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

As filed with the Securities and Exchange Commission on November 2, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

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

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: August 31

Date of reporting period: August 31, 2021

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget

(“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

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

Neuberger Berman
Equity Funds

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

Dividend Growth Fund

Emerging Markets Equity Fund

Equity Income Fund

Focus Fund

Genesis Fund

Global Real Estate Fund

Greater China Equity Fund

Guardian Fund

Integrated Large Cap Fund

International Equity Fund

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

International Select Fund

International Small Cap Fund

Intrinsic Value Fund

Large Cap Value Fund

Mid Cap Growth Fund

Mid Cap Intrinsic Value Fund

Multi-Cap Opportunities Fund

Real Estate Fund

Small Cap Growth Fund

Sustainable Equity Fund

U.S. Equity Impact Fund

Annual Report

August 31, 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.

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					6
Equity Income Fund					10
Focus Fund					14
Genesis Fund					17
Global Real Estate Fund					20
Greater China Equity Fund					24
Guardian Fund					28
Integrated Large Cap Fund					31
International Equity Fund					34
International Select Fund					38
International Small Cap Fund					42
Intrinsic Value Fund					46
Large Cap Value Fund					50
Mid Cap Growth Fund					53
Mid Cap Intrinsic Value Fund					56
Multi-Cap Opportunities Fund					59
Real Estate Fund					63
Small Cap Growth Fund					66
Sustainable Equity Fund					69
U.S. Equity Impact Fund					73
FUND EXPENSE INFORMATION					82
LEGEND					86
SCHEDULE OF INVESTMENTS
Dividend Growth Fund					87
Positions by Country					88

Emerging Markets Equity Fund					90
Positions by Industry					93
Equity Income Fund					96
Positions by Country					98
Focus Fund					101
Positions by Country					103
Genesis Fund					106
Global Real Estate Fund					109
Positions by Sector					110
Greater China Equity Fund					111
Guardian Fund					113
Integrated Large Cap Fund					118
International Equity Fund					120
Positions by Industry					122
International Select Fund					123
Positions by Industry					124
International Small Cap Fund					126
Positions by Industry					128
Intrinsic Value Fund					130
Large Cap Value Fund					133
Mid Cap Growth Fund					135
Mid Cap Intrinsic Value Fund					138
Multi-Cap Opportunities Fund					140
Real Estate Fund					142
Small Cap Growth Fund					144
Sustainable Equity Fund					147
Positions by Country					148
U.S. Equity Impact Fund					149
FINANCIAL STATEMENTS					151
FINANCIAL HIGHLIGHTS (ALL CLASSES)
Dividend Growth Fund					201
Emerging Markets Equity Fund					202
Equity Income Fund					203
Focus Fund					203
Genesis Fund					205

Global Real Estate Fund					206
Greater China Equity Fund					206
Guardian Fund					207
Integrated Large Cap Fund					208
International Equity Fund					209
International Select Fund					210
International Small Cap Fund					211
Intrinsic Value Fund					212
Large Cap Value Fund					213
Mid Cap Growth Fund					215
Mid Cap Intrinsic Value Fund					216
Multi-Cap Opportunities Fund					218
Real Estate Fund					218
Small Cap Growth Fund					219
Sustainable Equity Fund					221
U.S. Equity Impact Fund					222
Reports of Independent Registered Public Accounting Firms					229
Directory					233
Trustees and Officers					234
Proxy Voting Policies and Procedures					244
Quarterly Portfolio Schedule					244
Liquidity Risk Management Program					244
Neuberger Berman U.S. Equity Impact Fund: Initial Consideration of the Management Agreement					245
Notice to Shareholders					248

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. ^_©2021 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

Global equity markets continued to climb this fiscal year, as investors weighed positive economic indicators such as strong corporate earnings, COVID-19 related global fiscal stimulus, more normalized global trade relations, healthy consumer balance sheets, and climbing vaccination rates against risks including supply chain bottlenecks and signs of inflation, high stock valuations, and, more recently, the Delta variant's surge among the unvaccinated and its potential to disrupt the global economic recovery.

Conditions created by the pandemic and global response meant many of our actively managed strategies outpaced their benchmarks. Stock picking was important as a shift in dominance from momentum growth stocks to value, then back to growth within the reporting period favored managers driven by strong disciplines.

We see a number of reasons for continued optimism: if the average bull market lasts five years, we are early into this one, starting post the April 2020 pandemic-driven recession. During lockdowns, household savings increased some $2.5 trillion, suggesting consumer spending has capacity to grow gross domestic product. Real GDP growth estimates for third quarter 2021 are approximately 5% annualized, following a 6.6% growth rate in the second quarter. Both are above long-term averages for the U.S. The Biden Administration's infrastructure plans and strengthening of "buy American" rules have the potential to provide well-paid skilled and unskilled opportunities for workers. Interest rates remain low, and fiscal stimulus is ongoing in many global regions, while low bond yields continue to drive investors toward equities.

However, we believe the most serious risk facing the global economy and markets remains. COVID-19—this time, the Delta variant which is currently overwhelming hospital systems—threatens labor, manufacturing, supply chains, travel and tourism, childcare and education, and consumer and business confidence. The Conference Board's consumer confidence index dropped from July's 125.1 to 113.8 in late August, its lowest point since February 2021 (a figure recorded before Hurricane Ida's destructive drive from Louisiana to the Northeast). Further, inflation remains a concern, at least currently, with the U.S. Department of Labor reporting the Producer Price Index for final demand increased 8.3% from a year ago. And equity valuations remain high, making markets susceptible to headline shocks.

Americans are in a very privileged position, with enviable access to a lifesaving preventative. The push to require vaccination helps protect lives and the U.S. economy, while helping to prevent ongoing viral mutation. During a devastating centennial health crisis, we believe this is important, and hope Americans will continue to take action.

Should President Biden's vaccination push continue to make a positive impact, much of the uncertainty facing the U.S., and consequently, global economy and equity markets, could lessen dramatically. Until the pandemic is under control, however, we anticipate ongoing volatility.

In the environment we foresee, we believe research-driven active management continues to have an advantage, as fundamentals, balance sheets, cash flows, and growth prospects will matter. Our teams continue working to position their portfolios for success should the economy surprise either on the upside or downside in the immediate term.

Thank you for your confidence in Neuberger Berman.

Sincerely,

JOSEPH V. AMATO
PRESIDENT AND CEO
NEUBERGER BERMAN EQUITY FUNDS

Dividend Growth Fund Commentary (Unaudited)

Neuberger Berman Dividend Growth Fund Institutional Class generated a 35.18% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a 31.17% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the reporting period, the stock market sharply advanced as gains were propelled by powerful corporate earnings working in concert with accommodative fiscal and monetary policy actions. The U.S. House of Representatives adopted a $3.5 trillion budget resolution, setting the stage for negotiations to address infrastructure initiatives put forth by President Biden. Also, the Food & Drug Administration granted full approval for the Pfizer-BioNTech vaccine for individuals 16 years of age and older and, by late-August, over 50% of Americans were fully vaccinated—prompting several states to reopen despite growing concerns surrounding the Delta variant. Elsewhere, the U.S. Federal Reserve Chair, Jerome Powell, signaled tapering $120 billion in monthly asset purchases at the annual Jackson Hole symposium, while reiterating rates will likely remain near historic lows, all while downplaying inflationary pressures.

The Fund seeks long term capital appreciation and current income. This approach seeks to identify companies with strong business models generating cash to both grow their business, while also providing rising dividend distributions to shareholders. Overall, we focus on companies that we believe have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies. From a portfolio construction standpoint, at the end of the reporting period, top equity sector weights included approximately 20% Information Technology (IT), 17% Financials, and 14% Health Care. Overall, the bulk of returns were generated from stocks across Financials, IT, and Health Care—while exposure to Communication Services, Consumer Staples, and Real Estate made positive, but smaller, contributions.

During the reporting period, our Energy names posted outsized returns versus the Index, driven by stocks tied to production and transportation of oil/gas. Devon Energy was our top overall performer as the upstream business posted solid results with management reporting earnings growth driven by cost controls. What's more, the C-suite has articulated their commitment to balance sheet improvement while increasing shareholder returns through its formalized dividend model. From a capital allocation standpoint, Devon Energy has among the most transparent return of capital frameworks focused on stock buybacks and dividend increases, causing us to see this as an ideal holding.

Within Materials, the Fund generated positive returns as our allocation posted outsized returns relative to their sector constituents. While stock selection was strong across Materials, Wheaton Precious Metals was an outlier as shares of the precious metals streaming company experienced profit-taking—making this our biggest detractor. However, we remain attracted to this business given its diversification across what we view as high-quality streaming rights including gold, platinum, palladium, and copper. As it stands, Wheaton enjoys agreements across 23 operating mines and 8 development stage projects. Wheaton typically hasn't incurred ongoing exploration costs faced by traditional mining companies and has a strong track record of generating among the highest cash operating margins in the industry. From a portfolio construction standpoint, we believe our overweight to Materials versus the Index could offset inflationary pressures.

In closing, despite what has been a challenging macroeconomic backdrop, we remain constructive as widely distributed vaccines could support reopening initiatives, albeit at a measured pace. Moreover, we believe the stock market is a discounting mechanism, assigning a present value to expected future cash flows. Through this lens, we believe investors are anticipating a rebound in earnings and monetary / fiscal stimulus working in concert. We continue to favor cyclical and value-oriented stocks that have shown growing dividend payments which we believe offer compelling opportunities for investors and an attractive inflationary hedge into the new business cycle.

We thank you for investing in our Fund.

Sincerely,

WILLIAM D. HUNTER AND SHAWN TRUDEAU
PORTFOLIO MANAGERS

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

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

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

Dividend Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	3.2	%
Consumer Discretionary	10.5
Consumer Staples	3.8
Energy	2.4
Financials	17.4
Health Care	13.8
Industrials	11.5
Information Technology	19.6
Materials	6.3
Real Estate	4.6
Utilities	3.9
Short-Term Investments	3.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	12/15/2015		35.18	%		15.08	%		15.17	%
Class A	12/15/2015		34.73	%		14.65	%		14.76	%
Class C	12/15/2015		33.69	%		13.84	%		13.88	%
Class R6	12/15/2015		35.34	%		15.16	%		15.26	%
With Sales Charge
Class A			26.98	%		13.29	%		13.58	%
Class C			32.69	%		13.84	%		13.88	%
Index
S&P 500^® Index^1,15			31.17	%		18.02	%		17.36	%

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 current performance data, including 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 ("NBIA") 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 NBIA) 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 2020 were 1.17%, 1.62%, 2.28% and 1.18% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.70%, 1.06%, 1.81% and 0.60% 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 annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Dividend Growth Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

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

Emerging Markets Equity Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 16.04% for the fiscal year ended August 31, 2021 (the reporting period), trailing its benchmark, the MSCI Emerging Markets (EM) Index (Net) (the Index), which reported a total return of 21.12% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a strong showing during the first half of the reporting period, EM equities lost ground, largely due to concerns about China. Chinese regulatory changes shook investor sentiment there and added to concerns about the spread of the COVID-19 Delta variant, given vaccination rates remain lower in EM than developed markets. Although absolute returns were strong, the Index trailed both U.S. stocks, as measured by the S&P 500^® Index, and developed markets, as measured by the MSCI EAFE^® Index (Net).

Sector and country returns varied widely. Information Technology (IT) and Materials were up over 50%, followed by Industrials—as value segments took the lead, taking the momentum mantle from growth, which had been stronger in the market's initial COVID-19 bounce-back in mid-2020. By country, leaders included smaller markets like Mexico, the Czech Republic, and Argentina. Underperforming sectors included Real Estate, Communication Services and Consumer Discretionary, where poorly performing Chinese internet companies reside. Peru, Pakistan, and Egypt were among markets that declined.

Sector allocation was advantageous to the Fund's performance this period, especially our underweight to Consumer Discretionary and overweight to IT versus the Index, but overall stock selection detracted. Our Health Care and Financials holdings outperformed, but holdings within Consumer Discretionary, Communication Services and Industrials lagged.

From a country perspective, our holdings in India and Malaysia, and an opportunistic allocation to Kazakhstan were beneficial, while holdings based in China, Brazil and Taiwan detracted from relative performance.

Taiwan Semiconductor Manufacturing and Samsung Electronics were among the top contributors this period. The Taiwanese semiconductor manufacturing giant rallied in late 2020 after wins for next-generation chips, progress on investments in advanced technologies, and additional factory locations—and held onto those gains. Similarly, Samsung, the Korean consumer electronics and semiconductor/memory leader, kept late 2020 gains, as investors believed its memory chip business would benefit from expected growth trends.

China's Alibaba and Ping An Insurance were among key detractors, as investor sentiment about China dipped. Alibaba, an e-commerce behemoth, reported strong earnings but sold off on fears of greater Chinese regulatory scrutiny of dominant internet firms. Ping An, an insurer and fin-tech application developer, absorbed losses from a real estate firm it had exposure to, and separately invested in a restructured business. Both events drew investor scrutiny, causing the stock to decline during the reporting period.

Because of its impact on the asset class, China, which remains our largest underweight versus the Index at the end of the reporting period, deserves comment. Recent regulatory announcements appear aligned with the concept of "common prosperity," with the Chinese government targeting business segments they believe favor wealthier parts of society.

President Xi Jinping is working to orient government policy toward average citizens. This summer's target was private tutoring/education, where the Fund has no exposure. The government wants these businesses to be made affordable and accessible, thus the effort to have local governments set their prices.

Where analysis becomes more complex is with Chinese internet names. As we complete reviews of the impact of the broader Chinese regulatory trend, across local Chinese businesses, we are focusing on current portfolio names, and also researching select names we don't own whose prices have corrected.

Overall, we anticipate more China-related headlines, which could drive volatility in EM equities, and, as always, we will seek to use it to our advantage. While the momentum-driven market has been a relative headwind for the strategy, we believe deep research and fundamental evaluation will reassert its importance and are confident in the Fund's holdings and positioning.

Sincerely,

CONRAD SALDANHA
PORTFOLIO MANAGER

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

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

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

Emerging Markets Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class	10/08/2008		16.04	%		8.97	%		4.88	%		8.49	%
Class A	10/08/2008		15.68	%		8.69	%		4.61	%		8.22	%
Class C	10/08/2008		14.85	%		7.89	%		3.83	%		7.41	%
Class R3¹⁰	06/21/2010		15.21	%		8.24	%		4.18	%		7.86	%
Class R6²¹	03/15/2013		16.17	%		9.08	%		4.96	%		8.55	%
With Sales Charge
Class A			9.01	%		7.41	%		3.99	%		7.72	%
Class C			13.85	%		7.89	%		3.83	%		7.41	%
Index
MSCI Emerging Markets Index (Net)^1,15			21.12	%		10.40	%		4.85	%		7.98	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.26%, 1.60%, 2.34%, 1.98% and 1.16% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51%, 2.26% and 1.92% for Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class and Class R6 includes each class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Emerging Markets Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated a 23.62% total return for the fiscal year ended August 31, 2021 (the reporting period), underperforming its benchmark, the S&P 500^® Index (the Index), which posted a 31.17% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the reporting period, the stock market sharply advanced as gains were propelled by powerful corporate earnings working in concert with accommodative fiscal and monetary policy actions. The U.S. House of Representatives adopted a $3.5 trillion budget resolution, setting the stage for negotiations to address infrastructure initiatives put forth by President Biden. Also, the Food & Drug Administration granted full approval for the Pfizer-BioNTech vaccine for individuals 16 years of age and older, and by late-August, over 50% of Americans were fully vaccinated—prompting several states to reopen despite growing concerns surrounding the Delta variant. Elsewhere, the U.S. Federal Reserve Chair, Jerome Powell, signaled tapering $120 billion in monthly asset purchases at the annual Jackson Hole symposium, while reiterating rates will likely remain near historic lows all while downplaying inflationary pressures.

The Fund is an objective-based strategy, targeting a total return between stocks and bonds with limited volatility relative to the Index. Overall, the portfolio is diversified among dividend-paying stocks and convertible securities, selected through extensive analysis of cash flow prospects, that we believe have the ability to sustain and grow dividends.

From a portfolio construction standpoint, at the end of the reporting period, top equity sector weights included approximately 16% Financials, 11% Information Technology (IT), and 16% Real Estate. Overall, the bulk of the Fund's total returns were generated from our allocation across Financials, IT, and Real Estate—while exposure to Energy, Communication Services, and Consumer Staples stocks made positive, but smaller, contributions.

In aggregate, our overweight to Financials generated the bulk of returns. By design, the Fund invests in companies that can benefit from a rise in interest rates, such as banks, capital markets players, and insurance providers. Our factor analysis suggests exposure to these beneficiaries can potentially counterbalance rate sensitivity elsewhere in the portfolio. PNC Financial was among top overall performing securities advancing by double digits. The Pittsburgh-based lender became the fifth-largest domestic bank following its $11.6 billion deal to purchase the U.S. operations of the Spanish bank BBVA. This gives PNC a presence in the high-growth states including Arizona, Florida, and Texas. We believe this acquisition gives PNC the wherewithal to transition into a truly national bank with attractive dividend growth potential.

On the other end of the spectrum, stock selection within Real Estate was a headwind to relative returns, as Equinix was our biggest loser. During the reporting period, the cloud computing / data storage player experienced profit-taking following years of strong returns. It's worth highlighting, while recent results had been somewhat underwhelming, this position was sold during the reporting period for a meaningful long-term gain after benefitting from structural demand tied to work from home, streaming, and online shopping, which require greater data storage and processing capacity.

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

In closing, despite a challenging macroeconomic backdrop, we remain constructive as widely distributed vaccines could support reopening initiatives, albeit at a measured pace. Moreover, we believe the stock market is a discounting mechanism, assigning a present value to expected future cash flows. Through this lens, we believe investors are anticipating a rebound in earnings and monetary/fiscal stimulus working in concert. From a valuation standpoint, we continue to favor cyclical and value-oriented dividend-paying stocks which we believe offer compelling opportunities for income-oriented investors and an attractive inflationary hedge relative to bonds into the new business cycle.

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.

Equity Income Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	2.8	%
Consumer Discretionary	8.1
Consumer Staples	3.8
Energy	3.7
Financials	15.8
Health Care	10.4
Industrials	9.2
Information Technology	10.8
Materials	5.7
Real Estate	16.0
Utilities	10.4
Convertible Bonds	2.9
Short-Term Investments	0.4
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹³	06/09/2008		23.62	%		9.80	%		8.92	%		8.15	%
Class A¹³	06/09/2008		23.19	%		9.40	%		8.51	%		7.78	%
Class C¹³	06/09/2008		22.26	%		8.58	%		7.72	%		7.08	%
Class R3¹³	06/21/2010		22.82	%		9.10	%		8.20	%		7.61	%
With Sales Charge
Class A¹³			16.15	%		8.11	%		7.87	%		7.36	%
Class C¹³			21.26	%		8.58	%		7.72	%		7.08	%
Index
S&P 500^® Index^1,15			31.17	%		18.02	%		16.34	%		10.65	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.70%, 1.06%, 1.81% and 1.34% for Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Equity Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a 32.06% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming the 28.64% total return of its benchmark, the MSCI All Country World Index (Net) (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a weak start, the global equity market rallied sharply and generated strong results over the reporting period. An increase in COVID-19 infections, mixed economic data, and uncertainties over the November 2020 U.S. Presidential Election initially dragged the market lower. However, the announcement of several highly effective COVID-19 vaccines, improving economic data, aggressive fiscal stimulus, and continued accommodative monetary policy fueled investor demand for equities. The market was further supported by corporate earnings that often exceeded expectations. Collectively, these positives more than offset rising inflation and concerns over the COVID-19 Delta variant. All told, the Index returned 28.64% for the reporting period.

Stock selection drove the Fund's relative outperformance during the reporting period, whereas sector allocation detracted from returns. Looking at stock selection, holdings in the Information Technology, Consumer Discretionary and Consumer Staples sectors added the most value. In terms of individual stocks, semiconductor company ASML Holding, software company Constellation Software, Inc. and multinational technology firm Microsoft Corp. were the most beneficial for returns. In contrast, stock selection in the Communication Services and Materials sectors were the only meaningful detractors from relative returns. Individual stocks that detracted from performance included online travel company Expedia Group, Inc., luxury fashion firm Farfetch Limited and financial technology company Fidelity National Information Services. We eliminated all three positions during the reporting period.

In terms of sector allocation, an underweight to Financials versus the Index was the largest negative for relative performance. An overweight to Consumer Discretionary was also a headwind for returns. On the upside, underweights to the Health Care and Utilities sectors were the most additive for relative performance.

The 10-year U.S. Treasury yield is hovering near 1.3% versus its peak level of 1.7% earlier this year. This is a remarkable turn of events, given inflation in the U.S. remains above the U.S. Federal Reserve Board's (Fed) 2% target. Fed Chairman Jerome Powell has recently indicated a willingness to withdraw some easy-money policies by year-end, while landmark infrastructure legislation in the U.S. increasingly looks set to pass in some shape over the near-term. We attribute the sharp recent drop in rates to Fed officials reiterating that rate hikes are not imminent, signs the economic recovery could be slowing, and worries over the COVID-19 Delta variant. As a reminder, the Fund seeks long-term growth of capital, by investing in a concentrated portfolio of what we believe to be outstanding companies. The Fund does not seek to add value from macro and political events. Indeed, we initiated on several positions in early 2021 that we believe are on the path to becoming outstanding businesses. Leveraging our data-science insights, we believe we have a differentiated view on the earnings power of these companies over the next 3-5 years. Many of these new holdings have been highly additive to investment performance across a variety of sectors and geographies. At the same time, ESG (Environmental, Social, and Governance) diligence remains deeply embedded in our investment process, with recent and ongoing engagement efforts focused on decarbonization and diversity, equity and inclusion (DEI). Going forward, we will not hesitate to act should the right opportunity present itself; however, we will not deviate from our process.

Sincerely,

TIMOTHY CREEDON AND HARI RAMANAN
PORTFOLIO MANAGERS

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

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

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

Focus Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	8.6	%
Consumer Discretionary	25.5
Consumer Staples	9.1
Financials	3.1
Health Care	3.9
Industrials	9.1
Information Technology	34.5
Materials	3.2
Real Estate	1.3
Short-Term Investments	1.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁸

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		32.06	%		16.53	%		15.12	%		10.84	%
Trust Class³	08/30/1993		31.78	%		16.31	%		14.90	%		10.81	%
Advisor Class⁴	09/03/1996		31.49	%		16.11	%		14.72	%		10.74	%
Institutional Class⁵	06/21/2010		32.25	%		16.71	%		15.32	%		10.88	%
Class A¹⁹	06/21/2010		31.73	%		16.28	%		14.90	%		10.81	%
Class C¹⁹	06/21/2010		30.76	%		15.42	%		14.05	%		10.67	%
With Sales Charge
Class A¹⁹			24.17	%		14.91	%		14.23	%		10.71	%
Class C¹⁹			29.76	%		15.42	%		14.05	%		10.67	%
Index
MSCI All Country World Index (Net)^1,15			28.64	%		14.29	%		11.27	%		N/A

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.92%, 1.11%, 1.27%, 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 expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Focus Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class generated a 32.89% total return for the fiscal year ended August 31, 2021 (the reporting period), underperforming the 47.08% total return of its benchmark, the Russell 2000^® Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a weak start, the equity market rallied sharply and generated strong results over the reporting period. Uncertainties surrounding the November 2020 U.S. Presidential Election and surging COVID cases initially dragged the market lower. However, the announcement of several highly effective COVID-19 vaccines, improving economic data, aggressive fiscal stimulus, and continued accommodative monetary policy fueled investor demand for equities. The market was further supported by corporate earnings that often exceeded expectations. Collectively, these positives more than offset rising inflation and concerns over the COVID-19 Delta variant. All told, the S&P 500^® Index gained 31.17% during the reporting period. Small-cap stocks, as measured by the Index, performed even better, returning 47.08%.

The Fund posted a strong absolute return during the reporting period but underperformed the substantial gain in the overall small-cap market. The Fund generated double-digit gains in eight of the 10 sectors in which it invests but lagged the Index on a relative basis in all but one sector. We believe this broad-based negative stock selection is indicative of a speculative market environment driven by lower quality companies. The Fund, with its high-quality focus on durable and highly differentiated business models that enjoy attractive financial characteristics, such as above average profitability, consistent free cash flow generation and conservative balance sheets, typically has underperformed in a risk-driven, speculative environment. Drilling down further, relative stock selection was the weakest in the Health Care, Financials, and Information Technology (IT) sectors. Within Health Care, the performance of four stocks in particular was a significant drag on absolute and relative returns. These stocks declined due to company-specific weakness. Within Financials, our Capital Markets positions negatively impacted relative results the most. Within IT, our "Steady Eddie" Software and IT Services holdings were the largest headwinds for performance.

Meanwhile, sector allocation was beneficial for performance, largely driven by underweights to traditional Biotechnology companies within the Health Care sector and an underweight to the Utilities sector versus the Index. This was partially offset by an underweight to Energy and our cash position.

Early this year, prospects for an economic revival driven by the vaccine rollout, along with unprecedented fiscal and monetary stimulus, drove significant outperformance of more cyclical, lower quality, and speculative stocks. However, in recent months, these types of stocks have ceded performance to higher quality, secularly growing and less cyclical stocks due to concerns of an economic deceleration, uncertainty around the Delta variant and global supply chain constraints, all of which help explain the Fund's better relative performance the last few months. However, inflation remains a wild card. While the U.S. Federal Reserve Board has repeatedly said rising prices are largely transitory, this remains to be seen. Our research suggests that wage inflation and supply chain-related issues could prove to be "stickier." While it is difficult to be fully immune to these challenges, overall, we believe that our companies have the pricing power, scale, supply chain sophistication and cost efficiency opportunities to navigate these challenges more effectively than their counterparts. Given the uncertainties tied to inflation, we have "stress tested" all the Fund's holdings to project how they may respond to the possibility of a more durable shift towards inflation. Regardless, we are confident that as the economy transitions to less stimulus and stands on its own, investing in a diversified portfolio of what we believe to be financially strong companies, with sustainable and highly differentiated business models, is a prudent approach for long-term investment success.

Sincerely,

JUDITH M. VALE, ROBERT W. D'ALELIO, BRETT S. REINER AND GREGORY G. SPIEGEL
PORTFOLIO CO-MANAGERS

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

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

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

Genesis Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	3.6	%
Consumer Discretionary	14.1
Consumer Staples	3.4
Financials	12.9
Health Care	13.4
Industrials	19.5
Information Technology	26.9
Materials	4.0
Real Estate	1.5
Short-Term Investments	0.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	09/27/1988		32.89	%		16.18	%		13.62	%		12.77	%
Trust Class³	08/26/1993		32.77	%		16.09	%		13.52	%		12.74	%
Advisor Class⁴	04/02/1997		32.43	%		15.79	%		13.22	%		12.51	%
Institutional Class⁵	07/01/1999		33.11	%		16.38	%		13.81	%		12.92	%
Class R6²²	03/15/2013		33.23	%		16.48	%		13.86	%		12.84	%
Index
Russell 2000^® Index^1,15			47.08	%		14.38	%		13.62	%		10.23	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.01%, 1.09%, 1.35%, 0.84% 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). The total annual operating expense ratio for Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Genesis Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Global Real Estate Fund Commentary (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a 28.06% total return for the fiscal year ended August 31, 2021 (the reporting period), underperforming the 33.34% total return of its benchmark, the FTSE EPRA/Nareit Developed Index (Net) (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a weak start, the global equity market rallied sharply and generated strong results over the reporting period. An increase in COVID-19 infections, mixed economic data, and uncertainties over the November 2020 U.S. Presidential Election initially dragged the market lower. However, the announcement of several highly effective COVID-19 vaccines, improving economic data, aggressive fiscal stimulus, and continued accommodative monetary policy fueled investor demand for equities. The market was further supported by corporate earnings that often exceeded expectations. Collectively, these positives more than offset rising inflation and concerns over the COVID-19 Delta variant. All told, global equities, as measured by the MSCI All Country World Index (Net), returned 28.64% for the reporting period. Comparatively, global real estate investment trusts (REITs), as measured by the Index, generated even stronger results.

