) | $ | — | $ | — | $ | 21,437 | $ | — | ||||||||||||||||||||||
Oil, Gas & Consumable Fuel | — | — | — | — | 2,303 | — | — | — | 2,303 | — | |||||||||||||||||||||||||||||||||
Preferred Stocks | |||||||||||||||||||||||||||||||||||||||||||
Food Products | — | — | — | 7,520 | — | — | — | 7,520 | — | ||||||||||||||||||||||||||||||||||
Health Care | 10,698 | — | — | (1,268 | ) | — | (9,430 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 33,510 | $ | — | $ | — | $ | (1,268 | ) | $ | 9,823 | $ | (10,805 | ) | $ | — | $ | — | $ | 31,260 | $ | — |
The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2019.
Asset class | Fair value at 2/28/2019 | Valuation approach | Unobservable input | Amount or range per unit | Input value per unit | Impact to valuation from increase in input(a) | |||||||||||||||||||||
Common Stocks | $ | 21,437,585 | Market Approach | Adjusted Transaction Price | $ | 9.85 | $ | 9.85 | Increase | ||||||||||||||||||
Common Stocks | 2,303,000 | Market Approach | Transaction Price | 7,000.00 | 7,000.00 | Increase | |||||||||||||||||||||
Preferred Stocks | 7,520,004 | Market Approach | Transaction Price | 12.00 | 12.00 | 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.
See Notes to Financial Statements
91
Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2019:
Other Financial Instruments | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(a) | Total | |||||||||||||||
Options Written | |||||||||||||||||||
Liabilities | $ | (1,276 | ) | $ | — | $ | — | $ | (1,276 | ) | |||||||||
Total | $ | (1,276 | ) | $ | — | $ | — | $ | (1,276 | ) |
(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 9/1/2018 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2019 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019 | ||||||||||||||||||||||||||||||||||
Other Financial Instruments: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Options Written(b) | |||||||||||||||||||||||||||||||||||||||||||
Food Products | $ | — | $ | — | $ | 56 | $ | (56 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Total | $ | — | $ | — | $ | 56 | $ | (56 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
(b) At the beginning of the period, these investments were valued using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2019.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
92
Schedule of Investments International Equity Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 97.6% | |||||||||||
Australia 0.9% | |||||||||||
Insurance Australia Group Ltd. | 2,864,753 | $ | 14,936 | ||||||||
Austria 1.5% | |||||||||||
BAWAG Group AG(a) | 574,127 | 25,273 | |||||||||
Belgium 1.6% | |||||||||||
KBC Group NV | 352,325 | 26,097 | |||||||||
Canada 3.9% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 405,982 | 22,882 | |||||||||
Kinaxis, Inc.* | 379,693 | 23,870 | |||||||||
Suncor Energy, Inc. | 548,373 | 18,902 | |||||||||
65,654 | |||||||||||
China 2.7% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 186,269 | 34,093 | |||||||||
Baidu, Inc. ADR* | 71,386 | 11,603 | |||||||||
45,696 | |||||||||||
Finland 0.7% | |||||||||||
Huhtamaki OYJ(b) | 316,860 | 11,472 | |||||||||
France 6.2% | |||||||||||
Air Liquide SA | 153,995 | 19,206 | |||||||||
Arkema SA | 114,920 | 11,587 | |||||||||
Pernod-Ricard SA | 166,370 | 28,651 | |||||||||
SPIE SA(b) | 769,803 | 12,232 | |||||||||
TOTAL SA | 433,721 | 24,662 | |||||||||
Valeo SA | 263,149 | 8,306 | |||||||||
104,644 | |||||||||||
Germany 9.7% | |||||||||||
Brenntag AG | 338,305 | 16,777 | |||||||||
Continental AG | 99,935 | 16,369 | |||||||||
CTS Eventim AG & Co. KGaA | 526,190 | 23,641 | |||||||||
Deutsche Boerse AG | 62,267 | 7,869 | |||||||||
Gerresheimer AG | 280,041 | 21,501 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 80,262 | 8,019 | |||||||||
Infineon Technologies AG | 1,172,293 | 25,742 | |||||||||
SAP SE ADR | 178,162 | 19,086 | |||||||||
Scout24 AG(a) | 299,494 | 15,773 | |||||||||
Stabilus SA | 145,770 | 8,423 | |||||||||
163,200 |
Number of Shares | Value (000's) | ||||||||||
Hong Kong 3.9% | |||||||||||
AIA Group Ltd. | 1,555,600 | $ | 15,556 | ||||||||
HKBN Ltd. | 10,461,800 | 16,286 | |||||||||
Techtronic Industries Co. Ltd. | 4,937,300 | 32,990 | |||||||||
64,832 | |||||||||||
Ireland 2.4% | |||||||||||
CRH PLC | 547,259 | 17,290 | |||||||||
Kerry Group PLC Class A | 230,680 | 23,746 | |||||||||
41,036 | |||||||||||
Israel 1.5% | |||||||||||
Check Point Software Technologies Ltd.* | 203,946 | 24,943 | |||||||||
Japan 14.5% | |||||||||||
Bridgestone Corp. | 651,500 | 25,677 | |||||||||
Daikin Industries Ltd. | 279,100 | 30,272 | |||||||||
Hoya Corp. | 158,200 | 9,658 | |||||||||
Ichigo, Inc.(b) | 6,524,600 | 22,009 | |||||||||
Kao Corp. | 211,500 | 15,984 | |||||||||
Keyence Corp. | 53,500 | 31,165 | |||||||||
Kose Corp. | 162,400 | 26,254 | |||||||||
Sanwa Holdings Corp. | 1,406,800 | 16,294 | |||||||||
Shionogi & Co. Ltd. | 442,000 | 28,218 | |||||||||
SMC Corp. | 56,400 | 19,607 | |||||||||
Toyota Motor Corp. | 299,400 | 17,988 | |||||||||
243,126 | |||||||||||
Luxembourg 1.1% | |||||||||||
Befesa SA*(a) | 387,637 | 17,637 | |||||||||
Mexico 0.7% | |||||||||||
Infraestructura Energetica Nova SAB de CV | 2,830,650 | 10,880 | |||||||||
Netherlands 8.0% | |||||||||||
AerCap Holdings NV* | 578,764 | 26,125 | |||||||||
ASML Holding NV | 252,870 | 46,343 | |||||||||
Heineken NV | 294,309 | 29,660 | |||||||||
Intertrust NV(a) | 737,820 | 13,940 | |||||||||
NXP Semiconductors NV | 193,476 | 17,668 | |||||||||
133,736 | |||||||||||
Norway 1.1% | |||||||||||
Sbanken ASA(a) | 1,894,295 | 17,755 |
Number of Shares | Value (000's) | ||||||||||
Portugal 1.1% | |||||||||||
Galp Energia SGPS SA | 1,128,715 | $ | 18,526 | ||||||||
Singapore 1.2% | |||||||||||
DBS Group Holdings Ltd. | 1,138,100 | 20,910 | |||||||||
Sweden 0.4% | |||||||||||
Assa Abloy AB Class B | 320,930 | 6,638 | |||||||||
Switzerland 14.4% | |||||||||||
Cie Financiere Richemont SA | 211,779 | 16,220 | |||||||||
Ferguson PLC | 302,212 | 20,928 | |||||||||
Givaudan SA | 6,689 | 16,735 | |||||||||
Julius Baer Group Ltd.* | 442,624 | 19,332 | |||||||||
Lonza Group AG* | 46,590 | 12,954 | |||||||||
Novartis AG | 177,662 | 16,206 | |||||||||
Partners Group Holding AG | 29,988 | 21,694 | |||||||||
Roche Holding AG | 79,835 | 22,181 | |||||||||
SGS SA | 6,828 | 17,411 | |||||||||
SIG Combibloc Services AG* | 1,462,126 | 15,382 | |||||||||
Sonova Holding AG | 126,430 | 23,644 | |||||||||
Tecan Group AG | 106,548 | 24,170 | |||||||||
UBS Group AG* | 1,116,709 | 14,210 | |||||||||
241,067 | |||||||||||
United Kingdom 16.6% | |||||||||||
Aon PLC | 150,046 | 25,737 | |||||||||
Biffa PLC(a) | 3,383,371 | 8,069 | |||||||||
Bunzl PLC | 988,573 | 31,115 | |||||||||
Clinigen Group PLC | 1,854,748 | 23,530 | |||||||||
Compass Group PLC | 1,367,993 | 30,210 | |||||||||
DCC PLC | 170,490 | 14,755 | |||||||||
Fevertree Drinks PLC | 362,121 | 12,863 | |||||||||
London Stock Exchange Group PLC | 340,229 | 20,338 | |||||||||
Prudential PLC | 1,091,047 | 23,009 | |||||||||
Reckitt Benckiser Group PLC | 98,370 | 7,524 | |||||||||
RELX PLC | 1,379,958 | 31,646 | |||||||||
Rentokil Initial PLC | 2,934,701 | 13,663 | |||||||||
Spectris PLC | 399,404 | 13,980 | |||||||||
St. James's Place PLC | 1,747,134 | 22,534 | |||||||||
278,973 |
See Notes to Financial Statements
93
Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
United States 3.5% | |||||||||||
Core Laboratories NV | 115,046 | $ | 7,456 | ||||||||
Samsonite International SA*(a) | 8,083,348 | 24,251 | |||||||||
Sensata Technologies Holding PLC* | 536,043 | 27,193 | |||||||||
58,900 | |||||||||||
Total Common Stocks (Cost $1,545,211) | 1,635,931 | ||||||||||
Short-Term Investments 3.7% | |||||||||||
Investment Companies 3.7% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(c) | 37,507,275 | 37,507 |
Number of Shares | Value (000's) | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(c)(d) | 24,604,677 | $ | 24,605 | ||||||||
Total Short-Term Investments (Cost $62,112) | 62,112 | ||||||||||
Total Investments 101.3% (Cost $1,607,323) | 1,698,043 | ||||||||||
Liabilities Less Other Assets (1.3)% | (21,336 | ) | |||||||||
Net Assets 100.0% | $ | 1,676,707 |
* 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 directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $122,698,000, which represents 7.3% of net assets of the Fund.
(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $23,352,000 for the Fund (see Note A of the Notes to Financial Statements).
(c) Represents 7-day effective yield as of February 28, 2019.
(d) Represents investment of cash collateral received from securities lending.
See Notes to Financial Statements
94
Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Capital Markets | $ | 105,977 | 6.3 | % | |||||||
Trading Companies & Distributors | 94,945 | 5.7 | % | ||||||||
Banks | 90,035 | 5.4 | % | ||||||||
Semiconductors & Semiconductor Equipment | 89,753 | 5.4 | % | ||||||||
Life Sciences Tools & Services | 82,155 | 4.9 | % | ||||||||
Insurance | 79,238 | 4.7 | % | ||||||||
Beverages | 71,174 | 4.2 | % | ||||||||
Software | 67,899 | 4.0 | % | ||||||||
Pharmaceuticals | 66,605 | 4.0 | % | ||||||||
Professional Services | 62,997 | 3.8 | % | ||||||||
Oil, Gas & Consumable Fuels | 62,090 | 3.7 | % | ||||||||
Building Products | 53,204 | 3.2 | % | ||||||||
Commercial Services & Supplies | 51,601 | 3.1 | % | ||||||||
Auto Components | 50,352 | 3.0 | % | ||||||||
Chemicals | 47,528 | 2.8 | % | ||||||||
Electronic Equipment, Instruments & Components | 45,145 | 2.7 | % | ||||||||
Personal Products | 42,238 | 2.5 | % | ||||||||
Textiles, Apparel & Luxury Goods | 40,471 | 2.4 | % | ||||||||
Internet & Direct Marketing Retail | 34,093 | 2.0 | % | ||||||||
Health Care Equipment & Supplies | 33,302 | 2.0 | % | ||||||||
Household Durables | 32,990 | 2.0 | % | ||||||||
Hotels, Restaurants & Leisure | 30,210 | 1.8 | % | ||||||||
Machinery | 28,030 | 1.7 | % | ||||||||
Interactive Media & Services | 27,376 | 1.6 | % | ||||||||
Electrical Equipment | 27,193 | 1.6 | % | ||||||||
Containers & Packaging | 26,854 | 1.6 | % | ||||||||
Food Products | 23,746 | 1.4 | % | ||||||||
Entertainment | 23,641 | 1.4 | % | ||||||||
Food & Staples Retailing | 22,882 | 1.4 | % | ||||||||
Real Estate Management & Development | 22,009 | 1.3 | % | ||||||||
Automobiles | 17,988 | 1.1 | % | ||||||||
Construction Materials | 17,290 | 1.0 | % | ||||||||
Diversified Telecommunication Services | 16,286 | 1.0 | % | ||||||||
Household Products | 15,543 | 0.9 | % | ||||||||
Industrial Conglomerates | 14,755 | 0.9 | % | ||||||||
Gas Utilities | 10,880 | 0.7 | % | ||||||||
Energy Equipment & Services | 7,456 | 0.4 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 40,776 | 2.4 | % | ||||||||
$ | 1,676,707 | 100.0 | % |
See Notes to Financial Statements
95
Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,635,931 | $ | — | $ | — | $ | 1,635,931 | |||||||||||
Short-Term Investments | — | 62,112 | — | 62,112 | |||||||||||||||
Total Investments | $ | 1,635,931 | $ | 62,112 | $ | — | $ | 1,698,043 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
96
Schedule of Investments International Select Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 86.5% | |||||||||||
Australia 0.6% | |||||||||||
Insurance Australia Group Ltd. | 219,260 | $ | 1,143 | ||||||||
Austria 1.5% | |||||||||||
BAWAG Group AG(a) | 61,415 | 2,703 | |||||||||
Belgium 1.4% | |||||||||||
KBC Group NV | 32,780 | 2,428 | |||||||||
Canada 2.4% | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 37,939 | 2,139 | |||||||||
Suncor Energy, Inc. | 62,932 | 2,169 | |||||||||
4,308 | |||||||||||
China 2.6% | |||||||||||
Alibaba Group Holding Ltd. ADR* | 19,876 | 3,638 | |||||||||
Baidu, Inc. ADR* | 6,666 | 1,083 | |||||||||
4,721 | |||||||||||
France 7.5% | |||||||||||
Air Liquide SA | 10,073 | 1,256 | |||||||||
Arkema SA | 10,811 | 1,090 | |||||||||
L'Oreal SA | 6,240 | 1,575 | |||||||||
Pernod-Ricard | 15,726 | 2,708 SA | |||||||||
Schneider Electric SE | 20,968 | 1,632 | |||||||||
SPIE SA(b) | 71,299 | 1,133 | |||||||||
TOTAL SA | 56,480 | 3,211 | |||||||||
Valeo SA | 24,513 | 774 | |||||||||
13,379 | |||||||||||
Germany 8.5% | |||||||||||
Brenntag AG | 31,646 | 1,570 | |||||||||
Continental AG | 10,185 | 1,668 | |||||||||
CTS Eventim AG & Co. KGaA | 49,592 | 2,228 | |||||||||
Deutsche Boerse AG | 8,701 | 1,100 | |||||||||
Gerresheimer AG | 26,435 | 2,030 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 7,850 | 784 | |||||||||
Infineon Technologies AG | 110,098 | 2,418 | |||||||||
SAP SE ADR | 16,740 | 1,793 | |||||||||
Scout24 AG(a) | 29,002 | 1,527 | |||||||||
15,118 |
Number of Shares | Value (000's) | ||||||||||
Hong Kong 3.5% | |||||||||||
AIA Group Ltd. | 257,900 | $ | 2,579 | ||||||||
Techtronic Industries Co. Ltd. | 542,100 | 3,622 | |||||||||
6,201 | |||||||||||
Ireland 2.2% | |||||||||||
CRH PLC | 51,063 | 1,613 | |||||||||
Kerry Group PLC Class A | 22,050 | 2,270 | |||||||||
3,883 | |||||||||||
Israel 1.8% | |||||||||||
Check Point Software Technologies Ltd.* | 26,743 | 3,271 | |||||||||
Japan 12.8% | |||||||||||
Bridgestone Corp. | 53,200 | 2,097 | |||||||||
Daikin Industries Ltd. | 25,900 | 2,809 | |||||||||
Hoya Corp. | 15,000 | 916 | |||||||||
Kao Corp. | 31,800 | 2,403 | |||||||||
Keyence Corp. | 5,200 | 3,029 | |||||||||
Kose Corp. | 15,100 | 2,441 | |||||||||
Omron Corp. | 18,800 | 811 | |||||||||
Sanwa Holdings Corp. | 129,700 | 1,502 | |||||||||
Shionogi & Co. Ltd. | 41,500 | 2,649 | |||||||||
SMC Corp. | 6,600 | 2,295 | |||||||||
Toyota Motor Corp. | 29,300 | 1,760 | |||||||||
22,712 | |||||||||||
Netherlands 6.5% | |||||||||||
AerCap Holdings NV* | 55,954 | 2,526 | |||||||||
ASML Holding NV | 25,031 | 4,587 | |||||||||
Heineken NV | 27,383 | 2,760 | |||||||||
NXP Semiconductors NV | 18,198 | 1,662 | |||||||||
11,535 | |||||||||||
Portugal 0.8% | |||||||||||
Galp Energia SGPS SA | 84,493 | 1,387 | |||||||||
Singapore 1.4% | |||||||||||
DBS Group Holdings Ltd. | 131,300 | 2,412 | |||||||||
Sweden 1.3% | |||||||||||
Assa Abloy AB Class B | 31,538 | 652 | |||||||||
Swedbank AB, A Shares | 89,842 | 1,651 | |||||||||
2,303 |
Number of Shares | Value (000's) | ||||||||||
Switzerland 13.5% | |||||||||||
Cie Financiere Richemont SA | 20,113 | $ | 1,540 | ||||||||
Ferguson PLC | 28,538 | 1,976 | |||||||||
Givaudan SA | 645 | 1,614 | |||||||||
Julius Baer Group Ltd.* | 41,583 | 1,816 | |||||||||
Lonza Group AG* | 4,504 | 1,252 | |||||||||
Novartis AG | 28,423 | 2,593 | |||||||||
Partners Group Holding AG | 2,832 | 2,049 | |||||||||
Roche Holding AG | 11,791 | 3,276 | |||||||||
SGS SA | 792 | 2,020 | |||||||||
SIG Combibloc Services AG* | 140,704 | 1,480 | |||||||||
Sonova Holding AG | 14,033 | 2,624 | |||||||||
UBS Group AG* | 131,118 | 1,669 | |||||||||
23,909 | |||||||||||
United Kingdom 14.7% | |||||||||||
Aon PLC | 13,958 | 2,394 | |||||||||
Bunzl PLC | 108,327 | 3,410 | |||||||||
Compass Group PLC | 128,120 | 2,829 | |||||||||
DCC PLC | 17,375 | 1,504 | |||||||||
Fevertree Drinks PLC | 34,651 | 1,231 | |||||||||
London Stock Exchange Group PLC | 31,491 | 1,882 | |||||||||
Prudential PLC | 102,735 | 2,167 | |||||||||
Reckitt Benckiser Group PLC | 26,541 | 2,030 | |||||||||
RELX PLC | 151,215 | 3,468 | |||||||||
Rentokil Initial PLC | 273,044 | 1,271 | |||||||||
Spectris PLC | 37,982 | 1,329 | |||||||||
St. James's Place PLC | 200,671 | 2,588 | |||||||||
26,103 | |||||||||||
United States 3.5% | |||||||||||
Core Laboratories NV | 13,526 | 877 | |||||||||
Samsonite International SA*(a) | 763,241 | 2,290 | |||||||||
Sensata Technologies Holding PLC* | 58,832 | 2,984 | |||||||||
6,151 | |||||||||||
Total Common Stocks (Cost $147,818) | 153,667 |
See Notes to Financial Statements
97
Schedule of Investments International Select Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 5.3% | |||||||||||
Investment Companies 5.3% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(c) | 8,325,828 | $ | 8,326 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(c)(d) | 1,159,892 | 1,160 | |||||||||
Total Short-Term Investments (Cost $9,486) | 9,486 | ||||||||||
Total Investments 91.8% (Cost $157,304) | 163,153 | ||||||||||
Other Assets Less Liabilities 8.2% | 14,496 | ||||||||||
Net Assets 100.0% | $ | 177,649 |
* 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 directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $6,520,000, which represents 3.7% of net assets of the Fund.
(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $1,111,000 for the Fund (see Note A of the Notes to Financial Statements).
(c) Represents 7-day effective yield as of February 28, 2019.
(d) Represents investment of cash collateral received from securities lending.
See Notes to Financial Statements
98
Schedule of Investments International Select Fund^ (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Capital Markets | $ | 11,104 | 6.3 | % | |||||||
Trading Companies & Distributors | 9,482 | 5.3 | % | ||||||||
Banks | 9,194 | 5.2 | % | ||||||||
Semiconductors & Semiconductor Equipment | 8,667 | 4.9 | % | ||||||||
Pharmaceuticals | 8,518 | 4.8 | % | ||||||||
Insurance | 8,283 | 4.7 | % | ||||||||
Oil, Gas & Consumable Fuels | 6,767 | 3.8 | % | ||||||||
Beverages | 6,699 | 3.8 | % | ||||||||
Personal Products | 6,419 | 3.6 | % | ||||||||
Professional Services | 5,488 | 3.1 | % | ||||||||
Electronic Equipment, Instruments & Components | 5,169 | 2.9 | % | ||||||||
Software | 5,064 | 2.9 | % | ||||||||
Building Products | 4,963 | 2.8 | % | ||||||||
Electrical Equipment | 4,616 | 2.6 | % | ||||||||
Auto Components | 4,539 | 2.5 | % | ||||||||
Chemicals | 3,960 | 2.2 | % | ||||||||
Textiles, Apparel & Luxury Goods | 3,830 | 2.2 | % | ||||||||
Internet & Direct Marketing Retail | 3,638 | 2.0 | % | ||||||||
Household Durables | 3,622 | 2.0 | % | ||||||||
Health Care Equipment & Supplies | 3,540 | 2.0 | % | ||||||||
Life Sciences Tools & Services | 3,282 | 1.8 | % | ||||||||
Hotels, Restaurants & Leisure | 2,829 | 1.6 | % | ||||||||
Household Products | 2,814 | 1.5 | % | ||||||||
Interactive Media & Services | 2,610 | 1.5 | % | ||||||||
Commercial Services & Supplies | 2,404 | 1.4 | % | ||||||||
Machinery | 2,295 | 1.3 | % | ||||||||
Food Products | 2,270 | 1.3 | % | ||||||||
Entertainment | 2,228 | 1.3 | % | ||||||||
Food & Staples Retailing | 2,139 | 1.2 | % | ||||||||
Automobiles | 1,760 | 1.0 | % | ||||||||
Construction Materials | 1,613 | 0.9 | % | ||||||||
Industrial Conglomerates | 1,504 | 0.8 | % | ||||||||
Containers & Packaging | 1,480 | 0.8 | % | ||||||||
Energy Equipment & Services | 877 | 0.5 | % | ||||||||
Short-Term Investments and Other Assets—Net | 23,982 | 13.5 | % | ||||||||
$ | 177,649 | 100.0 | % |
See Notes to Financial Statements
99
Schedule of Investments International Select Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 153,667 | $ | — | $ | — | $ | 153,667 | |||||||||||
Short-Term Investments | — | 9,486 | — | 9,486 | |||||||||||||||
Total Investments | $ | 153,667 | $ | 9,486 | $ | — | $ | 163,153 |
(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
100
Schedule of Investments International Small Cap Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.3% | |||||||||||
Australia 1.4% | |||||||||||
ARB Corp. Ltd. | 3,582 | $ | 43 | ||||||||
Steadfast Group Ltd. | 17,775 | 39 | |||||||||
82 | |||||||||||
Austria 1.0% | |||||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 740 | 58 | |||||||||
Belgium 1.1% | |||||||||||
Shurgard Self Storage SA* | 2,060 | 64 | |||||||||
Canada 4.0% | |||||||||||
Colliers International Group, Inc. | 1,255 | 86 | |||||||||
Computer Modelling Group Ltd. | 11,201 | 51 | |||||||||
Kinaxis, Inc.* | 1,478 | 93 | |||||||||
230 | |||||||||||
China 0.9% | |||||||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.*(a) | 29,500 | 53 | |||||||||
Denmark 3.0% | |||||||||||
Schouw & Co. A/S | 1,108 | 89 | |||||||||
SimCorp A/S | 912 | 82 | |||||||||
171 | |||||||||||
Finland 1.6% | |||||||||||
Kemira OYJ | 6,780 | 91 | |||||||||
France 3.1% | |||||||||||
Lectra | 1,950 | 51 | |||||||||
Pharmagest Inter@ctive | 197 | 12 | |||||||||
Sopra Steria Group | 365 | 43 | |||||||||
Virbac SA* | 555 | 73 | |||||||||
179 | |||||||||||
Germany 4.7% | |||||||||||
Dermapharm Holding SE* | 1,129 | 36 | |||||||||
Jenoptik AG | 1,840 | 67 | |||||||||
Stabilus SA | 799 | 46 | |||||||||
STRATEC SE | 684 | 48 | |||||||||
Washtec AG | 1,195 | 73 | |||||||||
270 | |||||||||||
Ireland 1.6% | |||||||||||
Applegreen PLC | 14,294 | 94 |
Number of Shares | Value (000's) | ||||||||||
Italy 3.7% | |||||||||||
Anima Holding SpA(a) | 10,391 | $ | 45 | ||||||||
Carel Industries SpA*(a) | 8,296 | 96 | |||||||||
Cerved Group SpA | 7,818 | 72 | |||||||||
213 | |||||||||||
Japan 21.7% | |||||||||||
Aeon Delight Co. Ltd. | 2,250 | 84 | |||||||||
Amano Corp. | 3,200 | 68 | |||||||||
Ariake Japan Co. Ltd. | 1,200 | 63 | |||||||||
Azbil Corp. | 3,700 | 82 | |||||||||
Ichigo, Inc. | 16,100 | 54 | |||||||||
Konishi Co. Ltd. | 4,400 | 64 | |||||||||
Nagaileben Co. Ltd. | 2,000 | 43 | |||||||||
Nakanishi, Inc. | 2,300 | 41 | |||||||||
Nihon Parkerizing Co. Ltd. | 6,700 | 88 | |||||||||
Nohmi Bosai Ltd. | 4,600 | 79 | |||||||||
Okamoto Industries, Inc. | 1,300 | 68 | |||||||||
Prestige International, Inc. | 9,200 | 107 | |||||||||
Relo Group, Inc. | 3,900 | 102 | |||||||||
SHO-BOND Holdings Co. Ltd. | 1,400 | 100 | |||||||||
Shoei Co. Ltd.(b) | 2,300 | 84 | |||||||||
Software Service, Inc. | 500 | 46 | |||||||||
Sun Frontier Fudousan Co. Ltd. | 7,000 | 80 | |||||||||
1,253 | |||||||||||
Jersey 1.0% | |||||||||||
Sanne Group PLC | 8,723 | 60 | |||||||||
Korea 0.8% | |||||||||||
Dentium Co. Ltd.* | 800 | 44 | |||||||||
Luxembourg 1.4% | |||||||||||
Befesa SA*(a) | 1,736 | 79 | |||||||||
Netherlands 2.7% | |||||||||||
Corbion NV | 2,790 | 85 | |||||||||
Intertrust NV(a) | 3,640 | 69 | |||||||||
154 | |||||||||||
Norway 3.0% | |||||||||||
Borregaard ASA | 9,260 | 88 | |||||||||
Sbanken ASA(a) | 8,894 | 83 | |||||||||
171 | |||||||||||
Singapore 1.7% | |||||||||||
Haw Par Corp. Ltd. | 10,400 | 101 | |||||||||
Spain 1.4% | |||||||||||
Applus Services SA | 6,895 | 84 |
Number of Shares | Value (000's) | ||||||||||
Sweden 6.5% | |||||||||||
Cloetta AB, B Shares | 28,245 | $ | 72 | ||||||||
Dustin Group AB(a) | 9,850 | 93 | |||||||||
KNOW IT AB | 815 | 16 | |||||||||
Sweco AB, B Shares | 4,003 | 95 | |||||||||
Thule Group AB(a) | 4,420 | 98 | |||||||||
374 | |||||||||||
Switzerland 12.5% | |||||||||||
Ascom Holding AG | 3,167 | 40 | |||||||||
Belimo Holding AG | 21 | 99 | |||||||||
Bossard Holding AG Class A | 485 | 78 | |||||||||
Inficon Holding AG* | 84 | 43 | |||||||||
Interroll Holding AG | 51 | 91 | |||||||||
Kardex AG* | 534 | 71 | |||||||||
Komax Holding AG | 300 | 75 | |||||||||
Medartis Holding AG*(a) | 1,031 | 63 | |||||||||
Tecan Group AG | 470 | 107 | |||||||||
VZ Holding AG | 217 | 57 | |||||||||
724 | |||||||||||
United Kingdom 17.5% | |||||||||||
Amigo Holdings PLC(a)(b) | 18,411 | 57 | |||||||||
Biffa PLC(a) | 29,805 | 71 | |||||||||
Big Yellow Group PLC | 5,535 | 72 | |||||||||
Charter Court Financial Services Group PLC(a) | 8,200 | 34 | |||||||||
Clinigen Group PLC | 8,545 | 108 | |||||||||
Dechra Pharmaceuticals PLC | 2,589 | 85 | |||||||||
Diploma PLC | 3,775 | 68 | |||||||||
Essentra PLC | 14,242 | 71 | |||||||||
Games Workshop Group PLC | 1,315 | 54 | |||||||||
GB Group PLC | 7,000 | 45 | |||||||||
Genus PLC | 1,959 | 57 | |||||||||
Gocompare.Com Group PLC | 61,643 | 54 | |||||||||
Ideagen PLC | 3,151 | 5 | |||||||||
Johnson Service Group PLC | 51,245 | 87 | |||||||||
Learning Technologies Group PLC | 49,730 | 46 | |||||||||
Restore PLC(b) | 15,770 | 60 | |||||||||
Sensyne Health Ltd.*(b) | 15,331 | 38 | |||||||||
1,012 | |||||||||||
Total Common Stocks (Cost $5,921) | 5,561 |
See Notes to Financial Statements
101
Schedule of Investments International Small Cap Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 8.2% | |||||||||||
Investment Companies 8.2% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(c) | 245,026 | $ | 245 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(c)(d) | 227,282 | 227 | |||||||||
Total Short-Term Investments (Cost $472) | 472 | ||||||||||
Total Investments 104.5% (Cost $6,393) | 6,033 | ||||||||||
Liabilities Less Other Assets (4.5)% | (261 | ) | |||||||||
Net Assets 100.0% | $ | 5,772 |
* 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 directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $841,000, which represents 14.6% of net assets of the Fund.
(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $215,000 for the Fund (see Note A of the Notes to Financial Statements).
(c) Represents 7-day effective yield as of February 28, 2019.
(d) Represents investment of cash collateral received from securities lending.
See Notes to Financial Statements
102
Schedule of Investments International Small Cap Fund^ (Unaudited) (cont'd)
POSITIONS BY INDUSTRY
Industry | Investments at Value (000's omitted) | Percentage of Net Assets | |||||||||
Chemicals | $ | 555 | 9.6 | % | |||||||
Commercial Services & Supplies | 488 | 8.5 | % | ||||||||
Electronic Equipment, Instruments & Components | 435 | 7.5 | % | ||||||||
Real Estate Management & Development | 386 | 6.7 | % | ||||||||
Machinery | 356 | 6.2 | % | ||||||||
Software | 322 | 5.6 | % | ||||||||
Pharmaceuticals | 295 | 5.1 | % | ||||||||
Health Care Equipment & Supplies | 239 | 4.1 | % | ||||||||
Food Products | 224 | 3.9 | % | ||||||||
Life Sciences Tools & Services | 215 | 3.7 | % | ||||||||
Construction & Engineering | 195 | 3.4 | % | ||||||||
Capital Markets | 162 | 2.8 | % | ||||||||
Professional Services | 153 | 2.7 | % | ||||||||
Leisure Products | 152 | 2.6 | % | ||||||||
Internet & Direct Marketing Retail | 147 | 2.6 | % | ||||||||
Trading Companies & Distributors | 146 | 2.5 | % | ||||||||
Health Care Technology | 136 | 2.4 | % | ||||||||
Auto Components | 127 | 2.2 | % | ||||||||
Energy Equipment & Services | 109 | 1.9 | % | ||||||||
Building Products | 99 | 1.7 | % | ||||||||
Specialty Retail | 94 | 1.6 | % | ||||||||
Banks | 83 | 1.4 | % | ||||||||
Diversified Financial Services | 72 | 1.2 | % | ||||||||
Equity Real Estate Investment Trusts | 72 | 1.2 | % | ||||||||
IT Services | 59 | 1.0 | % | ||||||||
Consumer Finance | 57 | 1.0 | % | ||||||||
Biotechnology | 57 | 1.0 | % | ||||||||
Hotels, Restaurants & Leisure | 53 | 0.9 | % | ||||||||
Insurance | 39 | 0.7 | % | ||||||||
Thrifts & Mortgage Finance | 34 | 0.6 | % | ||||||||
Short-Term Investments and Other Liabilities—Net | 211 | 3.7 | % | ||||||||
$ | 5,772 | 100.0 | % |
See Notes to Financial Statements
103
Schedule of Investments International Small Cap Fund^ (Unaudited) (cont'd)
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3(b) | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 5,561 | $ | — | $ | — | $ | 5,561 | |||||||||||
Short-Term Investments | — | 472 | — | 472 | |||||||||||||||
Total Investments | $ | 5,561 | $ | 472 | $ | — | $ | 6,033 |
(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 9/1/2018 | Accrued discounts/ (premiums) | Realized gain/ (loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance, as of 2/28/2019 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019 | ||||||||||||||||||||||||||||||||||
Investments in Securities: (000's omitted) | |||||||||||||||||||||||||||||||||||||||||||
Common Stocks(c) | |||||||||||||||||||||||||||||||||||||||||||
Ireland | $ | 89 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (89 | ) | $ | — | $ | — | ||||||||||||||||||||||
Total | $ | 89 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (89 | ) | $ | — | $ | — |
(c) At the beginning of the period, these investments were valued using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2019.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
104
Schedule of Investments Intrinsic Value Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 96.0% | |||||||||||
Aerospace & Defense 5.1% | |||||||||||
KEYW Holding Corp.* | 864,606 | $ | 6,398 | ||||||||
Mercury Systems, Inc.* | 124,347 | 7,899 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 130,290 | 12,873 | |||||||||
Teledyne Technologies, Inc.* | 28,052 | 6,621 | |||||||||
33,791 | |||||||||||
Banks 4.8% | |||||||||||
BankUnited, Inc. | 170,004 | 6,203 | |||||||||
Comerica, Inc. | 66,774 | 5,817 | |||||||||
Huntington Bancshares, Inc. | 413,130 | 5,953 | |||||||||
TCF Financial Corp. | 391,400 | 8,963 | |||||||||
Texas Capital Bancshares, Inc.* | 78,500 | 4,791 | |||||||||
31,727 | |||||||||||
Capital Markets 0.0%(a) | |||||||||||
Alimco Financial Corp.* | 6,537 | 52 | |||||||||
Commercial Services & Supplies 3.6% | |||||||||||
Clean Harbors, Inc.* | 154,514 | 10,507 | |||||||||
Covanta Holding Corp. | 411,900 | 6,994 | |||||||||
Stericycle, Inc.* | 140,900 | 6,281 | |||||||||
23,782 | |||||||||||
Communications Equipment 6.3% | |||||||||||
Ciena Corp.* | 594,800 | 25,374 | |||||||||
Infinera Corp.* | 1,090,200 | 5,571 | |||||||||
Ribbon Communications, Inc.* | 611,399 | 3,149 | |||||||||
Viavi Solutions, Inc.* | 590,099 | 7,748 | |||||||||
41,842 | |||||||||||
Construction & Engineering 2.2% | |||||||||||
KBR, Inc. | 521,100 | 10,297 | |||||||||
Valmont Industries, Inc. | 29,300 | 4,002 | |||||||||
14,299 | |||||||||||
Containers & Packaging 4.9% | |||||||||||
Avery Dennison Corp. | 129,836 | 14,027 | |||||||||
Crown Holdings, Inc.* | 333,726 | 18,118 | |||||||||
32,145 |
Number of Shares | Value (000's) | ||||||||||
Electrical Equipment 0.2% | |||||||||||
Babcock & Wilcox Enterprises, Inc.* | 2,034,740 | $ | 1,304 | ||||||||
Electronic Equipment, Instruments & Components 3.4% | |||||||||||
II-VI, Inc.* | 91,130 | 3,871 | |||||||||
Itron, Inc.* | 178,131 | 9,443 | |||||||||
Maxwell Technologies, Inc.* | 506,000 | 2,388 | |||||||||
OSI Systems, Inc.* | 80,200 | 6,966 | |||||||||
22,668 | |||||||||||
Energy Equipment & Services 3.2% | |||||||||||
Dril-Quip, Inc.* | 83,900 | 3,575 | |||||||||
Forum Energy Technologies, Inc.* | 519,400 | 3,028 | |||||||||
ION Geophysical Corp.* | 124,331 | 1,636 | |||||||||
McDermott International, Inc.* | 376,271 | 3,191 | |||||||||
Oil States International, Inc.* | 182,700 | 3,131 | |||||||||
Patterson-UTI Energy, Inc. | 239,200 | 3,172 | |||||||||
Superior Energy Services, Inc.* | 365,600 | 1,711 | |||||||||
TETRA Technologies, Inc.* | 664,392 | 1,588 | |||||||||
21,032 | |||||||||||
Equity Real Estate Investment Trusts 0.4% | |||||||||||
Uniti Group, Inc. | 274,800 | 2,649 | |||||||||
Food Products 2.1% | |||||||||||
Hain Celestial Group, Inc.* | 261,000 | 5,134 | |||||||||
TreeHouse Foods, Inc.* | 142,100 | 8,608 | |||||||||
13,742 | |||||||||||
Health Care Equipment & Supplies 2.0% | |||||||||||
Accuray, Inc.* | 1,279,139 | 6,166 | |||||||||
AtriCure, Inc.* | 215,100 | 6,870 | |||||||||
13,036 | |||||||||||
Health Care Providers & Services 3.4% | |||||||||||
Acadia | 302,800 | 7,961 | |||||||||
Healthcare Co., Inc.* | |||||||||||
Molina Healthcare, Inc.* | 58,361 | 7,857 |
Number of Shares | Value (000's) | ||||||||||
Patterson Cos., Inc. | 292,100 | $ | 6,587 | ||||||||
22,405 | |||||||||||
Health Care Technology 1.4% | |||||||||||
Allscripts Healthcare Solutions, Inc.* | 857,600 | 9,194 | |||||||||
Hotels, Restaurants & Leisure 0.9% | |||||||||||
SeaWorld Entertainment, Inc.* | 225,200 | 6,146 | |||||||||
Household Durables 1.0% | |||||||||||
Tempur Sealy International, Inc.* | 113,200 | 6,589 | |||||||||
Independent Power and Renewable Electricity Producers 2.9% | |||||||||||
Atlantic Power Corp.* | 1,966,535 | 5,290 | |||||||||
Ormat Technologies, Inc. | 127,741 | 7,132 | |||||||||
Vistra Energy Corp. | 274,561 | 7,149 | |||||||||
19,571 | |||||||||||
IT Services 3.4% | |||||||||||
Conduent, Inc.* | 575,000 | 8,407 | |||||||||
CoreLogic, Inc.* | 250,325 | 9,179 | |||||||||
Unisys Corp.* | 356,700 | 4,819 | |||||||||
22,405 | |||||||||||
Life Sciences Tools & Services 7.6% | |||||||||||
Charles River Laboratories International, Inc.* | 134,071 | 19,061 | |||||||||
Fluidigm Corp.* | 1,460,000 | 16,148 | |||||||||
Luminex Corp. | 250,600 | 6,385 | |||||||||
NanoString Technologies, Inc.* | 338,000 | 8,609 | |||||||||
50,203 | |||||||||||
Machinery 4.5% | |||||||||||
Actuant Corp. | 260,775 | 6,376 | |||||||||
Class A | |||||||||||
Harsco Corp.* | 181,300 | 4,057 | |||||||||
ITT, Inc. | 115,700 | 6,683 | |||||||||
Lydall, Inc.* | 136,400 | 3,840 | |||||||||
Twin Disc, Inc.* | 119,209 | 2,109 | |||||||||
Welbilt, Inc.* | 403,000 | 6,436 | |||||||||
29,501 |
See Notes to Financial Statements
105
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Marine 0.1% | |||||||||||
Danaos Corp.* | 397,359 | $ | 437 | ||||||||
Media 1.5% | |||||||||||
Criteo SA ADR* | 197,100 | 5,349 | |||||||||
MSG Networks, Inc. Class A* | 183,953 | 4,441 | |||||||||
9,790 | |||||||||||
Metals & Mining 1.2% | |||||||||||
Cleveland-Cliffs, Inc. | 710,700 | 7,882 | |||||||||
Pharmaceuticals 2.0% | |||||||||||
Amneal Pharmaceuticals, Inc.* | 485,210 | 6,565 | |||||||||
Intersect ENT, Inc.* | 91,288 | 3,103 | |||||||||
Mallinckrodt PLC* | 136,200 | 3,399 | |||||||||
13,067 | |||||||||||
Road & Rail 3.1% | |||||||||||
Avis Budget Group, Inc.* | 217,500 | 7,791 | |||||||||
Hertz Global Holdings, Inc.* | 357,000 | 6,819 | |||||||||
Ryder System, Inc. | 100,004 | 6,216 | |||||||||
20,826 | |||||||||||
Semiconductors & Semiconductor Equipment 9.3% | |||||||||||
CEVA, Inc.* | 126,000 | 3,505 | |||||||||
Cypress Semiconductor Corp. | 660,735 | 10,195 | |||||||||
Entegris, Inc. | 112,900 | 3,989 | |||||||||
Impinj, Inc.* | 132,300 | 2,214 | |||||||||
MACOM Technology Solutions Holdings, Inc.* | 446,418 | 8,522 | |||||||||
Mellanox Technologies Ltd.* | 175,000 | 18,802 | |||||||||
Rambus, Inc.* | 761,144 | 7,817 | |||||||||
Veeco Instruments, Inc.* | 535,300 | 6,113 | |||||||||
61,157 | |||||||||||
Software 11.5% | |||||||||||
Cloudera, Inc.* | 703,400 | 10,249 | |||||||||
FireEye, Inc.* | 662,200 | 11,098 | |||||||||
Nuance Communications, Inc.* | 897,900 | 15,058 |
Number of Shares | Value (000's) | ||||||||||
OneSpan, Inc.* | 275,100 | $ | 5,860 | ||||||||
Seachange International, Inc.* | 580,967 | 842 | |||||||||
TiVo Corp. | 628,630 | 6,305 | |||||||||
Varonis Systems, Inc.* | 20,400 | 1,162 | |||||||||
Verint Systems, Inc.* | 470,261 | 25,041 | |||||||||
75,615 | |||||||||||
Specialty Retail 3.1% | |||||||||||
Chico's FAS, Inc. | 528,800 | 3,088 | |||||||||
Children's Place, Inc. | 21,900 | 2,093 | |||||||||
Express, Inc.* | 422,800 | 2,199 | |||||||||
Office Depot, Inc. | 1,806,667 | 6,269 | |||||||||
Party City Holdco, Inc.* | 570,090 | 5,935 | |||||||||
RTW RetailWinds, Inc.* | 235,700 | 716 | |||||||||
20,300 | |||||||||||
Technology Hardware, Storage & Peripherals 0.9% | |||||||||||
Diebold Nixdorf, Inc.* | 578,400 | 5,316 | |||||||||
Quantum Corp.* | 185,075 | 442 | |||||||||
5,758 | |||||||||||
Total Common Stocks (Cost $488,888) | 632,915 | ||||||||||
Convertible Preferred Stocks 0.8% | |||||||||||
Independent Power and Renewable Electricity Producers 0.8% | |||||||||||
Vistra Energy Corp., 7.00%, due 7/1/2019 (Cost $4,926) | 51,300 | 5,123 | |||||||||
Principal Amount | |||||||||||
Convertible Bonds 0.7% | |||||||||||
Electronic Equipment, Instruments & Components 0.7% | |||||||||||
Maxwell Technologies, Inc., 5.50%, due 9/15/2022(b)(c) (Cost $4,500) | $ | 4,500,000 | 4,836 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 1.7% | |||||||||||
Investment Companies 1.7% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(d) (Cost $11,106) | 11,105,909 | $ | 11,106 | ||||||||
Total Investments 99.2% (Cost $509,420) | 653,980 | ||||||||||
Other Assets Less Liabilities 0.8% | 5,140 | ||||||||||
Net Assets 100.0% | $ | 659,120 |
See Notes to Financial Statements
106
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) Illiquid security.