The Fund generated a strong absolute return but lagged the Index during the reporting period. From a stock selection perspective, holdings in the Specialty REITs and Real Estate Holding & Development sectors were the largest detractors from relative returns. Several individual holdings detracted from performance, including GDS Holdings Ltd., CyrusOne, Inc., UOL Group Ltd., Nippon Accommodations Fund, Inc., and LEG Immobilien SE. On the upside, holdings in the Retail REITs and Industrial & Office REITs sectors were additive for returns. In terms of individual holdings, Simon Property Group, Inc., Regency Centers Corp., Segro PLC, Equity Residential and Prologis, Inc. were the largest contributors to performance.

In terms of the Fund's positioning from a country perspective, underweights in Germany and Hong Kong versus the Index, along with an overweight to Australia, were the most beneficial for excess returns. On the downside, an overweight in China, an underweight in Sweden, and an overweight in Singapore were the largest detractors from relative performance.

Looking ahead, while it may be premature to say that the COVID-19 crisis has ended in the U.S., we believe the vaccination of the majority of the U.S. population over 12 years-old increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. The challenges presented by the Delta and other variants, many of which are more contagious, remind us that elevated uncertainty and market volatility could persist. The exceptional level of fiscal stimulus, the accelerating reopening of the U.S. economy and the potential for additional infrastructure spending has led to higher headline inflation. However, dovish commentary by the U.S. Treasury and Federal Reserve Board have moderated some of these concerns. Overseas, the Continental European real estate market has lagged this year, dragged down by German Residential REITs, which we hold. While the sector was extremely resilient throughout the downturn and seen as a safe haven, it did not enjoy the reflation trade. We view the sector quite favorably and believe its attractive fundamentals remain intact. We also continue to believe in Continental European logistics and continue to hold names focused on this sector. In the UK, there has been an extremely successful vaccine program and over the summer great hope that life will begin to resemble normality. The Asian markets followed the U.S. markets in the rotation from high-growth sectors to the sectors more impacted by COVID-19 in anticipation of the normalization scenario. Residential and retail stocks in Asia rebounded strongly, but we believe the more attractive returns lie in the high-quality and higher-growth companies that we believe are resilient to the upcoming secular changes. We also favor certain well-managed stocks that appear quite undervalued to private real estate buyers.

Sincerely,

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

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

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

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

Global Real Estate Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	12/30/2014		28.06	%		9.00	%		8.14	%
Class A	12/30/2014		27.70	%		8.60	%		7.74	%
Class C	12/30/2014		26.73	%		7.81	%		6.94	%
With Sales Charge
Class A			20.34	%		7.32	%		6.79	%
Class C			25.73	%		7.81	%		6.94	%
Index
FTSE EPRA/Nareit Developed Index (Net)^1,15			33.34	%		5.57	%		5.53	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 8.81%, 9.28% and 9.88% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Global Real Estate Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Greater China Equity Fund Commentary (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a 13.54% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the MSCI China All Shares Index (Net) (the Index), which returned 0.54% over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

On April 26, 2021, the Fund began comparing its performance to the Index rather than the MSCI China Index (Net) because the Index has characteristics that are more representative of the Fund's investment strategy than the MSCI China Index (Net). From the close of April 26, 2021 (the effective date of the change) through the end of the reporting period, the Fund's Institutional Class returned –3.78%, outperforming the Index, which returned –9.21%. For the entire reporting period, the Fund's Institutional Class returned 13.54%, outperforming the prior benchmark, which returned –5.10% for the reporting period.

Over the reporting period, China equity markets continued to experience volatility. In September 2020, Chinese equities retreated on elevated geopolitical tensions with the U.S. and India as well as the resurgence of COVID-19 cases in Europe and the U.S. After the Golden Week holidays in October, both onshore and offshore markets rallied given signs of consumption recovery and the State Council announced plans to develop Shenzhen as the "core engine" of reform in the Greater Bay Area. Markets extended gains into November following the release of the proposals for the 14th Five-Year Plan at the Fifth Plenary Session of the 19th Party Congress as well as positive news regarding COVID-19 vaccine developments. The signing of the Regional Comprehensive Economic Partnership agreement by 15 Asia-Pacific countries led by China further boosted risk-on sentiment. In December, Chinese equities consolidated due to concerns over the worsening COVID-19 situation globally. Both MSCI and FTSE announced the removal of companies named in the U.S. executive order as being affiliated with the Chinese military from their respective benchmark indices. Meanwhile, China's Central Economic Work Conference provided 2021 policy plans which were positively received by the market and the People's Bank of China (PBOC) unexpectedly injected cash via medium-term lending facility operations, driving a strong rally to end 2020.

Going into 2021, China equity markets rallied strongly on the back of increasing investment by Chinese households as evidenced by onshore mutual funds raising money at record pace, significant turnover volume of the China A-share market and record levels of inflows into the Hong Kong market from China. Investor sentiment was further buoyed due to stronger than expected macroeconomic data signaling an economic recovery. In February, markets continued to rally in the beginning of the month as the PBOC eased concerns overs liquidity tightening and MSCI announced plans to include stocks listed on the Shanghai Stock Exchange Science and Technology Innovation Board (also known as the STAR Board) in its May review. After the Chinese New Year holidays, both onshore China A-shares and offshore Hong Kong markets corrected sharply as investors took profit aggressively on growth and overvalued stocks and rotated into reflationary thematic plays as the rollout of COVID-19 vaccines accelerated.

China equity markets continued to sell off in March due to concerns over increasing bond yields and tightening onshore credit policy. Growth and high valuation stocks corrected sharply while value names rallied on optimism over global economic recovery. In April, both onshore A-shares and offshore Hong Kong markets rebounded after the State Council announced deep tax cuts to support private firms and sustain momentum of economic recovery. The solid first quarter GDP growth and upbeat corporate earnings results also supported markets. In May, the China equities market corrected after the Labor Day holidays with a sharp correction in cyclical stocks driven by supervision on over-heated onshore commodities. Internet giants also remained weak amid China's ongoing antimonopoly crackdown. However, both onshore A-shares and offshore Hong Kong markets rebounded in the second half of the month, supported by solid first quarter corporate earnings results. Markets consolidated in June after the government announced measures to curb the renminbi's rally and surging commodity prices amid inflation concerns. China-U.S. tensions also escalated again, exacerbated by an amendment to the U.S. executive order issued in December 2020 that brought the number of banned investments to 59 Chinese entities and trade restrictions imposed on certain solar companies over forced labor allegations. In July, the China equities market experienced a broad-based selloff on policy uncertainty following the

stricter anti-monopoly and cybersecurity supervision of internet companies, stricter than expected regulatory opinions on the after-school tutoring sector and new regulations on capital markets. Markets remained volatile in August with concerns surrounding ongoing regulatory crackdown and July macro data showing a broad-based slowing of economic activity.

For the reporting period, contributors to performance relative to the Index included Materials (significant overweight versus the Index and stock selection primarily within Chemicals), Financials (stock selection within Banks) and Communication Services (underweight). Detractors from performance relative to the Index included Utilities (underweight versus the Index), Real Estate (overweight) and Industrials (stock selection within Machinery and Commercial Services & Supplies).

The Fund continued to focus on companies that it believes have sustainable top and bottom line growth. As of August 31, 2021, the Fund's largest sector overweight relative to the Index was Materials, followed by Consumer Discretionary and Health Care. The largest sector underweight was Information Technology, followed by Communication Services and Financials. The Fund's top 10 positions comprised approximately 52% of net portfolio assets at the end of August.

Economic growth in China started to slow in the third quarter of 2021 following the tightening in both credit and fiscal policies in the first half of 2021 as well as resurgence of COVID-19 Delta variant infections in various parts of China. The July macro indicators were broadly weaker than anticipated and August production manufacturing index (PMI) readings fell to the lowest since March 2020. As such, the PBOC announced a 50 basis point cut on the reserve requirement ratio in early July to ensure stable growth. Looking ahead, we believe there is further downside risk to economic growth amid ongoing power usage restraints, which started in mid-August and led to production shutdown in high energy intensive industries in September. The property market slowdown will also likely accelerate given the government's continued tight stance on stabilizing land and home prices. The policy environment is anticipated to remain accommodative and future policy stimulus will likely be led by further loosening of fiscal policy, particularly in the form of local government special bond issuance to ensure robust credit growth. We believe regulatory policy changes are also likely to continue to support long-term economic transformation, balancing growth and sustainability and tackling social equality and national security. With this in mind, the Fund continues to focus on identifying and owning high quality companies with good earnings visibility that we believe are capable of weathering the uncertain regulatory landscape and slowing economic growth momentum in the horizon.

Sincerely,

LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS

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

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

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

Greater China Equity Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	6.2	%
Consumer Discretionary	27.6
Consumer Staples	6.7
Financials	10.9
Health Care	10.5
Industrials	10.5
Information Technology	1.5
Materials	23.2
Real Estate	2.9
Total	100.0	%

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

EXCHANGE ALLOCATION

(as a % of Long Term Investments)
Mainland China	35.9	%
Hong Kong	62.5
United States	1.6
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			Life of Fund
At NAV
Institutional Class	07/17/2013		13.54	%		15.20	%		13.82	%
Class A	07/17/2013		13.01	%		14.76	%		13.46	%
Class C	07/17/2013		12.20	%		13.92	%		12.57	%
With Sales Charge
Class A			6.47	%		13.41	%		12.64	%
Class C			11.20	%		13.92	%		12.57	%
Index
MSCI China All Shares Index (Net)^1,15 *			0.54	%		10.03	%		9.25	%
MSCI China Index (Net)^1,15			–5.10	%		10.80	%		9.00	%

* On April 26, 2021, the Fund began comparing its performance to the MSCI China All Shares Index (Net) rather than the MSCI China Index (Net) because the MSCI China All Shares Index (Net) has characteristics that are more representative of the Fund's investment strategy than its former index, the MSCI China Index (Net).

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.81%, 2.29% and 2.95% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51%, 1.87% and 2.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Greater China Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class posted a 35.49% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming the 31.17% total return of its benchmark, the S&P 500^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a weak start, the equity market rallied sharply and generated strong results over the reporting period. Uncertainties surrounding the November 2020 U.S. Presidential Election initially dragged the market lower. However, the announcement of several highly effective COVID-19 vaccines, improving economic data, aggressive fiscal stimulus, and continued accommodative monetary policy fueled investor demand for equities. The market was further supported by corporate earnings that often exceeded expectations. Collectively, these positives more than offset rising inflation and concerns over the COVID-19 Delta variant. All told, the Index gained 31.17% during the reporting period.

Sector allocation, overall, contributed to the Fund's results during the reporting period. This was primarily driven by out-of-benchmark positions in two privately held companies and an underweight to Consumer Staples versus the Index. Conversely, the Fund's underweights to Energy and Financials were the largest detractors from relative results.

Stock selection, overall, was also additive for the Fund's relative performance. In particular, holdings in Consumer Discretionary, Financials and Consumer Staples sectors were the most beneficial for excess returns. In contrast, holdings in the Health Care, Materials and Information Technology sectors were the largest detractors from relative performance.

Looking ahead, we anticipate unprecedented fiscal and monetary policy, coupled with confident consumer and corporate leaders in a fully opened country that will likely be strong medicine for the economy. In our view, this should contribute to a durable and sustainable pickup in GDP growth and earnings expectations, as a confident consumer (with a stronger balance sheet) is the key ingredient for a consumer led economy. If this occurs, we could see calendar year 2021 company earnings higher than today's consensus forecasts.¹ While we believe growth will accelerate and there will be a period of higher inflation, we believe over time inflation should settle down. First, demand came back faster than anticipated. Second, supply has been constricted by a litany of idiosyncratic events. Pandemic induced cuts to production and shifts in demand patterns created supply shortages. Additionally, many workers who left the labor force have yet to return given healthy unemployment benefits. A willingness to fund the growing amount of government debt with tax increases over the longer run would also be helpful in containing inflationary expectations. Fiscal policy remains the key to containing inflation in the long run. As a reminder, we are investors with a relatively longer-term view and remain unwilling to bet against the skills and ingenuity of the corporate managers that lead our businesses. In our view, corporate managers' willingness to drive innovation, enhance productivity, allocate capital to the best risk-adjusted return and compete on a global scale could provide investors with suitable long-term return potential for the risks they bear. Nevertheless, we are very mindful of the complex world in which we live and invest, and the myriad of ongoing geopolitical issues remains at the top of our mind. We remain flexible in our decision making and open-minded to new ideas across different asset classes and geographies.

Sincerely,

CHARLES KANTOR AND MARC REGENBAUM
PORTFOLIO MANAGERS

¹ Forward earnings estimates are based on consensus estimates, not Neuberger Berman's own projections, and the forecasts may or may not be realized. By quoting them herein, Neuberger Berman does not offer an opinion as to the accuracy of, and does not guarantee, these forecasted numbers.

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.

Guardian Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NGUAX
Trust Class				NBGTX
Advisor Class				NBGUX
Institutional Class				NGDLX
Class A				NGDAX
Class C				NGDCX
Class R3				NGDRX
Class R6				NGRDX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	9.8	%
Consumer Discretionary	15.6
Consumer Staples	5.8
Energy	0.5
Financials	8.3
Health Care	7.9
Industrials	13.4
Information Technology	32.3
Materials	2.6
Real Estate	1.3
Utilities	1.4
Options Purchased	0.0
Short-Term Investments	1.1
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS¹¹

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		35.49	%		22.36	%		16.81	%		11.73	%
Trust Class³	08/03/1993		35.21	%		22.13	%		16.61	%		11.67	%
Advisor Class⁴	09/03/1996		34.95	%		21.83	%		16.25	%		11.52	%
Institutional Class⁵	05/27/2009		35.68	%		22.56	%		17.02	%		11.76	%
Class A¹⁹	05/27/2009		35.15	%		22.08	%		16.58	%		11.69	%
Class C¹⁹	05/27/2009		34.17	%		21.21	%		15.72	%		11.55	%
Class R3¹⁶	05/27/2009		34.77	%		21.75	%		16.26	%		11.64	%
Class R6²²	03/29/2019		35.72	%		22.47	%		16.87	%		11.74	%
With Sales Charge
Class A¹⁹			27.40	%		20.65	%		15.89	%		11.60	%
Class C¹⁹			33.17	%		21.21	%		15.72	%		11.55	%
Index
S&P 500^® Index^1,15			31.17	%		18.02	%		16.34	%		11.53	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.87%, 1.05%, 1.33%, 0.70%, 1.08%, 1.82%, 1.37% and 0.66% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratio for each of Class R3 and Class R6 includes each class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Guardian Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Integrated Large Cap Fund Commentary (Unaudited)

Neuberger Berman Integrated Large Cap Fund Institutional Class generated a 31.12% total return for the fiscal year ended August 31, 2021 (the reporting period), trailing its benchmark, the Russell 1000^® Index (the Index), which returned 32.25% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Following the severe pandemic-induced sell-off of early 2020 and the equally as dramatic rally in technology stocks as equity markets rebounded, the latter stages of 2020 saw aggressive stimulus and vaccine progress drive a shift towards cyclicals and distressed Value names. As we entered 2021, market disruption from retail traders, rising inflation concerns and the large-scale vaccine rollout fueled increased market volatility with investors migrating from long duration, high multiple stocks into cheaper cyclicals and financials. Despite the recent emergence of the COVID-19 Delta variant as the dominant strain, strong economic data and positive growth outlooks pushed global bond yields higher during the period. Meanwhile, Value and Growth styles jockeyed for leadership through the spring and summer as investors balanced concerns over potential U.S. Federal Reserve Board tapering with the possibility of renewed pandemic restrictions.

The Fund struggled through the fourth quarter of 2020 and the early stages of 2021 as the initial vaccine announcement and subsequent Value rally favored distressed names, like airlines, cruise lines and regional banks; meanwhile our higher Quality stock picks underperformed. That dynamic reversed in March 2021, as high Quality and Low Volatility stocks began to outperform with investors placing a greater emphasis on cash flow generation and balance sheet health as we entered a choppier mid-cycle environment. This change was most evident in Consumer Discretionary and Financial sectors where contribution from security selection flipped from negative to positive as the year progressed. The re-emergence of the Quality factor also boosted performance in Information Technology (IT) as gains from positions in Technology Hardware and Semiconductors industries more than offset losses from IT Services.

As vaccine efforts progressed, the team actively increased exposure to banks and more cyclically geared Industrials to incrementally position the Fund for a reflationary market environment. With inflation fears mounting, the Delta variant surging in the U.S., and equity valuations at all-time highs, we believe that our focus on higher Quality and GARP (Growth at a Reasonable Price) stocks should be well-suited for a more volatile mid-cycle environment.

Sincerely,

SIMON GRIFFITHS AND JACOB GAMERMAN
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.

Integrated Large Cap Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGQIX
Class A				NGQAX
Class C				NGQCX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	10.0	%
Consumer Discretionary	12.1
Consumer Staples	5.2
Energy	2.6
Financials	10.6
Health Care	13.5
Industrials	8.9
Information Technology	27.2
Materials	2.4
Real Estate	3.5
Utilities	2.0
Short-Term Investments	2.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS^9,24*

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class	06/30/2011		31.12	%		14.68	%		10.81	%		9.58	%
Class A	06/30/2011		30.51	%		14.27	%		10.42	%		9.20	%
Class C	06/30/2011		29.64	%		13.40	%		9.59	%		8.38	%
With Sales Charge
Class A			22.94	%		12.93	%		9.78	%		8.57	%
Class C			28.64	%		13.40	%		9.59	%		8.38	%
Index
Russell 1000^® Index^1,15			32.25	%		18.24	%		16.40	%		15.28	%

*Prior to September 3, 2019, the Fund had a different investment strategy, portfolio management team, benchmark and fees and expenses. Please also see Endnote 24.

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 8.67%, 9.15% and 9.79% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.41%, 0.77% and 1.52% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Integrated Large Cap Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a total return of 28.45% for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a 26.12% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equity markets advanced this reporting period, as trade between the U.S. and foreign partners returned to more typical conditions, and as COVID-19 vaccines were approved and rolled out across many nations, allowing economic and social activities to resume in the Eurozone and Japan. Additionally, the European Commission began approving national recovery plans, paving the way for disbursements from the Next Generation EU recovery plan. This fiscal boost should complement continuing vaccination efforts and improving mobility to support economic growth as the year progresses.

Developed international markets (as measured by the Index) outperformed emerging markets equities this period, but trailed U.S. equities, as measured by the S&P 500^® Index. By country, Austria, the Netherlands and Sweden performed best; New Zealand declined and Portugal and Hong Kong underperformed. By sector, Information Technology, Materials and Financials outperformed. All sectors were positive, but Utilities, Health Care and Consumer Staples lagged in a market that generally favored growth.

The Fund outperformed on the basis of strong stock selection, which was especially significant within Industrials, Financials and Materials. Sector allocation was a secondary benefit. By country, holdings based in Japan, Switzerland and Hong Kong contributed most to relative returns.

Techtronic Industries and ASML were key contributors this period. Techtronic, a Hong Kong based power tool maker, saw demand rise as homeowners undertook DIY projects in lockdown. ASML, a Netherlands-based semiconductor equipment manufacturer, reported strong new sales for extreme ultraviolet lithography tools (an advanced technology used in chipmaking) and as they fulfilled orders delayed by COVID-19.

The Fund lagged due to negative stock selection within Communication Services, and from an underweight to Consumer Discretionary versus the Index. By country, holdings based in Germany, UK and Israel detracted the most from relative performance.

The Fund's positions in Reckitt Benckiser and SAP detracted most during the reporting period. Reckitt Benckiser, a UK based household products firm, continued to see strong demand in its health and hygiene divisions, but its stock was relatively weak as momentum investors overlooked defensive growth names. SAP, the German software giant, was hit hard by disappointing guidance in late 2020, as it reduced both its full year outlook and mid-term ambitions with weaker than expected demand for licenses and the pull-forward of cloud investments in anticipation of customer transitions toward subscriptions and away from traditional software deployments.

While international equities lagged U.S. equities during the reporting period, we believe the outperformance we saw in late 2020 may return, given impressive leading indicators. Europe's greater exposure to cyclical sectors such as Financials, Industrials, Materials and Energy could also help.

We are gratified that after strong relative performance within the past several years' growth-oriented markets, the Fund finished ahead of the benchmark in a market where value outperformed for a significant period.

We believe our disciplined approach to valuation, particularly over the last two years—striving to own the right companies at the right price, trimming high profitability growth names where valuations became stretched, and recycling profits into opportunities elsewhere—protected the Fund against some of the most violent price movements in stocks with high valuation multiples.

The businesses we prefer have attractive end markets and strong competitive positions; especially in areas where investor skepticism has created valuations offering upside potential even under conservative assumptions. We remain engaged with our companies in this period of rising cost pressures to ensure they maintain pricing power, and/or the ability to pass through cost increases. We believe these businesses should be resilient in the event of further supply shocks.

We retain high conviction in our tried-and-tested approach and our current portfolio companies, which have performed admirably in a challenging period. We believe stocks of companies like these will reward investors in the environment ahead.

Sincerely,

ELIAS COHEN
PORTFOLIO MANAGER

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

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

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

International Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹²	01/28/2013		28.24	%		11.51	%		8.35	%		6.60	%
Trust Class¹²	01/28/2013		28.17	%		11.45	%		8.30	%		6.57	%
Institutional Class	06/17/2005		28.45	%		11.69	%		8.52	%		6.71	%
Class A¹²	01/28/2013		28.05	%		11.29	%		8.18	%		6.50	%
Class C¹²	01/28/2013		27.07	%		10.46	%		7.49	%		6.08	%
Class R6²¹	09/03/2013		28.57	%		11.78	%		8.60	%		6.75	%
With Sales Charge
Class A¹²			20.65	%		9.97	%		7.55	%		6.11	%
Class C¹²			26.07	%		10.46	%		7.49	%		6.08	%
Index
MSCI EAFE^® Index (Net)^1,15			26.12	%		9.72	%		7.34	%		5.76	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.19%, 1.24%, 0.98%, 1.35%, 2.10% and 0.88% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.86%, 1.22%, 1.97% and 0.76% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

International Equity Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class posted a 28.12% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a 26.12% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund outperformed on the basis of strong stock selection, which was especially significant within Industrials, Materials, and Health Care. Sector allocation was a secondary benefit. By country, holdings based in Japan, Switzerland and Hong Kong contributed most to relative returns.

Sincerely,

ELIAS COHEN
PORTFOLIO MANAGER

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

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

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

International Select Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	08/01/2006		28.12	%		11.79	%		7.91	%		5.44	%
Institutional Class⁶	10/06/2006		28.57	%		12.20	%		8.29	%		5.80	%
Class A¹⁴	12/20/2007		28.07	%		11.77	%		7.90	%		5.44	%
Class C¹⁴	12/20/2007		27.11	%		10.93	%		7.10	%		4.72	%
Class R3¹⁴	05/27/2009		27.74	%		11.49	%		7.63	%		5.21	%
Class R6²³	04/17/2017		28.65	%		12.22	%		8.11	%		5.58	%
With Sales Charge
Class A¹⁴			20.72	%		10.45	%		7.26	%		5.02	%
Class C¹⁴			26.11	%		10.93	%		7.10	%		4.72	%
Index
MSCI EAFE^® Index (Net)^1,15			26.12	%		9.72	%		7.34	%		4.47	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.41%, 0.94%, 1.31%, 2.06%, 1.57% and 0.84% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 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. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

International Select Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

International Small Cap Fund Commentary (Unaudited)

Neuberger Berman International Small Cap Fund Institutional Class generated a total return of 36.97% for the fiscal year ended August 31, 2021 (the reporting period), surpassing the 32.81% total return of its benchmark, the MSCI EAFE^® Small Cap Index (Net) (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equities advanced this reporting period, as investors reacted favorably to normalized trade conditions and cooperation with the U.S. under the Biden administration, and as vaccination approvals and subsequent rollouts across many nations meant a resumption of business activity. EU fiscal support was an additional positive, as the governing body began approving individual member nations' recovery plans, a further support for the region's recovery.

International small cap stocks, as measured by the Index, outperformed the larger-cap international MSCI EAFE^® Index (Net), a shift after an extended period of large-cap growth dominance. They also outperformed U.S. stocks, as measured by the S&P 500^® Index, and emerging markets equities, as measured by the MSCI Emerging Markets Index (Net).

Industrials, Materials and Information Technology (IT) led the Index as economic activity began to pick up. All sectors reported positive returns, but Utilities and Consumer Staples, two less economically sensitive areas, along with Energy, lagged. By country, Ireland, the Netherlands and Austria significantly outperformed, while Singapore, Japan, and Hong Kong lagged.

Stock selection powered the Fund's outperformance. Selection within the Communications Services, Consumer Discretionary and Health Care sectors were key areas of strength, and by country, UK, Swiss and French holdings added most.

Future, Colliers International, and ARB Corporation were the Fund's top contributors. Future, the British Media firm, reported strong results on growth in digital advertising and e-commerce. We believe the synergies driven by its merger with GoCompare could be greater than initially anticipated. Colliers International, the Canada-based global real estate firm, posted better-than-expected results, aided by its strategy of increasing recurring revenue streams. ARB, the Australian vehicle accessories firm, benefited from a strong outlook, especially in the U.S.

Our Industrials, Materials and IT holdings lagged their Index peers, and by country, our holdings in the Netherlands, Italy and Sweden underperformed.

The Fund's positions in Sweco, Enghouse and Prestige International detracted most during the reporting period. Sweco, the Swedish engineering and consulting company, announced a write-down in its German project portfolio, and missed quarterly sales expectations on weaker demand driven by the pandemic. Enghouse, the Canada-based software developer struggled to meet raised 2021 earnings expectations after a strong end to 2020. Prestige International, a Japanese call center operator, continues to see lower volumes due to the pandemic. We believe sales and earnings could rebound as the vaccination roll-out continues in Japan.

As we look ahead, we believe current vaccination efforts point to an ongoing economic recovery as the year progresses and a return to more normal economic conditions. However, the progression of the COVID-19 Delta variant in the unvaccinated could derail this positive momentum. We anticipate, however, it's more likely we will see localized outbreaks causing lockdowns and restrictions that could temporarily dampen growth in affected regions.

Inflation is another concern. Our view remains that inflation has so far been driven by worker shortages and supply chain bottlenecks, combined with excess liquidity. We believe that normalization of conditions without any additional stimulus should cause inflation to stabilize in the medium term.

Given this environment, we continue deploying our investment philosophy focused on identifying lesser-known high quality names. We believe international small cap stocks remain attractive from a macroeconomic standpoint due to a supportive economic recovery and subdued U.S. dollar, which favors non-U.S. equities. We also believe that international small caps continue to offer a diverse, untapped universe for quality focused, fundamentals-oriented investors.

Sincerely,

DAVID BUNAN
PORTFOLIO MANAGER

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

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

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

International Small Cap Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/08/2016		36.97	%		16.86	%
Class A	12/08/2016		36.43	%		16.44	%
Class C	12/08/2016		35.48	%		15.59	%
Class R6	12/08/2016		37.14	%		16.98	%
With Sales Charge
Class A			28.62	%		14.99	%
Class C			34.48	%		15.59	%
Index
MSCI EAFE^® Small Cap Index (Net)^1,15			32.81	%		12.85	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 5.81%, 6.40%, 6.94% and 5.72% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.06%, 1.43%, 2.18% and 0.97% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

International Small Cap Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a 61.43% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the Russell 2000^® Value Index (the Index), which generated a 59.49% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Small cap stocks have been on quite a run. Virtually every return period for the asset class and our strategy looks favorable and robust. Knowing that market corrections are likely but impossible to time, our strategy remains focused on identifying companies suited to survive market corrections while still being able to profit from an economy marked by significant technology-driven disruptions. Investments in out-of-favor technology, health care and advanced industrial companies helped us weather the recent COVID-19 storm as well as prosper when value investing came back into favor.

When we look at sources of future risk many come to mind—inflation, anti-business regulatory and tax policy, geopolitical events, COVID-19 variants, et al. There will also be challenges that haven't yet manifested such as U.S.-China relations. Inflation is an often-discussed market risk because of its implications on interest rates and the challenge it may present to profit margins. The prevailing thinking is that inflation will be "transitory"; we aren't so sure. We are increasing our investments in some basic industrial companies with pricing power. Over the years, the biggest threat to commodity and cyclical industry investing has been the risk of excessive capital spending. In our view the emergence of ESG (Environmental, Social and Governance) concerns is damping the flow of investment capital into basic industries with CO2 footprints. We believe this will create an opportunity for cleaner and better capitalized companies to benefit from longer periods of higher prices. We've increased our position in the largest U.S. steel producer and one of the larger independent oil and gas companies.

Much attention has been focused on the risk from COVID-19 variants. Science already showed us that it can prevail in this fight. Dramatic improvements in access to PPE, rapid point-of-care, and OTC diagnostics, and a new vaccine technology platform (mRNA) that we believe will prove fast and flexible against variants, all reduce the risk of overwhelming our healthcare systems. In our view, the greater risk comes from poor policy responses in dealing with COVID-19, rather than from the virus itself.

For the reporting period, the Fund benefitted most from our companies in the Industrials sector. Our Consumer Discretionary investments also helped as the economy reopened and the retail, travel and entertainment areas rebounded. On the negative side, there were several stock specific disappointments in the Information Technology and Consumer Staples sectors due in part to supply chain constraints and inflationary pressures. Merger and acquisition activity for the period has been robust. In total there have been 13 deals in the portfolio which are providing capital for reinvestment. Our new idea cadence is returning to pre-COVID levels. Historically we generated between 15 and 20 new ideas per year. This fell to 10 when measured from March 31, 2020 to March 31, 2021. Since then, we added eight companies to the portfolio, seven interrupted growth names in technology, healthcare and industrials and one consumer retailer that is a COVID-19 recovery idea. Our discount to intrinsic value¹ at the end of the reporting period stood at 27%, about 5% below historic averages, and argues for caution. We will continue to balance the Fund between new contrarian ideas and established investments in companies that have proven their ability to compete in a global economy marked by a laundry list of risks and technology-driven disruptions.

A year ago, we would have been hard-pressed to entertain the possibility of stocks recovering to all-time highs. We are thrilled with performance; however, we remain mindful of the potential for unexpected events that could drive markets lower. As we look ahead, we need to be clear-headed about valuation, prepared for drawdowns, and optimistic that we can overcome challenges that may arise.

Sincerely,

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

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

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

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

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

Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NINLX
Class A				NINAX
Class C				NINCX
Class R6				NRINX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	3.1	%
Consumer Discretionary	6.1
Consumer Staples	1.5
Energy	2.4
Financials	5.3
Health Care	12.5
Industrials	17.6
Information Technology	32.9
Materials	7.3
Utilities	2.7
Convertible Bonds	1.3
Short-Term Investments	7.3
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁸	05/10/2010		61.43	%		16.87	%		14.71	%		12.15	%
Class A¹⁸	05/10/2010		60.81	%		16.46	%		14.29	%		11.96	%
Class C¹⁸	05/10/2010		59.58	%		15.58	%		13.44	%		11.57	%
Class R6^18,21	01/18/2019		61.54	%		16.95	%		14.75	%		12.16	%
With Sales Charge
Class A¹⁸			51.53	%		15.09	%		13.62	%		11.69	%
Class C¹⁸			58.58	%		15.58	%		13.44	%		11.57	%
Index
Russell 2000^® Value Index^1,15			59.49	%		11.66	%		12.14	%		9.19	%
Russell 2000^® Index^1,15			47.08	%		14.38	%		13.62	%		8.92	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.05%, 1.43%, 2.16% and 0.98% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37%, 2.12% and 0.91% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Intrinsic Value Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Large Cap Value Fund Commentary (Unaudited)

Neuberger Berman Large Cap Value Fund Investor Class generated a 50.05% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming the 36.44% total return of its benchmark, the Russell 1000^® Value Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a weak start, the equity market rallied sharply and generated strong results over the reporting period. Uncertainties surrounding the November 2020 U.S. Presidential Election initially dragged the market lower. However, the announcement of several highly effective COVID-19 vaccines, improving economic data, aggressive fiscal stimulus, and continued accommodative monetary policy fueled investor demand for equities. The market was further supported by corporate earnings that often exceeded expectations. Collectively, these positives more than offset rising inflation and concerns over the COVID-19 Delta variant. All told, the S&P 500^® Index gained 31.17% during the reporting period. Meanwhile, large-cap value stocks, as measured by the Index, returned 36.44% over the reporting period. In contrast, large-cap growth stocks, as measured by the Russell 1000^® Growth Index, returned 28.53%.

The Fund outperformed the Index during the reporting period, driven by both stock selection and sector allocation. In terms of stock selection, holdings in the Industrials, Financials and Consumer Discretionary sectors added the most relative value. Looking at individual stocks, multinational conglomerate General Electric Co., financial services organization JPMorgan Chase & Co. and materials company Freeport-McMoRan, Inc. were the most beneficial for returns. From a sector allocation perspective, an overweight to Financials and an underweight to Health Care versus the Index were the largest contributors to results.

On the downside, stock selection in the Utilities sector was the only meaningful detractor from relative returns. Looking at individual stocks, oilfield services company Schlumberger and materials companies Agnico Eagle Mines Ltd. and Newmont Corp. were the largest detractors from results. We eliminated our positions in Schlumberger and Agnico Eagle Mines Ltd. during the reporting period. In terms of sector allocation, an underweight to the Real Estate sector versus the Index was a headwind for returns.

The Fund has been positioned in the more cyclical areas of the market and has benefited from those positions over the past year. We initiated those overweights after the pandemic-driven pullback in the markets. As markets have continued to be volatile, we are remaining disciplined and continue to monitor valuations and opportunities in the markets. With our belief that the stimulus will likely cause an acceleration in economic growth, it may be time to think about the prospects over the coming months of value reasserting itself and continuing to outperform growth. The sectors we are currently seeing the most value in are Energy, Financials, Industrials and Materials. In our view, as more of the unknowns from last year become knowns, market volatility should start to subside and the value opportunities we have identified could turn into attractive investment opportunities. We remain disciplined bottom-up managers, looking for opportunities to buy stocks that we believe are trading below their fair value to generate results for the Fund's investors. We also believe that equities remain the most attractive 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.

Large Cap Value Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NPRTX
Trust Class				NBPTX
Advisor Class				NBPBX
Institutional Class				NBPIX
Class A				NPNAX
Class C				NPNCX
Class R3				NPNRX
Class R6				NRLCX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	0.2	%
Consumer Discretionary	5.6
Consumer Staples	7.9
Energy	6.1
Financials	27.1
Health Care	7.9
Industrials	13.1
Information Technology	6.8
Materials	13.5
Real Estate	0.8
Utilities	0.7
Short-Term Investments	10.3
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		50.05	%		16.58	%		13.95	%		12.90	%
Trust Class³	08/30/1993		49.76	%		16.38	%		13.74	%		12.80	%
Advisor Class⁴	08/16/1996		49.48	%		16.19	%		13.57	%		12.66	%
Institutional Class⁵	06/07/2006		50.25	%		16.76	%		14.13	%		12.96	%
Class A¹⁹	06/21/2010		49.67	%		16.32	%		13.69	%		12.84	%
Class C¹⁹	06/21/2010		48.59	%		15.48	%		12.86	%		12.64	%
Class R3¹⁶	06/21/2010		49.26	%		16.00	%		13.39	%		12.76	%
Class R6²²	01/18/2019		50.39	%		16.73	%		14.02	%		12.91	%
With Sales Charge
Class A¹⁹			41.08	%		14.95	%		13.02	%		12.69	%
Class C¹⁹			47.59	%		15.48	%		12.86	%		12.64	%
Index
Russell 1000^® Value Index^1,15			36.44	%		11.68	%		13.03	%		N/A

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.85%, 1.04%, 1.19%, 0.68%, 1.06%, 1.81%, 1.34% and 0.59% 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 R3 and Class R6 includes each class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Large Cap Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Growth Fund Investor Class generated a 35.63% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the Russell Midcap^® Growth Index (the Index), which returned 35.17% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

While the trailing twelve months unquestionably delivered a broadly positive environment for equities, it was also a challenging period defined by dramatic stylistic shifts in market leadership resulting from significant rotational volatility between longer-term secular growth trends and more opportunistic cyclicality. The first notable pivot away from secular growth and towards increased cyclicality was spurred by a surge in forward-looking reopening optimism following the robust vaccine efficacy results announced in November 2020. Then, in early 2021, after growth had begun to reassert its leadership, inflationary worries precipitated a rise in the yield on the 10-year U.S. Treasury, with the unexpected velocity of that move triggering broad and indiscriminate selling of higher expectation growth investments, especially within Information Technology (IT) and Health Care. Fortunately, the yield on the 10-year U.S. Treasury retreated and investors began to selectively return to the growth stories and secular themes they had abruptly abandoned and, with a renewed focus on fundamentals and positive differentiation, the last couple of months of the reporting period proved to be a more advantageous environment for our investment approach.

During the reporting period, strong stock selection within IT, Consumer Discretionary, Financials and Communication Services offset weakness within Health Care, the "drag effect" of our normal cash position (average weight of 2.6% during the reporting period) in a strongly positive market and the negative impact of our underweight allocation to Real Estate versus the Index. At the industry level, positive trends around rates, deposits and loan growth translated to strong fundamentals for Banks, which made that segment the leading relative contributor to performance, while the negative impact of COVID-19 on elective medical procedures resulted in the Health Care Equipment & Supplies industry being the leading relative detractor. Drilling down to our holdings, Cloudflare, Inc., which provides cloud-based services to improve website performance reliability and security, was the leading contributor to performance as they consistently delivered strong results, especially as it related to new customer growth associated with streaming media. The leading detractor from performance was Splunk, Inc., which develops and markets software that collects, aggregates, and analyzes the "machine" data generated by websites, applications, networks, and mobile devices, as the company fell well short of expectations and offered a surprising reduction in forward earnings guidance. Given our lack of confidence in management, we exited our position in December 2020.

Looking ahead, we believe that growth will normalize and stimulus efforts will wind down, causing worries of an over-heating economy to fade, and that the U.S. Federal Reserve Board's inflation objectives and current approach to interest rates will ultimately prove to be a positive for our style of investing. We're also cautiously optimistic that the months ahead can continue to be more of a bottom-up stock-pickers market, with an opportunity for underlying fundamentals to be a differentiator for both higher expectation secular growth trends, as more selective buyers gauge those opportunities, and reopening cyclicality plays, where companies will now need to deliver positive metrics that exceed increasing expectations. To that end, our goal will be to develop and maintain an effective portfolio balance between secular and cyclical exposure, with a focus on identifying business models highlighted by intriguing and underappreciated catalysts, expanding addressable markets, compelling top- and bottom-line fundamentals and balance sheet strength.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

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

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

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

Mid Cap Growth Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	3.6	%
Consumer Discretionary	14.3
Consumer Staples	1.9
Financials	5.0
Health Care	18.3
Industrials	16.1
Information Technology	35.7
Materials	0.9
Short-Term Investments	4.2
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		35.63	%		20.54	%		15.58	%		12.61	%
Trust Class³	08/30/1993		35.53	%		20.46	%		15.51	%		12.52	%
Advisor Class⁴	09/03/1996		35.19	%		20.17	%		15.20	%		12.31	%
Institutional Class⁵	04/19/2007		35.91	%		20.77	%		15.81	%		12.70	%
Class A¹⁹	05/27/2009		35.42	%		20.32	%		15.39	%		12.56	%
Class C¹⁹	05/27/2009		34.42	%		19.41	%		14.53	%		12.32	%
Class R3¹⁶	05/27/2009		35.03	%		20.00	%		15.09	%		12.48	%
Class R6²²	03/15/2013		35.99	%		20.87	%		15.85	%		12.67	%
With Sales Charge
Class A¹⁹			27.63	%		18.90	%		14.70	%		12.40	%
Class C¹⁹			33.42	%		19.41	%		14.53	%		12.32	%
Index
Russell Midcap^® Growth Index^1,15			35.17	%		20.44	%		16.88	%		N/A
Russell Midcap^® Index^1,15			41.24	%		15.40	%		14.84	%		13.53	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.88%, 0.95%, 1.20%, 0.70%, 1.07%, 1.81%, 1.32% and 0.60% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Mid Cap Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 54.09% total return for the fiscal year ended August 31, 2021 (the reporting period), outperforming its benchmark, the Russell Midcap^® Value Index (the Index), which returned 44.50% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Last year, the pandemic created one of the deepest, yet shortest recessions in economic history. Fortunately, we are now in recovery mode, fueled by extremely aggressive monetary and fiscal policy and significant progress in controlling COVID-19 with vaccines. However, many sources of future risk come to mind—inflation, anti-business regulatory and tax policy, geopolitical events, COVID-19 variants, et al. There will also be challenges that haven't yet manifested such as U.S.-China relations. Inflation is an often-discussed market risk because of its implications for interest rates and the challenge it may present to profit margins. The prevailing thinking is that inflation will be "transitory"; we aren't so sure. We are increasing our investments in some basic industrial companies with pricing power. Over the years, the biggest threat to commodity and cyclical industry investing has been the risk of excessive capital spending. In our view the emergence of ESG (Environmental, Social and Governance) concerns is damping the flow of investment capital into basic industries with CO2 footprints. We believe this will create an opportunity for cleaner and better capitalized companies to benefit from longer periods of higher prices. We've introduced positions in the largest U.S. steel producer and one of the larger independent oil and gas companies.

During the reporting period, the Fund benefitted from our Consumer Discretionary names as the economy reopened and the retail, travel and entertainment sectors rebounded. Many of our Information Technology companies also generated strong returns. On the negative side, our underweight versus the Index and stock selection in the Materials sector detracted from relative performance. Strategic event activity for the reporting period has been robust. In total, 12 portfolio companies have merged, been acquired, divested significant assets or made synergistic acquisitions. Further, some of our portfolio holdings have benefitted from activist interest. We anticipate M&A and activist activity to continue to be robust for the remainder of the year. During the second quarter of 2021, we repositioned the portfolio to rotate out of in-favor and highly valued successful growth investments to more out-of-favor companies and sectors. Nearly 30% of the portfolio was repositioned.

Finally, we note that the Fund's individual research analysts were added as portfolio managers to the Fund on May 1, 2021 and given responsibility for implementing buy and sell decisions for stocks in their respective sectors under the oversight of senior portfolio managers Benjamin Nahum (who was also named a portfolio manager on May 1, 2021) and Michael Greene. We believe this change will allow us to effectively respond to the challenges of the current market environment and improve long-term performance. Knowing that market corrections are likely but impossible to time, our strategy now is to focus on identifying companies suited to survive market corrections while still being able to profit from an economy marked by significant technology-driven disruptions.

Sincerely,

MICHAEL C. GREENE, BENJAMIN H. NAHUM, JAMES F. MCAREE, AMIT SOLOMON AND RAND W. GESING
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.

Mid Cap Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NBRVX
Trust Class				NBREX
Institutional Class				NBRTX
Class A				NBRAX
Class C				NBRCX
Class R3				NBRRX
Class R6				NBMRX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	2.3	%
Consumer Discretionary	12.7
Consumer Staples	7.0
Energy	7.6
Financials	13.3
Health Care	6.1
Industrials	17.4
Information Technology	14.8
Materials	3.6
Real Estate	3.0
Utilities	8.4
Short-Term Investments	3.8
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		54.09	%		8.15	%		10.67	%		8.95	%
Trust Class³	06/10/1999		53.86	%		7.99	%		10.50	%		8.84	%
Institutional Class⁵	03/08/2010		54.34	%		8.42	%		10.94	%		9.09	%
Class A¹⁹	06/21/2010		53.74	%		8.03	%		10.54	%		8.89	%
Class C¹⁹	06/21/2010		52.69	%		7.22	%		9.72	%		8.48	%
Class R3¹⁶	06/21/2010		53.42	%		7.75	%		10.26	%		8.75	%
Class R6²²	03/29/2019		54.45	%		8.32	%		10.75	%		8.99	%
With Sales Charge
Class A¹⁹			44.88	%		6.75	%		9.89	%		8.60	%
Class C¹⁹			51.69	%		7.22	%		9.72	%		8.48	%
Index
Russell Midcap^® Value Index^1,15			44.50	%		11.52	%		13.26	%		9.84	%
Russell Midcap^® Index^1,15			41.24	%		15.40	%		14.84	%		10.24	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.38%, 1.54%, 1.19%, 1.55%, 2.31%, 1.80% and 1.02% for Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 0.86%, 1.22%, 1.97%, 1.47% and 0.76% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Multi-Cap Opportunities Fund Commentary (Unaudited)

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a 36.24% total return for the fiscal year ended August 31, 2021 (the reporting period), versus a 31.17% 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.)

Over the past year, the U.S. economy benefitted from successful and ongoing vaccination efforts, pent-up consumer demand, supportive fiscal and monetary stimulus, increased business activity, and a strengthening labor market. The U.S. government, through fiscal and monetary policy, continued to provide unprecedented support to U.S. consumers and businesses in response to the evolving COVID-19 pandemic. These efforts supported the economic recovery that has taken place. U.S. monetary policy has been supportive of the broad economy and employment growth, and the U.S. Federal Reserve Board has taken a measured approach regarding the timing and scale of potential tapering actions. We believe improving company fundamentals, continuing economic growth, and the potential improvement in global supply chains are creating an attractive environment for U.S. equities.

Performance for the Fund during the reporting period was strong on an absolute basis and outperformed the Index by over 500 basis points. Superior stock selection contributed to outperformance versus the Index. Selection was notably strong within the Communication Services, Consumer Staples, Health Care, and Information Technology (IT) sectors, while selection within Financials was the primary detractor. Portfolio positioning also benefitted relative performance. The Fund's overweights to Financials, Industrials, and Materials versus the Index, and underweight to Utilities contributed to relative performance. The Fund ended the reporting period with overweight positions relative to the Index to the Consumer Discretionary, Financials, and Materials sectors and underweight positions to the Health Care and IT sectors. The Fund had no exposure to the Energy or Real Estate sectors at the end of the reporting period.

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 that we believe have attractive risk/return profiles.

We believe the current market environment is creating opportunity to drive differentiated performance through stock selection. We continue to apply disciplined fundamental research to identify what we believe are high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. As part of our ongoing research process, we continue to closely monitor developments related to COVID-19. We believe the opening of the U.S. economy will progress, supporting U.S. corporate earnings growth. We believe the Fund is well positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.

Our style of investing is based on rigorous fundamental research. The analysis centers on a company's business model and ability to generate and effectively utilize free cash flow. As we evaluate both potential new positions and current

portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow the Fund's assets through the disciplined application of our investment philosophy and process.

Sincerely,

RICHARD S. NACKENSON
PORTFOLIO MANAGER

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

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

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

Multi-Cap Opportunities Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	13.2	%
Consumer Discretionary	14.4
Consumer Staples	6.2
Financials	18.2
Health Care	9.6
Industrials	11.6
Information Technology	18.4
Materials	8.2
Utilities	0.2
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date*	1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁷	12/21/2009		36.24	%		17.24	%		15.75	%		10.72	%
Class A¹⁷	12/21/2009		35.69	%		16.80	%		15.33	%		10.40	%
Class C¹⁷	12/21/2009		34.66	%		15.94	%		14.46	%		9.76	%
With Sales Charge
Class A¹⁷			27.89	%		15.43	%		14.65	%		9.96	%
Class C¹⁷			33.66	%		15.94	%		14.46	%		9.76	%
Index
S&P 500^® Index^1,15			31.17	%		18.02	%		16.34	%		10.65	%

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.76%, 1.14% and 1.88% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Real Estate Fund Commentary (Unaudited)

Neuberger Berman Real Estate Fund Trust Class generated a 34.12% total return for the fiscal year ended August 31, 2021 (the reporting period), underperforming the 36.09% total return of its benchmark, the FTSE Nareit All Equity REITs Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a weak start, the equity market rallied sharply and generated strong results over the reporting period. Uncertainties surrounding the November 2020 U.S. Presidential Election initially dragged the market lower. However, the announcement of several highly effective COVID-19 vaccines, improving economic data, aggressive fiscal stimulus, and continued accommodative monetary policy fueled investor demand for equities. The market was further supported by corporate earnings that often exceeded expectations. Collectively, these positives more than offset rising inflation and concerns over the COVID-19 Delta variant. All told, U.S. equities, as measured by the S&P 500^® Index, gained 31.17% during the reporting period. Comparatively, real estate investment trusts (REITs), as measured by the Index, posted even stronger returns during the period.

The Fund generated a positive absolute return but underperformed the Index on a relative basis during the reporting period. Sector positioning, overall, detracted from performance. In particular, the Fund's underweight to Specialty versus the Index and its small cash position were the largest negatives for relative returns. Conversely, overweights to Regional Malls and Self Storage versus the Index were the most beneficial for performance.

Stock selection, overall, was additive for performance. Among those sectors contributing the most to relative results were the Regional Malls, Free Standing, and Industrials sectors. In terms of individual holdings Simon Property Group, Inc., Equity Residential, Public Storage, Prologis, Inc. and Welltower, Inc. were the most additive for returns. On the downside, holdings within the Data Centers, Office, and Lodging/Resorts sectors were the largest detractors from excess performance. Several individual holdings were also negative for results, including CyrusOne, Inc., Vornado Realty Trust, Kilroy Realty Corp., and Brookfield Asset Management. Brookfield was sold during the reporting period.

The rollout of multiple COVID-19 vaccines, in our view, marked a major turning point in the fight against the global pandemic and sparked a strong market rally. Although it may be premature to say that the COVID-19 crisis has ended in the U.S., we believe the vaccination of the majority of the U.S. population over 12 years-old increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. However, the challenges presented by the Delta and other variants, many of which are more contagious, remind us that elevated uncertainty and market volatility could persist. In the meantime, additional governmental measures, including additional monetary and fiscal stimulus, in our view should help buoy the economy until self-sustaining economic growth returns.

The exceptional level of fiscal stimulus, the accelerating re-opening of the U.S. economy and the potential for additional infrastructure spending has led to higher headline inflation. However, dovish commentary by the U.S. Treasury and the U.S. Federal Reserve Board have moderated some of these concerns and, in our view, should anchor rates near historically low levels. Longer term, we believe policy details relating to deficit spending, tax policy, and global trade could weigh on investor sentiment. Higher inflation can be viewed as positive for the owners of certain real estate assets, and the Fund. For example, as landlords can capture higher inflation by raising the rent they charge their tenants. In particular, shorter lease duration sectors, such as Residential, Self Storage, and Lodging/Resorts, can raise their rents quickly in an inflationary environment.

Sincerely,

STEVE SHIGEKAWA AND BRIAN C. JONES
PORTFOLIO CO-MANAGERS

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

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

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

Real Estate Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Apartments	11.7	%
Data Centers	11.0
Diversified	1.6
Free Standing	3.2
Health Care	8.2
Industrial	10.0
Infrastructure	19.0
Lodging/Resorts	0.9
Manufactured Homes	4.3
Office	5.9
Regional Malls	3.5
Self Storage	7.4
Shopping Centers	4.9
Single Family Homes	3.7
Specialty	1.4
Timber	2.7
Short-Term Investments	0.6
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS^{7, 20}

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		34.12	%		10.99	%		11.13	%		11.65	%
Institutional Class⁶	06/04/2008		34.40	%		11.19	%		11.34	%		11.80	%
Class A¹⁴	06/21/2010		33.89	%		10.79	%		10.93	%		11.54	%
Class C¹⁴	06/21/2010		32.94	%		9.97	%		10.11	%		11.06	%
Class R3¹⁴	06/21/2010		33.55	%		10.52	%		10.66	%		11.37	%
Class R6²³	03/15/2013		34.45	%		11.29	%		11.39	%		11.79	%
With Sales Charge
Class A¹⁴			26.19	%		9.49	%		10.28	%		11.20	%
Class C¹⁴			31.94	%		9.97	%		10.11	%		11.06	%
Index
FTSE Nareit All Equity REITs Index^1,15			36.09	%		9.42	%		11.51	%		10.59	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.41%, 1.04%, 1.41%, 2.17%, 1.67% and 0.95% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.86%, 1.22%, 1.97%, 1.47% and 0.76% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Real Estate Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

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

Small Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Small Cap Growth Fund Investor Class returned 27.95% for the fiscal year ended August 31, 2021 (the reporting period), trailing its benchmark, the Russell 2000^® Growth Index (the Index), which returned 35.61% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

While the trailing twelve months unquestionably delivered a broadly positive environment for equities, it was also a challenging period defined by dramatic stylistic shifts in market leadership resulting from significant rotational volatility between longer-term secular growth trends and more opportunistic cyclicality. The first notable pivot away from secular growth and towards increased cyclicality was spurred by a surge in forward-looking reopening optimism following the robust vaccine efficacy results announced in November 2020. Then, in early 2021, after growth had begun to reassert its leadership, inflationary worries precipitated a rise in the yield on the 10-year U.S. Treasury, with the unexpected velocity of that move triggering broad and indiscriminate selling of higher expectation growth investments, especially within Information Technology (IT) and Health Care. Fortunately, the yield on the 10-year U.S. Treasury retreated and investors began to selectively return to the growth stories and secular themes they had abruptly abandoned and, with a renewed focus on fundamentals and positive differentiation, the last couple months of the reporting period proved to be a more advantageous environment for our investment approach.

Measured against the continued narrow breadth and increasingly concentrated leadership of the small-cap growth investable universe, our relative underperformance was in large part due to our allocation decisions and what we ultimately didn't own in the Fund. For the reporting period, positive stock selection within IT and Financials could not overcome weakness across Industrials, Communication Services, Consumer Discretionary and Health Care. At the industry level, continued strong demand resulted in IT's Semiconductors segment being the leading contributor to performance, while our underweight to alternative energy resulted in Industrials' Electrical Equipment industry being the leading detractor. Drilling down to our holdings, Calix, which offers broadband communications access systems and software that enables communications service providers to transform their networks and monetize customer data, was the leading contributor to performance as they consistently delivered strong results and raised their guidance throughout the reporting period. The leading detractor was Everbridge, Inc., which markets cloud-based software solutions for critical event management and automated enterprise-level operational safety responses, as the stock fell victim to a conflux of rising expectations, increasing competition and a sustained market rotation away from past COVID-19 winners. Given those headwinds, we elected to exit our position during the reporting period in favor of new ideas.

Looking ahead, we think that growth will normalize and stimulus efforts will wind down, causing worries of an over-heating economy to fade and that the U.S. Federal Reserve Board's inflation objectives and current approach to interest rates will ultimately prove to be a positive for our style of investing. We're also cautiously optimistic that the months ahead can continue to be more of a bottom-up stock-pickers market, with an opportunity for underlying fundamentals to be a differentiator for both higher expectation secular growth trends, as more selective buyers gauge those opportunities, and reopening cyclicality plays, where companies will now need to deliver positive metrics that exceed increasing expectations. To that end, our goal will be to develop and maintain an effective portfolio balance between secular and cyclical exposure, with a focus on identifying business models highlighted by intriguing and underappreciated catalysts, expanding addressable markets, compelling top- and bottom-line fundamentals and balance sheet strength.

Sincerely,

KENNETH J. TUREK, CHAD BRUSO AND TREVOR MORENO
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.