(c) 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 February 28, 2019, these securities amounted to approximately $4,836,000, which represents 0.7% of net assets of the Fund.
(d) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 632,915 | $ | — | $ | — | $ | 632,915 | |||||||||||
Convertible Preferred Stocks(a) | 5,123 | — | — | 5,123 | |||||||||||||||
Convertible Bonds(a) | — | 4,836 | — | 4,836 | |||||||||||||||
Short-Term Investments | — | 11,106 | — | 11,106 | |||||||||||||||
Total Investments | $ | 638,038 | $ | 15,942 | $ | — | $ | 653,980 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
107
Schedule of Investments Large Cap Value Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 87.0% | |||||||||||
Aerospace & Defense 0.9% | |||||||||||
United Technologies Corp. | 111,733 | $ | 14,043 | ||||||||
Banks 6.1% | |||||||||||
JPMorgan Chase & Co. | 673,177 | 70,253 | |||||||||
M&T Bank Corp. | 74,295 | 12,857 | |||||||||
PNC Financial Services Group, Inc. | 19,573 | 2,467 | |||||||||
Wells Fargo & Co. | 177,717 | 8,866 | |||||||||
94,443 | |||||||||||
Capital Markets 1.4% | |||||||||||
CME Group, Inc. | 122,710 | 22,322 | |||||||||
Chemicals 0.0%(a) | |||||||||||
Mosaic Co. | 9,365 | 293 | |||||||||
Communications Equipment 0.5% | |||||||||||
Cisco Systems, Inc. | 158,385 | 8,200 | |||||||||
Diversified Financial Services 0.9% | |||||||||||
Berkshire Hathaway, Inc. Class B* | 67,154 | 13,518 | |||||||||
Diversified Telecommunication Services 5.3% | |||||||||||
AT&T, Inc. | 1,119,586 | 34,842 | |||||||||
Verizon Communications, Inc. | 842,102 | 47,932 | |||||||||
82,774 | |||||||||||
Electric Utilities 8.3% | |||||||||||
American Electric Power Co., Inc. | 349,078 | 28,328 | |||||||||
Evergy, Inc. | 305,800 | 17,097 | |||||||||
Exelon Corp. | 754,243 | 36,649 | |||||||||
FirstEnergy Corp. | 776,938 | 31,660 | |||||||||
NextEra Energy, Inc. | 80,368 | 15,087 | |||||||||
128,821 | |||||||||||
Electrical Equipment 1.1% | |||||||||||
Emerson Electric Co. | 240,784 | 16,409 | |||||||||
Equity Real Estate Investment Trusts 5.6% | |||||||||||
Equity Residential | 399,408 | 29,432 | |||||||||
Prologis, Inc. | 324,910 | 22,763 | |||||||||
Public Storage | 102,603 | 21,700 | |||||||||
Simon Property Group, Inc. | 69,336 | 12,561 | |||||||||
86,456 |
Number of Shares | Value (000's) | ||||||||||
Food & Staples Retailing 2.9% | |||||||||||
Walgreens Boots Alliance, Inc. | 83,927 | $ | 5,975 | ||||||||
Walmart, Inc. | 394,554 | 39,057 | |||||||||
45,032 | |||||||||||
Food Products 3.1% | |||||||||||
Mondelez International, Inc. Class A | 1,025,307 | 48,354 | |||||||||
Health Care Equipment & Supplies 1.6% | |||||||||||
Abbott Laboratories | 315,374 | 24,479 | |||||||||
Health Care Providers & Services 5.8% | |||||||||||
Centene Corp.* | 375,207 | 22,846 | |||||||||
Cigna Corp. | 104,717 | 18,267 | |||||||||
CVS Health Corp. | 104,394 | 6,037 | |||||||||
HCA Healthcare, Inc. | 310,759 | 43,208 | |||||||||
90,358 | |||||||||||
Household Durables 1.8% | |||||||||||
Lennar Corp. Class A | 139,940 | 6,714 | |||||||||
PulteGroup, Inc. | 369,853 | 9,986 | |||||||||
Toll Brothers, Inc. | 334,885 | 11,922 | |||||||||
28,622 | |||||||||||
Household Products 3.7% | |||||||||||
Church & Dwight Co., Inc. | 98,494 | 6,481 | |||||||||
Procter & Gamble Co. | 520,161 | 51,262 | |||||||||
57,743 | |||||||||||
Industrial Conglomerates 1.6% | |||||||||||
General Electric Co. | 1,504,611 | 15,633 | |||||||||
Honeywell International, Inc. | 58,411 | 8,999 | |||||||||
24,632 | |||||||||||
Insurance 5.6% | |||||||||||
American Equity Investment Life Holding Co. | 114,971 | 3,639 | |||||||||
Aon PLC | 110,914 | 19,025 | |||||||||
Assurant, Inc. | 117,188 | 12,069 | |||||||||
Athene Holding Ltd. Class A* | 369,763 | 16,473 | |||||||||
Chubb Ltd. | 185,727 | 24,869 | |||||||||
Hartford Financial Services Group, Inc. | 233,782 | 11,539 | |||||||||
87,614 |
Number of Shares | Value (000's) | ||||||||||
Machinery 1.0% | |||||||||||
Caterpillar, Inc. | 55,307 | $ | 7,596 | ||||||||
Deere & Co. | 41,192 | 6,757 | |||||||||
Wabtec Corp.(b) | 8,081 | 592 | |||||||||
14,945 | |||||||||||
Media 0.6% | |||||||||||
Comcast Corp. Class A | 259,869 | 10,049 | |||||||||
Metals & Mining 7.2% | |||||||||||
Barrick Gold Corp. | 813,058 | 10,277 | |||||||||
BHP Group Ltd. ADR(c) | 711,393 | 37,632 | |||||||||
Newmont Mining Corp. | 1,736,280 | 59,242 | |||||||||
Rio Tinto PLC ADR | 57,338 | 3,337 | |||||||||
Southern Copper Corp. | 44,249 | 1,576 | |||||||||
112,064 | |||||||||||
Multi-Utilities 3.6% | |||||||||||
Dominion Energy, Inc. | 104,793 | 7,764 | |||||||||
DTE Energy Co. | 263,431 | 32,550 | |||||||||
Sempra Energy | 125,831 | 15,155 | |||||||||
55,469 | |||||||||||
Oil, Gas & Consumable Fuels 8.4% | |||||||||||
Cabot Oil & Gas Corp. | 885,020 | 21,789 | |||||||||
EOG Resources, Inc. | 344,843 | 32,415 | |||||||||
Exxon Mobil Corp. | 870,746 | 68,815 | |||||||||
Kinder Morgan, Inc. | 16,188 | 310 | |||||||||
Valero Energy Corp. | 90,553 | 7,386 | |||||||||
130,715 | |||||||||||
Pharmaceuticals 7.0% | |||||||||||
Johnson & Johnson | 302,038 | 41,270 | |||||||||
Merck & Co., Inc. | 366,958 | 29,830 | |||||||||
Pfizer, Inc. | 884,536 | 38,345 | |||||||||
109,445 | |||||||||||
Software 0.2% | |||||||||||
Cadence Design Systems, Inc.* | 62,889 | 3,600 | |||||||||
Specialty Retail 1.3% | |||||||||||
Tiffany & Co. | 206,593 | 19,635 |
See Notes to Financial Statements
108
Schedule of Investments Large Cap Value Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Textiles, Apparel & Luxury Goods 0.5% | |||||||||||
lululemon Athletica, Inc.* | 54,919 | $ | 8,261 | ||||||||
Wireless Telecommunication Services 1.0% | |||||||||||
T-Mobile US, Inc.* | 204,050 | 14,734 | |||||||||
Total Common Stocks (Cost $1,194,039) | 1,353,030 | ||||||||||
Short-Term Investments 14.2% | |||||||||||
Investment Companies 14.2% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(d)(e) | 181,713,323 | 181,713 |
Number of Shares | Value (000's) | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(d)(f) | 39,478,316 | $ | 39,478 | ||||||||
Total Short-Term Investments (Cost $221,191) | 221,191 | ||||||||||
Total Investments 101.2% (Cost $1,415,230) | 1,574,221 | ||||||||||
Liabilities Less Other Assets (1.2)% | (19,205 | ) | |||||||||
Net Assets 100.0% | $ | 1,555,016 |
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) All or a portion of this security was purchased on a delayed delivery basis.
(c) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $37,629,000 for the Fund (see Note A of the Notes to Financial Statements).
(d) Represents 7-day effective yield as of February 28, 2019.
(e) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of approximately $181,713,000.
(f) Represents investment of cash collateral received from securities lending.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,353,030 | $ | — | $ | — | $ | 1,353,030 | |||||||||||
Short-Term Investments | — | 221,191 | — | 221,191 | |||||||||||||||
Total Investments | $ | 1,353,030 | $ | 221,191 | $ | — | $ | 1,574,221 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
109
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.1% | |||||||||||
Aerospace & Defense 2.2% | |||||||||||
Harris Corp. | 112,500 | $ | 18,555 | ||||||||
HEICO Corp. | 120,000 | 11,247 | |||||||||
29,802 | |||||||||||
Auto Components 1.1% | |||||||||||
Aptiv PLC | 175,000 | 14,544 | |||||||||
Banks 1.8% | |||||||||||
East West Bancorp, Inc. | 175,000 | 9,557 | |||||||||
SVB Financial Group* | 62,500 | 15,447 | |||||||||
25,004 | |||||||||||
Biotechnology 5.1% | |||||||||||
Array BioPharma, Inc.* | 250,000 | 5,735 | |||||||||
BioMarin Pharmaceutical, Inc.* | 160,000 | 14,922 | |||||||||
Exact Sciences Corp.* | 100,000 | 9,100 | |||||||||
Exelixis, Inc.* | 375,000 | 8,396 | |||||||||
Incyte Corp.* | 220,000 | 18,971 | |||||||||
Neurocrine Biosciences, Inc.* | 50,000 | 3,862 | |||||||||
Sarepta Therapeutics, Inc.* | 40,000 | 5,770 | |||||||||
Seattle Genetics, Inc.* | 50,000 | 3,714 | |||||||||
70,470 | |||||||||||
Building Products 0.6% | |||||||||||
Resideo Technologies, Inc.* | 300,000 | 7,710 | |||||||||
Capital Markets 2.6% | |||||||||||
Cboe Global Markets, Inc. | 125,000 | 11,989 | |||||||||
MarketAxess Holdings, Inc. | 35,000 | 8,536 | |||||||||
Raymond James Financial, Inc. | 180,000 | 14,864 | |||||||||
35,389 | |||||||||||
Commercial Services & Supplies 2.9% | |||||||||||
Cintas Corp. | 100,000 | 20,660 | |||||||||
Waste Connections, Inc. | 225,000 | 18,765 | |||||||||
39,425 | |||||||||||
Communications Equipment 1.8% | |||||||||||
Motorola Solutions, Inc. | 175,000 | 25,046 |
Number of Shares | Value (000's) | ||||||||||
Construction & Engineering 0.8% | |||||||||||
MasTec, Inc.* | 250,000 | $ | 10,795 | ||||||||
Consumer Finance 1.0% | |||||||||||
Green Dot Corp. Class A* | 145,000 | 9,360 | |||||||||
SLM Corp. | 400,000 | 4,420 | |||||||||
13,780 | |||||||||||
Containers & Packaging 1.7% | |||||||||||
Ball Corp. | 200,000 | 10,956 | |||||||||
Packaging Corp. of America | 125,000 | 11,949 | |||||||||
22,905 | |||||||||||
Diversified Consumer Services 2.5% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 162,000 | 20,088 | |||||||||
Service Corp. International | 330,000 | 13,642 | |||||||||
33,730 | |||||||||||
Electrical Equipment 1.3% | |||||||||||
AMETEK, Inc. | 225,000 | 17,905 | |||||||||
Electronic Equipment, Instruments & Components 6.0% | |||||||||||
Amphenol Corp. Class A | 209,500 | 19,687 | |||||||||
CDW Corp. | 282,500 | 26,524 | |||||||||
Keysight Technologies, Inc.* | 220,000 | 18,570 | |||||||||
Trimble, Inc.* | 450,000 | 18,004 | |||||||||
82,785 | |||||||||||
Entertainment 1.7% | |||||||||||
Take-Two Interactive Software, Inc.* | 160,000 | 13,962 | |||||||||
World Wrestling Entertainment, Inc. Class A | 120,000 | 10,044 | |||||||||
24,006 | |||||||||||
Food Products 0.7% | |||||||||||
Lamb Weston Holdings, Inc. | 130,000 | 9,010 | |||||||||
Health Care Equipment & Supplies 6.5% | |||||||||||
ABIOMED, Inc.* | 32,500 | 10,871 | |||||||||
AxoGen, Inc.* | 175,000 | 3,231 | |||||||||
Edwards Lifesciences Corp.* | 80,000 | 13,543 | |||||||||
Hill-Rom Holdings, Inc. | 135,000 | 14,317 | |||||||||
IDEXX Laboratories, Inc.* | 30,000 | 6,331 |
Number of Shares | Value (000's) | ||||||||||
Insulet Corp.* | 150,000 | $ | 14,086 | ||||||||
Masimo Corp.* | 50,000 | 6,564 | |||||||||
Merit Medical Systems, Inc.* | 100,000 | 5,573 | |||||||||
Nevro Corp.* | 70,000 | 3,225 | |||||||||
Penumbra, Inc.* | 85,000 | 11,362 | |||||||||
89,103 | |||||||||||
Health Care Providers & Services 2.3% | |||||||||||
Centene Corp.* | 100,000 | 6,089 | |||||||||
Encompass Health Corp. | 150,000 | 9,471 | |||||||||
WellCare Health Plans, Inc.* | 65,000 | 16,483 | |||||||||
32,043 | |||||||||||
Health Care Technology 1.9% | |||||||||||
Teladoc Health, Inc.* | 100,000 | 6,436 | |||||||||
Veeva Systems, Inc. Class A* | 170,000 | 20,045 | |||||||||
26,481 | |||||||||||
Hotels, Restaurants & Leisure 4.2% | |||||||||||
Eldorado Resorts, Inc.* | 275,000 | 13,258 | |||||||||
Norwegian Cruise Line Holdings Ltd.* | 300,000 | 16,659 | |||||||||
Planet Fitness, Inc. Class A* | 75,000 | 4,409 | |||||||||
Red Rock Resorts, Inc. Class A | 375,000 | 10,545 | |||||||||
Vail Resorts, Inc. | 65,000 | 13,545 | |||||||||
58,416 | |||||||||||
Household Products 0.8% | |||||||||||
Church & Dwight Co., Inc. | 175,000 | 11,515 | |||||||||
Independent Power and Renewable Electricity Producers 1.0% | |||||||||||
Vistra Energy Corp. | 525,000 | 13,671 | |||||||||
Industrial Conglomerates 1.6% | |||||||||||
Roper Technologies, Inc. | 68,000 | 22,008 | |||||||||
Interactive Media & Services 1.2% | |||||||||||
IAC/InterActive Corp* | 77,500 | 16,511 | |||||||||
IT Services 7.7% | |||||||||||
Fiserv, Inc.* | 115,000 | 9,739 | |||||||||
Global Payments, Inc. | 190,000 | 24,772 | |||||||||
Okta, Inc.* | 185,000 | 15,703 | |||||||||
Square, Inc. Class A* | 265,000 | 21,529 |
See Notes to Financial Statements
110
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Total System Services, Inc. | 173,000 | $ | 16,331 | ||||||||
Twilio, Inc. Class A* | 142,500 | 17,341 | |||||||||
105,415 | |||||||||||
Life Sciences Tools & Services 2.7% | |||||||||||
Bio-Rad Laboratories, Inc. Class A* | 72,500 | 19,640 | |||||||||
PRA Health Sciences, Inc.* | 161,000 | 17,224 | |||||||||
36,864 | |||||||||||
Machinery 4.7% | |||||||||||
Altra Industrial Motion Corp. | 200,000 | 6,362 | |||||||||
Fortive Corp. | 190,035 | 15,501 | |||||||||
IDEX Corp. | 130,000 | 18,733 | |||||||||
Stanley Black & Decker, Inc. | 100,000 | 13,243 | |||||||||
Xylem, Inc. | 140,000 | 10,577 | |||||||||
64,416 | |||||||||||
Media 0.9% | |||||||||||
Altice USA, Inc. Class A | 600,000 | 13,086 | |||||||||
Oil, Gas & Consumable Fuels 0.8% | |||||||||||
Concho Resources, Inc. | 75,000 | 8,250 | |||||||||
WPX Energy, Inc.* | 250,000 | 3,085 | |||||||||
11,335 | |||||||||||
Pharmaceuticals 0.7% | |||||||||||
Aerie Pharmaceuticals, Inc.* | 220,000 | 10,267 | |||||||||
Professional Services 2.0% | |||||||||||
CoStar Group, Inc.* | 60,000 | 27,452 | |||||||||
Road & Rail 1.6% | |||||||||||
J.B. Hunt Transport Services, Inc. | 87,500 | 9,421 | |||||||||
Old Dominion Freight Line, Inc. | 80,000 | 12,062 | |||||||||
21,483 | |||||||||||
Semiconductors & Semiconductor Equipment 4.4% | |||||||||||
Advanced Micro Devices, Inc.* | 550,000 | 12,942 | |||||||||
KLA-Tencor Corp. | 65,000 | 7,507 |
Number of Shares | Value (000's) | ||||||||||
Monolithic Power Systems, Inc. | 135,000 | $ | 18,105 | ||||||||
Xilinx, Inc. | 175,000 | 21,927 | |||||||||
60,481 | |||||||||||
Software 12.4% | |||||||||||
Autodesk, Inc.* | 125,000 | 20,376 | |||||||||
Nutanix, Inc. Class A* | 317,500 | 15,904 | |||||||||
Palo Alto Networks, Inc.* | 62,500 | 15,392 | |||||||||
Proofpoint, Inc.* | 125,000 | 14,761 | |||||||||
RingCentral, Inc. Class A* | 212,500 | 22,374 | |||||||||
ServiceNow, Inc.* | 120,000 | 28,733 | |||||||||
Splunk, Inc.* | 160,000 | 21,741 | |||||||||
Ultimate Software Group, Inc.* | 55,000 | 18,233 | |||||||||
Workday, Inc. Class A* | 65,000 | 12,865 | |||||||||
170,379 | |||||||||||
Specialty Retail 6.2% | |||||||||||
Burlington Stores, Inc.* | 123,000 | 20,878 | |||||||||
Five Below, Inc.* | 150,000 | 18,053 | |||||||||
O'Reilly Automotive, Inc.* | 41,000 | 15,250 | |||||||||
Ross Stores, Inc. | 200,000 | 18,966 | |||||||||
Ulta Beauty, Inc.* | 37,500 | 11,718 | |||||||||
84,865 | |||||||||||
Trading Companies & Distributors 0.7% | |||||||||||
United Rentals, Inc.* | 75,000 | 10,094 | |||||||||
Total Common Stocks (Cost $981,201) | 1,348,191 | ||||||||||
Short-Term Investments 2.1% | |||||||||||
Investment Companies 2.1% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(a) (Cost $29,047) | 29,047,174 | 29,047 | |||||||||
Total Investments 100.2% (Cost $1,010,248) | 1,377,238 | ||||||||||
Liabilities Less Other Assets (0.2)% | (2,135 | ) | |||||||||
Net Assets 100.0% | $ | 1,375,103 |
See Notes to Financial Statements
111
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,348,191 | $ | — | $ | — | $ | 1,348,191 | |||||||||||
Short-Term Investments | — | 29,047 | — | 29,047 | |||||||||||||||
Total Investments | $ | 1,348,191 | $ | 29,047 | $ | — | $ | 1,377,238 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
112
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 91.2% | |||||||||||
Aerospace & Defense 7.0% | |||||||||||
Esterline Technologies Corp.* | 11,300 | $ | 1,376 | ||||||||
General Dynamics Corp. | 24,250 | 4,128 | |||||||||
Hexcel Corp. | 36,900 | 2,662 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 21,300 | 2,104 | |||||||||
10,270 | |||||||||||
Airlines 1.9% | |||||||||||
American Airlines Group, Inc. | 40,300 | 1,436 | |||||||||
JetBlue Airways Corp.* | 84,200 | 1,406 | |||||||||
2,842 | |||||||||||
Auto Components 1.1% | |||||||||||
Aptiv PLC | 19,300 | 1,604 | |||||||||
Banks 8.5% | |||||||||||
BankUnited, Inc. | 83,900 | 3,061 | |||||||||
BB&T Corp. | 47,000 | 2,396 | |||||||||
Comerica, Inc. | 49,600 | 4,321 | |||||||||
KeyCorp | 155,800 | 2,751 | |||||||||
12,529 | |||||||||||
Beverages 2.0% | |||||||||||
Molson Coors Brewing Co. Class B | 47,400 | 2,923 | |||||||||
Biotechnology 2.2% | |||||||||||
Alexion Pharmaceuticals, Inc.* | 24,200 | 3,275 | |||||||||
Building Products 2.5% | |||||||||||
Johnson Controls International PLC | 106,108 | 3,742 | |||||||||
Capital Markets 2.1% | |||||||||||
State Street Corp. | 42,500 | 3,054 | |||||||||
Chemicals 3.5% | |||||||||||
Ashland Global Holdings, Inc. | 29,500 | 2,283 | |||||||||
Chemours Co. | 73,600 | 2,799 | |||||||||
5,082 | |||||||||||
Commercial Services & Supplies 2.4% | |||||||||||
Covanta Holding Corp. | 209,500 | 3,557 | |||||||||
Communications Equipment 3.4% | |||||||||||
ARRIS International PLC* | 65,100 | 2,062 | |||||||||
Ciena Corp.* | 69,100 | 2,948 | |||||||||
5,010 |
Number of Shares | Value (000's) | ||||||||||
Construction & Engineering 1.7% | |||||||||||
Valmont Industries, Inc. | 18,300 | $ | 2,500 | ||||||||
Electric Utilities 1.6% | |||||||||||
Edison International | 38,000 | 2,276 | |||||||||
Electronic Equipment, Instruments & Components 1.6% | |||||||||||
Itron, Inc.* | 43,100 | 2,285 | |||||||||
Entertainment 1.5% | |||||||||||
Lions Gate Entertainment Corp. Class A | 33,400 | 516 | |||||||||
Lions Gate Entertainment Corp. Class B | 114,800 | 1,686 | |||||||||
2,202 | |||||||||||
Equity Real Estate Investment Trusts 0.9% | |||||||||||
CoreCivic, Inc. | 65,100 | 1,379 | |||||||||
Food Products 3.6% | |||||||||||
Hain Celestial Group, Inc.* | 117,900 | 2,319 | |||||||||
TreeHouse Foods, Inc.* | 48,300 | 2,926 | |||||||||
5,245 | |||||||||||
Health Care Equipment & Supplies 2.6% | |||||||||||
Zimmer Biomet Holdings, Inc. | 30,500 | 3,786 | |||||||||
Health Care Providers & Services 0.5% | |||||||||||
Molina Healthcare, Inc.* | 5,600 | 754 | |||||||||
Hotels, Restaurants & Leisure 7.2% | |||||||||||
International Game Technology PLC | 176,000 | 3,036 | |||||||||
MGM Resorts International | 104,800 | 2,804 | |||||||||
Wyndham Destinations, Inc. | 91,300 | 4,111 | |||||||||
Wyndham Hotels & Resorts, Inc. | 11,000 | 578 | |||||||||
10,529 | |||||||||||
Household Durables 1.9% | |||||||||||
Whirlpool Corp. | 19,800 | 2,802 | |||||||||
Independent Power and Renewable Electricity Producers 1.0% | |||||||||||
AES Corp. | 85,800 | 1,478 | |||||||||
IT Services 2.2% | |||||||||||
Amdocs Ltd. | 22,200 | 1,233 | |||||||||
Conduent, Inc.* | 138,500 | 2,025 | |||||||||
3,258 |
Number of Shares | Value (000's) | ||||||||||
Media 0.9% | |||||||||||
MSG Networks, Inc. Class A* | 57,600 | $ | 1,390 | ||||||||
Mortgage Real Estate Investment 2.7% | |||||||||||
Starwood Property Trust, Inc. | 174,400 | 3,912 | |||||||||
Oil, Gas & Consumable Fuels 7.6% | |||||||||||
Cabot Oil & Gas Corp. | 123,200 | 3,033 | |||||||||
Devon Energy Corp. | 81,300 | 2,399 | |||||||||
ONEOK, Inc. | 43,600 | 2,802 | |||||||||
Williams Cos., Inc. | 106,700 | 2,848 | |||||||||
11,082 | |||||||||||
Pharmaceuticals 1.1% | |||||||||||
Teva Pharmaceutical Industries Ltd. ADR* | 93,300 | 1,570 | |||||||||
Semiconductors & Semiconductor Equipment 3.1% | |||||||||||
Entegris, Inc. | 24,400 | 862 | |||||||||
ON Semiconductor Corp.* | 94,600 | 2,032 | |||||||||
Skyworks Solutions, Inc. | 19,900 | 1,625 | |||||||||
4,519 | |||||||||||
Software 4.2% | |||||||||||
Nuance Communications, Inc.* | 199,800 | 3,351 | |||||||||
Teradata Corp.* | 58,300 | 2,820 | |||||||||
6,171 | |||||||||||
Specialty Retail 4.1% | |||||||||||
Best Buy Co., Inc. | 24,700 | 1,701 | |||||||||
Chico's FAS, Inc. | 248,100 | 1,449 | |||||||||
Party City Holdco, Inc.* | 274,000 | 2,852 | |||||||||
6,002 | |||||||||||
Technology Hardware, Storage & Peripherals 1.6% | |||||||||||
Western Digital Corp. | 46,736 | 2,351 | |||||||||
Trading Companies & Distributors 3.0% | |||||||||||
AerCap Holdings NV* | 97,300 | 4,392 | |||||||||
Total Common Stocks (Cost $122,515) | 133,771 |
See Notes to Financial Statements
113
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 8.8% | |||||||||||
Investment Companies 8.8% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(a) (Cost $12,957) | 12,956,583 | $ | 12,957 | ||||||||
Total Investments 100.0% (Cost $135,472) | 146,728 | ||||||||||
Other Assets Less Liabilities 0.0%(b) | 62 | ||||||||||
Net Assets 100.0% | $ | 146,790 |
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2019.
(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 February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 133,771 | $ | — | $ | — | $ | 133,771 | |||||||||||
Short-Term Investments | — | 12,957 | — | 12,957 | |||||||||||||||
Total Investments | $ | 133,771 | $ | 12,957 | $ | — | $ | 146,728 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
114
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.2% | |||||||||||
Aerospace & Defense 5.9% | |||||||||||
Boeing Co. | 134,000 | $ | 58,955 | ||||||||
Raytheon Co. | 185,000 | 34,502 | |||||||||
93,457 | |||||||||||
Banks 4.7% | |||||||||||
JPMorgan Chase & Co. | 705,000 | 73,574 | |||||||||
Capital Markets 11.1% | |||||||||||
Brookfield Asset Management, Inc. Class A | 1,270,000 | 57,366 | |||||||||
Charles Schwab Corp. | 1,000,000 | 46,010 | |||||||||
Goldman Sachs Group, Inc. | 155,000 | 30,489 | |||||||||
Intercontinental Exchange, Inc. | 530,000 | 40,889 | |||||||||
174,754 | |||||||||||
Chemicals 3.3% | |||||||||||
Methanex Corp. | 350,000 | 19,740 | |||||||||
Sherwin-Williams Co. | 76,000 | 32,923 | |||||||||
52,663 | |||||||||||
Communications Equipment 8.4% | |||||||||||
Cisco Systems, Inc. | 1,210,000 | 62,642 | |||||||||
Motorola Solutions, Inc. | 485,000 | 69,413 | |||||||||
132,055 | |||||||||||
Containers & Packaging 2.6% | |||||||||||
Ball Corp. | 750,000 | 41,085 | |||||||||
Diversified Financial Services 5.2% | |||||||||||
Berkshire Hathaway, Inc. Class B* | 405,000 | 81,527 | |||||||||
Electrical Equipment 2.0% | |||||||||||
Rockwell Automation, Inc. | 175,000 | 31,248 | |||||||||
Entertainment 1.6% | |||||||||||
Activision Blizzard, Inc. | 595,000 | 25,073 | |||||||||
Food & Staples Retailing 4.3% | |||||||||||
US Foods Holding Corp.* | 1,940,000 | 68,366 | |||||||||
Food Products 1.4% | |||||||||||
Mondelez International, Inc. Class A | 465,000 | 21,929 |
Number of Shares | Value (000's) | ||||||||||
Health Care Equipment & Supplies 1.3% | |||||||||||
Hill-Rom Holdings, Inc. | 200,000 | $ | 21,210 | ||||||||
Health Care Providers & Services 5.9% | |||||||||||
CVS Health Corp. | 410,000 | 23,710 | |||||||||
HCA Healthcare, Inc. | 500,000 | 69,520 | |||||||||
93,230 | |||||||||||
Hotels, Restaurants & Leisure 2.1% | |||||||||||
McDonald's Corp. | 185,000 | 34,010 | |||||||||
Industrial Conglomerates 2.3% | |||||||||||
3M Co. | 175,000 | 36,293 | |||||||||
Insurance 3.6% | |||||||||||
Chubb Ltd. | 425,000 | 56,908 | |||||||||
Interactive Media & Services 4.7% | |||||||||||
Alphabet, Inc. Class C* | 66,000 | 73,915 | |||||||||
IT Services 2.1% | |||||||||||
PayPal Holdings, Inc.* | 335,000 | 32,853 | |||||||||
Machinery 3.6% | |||||||||||
Stanley Black & Decker, Inc. | 430,000 | 56,945 | |||||||||
Media 2.0% | |||||||||||
Comcast Corp. Class A | 810,000 | 31,323 | |||||||||
Oil, Gas & Consumable Fuel 1.9% | |||||||||||
EOG Resources, Inc. | 326,000 | 30,644 | |||||||||
Pharmaceuticals 2.3% | |||||||||||
Pfizer, Inc. | 830,000 | 35,981 | |||||||||
Road & Rail 4.1% | |||||||||||
CSX Corp. | 895,000 | 65,040 | |||||||||
Semiconductors & Semiconductor Equipment 2.2% | |||||||||||
Analog Devices, Inc. | 330,000 | 35,297 | |||||||||
Software 2.7% | |||||||||||
Microsoft Corp. | 380,000 | 42,571 | |||||||||
Specialty Retail 1.3% | |||||||||||
Lowe's Cos., Inc. | 190,000 | 19,967 | |||||||||
Technology Hardware, Storage & Peripherals 3.5% | |||||||||||
Apple, Inc. | 315,000 | 54,542 |
Number of Shares | Value (000's) | ||||||||||
Textiles, Apparel & Luxury Goods 2.1% | |||||||||||
NIKE, Inc. Class B | 395,000 | $ | 33,863 | ||||||||
Total Common Stocks (Cost $940,917) | 1,550,323 | ||||||||||
Short-Term Investments 2.0% | |||||||||||
Investment Companies 2.0% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(a) (Cost $31,424) | 31,424,296 | 31,424 | |||||||||
Total Investments 100.2% (Cost $972,341) | 1,581,747 | ||||||||||
Liabilities Less Other Assets (0.2)% | (3,369 | ) | |||||||||
Net Assets 100.0% | $ | 1,578,378 |
See Notes to Financial Statements
115
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,550,323 | $ | — | $ | — | $ | 1,550,323 | |||||||||||
Short-Term Investments | — | 31,424 | — | 31,424 | |||||||||||||||
Total Investments | $ | 1,550,323 | $ | 31,424 | $ | — | $ | 1,581,747 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
116
Schedule of Investments Real Estate Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 98.0% | |||||||||||
Apartments 14.3% | |||||||||||
Apartment Investment & Management Co. Class A | 298,773 | $ | 14,619 | ||||||||
Equity Residential | 336,600 | 24,804 | |||||||||
Essex Property Trust, Inc. | 81,267 | 22,742 | |||||||||
62,165 | |||||||||||
Data Centers 10.2% | |||||||||||
CyrusOne, Inc. | 174,529 | 8,699 | |||||||||
Digital Realty Trust, Inc. | 110,567 | 12,507 | |||||||||
Equinix, Inc. | 55,037 | 23,308 | |||||||||
44,514 | |||||||||||
Free Standing 3.8% | |||||||||||
Four Corners Property Trust, Inc. | 236,381 | 6,474 | |||||||||
National Retail Properties, Inc. | 190,269 | 9,913 | |||||||||
16,387 | |||||||||||
Health Care 8.0% | |||||||||||
HCP, Inc. | 360,847 | 11,103 | |||||||||
Healthcare Trust of America, Inc. Class A | 330,554 | 9,417 | |||||||||
Welltower, Inc. | 190,994 | 14,193 | |||||||||
34,713 | |||||||||||
Hotels, Restaurants & Leisure 1.5% | |||||||||||
Hyatt Hotels Corp. Class A | 91,852 | 6,684 | |||||||||
Industrial 9.2% | |||||||||||
Liberty Property Trust | 229,774 | 10,875 | |||||||||
Prologis, Inc. | 325,605 | 22,812 | |||||||||
Rexford Industrial Realty, Inc. | 188,596 | 6,465 | |||||||||
40,152 | |||||||||||
Infrastructure 15.8% | |||||||||||
American Tower Corp. | 196,551 | 34,622 | |||||||||
Crown Castle International Corp. | 158,618 | 18,836 | |||||||||
SBA Communications Corp.* | 84,523 | 15,262 | |||||||||
68,720 |
Number of Shares | Value (000's) | ||||||||||
IT Services 1.1% | |||||||||||
InterXion Holding NV* | 70,479 | $ | 4,616 | ||||||||
Lodging/Resorts 1.4% | |||||||||||
Pebblebrook Hotel Trust | 194,667 | 6,231 | |||||||||
Manufactured Homes 5.4% | |||||||||||
Equity LifeStyle Properties, Inc. | 127,123 | 13,811 | |||||||||
Sun Communities, Inc. | 84,477 | 9,594 | |||||||||
23,405 | |||||||||||
Office 7.6% | |||||||||||
Alexandria Real Estate Equities, Inc. | 96,688 | 13,139 | |||||||||
Douglas Emmett, Inc. | 314,243 | 12,130 | |||||||||
Highwoods Properties, Inc. | 164,041 | 7,596 | |||||||||
32,865 | |||||||||||
Real Estate Management & Development 1.5% | |||||||||||
Brookfield Asset Management, Inc. Class A | 147,234 | 6,651 | |||||||||
Regional Malls 5.2% | |||||||||||
Macerich Co. | 99,993 | 4,360 | |||||||||
Simon Property Group, Inc. | 99,481 | 18,022 | |||||||||
22,382 | |||||||||||
Self Storage 4.2% | |||||||||||
Extra Space Storage, Inc. | 87,950 | 8,438 | |||||||||
Public Storage | 45,396 | 9,601 | |||||||||
18,039 | |||||||||||
Shopping Centers 2.9% | |||||||||||
Kimco Realty Corp. | 260,421 | 4,581 | |||||||||
Regency Centers Corp. | 125,012 | 8,157 | |||||||||
12,738 | |||||||||||
Single Family Homes 3.5% | |||||||||||
American Homes 4 Rent Class A | 693,720 | 15,151 | |||||||||
Timber 2.4% | |||||||||||
Weyerhaeuser Co. | 410,974 | 10,229 | |||||||||
Total Common Stocks (Cost $385,024) | 425,642 |
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 1.1% | |||||||||||
Investment Companies 1.1% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(a) (Cost $4,594) | 4,593,869 | $ | 4,594 | ||||||||
Total Investments 99.1% (Cost $389,618) | 430,236 | ||||||||||
Other Assets Less Liabilities 0.9% | 3,950 | ||||||||||
Net Assets 100.0% | $ | 434,186 |
See Notes to Financial Statements
117
Schedule of Investments Real Estate Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 425,642 | $ | — | $ | — | $ | 425,642 | |||||||||||
Short-Term Investments | — | 4,594 | — | 4,594 | |||||||||||||||
Total Investments | $ | 425,642 | $ | 4,594 | $ | — | $ | 430,236 |
(a) The Schedule of Investments provides information on the sector categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
118
Schedule of Investments Small Cap Growth Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 92.4% | |||||||||||
Aerospace & Defense 2.7% | |||||||||||
Axon Enterprise, Inc.* | 16,500 | $ | 888 | ||||||||
Cubic Corp. | 15,000 | 926 | |||||||||
Teledyne Technologies, Inc.* | 5,000 | 1,180 | |||||||||
2,994 | |||||||||||
Airlines 0.8% | |||||||||||
Spirit Airlines, Inc.* | 16,500 | 928 | |||||||||
Auto Components 0.7% | |||||||||||
Dorman Products, Inc.* | 10,000 | 809 | |||||||||
Banks 2.8% | |||||||||||
Pinnacle Financial Partners, Inc. | 12,500 | 734 | |||||||||
Seacoast Banking Corp. of Florida* | 48,500 | 1,407 | |||||||||
TCF Financial Corp. | 40,000 | 916 | |||||||||
3,057 | |||||||||||
Beverages 1.0% | |||||||||||
MGP Ingredients, Inc.(a) | 14,000 | 1,146 | |||||||||
Biotechnology 19.7% | |||||||||||
ACADIA Pharmaceuticals, Inc.* | 20,000 | 530 | |||||||||
Agios Pharmaceuticals, Inc.* | 10,000 | 649 | |||||||||
Alder Biopharmaceuticals, Inc.* | 82,000 | 1,051 | |||||||||
Amarin Corp. PLC ADR*(a) | 59,000 | 1,208 | |||||||||
Amicus Therapeutics, Inc.*(a) | 226,000 | 2,734 | |||||||||
Arena Pharmaceuticals, Inc.* | 13,500 | 674 | |||||||||
Argenx SE ADR* | 8,500 | 1,133 | |||||||||
Array BioPharma, Inc.* | 20,000 | 459 | |||||||||
Audentes Therapeutics, Inc.* | 9,000 | 275 | |||||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 20,000 | 880 | |||||||||
Blueprint Medicines Corp.* | 15,000 | 1,233 |
Number of Shares | Value (000's) | ||||||||||
CareDx, Inc.* | 65,000 | $ | 2,023 | ||||||||
Clovis Oncology, Inc.* | 8,000 | 242 | |||||||||
Fate Therapeutics, Inc.* | 60,000 | 942 | |||||||||
FibroGen, Inc.* | 7,100 | 410 | |||||||||
Genomic Health, Inc.* | 7,000 | 532 | |||||||||
Global Blood Therapeutics, Inc.* | 44,000 | 2,310 | |||||||||
ImmunoGen, Inc.* | 15,000 | 71 | |||||||||
Immunomedics, Inc.*(a) | 50,000 | 788 | |||||||||
Mirati Therapeutics, Inc.*(a) | 15,000 | 1,092 | |||||||||
MorphoSys AG ADR* | 20,000 | 515 | |||||||||
REGENXBIO, Inc.* | 7,000 | 362 | |||||||||
Repligen Corp.* | 25,000 | 1,488 | |||||||||
Stemline Therapeutics, Inc.* | 30,000 | 329 | |||||||||
21,930 | |||||||||||
Building Products 3.0% | |||||||||||
AAON, Inc. | 26,000 | 1,036 | |||||||||
Resideo Technologies, Inc.* | 40,000 | 1,028 | |||||||||
Trex Co, Inc.* | 16,500 | 1,237 | |||||||||
3,301 | |||||||||||
Chemicals 1.2% | |||||||||||
Ingevity Corp.* | 12,000 | 1,383 | |||||||||
Commercial Services & Supplies 2.4% | |||||||||||
Casella Waste Systems, Inc. Class A* | 43,000 | 1,517 | |||||||||
MSA Safety, Inc. | 11,000 | 1,137 | |||||||||
2,654 | |||||||||||
Construction & Engineering 0.9% | |||||||||||
MasTec, Inc.* | 22,000 | 950 | |||||||||
Consumer Finance 0.7% | |||||||||||
Green Dot Corp. Class A* | 12,500 | 807 | |||||||||
Diversified Consumer Services 3.6% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 8,000 | 992 | |||||||||
Chegg, Inc.* | 46,000 | 1,823 | |||||||||
Grand Canyon Education, Inc.* | 10,500 | 1,215 | |||||||||
4,030 |
Number of Shares | Value (000's) | ||||||||||
Entertainment 2.4% | |||||||||||
Glu Mobile, Inc.* | 120,000 | $ | 1,078 | ||||||||
Marcus Corp. | 21,000 | 890 | |||||||||
World Wrestling Entertainment, Inc. Class A | 8,500 | 711 | |||||||||
2,679 | |||||||||||
Health Care Equipment & Supplies 2.4% | |||||||||||
Nevro Corp.* | 10,000 | 461 | |||||||||
Oxford Immunotec Global PLC* | 80,000 | 1,335 | |||||||||
Wright Medical Group NV* | 28,000 | 877 | |||||||||
2,673 | |||||||||||
Health Care Providers & Services 2.8% | |||||||||||
R1 RCM, Inc.* | 310,000 | 3,066 | |||||||||
Health Care Technology 1.7% | |||||||||||
Inspire Medical Systems, Inc.* | 31,000 | 1,922 | |||||||||
Hotels, Restaurants & Leisure 4.2% | |||||||||||
Eldorado Resorts, Inc.* | 29,000 | 1,398 | |||||||||
Hilton Grand Vacations, Inc.* | 24,000 | 763 | |||||||||
Planet Fitness, Inc. Class A* | 21,000 | 1,235 | |||||||||
Red Rock Resorts, Inc. Class A | 43,000 | 1,209 | |||||||||
4,605 | |||||||||||
Household Durables 0.7% | |||||||||||
Skyline Champion Corp. | 40,000 | 794 | |||||||||
Insurance 1.1% | |||||||||||
Primerica, Inc. | 10,000 | 1,250 | |||||||||
Internet & Direct Marketing Retail 1.8% | |||||||||||
Etsy, Inc.* | 28,000 | 1,996 | |||||||||
IT Services 1.0% | |||||||||||
MongoDB, Inc.*(a) | 10,500 | 1,066 | |||||||||
Life Sciences Tools & Services 3.0% | |||||||||||
Fluidigm Corp.* | 297,902 | 3,295 | |||||||||
Machinery 2.3% | |||||||||||
Altra Industrial Motion Corp. | 17,000 | 541 | |||||||||
Proto Labs, Inc.* | 3,000 | 339 | |||||||||
Rexnord Corp.* | 34,000 | 907 | |||||||||
Woodward, Inc. | 8,000 | 770 | |||||||||
2,557 | |||||||||||
Marine 0.7% | |||||||||||
Kirby Corp.* | 10,000 | 742 |
See Notes to Financial Statements
119
Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Multiline Retail 1.4% | |||||||||||
Ollie's Bargain Outlet Holdings, Inc.* | 17,500 | $ | 1,544 | ||||||||
Pharmaceuticals 2.0% | |||||||||||
Aerie Pharmaceuticals, Inc.* | 47,000 | 2,194 | |||||||||
Professional Services 2.0% | |||||||||||
Exponent, Inc. | 22,000 | 1,246 | |||||||||
Insperity, Inc. | 8,000 | 1,010 | |||||||||
2,256 | |||||||||||
Road & Rail 1.2% | |||||||||||
Genesee & Wyoming, Inc. Class A* | 16,000 | 1,312 | |||||||||
Semiconductors & Semiconductor Equipment 2.5% | |||||||||||
Mellanox Technologies Ltd.* | 5,000 | 537 | |||||||||
Monolithic Power Systems, Inc. | 6,000 | 805 | |||||||||
Semtech Corp.* | 25,000 | 1,376 | |||||||||
2,718 | |||||||||||
Software 14.8% | |||||||||||
Alteryx, Inc. Class A*(a) | 21,000 | 1,602 |
Number of Shares | Value (000's) | ||||||||||
Coupa Software, Inc.* | 16,500 | $ | 1,554 | ||||||||
Descartes Systems Group, Inc.* | 43,500 | 1,502 | |||||||||
Everbridge, Inc.* | 21,200 | 1,499 | |||||||||
HubSpot, Inc.* | 10,000 | 1,684 | |||||||||
New Relic, Inc.* | 14,500 | 1,533 | |||||||||
Q2 Holdings, Inc.* | 21,000 | 1,445 | |||||||||
RingCentral, Inc. Class A* | 6,000 | 632 | |||||||||
SailPoint Technologies Holding, Inc.* | 43,500 | 1,342 | |||||||||
Trade Desk, Inc. Class A* | 9,100 | 1,798 | |||||||||
Zendesk, Inc.* | 6,500 | 514 | |||||||||
Zscaler, Inc.* | 27,000 | 1,341 | |||||||||
16,446 | |||||||||||
Specialty Retail 1.9% | |||||||||||
Five Below, Inc.* | 8,500 | 1,023 | |||||||||
Monro, Inc. | 14,500 | 1,107 | |||||||||
2,130 | |||||||||||
Technology Hardware, Storage & Peripherals 1.1% | |||||||||||
Pure Storage, Inc. Class A* | 61,000 | 1,249 | |||||||||
Tobacco 1.2% | |||||||||||
Turning Point Brands, Inc. | 33,000 | 1,349 |
Number of Shares | Value (000's) | ||||||||||
Trading Companies & Distributors 0.7% | |||||||||||
Air Lease Corp. | 22,000 | $ | 822 | ||||||||
Total Common Stocks (Cost $84,860) | 102,654 | ||||||||||
Short-Term Investments 12.3% | |||||||||||
Investment Companies 12.3% | |||||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%(b) | 8,340,702 | 8,341 | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(b)(c) | 5,289,259 | 5,289 | |||||||||
Total Short-Term Investments (Cost $13,630) | 13,630 | ||||||||||
Total Investments 104.7% (Cost $98,490) | 116,284 | ||||||||||
Liabilities Less Other Assets (4.7)% | (5,213 | ) | |||||||||
Net Assets 100.0% | $ | 111,071 |
* Non-income producing security.