Small Cap Growth Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NBMIX
Trust Class				NBMOX
Advisor Class				NBMVX
Institutional Class				NBSMX
Class A				NSNAX
Class C				NSNCX
Class R3				NSNRX
Class R6				NSRSX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	2.4	%
Consumer Discretionary	14.1
Consumer Staples	3.0
Financials	3.8
Health Care	29.3
Industrials	15.2
Information Technology	27.4
Materials	1.0
Short-Term Investments	3.8
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		27.95	%		22.64	%		16.15	%		11.03	%
Trust Class³	11/03/1998		27.70	%		22.46	%		15.96	%		10.88	%
Advisor Class⁴	05/03/2002		27.50	%		22.28	%		15.80	%		10.77	%
Institutional Class⁵	04/01/2008		28.18	%		22.97	%		16.49	%		11.21	%
Class A¹⁹	05/27/2009		27.69	%		22.52	%		16.07	%		10.98	%
Class C¹⁹	05/27/2009		26.75	%		21.62	%		15.20	%		10.53	%
Class R3¹⁶	05/27/2009		27.38	%		22.23	%		15.78	%		10.83	%
Class R6²²	09/07/2018		28.29	%		22.90	%		16.27	%		11.08	%
With Sales Charge
Class A¹⁹			20.34	%		21.08	%		15.39	%		10.69	%
Class C¹⁹			25.75	%		21.62	%		15.20	%		10.53	%
Index
Russell 2000^® Growth Index^1,15			35.61	%		16.58	%		14.78	%		9.38	%
Russell 2000^® Index^1,15			47.08	%		14.38	%		13.62	%		9.93	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 1.42%, 1.55%, 1.71%, 1.19%, 1.61%, 2.31%, 1.86% and 1.09% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.31%, 1.41%, 1.61%, 0.91%, 1.27%, 2.02%,1.52% and 0.81% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Small Cap Growth Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

Sustainable Equity Fund Commentary (Unaudited)

Neuberger Berman Sustainable Equity Fund Investor Class generated a total return of 34.45% for the fiscal year ended August 31, 2021 (the reporting period), surpassing the 31.17% 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.)

U.S. equity markets saw strong performance across a period that included the development and deployment of COVID-19 vaccines, allowing for economic reopening, strong domestic economic growth driven by pent-up consumer demand, and ongoing fiscal stimulus. U.S. consumers, in general, remained in good shape, with de-levered balance sheets and higher savings than before the pandemic. Unemployment numbers continued to track downward, business and consumer confidence pointed to a continued recovery. While inflation has picked up, the U.S. Federal Reserve Board (Fed) has signaled they view it as transitory, related to pandemic-related supply/demand factors, and are likely to maintain their accommodative stance.

As the market shifted toward fundamentals rather than growth at any price, active strategies like ours benefited. Stock selection, which was especially advantageous within Communications Services, Consumer Discretionary, Industrials and Information Technology, drove the Fund's outperformance during the reporting period.

Individual key contributors included Alphabet and Zebra Technologies. Alphabet, the parent of Google, benefited from strong digital advertising growth. Alphabet is also making large investments in high impact, rapidly growing markets like cloud computing, autonomous driving, and more. Alphabet is the world's largest corporate purchaser of renewable energy, using 100% renewable energy for all global operations.

Zebra Technologies designs and manufactures devices that improve business productivity optimizing resources and supporting sustainability efforts. Earnings surpassed guidance and expectations, benefiting from the accelerating trend to automate workflows.

Our stock selection within the resurgent Financials sector detracted this reporting period, as did our Consumer Staples holdings. Detractors included GoDaddy and Unilever.

GoDaddy, a new position established during this period and a dominant infrastructure gateway to the internet for individuals and small and medium business, announced its CFO's retirement, which drove stock underperformance, despite the company reporting strong bookings.

Unilever, a global consumer products company with full integration of sustainability in its products and supply chain, declined as COVID-19 cases increased, threatening demand.

New purchases this period included Ansys, Fiserv, GoDaddy and CoStar. We sold Novozymes, Weyerhaeuser, US Bancorp, Booking Holdings and Eversource Energy.

We believe the economic recovery will continue through 2021, notwithstanding risks from evolving COVID-19 variants. While the Fed may raise rates late in 2022, we believe current monetary policy coupled with fiscal stimulus and improving employment, consumer and business trends should support recovery near-term, and consequently, capital markets.

Should the Biden administration succeed in improving trade relations, that would further support the markets. However, as in prior years, where appreciation was largely driven by valuation expansion, we believe future returns will likely come primarily from earnings growth. We believe this shift has begun.

In our view, a company's ability to provide solutions to leading sustainability challenges will continue to serve as attractive underlying drivers of secular growth. We continue to position the Fund toward best-in-class businesses, with relevant and material ESG (Environmental, Social and Governance) advantages, that are likely to be beneficiaries in the current environment, while being mindful of valuations.

We believe our approach to seeking businesses with solid growth prospects, high return on invested capital, strong balance sheets, ESG leadership, and diversification positions the Fund well for a variety of backdrops.

We look forward to continuing to serve your investment needs.

Sincerely,

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

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

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

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

Sustainable Equity Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	11.1	%
Consumer Discretionary	9.8
Consumer Staples	4.5
Financials	8.4
Health Care	17.7
Industrials	14.5
Information Technology	28.1
Materials	1.9
Utilities	2.3
Short-Term Investments	1.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Average Annual Total Return Ended 08/31/2021
	Inception Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		34.45	%		15.34	%		13.95	%		10.16	%
Trust Class³	03/03/1997		34.21	%		15.16	%		13.76	%		9.98	%
Institutional Class⁵	11/28/2007		34.68	%		15.56	%		14.16	%		10.26	%
Class A¹⁹	05/27/2009		34.17	%		15.13	%		13.73	%		10.07	%
Class C¹⁹	05/27/2009		33.19	%		14.28	%		12.88	%		9.70	%
Class R3¹⁶	05/27/2009		33.87	%		14.84	%		13.46	%		9.95	%
Class R6²²	03/15/2013		34.82	%		15.66	%		14.20	%		10.25	%
With Sales Charge
Class A¹⁹			26.44	%		13.77	%		13.06	%		9.83	%
Class C¹⁹			32.19	%		14.28	%		12.88	%		9.70	%
Index
S&P 500^® Index^1,15			31.17	%		18.02	%		16.34	%		10.72	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2020 were 0.87%, 1.03%, 0.68%, 1.05%, 1.80%, 1.30% and 0.59% for Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

Sustainable Equity Fund (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

U.S. Equity Impact Fund Commentary (Unaudited)

Neuberger Berman U.S. Equity Impact Fund commenced operations on March 23, 2021. From its date of inception through August 31, 2021 (the reporting period), the Institutional Class generated a 13.50% total return versus a 13.69% total return for its benchmark, the Russell 3000^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

U.S. equities have continued to successfully navigate a dynamic market environment. During the reporting period, the opportunity set for Impact¹ investing improved due to strong demand for products and services which have the potential to generate significant positive outcomes for people and/or the planet. Companies have created value for shareholders through this pursuit in a number of ways. U.S. equity market performance during the reporting period benefitted from improving company fundamentals and a growing U.S. economy. U.S. economic growth is supported by ongoing vaccinations efforts, pent-up consumer demand, increased business activity, a strengthening labor market, and significant monetary and fiscal stimulus. This has led to impressive and accelerating economic and corporate earnings growth.

The Fund generated strong returns on an absolute basis. Within the Fund, the top contributing and best performing sectors during the reporting period were Health Care and Information Technology (IT). Overall, superior stock selection relative to the Index benefitted relative performance. Selection was notably strong within the Health Care, Industrials, and IT sectors. Selection within the Consumer Discretionary sector detracted from relative performance, as did the Fund's overweight to the Industrials sector versus the Index. The Fund ended the reporting period with overweight positions relative to the Index in the Health Care, Industrials, and Materials sectors and underweight to the Communication Services, Financials, and IT sectors. The Fund had no exposure to the Energy or Real Estate sectors at the end of the reporting period. We believe the Fund remains well positioned to benefit from U.S. economic growth, robust company fundamentals, and an increased focus on Impact investing.

Impact investing offers the unique potential to support measurable progress against real-world environmental and social challenges while seeking market rate returns. This approach invests in companies with products or services that have the potential to deliver significantly positive outcomes for people and/or the planet, while reporting and measuring the tangible contributions that portfolio companies make. Our proprietary quantitative and qualitative impact analysis requires a deep understanding of the product outcomes for customers, which is a lens that adds insight to our fundamental investment process. Positive and negative impacts associated with the products and services of each major business line of a company are assessed.

A company's contribution to specific positive outcomes is evaluated with reference to the United Nations Sustainable Development Goals (UNSDGs). We believe companies delivering solutions aligned with achieving the UNSDGs have the potential for outsized growth and returns as these UNSDG goals become spending priorities. We believe the potential for significant incremental capital deployed to achieve UNSDGs, along with a U.S. equity environment characterized by improving company fundamentals, continued economic growth, and the potential improvement in global supply chains are creating an attractive environment for the Fund.

Sincerely,

RICHARD S. NACKENSON AND JONATHAN BAILEY
PORTFOLIO MANAGERS

¹ Impact investing is the investment in a concentrated portfolio of companies whose products and services the Portfolio Managers believe have the potential to deliver positive social and environmental outcomes.

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.

U.S. Equity Impact Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NEQIX
Class A				NEQAX
Class C				NEQCX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	3.4	%
Consumer Discretionary	6.5
Consumer Staples	4.2
Financials	1.6
Health Care	24.2
Industrials	23.0
Information Technology	20.2
Materials	10.6
Utilities	5.8
Short-Term Investments	0.5
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Cumulative Total Return Ended 08/31/2021
	Inception Date	Life of Fund
At NAV
Institutional Class	03/23/2021		13.50	%
Class A	03/23/2021		13.30	%
Class C	03/23/2021		12.90	%
With Sales Charge
Class A			6.79	%
Class C			11.90	%
Index
Russell 3000^® Index^1,15			13.69	%

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

As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2021 are 1.93%, 2.29% and 3.04% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated expense ratios for fiscal year 2021 are 0.90%, 1.26%, and 2.01% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended August 31, 2021 can be found in the Financial Highlights section of this report.

U.S. Equity Impact Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Endnotes (Unaudited)

1 Please see "Glossary of Indices" on page 79 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") 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 NBIA 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, Neuberger Berman Integrated Large Cap Fund and Neuberger Berman International Small Cap Fund are each relatively small. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund and could have an impact on performance.

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

Endnotes (Unaudited) (cont'd)

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). NBIA 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"); 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

Endnotes (Unaudited) (cont'd)

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 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.

21 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.

22 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.

23 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.

24 Effective September 3, 2019, Neuberger Berman Global Equity Fund changed its name to Neuberger Berman Integrated Large Cap Fund and changed its investment strategy, benchmark, portfolio management team and fees and expenses. Prior to that date, the Fund had a higher management fee, different expenses, a different investment strategy and benchmark, and different risks. Its performance prior to that date might have been different if the current investment strategy and fees and expenses had been in effect.

For more complete information on any of the Neuberger Berman Equity Funds, call us at (800) 877-9700, or visit our website at www.nb.com.

Glossary of Indices (Unaudited)

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 tax-qualified equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange, or NASDAQ. 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 49 country indexes comprising 23 developed and 26 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: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 20% of their free float-adjusted market capitalization as of November 2019. 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 All Shares Index (Net):				The index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It covers the integrated MSCI China equity universe comprising A-shares, B-shares, H-shares, Red chips, P-chips and foreign listings listed outside China or Hong Kong (e.g. ADRs). A-shares are incorporated in China and trade on the Shanghai and Shenzhen exchanges; they are quoted in local renminbi and entail foreign investment regulations (QFII). B-shares are incorporated in China, and trade on the Shanghai and Shenzhen exchanges; they are quoted in foreign currencies (Shanghai USD, Shenzhen HKD) and are open to foreign investors. H-shares are incorporated in China and trade on the Hong Kong exchange and other foreign exchanges. Red chips and P-chips are incorporated outside of China and trade on the Hong Kong exchange. Red chips are usually controlled by the state or a province or municipality. P-chips are non state-owned Chinese companies incorporated outside the mainland and traded in Hong Kong. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Glossary of Indices (Unaudited) (cont'd)

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 20% of their free float-adjusted market capitalization as of November 2019. 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^® 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 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 20% of their free float-adjusted market capitalization as of November 2019. 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.

Glossary of Indices (Unaudited) (cont'd)

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.
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 3000^® Index:				The index is a float-adjusted, market-capitalization-weighted equity index that measures the performance of the 3,000 largest U.S. public companies based on total market capitalization which represent about 98% of all U.S incorporated equity securities. The index is rebalanced annually in June.
Russell Midcap^® Index:				The index is a float-adjusted, market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The index is rebalanced annually in June.
Russell Midcap^® Growth Index:				The index is a float-adjusted, market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Value Index:				The index is a float-adjusted, market capitalization-weighted index that measures the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
S&P 500^® Index:				The index is a float-adjusted, market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

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

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended August 31, 2021 and held for the entire period. The table illustrates the Fund's costs in two ways:

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

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

Expense Example (Unaudited)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During the Period⁽¹⁾3/1/21 - 8/31/21		Expense Ratio			Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During the Period⁽²⁾3/1/21 - 8/31/21		Expense Ratio
Dividend Growth Fund
Institutional Class	$	1,000.00	$	1,145.50	$	3.79		0.70	%	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class A	$	1,000.00	$	1,142.90	$	5.73		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class C	$	1,000.00	$	1,138.20	$	9.75		1.81	%	$	1,000.00	$	1,016.08	$	9.20		1.81	%
Class R6	$	1,000.00	$	1,145.30	$	3.24		0.60	%	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	962.00	$	5.98		1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class A	$	1,000.00	$	960.50	$	7.41		1.50	%	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class C	$	1,000.00	$	957.10	$	11.10		2.25	%	$	1,000.00	$	1,013.86	$	11.42		2.25	%
Class R3	$	1,000.00	$	958.50	$	9.43		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6	$	1,000.00	$	962.80	$	5.39		1.09	%	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Equity Income Fund
Institutional Class	$	1,000.00	$	1,123.50	$	3.69		0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class A	$	1,000.00	$	1,122.00	$	5.62		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class C	$	1,000.00	$	1,116.80	$	9.60		1.80	%	$	1,000.00	$	1,016.13	$	9.15		1.80	%
Class R3	$	1,000.00	$	1,119.40	$	7.10		1.33	%	$	1,000.00	$	1,018.50	$	6.77		1.33	%
Focus Fund
Investor Class	$	1,000.00	$	1,186.70	$	4.80		0.87	%	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Trust Class	$	1,000.00	$	1,185.30	$	5.95		1.08	%	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Advisor Class	$	1,000.00	$	1,183.90	$	7.27		1.32	%	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Institutional Class	$	1,000.00	$	1,187.40	$	4.02		0.73	%	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class A	$	1,000.00	$	1,184.80	$	6.17		1.12	%	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class C	$	1,000.00	$	1,180.60	$	10.28		1.87	%	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Genesis Fund
Investor Class	$	1,000.00	$	1,070.60	$	5.17		0.99	%	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Trust Class	$	1,000.00	$	1,070.20	$	5.64		1.08	%	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Advisor Class	$	1,000.00	$	1,068.80	$	6.99		1.34	%	$	1,000.00	$	1,018.45	$	6.82		1.34	%
Institutional Class	$	1,000.00	$	1,071.50	$	4.33		0.83	%	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class R6	$	1,000.00	$	1,072.00	$	3.86		0.74	%	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	1,212.30	$	5.63		1.01	%	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Class A	$	1,000.00	$	1,211.00	$	7.63		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class C	$	1,000.00	$	1,206.00	$	11.79		2.12	%	$	1,000.00	$	1,014.52	$	10.76		2.12	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	936.50	$	7.37		1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Class A	$	1,000.00	$	934.30	$	9.12		1.87	%	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class C	$	1,000.00	$	931.10	$	12.75		2.62	%	$	1,000.00	$	1,012.00	$	13.29		2.62	%
Guardian Fund
Investor Class	$	1,000.00	$	1,249.70	$	4.59		0.81	%	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Trust Class	$	1,000.00	$	1,248.30	$	5.78		1.02	%	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Advisor Class	$	1,000.00	$	1,247.30	$	6.74		1.19	%	$	1,000.00	$	1,019.21	$	6.06		1.19	%
Institutional Class	$	1,000.00	$	1,250.90	$	3.80		0.67	%	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Class A	$	1,000.00	$	1,248.20	$	6.01		1.06	%	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class C	$	1,000.00	$	1,243.40	$	10.12		1.79	%	$	1,000.00	$	1,016.18	$	9.10		1.79	%
Class R3	$	1,000.00	$	1,246.20	$	7.76		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class R6	$	1,000.00	$	1,250.90	$	3.80		0.67	%	$	1,000.00	$	1,021.83	$	3.41		0.67	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During the Period⁽¹⁾3/1/21 - 8/31/21		Expense Ratio			Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During the Period⁽²⁾3/1/21 - 8/31/21		Expense Ratio
Integrated Large Cap Fund
Institutional Class	$	1,000.00	$	1,219.80	$	2.29		0.41	%	$	1,000.00	$	1,023.14	$	2.09		0.41	%
Class A	$	1,000.00	$	1,217.80	$	4.30		0.77	%	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class C	$	1,000.00	$	1,213.50	$	8.48		1.52	%	$	1,000.00	$	1,017.54	$	7.73		1.52	%
International Equity Fund
Investor Class	$	1,000.00	$	1,164.00	$	5.73		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Trust Class	$	1,000.00	$	1,163.20	$	6.16		1.13	%	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Institutional Class	$	1,000.00	$	1,164.50	$	4.69		0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class A	$	1,000.00	$	1,162.60	$	6.65		1.22	%	$	1,000.00	$	1,019.06	$	6.21		1.22	%
Class C	$	1,000.00	$	1,158.80	$	10.72		1.97	%	$	1,000.00	$	1,015.27	$	10.01		1.97	%
Class R6	$	1,000.00	$	1,165.90	$	4.15		0.76	%	$	1,000.00	$	1,021.37	$	3.87		0.76	%
International Select Fund
Trust Class	$	1,000.00	$	1,163.80	$	6.33		1.16	%	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Institutional Class	$	1,000.00	$	1,165.60	$	4.42		0.81	%	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class A	$	1,000.00	$	1,163.10	$	6.38		1.17	%	$	1,000.00	$	1,019.31	$	5.96		1.17	%
Class C	$	1,000.00	$	1,159.40	$	10.45		1.92	%	$	1,000.00	$	1,015.53	$	9.75		1.92	%
Class R3	$	1,000.00	$	1,162.40	$	7.74		1.42	%	$	1,000.00	$	1,018.05	$	7.22		1.42	%
Class R6	$	1,000.00	$	1,166.20	$	3.88		0.71	%	$	1,000.00	$	1,021.63	$	3.62		0.71	%
International Small Cap Fund
Institutional Class	$	1,000.00	$	1,196.30	$	5.81		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class A	$	1,000.00	$	1,194.50	$	7.85		1.42	%	$	1,000.00	$	1,018.05	$	7.22		1.42	%
Class C	$	1,000.00	$	1,190.50	$	11.93		2.16	%	$	1,000.00	$	1,014.32	$	10.97		2.16	%
Class R6	$	1,000.00	$	1,197.40	$	5.26		0.95	%	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	1,086.90	$	5.31		1.01	%	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Class A	$	1,000.00	$	1,085.00	$	7.20		1.37	%	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class C	$	1,000.00	$	1,080.60	$	11.12		2.12	%	$	1,000.00	$	1,014.52	$	10.76		2.12	%
Class R6	$	1,000.00	$	1,087.60	$	4.63		0.88	%	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	1,098.70	$	4.02		0.76	%	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Trust Class	$	1,000.00	$	1,097.40	$	5.13		0.97	%	$	1,000.00	$	1,020.32	$	4.94		0.97	%
Advisor Class	$	1,000.00	$	1,096.60	$	5.92		1.12	%	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Institutional Class	$	1,000.00	$	1,099.30	$	3.28		0.62	%	$	1,000.00	$	1,022.08	$	3.16		0.62	%
Class A	$	1,000.00	$	1,097.10	$	5.29		1.00	%	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class C	$	1,000.00	$	1,093.50	$	9.13		1.73	%	$	1,000.00	$	1,016.48	$	8.79		1.73	%
Class R3	$	1,000.00	$	1,095.70	$	6.76		1.28	%	$	1,000.00	$	1,018.75	$	6.51		1.28	%
Class R6	$	1,000.00	$	1,100.00	$	2.75		0.52	%	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	1,071.50	$	4.33		0.83	%	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Trust Class	$	1,000.00	$	1,070.80	$	4.80		0.92	%	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Advisor Class	$	1,000.00	$	1,069.60	$	6.10		1.17	%	$	1,000.00	$	1,019.31	$	5.96		1.17	%
Institutional Class	$	1,000.00	$	1,072.20	$	3.45		0.66	%	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Class A	$	1,000.00	$	1,070.40	$	5.38		1.03	%	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class C	$	1,000.00	$	1,066.30	$	9.27		1.78	%	$	1,000.00	$	1,016.23	$	9.05		1.78	%
Class R3	$	1,000.00	$	1,068.70	$	6.67		1.28	%	$	1,000.00	$	1,018.75	$	6.51		1.28	%
Class R6	$	1,000.00	$	1,073.00	$	2.93		0.56	%	$	1,000.00	$	1,022.38	$	2.85		0.56	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During the Period⁽¹⁾3/1/21 - 8/31/21			Expense Ratio			Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During the Period⁽²⁾3/1/21 - 8/31/21		Expense Ratio
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	1,114.70	$	5.17			0.97	%	$	1,000.00	$	1,020.32	$	4.94		0.97	%
Trust Class	$	1,000.00	$	1,113.50	$	6.45			1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Institutional Class	$	1,000.00	$	1,114.90	$	4.58			0.86	%	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class A	$	1,000.00	$	1,113.00	$	6.50			1.22	%	$	1,000.00	$	1,019.06	$	6.21		1.22	%
Class C	$	1,000.00	$	1,108.90	$	10.47			1.97	%	$	1,000.00	$	1,015.27	$	10.01		1.97	%
Class R3	$	1,000.00	$	1,111.70	$	7.82			1.47	%	$	1,000.00	$	1,017.80	$	7.48		1.47	%
Class R6	$	1,000.00	$	1,115.40	$	4.00			0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	1,190.60	$	4.36			0.79	%	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Class A	$	1,000.00	$	1,188.30	$	6.40			1.16	%	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C	$	1,000.00	$	1,183.80	$	10.51			1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Real Estate Fund
Trust Class	$	1,000.00	$	1,265.40	$	5.94			1.04	%	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Institutional Class	$	1,000.00	$	1,267.10	$	4.86			0.85	%	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class A	$	1,000.00	$	1,264.40	$	6.91			1.21	%	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Class C	$	1,000.00	$	1,259.80	$	11.16			1.96	%	$	1,000.00	$	1,015.32	$	9.96		1.96	%
Class R3	$	1,000.00	$	1,262.70	$	8.33			1.46	%	$	1,000.00	$	1,017.85	$	7.43		1.46	%
Class R6	$	1,000.00	$	1,266.90	$	4.29			0.75	%	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	948.60	$	4.96			1.01	%	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Trust Class	$	1,000.00	$	947.40	$	6.14			1.25	%	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Advisor Class	$	1,000.00	$	946.70	$	6.87			1.40	%	$	1,000.00	$	1,018.15	$	7.12		1.40	%
Institutional Class	$	1,000.00	$	949.10	$	4.42			0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class A	$	1,000.00	$	947.40	$	6.18			1.26	%	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C	$	1,000.00	$	943.90	$	9.80			2.00	%	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class R3	$	1,000.00	$	946.20	$	7.41			1.51	%	$	1,000.00	$	1,017.59	$	7.68		1.51	%
Class R6	$	1,000.00	$	949.60	$	3.93			0.80	%	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Sustainable Equity Fund
Investor Class	$	1,000.00	$	1,144.70	$	4.49			0.83	%	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Trust Class	$	1,000.00	$	1,143.70	$	5.51			1.02	%	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Institutional Class	$	1,000.00	$	1,145.70	$	3.57			0.66	%	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Class A	$	1,000.00	$	1,143.40	$	5.56			1.03	%	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class C	$	1,000.00	$	1,139.20	$	9.60			1.78	%	$	1,000.00	$	1,016.23	$	9.05		1.78	%
Class R3	$	1,000.00	$	1,142.10	$	6.91			1.28	%	$	1,000.00	$	1,018.75	$	6.51		1.28	%
Class R6	$	1,000.00	$	1,146.20	$	3.03			0.56	%	$	1,000.00	$	1,022.38	$	2.85		0.56	%
U.S. Equity Impact Fund
Institutional Class	$	1,000.00	$	1,135.00	$	4.26	⁽³⁾		0.90	%	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class A	$	1,000.00	$	1,133.00	$	5.96	⁽³⁾		1.26	%	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class C	$	1,000.00	$	1,129.00	$	9.50	⁽³⁾		2.01	%	$	1,000.00	$	1,015.07	$	10.21		2.01	%

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

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

(3) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 162/365 (to reflect the period shown of March 23, 2021 (Commencement of Operations) to August 31, 2021).

Legend August 31, 2021 (Unaudited)

Neuberger Berman Equity Funds

Investment Methods:

PIPE = Private investment in public equity

Counterparties:

SSB = State Street Bank and Trust Company

Schedule of Investments Dividend Growth Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 97.1%
Auto Components 2.4%
Aptiv PLC*		10,950	$	1,666,481
Automobiles 2.0%
General Motors Co.*		28,400		1,391,884
Banks 4.5%
JPMorgan Chase & Co.		10,500		1,679,475
PNC Financial Services Group, Inc.		7,975		1,524,022
				3,203,497
Capital Markets 6.2%
Amundi SA^(a)		14,675		1,388,800
BlackRock, Inc.		750		707,468
Cboe Global Markets, Inc.		8,475		1,069,121
Morgan Stanley		11,800		1,232,274
				4,397,663
Chemicals 1.5%
Akzo Nobel NV		8,750		1,078,616
Consumer Finance 1.4%
American Express Co.		6,050		1,004,058
Diversified Financial Services 1.0%
Equitable Holdings, Inc.		23,725		735,712
Electronic Equipment, Instruments & Components 5.7%
Amphenol Corp. Class A		21,800		1,670,534
Corning, Inc.		40,700		1,627,593
Zebra Technologies Corp. Class A*		1,325		778,000
				4,076,127
Entertainment 1.0%
Activision Blizzard, Inc.		8,775		722,797
Equity Real Estate Investment Trusts 4.6%
American Tower Corp.		5,450		1,592,326
Equinix, Inc.		1,980		1,670,031
				3,262,357
Food & Staples Retailing 2.0%
Walmart, Inc.		9,600		1,421,760

	Number of Shares		Value
Food Products 1.8%
Mondelez International, Inc. Class A		20,150	$	1,250,711
Health Care Equipment & Supplies 3.0%
Baxter International, Inc.		12,600		960,372
STERIS PLC		5,475		1,177,180
				2,137,552
Hotels, Restaurants & Leisure 2.3%
Marriott International, Inc. Class A*		12,250		1,655,465
Industrial Conglomerates 2.0%
Honeywell International, Inc.		6,250		1,449,438
Insurance 4.3%
Aon PLC Class A		5,075		1,455,814
Assurant, Inc.		4,050		688,946
Chubb Ltd.		5,025		924,198
				3,068,958
IT Services 2.8%
Automatic Data Processing, Inc.		4,300		898,872
Fidelity National Information Services, Inc.		8,300		1,060,491
				1,959,363
Life Sciences Tools & Services 2.6%
Agilent Technologies, Inc.		10,525		1,846,822
Machinery 4.0%
Caterpillar, Inc.		6,025		1,270,492
Stanley Black & Decker, Inc.		8,000		1,546,160
				2,816,652
Media 2.2%
Comcast Corp. Class A		25,700		1,559,476
Metals & Mining 4.8%
Freeport- McMoRan, Inc.		52,500		1,910,475
Wheaton Precious Metals Corp.		33,700		1,517,848
				3,428,323
Multi-Utilities 3.9%
CenterPoint Energy, Inc.		59,225		1,485,955

	Number of Shares		Value
Dominion Energy, Inc.		16,700	$	1,299,928
				2,785,883
Oil, Gas & Consumable Fuels 2.4%
Brigham Minerals, Inc. Class A		9,125		174,470
Devon Energy Corp.		50,800		1,501,140
				1,675,610
Pharmaceuticals 8.2%
AstraZeneca PLC ADR		24,225		1,411,833
Bristol-Myers Squibb Co.		16,100		1,076,446
Eli Lilly & Co.		8,500		2,195,465
Novartis AG ADR		12,300		1,136,397
				5,820,141
Professional Services 2.0%
SGS SA		460		1,445,678
Road & Rail 1.9%
CSX Corp.		42,425		1,380,085
Semiconductors & Semiconductor Equipment 4.7%
Analog Devices, Inc.		3,575		582,546
QUALCOMM, Inc.		13,900		2,038,991
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		5,725		681,332
				3,302,869
Software 3.5%
Microsoft Corp.		8,200		2,475,416
Technology Hardware, Storage & Peripherals 3.0%
Apple, Inc.		14,250		2,163,577
Textiles, Apparel & Luxury Goods 3.9%
Cie Financiere Richemont SA Class A		12,550		1,384,166
VF Corp.		18,425		1,408,960
				2,793,126
Transportation Infrastructure 1.5%
Aena SME SA*^(a)		6,650		1,061,589
Total Common Stocks (Cost $43,659,376)				69,037,686

See Notes to Financial Statements

Schedule of Investments Dividend Growth Fund^ (cont'd)

	Number of Shares		Value
Short-Term Investments 3.0%
Investment Companies 3.0%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b) (Cost $2,131,015)		2,131,015	$	2,131,015
Total Investments 100.1% (Cost $45,790,391)				71,168,701
Liabilities Less Other Assets (0.1)%				(82,585	)
Net Assets 100.0%			$	71,086,116

* 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 August 31, 2021 amounted to $2,450,389, which represents 3.4% of net assets of the Fund.

(b) Represents 7-day effective yield as of August 31, 2021.

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	57,931,427		81.5	%
Switzerland		3,966,241		5.5	%
Brazil		1,517,848		2.1	%
United Kingdom		1,411,833		2.0	%
France		1,388,800		2.0	%
Netherlands		1,078,616		1.5	%
Spain		1,061,589		1.5	%
Taiwan		681,332		1.0	%
Short-Term Investments and Other Liabilities—Net		2,048,430		2.9	%
	$	71,086,116		100.0	%

See Notes to Financial Statements

Schedule of Investments Dividend Growth Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	69,037,686	$	—	$	—	$	69,037,686
Short-Term Investments		—		2,131,015		—		2,131,015
Total Investments	$	69,037,686	$	2,131,015	$	—	$	71,168,701

(a)The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 99.1%
Brazil 4.1%
B3 SA— Brasil Bolsa Balcao*		4,793,123	$	13,042,322
CSN Mineracao SA		4,033,573		5,554,081
Natura & Co. Holding SA*		900,125		8,985,931
Pagseguro Digital Ltd., Class A*		237,257		14,109,674
Petrobras Distribuidora SA		1,890,718		9,942,102
Vasta Platform Ltd.*		291,856		1,631,475
				53,265,585
Canada 0.7%
Parex Resources, Inc.*		590,715		9,101,969
China 29.6%
A-Living Smart City Services Co. Ltd.^(a)		3,015,500		11,941,883
Alibaba Group Holding Ltd.*		2,645,536		56,295,599
Beijing Sinnet Technology Co. Ltd. Class A		4,267,952		9,244,852
China Gas Holdings Ltd.		1,318,600		3,823,159
China Merchants Bank Co. Ltd., H Shares		2,408,500		19,896,769
Fujian Green Pine Co. Ltd., Class A		4,205,455		9,734,127
Greentown Management Holdings Co. Ltd.^(a)		12,780,000		6,194,910
Hengli Petrochemical Co. Ltd. Class A		2,096,284		8,497,747

	Number of Shares		Value
iQIYI, Inc. ADR*		656,436	$	5,947,310
JD.com, Inc., Class A*		905,800		35,684,848
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		12,801,829		12,359,731
Kuaishou Technology*^(a)		328,200		3,565,809
Kweichow Moutai Co. Ltd., Class A		27,756		6,690,780
Longfor Group Holdings Ltd.^(a)		20,500		88,827
Montage Technology Co. Ltd. Class A		696,457		6,826,425
Ping An Insurance Group Co. of China Ltd., Class A		2,589,627		19,993,562
Poly Developments and Holdings Group Co. Ltd., Class A		4,869,105		8,580,750
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		2,371,500		6,678,008
Tencent Holdings Ltd.		1,249,800		77,326,599
Trip.com Group Ltd. ADR*		233,112		7,107,585
Tsingtao Brewery Co. Ltd., H Shares		914,000		7,485,975
Wingtech Technology Co. Ltd. Class A		761,354		14,059,228

	Number of Shares		Value
WUS Printed Circuit Kunshan Co. Ltd., Class A		5,209,342	$	9,019,145
Xianhe Co. Ltd., Class A		2,117,597		12,456,838
Yifeng Pharmacy Chain Co. Ltd. Class A		1,428,981		11,461,563
Zhejiang Juhua Co. Ltd., Class A		5,482,037		14,410,789
				385,372,818
Hong Kong 0.7%
ASM Pacific Technology Ltd.		781,100		9,299,945
Hungary 1.9%
OTP Bank Nyrt*		208,788		12,607,246
Richter Gedeon Nyrt		408,125		12,232,167
				24,839,413
India 18.6%
Apollo Hospitals Enterprise Ltd.		198,373		13,536,887
Aptus Value Housing Finance India Ltd.*		1,182,482		5,958,773
AU Small Finance Bank Ltd.*^(a)		422,441		6,511,577
Cartrade Tech Ltd.*		158,420		3,230,677
Divi's Laboratories Ltd.		43,687		3,093,679
EPL Ltd.		2,520,047		8,137,535
Gland Pharma Ltd.*^(a)		280,752		14,959,083
GMM Pfaudler Ltd.		74,236		4,318,617
HDFC Bank Ltd.		628,180		13,602,142

See Notes to Financial Statements

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

	Number of Shares		Value
Housing Development Finance Corp. Ltd.		402,751	$	15,417,159
ICICI Bank Ltd.		2,128,251		20,930,510
IndusInd Bank Ltd.		1,020,316		13,876,968
Infosys Ltd. ADR		1,188,048		28,299,303
JM Financial Ltd.		1,127,272		1,431,334
National Stock Exchange*^(b)(c)(f)		1,063,830		23,314,427
Pine Labs PTE Ltd.*^(b)(c)(f)		4,084		1,522,760
Reliance Industries Ltd.		712,218		15,770,594
Spandana Sphoorty Financial Ltd.*		343,300		2,967,124
State Bank of India		3,389,115		19,756,975
UltraTech Cement Ltd.		138,535		14,853,980
United Breweries Ltd.		350,006		7,063,882
Zomato Ltd.*		2,355,552		4,323,446
				242,877,432
Indonesia 1.0%
Bank Central Asia Tbk PT		2,399,400		5,509,577
Bukalapak. com PT Tbk*		103,761,600		6,875,002
				12,384,579
Kazakhstan 1.6%
Kaspi.KZ JSC^(d)		177,757		20,335,401
Korea 10.7%
Korea Petrochemical Ind Co. Ltd.		40,651		8,116,526
LG Chem Ltd.		21,453		14,025,076
NCSoft Corp.		19,313		10,993,643
Orion Corp.		92,394		10,080,505
Samsung Electronics Co. Ltd.		885,537		58,580,092

	Number of Shares		Value
SK Hynix, Inc.		203,776	$	18,717,620
SK Telecom Co. Ltd.		48,717		12,521,166
Soulbrain Co. Ltd.		28,879		7,056,295
				140,090,923
Peru 0.4%
Credicorp Ltd.*		48,263		5,146,284
Poland 2.6%
Allegro.eu SA*^(a)		570,502		10,576,961
Dino Polska SA*^(a)		186,412		15,798,163
InPost SA*		411,246		8,012,052
				34,387,176
Russia 6.4%
Detsky Mir PJSC^(a)(b)		4,086,268		7,740,241
Fix Price Group Ltd.*^(d)		622,107		5,807,369
Gazprom PJSC^(b)		2,438,690		10,188,493
LUKOIL PJSC ADR		30,598		2,617,659
LUKOIL PJSC ADR		226,655		19,211,278
Polyus PJSC^(b)		33,458		6,032,914
Sberbank of Russia PJSC^(b)		1,478,208		6,638,777
X5 Retail Group NV GDR		196,813		6,520,415
Yandex NV Class A*		238,571		18,346,110
				83,103,256
South Africa 3.4%
Anglo American PLC		214,416		9,047,101
Bid Corp. Ltd.*		611,948		13,475,599
Capitec Bank Holdings Ltd.		101,254		13,227,758
Naspers Ltd., N Shares		51,368		8,769,823
				44,520,281

	Number of Shares		Value
Taiwan 14.2%
Accton Technology Corp.		480,600	$	4,864,355
Chunghwa Telecom Co. Ltd.		2,679,000		10,826,781
Keystone Microtech Corp.		513,000		6,543,580
LandMark Optoelectronics Corp.		714,000		5,642,232
Largan Precision Co. Ltd.		112,000		10,830,823
Parade Technologies Ltd.		92,000		5,809,443
RichWave Technology Corp.*		750,000		10,310,859
Taiwan Semiconductor Manufacturing Co. Ltd.		4,711,839		104,392,053
Tong Hsing Electronic Industries Ltd.		1,103,339		10,430,830
Uni- President Enterprises Corp.		5,941,000		15,499,100
				185,150,056
Thailand 1.2%
Ngern Tid Lor PCL*		7,677,000		9,527,030
Thai Beverage PCL		11,773,422		5,954,797
				15,481,827
United Arab Emirates 0.6%
Network International Holdings PLC*^(a)		1,535,636		8,259,286
	Number of Units
Brazil 0.5%
Energisa SA		753,690		6,467,321

See Notes to Financial Statements

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

	Number of Units		Value
Mexico 0.9%
Fomento Economico Mexicano SAB de CV		1,287,394	$	11,186,175
Total Common Stocks (Cost $1,001,574,130)				1,291,269,727
	Number of Shares
Preferred Stocks 1.0%
India 1.0%
Gupshup, Inc. Ser. F*^(b)(c)(f)		217,973		4,983,996
Pine Labs PTE Ltd. Ser. 1*^(b)(c)(f)		9,762		3,639,859

	Number of Shares		Value
Pine Labs PTE Ltd. Ser. A*^(b)(c)(f)		2,439	$	909,406
Pine Labs PTE Ltd. Ser. B*^(b)(c)(f)		2,654		989,570
Pine Labs PTE Ltd. Ser. B2*^(b)(c)(f)		2,147		800,530
Pine Labs PTE Ltd. Ser. C*^(b)(c)(f)		3,993		1,488,830
Pine Labs PTE Ltd. Ser. C1*^(b)(c)(f)		841		313,575
Pine Labs PTE Ltd. Ser. D*^(b)(c)(f)		900		335,574
Total Preferred Stocks (Cost $13,478,212)				13,461,340

	Number of Shares		Value
Short-Term Investments 1.8%
Investment Companies 1.8%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(e) (Cost $24,021,517)		24,021,517	$	24,021,517
Total Investments 101.9% (Cost $1,039,073,859)				1,328,752,584
Liabilities Less Other Assets (1.9)%				(25,349,347	)
Net Assets 100.0%			$	1,303,403,237

* 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 August 31, 2021 amounted to $85,636,740, which represents 6.6% of net assets of the Fund.

(b) Security fair valued as of August 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2021 amounted to $68,898,952, which represents 5.3% of net assets of the Fund.

(d) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At August 31, 2021, these securities amounted to $26,142,770, which represents 2.0% of net assets of the Fund.

(e) Represents 7-day effective yield as of August 31, 2021.

(f) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale. At August 31, 2021, these securities amounted to $38,298,527, which represents 2.9% of net assets of the Fund.

See Notes to Financial Statements

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

Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets as of Acquisition Date			Value as of 8/31/2021		Fair Value Percentage of Net Assets as of 8/31/2021
Gupshup, Inc. (Ser. F Preferred Shares)	7/16/2021	$	4,983,996		0.4	%	$	4,983,996		0.4	%
National Stock Exchange	4/16/2018		15,536,312		1.1	%		23,314,427		1.8	%
Pine Labs PTE Ltd.	7/6/2021		1,522,760		0.1	%		1,522,760		0.1	%
Pine Labs PTE Ltd. (Ser. 1 Preferred Shares)	7/6/2021		3,639,859		0.3	%		3,639,859		0.3	%
Pine Labs PTE Ltd. (Ser. A Preferred Shares)	7/6/2021		909,406		0.1	%		909,406		0.1	%
Pine Labs PTE Ltd. (Ser. B Preferred Shares)	7/6/2021		989,570		0.1	%		989,570		0.1	%
Pine Labs PTE Ltd. (Ser. B2 Preferred Shares)	7/6/2021		800,530		0.1	%		800,530		0.0	%
Pine Labs PTE Ltd. (Ser. C Preferred Shares)	7/6/2021		1,488,830		0.1	%		1,488,830		0.1	%
Pine Labs PTE Ltd. (Ser. C1 Preferred Shares)	7/6/2021		313,575		0.0	%		313,575		0.0	%
Pine Labs PTE Ltd. (Ser. D Preferred Shares)	7/6/2021		335,574		0.0	%		335,574		0.0	%
Total		$	30,520,412		2.3	%	$	38,298,527		2.9	%

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Semiconductors & Semiconductor Equipment	$	167,542,157		12.9	%
Banks		150,064,314		11.5	%
Internet & Direct Marketing Retail		125,756,356		9.6	%
Interactive Media & Services		99,238,518		7.6	%
IT Services		74,897,215		5.7	%
Chemicals		61,840,560		4.7	%
Technology Hardware, Storage & Peripherals		58,580,092		4.5	%
Oil, Gas & Consumable Fuels		56,889,993		4.4	%
Food & Staples Retailing		47,255,740		3.6	%
Electronic Equipment, Instruments & Components		44,340,026		3.4	%
Beverages		38,381,609		3.0	%
Capital Markets		37,788,083		2.9	%
Pharmaceuticals		33,869,258		2.6	%
Consumer Finance		32,829,555		2.5	%
Food Products		25,579,605		2.0	%
Specialty Retail		23,489,712		1.8	%
Thrifts & Mortgage Finance		21,375,932		1.7	%
Metals & Mining		20,634,096		1.6	%
Real Estate Management & Development		20,611,460		1.6	%
Insurance		19,993,562		1.5	%
Entertainment		16,940,953		1.3	%
Construction Materials		14,853,980		1.1	%
Health Care Providers & Services		13,536,887		1.0	%
Wireless Telecommunication Services		12,521,166		1.0	%

See Notes to Financial Statements

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

Industry	Investments at Value			Percentage of Net Assets
Paper & Forest Products	$	12,456,838			1.0	%
Diversified Telecommunication Services		10,826,781			0.8	%
Personal Products		8,985,931			0.7	%
Containers & Packaging		8,137,535			0.6	%
Air Freight & Logistics		8,012,052			0.6	%
Hotels, Restaurants & Leisure		7,107,585			0.6	%
Electric Utilities		6,467,321			0.5	%
Construction & Engineering		6,194,910			0.5	%
Communications Equipment		4,864,355			0.4	%
Machinery		4,318,617			0.3	%
Gas Utilities		3,823,159			0.3	%
Life Sciences Tools & Services		3,093,679			0.2	%
Diversified Consumer Services		1,631,475			0.1	%
Short-Term Investments and Other Liabilities—Net		(1,327,830	)		(0.1	)%
	$	1,303,403,237			100.0	%

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
India	$	218,040,245	$	—	$	24,837,187	$	242,877,432
Russia		52,502,831		30,600,425		—		83,103,256
Other Common Stocks^(a)		965,289,039		—		—		965,289,039
Total Common Stocks		1,235,832,115		30,600,425		24,837,187		1,291,269,727
Preferred Stocks^(a)		—		—		13,461,340		13,461,340
Short-Term Investments		—		24,021,517		—		24,021,517
Total Investments	$	1,235,832,115	$	54,621,942	$	38,298,527	$	1,328,752,584

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

See Notes to Financial Statements

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

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

(000's omitted)	Beginning balance, as of 9/1/2020		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2021		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2021
Investments in Securities:
Common Stocks^(c)	$	12,754	$	—	$	—	$	10,557		$	1,526	$	—	$	—	$	—	$	24,837	$	10,557
Preferred Stocks^(c)		—		—		—		(17	)		13,478		—		—		—		13,461		(17	)
Total	$	12,754	$	—	$	—	$	10,540		$	15,004	$	—	$	—	$	—	$	38,298	$	10,540

Investment type	Fair value at 8/31/2021		Valuation approach	Unobservable input(s)	Input value/ range			Weighted average^(e)			Impact to valuation from increase input^(f)
Common Stocks	$	1,522,760	Market Approach	Transaction Price	$	372.86		$	372.86		Increase
Common Stocks		23,314,427	Market Approach	Enterprise value/ Revenue multiple^(d) (EV/Revenue)		13.0	x		13.0	x	Increase
Preferred Stocks		13,461,340	Market Approach	Transaction Price	$	22.87 - $372.86		$	243.28		Increase

(d) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.

(e) The weighted averages disclosed in the table above were weighted by relative fair value.

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

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 96.5%
Aerospace & Defense 1.9%
Lockheed Martin Corp.		61,175	$	22,010,765
Banks 8.2%
Bank of America Corp.		60,000		2,505,000
Citizens Financial Group, Inc.		495,025		21,677,145
JPMorgan Chase & Co.^(a)		225,730		36,105,513
PNC Financial Services Group, Inc.^(a)		186,200		35,582,820
				95,870,478
Beverages 1.3%
Coca-Cola Co.		128,850		7,255,544
PepsiCo, Inc.		48,450		7,577,095
				14,832,639
Biotechnology 0.6%
AbbVie, Inc.		62,600		7,560,828
Capital Markets 6.9%
Amundi SA^(b)		141,418		13,383,396
CME Group, Inc.		182,975		36,909,717
Morgan Stanley		160,100		16,719,243
Virtu Financial, Inc. Class A		571,775		13,997,052
				81,009,408
Chemicals 1.8%
Nutrien Ltd.		351,250		21,317,363
Diversified Telecommunication Services 2.8%
Cogent Communications Holdings, Inc.		110,000		7,983,800
TELUS Corp.		828,000		19,078,160
TELUS Corp.		230,000		5,299,200
				32,361,160
Electric Utilities 2.8%
NextEra Energy, Inc.^(a)		391,675		32,896,783

	Number of Shares		Value
Electrical Equipment 3.0%
Eaton Corp. PLC		206,900	$	34,833,684
Electronic Equipment, Instruments & Components 1.9%
Corning, Inc.		544,250		21,764,558
Equity Real Estate Investment Trusts 15.9%
Alexandria Real Estate Equities, Inc.		75,475		15,575,776
Americold Realty Trust		164,525		6,044,648
Brixmor Property Group, Inc.		1,464,975		34,353,664
Camden Property Trust		139,000		20,855,560
Crown Castle International Corp.		141,300		27,509,697
CyrusOne, Inc.		203,975		15,701,995
Duke Realty Corp.^(c)		330,725		17,366,370
MGM Growth Properties LLC Class A		438,100		18,163,626
Prologis, Inc.		176,250		23,733,825
Terreno Realty Corp.		104,000		6,948,240
				186,253,401
Food Products 1.9%
Flowers Foods, Inc.		660,000		15,925,800
Kellogg Co.		103,925		6,561,824
				22,487,624
Health Care Equipment & Supplies 0.5%
Medtronic PLC		45,500		6,073,340
Health Care Providers & Services 1.4%
CVS Health Corp.		195,000		16,846,050
Hotels, Restaurants & Leisure 1.2%
McDonald's Corp.		59,850		14,211,981
Household Durables 2.8%
Leggett & Platt, Inc.		587,150		28,412,188

	Number of Shares		Value
Newell Brands, Inc.		167,360	$	4,252,618
				32,664,806
Household Products 0.6%
Procter & Gamble Co.		46,150		6,571,299
Insurance 0.6%
Assurant, Inc.		42,000		7,144,620
IT Services 2.5%
Paychex, Inc.		250,925		28,723,385
Machinery 1.2%
Caterpillar, Inc.		63,950		13,485,137
Metals & Mining 3.9%
Rio Tinto PLC ADR		373,300		28,023,631
Southern Copper Corp.		281,200		17,600,308
				45,623,939
Multi-Utilities 7.6%
Ameren Corp.		174,800		15,333,456
CenterPoint Energy, Inc.		1,299,600		32,606,964
Dominion Energy, Inc.		170,300		13,256,152
Public Service Enterprise Group, Inc.		101,700		6,502,698
Sempra Energy		64,100		8,484,276
WEC Energy Group, Inc.		132,100		12,480,808
				88,664,354
Oil, Gas & Consumable Fuels 3.7%
Chevron Corp.		186,725		18,069,378
ConocoPhillips		307,698		17,086,470
Valero Energy Corp.		125,225		8,303,670
				43,459,518
Pharmaceuticals 7.8%
AstraZeneca PLC ADR		403,075		23,491,211
Bristol- Myers Squibb Co.		471,900		31,551,234
Johnson & Johnson		207,500		35,924,475
				90,966,920

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (cont'd)

	Number of Shares		Value
Professional Services 1.2%
SGS SA		4,300	$	13,513,950
Semiconductors & Semiconductor Equipment 5.1%
Intel Corp.		30,000		1,621,800
QUALCOMM, Inc.^(a)		165,290		24,246,390
Texas Instruments, Inc.		175,400		33,485,614
				59,353,804
Software 1.4%
Microsoft Corp.		54,550		16,467,554
Specialty Retail 2.4%
Best Buy Co., Inc.		120,425		14,030,717
Home Depot, Inc.		44,125		14,392,692
				28,423,409
Textiles, Apparel & Luxury Goods 1.6%
VF Corp.		249,900		19,109,853
Trading Companies & Distributors 2.0%
Watsco, Inc.		85,500		23,804,910
Total Common Stocks (Cost $764,745,505)				1,128,307,520
	Principal Amount
Convertible Bonds 2.9%
Biotechnology 0.1%
Exact Sciences Corp., 0.38%, due 3/1/2028	$	1,405,000		1,587,386

	Principal Amount		Value
Electronic Equipment, Instruments & Components 0.9%
Vishay Intertechnology, Inc., 2.25%, due 6/15/2025	$	10,385,000	$	10,943,713
Health Care Equipment & Supplies 0.3%
Dexcom, Inc., 0.25%, due 11/15/2025		2,680,000		3,082,130
Media 0.5%
Liberty Media Corp., 2.75%, due 12/1/2049^(d)		6,000,000		6,262,800
Metals & Mining 0.4%
Ivanhoe Mines Ltd., 2.50%, due 4/15/2026^(d)		3,050,000		3,999,392
Semiconductors & Semiconductor Equipment 0.7%
Enphase Energy, Inc., 0.00%, due 3/1/2028^(d)		8,440,000		8,210,647
Total Convertible Bonds (Cost $30,717,328)				34,086,068

	Number of Shares		Value
Short-Term Investments 0.4%
Investment Companies 0.4%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(c)(e)(Cost $4,134,567)		4,134,567	$	4,134,567
Total Investments 99.8% (Cost $799,597,400)				1,166,528,155
Other Assets Less Liabilities 0.2%^(f)				2,813,663
Net Assets 100.0%			$	1,169,341,818

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

(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 August 31, 2021 amounted to $13,383,396, which represents 1.1% of net assets of the Fund.

(c) All or a portion of this security is segregated in connection with obligations for options written with a total value of $10,654,997.

(d) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At August 31, 2021, these securities amounted to $18,472,839, which represents 1.6% of net assets of the Fund.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (cont'd)

(e) Represents 7-day effective yield as of August 31, 2021.

(f) Includes the impact of the Fund's open positions in derivatives at August 31, 2021.