(a) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $5,036,000 for the Fund (see Note A of the Notes to Financial Statements).
(b) Represents 7-day effective yield as of February 28, 2019.
(c) Represents investment of cash collateral received from securities lending.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 102,654 | $ | — | $ | — | $ | 102,654 | |||||||||||
Short-Term Investments | — | 13,630 | — | 13,630 | |||||||||||||||
Total Investments | $ | 102,654 | $ | 13,630 | $ | — | $ | 116,284 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
120
Schedule of Investments Sustainable Equity Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 99.0% | |||||||||||
Airlines 1.5% | |||||||||||
Ryanair Holdings PLC ADR* | 394,118 | $ | 29,378 | ||||||||
Auto Components 3.2% | |||||||||||
Aptiv PLC | 766,772 | 63,726 | |||||||||
Banks 5.6% | |||||||||||
JPMorgan Chase & Co. | 562,455 | 58,698 | |||||||||
U.S. Bancorp | 1,021,149 | 52,783 | |||||||||
111,481 | |||||||||||
Capital Markets 3.4% | |||||||||||
Intercontinental Exchange, Inc. | 876,862 | 67,650 | |||||||||
Chemicals 2.2% | |||||||||||
Sherwin-Williams Co. | 101,955 | 44,167 | |||||||||
Consumer Finance 2.1% | |||||||||||
American Express Co. | 380,197 | 40,962 | |||||||||
Energy Equipment & Services 1.7% | |||||||||||
Schlumberger Ltd. | 757,581 | 33,379 | |||||||||
Equity Real Estate Investment Trusts 1.9% | |||||||||||
Weyerhaeuser Co. | 1,492,274 | 37,143 | |||||||||
Food & Staples Retailing 3.5% | |||||||||||
Kroger Co. | 2,360,065 | 69,221 | |||||||||
Health Care Equipment & Supplies 11.2% | |||||||||||
Becton, Dickinson & Co. | 295,435 | 73,502 | |||||||||
Danaher Corp. | 729,233 | 92,627 | |||||||||
Medtronic PLC | 617,207 | 55,857 | |||||||||
221,986 | |||||||||||
Health Care Providers & Services 7.2% | |||||||||||
AmerisourceBergen Corp. | 747,151 | 62,238 | |||||||||
Cigna Corp. | 278,426 | 48,568 | |||||||||
Premier, Inc. Class A* | 885,294 | 32,384 | |||||||||
143,190 | |||||||||||
Hotels, Restaurants & Leisure 2.4% | |||||||||||
Compass Group PLC | 2,128,017 | 46,995 | |||||||||
Industrial Conglomerates 3.2% | |||||||||||
3M Co. | 309,570 | 64,202 | |||||||||
Insurance 4.3% | |||||||||||
Progressive Corp. | 1,164,805 | 84,914 | |||||||||
Interactive Media & Services 3.1% | |||||||||||
Alphabet, Inc. Class A* | 55,412 | 62,424 |
Number of Shares | Value (000's) | ||||||||||
Internet & Direct Marketing Retail 3.1% | |||||||||||
eBay, Inc. | 1,655,994 | $ | 61,520 | ||||||||
IT Services 5.4% | |||||||||||
Cognizant Technology Solutions Corp. Class A | 929,911 | 66,005 | |||||||||
MasterCard, Inc. Class A | 185,955 | 41,797 | |||||||||
107,802 | |||||||||||
Machinery 2.7% | |||||||||||
Stanley Black & Decker, Inc. | 399,719 | 52,935 | |||||||||
Media 4.7% | |||||||||||
Comcast Corp. Class A | 2,441,897 | 94,428 | |||||||||
Oil, Gas & Consumable Fuels 3.5% | |||||||||||
Cimarex Energy Co. | 148,339 | 10,667 | |||||||||
EQT Corp. | 816,984 | 14,804 | |||||||||
Equitrans Midstream Corp. | 653,587 | 11,529 | |||||||||
Noble Energy, Inc. | 1,482,044 | 32,827 | |||||||||
69,827 | |||||||||||
Personal Products 3.0% | |||||||||||
Unilever NV | 1,097,477 | 59,242 | |||||||||
Pharmaceuticals 2.7% | |||||||||||
Roche Holding AG | 193,570 | 53,782 | |||||||||
Professional Services 1.6% | |||||||||||
ManpowerGroup, Inc. | 373,326 | 31,453 | |||||||||
Semiconductors & Semiconductor Equipment 3.8% | |||||||||||
Texas Instruments, Inc. | 712,218 | 75,338 | |||||||||
Software 2.3% | |||||||||||
Intuit, Inc. | 185,544 | 45,853 | |||||||||
Specialty Chemicals 2.1% | |||||||||||
Novozymes A/S B Shares | 904,110 | 41,047 | |||||||||
Specialty Retail 4.0% | |||||||||||
Advance Auto Parts, Inc. | 495,580 | 80,175 | |||||||||
Textiles, Apparel & Luxury Goods 1.6% | |||||||||||
Gildan Activewear, Inc. | 906,454 | 32,333 | |||||||||
Trading Companies & Distributors 2.0% | |||||||||||
W.W. Grainger, Inc. | 132,144 | 40,274 | |||||||||
Total Common Stocks (Cost $1,405,255) | 1,966,827 |
Principal Amount | Value (000's) | ||||||||||
Short-Term Investments 0.8% | |||||||||||
Certificates of Deposit 0.0%(a) | |||||||||||
Carver Federal Savings Bank, 0.25%, due 3/23/2019 | $ | 100,000 | $ | 100 | |||||||
Self Help Federal Credit Union, 0.25%, due 3/24/2019 | 250,000 | 250 | |||||||||
Self Help Credit Union, 0.25%, due 5/16/2019 | 250,000 | 250 | |||||||||
600 | |||||||||||
Number of Shares | |||||||||||
Investment Companies 0.8% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(b) | 15,250,657 | 15,251 | |||||||||
Total Short-Term Investments (Cost $15,851) | 15,851 | ||||||||||
Total Investments 99.8% (Cost $1,421,106) | 1,982,678 | ||||||||||
Other Assets Less Liabilities 0.2% | 4,106 | ||||||||||
Net Assets 100.0% | $ | 1,986,784 |
See Notes to Financial Statements
121
Schedule of Investments Sustainable Equity Fund^ (Unaudited) (cont'd)
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) Represents 7-day effective yield as of February 28, 2019.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 1,966,827 | $ | — | $ | — | $ | 1,966,827 | |||||||||||
Short-Term Investments | — | 15,851 | — | 15,851 | |||||||||||||||
Total Investments | $ | 1,966,827 | $ | 15,851 | $ | — | $ | 1,982,678 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
122
Schedule of Investments Value Fund^ (Unaudited) February 28, 2019
Number of Shares | Value (000's) | ||||||||||
Common Stocks 86.2% | |||||||||||
Aerospace & Defense 0.9% | |||||||||||
United Technologies Corp. | 1,578 | $ | 198 | ||||||||
Banks 6.1% | |||||||||||
JPMorgan Chase & Co. | 9,401 | 981 | |||||||||
M&T Bank Corp. | 1,046 | 181 | |||||||||
PNC Financial Services Group, Inc. | 233 | 29 | |||||||||
Wells Fargo & Co. | 2,485 | 124 | |||||||||
1,315 | |||||||||||
Capital Markets 1.4% | |||||||||||
CME Group, Inc. | 1,714 | 312 | |||||||||
Communications Equipment 0.5% | |||||||||||
Cisco Systems, Inc. | 2,213 | 115 | |||||||||
Diversified Telecommunication Services 5.3% | |||||||||||
AT&T, Inc. | 15,814 | 492 | |||||||||
Verizon Communications, Inc. | 11,756 | 669 | |||||||||
1,161 | |||||||||||
Electric Utilities 8.1% | |||||||||||
American Electric Power Co., Inc. | 4,874 | 396 | |||||||||
Evergy, Inc. | 3,579 | 200 | |||||||||
Exelon Corp. | 10,509 | 511 | |||||||||
FirstEnergy Corp. | 10,808 | 440 | |||||||||
NextEra Energy, Inc. | 1,120 | 210 | |||||||||
1,757 | |||||||||||
Electrical Equipment 1.1% | |||||||||||
Emerson Electric Co. | 3,364 | 229 | |||||||||
Equity Real Estate Investment Trusts 5.6% | |||||||||||
Equity Residential | 5,587 | 412 | |||||||||
Prologis, Inc. | 4,547 | 318 | |||||||||
Public Storage | 1,430 | 302 | |||||||||
Simon Property Group, Inc. | 976 | 177 | |||||||||
1,209 | |||||||||||
Food & Staples Retailing 2.9% | |||||||||||
Walgreens Boots Alliance, Inc. | 1,166 | 83 | |||||||||
Walmart, Inc. | 5,515 | 546 | |||||||||
629 |
Number of Shares | Value (000's) | ||||||||||
Food Products 3.1% | |||||||||||
Mondelez International, Inc. Class A | 14,303 | $ | 675 | ||||||||
Health Care Equipment & Supplies 1.6% | |||||||||||
Abbott Laboratories | 4,402 | 342 | |||||||||
Health Care Providers & Services 5.8% | |||||||||||
Centene Corp.* | 5,300 | 323 | |||||||||
Cigna Corp. | 1,468 | 256 | |||||||||
CVS Health Corp. | 1,446 | 83 | |||||||||
HCA Healthcare, Inc. | 4,335 | 603 | |||||||||
1,265 | |||||||||||
Household Durables 1.9% | |||||||||||
Lennar Corp. Class A | 1,961 | 94 | |||||||||
PulteGroup, Inc. | 5,224 | 141 | |||||||||
Toll Brothers, Inc. | 4,692 | 167 | |||||||||
402 | |||||||||||
Household Products 3.8% | |||||||||||
Church & Dwight Co., Inc. | 1,361 | 90 | |||||||||
Procter & Gamble Co. | 7,462 | 735 | |||||||||
825 | |||||||||||
Industrial Conglomerates 1.6% | |||||||||||
General Electric Co. | 20,978 | 218 | |||||||||
Honeywell International, Inc. | 811 | 125 | |||||||||
343 | |||||||||||
Insurance 5.6% | |||||||||||
American Equity Investment Life Holding Co. | 1,611 | 51 | |||||||||
Aon PLC | 1,552 | 266 | |||||||||
Assurant, Inc. | 1,639 | 169 | |||||||||
Athene Holding Ltd. Class A* | 5,151 | 229 | |||||||||
Chubb Ltd. | 2,589 | 347 | |||||||||
Hartford Financial Services Group, Inc. | 3,254 | 161 | |||||||||
1,223 | |||||||||||
Machinery 1.0% | |||||||||||
Caterpillar, Inc. | 779 | 107 | |||||||||
Deere & Co. | 575 | 95 | |||||||||
Wabtec Corp.(a) | 112 | 8 | |||||||||
210 |
Number of Shares | Value (000's) | ||||||||||
Media 0.6% | |||||||||||
Comcast Corp. Class A | 3,646 | $ | 141 | ||||||||
Metals & Mining 7.2% | |||||||||||
Barrick Gold Corp. | 11,449 | 145 | |||||||||
BHP Group Ltd. ADR(b) | 10,047 | 532 | |||||||||
Newmont Mining Corp. | 24,215 | 826 | |||||||||
Rio Tinto PLC ADR | 840 | 49 | |||||||||
Southern Copper Corp. | 625 | 22 | |||||||||
1,574 | |||||||||||
Multi-Utilities 3.6% | |||||||||||
Dominion Energy, Inc. | 1,476 | 109 | |||||||||
DTE Energy Co. | 3,679 | 455 | |||||||||
Sempra Energy | 1,759 | 212 | |||||||||
776 | |||||||||||
Oil, Gas & Consumable Fuels 8.5% | |||||||||||
Cabot Oil & Gas Corp. | 12,372 | 305 | |||||||||
Chevron Corp. | 250 | 30 | |||||||||
EOG Resources, Inc. | 4,813 | 452 | |||||||||
Exxon Mobil Corp. | 12,155 | 961 | |||||||||
Valero Energy Corp. | 1,254 | 102 | |||||||||
1,850 | |||||||||||
Pharmaceuticals 7.0% | |||||||||||
Johnson & Johnson | 4,216 | 576 | |||||||||
Merck & Co., Inc. | 5,126 | 417 | |||||||||
Pfizer, Inc. | 12,365 | 536 | |||||||||
1,529 | |||||||||||
Software 0.2% | |||||||||||
Cadence Design Systems, Inc.* | 760 | 43 | |||||||||
Specialty Retail 1.3% | |||||||||||
Tiffany & Co. | 2,861 | 272 | |||||||||
Textiles, Apparel & Luxury Goods 0.5% | |||||||||||
lululemon Athletica, Inc.* | 774 | 116 | |||||||||
Wireless Telecommunication Services 1.0% | |||||||||||
T-Mobile US, Inc.* | 2,859 | 206 | |||||||||
Total Common Stocks (Cost $17,331) | 18,717 |
See Notes to Financial Statements
123
Schedule of Investments Value Fund^ (Unaudited) (cont'd)
Number of Shares | Value (000's) | ||||||||||
Short-Term Investments 14.4% | |||||||||||
Investment Companies 14.4% | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%(c)(d) | 2,578,722 | $ | 2,579 | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%(c)(e) | 557,498 | 557 | |||||||||
Total Short-Term Investments (Cost $3,136) | 3,136 | ||||||||||
Total Investments 100.6% (Cost $20,467) | 21,853 | ||||||||||
Liabilities Less Other Assets (0.6)% | (131 | ) | |||||||||
Net Assets 100.0% | $ | 21,722 |
* Non-income producing security.
(a) All or a portion of this security was purchased on a delayed delivery basis.
(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $531,000 for the Fund (see Note A of the Notes to Financial Statements).
(c) Represents 7-day effective yield as of February 28, 2019.
(d) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of approximately $2,579,000.
(e) Represents investment of cash collateral received from securities lending.
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:
Asset Valuation Inputs | |||||||||||||||||||
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks(a) | $ | 18,717 | $ | — | $ | — | $ | 18,717 | |||||||||||
Short-Term Investments | — | 3,136 | — | 3,136 | |||||||||||||||
Total Investments | $ | 18,717 | $ | 3,136 | $ | — | $ | 21,853 |
(a) The Schedule of Investments provides information on the industry categorization for the portfolio.
^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
124
Statements of Assets and Liabilities (Unaudited)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers(a) | $ | 53,026 | $ | 1,487,268 | $ | 1,454,276 | $ | 692,889 | $ | 9,160,968 | $ | 4,689 | $ | 3,786 | $ | 49,646 | $ | 1,170,682 | $ | 1,698,043 | |||||||||||||||||||||||
Affiliated issuers(b) | — | — | — | — | 844,672 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
53,026 | 1,487,268 | 1,454,276 | 692,889 | 10,005,640 | 4,689 | 3,786 | 49,646 | 1,170,682 | 1,698,043 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | 1,253 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency(c) | — | 11 | — | — | — | — | 2 | 2,619 | — | 1 | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 115 | 4,172 | 5,107 | 662 | 7,947 | 8 | 9 | — | 2,097 | 4,545 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | 808 | 212 | — | — | 15,532 | �� | 11 | — | 440 | 16,943 | — | ||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 129 | 1,544 | 330 | 19 | 65,890 | — | — | — | 29 | 614 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | 14 | — | — | — | — | 27 | 24 | 9 | — | — | |||||||||||||||||||||||||||||||||
Receivable for securities lending income (Note A) | — | 2 | — | — | — | — | — | — | 17 | 6 | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 33 | 92 | 39 | 59 | 216 | 15 | 27 | 17 | 117 | 106 | |||||||||||||||||||||||||||||||||
Total Assets | 54,125 | 1,493,301 | 1,459,752 | 693,629 | 10,096,478 | 4,750 | 3,848 | 52,731 | 1,189,885 | 1,703,315 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 20 | 1,049 | 546 | 276 | 5,004 | 2 | 2 | 44 | 451 | 906 | |||||||||||||||||||||||||||||||||
Option contracts written, at value(d) (Note A) | — | — | 882 | — | — | — | — | — | 1,276 | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | — | 8,793 | — | — | 3,213 | — | — | 251 | 1,108 | — | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 56 | 1,241 | 1,295 | 249 | 93,926 | — | — | 1 | 335 | 812 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | — | 205 | 383 | 147 | 1,297 | — | — | — | 237 | 105 | |||||||||||||||||||||||||||||||||
Payable to trustees | 3 | 2 | 2 | 2 | — | 3 | 3 | 3 | 2 | 2 | |||||||||||||||||||||||||||||||||
Payable for loaned securities collateral (Note A) | — | 17,221 | — | — | — | — | — | — | 12,311 | 24,605 | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 69 | 380 | 181 | 191 | 859 | 72 | 72 | 86 | 279 | 178 | |||||||||||||||||||||||||||||||||
Total Liabilities | 148 | 28,891 | 3,289 | 865 | 104,299 | 77 | 77 | 385 | 15,999 | 26,608 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 53,977 | $ | 1,464,410 | $ | 1,456,463 | $ | 692,764 | $ | 9,992,179 | $ | 4,673 | $ | 3,771 | $ | 52,346 | $ | 1,173,886 | $ | 1,676,707 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 49,995 | $ | 1,425,859 | $ | 1,171,626 | $ | 580,110 | $ | 5,320,519 | $ | 3,791 | $ | 3,534 | $ | 65,047 | $ | 945,593 | $ | 1,595,961 | |||||||||||||||||||||||
Total distributable earnings/(losses) | 3,982 | 38,551 | 284,837 | 112,654 | 4,671,660 | 882 | 237 | (12,701 | ) | 228,293 | 80,746 | ||||||||||||||||||||||||||||||||
Net Assets | $ | 53,977 | $ | 1,464,410 | $ | 1,456,463 | $ | 692,764 | $ | 9,992,179 | $ | 4,673 | $ | 3,771 | $ | 52,346 | $ | 1,173,886 | $ | 1,676,707 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 627,832 | $ | 1,631,892 | $ | — | $ | — | $ | — | $ | 1,043,657 | $ | 96,008 | |||||||||||||||||||||||
Trust Class | — | — | — | 49,888 | 1,324,914 | — | — | — | 47,188 | 32,931 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 1,682 | 165,836 | — | — | — | 154 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 49,299 | 1,240,477 | 1,120,557 | 8,938 | 2,804,952 | 4,255 | 3,141 | 45,254 | 76,823 | 1,403,289 | |||||||||||||||||||||||||||||||||
Class A | 1,649 | 44,614 | 116,086 | 3,051 | — | 314 | 317 | 6,907 | 3,876 | 54,591 | |||||||||||||||||||||||||||||||||
Class C | 3,003 | 10,613 | 218,207 | 1,373 | — | 104 | 313 | 185 | 1,952 | 10,802 | |||||||||||||||||||||||||||||||||
Class R3 | — | 1,032 | 1,613 | — | — | — | — | — | 236 | — | |||||||||||||||||||||||||||||||||
Class R6 | 26 | 167,674 | — | — | 4,064,585 | — | — | — | — | 79,086 |
See Notes to Financial Statements
125
126
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 24,911 | 29,654 | — | — | — | 64,145 | 7,813 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 1,980 | 24,063 | — | — | — | 2,900 | 2,680 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 67 | 3,020 | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 3,918 | 64,902 | 88,417 | 354 | 51,067 | 564 | 286 | 4,840 | 4,720 | 114,220 | |||||||||||||||||||||||||||||||||
Class A | 131 | 2,325 | 9,197 | 121 | — | 41 | 29 | 743 | 238 | 4,443 | |||||||||||||||||||||||||||||||||
Class C | 239 | 552 | 17,416 | 55 | — | 14 | 29 | 21 | 121 | 881 | |||||||||||||||||||||||||||||||||
Class R3 | — | 54 | 128 | — | — | — | — | — | 15 | — | |||||||||||||||||||||||||||||||||
Class R6 | 2 | 8,774 | — | — | 74,074 | — | — | — | — | 6,433 | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 25.20 | $ | 55.03 | $ | — | $ | — | $ | — | $ | 16.27 | $ | 12.29 | |||||||||||||||||||||||
Trust Class | — | — | — | 25.19 | 55.06 | — | — | — | 16.27 | 12.29 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 25.20 | 54.92 | — | — | — | 16.23 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 12.58 | 19.11 | 12.67 | 25.22 | 54.93 | 7.54 | 10.97 | 9.35 | 16.28 | 12.29 | |||||||||||||||||||||||||||||||||
Class R3 | — | 19.24 | 12.59 | — | — | — | — | — | 16.24 | — | |||||||||||||||||||||||||||||||||
Class R6 | 12.59 | 19.11 | — | — | 54.87 | — | — | — | — | 12.29 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 12.61 | $ | 19.19 | $ | 12.62 | $ | 25.18 | $ | — | $ | 7.60 | $ | 10.96 | $ | 9.29 | $ | 16.27 | $ | 12.29 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 13.38 | $ | 20.36 | $ | 13.39 | $ | 26.72 | $ | — | $ | 8.06 | $ | 11.63 | $ | 9.86 | $ | 17.26 | $ | 13.04 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 12.55 | $ | 19.22 | $ | 12.53 | $ | 25.00 | $ | — | $ | 7.58 | $ | 10.93 | $ | 8.79 | $ | 16.18 | $ | 12.26 | |||||||||||||||||||||||
†Securities on loan, at value: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | 16,656 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,130 | $ | 23,352 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
(a) Unaffiliated issuers | $ | 47,963 | $ | 1,375,156 | $ | 1,190,910 | $ | 578,079 | $ | 5,100,815 | $ | 3,833 | $ | 3,517 | $ | 50,725 | $ | 947,835 | $ | 1,607,323 | |||||||||||||||||||||||
(b) Affiliated issuers | — | — | — | — | 509,706 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 47,963 | $ | 1,375,156 | $ | 1,190,910 | $ | 578,079 | $ | 5,610,521 | $ | 3,833 | $ | 3,517 | $ | 50,725 | $ | 947,835 | $ | 1,607,323 | |||||||||||||||||||||||
(c) Total cost of foreign currency | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | 2,595 | $ | — | $ | 1 | |||||||||||||||||||||||
(d) Premium received from option contracts written | $ | — | $ | — | $ | 673 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,325 | $ | — |
‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.
^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See Notes to Financial Statements
127
128
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SUSTAINABLE EQUITY FUND | ||||||||||||||||||||||||||||||||||
February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers(a) | $ | 163,153 | $ | 6,033 | $ | 653,980 | $ | 1,574,221 | $ | 1,377,238 | $ | 146,728 | $ | 1,581,747 | $ | 430,236 | $ | 116,284 | $ | 1,982,678 | |||||||||||||||||||||||
Affiliated issuers(b) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
163,153 | 6,033 | 653,980 | 1,574,221 | 1,377,238 | 146,728 | 1,581,747 | 430,236 | 116,284 | 1,982,678 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency(c) | — | 1 | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 843 | 7 | 279 | 3,997 | 399 | 101 | 2,483 | 1,192 | 31 | 4,716 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | — | — | 3,315 | 17,626 | 5,416 | — | 2,452 | 3,625 | 2,441 | — | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 15,051 | — | 6,657 | 1,552 | 960 | 94 | 313 | 144 | 191 | 2,046 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | — | 22 | — | — | — | — | — | — | 21 | — | |||||||||||||||||||||||||||||||||
Receivable for securities lending income (Note A) | — | 1 | — | 14 | 1 | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 49 | 34 | 45 | 104 | 90 | 34 | 74 | 47 | 54 | 100 | |||||||||||||||||||||||||||||||||
Total Assets | 179,096 | 6,098 | 664,276 | 1,597,514 | 1,384,104 | 146,957 | 1,587,069 | 435,244 | 119,023 | 1,989,541 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 68 | 4 | 387 | 574 | 517 | 55 | 644 | 271 | 66 | 729 | |||||||||||||||||||||||||||||||||
Option contracts written, at value(d) (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | — | 25 | 3,964 | 617 | 6,403 | — | 5,234 | — | 2,524 | — | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 128 | — | 613 | 1,205 | 1,660 | 35 | 2,477 | 654 | 23 | 1,356 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | — | — | 86 | 343 | 226 | 25 | 227 | 24 | — | 391 | |||||||||||||||||||||||||||||||||
Payable to trustees | 3 | 3 | 2 | 2 | 2 | 3 | 2 | 3 | 3 | 2 | |||||||||||||||||||||||||||||||||
Payable for loaned securities collateral (Note A) | 1,160 | 227 | — | 39,478 | — | — | — | — | 5,289 | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 88 | 67 | 104 | 279 | 193 | 49 | 107 | 106 | 47 | 279 | |||||||||||||||||||||||||||||||||
Total Liabilities | 1,447 | 326 | 5,156 | 42,498 | 9,001 | 167 | 8,691 | 1,058 | 7,952 | 2,757 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 177,649 | $ | 5,772 | $ | 659,120 | $ | 1,555,016 | $ | 1,375,103 | $ | 146,790 | $ | 1,578,378 | $ | 434,186 | $ | 111,071 | $ | 1,986,784 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 173,271 | $ | 6,581 | $ | 507,721 | $ | 1,388,169 | $ | 1,005,242 | $ | 135,815 | $ | 887,450 | $ | 391,730 | $ | 89,334 | $ | 1,346,603 | |||||||||||||||||||||||
Total distributable earnings/(losses) | 4,378 | (809 | ) | 151,399 | 166,847 | 369,861 | 10,975 | 690,928 | 42,456 | 21,737 | 640,181 | ||||||||||||||||||||||||||||||||
Net Assets | $ | 177,649 | $ | 5,772 | $ | 659,120 | $ | 1,555,016 | $ | 1,375,103 | $ | 146,790 | $ | 1,578,378 | $ | 434,186 | $ | 111,071 | $ | 1,986,784 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 1,161,745 | $ | 488,683 | $ | 64,170 | $ | — | $ | — | $ | 66,267 | $ | 474,743 | |||||||||||||||||||||||
Trust Class | 7,471 | — | — | 73,829 | 72,564 | 9,218 | — | 119,115 | 4,227 | 194,929 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 116,189 | 13,740 | — | — | — | 2,612 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 136,067 | 5,244 | 616,018 | 186,203 | 272,880 | 49,039 | 1,487,833 | 172,545 | 24,597 | 863,052 | |||||||||||||||||||||||||||||||||
Class A | 3,105 | 180 | 21,810 | 11,276 | 32,704 | 20,008 | 48,341 | 55,371 | 7,862 | 97,348 | |||||||||||||||||||||||||||||||||
Class C | 1,910 | 127 | 21,264 | 5,359 | 10,451 | 2,085 | 42,204 | 11,206 | 3,623 | 54,188 | |||||||||||||||||||||||||||||||||
Class R3 | 2,943 | — | — | 389 | 54,739 | 2,270 | — | 18,042 | 1,860 | 30,930 | |||||||||||||||||||||||||||||||||
Class R6 | 26,153 | 221 | 28 | 26 | 429,342 | — | — | 57,907 | 23 | 271,594 |
See Notes to Financial Statements
129
130
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SUSTAINABLE EQUITY FUND | ||||||||||||||||||||||||||||||||||
February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | February 28, 2019 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 39,491 | 33,314 | 3,042 | — | — | 1,781 | 13,064 | |||||||||||||||||||||||||||||||||
Trust Class | 618 | — | — | 2,506 | 4,951 | 437 | — | 9,132 | 114 | 5,355 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 3,941 | 941 | — | — | — | 70 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 11,291 | 476 | 38,709 | 6,336 | 18,552 | 2,330 | 83,458 | 13,181 | 658 | 23,806 | |||||||||||||||||||||||||||||||||
Class A | 259 | 16 | 1,373 | 383 | 2,235 | 948 | 2,705 | 4,245 | 211 | 2,676 | |||||||||||||||||||||||||||||||||
Class C | 161 | 12 | 1,344 | 181 | 722 | 99 | 2,360 | 858 | 98 | 1,493 | |||||||||||||||||||||||||||||||||
Class R3 | 247 | — | — | 13 | 3,756 | 107 | — | 1,386 | 50 | 849 | |||||||||||||||||||||||||||||||||
Class R6 | 2,170 | 20 | 2 | 1 | 29,151 | — | — | 4,424 | 1 | 7,496 | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 29.42 | $ | 14.67 | $ | 21.10 | $ | — | $ | — | $ | 37.22 | $ | 36.34 | |||||||||||||||||||||||
Trust Class | 12.09 | — | — | 29.46 | 14.66 | 21.10 | — | 13.04 | 37.15 | 36.40 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 29.48 | 14.60 | — | — | — | 37.07 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 12.05 | 11.03 | 15.91 | 29.39 | 14.71 | 21.05 | 17.83 | 13.09 | 37.38 | 36.25 | |||||||||||||||||||||||||||||||||
Class R3 | 11.90 | — | — | 29.52 | 14.57 | 21.14 | — | 13.02 | 37.06 | 36.45 | |||||||||||||||||||||||||||||||||
Class R6 | 12.05 | 11.04 | 15.92 | 29.39 | 14.73 | — | — | 13.09 | 37.40 | 36.23 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 12.00 | $ | 11.01 | $ | 15.88 | $ | 29.46 | $ | 14.63 | $ | 21.10 | $ | 17.87 | $ | 13.04 | $ | 37.19 | $ | 36.38 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 12.73 | $ | 11.68 | $ | 16.85 | $ | 31.26 | $ | 15.52 | $ | 22.39 | $ | 18.96 | $ | 13.84 | $ | 39.46 | $ | 38.60 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 11.83 | $ | 10.87 | $ | 15.82 | $ | 29.59 | $ | 14.47 | $ | 21.15 | $ | 17.88 | $ | 13.06 | $ | 36.80 | $ | 36.30 | |||||||||||||||||||||||
†Securities on loan, at value: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 1,111 | $ | 215 | $ | — | $ | 37,629 | $ | — | $ | — | $ | — | $ | — | $ | 5,036 | $ | — | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
(a) Unaffiliated issuers | $ | 157,304 | $ | 6,393 | $ | 509,420 | $ | 1,415,230 | $ | 1,010,248 | $ | 135,472 | $ | 972,341 | $ | 389,618 | $ | 98,490 | $ | 1,421,106 | |||||||||||||||||||||||
(b) Affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 157,304 | $ | 6,393 | $ | 509,420 | $ | 1,415,230 | $ | 1,010,248 | $ | 135,472 | $ | 972,341 | $ | 389,618 | $ | 98,490 | $ | 1,421,106 | |||||||||||||||||||||||
(c) Total cost of foreign currency | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 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
131
132
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
VALUE FUND | |||||||
February 28, 2019 | |||||||
Assets | |||||||
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments: | |||||||
Unaffiliated issuers(a) | $ | 21,853 | |||||
Affiliated issuers(b) | — | ||||||
21,853 | |||||||
Cash | — | ||||||
Foreign currency(c) | — | ||||||
Dividends and interest receivable | 56 | ||||||
Receivable for securities sold | 206 | ||||||
Receivable for Fund shares sold | 199 | ||||||
Receivable from Management—net (Note B) | 16 | ||||||
Receivable for securities lending income (Note A) | — | ||||||
Prepaid expenses and other assets | 40 | ||||||
Total Assets | 22,370 | ||||||
Liabilities | |||||||
Payable to investment manager—net (Note B) | 9 | ||||||
Option contracts written, at value(d) (Note A) | — | ||||||
Payable for securities purchased | 9 | ||||||
Payable for Fund shares redeemed | — | ||||||
Payable to administrator—net (Note B) | — | ||||||
Payable to trustees | 3 | ||||||
Payable for loaned securities collateral (Note A) | 557 | ||||||
Accrued expenses and other payables | 70 | ||||||
Total Liabilities | 648 | ||||||
Net Assets | $ | 21,722 | |||||
Net Assets consist of: | |||||||
Paid-in capital | $ | 20,419 | |||||
Total distributable earnings/(losses) | 1,303 | ||||||
Net Assets | $ | 21,722 | |||||
Net Assets | |||||||
Investor Class | $ | — | |||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 12,591 | ||||||
Class A | 5,771 | ||||||
Class C | 3,360 | ||||||
Class R3 | — | ||||||
Class R6 | — |
See Notes to Financial Statements
133
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
VALUE FUND | |||||||
February 28, 2019 | |||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 713 | ||||||
Class A | 327 | ||||||
Class C | 197 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Net Asset Value, offering and redemption price per share | |||||||
Investor Class | $ | — | |||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 17.66 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Net Asset Value and redemption price per share | |||||||
Class A | $ | 17.63 | |||||
Offering Price per share | |||||||
Class A‡ | $ | 18.71 | |||||
Net Asset Value and offering price per share | |||||||
Class C^ | $ | 17.09 | |||||
†Securities on loan, at value: | |||||||
Unaffiliated issuers | $ | 531 | |||||
*Cost of Investments: | |||||||
(a) Unaffiliated issuers | $ | 20,467 | |||||
(b) Affiliated issuers | — | ||||||
Total cost of investments | $ | 20,467 | |||||
(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
134
Statements of Operations (Unaudited)
Neuberger Berman Equity Funds
(000's omitted)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 579 | $ | 11,329 | $ | 20,809 | $ | 4,739 | $ | 54,360 | $ | 26 | $ | 35 | $ | 266 | $ | 8,596 | $ | 9,781 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | 2,969 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest and other income—unaffiliated issuers | 25 | 908 | 2,482 | 141 | 1,044 | 1 | 1 | 1 | 343 | 348 | |||||||||||||||||||||||||||||||||
Income from securities loaned—net | — | 28 | — | 7 | — | — | — | — | 65 | 118 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld | (2 | ) | (1,481 | ) | (379 | ) | — | (342 | ) | (1 | ) | (1 | ) | (11 | ) | (151 | ) | (832 | ) | ||||||||||||||||||||||||
Total income | $ | 602 | $ | 10,784 | $ | 22,912 | $ | 4,887 | $ | 58,031 | $ | 26 | $ | 35 | $ | 256 | $ | 8,853 | $ | 9,415 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 133 | 6,216 | 3,620 | 1,812 | 32,899 | 13 | 12 | 364 | 2,989 | 6,964 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 809 | 2,153 | — | — | — | 1,377 | 123 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 102 | 2,688 | — | — | — | 98 | 70 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 4 | 339 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 36 | 823 | 817 | 6 | 2,123 | 3 | 2 | 44 | 56 | 1,134 | |||||||||||||||||||||||||||||||||
Class A | 2 | 58 | 207 | 4 | — | — | — | 9 | 6 | 75 | |||||||||||||||||||||||||||||||||
Class C | 4 | 13 | 289 | 2 | — | — | — | — | 2 | 15 | |||||||||||||||||||||||||||||||||
Class R3 | — | 1 | 2 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 53 | — | — | 1,307 | — | — | — | — | 24 | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 26 | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 2 | 212 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class A | 2 | 56 | 199 | 4 | — | — | 1 | 9 | 6 | 72 | |||||||||||||||||||||||||||||||||
Class C | 15 | 50 | 1,110 | 7 | — | 1 | 1 | 1 | 8 | 59 | |||||||||||||||||||||||||||||||||
Class R3 | — | 3 | 5 | — | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 191 | 527 | — | — | — | 371 | 51 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 1 | 7 | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 6 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | — | 103 | 4 | — | 22 | — | — | 1 | — | 6 | |||||||||||||||||||||||||||||||||
Class A | 1 | 8 | 6 | — | — | — | — | 5 | 1 | 2 | |||||||||||||||||||||||||||||||||
Class C | — | — | 3 | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 3 | — | — | 4 | — | — | — | — | 3 | |||||||||||||||||||||||||||||||||
Audit fees | 27 | 30 | 33 | 30 | 33 | 28 | 28 | 28 | 31 | 31 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 33 | 588 | 97 | 51 | 531 | 43 | 33 | 50 | 77 | 236 | |||||||||||||||||||||||||||||||||
Insurance expense | 1 | 22 | 25 | 12 | 166 | — | — | 2 | 19 | 31 | |||||||||||||||||||||||||||||||||
Legal fees | 34 | 34 | 35 | 34 | 37 | 34 | 33 | 40 | 44 | 38 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 31 | 99 | 56 | 49 | 141 | 24 | 22 | 26 | 58 | 129 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | 8 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | 2 | 59 | 73 | 23 | 386 | 1 | 1 | 4 | 38 | 69 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 23 | 24 | 24 | 23 | 31 | 23 | 23 | 23 | 24 | 24 | |||||||||||||||||||||||||||||||||
Interest expense | — | — | 1 | 2 | 1 | — | — | 7 | (Note E) | — | 4 | ||||||||||||||||||||||||||||||||
Miscellaneous | 2 | 73 | 51 | 22 | 312 | 3 | 3 | 5 | 41 | 65 | |||||||||||||||||||||||||||||||||
Total expenses | 346 | 8,324 | 6,657 | 3,216 | 43,925 | 173 | 159 | 618 | 5,273 | 9,227 |
See Notes to Financial Statements
135
136
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (142 | ) | (61 | ) | — | — | (187 | ) | (155 | ) | (142 | ) | (100 | ) | — | (764 | ) | ||||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | — | — | — | — | (504 | ) | ||||||||||||||||||||||||||||||||
Total net expenses | 204 | 8,263 | 6,657 | 3,216 | 43,738 | 18 | 17 | 518 | 5,273 | 7,959 | |||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | 398 | $ | 2,521 | $ | 16,255 | $ | 1,671 | $ | 14,293 | $ | 8 | $ | 18 | $ | (262 | ) | $ | 3,580 | $ | 1,456 | ||||||||||||||||||||||
Realized and Unrealized Gain/(Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain/(loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Transactions in investment securities of unaffiliated issuers | (1,464 | ) | (36,628 | )* | 18,682 | (3,005 | ) | 544,080 | 62 | 4 | (2,420 | ) | 21,350 | (7,729 | ) | ||||||||||||||||||||||||||||
Transactions in investment securities of affiliated issuers | — | — | — | — | 9,477 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Redemption in-kind | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Settlement of foreign currency transactions | — | (575 | ) | (13 | ) | (15 | ) | (23 | ) | — | (1 | ) | 17 | (3 | ) | (193 | ) | ||||||||||||||||||||||||||
Expiration or closing of option contracts written | — | — | 1,256 | 176 | — | — | — | — | 234 | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Investment securities of unaffiliated issuers | (1,691 | ) | 40,935 | ** | (57,663 | ) | (34,261 | ) | (1,208,753 | ) | (399 | ) | 82 | (1,949 | ) | (127,285 | ) | (126,160 | ) | ||||||||||||||||||||||||
Investment securities of affiliated issuers | — | — | — | — | (13,677 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign currency translations | — | 14 | (5 | ) | — | 1 | — | — | 19 | 3 | (82 | ) | |||||||||||||||||||||||||||||||
Option contracts written | — | — | 608 | — | — | — | — | — | (477 | ) | — | ||||||||||||||||||||||||||||||||
Net gain/(loss) on investments | (3,155 | ) | 3,746 | (37,135 | ) | (37,105 | ) | (668,895 | ) | (337 | ) | 85 | (4,333 | ) | (106,178 | ) | (134,164 | ) | |||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | (2,757 | ) | $ | 6,267 | $ | (20,880 | ) | $ | (35,434 | ) | $ | (654,602 | ) | $ | (329 | ) | $ | 103 | $ | (4,595 | ) | $ | (102,598 | ) | $ | (132,708 | ) |
* Net of foreign capital gains tax $5,326.
** Change in accrued foreign capital gains tax amounted to $139,255.
See Notes to Financial Statements
137
138
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SUSTAINABLE EQUITY FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 738 | $ | 32 | $ | 2,339 | $ | 18,008 | $ | 3,533 | $ | 918 | $ | 12,301 | $ | 5,472 | $ | 80 | $ | 18,956 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest and other income—unaffiliated issuers | 49 | 3 | 206 | 822 | 523 | 75 | 152 | 56 | 53 | 343 | |||||||||||||||||||||||||||||||||
Income from securities loaned—net | 10 | 3 | — | 17 | 9 | — | — | — | 7 | — | |||||||||||||||||||||||||||||||||
Foreign taxes withheld | (64 | ) | (5 | ) | — | (21 | ) | (11 | ) | (1 | ) | (97 | ) | (7 | ) | — | (277 | ) | |||||||||||||||||||||||||
Total income | $ | 733 | $ | 33 | $ | 2,545 | $ | 18,826 | $ | 4,054 | $ | 992 | $ | 12,356 | $ | 5,521 | $ | 140 | $ | 19,022 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 426 | 25 | 2,549 | 3,523 | 3,285 | 303 | 4,494 | 1,718 | 389 | 4,993 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 1,453 | 604 | 52 | — | — | 77 | 744 | |||||||||||||||||||||||||||||||||
Trust Class | 14 | — | — | 134 | 143 | 18 | — | 245 | 8 | 402 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 233 | 27 | — | — | — | 5 | — | |||||||||||||||||||||||||||||||||
Institutional Class | 98 | 4 | 443 | 89 | 226 | 36 | 1,183 | 126 | 12 | 648 | |||||||||||||||||||||||||||||||||
Class A | 4 | — | 25 | 7 | 51 | 12 | 85 | 72 | 7 | 144 | |||||||||||||||||||||||||||||||||
Class C | 3 | — | 27 | 4 | 13 | 3 | 54 | 15 | 4 | 73 | |||||||||||||||||||||||||||||||||
Class R3 | 4 | — | — | — | 33 | 3 | — | 22 | 2 | 41 | |||||||||||||||||||||||||||||||||
Class R6 | 3 | — | — | — | 132 | — | — | 18 | — | 94 | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | 4 | — | — | 34 | — | 5 | — | 61 | 2 | 100 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 145 | 17 | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Class A | 4 | — | 24 | 7 | 49 | 11 | 82 | 69 | 6 | 138 | |||||||||||||||||||||||||||||||||
Class C | 10 | 1 | 104 | 15 | 51 | 10 | 206 | 60 | 15 | 279 | |||||||||||||||||||||||||||||||||
Class R3 | 7 | — | — | 1 | 64 | 5 | — | 42 | 4 | 79 | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 330 | 204 | 16 | — | — | 41 | 278 | |||||||||||||||||||||||||||||||||
Trust Class | 4 | — | — | 1 | 1 | — | — | 14 | — | 3 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 1 | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 1 | — | 4 | — | 5 | 1 | 16 | 2 | — | 8 | |||||||||||||||||||||||||||||||||
Class A | — | 1 | 2 | — | 2 | 1 | 5 | 3 | 1 | 8 | |||||||||||||||||||||||||||||||||
Class C | — | — | 1 | — | 1 | — | 1 | 1 | — | 2 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 2 | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 5 | — | — | 1 | — | 5 | |||||||||||||||||||||||||||||||||
Audit fees | 31 | 24 | 14 | 30 | 14 | 14 | 14 | 30 | 14 | 14 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 64 | 40 | 50 | 86 | 85 | 36 | 94 | 46 | 40 | 134 | |||||||||||||||||||||||||||||||||
Insurance expense | 3 | — | 13 | 22 | 21 | 2 | 30 | 7 | 1 | 36 | |||||||||||||||||||||||||||||||||
Legal fees | 33 | 32 | 34 | 37 | 35 | 33 | 33 | 34 | 58 | 38 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 53 | 32 | 42 | 66 | 76 | 53 | 42 | 58 | 63 | 94 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | 6 | 1 | 67 | 39 | 60 | 7 | 45 | 27 | 7 | 83 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 23 | 23 | 23 | 24 | 24 | 23 | 24 | 23 | 23 | 25 | |||||||||||||||||||||||||||||||||
Interest expense | 1 | — | 16 | — | — | — | 36 | 3 | — | 2 | |||||||||||||||||||||||||||||||||
Miscellaneous | 10 | 3 | 22 | 46 | 39 | 5 | 55 | 15 | 5 | 68 | |||||||||||||||||||||||||||||||||
Total expenses | 806 | 186 | 3,460 | 6,327 | 5,271 | 649 | 6,499 | 2,714 | 787 | 8,535 |
See Notes to Financial Statements
139
140
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | SMALL CAP GROWTH FUND | SUSTAINABLE EQUITY FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | For the Six Months Ended February 28, 2019 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (148 | ) | (154 | ) | (133 | ) | — | — | (51 | ) | — | (569 | ) | (243 | ) | — | |||||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | (10 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total net expenses | 658 | 32 | 3,327 | 6,327 | 5,271 | 588 | 6,499 | 2,145 | 544 | 8,535 | |||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | 75 | $ | 1 | $ | (782 | ) | $ | 12,499 | $ | (1,217 | ) | $ | 404 | $ | 5,857 | $ | 3,376 | $ | (404 | ) | $ | 10,487 | ||||||||||||||||||||
Realized and Unrealized Gain/(Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain/(loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Transactions in investment securities of unaffiliated issuers | (1,308 | ) | (431 | ) | 27,498 | 11,567 | 21,382 | 1,705 | 123,736 | 4,215 | 4,486 | 108,315 | |||||||||||||||||||||||||||||||
Transactions in investment securities of affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Redemption in-kind | — | — | — | — | — | — | — | — | — | 6,522 | |||||||||||||||||||||||||||||||||
Settlement of foreign currency transactions | (15 | ) | — | — | — | — | — | — | (3 | ) | — | (10 | ) | ||||||||||||||||||||||||||||||
Expiration or closing of option contracts written | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Investment securities of unaffiliated issuers | (7,181 | ) | (481 | ) | (55,322 | ) | 10,502 | (79,478 | ) | (8,107 | ) | (184,695 | ) | 5,547 | (1,399 | ) | (249,167 | ) | |||||||||||||||||||||||||
Investment securities of affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency translations | (20 | ) | — | — | — | — | — | — | — | — | (32 | ) | |||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net gain/(loss) on investments | (8,524 | ) | (912 | ) | (27,824 | ) | 22,069 | (58,096 | ) | (6,402 | ) | (60,959 | ) | 9,759 | 3,087 | (134,372 | ) | ||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | (8,449 | ) | $ | (911 | ) | $ | (28,606 | ) | $ | 34,568 | $ | (59,313 | ) | $ | (5,998 | ) | $ | (55,102 | ) | $ | 13,135 | $ | 2,683 | $ | (123,885 | ) |
See Notes to Financial Statements
141
142
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
VALUE FUND | |||||||
For the Six Months Ended February 28, 2019 | |||||||
Investment Income: | |||||||
Income (Note A): | |||||||
Dividend income—unaffiliated issuers | $ | 197 | |||||
Dividend income—affiliated issuers (Note F) | — | ||||||
Interest and other income—unaffiliated issuers | 14 | ||||||
Income from securities loaned—net | — | ||||||
Foreign taxes withheld | — | ||||||
Total income | $ | 211 | |||||
Expenses: | |||||||
Investment management fees (Note B) | 43 | ||||||
Administration fees (Note B): | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | 7 | ||||||
Class A | 4 | ||||||
Class C | 4 | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Distribution fees (Note B): | |||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Class A | 3 | ||||||
Class C | 16 | ||||||
Class R3 | — | ||||||
Shareholder servicing agent fees: | |||||||
Investor Class | — | ||||||
Trust Class | — | ||||||
Advisor Class | — | ||||||
Institutional Class | — | ||||||
Class A | 1 | ||||||
Class C | — | ||||||
Class R3 | — | ||||||
Class R6 | — | ||||||
Audit fees | 28 | ||||||
Custodian and accounting fees | 30 | ||||||
Insurance expense | — | ||||||
Legal fees | 34 | ||||||
Registration and filing fees | 26 | ||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | ||||||
Shareholder reports | 2 | ||||||
Trustees' fees and expenses | 23 | ||||||
Interest expense | 1 | (Note E) | |||||
Miscellaneous | 2 | ||||||
Total expenses | 224 |
See Notes to Financial Statements
143
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
VALUE FUND | |||||||
For the Six Months Ended February 28, 2019 | |||||||
Expenses reimbursed by Management (Note B) | (145 | ) | |||||
Investment management fees waived (Note B) | — | ||||||
Total net expenses | 79 | ||||||
Net investment income/(loss) | $ | 132 | |||||
Realized and Unrealized Gain/(Loss) on Investments (Note A): | |||||||
Net realized gain/(loss) on: | |||||||
Transactions in investment securities of unaffiliated issuers | (46 | ) | |||||
Transactions in investment securities of affiliated issuers | — | ||||||
Redemption in-kind | — | ||||||
Settlement of foreign currency transactions | — | ||||||
Expiration or closing of option contracts written | — | ||||||
Change in net unrealized appreciation/(depreciation) in value of: | |||||||
Investment securities of unaffiliated issuers | 259 | ||||||
Investment securities of affiliated issuers | — | ||||||
Foreign currency translations | — | ||||||
Option contracts written | — | ||||||
Net gain/(loss) on investments | 213 | ||||||
Net increase/(decrease) in net assets resulting from operations | $ | 345 |
See Notes to Financial Statements
144
Statements of Changes in Net Assets
Neuberger Berman Equity Funds
(000's omitted)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | 398 | $ | 742 | $ | 2,521 | $ | 11,458 | $ | 16,255 | $ | 38,077 | $ | 1,671 | $ | 3,117 | $ | 14,293 | $ | 26,015 | $ | 8 | $ | 35 | |||||||||||||||||||||||||||
Net realized gain/(loss) on investments (Note A) | (1,464 | ) | 2,730 | (37,203 | ) | 17,698 | 19,925 | 83,988 | (2,844 | ) | 59,547 | 553,534 | 1,471,513 | 62 | 341 | ||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | (1,691 | ) | 1,307 | 40,949 | (107,491 | ) | (57,060 | ) | 43,315 | (34,261 | ) | 29,330 | (1,222,429 | ) | 1,112,922 | (399 | ) | 311 | |||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | (2,757 | ) | 4,779 | 6,267 | (78,335 | ) | (20,880 | ) | 165,380 | (35,434 | ) | 91,994 | (654,602 | ) | 2,610,450 | (329 | ) | 687 | |||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (47,553 | ) | (52,413 | ) | (163,651 | ) | (228,148 | ) | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (3,793 | ) | (8,081 | ) | (133,145 | ) | (187,683 | ) | — | — | |||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (130 | ) | (1,095 | ) | (16,627 | ) | (25,755 | ) | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (2,645 | ) | (1,042 | ) | (10,212 | ) | (5,443 | ) | (60,051 | ) | (81,637 | ) | (594 | ) | (710 | ) | (289,491 | ) | (451,315 | ) | (280 | ) | (25 | ) | |||||||||||||||||||||||||||
Class A | (83 | ) | (42 | ) | (222 | ) | (229 | ) | (9,085 | ) | (11,944 | ) | (237 | ) | (403 | ) | — | — | (22 | ) | (1 | ) | |||||||||||||||||||||||||||||
Class C | (140 | ) | (46 | ) | — | (22 | ) | (11,086 | ) | (15,405 | ) | (111 | ) | (635 | ) | — | — | (6 | ) | — | |||||||||||||||||||||||||||||||
Class R3 | — | — | — | (5 | ) | (98 | ) | (100 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Class R6 | (1 | ) | — | (1,646 | ) | (1,139 | ) | — | — | — | — | (401,114 | ) | (462,929 | ) | — | — | ||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (2,869 | ) | (1,130 | ) | (12,080 | ) | (6,838 | ) | (80,320 | ) | (109,086 | ) | (52,418 | ) | (63,337 | ) | (1,004,028 | ) | (1,355,830 | ) | (308 | ) | (26 | ) | |||||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 1,626 | 3,861 | 42,073 | 127,479 | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 261 | 2,281 | 49,044 | 130,291 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 106 | 340 | 10,376 | 30,289 | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 7,340 | 21,342 | 360,489 | 782,707 | 129,092 | 151,932 | 1,553 | 2,598 | 245,234 | 506,405 | 98 | 36 | |||||||||||||||||||||||||||||||||||||||
Class A | 63 | 1,090 | 11,541 | 42,405 | 13,788 | 25,357 | 191 | 821 | — | — | 39 | 682 | |||||||||||||||||||||||||||||||||||||||
Class C | 61 | 124 | 1,540 | 6,015 | 6,518 | 9,342 | 83 | 75 | — | — | — | 31 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 228 | 606 | 239 | 1,027 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | 26,125 | 83,104 | — | — | — | — | 256,560 | 874,418 | — | — |
See Notes to Financial Statements
145
146
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
DIVIDEND GROWTH FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 43,189 | 47,309 | 158,366 | 220,105 | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 3,772 | 8,037 | 132,025 | 186,190 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 130 | 1,093 | 15,820 | 24,454 | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 2,645 | 1,042 | 4,226 | 2,159 | 51,775 | 69,404 | 548 | 586 | 260,982 | 413,091 | 280 | 25 | |||||||||||||||||||||||||||||||||||||||
Class A | 81 | 41 | 141 | 162 | 7,871 | 10,549 | 205 | 342 | — | — | 18 | 1 | |||||||||||||||||||||||||||||||||||||||
Class C | 140 | 46 | — | 9 | 8,451 | 11,703 | 106 | 609 | — | — | 2 | — | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | — | 3 | 69 | 51 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | 1,646 | 1,139 | — | — | — | — | 398,405 | 462,309 | — | — | |||||||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (28,248 | ) | (58,503 | ) | (206,955 | ) | (423,896 | ) | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (5,253 | ) | (14,814 | ) | (191,429 | ) | (508,027 | ) | — | — | |||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (643 | ) | (1,836 | ) | (29,685 | ) | (81,711 | ) | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (8,958 | ) | (4,765 | ) | (268,732 | ) | (231,337 | ) | (161,394 | ) | (298,102 | ) | (809 | ) | (2,759 | ) | (464,878 | ) | (1,703,085 | ) | (307 | ) | (111 | ) | |||||||||||||||||||||||||||
Class A | (105 | ) | (1,134 | ) | (14,460 | ) | (58,033 | ) | (77,977 | ) | (56,187 | ) | (378 | ) | (830 | ) | — | — | (120 | ) | (633 | ) | |||||||||||||||||||||||||||||
Class C | (208 | ) | (196 | ) | (1,764 | ) | (1,857 | ) | (28,165 | ) | (65,530 | ) | (284 | ) | (476 | ) | — | — | (10 | ) | (26 | ) | |||||||||||||||||||||||||||||
Class R3 | — | — | (606 | ) | (603 | ) | (760 | ) | (736 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | — | (26,419 | ) | (42,487 | ) | — | — | — | — | (330,062 | ) | (1,027,844 | ) | — | — | |||||||||||||||||||||||||||||||||||
Net increase/(decrease) from Fund share transactions | 1,059 | 17,590 | 93,955 | 583,992 | (50,493 | ) | (141,190 | ) | 16,155 | (11,266 | ) | 345,876 | (769,532 | ) | — | 5 | |||||||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets | (4,567 | ) | 21,239 | 88,142 | 498,819 | (151,693 | ) | (84,896 | ) | (71,697 | ) | 17,391 | (1,312,754 | ) | 485,088 | (637 | ) | 666 | |||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | |||||||||||||||||||||||||||||||||||||||
End of period | $ | 53,977 | $ | 58,544 | $ | 1,464,410 | $ | 1,376,268 | $ | 1,456,463 | $ | 1,608,156 | $ | 692,764 | $ | 764,461 | $ | 9,992,179 | $ | 11,304,933 | $ | 4,673 | $ | 5,310 |
See Notes to Financial Statements
147
148
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | 18 | $ | 41 | $ | (262 | ) | $ | (66 | ) | $ | 3,580 | $ | 7,794 | $ | 1,456 | $ | 19,623 | $ | 75 | $ | 2,107 | $ | 1 | $ | 37 | |||||||||||||||||||||||||
Net realized gain/(loss) on investments (Note A) | 3 | 84 | (2,403 | ) | 33,504 | 21,581 | 101,373 | (7,922 | ) | 116,356 | (1,323 | ) | 48,215 | (431 | ) | 85 | |||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | 82 | 6 | (1,930 | ) | (23,420 | ) | (127,759 | ) | 140,229 | (126,242 | ) | (45,513 | ) | (7,201 | ) | (36,156 | ) | (481 | ) | (120 | ) | ||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 103 | 131 | (4,595 | ) | 10,018 | (102,598 | ) | 249,396 | (132,708 | ) | 90,466 | (8,449 | ) | 14,166 | (911 | ) | 2 | ||||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | (97,976 | ) | (72,319 | ) | (936 | ) | (286 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | (4,378 | ) | (5,879 | ) | (329 | ) | (74 | ) | (113 | ) | (65 | ) | — | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | (26 | ) | (12 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | (53 | ) | (64 | ) | (22,190 | ) | (12,035 | ) | (7,149 | ) | (4,992 | ) | (20,276 | ) | (14,148 | ) | (2,535 | ) | (2,374 | ) | (102 | ) | (66 | ) | |||||||||||||||||||||||||||
Class A | (6 | ) | (7 | ) | (2,407 | ) | (2,323 | ) | (467 | ) | (551 | ) | (543 | ) | (69 | ) | (51 | ) | (41 | ) | (3 | ) | (20 | ) | |||||||||||||||||||||||||||
Class C | (5 | ) | �� | (5 | ) | (66 | ) | (29 | ) | (141 | ) | (137 | ) | (34 | ) | — | (22 | ) | (2 | ) | (2 | ) | (8 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | — | — | (27 | ) | (33 | ) | — | — | (36 | ) | (28 | ) | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (1,072 | ) | (2,084 | ) | (169 | ) | (116 | ) | (5 | ) | (18 | ) | |||||||||||||||||||||||||||||||||
Total distributions to shareholders | (64 | ) | (76 | ) | (24,663 | ) | (14,387 | ) | (110,164 | ) | (83,923 | ) | (23,190 | ) | (16,661 | ) | (2,926 | ) | (2,626 | ) | (112 | ) | (112 | ) | |||||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 5,800 | 11,911 | 918 | 5,762 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 1,271 | 3,580 | 1,077 | 6,248 | 123 | 149 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 126 | 23 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 853 | 47 | — | 5,552 | 10,506 | 16,287 | 235,395 | 651,839 | 13,142 | 17,951 | 41 | 5,506 | |||||||||||||||||||||||||||||||||||||||
Class A | 8 | 27 | — | 4,771 | 1,093 | 1,039 | 6,102 | 25,730 | 160 | 1,347 | 3 | 66 | |||||||||||||||||||||||||||||||||||||||
Class C | — | 31 | — | 14 | 386 | 172 | 604 | 4,054 | 162 | 159 | — | 28 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 64 | 41 | �� | — | — | 319 | 953 | — | — | ||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | 17,689 | 87,406 | 17,650 | 190 | — | — |
See Notes to Financial Statements
149
150
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
GLOBAL REAL ESTATE FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTERNATIONAL SMALL CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | 92,683 | 68,235 | 893 | 273 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | 4,325 | 5,813 | 310 | 70 | 74 | 62 | — | — | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 25 | 12 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 53 | 64 | 21,068 | 11,338 | 7,064 | 4,838 | 14,015 | 11,700 | 2,481 | 2,312 | 102 | 67 | |||||||||||||||||||||||||||||||||||||||
Class A | 3 | 3 | 2,279 | 2,261 | 442 | 523 | 157 | 30 | 38 | 36 | 1 | 9 | |||||||||||||||||||||||||||||||||||||||
Class C | 3 | 3 | 56 | 25 | 130 | 127 | 25 | — | 11 | 1 | — | — | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | 17 | 23 | — | — | 28 | 23 | — | — | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | 1,072 | 2,084 | 169 | 115 | — | — | |||||||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | (53,048 | ) | (94,582 | ) | (5,302 | ) | (14,869 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | (6,328 | ) | (15,794 | ) | (6,473 | ) | (13,234 | ) | (160 | ) | (791 | ) | — | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | (145 | ) | (9 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Institutional Class | (62 | ) | (39 | ) | (28,338 | ) | (43,135 | ) | (9,623 | ) | (19,040 | ) | (483,940 | ) | (393,626 | ) | (12,269 | ) | (102,410 | ) | (160 | ) | (71 | ) | |||||||||||||||||||||||||||
Class A | (10 | ) | (210 | ) | (2,825 | ) | (18,374 | ) | (2,159 | ) | (2,155 | ) | (14,137 | ) | (33,923 | ) | (726 | ) | (2,627 | ) | (5 | ) | (177 | ) | |||||||||||||||||||||||||||
Class C | — | — | (51 | ) | (77 | ) | (107 | ) | (305 | ) | (3,087 | ) | (3,521 | ) | (462 | ) | (360 | ) | (7 | ) | — | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | (206 | ) | (161 | ) | — | — | (682 | ) | (2,748 | ) | — | — | |||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (8,494 | ) | (158,868 | ) | (510 | ) | (1,000 | ) | — | — | |||||||||||||||||||||||||||||||||||
Net increase/(decrease) from Fund share transactions | 848 | (74 | ) | (7,811 | ) | (37,625 | ) | 52,316 | (19,422 | ) | (243,176 | ) | 177,155 | 19,548 | (86,638 | ) | (25 | ) | 5,428 | ||||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets | 887 | (19 | ) | (37,069 | ) | (41,994 | ) | (160,446 | ) | 146,051 | (399,074 | ) | 250,960 | 8,173 | (75,098 | ) | (1,048 | ) | 5,318 | ||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | |||||||||||||||||||||||||||||||||||||||
End of period | $ | 3,771 | $ | 2,884 | $ | 52,346 | $ | 89,415 | $ | 1,173,886 | $ | 1,334,332 | $ | 1,676,707 | $ | 2,075,781 | $ | 177,649 | $ | 169,476 | $ | 5,772 | $ | 6,820 |
See Notes to Financial Statements
151
152
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | (782 | ) | $ | (3,268 | ) | $ | 12,499 | $ | 20,674 | $ | (1,217 | ) | $ | (2,052 | ) | $ | 404 | $ | 639 | $ | 5,857 | $ | 11,256 | $ | 3,376 | $ | 7,613 | |||||||||||||||||||||||
Net realized gain/(loss) on investments (Note A) | 27,498 | 92,774 | 11,567 | 171,588 | 21,382 | 141,296 | 1,705 | 8,362 | 123,736 | 179,589 | 4,212 | 26,044 | |||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | (55,322 | ) | 71,486 | 10,502 | (15,860 | ) | (79,478 | ) | 173,664 | (8,107 | ) | 3,283 | (184,695 | ) | 154,176 | 5,547 | (12,168 | ) | |||||||||||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | (28,606 | ) | 160,992 | 34,568 | 176,402 | (59,313 | ) | 312,908 | (5,998 | ) | 12,284 | (55,102 | ) | 345,021 | 13,135 | 21,489 | |||||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (135,000 | ) | (93,531 | ) | (44,035 | ) | (39,598 | ) | (2,762 | ) | (2,645 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Trust Class | — | — | (7,863 | ) | (6,005 | ) | (6,739 | ) | (5,336 | ) | (668 | ) | (859 | ) | — | — | (6,539 | ) | (9,106 | ) | |||||||||||||||||||||||||||||||
Advisor Class | — | — | (13,649 | ) | (11,211 | ) | (1,304 | ) | (1,205 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (66,824 | ) | (43,660 | ) | (13,795 | ) | (7,533 | ) | (30,078 | ) | (28,019 | ) | (3,918 | ) | (2,609 | ) | (147,622 | ) | (188,278 | ) | (9,292 | ) | (11,703 | ) | |||||||||||||||||||||||||||
Class A | (2,298 | ) | (908 | ) | (546 | ) | (230 | ) | (3,791 | ) | (3,926 | ) | (528 | ) | (720 | ) | (6,424 | ) | (5,812 | ) | (2,913 | ) | (4,640 | ) | |||||||||||||||||||||||||||
Class C | (2,355 | ) | (1,255 | ) | (266 | ) | (180 | ) | (980 | ) | (859 | ) | (137 | ) | (188 | ) | (3,583 | ) | (4,128 | ) | (598 | ) | (898 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | (41 | ) | (17 | ) | (1,260 | ) | (1,127 | ) | (155 | ) | (115 | ) | — | — | (848 | ) | (1,057 | ) | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | (37,921 | ) | (24,371 | ) | — | — | — | — | (2,954 | ) | (3,179 | ) | |||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (71,477 | ) | (45,823 | ) | (171,160 | ) | (118,707 | ) | (126,108 | ) | (104,441 | ) | (8,168 | ) | (7,136 | ) | (157,629 | ) | (198,218 | ) | (23,144 | ) | (30,583 | ) | |||||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | 36,868 | 8,101 | 10,739 | 12,268 | 27,292 | 998 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | 9,820 | 4,087 | 8,895 | 23,437 | 183 | 398 | — | — | 6,092 | 14,986 | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | 5,069 | 5,499 | 2,213 | 5,456 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 98,239 | 177,678 | 100,399 | 37,581 | 38,419 | 77,662 | 11,522 | 27,310 | 106,727 | 153,353 | 20,226 | 60,254 | |||||||||||||||||||||||||||||||||||||||
Class A | 13,432 | 11,603 | 8,470 | 1,809 | 4,541 | 12,576 | 14,058 | 3,941 | 9,928 | 36,164 | 6,205 | 15,061 | |||||||||||||||||||||||||||||||||||||||
Class C | 1,164 | 3,472 | 3,755 | 423 | 427 | 1,428 | 248 | 329 | 3,101 | 6,748 | 139 | 241 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 106 | 172 | 36,733 | 4,513 | 253 | 1,160 | — | — | 3,879 | 4,732 | |||||||||||||||||||||||||||||||||||||||
Class R6 | 25 | — | 25 | — | 69,196 | 144,101 | — | — | — | — | 5,935 | 29,533 |
See Notes to Financial Statements
153
154
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTRINSIC VALUE FUND | LARGE CAP VALUE FUND | MID CAP GROWTH FUND | MID CAP INTRINSIC VALUE FUND | MULTI-CAP OPPORTUNITIES FUND | REAL ESTATE FUND | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | 130,095 | 90,111 | 41,799 | 37,431 | 2,646 | 2,513 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | 7,710 | 5,920 | 6,736 | 5,323 | 657 | 847 | — | — | 6,500 | 9,054 | |||||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | 13,624 | 11,200 | 819 | 787 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Institutional Class | 57,901 | 39,433 | 12,692 | 6,871 | 29,536 | 27,748 | 3,906 | 2,588 | 137,938 | 178,195 | 8,354 | 10,556 | |||||||||||||||||||||||||||||||||||||||
Class A | 2,242 | 876 | 366 | 200 | 3,663 | 3,767 | 405 | 587 | 5,674 | 5,235 | 2,796 | 4,447 | |||||||||||||||||||||||||||||||||||||||
Class C | 2,090 | 1,115 | 148 | 127 | 945 | 831 | 122 | 164 | 3,274 | 3,762 | 534 | 793 | |||||||||||||||||||||||||||||||||||||||
Class R3 | — | — | 34 | 12 | 1,164 | 1,015 | 134 | 92 | — | — | 803 | 988 | |||||||||||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 36,543 | 24,101 | — | — | — | — | 2,954 | 3,178 | |||||||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (54,705 | ) | (132,889 | ) | (27,021 | ) | (42,932 | ) | (1,629 | ) | (5,671 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Trust Class | — | — | (5,771 | ) | (19,162 | ) | (10,485 | ) | (13,534 | ) | (644 | ) | (2,306 | ) | — | — | (24,094 | ) | (44,221 | ) | |||||||||||||||||||||||||||||||
Advisor Class | — | — | (16,249 | ) | (40,447 | ) | (2,745 | ) | (5,383 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Institutional Class | (125,105 | ) | (490,716 | ) | (17,521 | ) | (30,147 | ) | (97,017 | ) | (126,889 | ) | (11,536 | ) | (8,770 | ) | (424,791 | ) | (431,903 | ) | (29,806 | ) | (82,169 | ) | |||||||||||||||||||||||||||
Class A | (10,081 | ) | (13,148 | ) | (1,520 | ) | (1,907 | ) | (20,507 | ) | (26,324 | ) | (3,745 | ) | (3,437 | ) | (33,525 | ) | (24,170 | ) | (11,167 | ) | (41,552 | ) | |||||||||||||||||||||||||||
Class C | (3,239 | ) | (5,400 | ) | (434 | ) | (938 | ) | (973 | ) | (1,861 | ) | (382 | ) | (757 | ) | (4,366 | ) | (9,355 | ) | (2,513 | ) | (5,979 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | (56 | ) | (58 | ) | (3,501 | ) | (5,362 | ) | (151 | ) | (502 | ) | — | — | (4,348 | ) | (6,518 | ) | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | (57,195 | ) | (52,519 | ) | — | — | — | — | (6,575 | ) | (20,531 | ) | |||||||||||||||||||||||||||||||||||
Net increase/(decrease) from Fund share transactions | 36,668 | (275,087 | ) | 232,925 | (53,435 | ) | 72,924 | 107,640 | 43,339 | 19,484 | (196,040 | ) | (81,971 | ) | (14,086 | ) | (47,147 | ) | |||||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets | (63,415 | ) | (159,918 | ) | 96,333 | 4,260 | (112,497 | ) | 316,107 | 29,173 | 24,632 | (408,771 | ) | 64,832 | (24,095 | ) | (56,241 | ) | |||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | |||||||||||||||||||||||||||||||||||||||
End of period | $ | 659,120 | $ | 722,535 | $ | 1,555,016 | $ | 1,458,683 | $ | 1,375,103 | $ | 1,487,600 | $ | 146,790 | $ | 117,617 | $ | 1,578,378 | $ | 1,987,149 | $ | 434,186 | $ | 458,281 |
See Notes to Financial Statements
155
156
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
SMALL CAP GROWTH FUND | SUSTAINABLE EQUITY FUND | VALUE FUND | |||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||
Net investment income/(loss) (Note A) | $ | (404 | ) | $ | (808 | ) | $ | 10,487 | $ | 14,867 | $ | 132 | $ | 190 | |||||||||||||
Net realized gain/(loss) on investments (Note A) | 4,486 | 18,089 | 114,827 | 226,047 | (46 | ) | 1,801 | ||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) of investments (Note A) | (1,399 | ) | 10,573 | (249,199 | ) | 164,375 | 259 | (264 | ) | ||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 2,683 | 27,854 | (123,885 | ) | 405,289 | 345 | 1,727 | ||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||||
Investor Class | (10,344 | ) | (749 | ) | (47,002 | ) | (44,085 | ) | — | — | |||||||||||||||||
Trust Class | (673 | ) | (49 | ) | (16,512 | ) | (13,644 | ) | — | — | |||||||||||||||||
Advisor Class | (382 | ) | (37 | ) | — | — | — | — | |||||||||||||||||||
Institutional Class | (2,842 | ) | (180 | ) | (76,097 | ) | (52,580 | ) | (1,033 | ) | (965 | ) | |||||||||||||||
Class A | (822 | ) | (48 | ) | (9,516 | ) | (6,950 | ) | (168 | ) | (231 | ) | |||||||||||||||
Class C | (539 | ) | (42 | ) | (4,557 | ) | (3,146 | ) | (223 | ) | (294 | ) | |||||||||||||||
Class R3 | (274 | ) | (24 | ) | (2,534 | ) | (2,203 | ) | — | — | |||||||||||||||||
Class R6 | (4 | ) | — | (23,974 | ) | (22,818 | ) | — | — | ||||||||||||||||||
Total distributions to shareholders | (15,880 | ) | (1,129 | ) | (180,192 | ) | (145,426 | ) | (1,424 | ) | (1,490 | ) | |||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||
Investor Class | 3,116 | 4,272 | 15,171 | 56,624 | — | — | |||||||||||||||||||||
Trust Class | 78 | 100 | 11,484 | 30,425 | — | — | |||||||||||||||||||||
Advisor Class | 745 | 833 | — | — | — | — | |||||||||||||||||||||
Institutional Class | 10,492 | 2,713 | 117,093 | 223,902 | 12,094 | 1,073 | |||||||||||||||||||||
Class A | 4,297 | 3,414 | 8,683 | 28,735 | 4,107 | 175 | |||||||||||||||||||||
Class C | 885 | 851 | 2,330 | 6,581 | 57 | 72 | |||||||||||||||||||||
Class R3 | 724 | 1,595 | 3,709 | 16,496 | — | — | |||||||||||||||||||||
Class R6 | 27 | — | 46,333 | 113,355 | — | — |
See Notes to Financial Statements
157
158
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
SMALL CAP GROWTH FUND | SUSTAINABLE EQUITY FUND | VALUE FUND | |||||||||||||||||||||||||
Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (Unaudited) | Year Ended August 31, 2018 | ||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||
Investor Class | 10,178 | 736 | 45,674 | 43,405 | — | — | |||||||||||||||||||||
Trust Class | 642 | 47 | 16,406 | 13,567 | — | — | |||||||||||||||||||||
Advisor Class | 382 | 37 | — | — | — | — | |||||||||||||||||||||
Institutional Class | 2,797 | 177 | 68,421 | 48,046 | 1,032 | 965 | |||||||||||||||||||||
Class A | 804 | 47 | 8,676 | 6,304 | 166 | 231 | |||||||||||||||||||||
Class C | 508 | 41 | 4,059 | 2,762 | 221 | 294 | |||||||||||||||||||||
Class R3 | 248 | 17 | 2,370 | 2,076 | — | — | |||||||||||||||||||||
Class R6 | — | — | 23,974 | 22,818 | — | — | |||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||
Investor Class | (4,017 | ) | (6,627 | ) | (182,712 | ) | (231,636 | ) | — | — | |||||||||||||||||
Trust Class | (318 | ) | (797 | ) | (35,496 | ) | (73,283 | ) | — | — | |||||||||||||||||
Advisor Class | (693 | ) | (663 | ) | — | — | — | — | |||||||||||||||||||
Institutional Class | (3,138 | ) | (2,711 | ) | (149,501 | ) | (270,163 | ) | (6,823 | ) | (5,765 | ) | |||||||||||||||
Class A | (2,096 | ) | (2,793 | ) | (29,570 | ) | (39,847 | ) | (807 | ) | (823 | ) | |||||||||||||||
Class C | (414 | ) | (543 | ) | (6,611 | ) | (9,878 | ) | (28 | ) | (676 | ) | |||||||||||||||
Class R3 | (1,066 | ) | (934 | ) | (7,185 | ) | (27,732 | ) | — | — | |||||||||||||||||
Class R6 | — | — | (79,409 | ) | (208,482 | ) | — | — | |||||||||||||||||||
Net increase/(decrease) from Fund share transactions | 24,181 | (188 | ) | (116,101 | ) | (245,925 | ) | 10,019 | (4,454 | ) | |||||||||||||||||
Net Increase/(Decrease) in Net Assets | 10,984 | 26,537 | (420,178 | ) | 13,938 | 8,940 | (4,217 | ) | |||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||
Beginning of period | 100,087 | 73,550 | 2,406,962 | 2,393,024 | 12,782 | 16,999 | |||||||||||||||||||||
End of period | $ | 111,071 | $ | 100,087 | $ | 1,986,784 | $ | 2,406,962 | $ | 21,722 | $ | 12,782 |
See Notes to Financial Statements
159
160
Notes to Financial Statements Equity Funds (Unaudited)
Note A—Summary of Significant Accounting Policies:
1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman International Small Cap Fund ("International Small Cap"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman Sustainable Equity Fund ("Sustainable Equity") 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 twelve 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 balance indicated with a "—", either reflects a zero balance or a balance that rounds 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.