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	1,016,686,977		86.9	%
Canada		49,694,115		4.3	%
Australia		28,023,631		2.4	%
United Kingdom		23,491,211		2.0	%
Peru		17,600,308		1.5	%
Switzerland		13,513,950		1.2	%
France		13,383,396		1.1	%
Short-Term Investments and Other Assets—Net		6,948,230		0.6	%
	$	1,169,341,818		100.0	%

Derivative Instruments

Written option contracts ("options written")

At August 31, 2021, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Diversified Telecommunication Services
Cogent Communications Holdings, Inc.		100	$	(725,800	)	$	85	1/21/2022	$	(14,250	)
Electrical Equipment
Eaton Corp. PLC		100		(1,683,600	)		160	10/15/2021		(104,000	)
Eaton Corp. PLC		100		(1,683,600	)		165	10/15/2021		(66,500	)
Eaton Corp. PLC		100		(1,683,600	)		170	10/15/2021		(39,000	)
Eaton Corp. PLC		100		(1,683,600	)		175	10/15/2021		(19,500	)
Eaton Corp. PLC		100		(1,683,600	)		185	1/21/2022		(31,500	)
										(260,500	)
Equity Real Estate Investment Trusts
Camden Property Trust		140		(2,100,560	)		150	11/19/2021		(70,000	)
Camden Property Trust		140		(2,100,560	)		160	2/18/2022		(47,250	)
Prologis, Inc.		180		(2,423,880	)		140	11/19/2021		(53,550	)
Prologis, Inc.		80		(1,077,280	)		150	1/21/2022		(15,000	)
Prologis, Inc.		180		(2,423,880	)		150	2/18/2022		(45,900	)
Prologis, Inc.		180		(2,423,880	)		155	2/18/2022		(29,250	)
										(260,950	)
Health Care Equipment & Supplies
Medtronic PLC		100		(1,334,800	)		150	1/21/2022		(12,900	)
Hotels, Restaurants & Leisure
McDonald's Corp.		28		(664,888	)		280	3/18/2022		(3,710	)

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (cont'd)

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Insurance
Assurant, Inc.		140	$	(2,381,540	)	$	200	3/18/2022	$	(39,200	)
IT Services
Paychex, Inc.		270		(3,090,690	)		120	12/17/2021		(70,875	)
Pharmaceuticals
AstraZeneca PLC		200		(1,165,600	)		67.5	1/21/2022		(13,700	)
Bristol-Myers Squibb Co.		250		(1,671,500	)		77.5	3/18/2022		(22,375	)
Bristol-Myers Squibb Co.		225		(1,504,350	)		80	6/17/2022		(25,087	)
Johnson & Johnson		200		(3,462,600	)		190	1/21/2022		(35,500	)
Johnson & Johnson		200		(3,462,600	)		210	6/17/2022		(27,100	)
										(123,762	)
Semiconductors & Semiconductor Equipment
QUALCOMM, Inc.		150		(2,200,350	)		165	11/19/2021		(26,175	)
QUALCOMM, Inc.		150		(2,200,350	)		170	12/17/2021		(25,275	)
QUALCOMM, Inc.		150		(2,200,350	)		175	1/21/2022		(28,425	)
										(79,875	)
Software
Microsoft Corp.		100		(3,018,800	)		295	10/15/2021		(124,250	)
Microsoft Corp.		75		(2,264,100	)		335	1/21/2022		(36,563	)
										(160,813	)
Specialty Retail
Home Depot, Inc.		100		(3,261,800	)		385	2/18/2022		(25,150	)
Home Depot, Inc.		100		(3,261,800	)		410	6/17/2022		(33,250	)
										(58,400	)
Total calls									$	(1,085,235	)
Puts
Road & Rail
Union Pacific Corp.		100	$	(2,168,400	)	$	165	11/19/2021	$	(5,850	)
Union Pacific Corp.		100		(2,168,400	)		160	1/21/2022		(12,200	)
										(18,050	)
Semiconductors & Semiconductor Equipment
Intel Corp.		300		(1,621,800	)		52.5	9/17/2021		(11,850	)
Intel Corp.		300		(1,621,800	)		50	10/15/2021		(14,400	)
Intel Corp.		300		(1,621,800	)		47.5	12/17/2021		(33,750	)
										(60,000	)
Total puts									$	(78,050	)
Total options written (premium received $851,030)									$	(1,163,285	)

For the year ended August 31, 2021, the average market value for the months where the Fund had options written outstanding was $(1,905,702). At August 31, 2021, the Fund had securities pledged in the amount of $36,826,735 to cover collateral requirements for options written.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,128,307,520	$	—	$	—	$	1,128,307,520
Convertible Bonds^(a)		—		34,086,068		—		34,086,068
Short-Term Investments		—		4,134,567		—		4,134,567
Total Investments	$	1,128,307,520	$	38,220,635	$	—	$	1,166,528,155

(a)The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of August 31, 2021:

Other Financial Instruments	Level 1			Level 2		Level 3^(b)		Total
Options Written
Liabilities	$	(1,163,285	)	$	—	$	—	$	(1,163,285	)
Total	$	(1,163,285	)	$	—	$	—	$	(1,163,285	)

(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:

(000's omitted)	Beginning balance, as of 9/1/2020			Accrued discounts/ (premiums)		gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases/ Closing of options		Sales/ Writing of options		Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2021		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2021
Other Financial Instruments:
Options Written^(c)	$	(19	)	$	—	$	21	$	(12	)	$	10	$	—	$	—	$	—	$	—	$	—
Total	$	(19	)	$	—	$	21	$	(12	)	$	10	$	—	$	—	$	—	$	—	$	—

(c) At the beginning of the year, these investments were valued in accordance with the procedures approved by the Board of Trustees. The Fund held no Level 3 investments at August 31, 2021.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

100

Schedule of Investments Focus Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 98.7%
Aerospace & Defense 2.5%
Airbus SE*		173,451	$	23,695,632
Banks 1.3%
ICICI Bank Ltd. ADR		620,518		12,174,563
Beverages 2.8%
Carlsberg AS Class B		111,777		19,513,323
Diageo PLC		143,424		6,889,697
				26,403,020
Capital Markets 1.9%
Blackstone, Inc.		123,888		15,576,438
Patria Investments Ltd. Class A		128,559		2,118,653
				17,695,091
Chemicals 3.2%
Linde PLC		98,114		30,865,683
Commercial Services & Supplies 1.0%
LegalZoom.com, Inc.*^(a)(g)		286,288		9,284,320
Communications Equipment 0.7%
Nokia Corp. ADR*		1,153,845		6,876,916
Electronic Equipment, Instruments & Components 2.7%
Zebra Technologies Corp. Class A*		43,190		25,359,872
Equity Real Estate Investment Trusts 1.3%
Prologis, Inc.		90,495		12,186,057
Food & Staples Retailing 0.7%
Kroger Co.		155,765		7,169,863
Health Care Equipment & Supplies 0.9%
Figs, Inc. Class A*^(b)		206,321		8,461,224
Health Care Providers & Services 1.7%
UnitedHealth Group, Inc.		39,355		16,382,306
Hotels, Restaurants & Leisure 3.9%
Entain PLC*		1,388,684		36,905,462
Interactive Media & Services 7.3%
Alphabet, Inc. Class C*		14,385		41,849,417

	Number of Shares		Value
Facebook, Inc. Class A*		73,426	$	27,856,356
				69,705,773
IT Services 7.4%
Accenture PLC Class A		66,978		22,542,116
EPAM Systems, Inc.*		53,274		33,712,320
Globant SA*		44,115		14,217,382
				70,471,818
Life Sciences Tools & Services 1.3%
IQVIA Holdings, Inc.*		49,111		12,755,600
Machinery 2.7%
Deere & Co.		67,276		25,432,346
Multiline Retail 3.3%
Target Corp.		125,455		30,984,876
Personal Products 5.3%
Estee Lauder Cos., Inc. Class A		71,531		24,355,590
L'Oreal SA		55,943		26,177,487
				50,533,077
Semiconductors & Semiconductor Equipment 9.1%
ASML Holding NV		78,052		65,020,438
Marvell Technology, Inc.		233,176		14,268,039
United Microelectronics Corp. ADR^(b)		672,816		7,649,918
				86,938,395
Software 14.5%
AvidXchange, Inc.*^(a)(c)(g)		10,202		756,284
Constellation Software, Inc.		25,564		43,324,765
DoubleVerify Holdings, Inc.*^(a)(g)		58,101		2,040,507
Microsoft Corp.		213,226		64,368,665
Paycor HCM, Inc.*		180,000		6,651,000

	Number of Shares		Value
Paycor HCM, Inc.*^(a)(g)		476,548	$	16,383,720
Topicus.com, Inc.*		46,495		4,718,230
				138,243,171
Specialty Retail 5.8%
Bath & Body Works, Inc.		204,808		13,820,444
RH*		43,168		30,246,523
Victoria's Secret & Co.*		173,357		11,493,569
				55,560,536
Textiles, Apparel & Luxury Goods 12.9%
Deckers Outdoor Corp.*		27,295		11,421,593
Hermes International		6,519		9,579,305
LVMH Moet Hennessy Louis Vuitton SE		57,182		42,320,077
NIKE, Inc. Class B		231,015		38,057,411
Puma SE		175,515		21,304,212
				122,682,598
Trading Companies & Distributors 3.1%
IMCD NV		148,366		29,229,321
Wireless Telecommunication Services 1.4%
T-Mobile U.S., Inc.*		94,434		12,939,347
Total Common Stocks (Cost $646,670,524)				938,936,867
Preferred Stocks 1.0%
Hotels, Restaurants & Leisure 0.5%
Sweetgreen, Inc. Ser. D*^(a)(c)(g⁾		250,000		3,425,000
Sweetgreen, Inc. Ser. I*^(a)(c)(g)		27,151		464,282
Sweetgreen, Inc. Ser. J*^(a)(c)(g)		20,645		353,030
				4,242,312
IT Services 0.2%
Druva, Inc. Ser. 5*^(a)(c)(g)		106,691		999,993

See Notes to Financial Statements

101

Schedule of Investments Focus Fund^ (cont'd)

	Number of Shares		Value
Turing Holding Corp. Thoughtworks Ser. B*^(a)(c)(g)		1,511	$	1,189,000
				2,188,993
Software 0.3%
AvidXchange, Inc. Ser. F*^(a)(c)(g)		40,808		3,025,138
Total Preferred Stocks (Cost $7,817,393)				9,456,443

	Number of Shares		Value
Warrants 0.0%^(d)
Hotels, Restaurants & Leisure 0.0%^(d)
Sweetgreen, Inc. Ser. J Expires 1/21/2026^(a)(c)(g) (Cost $—)*		1	$	—
Short-Term Investments 1.7%
Investment Companies 1.7%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(e)		1,455,128		1,455,128

	Number of Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%^(e)(f)		15,201,104	$	15,201,104
Total Short-Term Investments (Cost $16,656,232)				16,656,232
Total Investments 101.4% (Cost $671,144,149)				965,049,542
Liabilities Less Other Assets (1.4)%				(13,743,580	)
Net Assets 100.0%			$	951,305,962

* Non-income producing security.

(a) Security fair valued as of August 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2021 amounted to $37,921,274, which represents 4.0% of net assets of the Fund.

(b) All or a portion of this security is on loan at August 31, 2021. Total value of all such securities at August 31, 2021 amounted to $14,644,435 for the Fund (see Note A of Notes to Financial Statements).

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

(e) Represents 7-day effective yield as of August 31, 2021.

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

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

See Notes to Financial Statements

102

Schedule of Investments Focus Fund^ (cont'd)

At August 31, 2021, these securities amounted to $37,921,274, which represents 4.0% of net assets of the Fund.

Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets as of Acquisition Date			Value as of 8/31/2021		Fair Value Percentage of Net Assets as of 8/31/2021
AvidXchange, Inc.	4/7/2020	$	500,020		0.1	%	$	756,284		0.1	%
AvidXchange, Inc. (Ser. F Preferred Shares)	4/7/2020		2,000,082		0.3	%		3,025,138		0.3	%
DoubleVerify Holdings, Inc.	11/18/2020		999,999		0.1	%		2,040,507		0.2	%
Druva, Inc. (Ser. 5 Preferred Shares)	4/1/2021		1,000,000		0.1	%		999,993		0.1	%
LegalZoom.com, Inc.	8/22/2018		2,819,507		0.4	%		9,284,320		1.0	%
Paycor HCM, Inc.	1/19/2021		10,990,000		1.4	%		16,383,720		1.7	%
Sweetgreen, Inc. (Ser. D Preferred Shares)	11/30/2018		3,000,000		0.4	%		3,425,000		0.4	%
Sweetgreen, Inc. (Ser. I Preferred Shares)	9/13/2019		464,282		0.1	%		464,282		0.1	%
Sweetgreen, Inc. (Ser. J Preferred Shares)	1/21/2021		353,030		0.0	%		353,030		0.0	%
Sweetgreen, Inc. (Ser. J Warrants)	1/21/2021		—		0.0	%		—		0.0	%
Turing Holding Corp. Thoughtworks (Ser. B Preferred Shares)	6/23/2021		1,000,000		0.1	%		1,189,000		0.1	%
Total		$	23,126,920		3.0	%	$	37,921,274		4.0	%

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	560,029,628		58.9	%
France		101,772,501		10.7	%
Netherlands		98,967,989		10.4	%
United Kingdom		74,660,842		7.8	%
Canada		43,324,765		4.6	%
Germany		21,304,212		2.2	%
Denmark		19,513,323		2.1	%
India		12,174,563		1.3	%
Taiwan		7,649,918		0.8	%
Finland		6,876,916		0.7	%
Cayman Islands		2,118,653		0.2	%
Short-Term Investments and Other Liabilities—Net		2,912,652		0.3	%
	$	951,305,962		100.0	%

See Notes to Financial Statements

103

Schedule of Investments Focus Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Commercial Services & Supplies	$	—	$	9,284,320	$	—	$	9,284,320
Software		119,062,660		18,424,227		756,284		138,243,171
Other Common Stocks^(a)		791,409,376		—		—		791,409,376
Total Common Stocks		910,472,036		27,708,547		756,284		938,936,867
Preferred Stocks^(a)		—		—		9,456,443		9,456,443
Warrants^(a)		—		—		—		—
Short-Term Investments		—		16,656,232		—		16,656,232
Total Investments	$	910,472,036	$	44,364,779	$	10,212,727	$	965,049,542

(a) The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country 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 9/1/2020		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance, as of 8/31/2021		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2021
Investments in Securities:
(000's omitted)
Common Stocks^(c)	$	3,445	$	—	$	—	$	131	$	—	$	—	$	—	$	(2,820	)	$	756	$	131
Preferred Stocks^(c)		5,464		—		—		1,639		2,353		—		—		—			9,456		1,639
Warrants^(c)		—		—		—		—		—		—		—		—			—		—
Total	$	8,909	$	—	$	—	$	1,770	$	2,353	$	—	$	—	$	(2,820	)	$	10,212	$	1,770

See Notes to Financial Statements

104

Schedule of Investments Focus Fund^ (cont'd)

Investment
type

Fair value
at 8/31/2021

Valuation
approach

Unobservable
Input(s)

Input value/
range

Weighted
average^(e)

Impact to
valuation
from
increase
in input^(f)

Common
Stocks

756,284

Market
Approach

Enterprise value/
Revenue multiple^(d)
(EV/Revenue)

15.0x

Increase

Preferred
Stocks

7,639,138

Market
Approach

Enterprise value/
Revenue multiple^(d)
(EV/Revenue)

5.0x - 15.0x

9.1x

Increase

Preferred
Stocks

1,817,305

Market
Approach

Transaction Price

9.37 -
$17.10

12.85

Increase

Warrants

—

Market
Approach

Transaction Price

0.00

Increase

(d) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.

(e) The weighted averages disclosed in the table above were weighted by relative fair value.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

105

Schedule of Investments Genesis Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 99.4%
Air Freight & Logistics 0.6%
Forward Air Corp.		927,016	$	81,735,001
Airlines 0.7%
Allegiant Travel Co.*		447,043		86,028,955
Auto Components 3.6%
Fox Factory Holding Corp.*		1,771,267		272,190,600
LCI Industries		931,077		131,896,368
XPEL, Inc.*		824,105		62,615,498
				466,702,466
Banks 9.1%
Bank of Hawaii Corp.		1,783,436		149,469,771
BOK Financial Corp.		1,016,541		89,506,435
Columbia Banking System, Inc.		2,049,782		74,530,073
Community Bank System, Inc.		1,824,157		134,987,618
Cullen/Frost Bankers, Inc.		1,123,862		128,367,518
CVB Financial Corp.		3,847,411		78,333,288
First Financial Bankshares, Inc.		2,953,657		140,653,146
First Hawaiian, Inc.		2,846,131		79,435,516
Glacier Bancorp, Inc.		2,544,264		135,507,501
Lakeland Financial Corp.		1,024,087		68,009,618
Prosperity Bancshares, Inc.		1,267,720		88,588,274
				1,167,388,758
Biotechnology 1.4%
Abcam PLC*		2,391,134		50,758,242
Emergent BioSolutions, Inc.*		2,038,483		128,587,508
				179,345,750

	Number of Shares		Value
Building Products 1.7%
AAON, Inc.		2,045,871	$	139,344,274
CSW Industrials, Inc.		640,235		85,016,805
				224,361,079
Capital Markets 2.4%
Artisan Partners Asset Management, Inc. Class A		920,123		47,809,591
Hamilton Lane, Inc. Class A		560,326		48,227,259
Houlihan Lokey, Inc.		959,904		86,583,341
MarketAxess Holdings, Inc.		262,159		124,766,711
				307,386,902
Chemicals 1.8%
Chase Corp.^(a)		590,633		67,627,479
Quaker Chemical Corp.		634,937		164,524,875
				232,152,354
Commercial Services & Supplies 4.8%
Driven Brands Holdings, Inc.*		2,143,525		64,048,527
IAA, Inc.*		2,163,927		114,947,802
MSA Safety, Inc.		1,044,263		170,047,787
Rollins, Inc.		3,023,511		117,675,048
Tetra Tech, Inc.		1,048,728		150,849,036
				617,568,200
Communications Equipment 0.8%
NetScout Systems, Inc.*^(a)		3,862,787		105,917,620
Construction & Engineering 1.2%
Valmont Industries, Inc.		596,831		148,527,363
Construction Materials 1.3%
Eagle Materials, Inc.		1,036,892		162,626,141
Containers & Packaging 1.0%
AptarGroup, Inc.		916,104		123,490,819

	Number of Shares		Value
Distributors 3.4%
Pool Corp.		888,497	$	439,184,067
Diversified Consumer Services 0.9%
Bright Horizons Family Solutions, Inc.*		820,616		119,612,988
Electrical Equipment 0.2%
Shoals Technologies Group, Inc. Class A*		649,790		21,163,660
Electronic Equipment, Instruments & Components 7.2%
Cognex Corp.		1,565,205		138,708,467
Littelfuse, Inc.		630,228		179,867,071
National Instruments Corp.		1,053,650		44,063,643
Novanta, Inc.*		1,362,289		208,729,921
Rogers Corp.*^(a)		999,166		212,232,850
Zebra Technologies Corp. Class A*		243,815		143,160,854
				926,762,806
Food & Staples Retailing 0.5%
Grocery Outlet Holding Corp.*		2,351,441		61,208,009
Food Products 1.1%
Lancaster Colony Corp.		576,118		102,111,154
Utz Brands, Inc.		2,292,581		44,521,923
				146,633,077
Health Care Equipment & Supplies 6.1%
Atrion Corp.^(a)		135,549		94,079,139
Haemonetics Corp.*		2,234,524		140,216,381
IDEXX Laboratories, Inc.*		191,902		129,295,891
Neogen Corp.*		1,398,593		61,230,402

See Notes to Financial Statements

106

Schedule of Investments Genesis Fund^ (cont'd)

	Number of Shares		Value
West Pharmaceutical Services, Inc.		811,582	$	366,526,663
				791,348,476
Health Care Providers & Services 1.7%
Chemed Corp.		383,276		182,707,669
National Research Corp.		654,266		35,330,364
				218,038,033
Health Care Technology 0.6%
Certara, Inc.*		889,550		29,862,194
Simulations Plus, Inc.		938,990		41,597,257
				71,459,451
Hotels, Restaurants & Leisure 0.9%
Texas Roadhouse, Inc.		1,287,556		122,317,820
Household Products 1.8%
Church & Dwight Co., Inc.		1,279,616		107,052,675
WD-40 Co.		503,280		120,600,986
				227,653,661
Insurance 1.4%
AMERISAFE, Inc.^(a)		1,019,864		58,693,173
RLI Corp.		1,161,004		126,816,467
				185,509,640
IT Services 1.4%
Computer Services, Inc.		1,045,546		60,641,668
Jack Henry & Associates, Inc.		673,222		118,742,896
				179,384,564
Leisure Products 0.6%
Hayward Holdings, Inc.*		3,797,632		79,560,390
Life Sciences Tools & Services 3.7%
Bio-Techne Corp.		737,040		367,886,145
ICON PLC*		417,588		106,806,483
				474,692,628

	Number of Shares		Value
Machinery 6.6%
Graco, Inc.		1,403,599	$	110,070,234
Kadant, Inc.		547,861		114,568,692
Lindsay Corp.^(a)		580,256		95,597,176
Nordson Corp.		501,506		119,659,332
Omega Flex, Inc.		121,449		18,460,248
RBC Bearings, Inc.*		940,604		217,768,638
Toro Co.		1,636,151		179,878,441
				856,002,761
Media 3.6%
Cable One, Inc.		73,144		153,572,411
Nexstar Media Group, Inc. Class A		1,404,862		210,378,084
TechTarget, Inc.*		1,213,450		102,633,601
				466,584,096
Professional Services 1.9%
Exponent, Inc.		2,090,270		244,352,563
Real Estate Management & Development 1.5%
FirstService Corp.		1,047,585		194,924,141
Semiconductors & Semiconductor Equipment 5.9%
CMC Materials, Inc.		981,471		130,162,684
Lattice Semiconductor Corp.*		3,493,775		217,033,303
MKS Instruments, Inc.		866,950		127,597,701
Power Integrations, Inc.		2,602,553		282,741,358
				757,535,046
Software 11.6%
Altair Engineering, Inc. Class A*		981,973		72,656,182
American Software, Inc. Class A^(a)		1,814,630		46,037,163

	Number of Shares		Value
Aspen Technology, Inc.*		1,675,367	$	216,960,027
Fair Isaac Corp.*		445,819		204,960,827
Manhattan Associates, Inc.*		1,923,764		313,554,294
Model N, Inc.*^(a)		2,158,437		73,192,599
Qualys, Inc.*		1,534,252		180,090,500
SPS Commerce, Inc.*		1,436,593		194,701,449
Tyler Technologies, Inc.*		306,281		148,760,682
Vertex, Inc. Class A*^(a)		2,439,846		50,504,812
				1,501,418,535
Specialty Retail 4.1%
Asbury Automotive Group, Inc.*		843,396		157,074,071
Floor & Decor Holdings, Inc. Class A*		1,178,542		145,314,229
Lithia Motors, Inc.		324,612		107,543,956
Petco Health & Wellness Co., Inc.*		1,798,918		38,730,704
Tractor Supply Co.		443,963		86,239,813
				534,902,773
Trading Companies & Distributors 2.3%
Richelieu Hardware Ltd.^(b)		1,791,001		64,590,452
SiteOne Landscape Supply, Inc.*		495,225		99,094,523
Transcat, Inc.*^(a)		484,458		32,826,874
Watsco, Inc.		366,115		101,933,738
				298,445,587
Total Common Stocks (Cost $5,415,234,046)				12,821,926,180

See Notes to Financial Statements

107

Schedule of Investments Genesis Fund^ (cont'd)

	Number of Shares		Value
Short-Term Investments 0.6%
Investment Companies 0.6%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(c)		5,623,374	$	5,623,374

	Number of Shares		Value
State Street Institutional Treasury Plus Money Market Fund Premier Class, 0.01%^(c)		79,766,073	$	79,766,073
Total Short-Term Investments (Cost $85,389,447)				85,389,447
Total Investments 100.0% (Cost $5,500,623,493)				12,907,315,627
Liabilities Less Other Assets (0.0)%^(d)			( 6,158,936)
Net Assets 100.0%			$	12,901,156,691

* Non-income producing security.

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

(b) Security fair valued as of August 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2021 amounted to $64,590,452, which represents 0.5% of net assets of the Fund.

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Trading Companies & Distributors	$	233,855,135	$	64,590,452	$	—	$	298,445,587
Other Common Stocks^(a)		12,523,480,593		—		—		12,523,480,593
Total Common Stocks		12,757,335,728		64,590,452		—		12,821,926,180
Short-Term Investments		—		85,389,447		—		85,389,447
Total Investments	$	12,757,335,728	$	149,979,899	$	—	$	12,907,315,627

(a) The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

108

Schedule of Investments Global Real Estate Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 100.3%
Australia 3.8%
Charter Hall Long Wale REIT		18,504	$	70,932
Dexus		5,489		42,725
Scentre Group		22,036		45,943
				159,600
Canada 4.5%
Allied Properties Real Estate Investment Trust		829		28,445
Brookfield Asset Management, Inc. Class A		950		52,852
Canadian Apartment Properties REIT		854		41,365
Summit Industrial Income REIT		3,869		65,656
				188,318
China 1.5%
China Resources Land Ltd.		17,000		63,279
France 1.2%
ARGAN SA		395		51,957
Germany 3.9%
Deutsche Wohnen SE		1,134		70,376
Vonovia SE		1,394		94,084
				164,460
Hong Kong 2.6%
Sun Hung Kai Properties Ltd.		7,769		109,481
Japan 10.7%
LaSalle Logiport REIT		58		101,223
Mitsubishi Estate Co. Ltd.		7,785		121,783
Mitsui Fudosan Logistics Park, Inc.		18		106,676
Nomura Real Estate Holdings, Inc.		4,815		123,204
				452,886

	Number of Shares		Value
Singapore 3.4%
Keppel DC REIT		14,475	$	26,916
Mapletree Commercial Trust		26,800		40,466
UOL Group Ltd.		14,500		75,495
				142,877
Spain 1.4%
Cellnex Telecom SA^(a)		890		60,950
United Kingdom 10.5%
Land Securities Group PLC		4,408		42,968
Safestore Holdings PLC		6,937		110,156
Segro PLC		9,594		169,363
UNITE Group PLC		7,219		121,334
				443,821
United States 56.8%
American Homes 4 Rent Class A		899		37,704
American Tower Corp.		821		239,871
Apartment Income REIT Corp.		1,274		64,745
Boston Properties, Inc.		541		61,128
Crown Castle International Corp.		820		159,646
CyrusOne, Inc.		467		35,950
Digital Realty Trust, Inc.		558		91,462
Douglas Emmett, Inc.		1,069		35,288
Duke Realty Corp.		1,255		65,900
Equinix, Inc.		171		144,230
Equity LifeStyle Properties, Inc.		1,094		93,067
Equity Residential		1,510		126,946
Essex Property Trust, Inc.		269		88,969
Extra Space Storage, Inc.		409		76,446
Healthcare Trust of America, Inc. Class A		1,349		40,915
Healthpeak Properties, Inc.		1,605		57,780

	Number of Shares		Value
Host Hotels & Resorts, Inc.*		1,577	$	26,115
Invitation Homes, Inc.		1,252		51,557
Kilroy Realty Corp.		522		34,269
National Retail Properties, Inc.		630		29,994
Prologis, Inc.		1,312		176,674
Public Storage		344		111,322
Regency Centers Corp.		1,431		98,195
Retail Opportunity Investments Corp.		1,153		20,846
SBA Communications Corp.		246		88,307
Simon Property Group, Inc.		612		82,283
Spirit Realty Capital, Inc.		937		48,508
VICI Properties, Inc.		1,109		34,279
Vornado Realty Trust		558		23,369
Welltower, Inc.		1,026		89,806
Weyerhaeuser Co.		1,664		59,904
				2,395,475
Total Common Stocks (Cost $3,543,014)				4,233,104
Short-Term Investments 0.4%
Investment Companies 0.4%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b) (Cost $16,017)		16,017		16,017
Total Investments 100.7% (Cost $3,559,031)				4,249,121
Liabilities Less Other Assets (0.7)%				(31,438	)
Net Assets 100.0%			$	4,217,683

* 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 August 31, 2021 amounted to $60,950, which represents 1.4% of net assets of the Fund.

(b) Represents 7-day effective yield as of August 31, 2021.

See Notes to Financial Statements

109

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

POSITIONS BY SECTOR

Sector	Investments at Value			Percentage of Net Assets
Specialty REITs	$	1,494,884			35.4	%
Industrial & Office REITs		861,450			20.4	%
Real Estate Holding & Development		710,554			16.9	%
Residential REITs		625,687			14.8	%
Retail REITs		366,235			8.7	%
Diversified REITs		113,900			2.7	%
Hotel & Lodging REITs		60,394			1.4	%
Short-Term Investments and Other Liabilities—Net		(15,421	)		(0.3	)%
	$	4,217,683			100.0	%

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	4,233,104	$	—	$	—	$	4,233,104
Short-Term Investments		—		16,017		—		16,017
Total Investments	$	4,233,104	$	16,017	$	—	$	4,249,121

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

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

110

Schedule of Investments Greater China Equity Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 95.6%
Banks 5.6%
China Merchants Bank Co. Ltd., H Shares		443,000	$	3,659,651
Beverages 2.2%
China Resources Beer Holdings Co. Ltd.		176,000		1,448,290
Biotechnology 1.6%
Akeso, Inc.*^(a)		203,000		1,049,264
Chemicals 12.7%
Jiangsu Eastern Shenghong Co. Ltd. Class A		790,000		3,957,823
Wanhua Chemical Group Co. Ltd. Class A		123,000		2,030,588
Zhejiang Satellite Petrochemical Co. Ltd. Class A		345,618		2,241,127
				8,229,538
Construction Materials 4.5%
China National Building Material Co. Ltd., H Shares		2,116,000		2,894,810
Containers & Packaging 5.1%
Yunnan Energy New Material Co. Ltd. Class A		76,100		3,325,077
Electrical Equipment 2.6%
Eve Energy Co. Ltd. Class A		49,000		773,301
JL Mag Rare-Earth Co. Ltd. Class A		152,000		929,893
				1,703,194

	Number of Shares		Value
Electronic Equipment, Instruments & Components 1.4%
Sunny Optical Technology Group Co. Ltd.		30,000	$	907,238
Food Products 4.2%
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		516,000		2,715,243
Household Durables 11.2%
Gree Electric Appliances, Inc. of Zhuhai Class A		516,000		3,281,285
Haier Smart Home Co. Ltd., H Shares		737,000		2,776,501
Midea Group Co. Ltd. Class A		122,813		1,254,125
				7,311,911
Insurance 4.8%
China Pacific Insurance Group Co. Ltd., H Shares		835,000		2,351,221
Ping An Insurance Group Co. of China Ltd., H Shares		101,000		784,370
				3,135,591
Interactive Media & Services 5.9%
Tencent Holdings Ltd.		62,500		3,866,949
Internet & Direct Marketing Retail 9.7%
Alibaba Group Holding Ltd.*		197,000		4,192,055
JD.com, Inc., Class A*		54,000		2,127,381
				6,319,436

	Number of Shares		Value
Machinery 5.9%
Weichai Power Co. Ltd., H Shares		786,000	$	1,982,825
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A		1,510,050		1,841,068
				3,823,893
Pharmaceuticals 8.5%
CanSino Biologics, Inc., H Shares*^(a)		63,800		2,521,664
CSPC Pharmaceutical Group Ltd.		2,352,000		2,984,814
				5,506,478
Real Estate Management & Development 2.8%
China Resources Land Ltd.		490,000		1,823,927
Road & Rail 1.5%
Full Truck Alliance Co. Ltd. ADR*		61,534		989,467
Specialty Retail 4.4%
China Yongda Automobiles Services Holdings Ltd.		1,704,000		2,856,998
Textiles, Apparel & Luxury Goods 1.0%
Shenzhou International Group Holdings Ltd.		30,000		654,199
Total Investments 95.6% (Cost $57,030,739)				62,221,154
Other Assets Less Liabilities 4.4%				2,836,923
Net Assets 100.0%			$	65,058,077

* 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 August 31, 2021 amounted to $3,570,928, which represents 5.5% of net assets of the Fund.