161
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
The value of the Funds' investments in equity securities, preferred stocks, master limited partnerships, exchange-traded funds ("ETFs"), exchange-traded options purchased and written and convertible preferred stocks, 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 ("NAV") 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 ICE Data Pricing and Reference Data LLC ("ICE") 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
162
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, ICE 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 ICE to evaluate the prices of foreign debt securities as of the time as of which a Fund's share price is calculated. ICE 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 Statement of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlements of class action litigation in which the Funds participated as class members. The amounts of such proceeds for the six months ended February 28, 2019 were $81,038, $1,749, $322,510, $279, $4,355, $615,756, $120, $6,162, $18,849 and $91, for Equity Income, Focus, Genesis, Guardian, Intrinsic Value, Large Cap Value, Mid Cap Growth, Multi-Cap Opportunities, Small Cap Growth and Value, respectively.
5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.
The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 28, 2019, the Funds did not have any unrecognized tax positions.
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At February 28, 2019, 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 | $ | 48,062 | $ | 6,332 | $ | 1,368 | $ | 4,964 | |||||||||||
Emerging Markets Equity | 1,377,041 | 171,626 | 61,399 | 110,227 | |||||||||||||||
Equity Income | 1,190,543 | 270,792 | 7,268 | 263,524 | |||||||||||||||
Focus | 578,865 | 133,036 | 19,012 | 114,024 | |||||||||||||||
Genesis | 5,624,776 | 4,647,696 | 266,832 | 4,380,864 | |||||||||||||||
Global Equity | 3,840 | 992 | 143 | 849 | |||||||||||||||
Global Real Estate | 3,553 | 296 | 63 | 233 | |||||||||||||||
Greater China Equity | 51,561 | 2,199 | 4,114 | (1,915 | ) | ||||||||||||||
Guardian | 947,267 | 269,689 | 46,225 | 223,464 | |||||||||||||||
International Equity | 1,608,496 | 169,550 | 80,003 | 89,547 | |||||||||||||||
International Select | 157,308 | 14,028 | 8,183 | 5,845 | |||||||||||||||
International Small Cap | 6,411 | 215 | 593 | (378 | ) | ||||||||||||||
Intrinsic Value | 515,151 | 189,136 | 50,307 | 138,829 | |||||||||||||||
Large Cap Value | 1,419,723 | 164,890 | 10,392 | 154,498 | |||||||||||||||
Mid Cap Growth | 1,010,054 | 387,492 | 20,308 | 367,184 | |||||||||||||||
Mid Cap Intrinsic Value | 135,355 | 17,127 | 5,754 | 11,373 | |||||||||||||||
Multi-Cap Opportunities | 971,958 | 616,718 | 6,929 | 609,789 | |||||||||||||||
Real Estate | 390,965 | 44,384 | 5,113 | 39,271 | |||||||||||||||
Small Cap Growth | 98,996 | 18,965 | 1,677 | 17,288 | |||||||||||||||
Sustainable Equity | 1,421,421 | 654,522 | 93,265 | 561,257 | |||||||||||||||
Value | 20,721 | 1,199 | 67 | 1,132 |
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.
Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended August 31, 2018, the Funds recorded the following permanent reclassifications primarily related to one or more of the following: deemed distributions on shareholder redemptions, prior period adjustments and redemptions in kind reversal. For the year ended August 31, 2018, the Funds recorded the following permanent reclassifications:
Paid-in Capital | Total Distributable Earnings/(Losses) | ||||||||||
Dividend Growth | $ | 189,275 | $ | (189,275 | ) | ||||||
Emerging Markets Equity | — | — | |||||||||
Equity Income | 12,984,372 | (12,984,372 | ) | ||||||||
Focus | 4,606,442 | (4,606,442 | ) | ||||||||
Genesis | 475,154,590 | (475,154,590 | ) | ||||||||
Global Equity | 20,717 | (20,717 | ) | ||||||||
Global Real Estate | 1,726 | (1,726 | ) |
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Paid-in Capital | Total Distributable Earnings/(Losses) | ||||||||||
Greater China Equity | $ | 3,594,554 | $ | (3,594,554 | ) | ||||||
Guardian | 5,919,430 | (5,919,430 | ) | ||||||||
International Equity | 37,206,314 | (37,206,314 | ) | ||||||||
International Select | 21,992,369 | (21,992,369 | ) | ||||||||
International Small Cap | — | — | |||||||||
Intrinsic Value | 20,359,455 | (20,359,455 | ) | ||||||||
Large Cap Value | 14,557,892 | (14,557,892 | ) | ||||||||
Mid Cap Growth | 11,952,539 | (11,952,539 | ) | ||||||||
Mid Cap Intrinsic Value | 528,075 | (528,075 | ) | ||||||||
Multi-Cap Opportunities | 14,775,843 | (14,775,843 | ) | ||||||||
Real Estate | 3,936,792 | (3,936,792 | ) | ||||||||
Small Cap Growth | 1,110,712 | (1,110,712 | ) | ||||||||
Sustainable Equity | 62,498,276 | (62,498,276 | ) | ||||||||
Value | 453,593 | (453,593 | ) |
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 | |||||||||||||||||||||||||||
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.
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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, unsettled short sales, capital loss carryforwards, unamortized organization expenses, partnership basis adjustments, non-real estate investment trust ("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. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. 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:
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 regulation.
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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, respectively.
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 February 28, 2019, Emerging Markets Equity had realized capital gains taxes of $5,326 which is reflected in the Statements of Operations.
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 February 28, 2019, these Funds estimated these amounts for the period January 1, 2019 to February 28, 2019 within the financial statements because the 2019 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 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,
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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 ETFs, within the limitations prescribed by the 1940 Act or pursuant to an exemptive order from the SEC that permits the Funds to invest in both affiliated and unaffiliated investment companies, including ETFs, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, as amended, subject to the terms and conditions of such order. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have an actively-managed investment objective. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.
11 Derivative instruments: Certain Funds' use of derivatives during the six months ended February 28, 2019, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2019. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.
Options: For the six months ended February 28, 2019, Equity Income, Focus and Guardian, used options written 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. 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.
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
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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 February 28, 2019, the Funds listed below 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 | $ | 157 | $ | 157 | ||||||||||
Total Value—Assets | $ | 157 | $ | 157 |
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 | $ | (882 | ) | $ | (882 | ) | ||||||||
Total Value—Liabilities | $ | (882 | ) | $ | (882 | ) | |||||||||
Guardian | |||||||||||||||
Options written | Option contracts written, at value | $ | (1,276 | ) | $ | (1,276 | ) | ||||||||
Total Value—Liabilities | $ | (1,276 | ) | $ | (1,276 | ) |
The impact of the use of derivative instruments on the Statements of Operations during the six months ended February 28, 2019, 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 | $ | 1,256 | $ | 1,256 | ||||||||||
Total Realized Gain/(Loss) | $ | 1,256 | $ | 1,256 | |||||||||||
Focus | |||||||||||||||
Options written | Net realized gain/(loss) on: expiration or closing of option contracts written | $ | 176 | $ | 176 | ||||||||||
Total Realized Gain/(Loss) | $ | 176 | $ | 176 | |||||||||||
Guardian | |||||||||||||||
Options purchased | Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers | $ | (1,552 | ) | $ | (1,552 | ) | ||||||||
Options written | Net realized gain/(loss) on: expiration or closing of option contracts written | 234 | 234 | ||||||||||||
Total Realized Gain/(Loss) | $ | (1,318 | ) | $ | (1,318 | ) |
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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 | $ | 608 | $ | 608 | ||||||||||
Total Change in Appreciation/(Depreciation) | $ | 608 | $ | 608 | |||||||||||
Guardian | |||||||||||||||
Options purchased | Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers | $ | 54 | $ | 54 | ||||||||||
Options written | Change in net unrealized appreciation/(depreciation) in value of: option contracts written | (477 | ) | (477 | ) | ||||||||||
Total Change in Appreciation/(Depreciation) | $ | (423 | ) | $ | (423 | ) |
While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815. Management has concluded that the Funds, except Equity Income, Focus and Guardian did not hold any derivative instruments during the six months ended February 28, 2019 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 six months ended February 28, 2019, the Funds listed below received income under the securities lending arrangement as follows:
(000's omitted) | |||||||
Emerging Markets Equity | $ | 28 | |||||
Focus | 7 | ||||||
Guardian | 65 | ||||||
International Equity | 118 | ||||||
International Select | 10 | ||||||
International Small Cap | 3 | ||||||
Large Cap Value | 17 | ||||||
Mid Cap Growth | 9 | ||||||
Small Cap Growth | 7 | ||||||
Value | — |
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.
170
As of February 28, 2019, 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 | $ | 16,656 | |||||
Guardian | 12,130 | ||||||
International Equity | 23,352 | ||||||
International Select | 1,111 | ||||||
International Small Cap | 215 | ||||||
Large Cap Value | 37,629 | ||||||
Small Cap Growth | 5,036 | ||||||
Value | 531 |
As of February 28, 2019, 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 | $ | 17,221 | $ | — | $ | — | $ | — | $ | 17,221 | |||||||||||||
Guardian | 12,311 | — | — | — | 12,311 | ||||||||||||||||||
International Equity | 24,605 | — | — | — | 24,605 | ||||||||||||||||||
International Select | 1,160 | — | — | — | 1,160 | ||||||||||||||||||
International Small Cap | 227 | — | — | — | 227 | ||||||||||||||||||
Large Cap Value | 39,478 | — | — | — | 39,478 | ||||||||||||||||||
Small Cap Growth | 5,289 | — | — | — | 5,289 | ||||||||||||||||||
Value | 557 | — | — | — | 557 |
(a) Amounts represent the payable for loaned securities collateral received.
The Funds are required to 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. Emerging Markets Equity, Guardian, International Equity, International Select, International Small Cap, Large Cap Value, Small Cap Growth and Value held one or more of these investments at February 28, 2019. The Funds' security lending assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present 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 a Fund for assets and pledged by a Fund for liabilities as of February 28, 2019.
171
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 | $ | 16,656 | $ | — | $ | 16,656 | |||||||||
Total | $ | 16,656 | $ | — | $ | 16,656 | |||||||||
Guardian | |||||||||||||||
Securities Lending | $ | 12,130 | $ | — | $ | 12,130 | |||||||||
Total | $ | 12,130 | $ | — | $ | 12,130 | |||||||||
International Equity | |||||||||||||||
Securities Lending | $ | 23,352 | $ | — | $ | 23,352 | |||||||||
Total | $ | 23,352 | $ | — | $ | 23,352 | |||||||||
International Select | |||||||||||||||
Securities Lending | $ | 1,111 | $ | — | $ | 1,111 | |||||||||
Total | $ | 1,111 | $ | — | $ | 1,111 | |||||||||
International Small Cap | |||||||||||||||
Securities Lending | $ | 215 | $ | — | $ | 215 | |||||||||
Total | $ | 215 | $ | — | $ | 215 | |||||||||
Large Cap Value | |||||||||||||||
Securities Lending | $ | 37,629 | $ | — | $ | 37,629 | |||||||||
Total | $ | 37,629 | $ | — | $ | 37,629 | |||||||||
Small Cap Growth | |||||||||||||||
Securities Lending | $ | 5,036 | $ | — | $ | 5,036 | |||||||||
Total | $ | 5,036 | $ | — | $ | 5,036 | |||||||||
Value | |||||||||||||||
Securities Lending | $ | 531 | $ | — | $ | 531 | |||||||||
Total | $ | 531 | $ | — | $ | 531 |
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 | $ | 16,656 | $ | — | $ | (16,656 | ) | $ | — | ||||||||||
Total | $ | 16,656 | $ | — | $ | (16,656 | ) | $ | — | ||||||||||
Guardian | |||||||||||||||||||
State Street Bank and Trust Company | $ | 12,130 | $ | — | $ | (12,130 | ) | $ | — | ||||||||||
Total | $ | 12,130 | $ | — | $ | (12,130 | ) | $ | — | ||||||||||
International Equity | |||||||||||||||||||
State Street Bank and Trust Company | $ | 23,352 | $ | — | $ | (23,352 | ) | $ | — | ||||||||||
Total | $ | 23,352 | $ | — | $ | (23,352 | ) | $ | — | ||||||||||
International Select | |||||||||||||||||||
State Street Bank and Trust Company | $ | 1,111 | $ | — | $ | (1,111 | ) | $ | — | ||||||||||
Total | $ | 1,111 | $ | — | $ | (1,111 | ) | $ | — | ||||||||||
International Small Cap | |||||||||||||||||||
State Street Bank and Trust Company | $ | 215 | $ | — | $ | (215 | ) | $ | — | ||||||||||
Total | $ | 215 | $ | — | $ | (215 | ) | $ | — |
172
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) | |||||||||||||||
Large Cap Value | |||||||||||||||||||
State Street Bank and Trust Company | $ | 37,629 | $ | — | $ | (37,629 | ) | $ | — | ||||||||||
Total | $ | 37,629 | $ | — | $ | (37,629 | ) | $ | — | ||||||||||
Small Cap Growth | |||||||||||||||||||
State Street Bank and Trust Company | $ | 5,036 | $ | — | $ | (5,036 | ) | $ | — | ||||||||||
Total | $ | 5,036 | $ | — | $ | (5,036 | ) | $ | — | ||||||||||
Value | |||||||||||||||||||
State Street Bank and Trust Company | $ | 531 | $ | — | $ | (531 | ) | $ | — | ||||||||||
Total | $ | 531 | $ | — | $ | (531 | ) | $ | — |
(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 February 28, 2019, in the event of a counterparty failure.
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, 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. During the six months ended February 28, 2019, Sustainable Equity realized net gains of $6,522,092 on $18,000,005 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.
173
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 | % | ||||||||||||||||||||||
For Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||||||
0.60 | % | 0.575 | % | 0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.475 | % | 0.475 | % | 0.45 | % | ||||||||||||||||||||||
For Global Equity: | |||||||||||||||||||||||||||||||||||||||
0.55 | % | 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 15, 2018, Management has voluntarily agreed to waive its management fee in the amount of 0.07% of the average daily net assets of International Equity (0.04% effective November 1, 2017, 0.15% effective June 1, 2017). Effective November 15, 2018, Management has voluntarily agreed to waive its management fee in the amount of 0.03% of the average daily net assets of Mid Cap Intrinsic Value. Effective November 1, 2017, Management removed the voluntary waiver of its management fee of Mid Cap Intrinsic Value. Prior to that, Management had voluntarily agreed to waive its management fee in the amount of 0.19% of the average daily net assets of Mid Cap Intrinsic Value effective December 19, 2016. Management may, at its sole discretion, modify or terminate the voluntary waiver without notice to International Equity and Mid Cap Intrinsic Value, respectively. For the six months ended February 28, 2019, such waived fees amounted to $504,090 and $9,581 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.
174
Accordingly, for the six months ended February 28, 2019, 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 | 0.81 | % | ||||||||||
Equity Income | 0.49 | % | Large Cap Value | 0.49 | % | ||||||||||
Focus | 0.53 | % | Mid Cap Growth | 0.50 | % | ||||||||||
Genesis | 0.66 | % | Mid Cap Intrinsic Value | 0.55 | %(b) | ||||||||||
Greater China Equity | 1.10 | % | Multi-Cap Opportunities | 0.53 | % | ||||||||||
Guardian | 0.50 | % | Small Cap Growth | 0.85 | % | ||||||||||
International Equity | 0.78 | %(a) | Sustainable Equity | 0.47 | % | ||||||||||
International Select | 0.55 | % | Value | 0.55 | % |
(a) 0.72% annual effective net rate of the Fund's average daily net assets.
(b) 0.53% annual effective net rate of the Fund's average daily net assets.
Each Fund retains Management as its administrator under an Administration Agreement. Prior to July 1, 2017, each Fund paid Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement in addition to an annual fee for certain class level services (specifically, 0.20% for each of Investor Class, Class A, Class C and Class R3; 0.34% for each of Trust Class and Advisor Class; 0.09% for Institutional Class and 0.02% for Class R6, each as a percentage of its average daily net assets). Effective July 1, 2017, the administration fee is only assessed at the Class level and each share class of a Fund, as applicable, pays Management an annual administration fee equal to the following: 0.26% for each of Investor Class, Class A, Class C and Class R3; 0.40% for each of Trust Class and Advisor Class; 0.15% for Institutional Class; and 0.08% for Class R6 (prior to December 6, 2018), 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. Effective December 6, 2018, the administration fee for Class R6 changed to 0.05% as a percentage of its average daily net assets. 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.
175
Expenses Reimbursed in Year Ended August 31, | |||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||
Dividend Growth Institutional Class | 0.69 | % | 8/31/22 | $ | 215,047 | (b) | $ | 258,355 | $ | 245,104 | $ | 128,911 | |||||||||||||||
Dividend Growth Class A | 1.05 | % | 8/31/22 | 9,994 | (b) | 8,372 | 11,408 | 4,952 | |||||||||||||||||||
Dividend Growth Class C | 1.80 | % | 8/31/22 | 9,444 | (b) | 20,432 | 17,402 | 8,133 | |||||||||||||||||||
Dividend Growth Class R6 | 0.59 | %(c) | 8/31/22 | 15,585 | (b) | 484 | 158 | 75 | |||||||||||||||||||
Emerging Markets Equity Institutional Class | 1.25 | % | 8/31/22 | 528,129 | 460,088 | 231,794 | 25,799 | ||||||||||||||||||||
Emerging Markets Equity Class A | 1.50 | % | 8/31/22 | 54,600 | 91,792 | 92,255 | 29,930 | ||||||||||||||||||||
Emerging Markets Equity Class C | 2.25 | % | 8/31/22 | 13,399 | 11,097 | 12,202 | 4,992 | ||||||||||||||||||||
Emerging Markets Equity Class R3 | 1.91 | % | 8/31/22 | 1,403 | 1,161 | 24 | 87 | ||||||||||||||||||||
Emerging Markets Equity Class R6 | 1.15 | %(c) | 8/31/22 | 119,612 | 88,158 | 7,769 | — | ||||||||||||||||||||
Equity Income Institutional Class | 0.80 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Equity Income Class A | 1.16 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Equity Income Class C | 1.91 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Equity Income Class R3 | 1.41 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Trust Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Institutional Class | 0.75 | % | 8/31/22 | 755 | 209 | — | 59 | ||||||||||||||||||||
Focus Class A | 1.11 | % | 8/31/22 | 1,451 | 580 | 312 | 177 | ||||||||||||||||||||
Focus Class C | 1.86 | % | 8/31/22 | 893 | 336 | 137 | 92 | ||||||||||||||||||||
Genesis Trust Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Institutional Class | 0.85 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Class R6 | 0.75 | %(d) | 8/31/22 | — | — | 872,606 | 186,988 | ||||||||||||||||||||
Global Equity Institutional Class | 0.75 | %(e) | 8/31/22 | 240,098 | 239,590 | 259,479 | 138,518 | ||||||||||||||||||||
Global Equity Class A | 1.11 | %(e) | 8/31/22 | 38,361 | 24,676 | 30,042 | 12,605 | ||||||||||||||||||||
Global Equity Class C | 1.86 | %(e) | 8/31/22 | 16,073 | 8,112 | 6,624 | 3,605 | ||||||||||||||||||||
Global Real Estate Institutional Class | 1.00 | % | 8/31/22 | 197,159 | 202,973 | 220,996 | 112,243 | ||||||||||||||||||||
Global Real Estate Class A | 1.36 | % | 8/31/22 | 64,529 | 38,044 | 30,605 | 14,808 | ||||||||||||||||||||
Global Real Estate Class C | 2.11 | % | 8/31/22 | 25,169 | 25,661 | 28,315 | 14,553 | ||||||||||||||||||||
Greater China Equity Institutional Class | 1.50 | % | 8/31/22 | 229,329 | 164,058 | 79,507 | 83,394 | ||||||||||||||||||||
Greater China Equity Class A | 1.86 | % | 8/31/22 | 7,590 | 9,343 | 28,600 | 16,020 | ||||||||||||||||||||
Greater China Equity Class C | 2.61 | % | 8/31/22 | 320 | 321 | 536 | 402 | ||||||||||||||||||||
Guardian Trust Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Institutional Class | 0.75 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Class A | 1.11 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Class C | 1.86 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Class R3 | 1.36 | % | 8/31/22 | 148 | 88 | 20 | 40 |
176
Expenses Reimbursed in Year Ended August 31, | |||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||
International Equity Investor Class | 1.40 | % | 8/31/22 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
International Equity Trust Class | 2.00 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
International Equity Institutional Class | 0.85 | % | 8/31/22 | — | — | 1,186,829 | 692,593 | ||||||||||||||||||||
International Equity Class A | 1.21 | % | 8/31/22 | 10,042 | — | 59,940 | 27,986 | ||||||||||||||||||||
International Equity Class C | 1.96 | % | 8/31/22 | 2,521 | — | 12,453 | 5,858 | ||||||||||||||||||||
International Equity Class R6 | 0.75 | %(c) | 8/31/22 | — | — | 146,965 | 37,318 | ||||||||||||||||||||
International Select Trust Class | 1.15 | %(f) | 8/31/22 | 12,258 | 12,594 | 18,565 | 10,070 | ||||||||||||||||||||
International Select Institutional Class | 0.80 | %(f) | 8/31/22 | 91,989 | 141,368 | 244,239 | 121,317 | ||||||||||||||||||||
International Select Class A | 1.16 | %(f) | 8/31/22 | 1,276 | 3,083 | 6,671 | 3,337 | ||||||||||||||||||||
International Select Class C | 1.91 | %(f) | 8/31/22 | 1,955 | 2,278 | 3,656 | 1,920 | ||||||||||||||||||||
International Select Class R3 | 1.41 | %(f) | 8/31/22 | 2,218 | 3,513 | 6,179 | 2,879 | ||||||||||||||||||||
International Select Class R6 | 0.70 | %(f) | 8/31/22 | — | 1,906 | (g) | 13,555 | 8,684 | |||||||||||||||||||
International Small Cap Institutional Class | 1.05 | % | 8/31/22 | — | 159,342 | (h) | 257,330 | 139,857 | |||||||||||||||||||
International Small Cap Class A | 1.41 | % | 8/31/22 | — | 65,158 | (h) | 16,926 | 4,942 | |||||||||||||||||||
International Small Cap Class C | 2.16 | % | 8/31/22 | — | 25,270 | (h) | 8,534 | 3,398 | |||||||||||||||||||
International Small Cap Class R6 | 0.95 | %(c) | 8/31/22 | — | 50,711 | (h) | 15,753 | 5,860 | |||||||||||||||||||
Intrinsic Value Institutional Class | 1.00 | % | 8/31/22 | 357,588 | 205,715 | 93,339 | 121,668 | ||||||||||||||||||||
Intrinsic Value Class A | 1.36 | % | 8/31/22 | 58,200 | 21,955 | 8,931 | 6,206 | ||||||||||||||||||||
Intrinsic Value Class C | 2.11 | % | 8/31/22 | 22,495 | 9,376 | 4,695 | 4,737 | ||||||||||||||||||||
Intrinsic Value Class R6 | 0.90 | % | 8/31/22 | — | — | — | 11 | (i) | |||||||||||||||||||
Large Cap Value Trust Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Institutional Class | 0.70 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Class A | 1.11 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Class C | 1.86 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Class R3 | 1.36 | % | 8/31/22 | 126 | 70 | 3 | 1 | ||||||||||||||||||||
Large Cap Value Class R6 | 0.60 | % | 8/31/22 | — | — | — | 10 | (i) | |||||||||||||||||||
Mid Cap Growth Trust Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Institutional Class | 0.75 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class A | 1.11 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class C | 1.86 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class R3 | 1.36 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Class R6 | 0.65 | %(c) | 8/31/22 | — | — | — | — | ||||||||||||||||||||
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 | 4,722 | ||||||||||||||||||||
Mid Cap Intrinsic Value Institutional Class | 0.85 | % | 8/31/22 | 24,711 | 5,015 | 61,130 | 35,955 |
177
Expenses Reimbursed in Year Ended August 31, | |||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(a) | Expiration | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||
Mid Cap Intrinsic Value Class A | 1.21 | % | 8/31/22 | $ | 17,891 | $ | 4,690 | $ | 13,941 | $ | 6,690 | ||||||||||||||||
Mid Cap Intrinsic Value Class C | 1.96 | % | 8/31/22 | 4,388 | 1,218 | 3,434 | 1,616 | ||||||||||||||||||||
Mid Cap Intrinsic Value Class R3 | 1.46 | % | 8/31/22 | 1,736 | 629 | 3,348 | 1,864 | ||||||||||||||||||||
Multi-Cap Opportunities Institutional Class | 1.00 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Class A | 1.36 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Class C | 2.11 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Real Estate Trust Class | 1.50 | %(j) | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Real Estate Institutional Class | 0.85 | % | 8/31/22 | 588,136 | 418,961 | 355,600 | 178,844 | ||||||||||||||||||||
Real Estate Class A | 1.21 | % | 8/31/22 | 261,138 | 193,727 | 145,323 | 60,241 | ||||||||||||||||||||
Real Estate Class C | 1.96 | % | 8/31/22 | 62,906 | 47,102 | 33,477 | 13,497 | ||||||||||||||||||||
Real Estate Class R3 | 1.46 | % | 8/31/22 | 50,219 | 46,018 | 39,632 | 19,816 | ||||||||||||||||||||
Real Estate Class R6 | 0.75 | %(c) | 8/31/22 | 70,754 | 85,221 | 110,981 | 57,816 | ||||||||||||||||||||
Small Cap Growth Investor Class | 1.30 | %(j) | 8/31/22 | 243,435 | 221,840 | 248,687 | 118,976 | ||||||||||||||||||||
Small Cap Growth Trust Class | 1.40 | %(j) | 8/31/22 | 24,155 | 19,320 | 17,589 | 8,167 | ||||||||||||||||||||
Small Cap Growth Advisor Class | 1.60 | %(j) | 8/31/22 | 10,968 | 8,126 | 8,542 | 4,380 | ||||||||||||||||||||
Small Cap Growth Institutional Class | 0.90 | % | 8/31/22 | 94,448 | 61,816 | 81,452 | 46,224 | ||||||||||||||||||||
Small Cap Growth Class A | 1.26 | % | 8/31/22 | 26,066 | 20,750 | 25,896 | 14,958 | ||||||||||||||||||||
Small Cap Growth Class C | 2.01 | % | 8/31/22 | 13,463 | 11,214 | 14,080 | 8,758 | ||||||||||||||||||||
Small Cap Growth Class R3 | 1.51 | % | 8/31/22 | 8,774 | 6,935 | 9,492 | 5,044 | ||||||||||||||||||||
Small Cap Growth Class R6 | 0.80 | % | 8/31/22 | — | — | — | 105 | (k) | |||||||||||||||||||
Sustainable Equity Trust Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Sustainable Equity Institutional Class | 0.75 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Sustainable Equity Class A | 1.11 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Sustainable Equity Class C | 1.86 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Sustainable Equity Class R3 | 1.36 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Sustainable Equity Class R6 | 0.65 | %(c) | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Value Institutional Class | 0.75 | %(j) | 8/31/22 | 172,294 | 165,002 | 169,458 | 86,581 | ||||||||||||||||||||
Value Class A | 1.11 | %(j) | 8/31/22 | 87,821 | 66,962 | 50,138 | 25,069 | ||||||||||||||||||||
Value Class C | 1.86 | %(j) | 8/31/22 | 9,526 | 41,187 | 65,116 | 29,898 |
(a) Expense limitation per annum of the respective class's average daily net assets.
(b) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.
(c) Prior to December 6, 2018, the contractual expense limitation was 0.62%, 1.18%, 0.78%, 0.98%, 0.68%, 0.78% and 0.68% for Class R6 for Dividend Growth, Emerging Markets Equity, International Equity, International Small Cap, Mid Cap Growth, Real Estate and Sustainable Equity, respectively.
(d) Prior to October 16, 2017, the contractual expense limitation was 0.78%.
178
(e) 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.
(f) Prior to December 6, 2018, the contractual expense limitation was 0.73% for Class R6. 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.
(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) Period from January 18, 2019 (Commencement of Operations) to February 28, 2019.
(j) In addition, Management has voluntarily undertaken to waive current payment of fees and/or reimburse certain expenses, so that their Operating Expenses, per annum of their respective average daily net assets, are limited to the percentages indicated below:
Class | Voluntary Expense Limitation | Expenses Voluntarily Waived in Six Months Ended February 28, 2019 Not Subject to Repayment(l) | |||||||||
Real Estate Trust Class | 1.04 | % | $ | 238,884 | |||||||
Effective November 15, 2018 | |||||||||||
Small Cap Growth Investor Class* | 1.18 | % | 32,865 | ||||||||
Effective September 7, 2018 | |||||||||||
Small Cap Growth Trust Class** | 1.29 | % | 2,084 | ||||||||
Small Cap Growth Advisor Class*** | 1.44 | % | 1,793 | ||||||||
Effective March 14, 2019 | |||||||||||
Value Institutional Class**** | 0.70 | % | 2,590 | ||||||||
Effective January 1, 2019 | |||||||||||
Value Class A***** | 1.07 | % | 400 | ||||||||
Effective January 1, 2019 | |||||||||||
Value Class C****** | 1.81 | % | 691 |
* 1.20% from September 7, 2018 to November 14, 2018; 1.21% prior to September 7, 2018.
** 1.37% prior to September 7, 2018.
*** 1.51% prior to September 7, 2018.
**** 0.69% from January 1, 2019 to March 13, 2019; 0.70% from March 21, 2018 to December 31, 2018; 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.
***** 1.09% from September 12, 2018 to December 31, 2018; 1.08% from March 21, 2018 to September 11, 2018; 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.
****** 1.82% from March 21, 2018 to December 31, 2018; 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.
(k) Period from September 7, 2018 (Commencement of Operations) to February 28, 2019.
(l) Voluntary reimbursements are not subject to recovery by Management and are terminable by Management upon notice to Real Estate, Small Cap Growth and Value.
179
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 six months ended February 28, 2019, the following classes repaid Management under their contractual expense limitation agreements as follows:
Class | Expenses Repaid to Management | ||||||
Emerging Market Equity Class R6 | $ | 8,130 | |||||
Mid Cap Growth Class R3 | 945 |
As previously announced, on April 28, 2017, NBIA retained Green Court Capital Management Limited as the subadviser 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.
Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.
For the six months ended February 28, 2019, 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 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Dividend Growth Class C | — | — | — | — |
180
Underwriter | Broker-Dealer | ||||||||||||||||||
Net Initial Sales Charge | CDSC | Net Initial Sales Charge | CDSC | ||||||||||||||||
Emerging Markets Equity Class A | $ | 7,032 | $ | — | $ | — | $ | — | |||||||||||
Emerging Markets Equity Class C | — | 2,780 | — | — | |||||||||||||||
Equity Income Class A | 6,440 | — | — | — | |||||||||||||||
Equity Income Class C | — | 1,687 | — | — | |||||||||||||||
Focus Class A | — | — | — | — | |||||||||||||||
Focus Class C | — | — | — | — | |||||||||||||||
Genesis Class A | — | — | — | — | |||||||||||||||
Genesis Class C | — | — | — | — | |||||||||||||||
Global Equity Class A | — | — | — | — | |||||||||||||||
Global Equity Class C | — | — | — | — | |||||||||||||||
Global Real Estate Class A | — | — | — | — | |||||||||||||||
Global Real Estate Class C | — | — | — | — | |||||||||||||||
Greater China Equity Class A | — | — | — | — | |||||||||||||||
Greater China Equity Class C | — | 13 | — | — | |||||||||||||||
Guardian Class A | 1,806 | — | — | — | |||||||||||||||
Guardian Class C | — | — | — | — | |||||||||||||||
International Equity Class A | 1,982 | — | — | — | |||||||||||||||
International Equity Class C | — | 4,264 | — | — | |||||||||||||||
International Select Class A | 1 | — | — | — | |||||||||||||||
International Select Class C | — | 863 | — | — | |||||||||||||||
International Small Cap Class A | — | — | — | — | |||||||||||||||
International Small Cap Class C | — | — | — | — | |||||||||||||||
Intrinsic Value Class A | 2,442 | — | — | — | |||||||||||||||
Intrinsic Value Class C | — | 605 | — | — | |||||||||||||||
Large Cap Value Class A | 6,968 | — | — | — | |||||||||||||||
Large Cap Value Class C | — | 140 | — | — | |||||||||||||||
Mid Cap Growth Class A | 1,923 | — | — | — | |||||||||||||||
Mid Cap Growth Class C | — | 506 | — | — | |||||||||||||||
Mid Cap Intrinsic Value Class A | 627 | — | — | — | |||||||||||||||
Mid Cap Intrinsic Value Class C | — | 165 | — | — | |||||||||||||||
Multi-Cap Opportunities Class A | 9,867 | — | — | — | |||||||||||||||
Multi-Cap Opportunities Class C | — | 1,754 | — | — | |||||||||||||||
Real Estate Class A | 660 | — | — | — | |||||||||||||||
Real Estate Class C | — | 714 | — | — | |||||||||||||||
Small Cap Growth Class A | 2,867 | — | — | — | |||||||||||||||
Small Cap Growth Class C | — | 228 | — | — | |||||||||||||||
Sustainable Equity Class A | 11,108 | — | — | — | |||||||||||||||
Sustainable Equity Class C | — | 4,540 | — | — | |||||||||||||||
Value Class A | 222 | — | — | — | |||||||||||||||
Value Class C | — | — | — | — |
181
Note C—Securities Transactions:
During the six months ended February 28, 2019, 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 | $ | 14,668 | $ | 15,093 | International Small Cap | $ | 1,088 | $ | 1,203 | ||||||||||||||
Emerging Markets Equity | 273,969 | 191,290 | Intrinsic Value | 66,650 | 118,074 | ||||||||||||||||||
Equity Income | 296,922 | 399,347 | Large Cap Value | 516,732 | 618,781 | ||||||||||||||||||
Focus | 117,919 | 156,100 | Mid Cap Growth | 310,906 | 353,505 | ||||||||||||||||||
Genesis | 673,545 | 1,305,863 | Mid Cap Intrinsic Value | 53,117 | 20,772 | ||||||||||||||||||
Global Equity | 387 | 690 | Multi-Cap Opportunities | 330,310 | 683,618 | ||||||||||||||||||
Global Real Estate | 1,552 | 775 | Real Estate | 100,722 | 133,838 | ||||||||||||||||||
Greater China Equity | 8,645 | 40,792 | Small Cap Growth | 93,546 | 93,075 | ||||||||||||||||||
Guardian | 187,706 | 257,999 | Sustainable Equity | 161,026 | 392,448 | ||||||||||||||||||
International Equity | 198,315 | 472,050 | Value | 15,885 | 9,953 | ||||||||||||||||||
International Select | 16,089 | 21,001 |
During the six months ended February 28, 2019, no brokerage commissions on securities transactions were paid to affiliated brokers.
Note D—Fund Share Transactions:
Share activity for the six months ended February 28, 2019 and the year ended August 31, 2018 was as follows:
For the Six Months Ended February 28, 2019 | For the Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||
(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 | 613 | 232 | (764 | ) | 81 | 1,594 | 79 | (351 | ) | 1,322 | |||||||||||||||||||||||||
Class A | 5 | 7 | (8 | ) | 4 | 80 | 3 | (83 | ) | — | |||||||||||||||||||||||||
Class C | 5 | 12 | (17 | ) | — | 9 | 3 | (14 | ) | (2 | ) | ||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Emerging Markets Equity(a) | |||||||||||||||||||||||||||||||||||
Institutional Class | 19,881 | 243 | (14,941 | ) | 5,183 | 37,031 | 103 | (11,160 | ) | 25,974 | |||||||||||||||||||||||||
Class A | 631 | 8 | (788 | ) | (149 | ) | 1,992 | 8 | (2,796 | ) | (796 | ) | |||||||||||||||||||||||
Class C | 85 | — | (97 | ) | (12 | ) | 281 | — | (89 | ) | 192 | ||||||||||||||||||||||||
Class R3 | 12 | — | (33 | ) | (21 | ) | 29 | — | (29 | ) | — | ||||||||||||||||||||||||
Class R6 | 1,424 | 95 | (1,416 | ) | 103 | 3,929 | 55 | (2,000 | ) | 1,984 |
182
For the Six Months Ended February 28, 2019 | For the Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Equity Income | |||||||||||||||||||||||||||||||||||
Institutional Class | 10,491 | 4,338 | (13,063 | ) | 1,766 | 11,451 | 5,290 | (22,423 | ) | (5,682 | ) | ||||||||||||||||||||||||
Class A | 1,111 | 662 | (6,405 | ) | (4,632 | ) | 1,919 | 806 | (4,251 | ) | (1,526 | ) | |||||||||||||||||||||||
Class C | 540 | 719 | (2,273 | ) | (1,014 | ) | 713 | 900 | (4,985 | ) | (3,372 | ) | |||||||||||||||||||||||
Class R3 | 19 | 6 | (62 | ) | (37 | ) | 79 | 4 | (55 | ) | 28 | ||||||||||||||||||||||||
Focus(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 65 | 1,894 | (1,123 | ) | 836 | 140 | 1,793 | (2,136 | ) | (203 | ) | ||||||||||||||||||||||||
Trust Class | 10 | 165 | (207 | ) | (32 | ) | 82 | 305 | (533 | ) | (146 | ) | |||||||||||||||||||||||
Advisor Class | 4 | 6 | (25 | ) | (15 | ) | 11 | 41 | (64 | ) | (12 | ) | |||||||||||||||||||||||
Institutional Class | 62 | 24 | (32 | ) | 54 | 95 | 22 | (101 | ) | 16 | |||||||||||||||||||||||||
Class A | 8 | 9 | (16 | ) | 1 | 29 | 13 | (29 | ) | 13 | |||||||||||||||||||||||||
Class C | 3 | 5 | (12 | ) | (4 | ) | 3 | 23 | (16 | ) | 10 | ||||||||||||||||||||||||
Genesis(b) | |||||||||||||||||||||||||||||||||||
Investor Class | 770 | 3,261 | (3,778 | ) | 253 | 2,128 | 3,861 | (6,999 | ) | (1,010 | ) | ||||||||||||||||||||||||
Trust Class | 870 | 2,716 | (3,438 | ) | 148 | 2,164 | 3,263 | (8,346 | ) | (2,919 | ) | ||||||||||||||||||||||||
Advisor Class | 193 | 326 | (535 | ) | (16 | ) | 505 | 428 | (1,364 | ) | (431 | ) | |||||||||||||||||||||||
Institutional Class | 4,519 | 5,386 | (8,716 | ) | 1,189 | 8,421 | 7,259 | (27,980 | ) | (12,300 | ) | ||||||||||||||||||||||||
Class R6 | 4,708 | 8,231 | (5,894 | ) | 7,045 | 14,262 | 8,129 | (16,751 | ) | 5,640 | |||||||||||||||||||||||||
Global Equity(a) | |||||||||||||||||||||||||||||||||||
Institutional Class | 13 | 41 | (43 | ) | 11 | 5 | 3 | (14 | ) | (6 | ) | ||||||||||||||||||||||||
Class A | 5 | 3 | (16 | ) | (8 | ) | 82 | — | (74 | ) | 8 | ||||||||||||||||||||||||
Class C | — | — | (1 | ) | (1 | ) | 4 | — | (3 | ) | 1 | ||||||||||||||||||||||||
Global Real Estate | |||||||||||||||||||||||||||||||||||
Institutional Class | 78 | 5 | (6 | ) | 77 | 5 | 6 | (4 | ) | 7 | |||||||||||||||||||||||||
Class A | 1 | — | (1 | ) | — | 3 | — | (20 | ) | (17 | ) | ||||||||||||||||||||||||
Class C | — | 1 | — | 1 | 3 | — | — | 3 | |||||||||||||||||||||||||||
Greater China Equity | |||||||||||||||||||||||||||||||||||
Institutional Class | — | 2,620 | (3,117 | ) | (497 | ) | 343 | 732 | (2,643 | ) | (1,568 | ) | |||||||||||||||||||||||
Class A | — | 285 | (231 | ) | 54 | 296 | 146 | (1,120 | ) | (678 | ) | ||||||||||||||||||||||||
Class C | — | 7 | (4 | ) | 3 | 1 | 2 | (5 | ) | (2 | ) | ||||||||||||||||||||||||
Guardian(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 342 | 6,183 | (3,187 | ) | 3,338 | 662 | 3,906 | (5,244 | ) | (676 | ) | ||||||||||||||||||||||||
Trust Class | 74 | 288 | (364 | ) | (2 | ) | 197 | 333 | (870 | ) | (340 | ) | |||||||||||||||||||||||
Advisor Class | 7 | 1 | (9 | ) | (1 | ) | 1 | 1 | — | 2 | |||||||||||||||||||||||||
Institutional Class | 636 | 471 | (608 | ) | 499 | 903 | 277 | (1,054 | ) | 126 | |||||||||||||||||||||||||
Class A | 61 | 29 | (136 | ) | (46 | ) | 56 | 30 | (118 | ) | (32 | ) | |||||||||||||||||||||||
Class C | 25 | 9 | (6 | ) | 28 | 9 | 7 | (17 | ) | (1 | ) | ||||||||||||||||||||||||
Class R3 | 4 | 1 | (12 | ) | (7 | ) | 3 | 1 | (9 | ) | (5 | ) |
183
For the Six Months Ended February 28, 2019 | For the Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
International Equity(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 76 | 81 | (450 | ) | (293 | ) | 429 | 21 | (1,121 | ) | (671 | ) | |||||||||||||||||||||||
Trust Class | 90 | 28 | (547 | ) | (429 | ) | 471 | 5 | (999 | ) | (523 | ) | |||||||||||||||||||||||
Institutional Class | 20,168 | 1,269 | (41,667 | ) | (20,230 | ) | 48,906 | 889 | (29,829 | ) | 19,966 | ||||||||||||||||||||||||
Class A | 519 | 14 | (1,202 | ) | (669 | ) | 1,947 | 2 | (2,560 | ) | (611 | ) | |||||||||||||||||||||||
Class C | 50 | 2 | (263 | ) | (211 | ) | 305 | — | (265 | ) | 40 | ||||||||||||||||||||||||
Class R6 | 1,423 | 97 | (714 | ) | 806 | 6,784 | 158 | (11,940 | ) | (4,998 | ) | ||||||||||||||||||||||||
International Select | |||||||||||||||||||||||||||||||||||
Trust Class | 11 | 7 | (14 | ) | 4 | 11 | 5 | (62 | ) | (46 | ) | ||||||||||||||||||||||||
Institutional Class | 1,126 | 227 | (1,051 | ) | 302 | 1,370 | 180 | (7,831 | ) | (6,281 | ) | ||||||||||||||||||||||||
Class A | 13 | 4 | (62 | ) | (45 | ) | 102 | 3 | (197 | ) | (92 | ) | |||||||||||||||||||||||
Class C | 14 | 1 | (41 | ) | (26 | ) | 12 | — | (27 | ) | (15 | ) | |||||||||||||||||||||||
Class R3 | 28 | 2 | (57 | ) | (27 | ) | 74 | 2 | (210 | ) | (134 | ) | |||||||||||||||||||||||
Class R6 | 1,477 | 15 | (45 | ) | 1,447 | 14 | 9 | (74 | ) | (51 | ) | ||||||||||||||||||||||||
International Small Cap | |||||||||||||||||||||||||||||||||||
Institutional Class | 3 | 10 | (14 | ) | (1 | ) | 414 | 5 | (6 | ) | 413 | ||||||||||||||||||||||||
Class A | — | — | — | — | 5 | 1 | (14 | ) | (8 | ) | |||||||||||||||||||||||||
Class C | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Intrinsic Value(a) | |||||||||||||||||||||||||||||||||||
Institutional Class | 6,602 | 4,347 | (8,809 | ) | 2,140 | 10,567 | 2,425 | (28,642 | ) | (15,650 | ) | ||||||||||||||||||||||||
Class A | 811 | 168 | (683 | ) | 296 | 683 | 54 | (781 | ) | (44 | ) | ||||||||||||||||||||||||
Class C | 78 | 157 | (214 | ) | 21 | 202 | 68 | (316 | ) | (46 | ) | ||||||||||||||||||||||||
Class R6(d) | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||||||||
Large Cap Value(b) | |||||||||||||||||||||||||||||||||||
Investor Class | 1,266 | 4,724 | (1,794 | ) | 4,196 | 257 | 2,893 | (4,192 | ) | (1,042 | ) | ||||||||||||||||||||||||
Trust Class | 338 | 279 | (190 | ) | 427 | 127 | 190 | (609 | ) | (292 | ) | ||||||||||||||||||||||||
Advisor Class | 163 | 494 | (524 | ) | 133 | 173 | 359 | (1,279 | ) | (747 | ) | ||||||||||||||||||||||||
Institutional Class | 3,464 | 462 | (585 | ) | 3,341 | 1,178 | 221 | (956 | ) | 443 | |||||||||||||||||||||||||
Class A | 299 | 13 | (53 | ) | 259 | 58 | 6 | (59 | ) | 5 | |||||||||||||||||||||||||
Class C | 132 | 5 | (15 | ) | 122 | 13 | 4 | (29 | ) | (12 | ) | ||||||||||||||||||||||||
Class R3 | 4 | 1 | (2 | ) | 3 | 5 | 1 | (2 | ) | 4 | |||||||||||||||||||||||||
Class R6(d) | 1 | — | — | 1 | — | — | — | — |
184
For the Six Months Ended February 28, 2019 | For the Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||
(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(b) | |||||||||||||||||||||||||||||||||||
Investor Class | 807 | 3,344 | (1,925 | ) | 2,226 | 786 | 2,564 | (2,772 | ) | 578 | |||||||||||||||||||||||||
Trust Class | 554 | 539 | (715 | ) | 378 | 1,520 | 365 | (868 | ) | 1,017 | |||||||||||||||||||||||||
Advisor Class | 159 | 66 | (196 | ) | 29 | 357 | 54 | (346 | ) | 65 | |||||||||||||||||||||||||
Institutional Class | 2,608 | 2,357 | (7,206 | ) | (2,241 | ) | 5,005 | 1,900 | (8,119 | ) | (1,214 | ) | |||||||||||||||||||||||
Class A | 302 | 294 | (1,433 | ) | (837 | ) | 807 | 258 | (1,718 | ) | (653 | ) | |||||||||||||||||||||||
Class C | 29 | 76 | (70 | ) | 35 | 90 | 57 | (120 | ) | 27 | |||||||||||||||||||||||||
Class R3 | 2,982 | 94 | (241 | ) | 2,835 | 293 | 70 | (345 | ) | 18 | |||||||||||||||||||||||||
Class R6 | 4,874 | 2,912 | (4,097 | ) | 3,689 | 9,212 | 1,651 | (3,366 | ) | 7,497 | |||||||||||||||||||||||||
Mid Cap Intrinsic Value(a) | |||||||||||||||||||||||||||||||||||
Investor Class | 1,314 | 143 | (76 | ) | 1,381 | 43 | 111 | (244 | ) | (90 | ) | ||||||||||||||||||||||||
Trust Class | 9 | 35 | (30 | ) | 14 | 17 | 37 | (99 | ) | (45 | ) | ||||||||||||||||||||||||
Institutional Class | 540 | 211 | (593 | ) | 158 | 1,167 | 115 | (376 | ) | 906 | |||||||||||||||||||||||||
Class A | 679 | 22 | (170 | ) | 531 | 168 | 26 | (146 | ) | 48 | |||||||||||||||||||||||||
Class C | 13 | 7 | (18 | ) | 2 | 13 | 7 | (32 | ) | (12 | ) | ||||||||||||||||||||||||
Class R3 | 11 | 7 | (7 | ) | 11 | 51 | 4 | (22 | ) | 33 | |||||||||||||||||||||||||
Multi-Cap Opportunities(a) | |||||||||||||||||||||||||||||||||||
Institutional Class | 6,089 | 8,557 | (23,985 | ) | (9,339 | ) | 8,019 | 9,663 | (22,825 | ) | (5,143 | ) | |||||||||||||||||||||||
Class A | 550 | 351 | (1,958 | ) | (1,057 | ) | 1,898 | 283 | (1,279 | ) | 902 | ||||||||||||||||||||||||
Class C | 178 | 202 | (244 | ) | 136 | 351 | 203 | (486 | ) | 68 | |||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||
Trust Class | 493 | 538 | (1,918 | ) | (887 | ) | 1,148 | 689 | (3,405 | ) | (1,568 | ) | |||||||||||||||||||||||
Institutional Class | 1,612 | 689 | (2,390 | ) | (89 | ) | 4,745 | 802 | (6,386 | ) | (839 | ) | |||||||||||||||||||||||
Class A | 492 | 232 | (889 | ) | (165 | ) | 1,168 | 338 | (3,275 | ) | (1,769 | ) | |||||||||||||||||||||||
Class C | 11 | 45 | (207 | ) | (151 | ) | 18 | 60 | (467 | ) | (389 | ) | |||||||||||||||||||||||
Class R3 | 310 | 67 | (340 | ) | 37 | 369 | 75 | (504 | ) | (60 | ) | ||||||||||||||||||||||||
Class R6 | 467 | 243 | (516 | ) | 194 | 2,267 | 242 | (1,612 | ) | 897 | |||||||||||||||||||||||||
Small Cap Growth(c) | |||||||||||||||||||||||||||||||||||
Investor Class | 86 | 339 | (115 | ) | 310 | 112 | 21 | (177 | ) | (44 | ) | ||||||||||||||||||||||||
Trust Class | 2 | 21 | (8 | ) | 15 | 3 | 1 | (22 | ) | (18 | ) | ||||||||||||||||||||||||
Advisor Class | 20 | 12 | (19 | ) | 13 | 21 | 1 | (17 | ) | 5 | |||||||||||||||||||||||||
Institutional Class | 291 | 92 | (90 | ) | 293 | 70 | 5 | (70 | ) | 5 | |||||||||||||||||||||||||
Class A | 122 | 27 | (56 | ) | 93 | 88 | 1 | (71 | ) | 18 | |||||||||||||||||||||||||
Class C | 26 | 17 | (13 | ) | 30 | 22 | 1 | (15 | ) | 8 | |||||||||||||||||||||||||
Class R3 | 20 | 8 | (27 | ) | 1 | 40 | 1 | (23 | ) | 18 | |||||||||||||||||||||||||
Class R6(e) | 1 | — | — | 1 | — | — | — | — |
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For the Six Months Ended February 28, 2019 | For the Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||||
(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(b) | |||||||||||||||||||||||||||||||||||
Investor Class | 400 | 1,372 | (4,937 | ) | (3,165 | ) | 1,442 | 1,148 | (5,866 | ) | (3,276 | ) | |||||||||||||||||||||||
Trust Class | 305 | 492 | (952 | ) | (155 | ) | 773 | 358 | (1,864 | ) | (733 | ) | |||||||||||||||||||||||
Institutional Class | 3,220 | 2,061 | (4,191 | ) | 1,090 | 5,701 | 1,273 | (6,864 | ) | 110 | |||||||||||||||||||||||||
Class A | 234 | 260 | (837 | ) | (343 | ) | 731 | 167 | (1,018 | ) | (120 | ) | |||||||||||||||||||||||
Class C | 64 | 122 | (186 | ) | — | 168 | 73 | (253 | ) | (12 | ) | ||||||||||||||||||||||||
Class R3 | 101 | 71 | (191 | ) | (19 | ) | 416 | 55 | (701 | ) | (230 | ) | |||||||||||||||||||||||
Class R6 | 1,242 | 723 | (2,145 | ) | (180 | ) | 2,887 | 605 | (5,439 | ) | (1,947 | ) | |||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||||
Institutional Class | 679 | 63 | (415 | ) | 327 | 59 | 55 | (324 | ) | (210 | ) | ||||||||||||||||||||||||
Class A | 237 | 10 | (46 | ) | 201 | 9 | 13 | (46 | ) | (24 | ) | ||||||||||||||||||||||||
Class C | 4 | 14 | (2 | ) | 16 | 4 | 17 | (39 | ) | (18 | ) |
(a) After the close of business on December 7, 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 G of the Notes to Financial Statements.
(b) 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 for the year ended August 31, 2018 has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.
(c) 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 for the year ended August 31. 2018 has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.
(d) Period from January 18, 2019 (Commencement of Operations) to February 28, 2019.
(e) Period from September 7, 2018 (Commencement of Operations) to February 28, 2019.
Note E—Line of Credit:
At February 28, 2019, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable, and interest charged on any borrowing made by such Fund and other costs incurred by
186
such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at February 28, 2019.
During the period from September 1, 2018 through February 28, 2019, the following Funds had borrowings under the Credit Facility:
Fund | Number of Days Borrowed | Greatest Amount Borrowed | Average Interest Rate | Interest Paid(1) | |||||||||||||||
Greater China Equity | 3 | $ | 15,700,000 | 3.48 | % | $ | 4,016 | ||||||||||||
Value | 3 | 3,400,000 | 3.50 | % | 856 |
(1) Interest paid is reflected in the Statements of Operations under the caption "Interest expense."
Note F—Investments in Affiliates(a):
Balance of Shares Held August 31, 2018 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2019 | Value February 28, 2019 | 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. | 96,017 | 535 | — | 96,552 | $ | 75,925,596 | $ | 260,690 | $ | — | $ | 12,680,275 | |||||||||||||||||||||||
Exponent, Inc. | 2,752,322 | 78,115 | 91,235 | 2,739,202 | 155,121,009 | 706,201 | 4,091,364 | 7,878,227 | |||||||||||||||||||||||||||
Fox Factory Holding Corp. | 1,568,008 | 606,190 | 36,745 | 2,137,453 | 135,471,771 | — | * | 1,064,224 | (4,623,316 | ) | |||||||||||||||||||||||||
Heska Corp. | 432,416 | — | 31,190 | 401,226 | 32,816,275 | — | * | 467,383 | (10,946,036 | ) | |||||||||||||||||||||||||
NetScout Systems, Inc | 4,073,838 | 720,365 | 634,735 | 4,159,468 | 113,844,639 | — | * | (6,188,573 | ) | 15,408,664 | |||||||||||||||||||||||||
Power Integrations, Inc. | 2,093,383 | 86,030 | 101,235 | 2,078,178 | 151,831,685 | 685,182 | 1,825,573 | (2,361,514 | ) | ||||||||||||||||||||||||||
Rogers Corp. | 1,238,614 | — | 81,375 | 1,157,239 | 179,661,355 | — | * | 3,229,759 | 14,900,892 | ||||||||||||||||||||||||||
Sub-total for affiliates held as of 2/28/19(b) | $ | 844,672,330 | $ | 1,652,073 | $ | 4,489,730 | $ | 32,937,192 | |||||||||||||||||||||||||||
AZZ, Inc. | 1,366,653 | — | 95,520 | 1,271,133 | $ | 58,497,541 | $ | 449,590 | $ | (1,361,956 | ) | $ | (9,342,235 | ) | |||||||||||||||||||||
Calavo Growers, Inc. | 881,159 | — | 63,540 | 817,619 | 69,603,905 | 867,234 | 1,894,309 | (20,131,996 | ) |
187
Balance of Shares Held August 31, 2018 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2019 | Value February 28, 2019 | 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 | ||||||||||||||||||||||||||||
Manhattan Associates, Inc | 3,405,346 | — | 245,575 | 3,159,771 | $ | 172,997,462 | $ | — | * | $ | 4,454,803 | $ | (17,139,449 | ) | |||||||||||||||||||||
Sub-total for securities no longer affiliated as of 2/28/19(c) | $ | 301,098,908 | $ | 1,316,824 | $ | 4,987,156 | $ | (46,613,680 | ) | ||||||||||||||||||||||||||
Total | $ | 1,145,771,238 | $ | 2,968,897 | $ | 9,476,886 | $ | (13,676,488 | ) |
(a) Affiliated issuers, as defined in the 1940 Act.
(b) At February 28, 2019, these securities amounted to approximately 8.5% of net assets of Genesis.
(c) At February 28, 2019, the issuers of these securities were no longer affiliated with Genesis.
* Non-income producing security.
Other: At February 28, 2019, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.07%, 0.01% and 1.35%, of the outstanding shares of Emerging Markets Equity, Genesis and International Select, respectively.
In addition, at February 28, 2019, affiliated investors owned 0.05%, 2.61%, 0.00%, 0.24%, 65.29%, 74.81%, 0.08%, 0.00%, 0.00%, 18.71%, 0.00%, 0.00%, 0.00%, 0.02% and 0.31% 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, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value and Value, respectively.
Note G—Stock Splits:
In 2018, 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 "2018 Stock Split Funds"). The Stock Split occurred after the close of the business on December 7, 2018. The Stock Split was carried out in accordance with a stock split ratio calculated to result in net asset values per share that better aligned the share class prices of each of the 2018 Stock Split Funds.
188
After the close of business on December 7, 2018, the following classes of 2018 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) | ||||||||||||||||||
Emerging Markets Equity Class A | 1 | : 0.9925 | Global Equity Class A | 1 | : 0.9873 | Intrinsic Value Class A | 1 | : 0.9671 | |||||||||||||||
Emerging Markets Equity Class C | 1 | : 0.9490 | Global Equity Class C | 1 | : 0.9346 | Intrinsic Value Class C | 1 | : 0.9007 | |||||||||||||||
Emerging Markets Equity Class R3 | 1 | : 0.9679 | |||||||||||||||||||||
Emerging Markets Equity Class R6 | 1 | : 1.0009 |
Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | ||||||||||||
Mid Cap Intrinsic Value Investor Class | 1 | : 0.9982 | Multi-Cap Opportunities Fund Class A | 1 | : 0.9915 | ||||||||||
Mid Cap Intrinsic Value Trust Class | 1 | : 0.8078 | Multi-Cap Opportunities Fund Class C | 1 | : 0.9455 | ||||||||||
Mid Cap Intrinsic Value Class A | 1 | : 0.8071 | |||||||||||||
Mid Cap Intrinsic Value Class C | 1 | : 0.7826 | |||||||||||||
Mid Cap Intrinsic Value Class R3 | 1 | : 0.8036 |
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 "2017 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 2017 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 calculated to result in net asset values per share that better aligned the share class prices of each of the 2017 Stock Split Funds.
After the close of business on December 8, 2017, the following classes of 2017 Stock Split Funds underwent a stock split or reverse stock split as follows:
Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | ||||||||||||||||||||||||
Genesis Investor Class | 1 | : 0.5760 | Large Cap Value Trust Class | 1 | : 0.6374 | Mid Cap Growth Investor Class | 1 | : 0.9724 | Sustainable Equity Investor Class | 1 | : 0.9982 | ||||||||||||||||||||
Genesis Trust Class | 1 | : 1.0537 | Large Cap Value Advisor Class | 1 | : 0.4658 | Mid Cap Growth Trust Class | 1 | : 1.7186 | Sustainable Equity Trust Class | 1 | : 0.5700 | ||||||||||||||||||||
Genesis Advisor Class | 1 | : 0.3915 | Large Cap Value Institutional Class | 1 | : 1.0080 | Mid Cap Growth Advisor Class | 1 | : 1.7406 | Sustainable Equity Class A | 1 | : 0.5631 | ||||||||||||||||||||
Genesis Class R6 | 1 | : 1.0003 | Large Cap Value Class A | 1 | : 0.6359 | Mid Cap Growth Class A | 1 | : 1.7093 | Sustainable Equity Class C | 1 | : 0.5445 | ||||||||||||||||||||
| Large Cap Value Class C | 1 | : 0.4379 | Mid Cap Growth Class C | 1 | : 1.6694 | Sustainable Equity Class R3 | 1 | : 0.5555 | ||||||||||||||||||||||
| Large Cap Value Class R3 | 1 | : 0.4729 | Mid Cap Growth Class R3 | 1 | : 1.7357 | Sustainable Equity Class R6 | 1 | : 1.0008 | ||||||||||||||||||||||
Mid Cap Growth Class R6 | 1 | : 1.0040 |
189
After the close of business on February 23, 2018, the following classes of Stock Split Funds 2017 underwent a stock split or reverse stock split as follows:
Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | Fund Class | Stock Split Ratio (Old to New) | ||||||||||||||||||||||||
Focus Trust Class | 1 | : 0.5483 | Guardian Trust Class | 1 | : 0.5975 | International Equity Investor Class | 1 | : 1.8904 | Small Cap Growth Trust Class | 1 | : 1.0831 | ||||||||||||||||||||
Focus Advisor Class | 1 | : 0.1720 | Guardian Advisor Class | 1 | : 0.7858 | International Equity Trust Class | 1 | : 2.1151 | Small Cap Growth Advisor Class | 1 | : 0.6866 | ||||||||||||||||||||
Focus Institutional Class | 1 | : 1.0011 | Guardian Institutional Class | 1 | : 1.0017 | International Equity Class A | 1 | : 2.0998 | Small Cap Growth Institutional Class | 1 | : 1.0298 | ||||||||||||||||||||
Focus Class A | 1 | : 0.5403 | Guardian Class A | 1 | : 0.5870 | International Equity Class C | 1 | : 2.0430 | Small Cap Growth Class A | 1 | : 1.0951 | ||||||||||||||||||||
Focus Class C | 1 | : 0.1542 | Guardian Class C | 1 | : 0.7496 | International Equity Class R6 | 1 | : 1.0085 | Small Cap Growth Class C | 1 | : 0.6571 | ||||||||||||||||||||
Guardian Class R3 | 1 | : 0.7801 | Small Cap Growth Class R3 | 1 | : 0.6886 |
Note H—Recent Accounting Pronouncements:
As of November 5, 2018, pursuant to the SEC Release #33-10532 "Disclosure Update and Simplification", funds are no longer required to disclose whether the distributions from earnings are either from net investment income or net realized capital gains. The presentation for the year ended August 31, 2018 has been adjusted for this change in the Statements of Changes in Net Assets. At August 31, 2018, the distributions from net investment income, net realized gain from investments, undistributed net investment income (loss) and distributions in excess of net investment income were as follows:
(000's omitted) | |||||||||||||||||||||||||||||||||||
Net Investment Income | Investor Class | Trust Class | Advisor Class | Institutional Class | Class A | Class C | Class R3 | Class R6 | |||||||||||||||||||||||||||
Dividend Growth | $ | — | $ | — | $ | — | $ | (472 | ) | $ | (16 | ) | $ | (3 | ) | $ | — | $ | — | ||||||||||||||||
Emerging Markets Equity | — | — | — | (5,443 | ) | (229 | ) | (22 | ) | (5 | ) | (1,139 | ) | ||||||||||||||||||||||
Equity Income | — | — | — | (35,754 | ) | (4,945 | ) | (5,075 | ) | (42 | ) | — | |||||||||||||||||||||||
Focus | (1,883 | ) | (122 | ) | — | (37 | ) | (6 | ) | — | — | — | |||||||||||||||||||||||
Genesis | (3,296 | ) | (1,254 | ) | (9 | ) | (12,519 | ) | — | — | — | (15,711 | ) | ||||||||||||||||||||||
Global Equity | — | — | — | (25 | ) | (1 | ) | — | — | — | |||||||||||||||||||||||||
Global Real Estate | — | — | — | (43 | ) | (5 | ) | (2 | ) | — | — | ||||||||||||||||||||||||
Greater China Equity | — | — | — | (1,237 | ) | (224 | ) | (1 | ) | — | — | ||||||||||||||||||||||||
Guardian | (6,476 | ) | (394 | ) | — | (554 | ) | (36 | ) | (1 | ) | (1 | ) | — | |||||||||||||||||||||
International Equity | (286 | ) | (74 | ) | — | (14,148 | ) | (69 | ) | — | — | (2,084 | ) | ||||||||||||||||||||||
International Select | — | (65 | ) | — | (2,374 | ) | (41 | ) | (2 | ) | (28 | ) | (116 | ) | |||||||||||||||||||||
International Small Cap | — | — | — | (26 | ) | (7 | ) | (3 | ) | — | (7 | ) | |||||||||||||||||||||||
Intrinsic Value | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Large Cap Value | (13,975 | ) | (801 | ) | (1,341 | ) | (1,235 | ) | (30 | ) | (12 | ) | (2 | ) | — | ||||||||||||||||||||
Mid Cap Growth | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Mid Cap Intrinsic Value | (190 | ) | (48 | ) | — | (270 | ) | (39 | ) | — | (4 | ) | — | ||||||||||||||||||||||
Multi-Cap Opportunities | — | — | — | (10,422 | ) | (134 | ) | — | — | — |
190
(000's omitted) | |||||||||||||||||||||||||||||||||||
Net Investment Income | Investor Class | Trust Class | Advisor Class | Institutional Class | Class A | Class C | Class R3 | Class R6 | |||||||||||||||||||||||||||
Real Estate | $ | — | $ | (2,098 | ) | $ | — | $ | (3,032 | ) | $ | (929 | ) | $ | (84 | ) | $ | (191 | ) | $ | (897 | ) | |||||||||||||
Small Cap Growth | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Sustainable Equity | (5,780 | ) | (1,428 | ) | — | (8,301 | ) | (730 | ) | (101 | ) | (138 | ) | (3,821 | ) | ||||||||||||||||||||
Value | — | — | — | (212 | ) | (36 | ) | (30 | ) | — | — | ||||||||||||||||||||||||
(000's omitted) | |||||||||||||||||||||||||||||||||||
Net Realized Gain on Investments | Investor Class | Trust Class | Advisor Class | Institutional Class | Class A | Class C | Class R3 | Class R6 | |||||||||||||||||||||||||||
Dividend Growth | $ | — | $ | — | $ | — | $ | (570 | ) | $ | (26 | ) | $ | (43 | ) | $ | — | $ | — | ||||||||||||||||
Emerging Markets Equity | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Equity Income | — | — | — | (45,883 | ) | (6,999 | ) | (10,330 | ) | (58 | ) | — | |||||||||||||||||||||||
Focus | (50,530 | ) | (7,959 | ) | (1,095 | ) | (673 | ) | (397 | ) | (635 | ) | — | — | |||||||||||||||||||||
Genesis | (224,852 | ) | (186,429 | ) | (25,746 | ) | (438,796 | ) | — | — | — | (447,218 | ) | ||||||||||||||||||||||
Global Equity | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Global Real Estate | — | — | — | (21 | ) | (2 | ) | (3 | ) | — | — | ||||||||||||||||||||||||
Greater China Equity | — | — | — | (10,798 | ) | (2,099 | ) | (28 | ) | — | — | ||||||||||||||||||||||||
Guardian | (65,843 | ) | (5,485 | ) | (12 | ) | (4,438 | ) | (515 | ) | (136 | ) | (32 | ) | — | ||||||||||||||||||||
International Equity | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
International Select | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
International Small Cap | — | — | — | (40 | ) | (13 | ) | (5 | ) | — | (11 | ) | |||||||||||||||||||||||
Intrinsic Value | — | — | — | (43,660 | ) | (908 | ) | (1,255 | ) | — | — | ||||||||||||||||||||||||
Large Cap Value | (79,556 | ) | (5,204 | ) | (9,870 | ) | (6,298 | ) | (200 | ) | (168 | ) | (15 | ) | — | ||||||||||||||||||||
Mid Cap Growth | (39,598 | ) | (5,336 | ) | (1,205 | ) | (28,019 | ) | (3,926 | ) | (859 | ) | (1,127 | ) | (24,371 | ) | |||||||||||||||||||
Mid Cap Intrinsic Value | (2,455 | ) | (811 | ) | — | (2,339 | ) | (681 | ) | (188 | ) | (111 | ) | — | |||||||||||||||||||||
Multi-Cap Opportunities | — | — | — | (177,856 | ) | (5,678 | ) | (4,128 | ) | — | — | ||||||||||||||||||||||||
Real Estate | — | (7,008 | ) | — | (8,671 | ) | (3,711 | ) | (814 | ) | (866 | ) | (2,282 | ) | |||||||||||||||||||||
Small Cap Growth | (749 | ) | (49 | ) | (37 | ) | (180 | ) | (48 | ) | (42 | ) | (24 | ) | — | ||||||||||||||||||||
Sustainable Equity | (38,305 | ) | (12,216 | ) | — | (44,279 | ) | (6,220 | ) | (3,045 | ) | (2,065 | ) | (18,997 | ) | ||||||||||||||||||||
Value | — | — | — | (753 | ) | (195 | ) | (264 | ) | — | — | ||||||||||||||||||||||||
(000's omitted) |
Undistributed Net Investment Income/(Loss) at 8/31/18 | Distributions in Excess of Net Investment Income at 8/31/18 | ||||||||||
Dividend Growth | $ | 529 | $ | — | |||||||
Emerging Markets Equity | 8,343 | — | |||||||||
Equity Income | 2,651 | — | |||||||||
Focus | 2,414 | — | |||||||||
Genesis | 12,253 | — | |||||||||
Global Equity | 31 | — | |||||||||
Global Real Estate | — | (16 | ) | ||||||||
Greater China Equity | — | (107 | ) | ||||||||
Guardian | 2,223 | — |
191
Undistributed Net Investment Income/(Loss) at 8/31/18 | Distributions in Excess of Net Investment Income at 8/31/18 | ||||||||||
International Equity | $ | 15,225 | $ | — | |||||||
International Select | 1,062 | — | |||||||||
International Small Cap | — | (3 | ) | ||||||||
Intrinsic Value | (87 | ) | — | ||||||||
Large Cap Value | 17,710 | — | |||||||||
Mid Cap Growth | — | — | |||||||||
Mid Cap Intrinsic Value | 376 | — | |||||||||
Multi-Cap Opportunities | 7,856 | — | |||||||||
Real Estate | — | — | |||||||||
Small Cap Growth | — | — | |||||||||
Sustainable Equity | 4,837 | — | |||||||||
Value | 120 | — |
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 will require the disclosure of 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 will also require 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 and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.
Note I—Unaudited Financial Information:
The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.