See Notes to Financial Statements

111

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	62,221,154	$	—	$	—	$	62,221,154
Total Investments	$	62,221,154	$	—	$	—	$	62,221,154

(a) The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

112

Schedule of Investments Guardian Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 97.0%
Aerospace & Defense 1.0%
L3Harris Technologies, Inc.		90,568	$	21,103,250
Air Freight & Logistics 0.3%
FedEx Corp.		19,765		5,251,363
Automobiles 0.4%
Lucid Group, Inc.*^(a)(b)(l)		466,667		9,291,340
Banks 0.9%
Citigroup, Inc.		266,066		19,132,806
Beverages 1.9%
Keurig Dr Pepper, Inc.		1,089,757		38,871,632
Capital Markets 7.4%
Apollo Global Management, Inc.^(c)		492,829		29,461,318
BlackRock, Inc.		22,738		21,448,528
Blackstone, Inc. Class A		145,610		18,307,545
Brookfield Asset Management, Inc. Class A		604,775		33,595,251
CME Group, Inc.		146,000		29,451,120
Tradeweb Markets, Inc. Class A		249,302		21,691,767
				153,955,529
Chemicals 2.6%
Air Products & Chemicals, Inc.		57,700		15,550,727
Ashland Global Holdings, Inc.		428,000		38,995,080
				54,545,807
Commercial Services & Supplies 5.0%
LegalZoom.com, Inc.*^(a)(l)		2,176,736		70,591,548
Waste Management, Inc.		215,900		33,488,249
				104,079,797
Diversified Consumer Services 0.1%
European Wax Center, Inc.*		77,800		1,894,430
Electric Utilities 1.4%
NextEra Energy, Inc.		354,995		29,816,030
Electronic Equipment, Instruments & Components 2.9%
CDW Corp.		197,480		39,616,463
TE Connectivity Ltd.		140,000		21,030,800
				60,647,263

	Number of Shares		Value
Entertainment 2.0%
Activision Blizzard, Inc.		345,376	$	28,448,621
Spotify Technology SA*		58,655		13,745,213
				42,193,834
Equity Real Estate Investment Trusts 1.3%
SBA Communications Corp.		77,000		27,640,690
Food & Staples Retailing 2.2%
Costco Wholesale Corp.		45,884		20,899,703
Walmart, Inc.		166,575		24,669,758
				45,569,461
Food Products 1.2%
Lamb Weston Holdings, Inc.		267,164		17,405,734
Mondelez International, Inc. Class A		127,840		7,935,029
				25,340,763
Health Care Equipment & Supplies 1.9%
Medtronic PLC		292,000		38,976,160
Health Care Providers & Services 2.8%
Humana, Inc.		44,623		18,091,057
UnitedHealth Group, Inc.		96,370		40,115,940
				58,206,997
Hotels, Restaurants & Leisure 3.5%
Expedia Group, Inc.*		164,000		23,698,000
McDonald's Corp.		210,000		49,866,600
				73,564,600
Interactive Media & Services 7.8%
Alphabet, Inc. Class A*		39,010		112,892,989
Facebook, Inc. Class A*		132,450		50,248,881
				163,141,870
Internet & Direct Marketing Retail 5.0%
Amazon.com, Inc.*		21,807		75,687,518
Chewy, Inc. Class A*		333,984		29,430,670
				105,118,188
IT Services 3.5%
Fidelity National Information Services, Inc.^(d)		91,360		11,673,067
Visa, Inc. Class A		126,335		28,943,349

	Number of Shares		Value
WEX, Inc.*		172,586	$	31,681,612
				72,298,028
Life Sciences Tools & Services 2.1%
Thermo Fisher Scientific, Inc.		79,715		44,237,839
Oil, Gas & Consumable Fuels 0.1%
Venture Global LNG, Inc. Ser. C*^(a)(e)(l)		329		2,277,338
Pharmaceuticals 1.2%
Johnson & Johnson		143,890		24,911,676
Professional Services 5.6%
Dun & Bradstreet Holdings, Inc.*		1,430,550		26,221,981
Equifax, Inc.		143,439		39,052,702
IHS Markit Ltd.		434,646		52,418,308
				117,692,991
Road & Rail 1.6%
Uber Technologies, Inc.*^(d)		211,270		8,269,108
Union Pacific Corp.		114,690		24,869,379
				33,138,487
Software 21.0%
Adobe, Inc.*		78,673		52,215,270
Anaplan, Inc.*		463,073		27,775,118
Atlassian Corp. PLC Class A*		84,944		31,179,545
AvidXchange, Inc.*^(a)(e)(l)		48,968		3,630,047
DoubleVerify Holdings, Inc.*^(c)		129,505		4,704,917
DoubleVerify Holdings, Inc.*^(a)(l)		58,101		2,040,507
Duck Creek Technologies, Inc.*		651,327		30,371,378
Intuit, Inc.^(d)		22,135		12,530,845
Microsoft Corp.^(f)		349,367		105,466,910
Paycor HCM, Inc.*		192,679		7,119,489
Paycor HCM, Inc.*^(a)(l)		971,309		33,393,603
Riskified Ltd. Class A*		24,162		779,224
salesforce.com, Inc.*		191,984		50,927,596
ServiceNow, Inc.*		67,690		43,567,992
Workday, Inc. Class A*		122,390		33,432,052
				439,134,493
Specialty Retail 5.5%
Fanatics Holdings, Inc. Class A*^(a)(e)(l)		1,392,147		65,946,003
Home Depot, Inc.		107,320		35,005,638
TJX Cos., Inc.		208,622		15,170,992
				116,122,633

See Notes to Financial Statements

113

Schedule of Investments Guardian Fund^ (cont'd)

	Number of Shares		Value
Technology Hardware, Storage & Peripherals 3.8%
Apple, Inc.		524,135	$	79,579,417
Textiles, Apparel & Luxury Goods 1.0%
NIKE, Inc. Class B		129,416		21,319,992
Total Common Stocks (Cost $1,058,842,243)				2,029,054,704
Preferred Stocks 1.7%
Hotels, Restaurants & Leisure 0.5%
Sweetgreen, Inc. Ser. D*^(a)(e)(l)		626,667		8,585,338
Sweetgreen, Inc. Ser. I*^(a)(e)(l)		59,031		1,009,430
Sweetgreen, Inc. Ser. J*^(a)(e)(l)		51,075		873,383
				10,468,151
IT Services 0.3%
Druva, Inc. Ser. 4*^(a)(e)(l)		287,787		2,697,370
Druva, Inc. Ser. 5*^(a)(e)(l)		461,441		4,324,994
				7,022,364
Software 0.9%
AvidXchange, Inc. Ser. F*^(a)(e)(l)		195,872		14,520,187
Signifyd, Inc. Ser. A*^(a)(e)(l)		39,343		1,213,732

	Number of Shares		Value
Signifyd, Inc. Ser. Seed*^(a)(e)(l)		90,310	$	2,786,063
				18,519,982
Total Preferred Stocks (Cost $28,827,683)				36,010,497
	Number of Units
Master Limited Partnerships and Limited Partnerships 0.4%
Oil, Gas & Consumable Fuels 0.4%
Enterprise Products Partners L.P. (Cost $8,708,485)		358,933		7,989,849
	Number of Shares
Warrants 0.0%^(g)
Food Products 0.0%^(g)
Whole Earth Brands, Inc. Expires 6/25/2025*		142,005		230,048
Hotels, Restaurants & Leisure 0.0%^(g)
Sweetgreen, Inc. Ser. J Expires 1/21/2026*^(a)(e)(l)		1		—
Total Warrants (Cost $204,203)				230,048
Total Options Purchased^(h) 0.0%^(g)(Cost $582,263)				299,612

	Number of Shares		Value
Short-Term Investments 1.1%
Investment Companies 1.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(d)(i)		18,947,106	$	18,947,106
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%^(i)(j)		4,002,321		4,002,321
Total Short-Term Investments (Cost $22,949,427)				22,949,427
Total Investments 100.2% (Cost $1,120,114,304)				2,096,534,137
Liabilities Less Other Assets (0.2)%^(k)				(4,539,315	)
Net Assets 100.0%			$	2,091,994,822

* Non-income producing security.

(a) Security fair valued as of August 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at August 31, 2021 amounted to $223,180,883, which represents 10.7% of net assets of the Fund.

(b) Security acquired via a PIPE transaction.

(c) All or a portion of this security is on loan at August 31, 2021. Total value of all such securities at August 31, 2021 amounted to $3,974,445 for the Fund (see Note A of Notes to Financial Statements).

(d) All or a portion of this security is segregated in connection with obligations for options written with a total value of $48,023,557.

(e) Value determined using significant unobservable inputs.

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

(g) Represents less than 0.05% of net assets of the Fund.

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

(i) Represents 7-day effective yield as of August 31, 2021.

See Notes to Financial Statements

114

Schedule of Investments Guardian Fund^ (cont'd)

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

(k) Includes the impact of the Fund's open positions in derivatives at August 31, 2021.

(l) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale. At August 31, 2021, these securities amounted to $223,180,883, which represents 10.7% of net assets of the Fund.

Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets as of Acquisition Date			Value as of 8/31/2021		Fair Value Percentage of Net Assets as of 8/31/2021
AvidXchange, Inc.	4/7/2020	$	2,400,020		0.1	%	$	3,630,047		0.2	%
AvidXchange, Inc. (Ser. F Preferred Shares)	4/7/2020		9,600,079		0.6	%		14,520,187		0.7	%
DoubleVerify Holdings, Inc.	11/8/2020		999,999		0.0	%		2,040,507		0.1	%
Druva, Inc. (Ser. 4 Preference Shares)	6/14/2019		1,500,003		0.1	%		2,697,370		0.1	%
Druva, Inc. (Ser. 5 Preference Shares)	4/1/2021		4,325,000		0.2	%		4,324,994		0.2	%
Fanatics Holdings, Inc. Class A	8/13/2020		23,499,997		1.6	%		65,946,003		3.2	%
	4/29/2021		1,150,013		0.1	%
LegalZoom.com, Inc.	8/22/2018		21,437,584		1.3	%		70,591,548		3.4	%
Lucid Group, Inc.	7/23/2021		7,000,005		0.3	%		9,291,340		0.4	%
Paycor HCM, Inc.	1/19/2021		22,400,000		1.3	%		33,393,603		1.6	%
Signifyd, Inc. (Ser. A Preferred Shares)	5/27/2021		1,213,732		0.1	%		1,213,732		0.1	%
Signifyd, Inc. (Ser. Seed Preferred Shares)	5/27/2021		2,786,063		0.1	%		2,786,063		0.1	%
Sweetgreen, Inc. (Ser. D Preferred Shares)	11/30/2018		7,520,004		0.4	%		8,585,338		0.4	%
Sweetgreen, Inc. (Ser. I Preferred Shares)	9/13/2019		1,009,430		0.1	%		1,009,430		0.1	%
Sweetgreen, Inc. (Ser. J Preferred Shares)	1/21/2021		873,383		0.1	%		873,383		0.0	%
Sweetgreen, Inc. (Ser. J Warrants)	1/21/2021		—		0.0	%		—		0.0	%
Venture Global LNG, Inc. Ser. C	11/21/2018		2,303,000		0.1	%		2,277,338		0.1	%
Total		$	110,018,312		6.5	%	$	223,180,883		10.7	%

Derivative Instruments

Purchased option contracts ("options purchased")

At August 31, 2021, the Fund had outstanding options purchased as follows:

Description

Number of
Contracts

Notional
Amount

Exercise
Price

Expiration
Date

Value

Calls

Capital Markets

Apollo Global Management, Inc.

1,195

7,143,710

1/21/2022

262,900

IT Services

WEX, Inc.

267

4,901,319

220

11/19/2021

36,712

Total options purchased (cost $582,263)

299,612

See Notes to Financial Statements

115

Schedule of Investments Guardian Fund^ (cont'd)

Written option contracts ("options written")

At August 31, 2021, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Puts
Capital Markets
Apollo Global Management, Inc.		1,195	$	(7,143,710	)	$	50	1/21/2022	$	(125,475	)
Internet & Direct Marketing Retail
Chewy, Inc.		831		(7,322,772	)		65	10/15/2021		(45,705	)
IT Services
WEX, Inc.		267		(4,901,319	)		180	11/19/2021		(254,985	)
Total options written (premium received $914,394)									$	(426,165	)

For the year ended August 31, 2021, average market value for the months where the Fund had options purchased and options written outstanding was $873,498 and $(670,598), respectively. At August 31, 2021, the Fund had securities pledged in the amount of $12,075,200 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks
Automobiles	$	—	$	9,291,340	$	—	$	9,291,340
Commercial Services & Supplies		33,488,249		70,591,548		—		104,079,797
Oil, Gas & Consumable Fuels		—		—		2,277,338		2,277,338
Software		400,070,336		35,434,110		3,630,047		439,134,493
Specialty Retail		50,176,630		—		65,946,003		116,122,633
Other Common Stocks^(a)		1,358,149,103		—		—		1,358,149,103
Total Common Stocks		1,841,884,318		115,316,998		71,853,388		2,029,054,704
Preferred Stocks^(a)		—		—		36,010,497		36,010,497
Master Limited Partnerships and Limited Partnerships^(a)		7,989,849		—		—		7,989,849
Warrants^(a)		230,048		—		—		230,048
Options Purchased^(b)		299,612		—		—		299,612
Short-Term Investments		—		22,949,427		—		22,949,427
Total Investments	$	1,850,403,827	$	138,266,425	$	107,863,885	$	2,096,534,137

(a) The Schedule of Investments provides information on the industry or sector categorization.

(b) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization.

See Notes to Financial Statements

116

Schedule of Investments Guardian Fund^ (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 9/1/2020		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance, as of 8/31/2021		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2021
Investments in Securities:
(000's omitted)
Common Stocks^(d)	$	26,050	$	—	$	—	$	42,591	$	24,650	$	—		$	—	$	(21,438	)	$	71,853	$	42,591
Preferred Stocks^(d)		44,276		—		—		6,036		9,198		(23,500	)		—		—			36,010		6,036
Warrants^(d)		—		—		—		—		—		—			—		—			—		—
Total	$	70,326	$	—	$	—	$	48,627	$	33,848	$	(23,500	)	$	—	$	(21,438	)	$	107,863	$	48,627

(d) Quantitative Information about Level 3 Fair Value Measurements:

Investment
type

Fair value
at 8/31/2021

Valuation
approach

Unobservable
input(s)

Input value/
range

Weighted
average^(f)

Impact to
valuation
from
increase
in input^(g)

Common
Stocks

65,946,003

Market
Approach

Transaction Price

47.37

Increase

Common
Stocks

2,277,338

Market
Approach

Enterprise value/EBITDA
multiple^(e) (EV/EBITDA)

11.0x

Increase

Common
Stocks

3,630,047

Market
Approach

Enterprise value/Revenue
multiple^(e) (EV/Revenue)

15.0x

Increase

Preferred
Stocks

23,105,525

Market
Approach

Enterprise value/Revenue
multiple^(e) (EV/Revenue)

5.0x - 15.0x

11.3x

Increase

Preferred
Stocks

12,904,972

Market
Approach

Transaction Price

9.37 - $30.85

17.16

Increase

Warrants

—

Market
Approach

Transaction Price

0.00

Increase

(e) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.

(f) The weighted averages disclosed in the table above were weighted by relative fair value.

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of August 31, 2021:

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(426,165	)	$	—	$	—	$	(426,165	)
Total	$	(426,165	)	$	—	$	—	$	(426,165	)

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

117

Schedule of Investments Integrated Large Cap Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 98.4%
Air Freight & Logistics 0.5%
FedEx Corp.		80	$	21,255
Auto Components 0.3%
Gentex Corp.		441		13,583
Automobiles 0.8%
General Motors Co.*		758		37,150
Banks 2.8%
Bank OZK		633		26,858
JPMorgan Chase & Co.		640		102,368
				129,226
Beverages 1.8%
Constellation Brands, Inc. Class A		84		17,736
Keurig Dr Pepper, Inc.		1,201		42,839
Monster Beverage Corp.*		210		20,490
				81,065
Biotechnology 0.8%
Regeneron Pharmaceuticals, Inc.*		58		39,057
Building Products 1.6%
Johnson Controls International PLC		961		71,883
Capital Markets 3.5%
Blackstone Group, Inc.		348		43,754
Morgan Stanley		704		73,519
S&P Global, Inc.		51		22,635
Tradeweb Markets, Inc. Class A		239		20,795
				160,703
Chemicals 0.8%
Air Products & Chemicals, Inc.		131		35,306
Communications Equipment 2.3%
Cisco Systems, Inc.		880		51,937
Motorola Solutions, Inc.		222		54,217
				106,154
Containers & Packaging 0.4%
Packaging Corp. of America		135		20,480
Distributors 1.4%
LKQ Corp.*		1,230		64,809
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc. Class B*		256		73,157
Diversified Telecommunication Services 0.8%
Verizon Communications, Inc.		662		36,410

	Number of Shares		Value
Electric Utilities 0.9%
Duke Energy Corp.		415	$	43,434
Electrical Equipment 2.6%
AMETEK, Inc.		281		38,208
Eaton Corp. PLC		204		34,345
Emerson Electric Co.		431		45,471
				118,024
Electronic Equipment, Instruments & Components 2.0%
Amphenol Corp. Class A		533		40,844
TE Connectivity Ltd.		217		32,598
Zebra Technologies Corp. Class A*		33		19,376
				92,818
Entertainment 0.7%
Activision Blizzard, Inc.		392		32,289
Equity Real Estate Investment Trusts 2.9%
American Homes 4 Rent Class A		809		33,929
Equity LifeStyle Properties, Inc.		271		23,054
Mid-America Apartment Communities, Inc.		124		23,854
Prologis, Inc.		398		53,595
				134,432
Health Care Equipment & Supplies 5.3%
Cooper Cos., Inc.		128		57,691
DexCom, Inc.*		51		27,000
Hill-Rom Holdings, Inc.		502		73,081
Medtronic PLC		623		83,158
				240,930
Health Care Providers & Services 1.3%
HCA Healthcare, Inc.		176		44,525
Humana, Inc.		39		15,811
				60,336
Health Care Technology 0.3%
Teladoc Health, Inc.*		85		12,276
Hotels, Restaurants & Leisure 2.3%
Booking Holdings, Inc.*		26		59,791
Marriott International, Inc. Class A*		355		47,975
				107,766
Household Durables 1.1%
Lennar Corp. Class A		488		52,367
Household Products 2.1%
Procter & Gamble Co.		667		94,974

	Number of Shares		Value
Insurance 2.8%
Aon PLC Class A		97	$	27,825
Assurant, Inc.		279		47,461
Hartford Financial Services Group, Inc.		766		51,491
				126,777
Interactive Media & Services 5.3%
Alphabet, Inc. Class A*		84		243,092
Internet & Direct Marketing Retail 0.5%
eBay, Inc.		306		23,482
IT Services 2.4%
Fidelity National Information Services, Inc.		196		25,043
Visa, Inc. Class A		363		83,163
				108,206
Life Sciences Tools & Services 1.9%
Thermo Fisher Scientific, Inc.		153		84,907
Machinery 2.0%
Caterpillar, Inc.		152		32,052
Dover Corp.		354		61,724
				93,776
Media 2.5%
Altice USA, Inc. Class A*		715		19,620
Cable One, Inc.		9		18,896
Comcast Corp. Class A		1,280		77,670
				116,186
Metals & Mining 1.1%
BHP Group PLC ADR		313		19,606
Steel Dynamics, Inc.		492		33,205
				52,811
Multi-Utilities 1.1%
DTE Energy Co.		146		17,570
Public Service Enterprise Group, Inc.		499		31,906
				49,476
Oil, Gas & Consumable Fuels 2.6%
Cabot Oil & Gas Corp.		1,053		16,732
Cheniere Energy, Inc.*		527		46,092
EOG Resources, Inc.		848		57,257
				120,081
Personal Products 0.3%
Bellring Brands, Inc. Class A*		355		11,988

See Notes to Financial Statements

118

Schedule of Investments Integrated Large Cap Fund^ (cont'd)

	Number of Shares		Value
Pharmaceuticals 4.0%
Johnson & Johnson		546	$	94,529
Novartis AG ADR		407		37,603
Zoetis, Inc.		247		50,526
				182,658
Real Estate Management & Development 0.6%
CBRE Group, Inc. Class A*		283		27,253
Road & Rail 1.0%
CSX Corp.		1,457		47,396
Semiconductors & Semiconductor Equipment 4.8%
Analog Devices, Inc.		226		36,827
ASML Holding NV		40		33,321
Lam Research Corp.		51		30,846
QUALCOMM, Inc.		310		45,474
Texas Instruments, Inc.		390		74,455
				220,923
Software 9.1%
Adobe, Inc.*		84		55,751
Intuit, Inc.		73		41,326

	Number of Shares		Value
Microsoft Corp.		937	$	282,862
ServiceNow, Inc.*		55		35,400
				415,339
Specialty Retail 3.8%
Academy Sports & Outdoors, Inc.*		1,798		79,598
TJX Cos., Inc.		474		34,469
Ulta Beauty, Inc.*		153		59,258
				173,325
Technology Hardware, Storage & Peripherals 6.7%
Apple, Inc.		2,014		305,786
Textiles, Apparel & Luxury Goods 1.9%
NIKE, Inc. Class B		518		85,335
Tobacco 1.1%
Philip Morris International, Inc.		489		50,367
Trading Companies & Distributors 1.3%
United Rentals, Inc.*		164		57,835

	Number of Shares		Value
Wireless Telecommunication Services 0.7%
T-Mobile U.S., Inc.*		220	$	30,144
Total Common Stocks (Cost $3,216,015)				4,507,027
Short-Term Investments 2.1%
Investment Companies 2.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(a) (Cost $93,976)		93,976		93,976
Total Investments 100.5% (Cost $3,309,991)				4,601,003
Liabilities Less Other Assets (0.5)%				(22,843	)
Net Assets 100.0%			$	4,578,160

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 2021.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	4,507,027	$	—	$	—	$	4,507,027
Short-Term Investments		—		93,976		—		93,976
Total Investments	$	4,507,027	$	93,976	$	—	$	4,601,003

(a) The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

119

Schedule of Investments International Equity Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 98.4%
Austria 1.5%
BAWAG Group AG*^(a)		496,390	$	29,833,138
Belgium 0.9%
KBC Group NV		217,407		18,313,222
Canada 1.1%
Softchoice Corp.*		806,542		21,415,731
China 3.3%
NXP Semi conductors NV		206,856		44,500,931
Shenzhou International Group Holdings Ltd.		893,500		19,484,227
				63,985,158
Finland 1.3%
Nordea Bank Abp		2,094,171		24,612,324
France 5.7%
Air Liquide SA		75,589		13,550,200
Arkema SA		103,283		13,707,343
Kering SA		24,414		19,429,291
Pernod- Ricard SA		157,885		33,173,935
Tele performance		71,220		31,484,437
				111,345,206
Germany 9.9%
adidas AG		83,828		29,738,526
Brenntag SE		311,210		31,395,898
Deutsche Boerse AG		51,721		8,922,268
Gerresheimer AG		233,330		24,781,630
QIAGEN NV*		426,590		23,812,254
SAP SE		26,084		3,925,602
SAP SE ADR		219,283		32,923,149
Scout24 AG^(a)		293,925		24,710,108
Stabilus SA		169,618		13,338,417
				193,547,852
Hong Kong 4.3%
AIA Group Ltd.		1,548,200		18,502,876
HKBN Ltd.		9,036,300		10,503,205
Techtronic Industries Co. Ltd.		2,495,800		55,355,611
				84,361,692

	Number of Shares		Value
India 1.7%
Infosys Ltd. ADR		1,393,410	$	33,191,026
Ireland 5.3%
CRH PLC		832,642		44,267,791
Kerry Group PLC Class A		213,773		31,349,641
Smurfit Kappa Group PLC		475,429		27,271,015
				102,888,447
Israel 1.7%
Check Point Software Technologies Ltd.*		268,503		33,732,032
Italy 1.1%
Nexi SpA*^(a)		978,062		20,377,278
Japan 14.9%
Bridgestone Corp.		482,600		22,214,120
Daikin Industries Ltd.		108,300		26,977,789
Fujitsu Ltd.		93,000		17,160,387
Hoya Corp.		195,400		31,579,439
Nitori Holdings Co. Ltd.		52,900		9,895,760
Otsuka Corp.		376,300		19,496,523
Sanwa Holdings Corp.		2,076,400		27,593,481
SCSK Corp.		296,700		18,743,490
Sony Group Corp.		193,900		20,021,852
Subaru Corp.		733,900		13,585,305
TechnoPro Holdings, Inc.		963,700		25,849,918
Terumo Corp.		471,200		19,689,191
Tokio Marine Holdings, Inc.		365,200		17,849,206
Toyota Motor Corp.		234,000		20,402,018
				291,058,479
Netherlands 6.5%
AerCap Holdings NV*		328,667		17,725,011
ASML Holding NV		28,334		23,569,318
Heineken NV		321,511		35,191,169
Intertrust NV*^(a)		370,775		5,752,597
Koninklijke DSM NV		75,084		15,980,148
Koninklijke Philips NV		613,811		28,294,537
				126,512,780

	Number of Shares		Value
Norway 1.3%
Elopak ASA*		3,682,444	$	11,541,720
Sbanken ASA^(a)		1,107,895		12,972,219
				24,513,939
Singapore 1.0%
DBS Group Holdings Ltd.		854,407		19,046,136
Sweden 2.6%
Assa Abloy AB Class B		1,043,251		33,342,638
Autoliv, Inc.		195,788		17,305,701
				50,648,339
Switzerland 10.3%
Julius Baer Group Ltd.		205,677		14,059,929
Lonza Group AG		28,803		24,376,003
Novartis AG		260,204		24,092,490
Partners Group Holding AG		9,135		16,200,098
Roche Holding AG		94,891		38,106,651
SGS SA		5,056		15,889,891
SIG Combibloc Group AG*		654,650		20,045,194
Sonova Holding AG		63,302		24,401,426
UBS Group AG		1,458,519		24,336,522
				201,508,204
United Kingdom 18.9%
Barratt Developments PLC		930,939		9,458,473
Bunzl PLC		1,230,829	��	44,606,535
Clinigen Group PLC		1,373,390		11,820,166
DCC PLC		390,510		33,179,971
Diageo PLC		473,734		22,756,885
Electro components PLC		1,268,493		18,556,030
Fevertree Drinks PLC		512,414		15,653,822
Ibstock PLC^(a)		2,883,570		9,483,028
London Stock Exchange Group PLC		226,428		24,767,391
Prudential PLC		1,488,576		31,005,519
Reckitt Benckiser Group PLC		185,857		14,153,559
RELX PLC		1,167,202		35,015,161

See Notes to Financial Statements

120

Schedule of Investments International Equity Fund^ (cont'd)

	Number of Shares		Value
Savills PLC		561,403	$	10,551,121
Smith & Nephew PLC		1,038,560		19,918,708
St. James's Place PLC		1,042,212		23,069,454
Unilever PLC		440,157		24,501,991
Weir Group PLC*		860,431		20,719,609
				369,217,423
United States 5.1%
Aon PLC Class A		95,915		27,514,177
Ferguson PLC		286,429		41,368,370
Schneider Electric SE		171,395		30,619,296
				99,501,843
Total Common Stocks (Cost $1,394,987,822)				1,919,610,249

	Number of Shares		Value
Short-Term Investments 1.1%
Investment Companies 1.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b)(Cost $20,914,582)		20,914,582	$	20,914,582
Total Investments 99.5% (Cost $1,415,902,404)				1,940,524,831
Other Assets Less Liabilities 0.5%				9,091,744
Net Assets 100.0%			$	1,949,616,575

* 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 August 31, 2021 amounted to $103,128,368, which represents 5.3% of net assets of the Fund.