192
Financial Highlights
The following tables include selected data for a share outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.93 | $ | 0.10 | $ | (0.76 | ) | $ | (0.66 | ) | $ | (0.13 | ) | $ | (0.56 | ) | $ | (0.69 | ) | $ | — | $ | 12.58 | (4.20 | )%* | $ | 49.3 | 1.23 | %** | 0.69 | %** | 1.57 | %** | 28 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.93 | $ | 0.08 | $ | (0.74 | ) | $ | (0.66 | ) | $ | (0.10 | ) | $ | (0.56 | ) | $ | (0.66 | ) | $ | — | $ | 12.61 | (4.27 | )%* | $ | 1.6 | 1.67 | %** | 1.05 | %** | 1.21 | %** | 28 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.85 | $ | 0.03 | $ | (0.74 | ) | $ | (0.71 | ) | $ | (0.03 | ) | $ | (0.56 | ) | $ | (0.59 | ) | $ | — | $ | 12.55 | (4.69 | )%* | $ | 3.0 | 2.34 | %** | 1.80 | %** | 0.45 | %** | 28 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.93 | $ | 0.10 | $ | (0.74 | ) | $ | (0.64 | ) | $ | (0.14 | ) | $ | (0.56 | ) | $ | (0.70 | ) | $ | — | $ | 12.59 | (4.08 | )%* | $ | 0.0 | 1.19 | %** | 0.61 | %** | 1.66 | %** | 28 | %* | ||||||||||||||||||||||||||||
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 | %* |
See Notes to Financial Highlights
193
194
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.25 | $ | 0.04 | $ | 0.00 | $ | 0.04 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | 19.11 | 0.27 | %* | $ | 1,240.5 | 1.26 | %** | 1.25 | %** | 0.39 | %** | 15 | %* | |||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 19.26 | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | 19.19 | 0.16 | %* | $ | 44.6 | 1.64 | %** | 1.50 | %** | 0.11 | %** | 15 | %* | |||||||||||||||||||||||||||||||
8/31/2018j | $ | 19.90 | $ | 0.10 | $ | (0.64 | ) | $ | (0.54 | ) | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | — | $ | 19.26 | (2.78 | )% | $ | 47.6 | 1.65 | % | 1.50 | % | 0.49 | % | 23 | % | |||||||||||||||||||||||||||||
8/31/2017j | $ | 16.04 | $ | 0.13 | $ | 3.78 | $ | 3.91 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 19.90 | 24.51 | % | $ | 65.1 | 1.73 | % | 1.50 | % | 0.74 | % | 25 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 13.98 | $ | 0.09 | $ | 2.03 | $ | 2.12 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | — | $ | 16.04 | 15.31 | % | $ | 23.5 | 1.82 | % | 1.50 | % | 0.60 | % | 43 | % | |||||||||||||||||||||||||||||||
8/31/2015j | $ | 17.94 | $ | 0.08 | $ | (3.91 | ) | $ | (3.83 | ) | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | $ | — | $ | 13.98 | (21.42 | )% | $ | 13.4 | 1.79 | % | 1.50 | % | 0.49 | % | 36 | % | |||||||||||||||||||||||||||||
8/31/2014j | $ | 15.39 | $ | 0.15 | $ | 2.46 | $ | 2.61 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 0.00 | $ | 17.94 | 16.99 | %c | $ | 19.9 | 1.82 | % | 1.50 | % | 0.88 | % | 36 | % | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 19.25 | $ | (0.06 | ) | $ | 0.03 | $ | (0.03 | ) | $ | — | $ | — | $ | — | $ | — | $ | 19.22 | (0.16 | )%* | $ | 10.6 | 2.35 | %** | 2.25 | %** | (0.61 | )%** | 15 | %* | |||||||||||||||||||||||||||||||
8/31/2018j | $ | 20.00 | $ | (0.02 | ) | $ | (0.68 | ) | $ | (0.70 | ) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | 19.25 | (3.51 | )% | $ | 10.9 | 2.37 | % | 2.25 | % | (0.08 | )% | 23 | % | ||||||||||||||||||||||||||||
8/31/2017j | $ | 16.18 | $ | (0.03 | ) | $ | 3.85 | $ | 3.82 | $ | — | $ | — | $ | — | $ | — | $ | 20.00 | 23.57 | % | $ | 7.4 | 2.45 | % | 2.25 | % | (0.18 | )% | 25 | % | ||||||||||||||||||||||||||||||||
8/31/2016j | $ | 14.14 | $ | (0.04 | ) | $ | 2.08 | $ | 2.04 | $ | — | $ | — | $ | — | $ | — | $ | 16.18 | 14.46 | % | $ | 5.2 | 2.51 | % | 2.25 | % | (0.30 | )% | 43 | % | ||||||||||||||||||||||||||||||||
8/31/2015j | $ | 18.19 | $ | (0.03 | ) | $ | (3.98 | ) | $ | (4.01 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | — | $ | 14.14 | (22.02 | )% | $ | 6.2 | 2.53 | % | 2.25 | % | (0.20 | )% | 36 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 15.67 | $ | 0.00 | $ | 2.52 | $ | 2.52 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 18.19 | 16.07 | %c | $ | 7.0 | 2.56 | % | 2.25 | % | 0.01 | % | 36 | % | |||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 19.26 | $ | (0.02 | ) | $ | 0.01 | $ | (0.01 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | 19.24 | (0.06 | )%* | $ | 1.0 | 1.93 | %** | 1.91 | %** | (0.27 | )%** | 15 | %* | |||||||||||||||||||||||||||||
8/31/2018j | $ | 19.95 | $ | 0.03 | $ | (0.65 | ) | $ | (0.62 | ) | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | — | $ | 19.26 | (3.16 | )% | $ | 1.4 | 1.91 | % | 1.91 | % | 0.14 | % | 23 | % | |||||||||||||||||||||||||||||
8/31/2017j | $ | 16.11 | $ | 0.01 | $ | 3.84 | $ | 3.85 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | 19.95 | 23.94 | % | $ | 1.5 | 2.01 | % | 1.91 | % | 0.08 | % | 25 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 14.05 | $ | 0.02 | $ | 2.07 | $ | 2.09 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | — | $ | 16.11 | 14.88 | % | $ | 1.2 | 2.06 | % | 1.91 | % | 0.16 | % | 43 | % | |||||||||||||||||||||||||||||||
8/31/2015j | $ | 18.05 | $ | 0.02 | $ | (3.93 | ) | $ | (3.91 | ) | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | 14.05 | (21.70 | )% | $ | 0.8 | 2.09 | % | 1.91 | % | 0.14 | % | 36 | % | |||||||||||||||||||||||||||||
8/31/2014j | $ | 15.52 | $ | 0.07 | $ | 2.47 | $ | 2.54 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.00 | $ | 18.05 | 16.42 | %c | $ | 0.6 | 2.13 | % | 1.91 | % | 0.45 | % | 36 | % |
See Notes to Financial Highlights
195
196
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 19.25 | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | — | $ | 19.11 | 0.34 | %* | $ | 167.7 | 1.17 | %** | 1.17 | %**§ | 0.47 | %** | 15 | %* | |||||||||||||||||||||||||||||||
8/31/2018j | $ | 19.87 | $ | 0.19 | $ | (0.67 | ) | $ | (0.48 | ) | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | 19.25 | (2.46 | )% | $ | 166.9 | 1.19 | % | 1.18 | % | 0.91 | % | 23 | % | |||||||||||||||||||||||||||||
8/31/2017j | $ | 16.01 | $ | 0.15 | $ | 3.80 | $ | 3.95 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | 19.87 | 24.90 | % | $ | 132.9 | 1.26 | % | 1.18 | % | 0.86 | % | 25 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 13.95 | $ | 0.12 | $ | 2.05 | $ | 2.17 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | — | $ | 16.01 | 15.64 | % | $ | 107.4 | 1.32 | % | 1.18 | % | 0.83 | % | 43 | % | |||||||||||||||||||||||||||||||
8/31/2015j | $ | 17.89 | $ | 0.14 | $ | (3.90 | ) | $ | (3.76 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | 13.95 | (21.14 | )% | $ | 88.1 | 1.34 | % | 1.18 | % | 0.88 | % | 36 | % | |||||||||||||||||||||||||||||
8/31/2014j | $ | 15.34 | $ | 0.18 | $ | 2.46 | $ | 2.64 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 0.00 | $ | 17.89 | 17.35 | %c | $ | 83.8 | 1.37 | % | 1.18 | % | 1.08 | % | 36 | % | |||||||||||||||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.53 | $ | 0.15 | $ | (0.30 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.55 | ) | $ | (0.71 | ) | $ | — | $ | 12.67 | (0.77 | )%* | $ | 1,120.6 | 0.70 | %** | 0.70 | %** | 2.42 | %** | 21 | %* | ||||||||||||||||||||||||||||
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 | %ki | $ | 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 | % | ||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.48 | $ | 0.12 | $ | (0.30 | ) | $ | (0.18 | ) | $ | (0.13 | ) | $ | (0.55 | ) | $ | (0.68 | ) | $ | — | $ | 12.62 | (0.97 | )%* | $ | 116.1 | 1.06 | %** | 1.06 | %** | 1.99 | %** | 21 | %* | ||||||||||||||||||||||||||||
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 | %ki | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.38 | $ | 0.08 | $ | (0.30 | ) | $ | (0.22 | ) | $ | (0.08 | ) | $ | (0.55 | ) | $ | (0.63 | ) | $ | — | $ | 12.53 | (1.29 | )%* | $ | 218.2 | 1.81 | %** | 1.81 | %** | 1.30 | %** | 21 | %* | ||||||||||||||||||||||||||||
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 | %ki | $ | 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 | % |
See Notes to Financial Highlights
197
198
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.45 | $ | 0.11 | $ | (0.31 | ) | $ | (0.20 | ) | $ | (0.11 | ) | $ | (0.55 | ) | $ | (0.66 | ) | $ | — | $ | 12.59 | (1.12 | )%* | $ | 1.6 | 1.34 | %** | 1.34 | %** | 1.73 | %** | 21 | %* | ||||||||||||||||||||||||||||
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 | %ki | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 28.69 | $ | 0.06 | $ | (1.53 | ) | $ | (1.47 | ) | $ | (0.10 | ) | $ | (1.92 | ) | $ | (2.02 | ) | $ | — | $ | 25.20 | (4.40 | )%* | $ | 627.8 | 0.92 | %** | 0.92 | %** | 0.50 | %** | 17 | %* | ||||||||||||||||||||||||||||
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 | %ki | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 28.66 | $ | 0.04 | $ | (1.53 | ) | $ | (1.49 | ) | $ | (0.06 | ) | $ | (1.92 | ) | $ | (1.98 | ) | $ | — | $ | 25.19 | (4.49 | )%* | $ | 49.9 | 1.10 | %** | 1.10 | %** | 0.32 | %** | 17 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 29.14 | $ | 0.04 | $ | 4.19 | $ | 4.23 | $ | (0.14 | ) | $ | (4.05 | ) | $ | (4.19 | ) | $ | 0.00 | $ | 29.18 | 16.61 | %ki | $ | 63.0 | 1.10 | % | 1.09 | %f | 0.10 | %f | 72 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | % | ||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 28.62 | $ | 0.02 | $ | (1.52 | ) | $ | (1.50 | ) | $ | — | $ | (1.92 | ) | $ | (1.92 | ) | $ | — | $ | 25.20 | (4.54 | )%* | $ | 1.7 | 1.26 | %** | 1.26 | %** | 0.14 | %** | 17 | %* | |||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2017h | $ | 45.35 | $ | (0.00 | ) | $ | 5.52 | $ | 5.52 | $ | (0.64 | ) | $ | (12.90 | ) | $ | (13.54 | ) | $ | 0.00 | $ | 37.33 | 16.51 | %ki | $ | 3.5 | 1.26 | % | 1.23 | %f | (0.04 | )%f | 72 | % | |||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | % |
See Notes to Financial Highlights
199
200
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Focus Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 28.72 | $ | 0.09 | $ | (1.54 | ) | $ | (1.45 | ) | $ | (0.13 | ) | $ | (1.92 | ) | $ | (2.05 | ) | $ | — | $ | 25.22 | (4.31 | )%* | $ | 8.9 | 0.75 | %** | 0.75 | %** | 0.67 | %** | 17 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 25.83 | $ | 0.11 | $ | 3.95 | $ | 4.06 | $ | (0.14 | ) | $ | (2.22 | ) | $ | (2.36 | ) | $ | 0.00 | $ | 27.53 | 17.04 | %k | $ | 7.8 | 0.76 | % | 0.75 | % | 0.44 | % | 72 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 28.65 | $ | 0.04 | $ | (1.52 | ) | $ | (1.48 | ) | $ | (0.07 | ) | $ | (1.92 | ) | $ | (1.99 | ) | $ | — | $ | 25.18 | (4.45 | )%* | $ | 3.1 | 1.12 | %** | 1.11 | %** | 0.31 | %** | 17 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 29.28 | $ | 0.02 | $ | 4.22 | $ | 4.24 | $ | (0.17 | ) | $ | (4.11 | ) | $ | (4.28 | ) | $ | 0.00 | $ | 29.24 | 16.58 | %k | $ | 3.1 | 1.13 | % | 1.11 | % | 0.07 | % | 72 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 28.50 | $ | (0.06 | ) | $ | (1.52 | ) | $ | (1.58 | ) | $ | — | $ | (1.92 | ) | $ | (1.92 | ) | $ | — | $ | 25.00 | (4.85 | )%* | $ | 1.4 | 1.88 | %** | 1.86 | %** | (0.44 | )%** | 17 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 48.05 | $ | (0.25 | ) | $ | 5.77 | $ | 5.52 | $ | (0.39 | ) | $ | (14.40 | ) | $ | (14.79 | ) | $ | 0.00 | $ | 38.78 | 15.76 | %k | $ | 1.9 | 1.88 | % | 1.86 | % | (0.67 | )% | 72 | % | |||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | |||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 65.27 | $ | 0.04 | $ | (4.41 | ) | $ | (4.37 | ) | $ | (0.03 | ) | $ | (5.84 | ) | $ | (5.87 | ) | $ | — | $ | 55.03 | (5.50 | )%* | $ | 1,631.9 | 1.02 | %** | 1.02 | %** | 0.15 | %** | 7 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016j | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014j | $ | 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
201
202
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Genesis Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 65.30 | $ | 0.02 | $ | (4.41 | ) | $ | (4.39 | ) | $ | (0.01 | ) | $ | (5.84 | ) | $ | (5.85 | ) | $ | — | $ | 55.06 | (5.54 | )%* | $ | 1,324.9 | 1.10 | %** | 1.10 | %** | 0.07 | %** | 7 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 65.23 | $ | (0.05 | ) | $ | (4.42 | ) | $ | (4.47 | ) | $ | — | $ | (5.84 | ) | $ | (5.84 | ) | $ | — | $ | 54.92 | (5.66 | )%* | $ | 165.8 | 1.35 | %** | 1.35 | %** | (0.19 | )%** | 7 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 58.77 | $ | (0.14 | ) | $ | 14.49 | $ | 14.35 | $ | — | $ | (7.89 | ) | $ | (7.89 | ) | $ | — | $ | 65.23 | 26.31 | % | $ | 198.1 | 1.35 | % | 1.35 | % | (0.23 | )% | 13 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 65.24 | $ | 0.09 | $ | (4.42 | ) | $ | (4.33 | ) | $ | (0.14 | ) | $ | (5.84 | ) | $ | (5.98 | ) | $ | — | $ | 54.93 | (5.42 | )%* | $ | 2,805.0 | 0.85 | %** | 0.85 | %** | 0.32 | %** | 7 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 65.23 | $ | 0.12 | $ | (4.44 | ) | $ | (4.32 | ) | $ | (0.20 | ) | $ | (5.84 | ) | $ | (6.04 | ) | $ | — | $ | 54.87 | (5.38 | )%* | $ | 4,064.6 | 0.76 | %** | 0.75 | %** | 0.42 | %** | 7 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % |
See Notes to Financial Highlights
203
204
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 8.61 | $ | 0.01 | $ | (0.57 | ) | $ | (0.56 | ) | $ | (0.07 | ) | $ | (0.44 | ) | $ | (0.51 | ) | $ | — | $ | 7.54 | (5.86 | )%* | $ | 4.3 | 7.33 | %** | 0.76 | %** | 0.37 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018 | $ | 7.56 | $ | 0.06 | $ | 1.04 | $ | 1.10 | $ | (0.05 | ) | $ | (0.00 | ) | $ | (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 | % | ||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 8.62 | $ | 0.00 | $ | (0.57 | ) | $ | (0.57 | ) | $ | (0.01 | ) | $ | (0.44 | ) | $ | (0.45 | ) | $ | — | $ | 7.60 | (6.04 | )%* | $ | 0.3 | 7.78 | %** | 1.12 | %** | 0.01 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 7.58 | $ | 0.03 | $ | 1.04 | $ | 1.07 | $ | (0.03 | ) | $ | (0.00 | ) | $ | (0.03 | ) | $ | — | $ | 8.62 | 14.17 | % | $ | 0.4 | 6.70 | % | 1.11 | % | 0.41 | % | 33 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 6.65 | $ | 0.01 | $ | 0.97 | $ | 0.98 | $ | — | $ | (0.05 | ) | $ | (0.05 | ) | $ | — | $ | 7.58 | 14.85 | % | $ | 0.3 | 7.74 | % | 1.25 | % | 0.19 | % | 16 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 6.31 | $ | 0.02 | $ | 0.32 | $ | 0.34 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 6.65 | 5.46 | % | $ | 0.5 | 9.12 | % | 1.51 | % | 0.31 | % | 41 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 11.28 | $ | 0.01 | $ | (0.38 | ) | $ | (0.37 | ) | $ | (0.71 | ) | $ | (3.89 | ) | $ | (4.60 | ) | $ | — | $ | 6.31 | (3.47 | )% | $ | 0.4 | 5.24 | % | 1.51 | % | 0.09 | % | 18 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 9.55 | $ | 0.03 | $ | 1.79 | $ | 1.82 | $ | — | $ | (0.09 | ) | $ | (0.09 | ) | $ | — | $ | 11.28 | 19.18 | % | $ | 0.4 | 2.18 | % | 1.51 | % | 0.28 | % | 39 | % | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 8.61 | $ | (0.03 | ) | $ | (0.56 | ) | $ | (0.59 | ) | $ | — | $ | (0.44 | ) | $ | (0.44 | ) | $ | — | $ | 7.58 | (6.33 | )%* | $ | 0.1 | 8.47 | %** | 1.87 | %** | (0.74 | )%** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 7.61 | $ | (0.04 | ) | $ | 1.04 | $ | 1.00 | $ | — | $ | (0.00 | ) | $ | — | $ | — | $ | 8.61 | 13.22 | % | $ | 0.1 | 7.61 | % | 1.86 | % | (0.40 | )% | 33 | % | |||||||||||||||||||||||||||||||
8/31/2017j | $ | 6.73 | $ | (0.03 | ) | $ | 0.96 | $ | 0.93 | $ | — | $ | (0.05 | ) | $ | (0.05 | ) | $ | — | $ | 7.61 | 13.89 | % | $ | 0.1 | 8.34 | % | 1.98 | % | (0.47 | )% | 16 | % | ||||||||||||||||||||||||||||||
8/31/2016j | $ | 6.43 | $ | (0.03 | ) | $ | 0.33 | $ | 0.30 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 6.73 | 4.66 | % | $ | 0.2 | 9.80 | % | 2.26 | % | (0.45 | )% | 41 | % | |||||||||||||||||||||||||||||
8/31/2015j | $ | 11.65 | $ | (0.05 | ) | $ | (0.40 | ) | $ | (0.45 | ) | $ | (0.66 | ) | $ | (4.11 | ) | $ | (4.77 | ) | $ | — | $ | 6.43 | (4.21 | )% | $ | 0.2 | 6.00 | % | 2.26 | % | (0.68 | )% | 18 | % | |||||||||||||||||||||||||||
8/31/2014j | $ | 9.93 | $ | (0.06 | ) | $ | 1.88 | $ | 1.82 | $ | — | $ | (0.10 | ) | $ | (0.10 | ) | $ | — | $ | 11.65 | 18.39 | % | $ | 0.2 | 2.96 | % | 2.26 | % | (0.54 | )% | 39 | % | ||||||||||||||||||||||||||||||
Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 10.85 | $ | 0.07 | $ | 0.30 | $ | 0.37 | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.25 | ) | $ | — | $ | 10.97 | 3.59 | %* | $ | 3.1 | 10.78 | %** | 1.00 | %** | 1.42 | %** | 27 | %* | ||||||||||||||||||||||||||||||
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 | %* |
See Notes to Financial Highlights
205
206
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Global Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 10.84 | $ | 0.05 | $ | 0.30 | $ | 0.35 | $ | (0.13 | ) | $ | (0.10 | ) | $ | (0.23 | ) | $ | — | $ | 10.96 | 3.40 | %* | $ | 0.3 | 11.31 | %** | 1.36 | %** | 0.98 | %** | 27 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 10.81 | $ | 0.01 | $ | 0.30 | $ | 0.31 | $ | (0.09 | ) | $ | (0.10 | ) | $ | (0.19 | ) | $ | — | $ | 10.93 | 3.02 | %* | $ | 0.3 | 11.94 | %** | 2.11 | %** | 0.23 | %** | 27 | %* | ||||||||||||||||||||||||||||||
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 | %* | |||||||||||||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 14.80 | $ | (0.04 | ) | $ | (0.76 | ) | $ | (0.80 | ) | $ | — | $ | (4.65 | ) | $ | (4.65 | ) | $ | — | $ | 9.35 | (0.29 | )%* | $ | 45.3 | 1.81 | %** | 1.52 | %^^** | (0.75 | )%** | 13 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 14.77 | $ | (0.06 | ) | $ | (0.77 | ) | $ | (0.83 | ) | $ | — | $ | (4.65 | ) | $ | (4.65 | ) | $ | — | $ | 9.29 | (0.54 | )%* | $ | 6.9 | 2.33 | %** | 1.89 | %^^** | (1.09 | )%** | 13 | %* | ||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
207
208
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Greater China Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 14.31 | $ | (0.10 | ) | $ | (0.77 | ) | $ | (0.87 | ) | $ | — | $ | (4.65 | ) | $ | (4.65 | ) | $ | — | $ | 8.79 | (0.89 | )%* | $ | 0.2 | 3.09 | %** | 2.64 | %^^** | (1.92 | )%** | 13 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.52 | $ | 0.05 | $ | (1.66 | ) | $ | (1.61 | ) | $ | (0.11 | ) | $ | (1.53 | ) | $ | (1.64 | ) | $ | — | $ | 16.27 | (7.46 | )%* | $ | 1,043.7 | 0.89 | %** | 0.89 | %** | 0.60 | %** | 16 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.51 | $ | 0.04 | $ | (1.67 | ) | $ | (1.63 | ) | $ | (0.08 | ) | $ | (1.53 | ) | $ | (1.61 | ) | $ | — | $ | 16.27 | (7.55 | )%* | $ | 47.2 | 1.06 | %** | 1.06 | %** | 0.42 | %** | 16 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | % | ||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.46 | $ | 0.01 | $ | (1.66 | ) | $ | (1.65 | ) | $ | (0.05 | ) | $ | (1.53 | ) | $ | (1.58 | ) | $ | — | $ | 16.23 | (7.69 | )%* | $ | 0.2 | 1.36 | %** | 1.36 | %** | 0.13 | %** | 16 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | % |
See Notes to Financial Highlights
209
210
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Guardian Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.55 | $ | 0.07 | $ | (1.66 | ) | $ | (1.59 | ) | $ | (0.15 | ) | $ | (1.53 | ) | $ | (1.68 | ) | $ | — | $ | 16.28 | (7.32 | )%* | $ | 76.8 | 0.71 | %** | 0.71 | %** | 0.79 | %** | 16 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.50 | $ | 0.03 | $ | (1.65 | ) | $ | (1.62 | ) | $ | (0.08 | ) | $ | (1.53 | ) | $ | (1.61 | ) | $ | — | $ | 16.27 | (7.53 | )%* | $ | 3.9 | 1.08 | %** | 1.08 | %** | 0.37 | %** | 16 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.40 | $ | (0.03 | ) | $ | (1.64 | ) | $ | (1.67 | ) | $ | (0.02 | ) | $ | (1.53 | ) | $ | (1.55 | ) | $ | — | $ | 16.18 | (7.83 | )%* | $ | 2.0 | 1.83 | %** | 1.83 | %** | (0.31 | )%** | 16 | %* | |||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 19.46 | $ | 0.01 | $ | (1.65 | ) | $ | (1.64 | ) | $ | (0.05 | ) | $ | (1.53 | ) | $ | (1.58 | ) | $ | — | $ | 16.24 | (7.69 | )%* | $ | 0.2 | 1.39 | %** | 1.36 | %** | 0.07 | %** | 16 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014h | $ | 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
211
212
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.16 | $ | (0.01 | ) | $ | (0.74 | ) | $ | (0.75 | ) | $ | (0.09 | ) | $ | (0.03 | ) | $ | (0.12 | ) | $ | — | $ | 12.29 | (5.61 | )%* | $ | 96.0 | 1.22 | %** | 1.16 | %** | (0.11 | )%** | 11 | %* | |||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.16 | $ | (0.01 | ) | $ | (0.75 | ) | $ | (0.76 | ) | $ | (0.08 | ) | $ | (0.03 | ) | $ | (0.11 | ) | $ | — | $ | 12.29 | (5.65 | )%* | $ | 32.9 | 1.25 | %** | 1.20 | %** | (0.14 | )%** | 11 | %* | |||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.18 | $ | 0.01 | $ | (0.74 | ) | $ | (0.73 | ) | $ | (0.13 | ) | $ | (0.03 | ) | $ | (0.16 | ) | $ | — | $ | 12.29 | (5.42 | )%* | $ | 1,403.3 | 1.00 | %** | 0.85 | %** | 0.20 | %** | 11 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.15 | $ | (0.01 | ) | $ | (0.74 | ) | $ | (0.75 | ) | $ | (0.08 | ) | $ | (0.03 | ) | $ | (0.11 | ) | $ | — | $ | 12.29 | (5.60 | )%* | $ | 54.6 | 1.37 | %** | 1.21 | %** | (0.16 | )%** | 11 | %* | |||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | % |
See Notes to Financial Highlights
213
214
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.09 | $ | (0.05 | ) | $ | (0.75 | ) | $ | (0.80 | ) | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.03 | ) | $ | — | $ | 12.26 | (6.04 | )%* | $ | 10.8 | 2.12 | %** | 1.96 | %** | (0.90 | )%** | 11 | %* | |||||||||||||||||||||||||||
8/31/2018h | $ | 12.58 | $ | (0.01 | ) | $ | 0.52 | $ | 0.51 | $ | — | $ | — | $ | — | $ | — | $ | 13.09 | 4.05 | % | $ | 14.3 | 2.11 | % | 1.96 | % | (0.06 | )% | 32 | % | ||||||||||||||||||||||||||||||||
8/31/2017h | $ | 10.99 | $ | 0.00 | $ | 1.59 | $ | 1.59 | $ | — | $ | — | $ | — | $ | — | $ | 12.58 | 14.48 | % | $ | 13.2 | 2.14 | % | 1.96 | %§ | 0.04 | %f | 27 | % | |||||||||||||||||||||||||||||||||
8/31/2016h | $ | 10.60 | $ | 0.04 | $ | 0.35 | $ | 0.39 | $ | — | $ | — | $ | — | $ | — | $ | 10.99 | 3.70 | % | $ | 14.7 | 2.16 | % | 1.96 | % | 0.37 | % | 30 | % | |||||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014h | $ | 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 | % | |||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.20 | $ | 0.02 | $ | (0.76 | ) | $ | (0.74 | ) | $ | (0.14 | ) | $ | (0.03 | ) | $ | (0.17 | ) | $ | — | $ | 12.29 | (5.48 | )%* | $ | 79.1 | 0.93 | %** | 0.77 | %** | 0.26 | %** | 11 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2017h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2015h | $ | 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 8/31/2014h | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.97 | $ | (0.01 | ) | $ | (0.69 | ) | $ | (0.70 | ) | $ | (0.05 | ) | $ | (0.13 | ) | $ | (0.18 | ) | $ | — | $ | 12.09 | (5.22 | )%* | $ | 7.5 | 1.43 | %** | 1.15 | %** | (0.21 | )%** | 10 | %* | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.96 | $ | 0.01 | $ | (0.69 | ) | $ | (0.68 | ) | $ | (0.10 | ) | $ | (0.13 | ) | $ | (0.23 | ) | $ | — | $ | 12.05 | (5.10 | )%* | $ | 136.1 | 0.99 | %** | 0.80 | %** | 0.14 | %** | 10 | %* | ||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
215
216
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Select Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.87 | $ | (0.01 | ) | $ | (0.68 | ) | $ | (0.69 | ) | $ | (0.05 | ) | $ | (0.13 | ) | $ | (0.18 | ) | $ | — | $ | 12.00 | (5.24 | )%* | $ | 3.1 | 1.36 | %** | 1.16 | %** | (0.20 | )%** | 10 | %* | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.68 | $ | (0.05 | ) | $ | (0.67 | ) | $ | (0.72 | ) | $ | — | $ | (0.13 | ) | $ | (0.13 | ) | $ | — | $ | 11.83 | (5.60 | )%* | $ | 1.9 | 2.11 | %** | 1.91 | %** | (0.95 | )%** | 10 | %* | ||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.75 | $ | (0.03 | ) | $ | (0.67 | ) | $ | (0.70 | ) | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.15 | ) | $ | — | $ | 11.90 | (5.40 | )%* | $ | 2.9 | 1.61 | %** | 1.41 | %** | (0.46 | )%** | 10 | %* | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.96 | $ | 0.01 | $ | (0.68 | ) | $ | (0.67 | ) | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.24 | ) | $ | — | $ | 12.05 | (5.00 | )%* | $ | 26.2 | 0.91 | %** | 0.72 | %** | 0.21 | %** | 10 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.98 | $ | 0.00 | $ | (1.74 | ) | $ | (1.74 | ) | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.21 | ) | $ | — | $ | 11.03 | (13.23 | )%* | $ | 5.2 | 6.26 | %** | 1.05 | %** | 0.06 | %** | 19 | %* | ||||||||||||||||||||||||||||
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 | %* |
See Notes to Financial Highlights
217
218
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
International Small Cap Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.93 | $ | (0.02 | ) | $ | (1.72 | ) | $ | (1.74 | ) | $ | — | $ | (0.18 | ) | $ | (0.18 | ) | $ | — | $ | 11.01 | (13.30 | )%* | $ | 0.2 | 6.87 | %** | 1.41 | %** | (0.30 | )%** | 19 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.83 | $ | (0.06 | ) | $ | (1.72 | ) | $ | (1.78 | ) | $ | — | $ | (0.18 | ) | $ | (0.18 | ) | $ | — | $ | 10.87 | (13.72 | )%* | $ | 0.1 | 7.40 | %** | 2.16 | %** | (1.05 | )%** | 19 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 12.98 | $ | 0.01 | $ | (1.73 | ) | $ | (1.72 | ) | $ | (0.04 | ) | $ | (0.18 | ) | $ | (0.22 | ) | $ | — | $ | 11.04 | (13.10 | )%* | $ | 0.2 | 6.19 | %** | 0.97 | %** | 0.14 | %** | 19 | %* | ||||||||||||||||||||||||||||
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 | %* | |||||||||||||||||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 18.54 | $ | (0.02 | ) | $ | (0.74 | ) | $ | (0.76 | ) | $ | — | $ | (1.87 | ) | $ | (1.87 | ) | $ | — | $ | 15.91 | (2.16 | )%* | $ | 616.0 | 1.05 | %** | 1.01 | %** | (0.20 | )%** | 10 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 18.54 | $ | (0.04 | ) | $ | (0.75 | ) | $ | (0.79 | ) | $ | — | $ | (1.87 | ) | $ | (1.87 | ) | $ | — | $ | 15.88 | (2.33 | )%* | $ | 21.8 | 1.43 | %** | 1.37 | %** | (0.54 | )%** | 10 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 16.20 | $ | (0.12 | ) | $ | 3.34 | $ | 3.22 | $ | — | $ | (0.88 | ) | $ | (0.88 | ) | $ | — | $ | 18.54 | 20.58 | % | $ | 20.0 | 1.41 | % | 1.36 | % | (0.73 | )% | 25 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 14.15 | $ | (0.11 | ) | $ | 2.38 | $ | 2.27 | $ | — | $ | (0.22 | ) | $ | (0.22 | ) | $ | — | $ | 16.20 | 16.20 | % | $ | 18.2 | 1.43 | % | 1.36 | % | (0.68 | )% | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016j | $ | 14.54 | $ | (0.10 | ) | $ | 0.43 | $ | 0.33 | $ | — | $ | (0.72 | ) | $ | (0.72 | ) | $ | — | $ | 14.15 | 2.58 | % | $ | 44.5 | 1.48 | % | 1.36 | % | (0.72 | )% | 17 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 15.26 | $ | (0.11 | ) | $ | 0.21 | $ | 0.10 | $ | — | $ | (0.82 | ) | $ | (0.82 | ) | $ | — | $ | 14.54 | 0.96 | % | $ | 44.3 | 1.50 | % | 1.36 | % | (0.77 | )% | 22 | % | ||||||||||||||||||||||||||||||
8/31/2014j | $ | 13.08 | $ | (0.11 | ) | $ | 2.85 | $ | 2.74 | $ | (0.00 | ) | $ | (0.56 | ) | $ | (0.56 | ) | $ | 0.00 | $ | 15.26 | 21.31 | %c | $ | 13.5 | 1.51 | % | 1.36 | % | (0.77 | )% | 24 | % |
See Notes to Financial Highlights
219
220
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 18.54 | $ | (0.10 | ) | $ | (0.75 | ) | $ | (0.85 | ) | $ | — | $ | (1.87 | ) | $ | (1.87 | ) | $ | — | $ | 15.82 | (2.67 | )%* | $ | 21.3 | 2.16 | %** | 2.12 | %** | (1.31 | )%** | 10 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 16.39 | $ | (0.26 | ) | $ | 3.35 | $ | 3.09 | $ | — | $ | (0.94 | ) | $ | (0.94 | ) | $ | — | $ | 18.54 | 19.65 | % | $ | 24.5 | 2.13 | % | 2.11 | % | (1.47 | )% | 25 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 14.42 | $ | (0.22 | ) | $ | 2.42 | $ | 2.20 | $ | — | $ | (0.23 | ) | $ | (0.23 | ) | $ | — | $ | 16.39 | 15.36 | % | $ | 22.4 | 2.15 | % | 2.11 | % | (1.45 | )% | 26 | % | ||||||||||||||||||||||||||||||
8/31/2016j | $ | 14.97 | $ | (0.20 | ) | $ | 0.43 | $ | 0.23 | $ | — | $ | (0.78 | ) | $ | (0.78 | ) | $ | — | $ | 14.42 | 1.85 | % | $ | 25.2 | 2.20 | % | 2.11 | % | (1.47 | )% | 17 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 15.86 | $ | (0.23 | ) | $ | 0.22 | $ | (0.01 | ) | $ | — | $ | (0.88 | ) | $ | (0.88 | ) | $ | — | $ | 14.97 | 0.19 | % | $ | 25.8 | 2.22 | % | 2.11 | % | (1.52 | )% | 22 | % | |||||||||||||||||||||||||||||
8/31/2014j | $ | 13.71 | $ | (0.24 | ) | $ | 2.99 | $ | 2.75 | $ | — | $ | (0.60 | ) | $ | (0.60 | ) | $ | 0.00 | $ | 15.86 | 20.40 | %c | $ | 12.7 | 2.26 | % | 2.11 | % | (1.51 | )% | 24 | % | ||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 1/18/2019^ to 2/28/2019 (Unaudited) | $ | 14.22 | $ | (0.01 | ) | $ | 1.71 | $ | 1.70 | $ | — | $ | — | $ | — | $ | — | $ | 15.92 | 11.95 | %* | $ | 0.0 | 1.29 | %** | 0.92 | %** | (0.69 | )%** | 10 | %d* | ||||||||||||||||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.87 | $ | 0.27 | $ | 0.19 | $ | 0.46 | $ | (0.52 | ) | $ | (3.39 | ) | $ | (3.91 | ) | $ | — | $ | 29.42 | 2.22 | %* | $ | 1,161.7 | 0.86 | %** | 0.86 | %** | 1.77 | %** | 38 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.88 | $ | 0.24 | $ | 0.20 | $ | 0.44 | $ | (0.47 | ) | $ | (3.39 | ) | $ | (3.86 | ) | $ | — | $ | 29.46 | 2.12 | %* | $ | 73.8 | 1.05 | %** | 1.05 | %** | 1.59 | %** | 38 | %* | ||||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % | ||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.88 | $ | 0.22 | $ | 0.19 | $ | 0.41 | $ | (0.42 | ) | $ | (3.39 | ) | $ | (3.81 | ) | $ | — | $ | 29.48 | 2.02 | %* | $ | 116.2 | 1.19 | %** | 1.19 | %** | 1.42 | %** | 38 | %* | ||||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % |
See Notes to Financial Highlights
221
222
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.87 | $ | 0.30 | $ | 0.19 | $ | 0.49 | $ | (0.58 | ) | $ | (3.39 | ) | $ | (3.97 | ) | $ | — | $ | 29.39 | 2.30 | %* | $ | 186.2 | 0.70 | %** | 0.70 | %** | 2.02 | %** | 38 | %* | ||||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.88 | $ | 0.26 | $ | 0.16 | $ | 0.42 | $ | (0.45 | ) | $ | (3.39 | ) | $ | (3.84 | ) | $ | — | $ | 29.46 | 2.08 | %* | $ | 11.3 | 1.07 | %** | 1.07 | %** | 1.72 | %** | 38 | %* | ||||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.87 | $ | 0.15 | $ | 0.18 | $ | 0.33 | $ | (0.22 | ) | $ | (3.39 | ) | $ | (3.61 | ) | $ | — | $ | 29.59 | 1.74 | %* | $ | 5.4 | 1.81 | %** | 1.81 | %** | 0.98 | %** | 38 | %* | ||||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 32.89 | $ | 0.20 | $ | 0.19 | $ | 0.39 | $ | (0.37 | ) | $ | (3.39 | ) | $ | (3.76 | ) | $ | — | $ | 29.52 | 1.94 | %* | $ | 0.4 | 1.36 | %** | 1.36 | %** | 1.28 | %** | 38 | %* | ||||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % | ||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 1/18/2019^ to 2/28/2019 (Unaudited) | $ | 28.19 | $ | 0.07 | $ | 1.13 | $ | 1.20 | $ | — | $ | — | $ | — | $ | — | $ | 29.39 | 4.26 | %* | $ | 0.0 | 0.94 | %** | 0.60 | %** | 2.04 | %** | 38 | %d* |
See Notes to Financial Highlights
223
224
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 16.99 | $ | (0.02 | ) | $ | (0.85 | ) | $ | (0.87 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.67 | (3.63 | )%* | $ | 488.7 | 0.90 | %** | 0.90 | %** | (0.29 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 16.98 | $ | (0.02 | ) | $ | (0.85 | ) | $ | (0.87 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.66 | (3.63 | )%* | $ | 72.6 | 0.95 | %** | 0.95 | %** | (0.34 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 16.94 | $ | (0.04 | ) | $ | (0.85 | ) | $ | (0.89 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.60 | (3.78 | )%* | $ | 13.7 | 1.21 | %** | 1.21 | %** | (0.60 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 17.01 | $ | (0.01 | ) | $ | (0.84 | ) | $ | (0.85 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.71 | (3.51 | )%* | $ | 272.9 | 0.70 | %** | 0.70 | %** | (0.08 | )%** | 24 | %* | ||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Highlights
225
226
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 16.96 | $ | (0.03 | ) | $ | (0.85 | ) | $ | (0.88 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.63 | (3.71 | )%* | $ | 32.7 | 1.07 | %** | 1.07 | %** | (0.44 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 16.85 | $ | (0.09 | ) | $ | (0.84 | ) | $ | (0.93 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.47 | (4.04 | )%* | $ | 10.5 | 1.82 | %** | 1.82 | %** | (1.21 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 16.92 | $ | (0.06 | ) | $ | (0.84 | ) | $ | (0.90 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.57 | (3.84 | )%* | $ | 54.7 | 1.35 | %** | 1.35 | %**§ | (0.81 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 17.02 | $ | (0.00 | ) | $ | (0.84 | ) | $ | (0.84 | ) | $ | — | $ | (1.45 | ) | $ | (1.45 | ) | $ | — | $ | 14.73 | (3.45 | )%* | $ | 429.3 | 0.62 | %** | 0.62 | %** | (0.01 | )%** | 24 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | |||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2014g | $ | 13.52 | $ | (0.03 | ) | $ | 2.37 | $ | 2.34 | $ | — | $ | (1.01 | ) | $ | (1.01 | ) | $ | 0.00 | $ | 14.85 | 17.89 | %d | $ | 22.5 | 0.68 | % | 0.68 | % | (0.21 | )% | 63 | % |
See Notes to Financial Highlights
227
228
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 24.16 | $ | 0.06 | $ | (1.48 | ) | $ | (1.42 | ) | $ | (0.14 | ) | $ | (1.50 | ) | $ | (1.64 | ) | $ | — | $ | 21.10 | (4.96 | )%* | $ | 64.2 | 1.20 | %** | 1.19 | %** | 0.59 | %** | 20 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 23.02 | $ | 0.12 | $ | 2.57 | $ | 2.69 | $ | (0.11 | ) | $ | (1.44 | ) | $ | (1.55 | ) | $ | — | $ | 24.16 | 12.20 | % | $ | 40.2 | 1.21 | % | 1.17 | % | 0.49 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 19.75 | $ | 0.23 | $ | 3.16 | $ | 3.39 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | — | $ | 23.02 | 17.19 | %i | $ | 40.3 | 1.25 | % | 1.01 | %f | 1.06 | %f | 31 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 21.03 | $ | 0.16 | $ | 0.79 | $ | 0.95 | $ | (0.10 | ) | $ | (2.13 | ) | $ | (2.23 | ) | $ | — | $ | 19.75 | 5.85 | % | $ | 37.9 | 1.30 | % | 1.15 | % | 0.86 | % | 29 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 23.60 | $ | 0.08 | $ | (0.36 | ) | $ | (0.28 | ) | $ | (0.21 | ) | $ | (2.08 | ) | $ | (2.29 | ) | $ | — | $ | 21.03 | (1.09 | )% | $ | 42.1 | 1.24 | % | 1.05 | % | 0.37 | % | 50 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 20.33 | $ | 0.26 | $ | 4.21 | $ | 4.47 | $ | (0.33 | ) | $ | (0.87 | ) | $ | (1.20 | ) | $ | 0.00 | $ | 23.60 | 22.84 | %c | $ | 43.4 | 1.31 | % | 0.98 | % | 1.21 | % | 34 | % | ||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 24.16 | $ | 0.06 | $ | (1.49 | ) | $ | (1.43 | ) | $ | (0.13 | ) | $ | (1.50 | ) | $ | (1.63 | ) | $ | — | $ | 21.10 | (5.02 | )%* | $ | 9.2 | 1.37 | %** | 1.25 | %** | 0.58 | %** | 20 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 23.35 | $ | 0.10 | $ | 2.61 | $ | 2.71 | $ | (0.12 | ) | $ | (1.78 | ) | $ | (1.90 | ) | $ | — | $ | 24.16 | 12.17 | % | $ | 10.2 | 1.37 | % | 1.25 | % | 0.42 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 20.10 | $ | 0.19 | $ | 3.19 | $ | 3.38 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | $ | — | $ | 23.35 | 16.85 | %i | $ | 10.9 | 1.43 | % | 1.25 | %f§ | 0.82 | %f | 31 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 21.92 | $ | 0.15 | $ | 0.79 | $ | 0.94 | $ | (0.12 | ) | $ | (2.64 | ) | $ | (2.76 | ) | $ | — | $ | 20.10 | 5.80 | % | $ | 10.3 | 1.48 | % | 1.25 | % | 0.77 | % | 29 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 25.06 | $ | 0.04 | $ | (0.40 | ) | $ | (0.36 | ) | $ | (0.21 | ) | $ | (2.57 | ) | $ | (2.78 | ) | $ | — | $ | 21.92 | (1.31 | )% | $ | 11.9 | 1.48 | % | 1.25 | % | 0.17 | % | 50 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 21.80 | $ | 0.22 | $ | 4.47 | $ | 4.69 | $ | (0.35 | ) | $ | (1.08 | ) | $ | (1.43 | ) | $ | 0.00 | $ | 25.06 | 22.47 | %c | $ | 14.4 | 1.57 | % | 1.25 | %§ | 0.97 | % | 34 | % | ||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 24.17 | $ | 0.10 | $ | (1.51 | ) | $ | (1.41 | ) | $ | (0.21 | ) | $ | (1.50 | ) | $ | (1.71 | ) | $ | — | $ | 21.05 | (4.83 | )%* | $ | 49.0 | 1.02 | %** | 0.85 | %** | 0.97 | %** | 20 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 24.17 | $ | 0.06 | $ | (1.50 | ) | $ | (1.44 | ) | $ | (0.13 | ) | $ | (1.50 | ) | $ | (1.63 | ) | $ | — | $ | 21.10 | (5.02 | )%* | $ | 20.0 | 1.38 | %** | 1.21 | %** | 0.54 | %** | 20 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 23.34 | $ | 0.11 | $ | 2.60 | $ | 2.71 | $ | (0.10 | ) | $ | (1.78 | ) | $ | (1.88 | ) | $ | — | $ | 24.17 | 12.23 | % | $ | 10.1 | 1.39 | % | 1.21 | % | 0.46 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 20.08 | $ | 0.20 | $ | 3.20 | $ | 3.40 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | 23.34 | 16.95 | %i | $ | 8.6 | 1.43 | % | 1.21 | %f | 0.89 | %f | 31 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 21.93 | $ | 0.16 | $ | 0.77 | $ | 0.93 | $ | (0.14 | ) | $ | (2.64 | ) | $ | (2.78 | ) | $ | — | $ | 20.08 | 5.76 | % | $ | 13.3 | 1.49 | % | 1.21 | % | 0.81 | % | 29 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 25.08 | $ | 0.05 | $ | (0.40 | ) | $ | (0.35 | ) | $ | (0.22 | ) | $ | (2.58 | ) | $ | (2.80 | ) | $ | — | $ | 21.93 | (1.25 | )% | $ | 14.8 | 1.47 | % | 1.21 | % | 0.20 | % | 50 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 21.81 | $ | 0.22 | $ | 4.50 | $ | 4.72 | $ | (0.37 | ) | $ | (1.08 | ) | $ | (1.45 | ) | $ | 0.00 | $ | 25.08 | 22.60 | %c | $ | 5.2 | 1.53 | % | 1.21 | %§ | 0.96 | % | 34 | % |
See Notes to Financial Highlights
229
230
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 24.18 | $ | (0.02 | ) | $ | (1.49 | ) | $ | (1.51 | ) | $ | (0.02 | ) | $ | (1.50 | ) | $ | (1.52 | ) | $ | — | $ | 21.15 | (5.37 | )%* | $ | 2.1 | 2.14 | %** | 1.96 | %** | (0.15 | )%** | 20 | %* | |||||||||||||||||||||||||||
8/31/2018j | $ | 23.47 | $ | (0.06 | ) | $ | 2.61 | $ | 2.55 | $ | (0.00 | ) | $ | (1.84 | ) | $ | (1.84 | ) | $ | — | $ | 24.18 | 11.37 | % | $ | 2.4 | 2.14 | % | 1.96 | % | (0.29 | )% | 36 | % | |||||||||||||||||||||||||||||
8/31/2017j | $ | 20.29 | $ | 0.04 | $ | 3.22 | $ | 3.26 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | — | $ | 23.47 | 16.09 | %i | $ | 2.5 | 2.18 | % | 1.96 | %f | 0.15 | %f | 31 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 22.30 | $ | 0.01 | $ | 0.78 | $ | 0.79 | $ | (0.08 | ) | $ | (2.72 | ) | $ | (2.80 | ) | $ | — | $ | 20.29 | 5.01 | % | $ | 3.7 | 2.23 | % | 1.96 | % | 0.05 | % | 29 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 25.56 | $ | (0.12 | ) | $ | (0.40 | ) | $ | (0.52 | ) | $ | (0.08 | ) | $ | (2.66 | ) | $ | (2.74 | ) | $ | — | $ | 22.30 | (2.02 | )% | $ | 3.5 | 2.20 | % | 1.96 | % | (0.53 | )% | 50 | % | |||||||||||||||||||||||||||
8/31/2014j | $ | 22.28 | $ | 0.07 | $ | 4.57 | $ | 4.64 | $ | (0.25 | ) | $ | (1.11 | ) | $ | (1.36 | ) | $ | 0.00 | $ | 25.56 | 21.64 | %c | $ | 1.9 | 2.28 | % | 1.96 | %§ | 0.24 | % | 34 | % | ||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 24.17 | $ | 0.04 | $ | (1.49 | ) | $ | (1.45 | ) | $ | (0.08 | ) | $ | (1.50 | ) | $ | (1.58 | ) | $ | — | $ | 21.14 | (5.08 | )%* | $ | 2.3 | 1.65 | %** | 1.46 | %** | 0.36 | %** | 20 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 23.37 | $ | 0.05 | $ | 2.60 | $ | 2.65 | $ | (0.06 | ) | $ | (1.79 | ) | $ | (1.85 | ) | $ | — | $ | 24.17 | 11.92 | % | $ | 2.3 | 1.65 | % | 1.46 | % | 0.21 | % | 36 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 20.15 | $ | 0.13 | $ | 3.20 | $ | 3.33 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | — | $ | 23.37 | 16.62 | % | $ | 1.5 | 1.69 | % | 1.46 | % | 0.63 | % | 31 | % | |||||||||||||||||||||||||||||||
8/31/2016j | $ | 22.03 | $ | 0.11 | $ | 0.77 | $ | 0.88 | $ | (0.11 | ) | $ | (2.65 | ) | $ | (2.76 | ) | $ | — | $ | 20.15 | 5.54 | % | $ | 1.4 | 1.75 | % | 1.46 | % | 0.56 | % | 29 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 25.17 | $ | 0.00 | $ | (0.40 | ) | $ | (0.40 | ) | $ | (0.15 | ) | $ | (2.59 | ) | $ | (2.74 | ) | $ | — | $ | 22.03 | (1.49 | )% | $ | 1.2 | 1.73 | % | 1.46 | % | 0.03 | % | 50 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 21.89 | $ | 0.19 | $ | 4.49 | $ | 4.68 | $ | (0.32 | ) | $ | (1.08 | ) | $ | (1.40 | ) | $ | 0.00 | $ | 25.17 | 22.23 | %c | $ | 0.4 | 1.80 | % | 1.46 | % | 0.80 | % | 34 | % | ||||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 20.12 | $ | 0.07 | $ | (0.57 | ) | $ | (0.50 | ) | $ | (0.14 | ) | $ | (1.65 | ) | $ | (1.79 | ) | $ | — | $ | 17.83 | (1.56 | )%* | $ | 1,487.8 | 0.73 | %** | 0.73 | %** | 0.74 | %** | 19 | %* | ||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 20.12 | $ | 0.03 | $ | (0.56 | ) | $ | (0.53 | ) | $ | (0.07 | ) | $ | (1.65 | ) | $ | (1.72 | ) | $ | — | $ | 17.87 | (1.75 | )%* | $ | 48.3 | 1.10 | %** | 1.10 | %** | 0.35 | %** | 19 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 18.69 | $ | 0.05 | $ | 3.28 | $ | 3.33 | $ | (0.04 | ) | $ | (1.86 | ) | $ | (1.90 | ) | $ | — | $ | 20.12 | 18.72 | % | $ | 75.7 | 1.09 | % | 1.09 | % | 0.25 | % | 23 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 16.09 | $ | 0.06 | $ | 3.06 | $ | 3.12 | $ | (0.07 | ) | $ | (0.45 | ) | $ | (0.52 | ) | $ | — | $ | 18.69 | 19.85 | %i | $ | 53.5 | 1.10 | % | 1.10 | %f | 0.32 | %f | 23 | % | ||||||||||||||||||||||||||||||
8/31/2016j | $ | 15.31 | $ | 0.09 | $ | 1.18 | $ | 1.27 | $ | (0.08 | ) | $ | (0.41 | ) | $ | (0.49 | ) | $ | — | $ | 16.09 | 8.53 | % | $ | 73.0 | 1.11 | % | 1.11 | % | 0.62 | % | 18 | % | ||||||||||||||||||||||||||||||
8/31/2015j | $ | 16.27 | $ | 0.07 | $ | (0.43 | ) | $ | (0.36 | ) | $ | (0.08 | ) | $ | (0.52 | ) | $ | (0.60 | ) | $ | — | $ | 15.31 | (2.16 | )% | $ | 102.8 | 1.10 | % | 1.10 | % | 0.47 | % | 27 | % | ||||||||||||||||||||||||||||
8/31/2014j | $ | 13.60 | $ | 0.11 | $ | 2.87 | $ | 2.98 | $ | (0.09 | ) | $ | (0.22 | ) | $ | (0.31 | ) | $ | 0.00 | $ | 16.27 | 22.17 | %c | $ | 143.1 | 1.10 | % | 1.10 | % | 0.71 | % | 17 | % |
See Notes to Financial Highlights
231
232
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited)j | $ | 20.13 | $ | (0.03 | ) | $ | (0.57 | ) | $ | (0.60 | ) | $ | — | $ | (1.65 | ) | $ | (1.65 | ) | $ | — | $ | 17.88 | (2.11 | )%* | $ | 42.2 | 1.84 | %** | 1.84 | %** | (0.36 | )%** | 19 | %* | ||||||||||||||||||||||||||||
8/31/2018j | $ | 18.87 | $ | (0.10 | ) | $ | 3.30 | $ | 3.20 | $ | — | $ | (1.94 | ) | $ | (1.94 | ) | $ | — | $ | 20.13 | 17.83 | % | $ | 44.7 | 1.83 | % | 1.83 | % | (0.49 | )% | 23 | % | ||||||||||||||||||||||||||||||
8/31/2017j | $ | 16.31 | $ | (0.07 | ) | $ | 3.11 | $ | 3.04 | $ | (0.00 | ) | $ | (0.48 | ) | $ | (0.48 | ) | $ | — | $ | 18.87 | 18.95 | %i | $ | 40.7 | 1.84 | % | 1.84 | %f | (0.40 | )%f | 23 | % | |||||||||||||||||||||||||||||
8/31/2016j | $ | 15.58 | $ | (0.02 | ) | $ | 1.19 | $ | 1.17 | $ | (0.01 | ) | $ | (0.43 | ) | $ | (0.44 | ) | $ | — | $ | 16.31 | 7.73 | % | $ | 39.6 | 1.85 | % | 1.85 | % | (0.11 | )% | 18 | % | |||||||||||||||||||||||||||||
8/31/2015j | $ | 16.62 | $ | (0.04 | ) | $ | (0.44 | ) | $ | (0.48 | ) | $ | (0.02 | ) | $ | (0.54 | ) | $ | (0.56 | ) | $ | — | $ | 15.58 | (2.84 | )% | $ | 46.1 | 1.84 | % | 1.84 | % | (0.27 | )% | 27 | % | |||||||||||||||||||||||||||
8/31/2014j | $ | 13.96 | $ | (0.00 | ) | $ | 2.95 | $ | 2.95 | $ | (0.06 | ) | $ | (0.23 | ) | $ | (0.29 | ) | $ | 0.00 | $ | 16.62 | 21.30 | %c | $ | 50.5 | 1.85 | % | 1.85 | % | (0.01 | )% | 17 | % | |||||||||||||||||||||||||||||
Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.34 | $ | 0.10 | $ | 0.29 | $ | 0.39 | $ | (0.12 | ) | $ | (0.57 | ) | $ | (0.69 | ) | $ | — | $ | 13.04 | 3.35 | %* | $ | 119.1 | 1.43 | %** | 1.04 | %** | 1.53 | %** | 23 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.39 | $ | 0.11 | $ | 0.29 | $ | 0.40 | $ | (0.13 | ) | $ | (0.57 | ) | $ | (0.70 | ) | $ | — | $ | 13.09 | 3.44 | %* | $ | 172.5 | 1.07 | %** | 0.85 | %** | 1.72 | %** | 23 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.34 | $ | 0.08 | $ | 0.30 | $ | 0.38 | $ | (0.11 | ) | $ | (0.57 | ) | $ | (0.68 | ) | $ | — | $ | 13.04 | 3.26 | %* | $ | 55.4 | 1.43 | %** | 1.21 | %** | 1.35 | %** | 23 | %* | ||||||||||||||||||||||||||||||
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
233
234
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.36 | $ | 0.04 | $ | 0.29 | $ | 0.33 | $ | (0.06 | ) | $ | (0.57 | ) | $ | (0.63 | ) | $ | — | $ | 13.06 | 2.84 | %* | $ | 11.2 | 2.19 | %** | 1.96 | %** | 0.60 | %** | 23 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.31 | $ | 0.07 | $ | 0.30 | $ | 0.37 | $ | (0.09 | ) | $ | (0.57 | ) | $ | (0.66 | ) | $ | — | $ | 13.02 | 3.21 | %* | $ | 18.0 | 1.70 | %** | 1.46 | %** | 1.12 | %** | 23 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 13.39 | $ | 0.11 | $ | 0.30 | $ | 0.41 | $ | (0.14 | ) | $ | (0.57 | ) | $ | (0.71 | ) | $ | — | $ | 13.09 | 3.49 | %* | $ | 57.9 | 0.98 | %** | 0.77 | %** | 1.81 | %** | 23 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 44.96 | $ | (0.17 | ) | $ | (0.45 | ) | $ | (0.62 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.22 | 2.38 | %* | $ | 66.3 | 1.70 | %** | 1.19 | %** | (0.89 | )%** | 103 | %* | ||||||||||||||||||||||||||||
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 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 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 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 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 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 27.44 | 13.58 | %c | $ | 50.7 | 1.67 | % | 1.21 | % | (0.85 | )% | 284 | % |
See Notes to Financial Highlights
235
236
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 44.91 | $ | (0.19 | ) | $ | (0.45 | ) | $ | (0.64 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.15 | 2.33 | %* | $ | 4.2 | 1.82 | %** | 1.30 | %** | (0.99 | )%** | 103 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 27.01 | $ | (0.30 | ) | $ | 6.17 | $ | 5.87 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 32.88 | 21.74 | % | $ | 3.9 | 1.88 | % | 1.37 | % | (1.04 | )% | 215 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015h | $ | 27.44 | $ | (0.34 | ) | $ | 2.34 | $ | 2.00 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 29.44 | 7.30 | % | $ | 5.3 | 1.86 | % | 1.40 | % | (1.15 | )% | 336 | % | ||||||||||||||||||||||||||||||
8/31/2014h | $ | 24.21 | $ | (0.28 | ) | $ | 3.51 | $ | 3.23 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 27.44 | 13.35 | %c | $ | 5.5 | 1.95 | % | 1.40 | % | (1.02 | )% | 284 | % | ||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 44.87 | $ | (0.21 | ) | $ | (0.47 | ) | $ | (0.68 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.07 | 2.24 | %* | $ | 2.6 | 1.99 | %** | 1.45 | %** | (1.14 | )%** | 103 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 27.27 | $ | (0.35 | ) | $ | 6.23 | $ | 5.88 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 33.15 | 21.58 | %i | $ | 1.7 | 2.05 | % | 1.51 | %f | (1.18 | )%f | 215 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015h | $ | 28.59 | $ | (0.38 | ) | $ | 2.42 | $ | 2.04 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 30.63 | 7.13 | % | $ | 2.7 | 2.00 | % | 1.51 | % | (1.26 | )% | 336 | % | ||||||||||||||||||||||||||||||
8/31/2014h | $ | 25.24 | $ | (0.32 | ) | $ | 3.67 | $ | 3.35 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 28.59 | 13.27 | %c | $ | 3.5 | 1.96 | % | 1.51 | % | (1.15 | )% | 284 | % | ||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 45.06 | $ | (0.11 | ) | $ | (0.45 | ) | $ | (0.56 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.38 | 2.51 | %* | $ | 24.6 | 1.47 | %** | 0.90 | %** | (0.59 | )%** | 103 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 26.86 | $ | (0.17 | ) | $ | 6.16 | $ | 5.99 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 32.85 | 22.31 | % | $ | 11.8 | 1.50 | % | 0.90 | % | (0.57 | )% | 215 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015h | $ | 27.11 | $ | (0.19 | ) | $ | 2.32 | $ | 2.13 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 29.24 | 7.84 | % | $ | 20.7 | 1.44 | % | 0.90 | % | (0.65 | )% | 336 | % | ||||||||||||||||||||||||||||||
8/31/2014h | $ | 23.80 | $ | (0.15 | ) | $ | 3.46 | $ | 3.31 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 27.11 | 13.91 | %c | $ | 19.0 | 1.48 | % | 0.90 | % | (0.54 | )% | 284 | % | ||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 44.95 | $ | (0.18 | ) | $ | (0.46 | ) | $ | (0.64 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.19 | 2.33 | %* | $ | 7.9 | 1.85 | %** | 1.26 | %** | (0.95 | )%** | 103 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 26.97 | $ | (0.27 | ) | $ | 6.17 | $ | 5.90 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 32.87 | 21.88 | % | $ | 3.3 | 1.90 | % | 1.26 | % | (0.93 | )% | 215 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015h | $ | 27.32 | $ | (0.30 | ) | $ | 2.34 | $ | 2.04 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 29.36 | 7.45 | % | $ | 5.1 | 1.83 | % | 1.26 | % | (1.01 | )% | 336 | % | ||||||||||||||||||||||||||||||
8/31/2014h | $ | 24.07 | $ | (0.26 | ) | $ | 3.51 | $ | 3.25 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 27.32 | 13.51 | %c | $ | 4.4 | 1.81 | % | 1.26 | % | (0.96 | )% | 284 | % |
See Notes to Financial Highlights
237
238
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 44.72 | $ | (0.32 | ) | $ | (0.48 | ) | $ | (0.80 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 36.80 | 1.95 | %* | $ | 3.6 | 2.58 | %** | 2.01 | %** | (1.71 | )%** | 103 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 27.47 | $ | (0.50 | ) | $ | 6.27 | $ | 5.77 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 33.24 | 21.00 | % | $ | 2.0 | 2.63 | % | 2.01 | % | (1.68 | )% | 215 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015h | $ | 29.16 | $ | (0.55 | ) | $ | 2.50 | $ | 1.95 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 31.11 | 6.68 | % | $ | 2.3 | 2.58 | % | 2.01 | % | (1.76 | )% | 336 | % | ||||||||||||||||||||||||||||||
8/31/2014h | $ | 25.89 | $ | (0.49 | ) | $ | 3.76 | $ | 3.27 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 29.16 | 12.64 | %c | $ | 1.8 | 2.57 | % | 2.01 | % | (1.68 | )% | 284 | % | ||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 44.87 | $ | (0.23 | ) | $ | (0.46 | ) | $ | (0.69 | ) | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.06 | 2.22 | %* | $ | 1.9 | 2.11 | %** | 1.51 | %** | (1.21 | )%** | 103 | %* | ||||||||||||||||||||||||||||
8/31/2018h | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017h | $ | 27.26 | $ | (0.35 | ) | $ | 6.23 | $ | 5.88 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 33.14 | 21.58 | % | $ | 1.0 | 2.19 | % | 1.51 | % | (1.17 | )% | 215 | % | ||||||||||||||||||||||||||||||
8/31/2016h | $ | 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 | % | ||||||||||||||||||||||||||||
8/31/2015h | $ | 28.56 | $ | (0.39 | ) | $ | 2.46 | $ | 2.07 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | 30.63 | 7.22 | % | $ | 1.0 | 2.15 | % | 1.51 | % | (1.25 | )% | 336 | % | ||||||||||||||||||||||||||||||
8/31/2014h | $ | 25.22 | $ | (0.32 | ) | $ | 3.66 | $ | 3.34 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | $ | 28.56 | 13.24 | %c | $ | 0.5 | 2.16 | % | 1.51 | % | (1.15 | )% | 284 | % | ||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 9/7/2018^ to 2/28/2019 (Unaudited) | $ | 44.27 | $ | (0.09 | ) | $ | 0.34 | $ | 0.25 | $ | — | $ | (7.12 | ) | $ | (7.12 | ) | $ | — | $ | 37.40 | 4.39 | %* | $ | 0.0 | 1.81 | %** | 0.80 | %** | (0.49 | )%** | 103 | %d* | ||||||||||||||||||||||||||||||
Sustainable Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.86 | $ | 0.17 | $ | (2.41 | ) | $ | (2.24 | ) | $ | (0.16 | ) | $ | (3.12 | ) | $ | (3.28 | ) | $ | — | $ | 36.34 | (4.64 | )%* | $ | 474.7 | 0.87 | %** | 0.87 | %** | 0.89 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.88 | $ | 0.15 | $ | (2.41 | ) | $ | (2.26 | ) | $ | (0.10 | ) | $ | (3.12 | ) | $ | (3.22 | ) | $ | — | $ | 36.40 | (4.70 | )%* | $ | 194.9 | 1.02 | %** | 1.02 | %** | 0.78 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % |
See Notes to Financial Highlights
239
240
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Sustainable Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.84 | $ | 0.21 | $ | (2.42 | ) | $ | (2.21 | ) | $ | (0.26 | ) | $ | (3.12 | ) | $ | (3.38 | ) | $ | — | $ | 36.25 | (4.54 | )%* | $ | 863.1 | 0.67 | %** | 0.67 | %** | 1.15 | %** | 8 | %* | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.88 | $ | 0.13 | $ | (2.41 | ) | $ | (2.28 | ) | $ | (0.10 | ) | $ | (3.12 | ) | $ | (3.22 | ) | $ | — | $ | 36.38 | (4.73 | )%* | $ | 97.3 | 1.04 | %** | 1.04 | %** | 0.72 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.81 | $ | 0.00 | $ | (2.39 | ) | $ | (2.39 | ) | $ | — | $ | (3.12 | ) | $ | (3.12 | ) | $ | — | $ | 36.30 | (5.05 | )%* | $ | 54.2 | 1.79 | %** | 1.79 | %** | 0.02 | %** | 8 | %* | |||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % | |||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.90 | $ | 0.10 | $ | (2.40 | ) | $ | (2.30 | ) | $ | (0.03 | ) | $ | (3.12 | ) | $ | (3.15 | ) | $ | — | $ | 36.45 | (4.82 | )%* | $ | 30.9 | 1.29 | %** | 1.29 | %** | 0.52 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | % |
See Notes to Financial Highlights
241
242
Financial Highlights (cont'd)
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Voluntary Contribution from Management | Net Asset Value, End of Period | Total Returnab | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Sustainable Equity Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 41.83 | $ | 0.23 | $ | (2.42 | ) | $ | (2.19 | ) | $ | (0.29 | ) | $ | (3.12 | ) | $ | (3.41 | ) | $ | — | $ | 36.23 | (4.49 | )%* | $ | 271.6 | 0.59 | %** | 0.59 | %** | 1.21 | %** | 8 | %* | ||||||||||||||||||||||||||||
8/31/2018g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2017g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2016g | $ | 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 | % | ||||||||||||||||||||||||||||||
8/31/2015g | $ | 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 | % | |||||||||||||||||||||||||||||
8/31/2014g | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 18.62 | $ | 0.17 | $ | 0.30 | $ | 0.47 | $ | (0.22 | ) | $ | (1.21 | ) | $ | (1.43 | ) | $ | — | $ | 17.66 | 3.09 | %* | $ | 12.6 | 2.57 | %** | 0.71 | %^^** | 1.99 | %** | 70 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 18.56 | $ | 0.15 | $ | 0.29 | $ | 0.44 | $ | (0.16 | ) | $ | (1.21 | ) | $ | (1.37 | ) | $ | — | $ | 17.63 | 2.86 | %* | $ | 5.8 | 2.96 | %** | 1.09 | %^^** | 1.74 | %** | 70 | %* | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2019 (Unaudited) | $ | 17.96 | $ | 0.07 | $ | 0.30 | $ | 0.37 | $ | (0.03 | ) | $ | (1.21 | ) | $ | (1.24 | ) | $ | — | $ | 17.09 | 2.52 | %* | $ | 3.4 | 3.75 | %** | 1.83 | %^^** | 0.82 | %** | 70 | %* | ||||||||||||||||||||||||||||||
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
243
244
Notes to Financial Highlights (Unaudited)
@ Calculated based on the average number of shares outstanding during each fiscal period.
# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee and/or if certain Funds did not receive certain refunds, plus interest from State Street for custodian out-of-pocket expenses previously paid ("Custodian Out-of Pocket Expenses Refunded") during the year ended August 31, 2017.
^ 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 daily net assets would have been:
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||
Emerging Markets Equity Class R6 | 1.16 | % | — | — | — | — | — | ||||||||||||||||||||
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 | % | 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, 2017 and 2019) and Value (2016 and 2019) and/or reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Funds are required to calculate
245
Notes to Financial Highlights (Unaudited) (cont'd)
an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had Greater China Equity and Value not utilized the Line of Credit, or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Greater China Equity Institutional Class | 1.51 | % | — | 1.50 | % | 1.51 | % | 1.50 | % | ||||||||||||||
Greater China Equity Class A | 1.87 | % | — | 1.86 | % | 1.87 | % | 1.86 | % | ||||||||||||||
Greater China Equity Class C | 2.62 | % | — | 2.61 | % | 2.62 | % | 2.61 | % | ||||||||||||||
Value Institutional Class | 0.70 | % | — | — | 0.71 | % | — | ||||||||||||||||
Value Class A | 1.08 | % | — | — | 1.10 | % | — | ||||||||||||||||
Value Class C | 1.82 | % | — | — | 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 Except for the Fund classes listed below, the class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the six months ended February 28, 2019. Had the Fund classes listed below not received class action proceeds in 2019, total return based on per share NAV for the six months ended February 28, 2019 would have been:
Large Cap Value Investor Class | 2.18 | % | |||||
Large Cap Value Trust Class | 2.08 | % | |||||
Large Cap Value Advisor Class | 1.99 | % | |||||
Large Cap Value Class R3 | 1.90 | % |
Except for the Fund classes listed below, the class action proceeds received in 2018, 2017, 2016, 2015 and/or 2014, if any, had no impact on the Funds' total returns for the years ended August 31, 2018, 2017, 2016, 2015 and/or 2014. Had the Fund classes listed below not received class action proceeds in 2018, 2017, 2016, 2015 and/or 2014, total return based on per share NAV for the years ended August 31, 2018, 2017, 2016, 2015 and/or 2014 would have been:
Year Ended August 31, | |||||||||||||||||||||||
2018 | 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 | )% | — |
246
Notes to Financial Highlights (Unaudited) (cont'd)
Year Ended August 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
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 | % | — | |||||||||||||||
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 contributions received in 2014 had no impact on the Funds' total returns 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, for the year ended August 31, 2017 for International Select and for the six months ended February 28, 2019 for Intrinsic Value, Large Cap Value and Small Cap Growth.
e 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, 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 | % |
247
Notes to Financial Highlights (Unaudited) (cont'd)
Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017 | Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017 | ||||||||||
Equity Income Class C | 1.80 | % | 1.82 | % | |||||||
Equity Income Class R3 | 1.34 | % | 2.27 | % | |||||||
Focus Investor Class | 0.92 | % | 0.27 | % | |||||||
Focus Trust Class | 1.10 | % | 0.09 | % | |||||||
Focus Advisor Class | 1.26 | % | (0.08 | )% | |||||||
Genesis Investor Class | 1.02 | % | 0.21 | % | |||||||
Genesis Trust Class | 1.09 | % | 0.12 | % | |||||||
Genesis Advisor Class | 1.36 | % | (0.14 | )% | |||||||
Genesis Institutional Class | 0.85 | % | 0.38 | % | |||||||
Genesis Class R6 | 0.77 | % | 0.45 | % | |||||||
Guardian Investor Class | 0.90 | % | 0.75 | % | |||||||
Guardian Trust Class | 1.07 | % | 0.57 | % | |||||||
Guardian Advisor Class | 1.38 | % | 0.25 | % | |||||||
Guardian Institutional Class | 0.72 | % | 0.94 | % | |||||||
Guardian Class A | 1.10 | % | 0.55 | % | |||||||
Guardian Class C | 1.84 | % | (0.20 | )% | |||||||
Guardian Class R3 | 1.36 | % | 0.28 | % | |||||||
International Equity Investor Class | 1.05 | % | 0.97 | % | |||||||
International Equity Trust Class | 1.09 | % | 0.91 | % | |||||||
International Equity Institutional Class | 0.85 | % | 1.19 | % | |||||||
International Equity Class A | — | 0.65 | % | ||||||||
International Equity Class C | — | 0.04 | % | ||||||||
International Equity Class R6 | — | 1.31 | % | ||||||||
Large Cap Value Investor Class | 0.87 | % | 1.30 | % | |||||||
Large Cap Value Trust Class | 1.05 | % | 1.11 | % | |||||||
Large Cap Value Advisor Class | 1.20 | % | 0.97 | % | |||||||
Large Cap Value Institutional Class | 0.70 | % | 1.49 | % | |||||||
Large Cap Value Class A | 1.07 | % | 1.11 | % | |||||||
Large Cap Value Class C | 1.81 | % | 0.36 | % | |||||||
Large Cap Value Class R3 | 1.36 | % | 0.90 | % | |||||||
Mid Cap Growth Investor Class | 0.93 | % | (0.30 | )% | |||||||
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 | % |
248
Notes to Financial Highlights (Unaudited) (cont'd)
Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017 | Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017 | ||||||||||
Mid Cap Intrinsic Value Trust Class | 1.25 | % | 0.82 | % | |||||||
Mid Cap Intrinsic Value Institutional Class | 0.85 | % | 1.19 | % | |||||||
Mid Cap Intrinsic Value Class A | 1.21 | % | 0.89 | % | |||||||
Mid Cap Intrinsic Value Class C | 1.96 | % | 0.15 | % | |||||||
Multi-Cap Opportunities Institutional Class | 0.75 | % | 0.68 | % | |||||||
Multi-Cap Opportunities Class A | 1.10 | % | 0.32 | % | |||||||
Multi-Cap Opportunities Class C | 1.84 | % | (0.40 | )% | |||||||
Small Cap Growth Investor Class | 1.21 | % | (0.87 | )% | |||||||
Small Cap Growth Advisor Class | 1.51 | % | (1.18 | )% | |||||||
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 G 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 G 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 Custodian Out-of-Pocket Expenses Refunded. Had the Funds not received the refund, 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 | % |
j After the close of business on December 7, 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 G of the Notes to Financial Statements.
k The voluntary contributions received in 2017 had no impact on the Funds' total returns for the year ended August 31, 2017.
249
Directory
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264
Distributor
Neuberger Berman BD LLC
1290 Avenue of the Americas
New York, NY 10104-0002
800.877.9700 or 212.476.8800
Intermediary Client Services
800.366.6264
Sub-Adviser
Green Court Capital Management Limited
Jardine House, 1 Connaught Place
Suites 2010-2020, 20th Floor
Central Hong Kong
Custodian
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Shareholder Servicing Agent
DST Asset Manager Solutions Inc.
430 West 7th Street, Suite 21989
Kansas City, MO 64105-1407
For Investor Class Shareholders
Address correspondence to:
Neuberger Berman Funds
P.O. Box 219189
Kansas City, MO 64121-9189
800.877.9700 or 212.476.8800
For Class A, Class C, Class R3 and Class R6 Shareholders:
Please contact your investment provider
For Trust Class, Advisor Class and Institutional Class Shareholders
Address correspondence to:
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Attn: Intermediary Client Services
800.366.6264
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firms
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA 19102
250
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the SEC's website, at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available upon request, without charge, by calling 800-877-9700 (toll-free), on the SEC's website at www.sec.gov, and on Management's website at www.nb.com.
Quarterly Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT. The Trust's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q or Form N-PORT is available upon request, without charge, by calling 800-877-9700 (toll-free).
251
Board Consideration of the Management Agreements
On an annual basis, the Board of Trustees (the "Board") of Neuberger Berman Equity Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Neuberger Berman Investment Advisers LLC ("Management") (including its affiliates) ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (the "Management Agreements") with respect to each series (each a "Fund") and the sub-advisory agreement between Management and Green Court Capital Management Limited ("Green Court") (the "Sub-Advisory Agreement" and collectively with the Management Agreement, the "Agreements") with respect to Neuberger Berman Greater China Equity Fund. Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 11, 2018, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund.
In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management and Green Court in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and for Green Court, by Management, and met with senior representatives of Management regarding its personnel, operations, and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to ensure that Management and Green Court have time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, portfolio risk, and other portfolio information for each Fund, including the use of derivatives if used as part of the Fund's strategy, as well as periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and shareholder and other services provided by Management and its affiliates and Green Court. The Contract Review Committee, which is comprised of Independent Fund Trustees, was established by the Board to assist in its deliberations regarding the annual contract review. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports to the Contract Review Committee and the full Board, which consider that information as part of the annual contract review process. The Board's Contract Review Committee annually considers and updates the questions it asks of Management in light of legal advice furnished to them by Independent Counsel; their own business judgment; and developments in the industry, in the markets, in mutual fund regulation and litigation, and in Management's business model.
The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management and Green Court.
Provided below is a description of the Board's contract approval process and material factors that the Board considered at its meetings regarding renewals of the Agreements and the compensation to be paid thereunder. In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund, and whether the Agreements were in the best interests of each Fund and Fund shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board considered each Fund's investment management and sub-advisory agreements separately from those of the other Funds.
This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed
252
different weights to the various factors. The Board focused on the costs and benefits of the Agreements to each Fund and, through the Fund, its shareholders.
Nature, Extent, and Quality of Services
With respect to the nature, extent, and quality of the services provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management and Green Court who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting and compliance services. The Board also considered Management's and Green Court's policies and practices regarding brokerage, commissions and other trading costs, and allocation of portfolio transactions, reviewed the quality of the execution services that Management had provided, and noted that Management monitored the quality of execution provided by Green Court. The Board also reviewed Management's use of brokers to execute Fund transactions that provide research services to Management. Moreover, the Board considered Management's approach to potential conflicts of interest both generally and between the Funds' investments and those of other funds or accounts managed by Management and Green Court. The Board also noted that Management had increased its research capabilities with respect to environmental, social, and corporate governance matters and how those factors may relate to investment performance.
The Board noted the extensive range of services that Management provides to the Funds beyond the investment management services. The Board noted that Management is also responsible for monitoring compliance with the Fund's investment objectives, policies, and restrictions, as well as compliance with applicable law, including implementing rulemaking initiatives of the U.S. Securities and Exchange Commission. The Board considered that Management assumes significant ongoing risks with respect to all Funds, for which it is entitled to reasonable compensation. Specifically, Management's responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Funds, and the Board considers on a regular basis information regarding Management's processes for monitoring and managing risk. In addition, the Board also noted that when Management launches a new fund or share class, it assumes entrepreneurial risk with respect to that fund or share class, and that some funds and share classes have been liquidated without ever having been profitable to Management.
The Board also noted Management's activities under its contractual obligation to oversee the Funds' various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Board noted the positive compliance history of Management and Green Court, as no significant compliance problems were reported to the Board with respect to either firm. The Board also considered the general structure of the portfolio managers' compensation and whether this structure provides appropriate incentives to act in the best interests of the Funds. The Board also considered the ability of Management and Green Court to attract and retain qualified personnel to service the Funds.
As in past years, the Board also considered the manner in which Management addressed various matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management and Green Court in response to recent market conditions and considered the overall performance of Management and Green Court in this context.
Fund Performance
The Board requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared each Fund's performance, along with its fees and other expenses, to a group of industry peers and a broader universe of funds pursuing generally similar strategies with the same investment classification and/or objective. The Board considered each Fund's performance and fees in light of the limitations inherent in the methodology for
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constructing such comparative groups and determining which investment companies should be included in the comparative groups.
With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, net of the Fund's fees and expenses, both on an absolute basis and relative to an appropriate benchmark index that does not deduct the fees or expenses of investing, compared to the performance of the industry peer group and a broader universe of funds, each constructed by the consulting firm. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.
In the case of those Funds that the Board identified as having underperformed their benchmark indices, industry peer groups, and/or a broader universe of funds to an extent, or over a period of time, that the Board felt warranted additional inquiry, the Board discussed with Management each such Fund's performance, potential reasons for the underperformance, and, if necessary, steps that Management had taken, or intended to take, to improve performance. The Board also met with the portfolio managers of certain Funds during the 12 months prior to voting on the contract renewal to discuss the Funds' performance. The Board also considered Management's responsiveness with respect to the Funds that experienced lagging performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of the Agreements and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreements notwithstanding a Fund's underperformance.
Fee Rates, Profitability, and Fall-out Benefits
With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to the peer group provided by the consulting firm. The Board reviewed a comparison of each Fund's management fee to a peer group of comparable funds. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fees paid to Management. However, the Board noted that some funds in the peer group pay directly from fund assets for certain services that Management covers out of the administration fees for the Funds. Accordingly, the Board also considered each Fund's total expense ratio as compared with its peer group as a way of taking account of these differences.
The Board compared each Fund's contractual and actual management fees to the median of the contractual and actual management fees, respectively, of that Fund's peer group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) The Board also compared each Fund's total expenses to the median of the total expenses of that Fund's peer group. Where a Fund's management fee or total expenses were higher than the peer group median, the Board considered whether specific portfolio management, administration or oversight needs contributed to the Fund's management fee or total expenses. The Board also noted that for some classes of certain Funds, the overall expense ratio is maintained through a contractual or voluntary fee cap and/or expense reimbursements by Management.
In concluding that the benefits accruing to Management and its affiliates, as well as to Green Court, by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to that Fund, the Board reviewed specific data as to Management's and Green Court's estimated profit or loss on each Fund for a recent period on a pre-tax basis without regard to distribution expenses, including year-over-year changes in each of Management's reported expense categories. (The Board also reviewed data on Management's estimated profit or loss on each Fund after distribution expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Board considered the cost allocation methodology that Management used in developing its estimated profitability figures. In 2017, the Board engaged an independent forensic accountant to review the profitability methodology utilized by Management when preparing this information and discussed with the consultant its conclusion that Management's process for calculating and reporting its estimated profit or loss was not unreasonable. Recognizing that there is no uniform methodology within the asset management industry for determining profitability for this purpose and that the use of different reasonable methodologies
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can give rise to different profit and loss results, the Board requested from Management examples of profitability calculated by different methods and noted that the estimated profitability levels were still reasonable when calculated by these other methods. The Board further noted Management's representation that its estimate of profitability is derived using methodology that is consistent with the methodology used to assess and/or report measures of profitability elsewhere at the firm. In addition, the Board recognized that Management's calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a mutual fund in the current regulatory and market environment. The Board also considered any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with each Fund. The Board was aware that an affiliate of Management owns a passive interest in Green Court and inquired about the extent to which this contributed to Management's profitability with respect to Greater China Fund. The Board recognized that Management and its affiliates should be entitled to earn a reasonable level of profits for services they provide to each Fund and, based on its review, concluded that Management's reported level of estimated profitability, if any, on each Fund, and Green Court's level of estimated profitability on Greater China Fund, were reasonable.
Information Regarding Services to Other Clients
The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies, and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the Fund to the fees charged to such comparable funds and/or separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to a Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that although, generally, the rates of fees paid by such accounts were lower than the fee rates paid by the corresponding Funds, the differences reflected Management's greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds.
Economies of Scale
The Board also evaluated apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints, the size of any breakpoints in each Fund's advisory fees, and whether any such breakpoints are set at appropriate asset levels. The Board also compared the breakpoint structure to that of the peer group. In addition, the Board considered the expense limitation and/or fee waiver arrangements that reduce many Funds expenses at all asset levels which can have an effect similar to breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if a Fund's assets decline. In addition, for Funds that do not have breakpoints, the Board considered that setting competitive fee rates and pricing a Fund to scale before it has actually experienced an increase in assets are other means of sharing potential economies of scale with shareholders. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services, including but not limited to, services required by new regulations or regulatory interpretations, services impelled by changes in the securities markets or the business landscape, and/or services requested by the Board. The Board considered that this is a way of sharing economies of scale with the Funds and their shareholders.
Fund-by-Fund Analysis
With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. The broader universes of funds referenced in this section are those identified by the consulting firm, as discussed above, and the risk/return ratios referenced are the Sharpe ratios provided by the consulting firm. In the case of underperformance for the periods reflected, the Board considered the magnitude of that underperformance
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relative to the broader universe and the benchmark (e.g., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed its benchmark). With respect to performance quintile rankings for a Fund compared to its broader universe ("Performance Universe"), the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. With respect to the quintile rankings for fees and total expenses (net of waivers or other adjustments, if any) for a Fund compared to its peer group ("Expense Group"), the first quintile represents the lowest fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses. Where a Fund has more than one class of shares outstanding, information for a single class has been provided as identified below. The Board reviewed the expense structures of all the other classes of shares of the Funds, some of which have higher fees and expenses that reflect their separate distribution and servicing arrangements and the differing needs of different investors. As a proxy for the class expense structure, the Board reviewed the expenses of each class for one Fund in the Trust in comparison to Expense Groups for those classes. The Board noted the effect of higher expenses on the performance of the other classes of shares.
• Neuberger Berman Dividend Growth Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was lower for the 1-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period. The Fund was launched in 2015 and therefore does not have 3-, 5-, or 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management, and total expenses each ranked in the first quintile.
• Neuberger Berman Emerging Markets Equity Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1- and 3-year periods and the second quintile for the 5-year period. The Fund was launched in 2008 and therefore does not have 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management, and total expenses each ranked in the third quintile.
• Neuberger Berman Equity Income Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1- and 3-year periods and the fifth quintile for the 5-year period. The Fund's Institutional Class was launched in 2008 and therefore does not have 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee ranked in the second quintile, and total expenses ranked in the first quintile. In determining to renew the Management Agreement, the Board took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3-year period, meaning that per unit of risk taken versus the benchmark, the Fund achieved a higher level of return than the median of its Performance Universe for that period. The Board also met with a member of the portfolio management team in December 2017 to discuss the Fund's performance.
• Neuberger Berman Focus Fund (Investor Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1- and 5-year periods and the fourth quintile for the 3- and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee ranked in the second quintile, and total expenses ranked in the first quintile. The Board also met with a member of the portfolio management team in October 2018 to discuss the Fund's performance.
• Neuberger Berman Genesis Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher
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for the 1- and 3-year periods and lower for the 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fifth quintile for the 1-year period, the second quintile for the 3-year period, and the third quintile for the 5- and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fifth quintile, the actual management fee ranked in the fourth quintile, and total expenses ranked in the fourth quintile. In determining to renew the Management Agreement, the Board also took into account that, as requested by the Board during the 2016 annual contract renewal cycle, the Fund's contractual management fee schedule was revised to add an additional breakpoint, effective April 25, 2017. The Board also met with the senior portfolio managers in June 2018 to discuss the Fund's performance and volatility during certain market cycles. The Board also took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3- and 5-year periods, meaning that per unit of risk taken versus the benchmark, the Fund achieved a higher level of return than the median of its Performance Universe for those same periods.
• Neuberger Berman Global Equity Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-year period, the fourth quintile for the 3-year period, and the fifth quintile for the 5-year period. The Fund was launched in 2011 and therefore does not have 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fifth quintile, the actual management fee net of fees waived by Management ranked in the first quintile, and total expenses ranked in the first quintile. The Board also met with a member of the portfolio management team in March 2018 to discuss the Fund's performance. The Board also noted the Fund's outperformance versus its benchmark during the 7-month period ending July 31, 2018.
• Neuberger Berman Global Real Estate Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 3-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1- and 3-year periods. The Fund was launched in 2014 and therefore does not have 5- or 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the third quintile and total expenses ranked in the second quintile.
• Neuberger Berman Greater China Equity Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 3-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1- and 3-year periods. The Fund was launched in 2013 and therefore does not have 5- or 10-year performance as of December 31, 2017. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the third quintile, the actual management fee net of fees waived by Management ranked in the fourth quintile, and total expenses ranked in the second quintile.
• Neuberger Berman Guardian Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-year period and the third quintile for 3- and 5-year periods. The Fund's Institutional Class was launched in 2009 and therefore does not have 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee, and total expenses each ranked in the second quintile. The Board also met with a member of the portfolio management team in June 2018 to discuss the Fund's performance. It also noted that a new portfolio manager assumed responsibility for the Fund in 2015.
• Neuberger Berman International Equity Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1-year period, the third quintile for the 3-year period,
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and the second quintile for the 5- and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fifth quintile, the actual management fee net of fees waived by Management ranked in the second quintile, and total expenses ranked in the first quintile.
• Neuberger Berman International Select (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, and 10-year periods and lower for the 5-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-, 3-, and 5-year periods and the second quintile for the 10-year period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the first quintile, the actual management fee net of fees waived by Management ranked in the second quintile, and total expenses ranked in the first quintile. The Board also met with a member of the portfolio management team in March 2018 to discuss the Fund's performance.
• Neuberger Berman International Small Cap Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period. The Fund's Institutional Class was launched in 2016 and therefore does not have 3-, 5-, or 10-year performance; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee net of fees waived by Management ranked in the first quintile, and total expenses ranked in the first quintile.
• Neuberger Berman Intrinsic Value Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-year period, the fourth quintile for the 3-year period, and the third quintile for the 5-year period. The Fund's Institutional Class was launched in 2010 and therefore does not have 10-year performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile, the actual management fee net of fees waived by Management ranked in the fourth quintile, and total expenses ranked in the third quintile.
• Neuberger Berman Large Cap Value Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1- and 10-year periods and the third quintile for the 3- and 5-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile, the actual management fee ranked in the third quintile, and total expenses ranked in the second quintile.
• Neuberger Berman Mid Cap Growth Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-, 3-, 5-, and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the first quintile, the actual management fee ranked in the second quintile, and total expenses ranked in the first quintile The Board also met with a member of the portfolio management team in September 2017 to discuss the Fund's performance.
• Neuberger Berman Mid Cap Intrinsic Value Fund (Investor Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1- and 5-year periods and in the third quintile for the 3- and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee net of fees waived by
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Management ranked in the first quintile, and total expenses ranked in the third quintile. The Board also noted the Fund's outperformance versus its benchmark during the 7-month period ending July 31, 2018.
• Neuberger Berman Multi-Cap Opportunities Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-, 3-, 5-, and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the third quintile, the actual management fee ranked in the fourth quintile, and total expenses ranked in the third quintile.
• Neuberger Berman Real Estate Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1- and 3-year periods and the third quintile for the 5-year period. The Fund's Institutional Class was launched in 2008 and therefore does not have 10-year performance as of December 31, 2017. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile, the actual management fee net of fees waived by Management ranked in the second quintile, and total expenses ranked in the second quintile.
• Neuberger Berman Small Cap Growth Fund (Investor Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period, the fourth quintile for the 3-year period, the third quintile for the 5-year period, and the fifth quintile for the 10-year period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile, the actual management fee net of fees waived by Management ranked in the second quintile, and total expenses ranked in the third quintile. In determining to renew the Management Agreement, the Board noted that Management changed the Fund's portfolio managers in 2015 in response to the Fund's underperformance. The Board also met with a member of the portfolio management team in September 2017 to discuss the Fund's performance. The Board also noted the Fund's improved performance since that change, including the Fund's outperformance versus its benchmark during the 7-month period ending July 31, 2018.
• Neuberger Berman Sustainable Equity Fund (Institutional Class)—The Board considered fee and performance data from two sets of peer groups: one focused on value investing and one focused on sustainable equity initiatives. The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5- and 10-year periods; (2) as compared to its value-focused Performance Universe, the Fund's performance was in the fourth quintile for the 1-year period, the third quintile for the 3-year period, and the second quintile for the 5- and 10-year periods; and (3) as compared to its sustainable equity-focused Performance Universe, the Fund's performance was in the third quintile for the 1- and 3-year periods and the second quintile for the 5- and 10-year periods. The Board considered that, as compared to its value-focused Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee ranked in the third quintile, and total expenses ranked in the second quintile. The Board considered that, as compared to its socially responsive-focused Expense Group, the Fund's contractual management fee, actual management fee, and total expenses each ranked in the first quintile. The Board also met with a member of the portfolio management team in December 2017 to discuss the Fund's performance.
• Neuberger Berman Value Fund (Institutional Class)—The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, and 10-year periods and lower for the 5-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1-year period, the third quintile for the 3- and 5-year periods, and the first quintile for the 10-year period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, the actual management fee net of fees waived by Management ranked in the first quintile, and total expenses ranked in the first quintile.
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Conclusions
In approving the continuation of the Agreements, the Board concluded that, in its business judgment, the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management and Green Court could be expected to continue to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of an underperforming Fund, that the Board retained confidence in Management's capabilities to manage the Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent, and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.
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Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104–0002
Retail Services: 800.877.9700
Broker-Dealer and Institutional Services: 800.366.6264/888.556.9030
Web site: www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.
I0134 04/19
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure. |
(b) | There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a)(1) | A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Municipal Fund Inc.’s Form N-CSR, Investment Company Act file number 811-21168 (filed January 7, 2019). |
(a)(2) | The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith. |
(a)(3) | Not applicable to the Registrant. |
(a)(4) | Not applicable to the Registrant. |
(b) | The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith. |
By: | /s/ Joseph V. Amato | |
Joseph V. Amato | ||
Chief Executive Officer and President | ||
Date: May 1, 2019 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | ||
By: | /s/ Joseph V. Amato | |
Joseph V. Amato | ||
Chief Executive Officer and President | ||
Date: May 1, 2019 | ||
By: | /s/ John M. McGovern | |
John M. McGovern | ||
Treasurer and Principal Financial | ||
and Accounting Officer | ||
Date: May 1, 2019 |