(b) Represents 7-day effective yield as of August 31, 2021.

See Notes to Financial Statements

121

Schedule of Investments International Equity Fund^ (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Trading Companies & Distributors	$	153,651,844		7.9	%
Health Care Equipment & Supplies		123,883,301		6.4	%
Professional Services		113,992,004		5.8	%
Capital Markets		111,355,662		5.7	%
IT Services		108,968,704		5.6	%
Beverages		106,775,811		5.5	%
Banks		104,777,039		5.4	%
Insurance		94,871,778		4.9	%
Machinery		89,413,637		4.6	%
Building Products		87,913,908		4.5	%
Life Sciences Tools & Services		84,790,053		4.3	%
Software		70,580,783		3.6	%
Textiles, Apparel & Luxury Goods		68,652,044		3.5	%
Semiconductors & Semiconductor Equipment		68,070,249		3.5	%
Pharmaceuticals		62,199,141		3.2	%
Containers & Packaging		58,857,929		3.0	%
Construction Materials		53,750,819		2.8	%
Chemicals		43,237,691		2.2	%
Auto Components		39,519,821		2.0	%
Automobiles		33,987,323		1.7	%
Industrial Conglomerates		33,179,971		1.7	%
Food Products		31,349,641		1.6	%
Electrical Equipment		30,619,296		1.6	%
Household Durables		29,480,325		1.5	%
Interactive Media & Services		24,710,108		1.3	%
Personal Products		24,501,991		1.3	%
Electronic Equipment, Instruments & Components		21,415,731		1.1	%
Household Products		14,153,559		0.7	%
Real Estate Management & Development		10,551,121		0.5	%
Diversified Telecommunication Services		10,503,205		0.5	%
Specialty Retail		9,895,760		0.5	%
Short-Term Investments and Other Assets—Net		30,006,326		1.6	%
	$	1,949,616,575		100.0	%

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,919,610,249	$	—	$	—	$	1,919,610,249
Short-Term Investments		—		20,914,582		—		20,914,582
Total Investments	$	1,919,610,249	$	20,914,582	$	—	$	1,940,524,831

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

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

122

Schedule of Investments International Select Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 98.8%
Austria 1.6%
BAWAG Group AG*^(a)		44,202	$	2,656,549
Belgium 0.8%
KBC Group NV		15,367		1,294,435
China 3.3%
NXP Semiconductors NV		17,780		3,825,011
Shenzhou International Group Holdings Ltd.		77,400		1,687,834
				5,512,845
Finland 1.3%
Nordea Bank Abp		181,092		2,128,334
France 5.7%
Air Liquide SA		6,459		1,157,850
Arkema SA		8,910		1,182,503
Kering SA		2,100		1,671,234
Pernod-Ricard SA		11,431		2,401,819
Teleperformance		7,037		3,110,868
				9,524,274
Germany 9.4%
adidas AG		7,233		2,565,954
Brenntag SE		27,084		2,732,324
Deutsche Boerse AG		6,247		1,077,655
Gerresheimer AG		24,191		2,569,290
QIAGEN NV*		22,369		1,248,637
SAP SE		3,044		458,117
SAP SE ADR		20,119		3,020,667
Scout24 AG^(a)		25,291		2,126,200
				15,798,844
Hong Kong 4.5%
AIA Group Ltd.		181,900		2,173,927
Techtronic Industries Co. Ltd.		240,100		5,325,299
				7,499,226
India 1.9%
Infosys Ltd. ADR		132,067		3,145,836
Ireland 5.8%
CRH PLC		80,755		4,293,376
Kerry Group PLC Class A		18,450		2,705,678
Smurfit Kappa Group PLC		47,683		2,735,138
				9,734,192

	Number of Shares		Value
Israel 1.7%
Check Point Software Technologies Ltd.*		23,024	$	2,892,505
Italy 1.1%
Nexi SpA*^(a)		83,915		1,748,314
Japan 13.5%
Bridgestone Corp.		51,100		2,352,138
Daikin Industries Ltd.		8,000		1,992,819
Fujitsu Ltd.		8,000		1,476,162
Hoya Corp.		18,000		2,909,058
Nitori Holdings Co. Ltd.		4,500		841,794
Otsuka Corp.		32,500		1,683,861
Sanwa Holdings Corp.		142,200		1,889,710
SCSK Corp.		25,600		1,617,234
Sony Group Corp.		16,800		1,734,745
Subaru Corp.		63,400		1,173,605
Terumo Corp.		40,700		1,700,658
Tokio Marine Holdings, Inc.		31,500		1,539,567
Toyota Motor Corp.		20,200		1,761,200
				22,672,551
Netherlands 6.4%
AerCap Holdings NV*		28,408		1,532,043
ASML Holding NV		2,449		2,037,173
Heineken NV		27,302		2,988,356
Koninklijke DSM NV		6,494		1,382,120
Koninklijke Philips NV		62,016		2,858,720
				10,798,412
Singapore 1.2%
DBS Group Holdings Ltd.		92,372		2,059,124
Sweden 2.9%
Assa Abloy AB Class B		94,377		3,016,320
Autoliv, Inc.		21,270		1,880,055
				4,896,375
Switzerland 13.5%
Julius Baer Group Ltd.		28,522		1,949,743
Lonza Group AG		2,743		2,321,403
Novartis AG		28,522		2,640,874
Partners Group Holding AG		793		1,406,314
Roche Holding AG		11,880		4,770,811

	Number of Shares		Value
SGS SA		549	$	1,725,386
SIG Combibloc Group AG*		85,452		2,616,515
Sonova Holding AG		6,826		2,631,262
UBS Group AG		151,280		2,524,224
				22,586,532
United Kingdom 18.6%
Barratt Developments PLC		120,245		1,221,706
Bunzl PLC		108,837		3,944,367
DCC PLC		39,307		3,339,748
Diageo PLC		40,937		1,966,502
Electro- components PLC		109,613		1,603,464
Fevertree Drinks PLC		44,170		1,349,357
London Stock Exchange Group PLC		19,531		2,136,361
Prudential PLC		136,649		2,846,259
Reckitt Benckiser Group PLC		16,058		1,222,864
RELX PLC		115,862		3,475,771
Rightmove PLC		78,281		754,879
Smith & Nephew PLC		70,001		1,342,560
St. James's Place PLC		76,181		1,686,273
Unilever PLC		38,063		2,118,833
Weir Group PLC*		92,565		2,229,012
				31,237,956
United States 5.6%
Aon PLC Class A		8,999		2,581,453
Ferguson PLC		26,288		3,796,723
Schneider Electric SE		17,212		3,074,882
				9,453,058
Total Common Stocks (Cost $114,996,599)				165,639,362

See Notes to Financial Statements

123

Schedule of Investments International Select Fund^ (cont'd)

	Number of Shares		Value
Short-Term Investments 0.8%
Investment Companies 0.8%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b) (Cost $1,413,405)		1,413,405	$	1,413,405

	Number of Shares	Value
Total Investments 99.6% (Cost $116,410,004)		$	167,052,767
Other Assets Less Liabilities 0.4%			612,569
Net Assets 100.0%		$	167,665,336

* 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 August 31, 2021 amounted to $6,531,063, which represents 3.9% of net assets of the Fund.

(b) Represents 7-day effective yield as of August 31, 2021.

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Trading Companies & Distributors	$	13,608,921		8.1	%
Health Care Equipment & Supplies		11,442,258		6.8	%
Capital Markets		10,780,570		6.4	%
IT Services		9,671,407		5.8	%
Insurance		9,141,206		5.4	%
Beverages		8,706,034		5.2	%
Professional Services		8,312,025		5.0	%
Banks		8,138,442		4.9	%
Machinery		7,554,311		4.5	%
Pharmaceuticals		7,411,685		4.4	%
Building Products		6,898,849		4.1	%
Software		6,371,289		3.8	%
Life Sciences Tools & Services		6,139,330		3.7	%
Textiles, Apparel & Luxury Goods		5,925,022		3.5	%
Semiconductors & Semiconductor Equipment		5,862,184		3.5	%
Containers & Packaging		5,351,653		3.2	%
Construction Materials		4,293,376		2.6	%
Auto Components		4,232,193		2.5	%
Chemicals		3,722,473		2.2	%
Industrial Conglomerates		3,339,748		2.0	%
Electrical Equipment		3,074,882		1.8	%
Household Durables		2,956,451		1.8	%
Automobiles		2,934,805		1.8	%
Interactive Media & Services		2,881,079		1.7	%
Food Products		2,705,678		1.6	%
Personal Products		2,118,833		1.3	%
Household Products		1,222,864		0.7	%
Specialty Retail		841,794		0.5	%
Short-Term Investments and Other Assets—Net		2,025,974		1.2	%
	$	167,665,336		100.0	%

See Notes to Financial Statements

124

Schedule of Investments International Select Fund^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	165,639,362	$	—	$	—	$	165,639,362
Short-Term Investments		—		1,413,405		—		1,413,405
Total Investments	$	165,639,362	$	1,413,405	$	—	$	167,052,767

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

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

125

Schedule of Investments International Small Cap Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 98.4%
Australia 3.9%
ARB Corp. Ltd.		1,304	$	49,424
Corporate Travel Management Ltd.*		1,941		32,162
Hansen Technologies Ltd.		6,724		30,202
Steadfast Group Ltd.		10,333		37,720
				149,508
Austria 0.3%
Schoeller-Bleckmann Oilfield Equipment AG*		260		9,732
Belgium 1.2%
Shurgard Self Storage SA		774		46,335
Canada 5.4%
Colliers International Group, Inc.		464		64,618
Descartes Systems Group, Inc.*		429		33,632
Enghouse Systems Ltd.		596		28,830
Kinaxis, Inc.*		228		36,989
Softchoice Corp.*		1,600		42,484
				206,553
Denmark 2.4%
Chemometec A/S		220		34,861
Schouw & Co. A/S		311		33,726
SimCorp A/S		170		23,180
				91,767
Finland 1.0%
Kemira OYJ		2,187		36,901
France 7.0%
Chargeurs SA		642		17,814
Esker SA		98		33,094
Interparfums SA		821		58,358
Lectra		968		40,518
Lumibird*		1,201		23,398
Sopra Steria Group		177		36,030
Tikehau Capital SCA		836		24,925
Virbac SA		80		33,817
				267,954
Germany 4.3%
Dermapharm Holding SE		314		29,141
Jenoptik AG		1,206		43,546
Nexus AG		343		28,350
Stabilus SA		427		33,578
Washtec AG		427		29,999
				164,614

	Number of Shares		Value
Ireland 1.3%
Uniphar PLC		10,936	$	51,263
Italy 2.0%
Carel Industries SpA^(a)		2,006		57,675
GVS SpA^(a)		1,050		20,060
				77,735
Japan 19.7%
Aeon Delight Co. Ltd.		1,050		33,977
Amano Corp.		1,400		35,555
Ariake Japan Co. Ltd.		500		28,314
Azbil Corp.		900		39,063
CKD Corp.		700		14,679
EM Systems Co. Ltd.		1,200		8,835
Idec Corp.		1,300		26,989
Kito Corp.		1,500		22,647
Konishi Co. Ltd.		1,400		21,353
Nagaileben Co. Ltd.^(b)		800		18,572
Nakanishi, Inc.		1,200		27,138
Nichias Corp.		1,300		34,493
Nihon Parkerizing Co. Ltd.		3,500		36,554
Nohmi Bosai Ltd.		1,700		33,006
NS Solutions Corp.		800		27,124
Okamoto Industries, Inc.		600		22,742
Optex Group Co. Ltd.		900		12,042
Prestige International, Inc.		4,600		31,568
Relo Group, Inc.		1,500		33,623
Shinnihonseiyaku Co. Ltd.^(b)		1,200		20,474
SHO-BOND Holdings Co. Ltd.		900		40,454
Shoei Co. Ltd.		1,400		61,464
Software Service, Inc.		100		7,926
Sun Frontier Fudousan Co. Ltd.		3,100		32,236
Tanseisha Co. Ltd.		2,900		23,144
TKC Corp.		1,100		37,645
Yellow Hat Ltd.		1,300		23,019
				754,636
Jersey 1.1%
Sanne Group PLC		3,345		42,770
Korea 3.6%
CJ ENM Co. Ltd.		161		21,259
Dentium Co. Ltd.		393		29,523
Innocean Worldwide, Inc.		399		20,131
Kyung Dong Navien Co. Ltd.		466		27,009

	Number of Shares		Value
NICE Information Service Co. Ltd.		1,242	$	22,709
Vitzrocell Co. Ltd.		1,357		18,551
				139,182
Netherlands 1.7%
Corbion NV		883		47,459
Intertrust NV*^(a)		1,268		19,673
				67,132
Norway 2.6%
Borregaard ASA		2,040		53,380
Elopak ASA*		8,581		26,895
Pexip Holding ASA*		608		4,720
Sbanken ASA^(a)		1,234		14,449
				99,444
Singapore 1.0%
Haw Par Corp. Ltd.		3,800		36,857
Spain 2.3%
Applus Services SA		3,519		34,300
Befesa SA^(a)		641		51,996
				86,296
Sweden 7.8%
Biotage AB		1,225		34,211
Cellavision AB		630		33,437
Cloetta AB, B Shares		10,979		37,964
Dustin Group AB^(a)(b)		4,190		47,681
Sweco AB		3,015		52,862
Thule Group AB^(a)		1,070		58,401
Xvivo Perfusion AB*		667		34,164
				298,720
Switzerland 10.9%
Belimo Holding AG		100		52,143
Bossard Holding AG Class A		126		42,378
Inficon Holding AG		36		45,209
Interroll Holding AG		13		57,778
Kardex Holding AG		127		34,047
Komax Holding AG*		153		43,273
Medacta Group SA*^(a)		189		29,513
Medartis Holding AG*^(a)		303		41,889
Tecan Group AG		57		34,763
VZ Holding AG		401		38,097
				419,090
Taiwan 0.3%
Bioteque Corp.		3,000		11,258
United Arab Emirates 0.4%
Network International Holdings PLC*^(a)		2,796		15,038

See Notes to Financial Statements

126

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

	Number of Shares		Value
United Kingdom 18.2%
Biffa PLC*^(a)		9,482	$	50,972
Big Yellow Group PLC		2,045		42,877
Clinigen Group PLC		2,713		23,350
Coats Group PLC		38,510		40,397
Craneware PLC		748		24,681
Dechra Pharmaceuticals PLC		449		32,347
Diploma PLC		1,403		59,141
Future PLC		1,197		63,359
Games Workshop Group PLC		308		48,994
GB Group PLC		2,012		24,868
Genus PLC		372		30,354
Ideagen PLC		6,488		28,009
Johnson Service Group PLC*		14,514		29,493
Learning Technologies Group PLC		10,503		33,039
On the Beach Group PLC*^(a)		5,226		25,327
OSB Group PLC		5,307		37,175
Restore PLC*		4,923		31,811
Sensyne Health PLC*		8,002		16,337
Stock Spirits Group PLC		3,224		17,420
Victrex PLC		990		36,069
				696,020
Total Common Stocks (Cost $2,737,282)				3,768,805

	Number of Shares		Value
Short-Term Investments 3.8%
Investment Companies 3.8%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(c)		72,056	$	72,056
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%^(c)(d)		71,387		71,387
Total Short-Term Investments (Cost $143,443)				143,443
Total Investments 102.2% (Cost $2,880,725)				3,912,248
Liabilities Less Other Assets (2.2)%				(82,247	)
Net Assets 100.0%			$	3,830,001

* 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 August 31, 2021 amounted to $432,674, which represents 11.3% of net assets of the Fund.

(b) The Security or a portion of this security is on loan at August 31, 2021. Total value of all such securities at August 31, 2021 amounted to $69,057 for the Fund (see Note A of Notes to Financial Statements).

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

See Notes to Financial Statements

127

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

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Software	$	317,081		8.3	%
Electronic Equipment, Instruments & Components		274,303		7.2	%
Chemicals		254,458		6.6	%
Health Care Equipment & Supplies		245,554		6.4	%
Machinery		236,001		6.2	%
Commercial Services & Supplies		229,817		6.0	%
Real Estate Management & Development		176,812		4.6	%
Building Products		171,320		4.5	%
Pharmaceuticals		132,162		3.5	%
Life Sciences Tools & Services		127,185		3.3	%
IT Services		115,837		3.0	%
Auto Components		110,888		2.9	%
Leisure Products		107,395		2.8	%
Capital Markets		105,792		2.7	%
Trading Companies & Distributors		101,519		2.6	%
Food Products		100,004		2.6	%
Professional Services		99,826		2.6	%
Construction & Engineering		93,316		2.5	%
Health Care Technology		86,129		2.2	%
Media		83,490		2.2	%
Personal Products		78,832		2.0	%
Internet & Direct Marketing Retail		68,940		1.8	%
Textiles, Apparel & Luxury Goods		58,211		1.5	%
Hotels, Restaurants & Leisure		57,489		1.5	%
Health Care Providers & Services		51,263		1.3	%
Electrical Equipment		45,540		1.2	%
Equity Real Estate Investment Trusts		42,877		1.1	%
Insurance		37,720		1.0	%
Thrifts & Mortgage Finance		37,175		1.0	%
Biotechnology		30,354		0.8	%
Containers & Packaging		26,895		0.7	%
Specialty Retail		23,019		0.6	%
Beverages		17,420		0.5	%
Banks		14,449		0.4	%
Energy Equipment & Services		9,732		0.3	%
Short-Term Investments and Other Liabilities—Net		61,196		1.6	%
	$	3,830,001		100.0	%

See Notes to Financial Statements

128

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	3,768,805	$	—	$	—	$	3,768,805
Short-Term Investments		—		143,443		—		143,443
Total Investments	$	3,768,805	$	143,443	$	—	$	3,912,248

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

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

129

Schedule of Investments Intrinsic Value Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 91.5%
Aerospace & Defense 1.0%
Mercury Systems, Inc.*		68,774	$	3,464,834
PAE, Inc.*		403,145		2,697,040
Spirit AeroSystems Holdings, Inc. Class A		120,241		4,718,257
				10,880,131
Banks 5.3%
BankUnited, Inc.		380,120		15,976,443
Comerica, Inc.		188,369		13,922,353
Huntington Bancshares, Inc.		982,754		15,262,170
Texas Capital Bancshares, Inc.*		217,919		14,816,313
				59,977,279
Biotechnology 0.7%
Emergent BioSolutions, Inc.*		123,904		7,815,864
Building Products 2.7%
Resideo Technologies, Inc.*		957,126		30,857,742
Capital Markets 0.0%^(a)
Alimco Financial Corp.*		6,282		31,410
Commercial Services & Supplies 5.0%
Clean Harbors, Inc.*		94,059		9,652,335
Covanta Holding Corp.		661,568		13,264,438
Harsco Corp.*		747,364		13,631,919
KAR Auction Services, Inc.*		308,848		5,222,620
Stericycle, Inc.*		218,309		15,194,306
				56,965,618
Communications Equipment 5.4%
Ciena Corp.*		401,229		22,922,213
EMCORE Corp.*		534,764		4,000,035
Infinera Corp.*		675,220		5,719,114
Radware Ltd.*		91,215		3,126,850
Ribbon Communications, Inc.*		756,949		4,942,877
Viasat, Inc.*		243,469		12,572,739
Viavi Solutions, Inc.*		521,087		8,488,507
				61,772,335

	Number of Shares		Value
Construction & Engineering 0.6%
Valmont Industries, Inc.		29,428	$	7,323,452
Containers & Packaging 5.3%
Avery Dennison Corp.		114,713		25,855,163
Crown Holdings, Inc.		306,894		33,693,892
				59,549,055
Electrical Equipment 1.5%
Babcock & Wilcox Enterprises, Inc.*		1,621,470		11,836,731
Bloom Energy Corp. Class A*		223,865		4,795,188
				16,631,919
Electronic Equipment, Instruments & Components 3.2%
II-VI, Inc.*		80,196		5,050,744
Itron, Inc.*		172,978		14,531,882
OSI Systems, Inc.*		70,678		6,992,881
Teledyne Technologies, Inc.*		22,024		10,205,481
				36,780,988
Energy Equipment & Services 1.0%
Dril-Quip, Inc.*		138,922		3,375,804
ION Geophysical Corp.*		113,920		146,957
Oil States International, Inc.*		642,701		3,766,228
Patterson-UTI Energy, Inc.		210,390		1,632,626
TETRA Technologies, Inc.*		583,749		1,891,347
				10,812,962
Food Products 1.5%
Hain Celestial Group, Inc.*		233,163		8,722,628
TreeHouse Foods, Inc.*		219,855		8,237,967
				16,960,595
Health Care Equipment & Supplies 5.2%
Accuray, Inc.*		1,328,375		5,406,486
AtriCure, Inc.*		141,157		10,391,978
Avanos Medical, Inc.*		223,336		7,370,088
Cardiovascular Systems, Inc.*		95,180		3,406,492

	Number of Shares		Value
CytoSorbents Corp.*		370,927	$	3,549,772
Haemonetics Corp.*		136,076		8,538,769
Intersect ENT, Inc.*		244,647		6,656,845
OraSure Technologies, Inc.*		520,812		5,702,892
Varex Imaging Corp.*		263,766		7,694,054
				58,717,376
Health Care Providers & Services 3.5%
Acadia Healthcare Co., Inc.*		267,045		17,657,015
MEDNAX, Inc.*		83,982		2,696,662
Molina Healthcare, Inc.*		48,453		13,022,713
Patterson Cos., Inc.		194,851		5,970,235
				39,346,625
Hotels, Restaurants & Leisure 2.2%
International Game Technology PLC*		901,205		19,366,895
SeaWorld Entertainment, Inc.*		121,425		5,972,896
				25,339,791
Household Durables 1.3%
Tempur Sealy International, Inc.		335,920		15,015,624
Independent Power and Renewable Electricity Producers 2.7%
Ormat Technologies, Inc.		267,837		19,051,246
Vistra Corp.		600,214		11,458,085
				30,509,331
IT Services 4.8%
Alliance Data Systems Corp.		89,487		8,779,570
Conduent, Inc.*		2,955,645		21,576,208
Unisys Corp.*		972,108		23,534,735
				53,890,513

See Notes to Financial Statements

130

Schedule of Investments Intrinsic Value Fund^ (cont'd)

	Number of Shares		Value
Life Sciences Tools & Services 2.8%
Charles River Laboratories International, Inc.*		53,391	$	23,698,129
Fluidigm Corp.*		1,081,516		7,797,731
				31,495,860
Machinery 1.6%
Enerpac Tool Group Corp.		229,919		5,784,762
Lydall, Inc.*		171,894		10,653,990
Twin Disc, Inc.*		104,715		1,308,938
				17,747,690
Media 2.8%
Criteo SA ADR*		843,518		31,657,231
Metals & Mining 2.0%
Cleveland- Cliffs, Inc.*		973,038		22,837,202
Oil, Gas & Consumable Fuels 1.4%
Devon Energy Corp.		550,386		16,263,906
Pharmaceuticals 0.4%
Amneal Pharmaceuticals, Inc.*		884,297		4,987,435
Professional Services 1.6%
KBR, Inc.		458,483		17,853,328
Road & Rail 1.4%
Avis Budget Group, Inc.*		124,411		11,290,298
Ryder System, Inc.		54,069		4,297,945
				15,588,243
Semiconductors & Semiconductor Equipment 7.2%
CEVA, Inc.*		111,746		5,391,745
CMC Materials, Inc.		56,175		7,449,928
Entegris, Inc.		70,634		8,485,969
Impinj, Inc.*		62,952		3,669,472
MACOM Technology Solutions Holdings, Inc.*		343,385		20,846,903
Rambus, Inc.*		775,791		18,463,826
Veeco Instruments, Inc.*		770,145		17,551,605
				81,859,448

	Number of Shares		Value
Software 10.4%
Box, Inc. Class A*		301,266	$	7,766,638
Cloudera, Inc.*		1,034,387		16,477,785
Cognyte Software Ltd.*		462,478		12,708,895
FireEye, Inc.*		860,741		15,656,879
New Relic, Inc.*		103,641		8,288,171
Nuance Communications, Inc.*		188,495		10,376,650
OneSpan, Inc.*		386,842		7,454,445
Verint Systems, Inc.*		281,721		12,576,025
Vonage Holdings Corp.*		272,179		3,837,724
Xperi Holding Corp.		1,065,947		22,779,287
				117,922,499
Specialty Retail 2.5%
Caleres, Inc.		139,399		3,427,821
Chico's FAS, Inc.*		576,066		2,978,261
Children's Place, Inc.*		66,774		5,798,654
ODP Corp.*		343,115		16,184,735
				28,389,471
Technology Hardware, Storage & Peripherals 3.2%
Diebold Nixdorf, Inc.*		598,341		6,509,950
Quantum Corp.*		2,432,187		15,176,847
Stratasys Ltd.*		670,964		14,130,502
				35,817,299
Trading Companies & Distributors 1.3%
AerCap Holdings NV*		283,911		15,311,320
Total Common Stocks (Cost $636,126,818)				1,036,909,542

	Principal Amount		Value
Convertible Bonds 1.4%
Communications Equipment 1.1%
Infinera Corp., 2.50%, due 3/1/2027	$	9,304,000	$	12,474,926
Energy Equipment & Services 0.3%
ION Geophysical Corp., 8.00%, due 12/15/2025		3,150,000		2,865,261
Total Convertible Bonds (Cost $12,454,000)				15,340,187
	Number of Shares
Short-Term Investments 7.3%
Investment Companies 7.3%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b) (Cost $83,052,477)		83,052,477		83,052,477
Total Investments 100.2% (Cost $731,633,295)				1,135,302,206
Liabilities Less Other Assets (0.2)%				(2,099,563	)
Net Assets 100.0%			$	1,133,202,643

See Notes to Financial Statements

131

Schedule of Investments Intrinsic Value Fund^ (cont'd)

* Non-income producing security.

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

(b) Represents 7-day effective yield as of August 31, 2021.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,036,909,542	$	—	$	—	$	1,036,909,542
Convertible Bonds^(a)		—		15,340,187		—		15,340,187
Short-Term Investments		—		83,052,477		—		83,052,477
Total Investments	$	1,036,909,542	$	98,392,664	$	—	$	1,135,302,206

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

132

Schedule of Investments Large Cap Value Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 94.8%
Aerospace & Defense 2.0%
Raytheon Technologies Corp.		1,506,556	$	127,695,687
Airlines 1.1%
Delta Air Lines, Inc.*		1,063,234		42,997,183
United Airlines Holdings, Inc.*		589,321		27,409,320
				70,406,503
Automobiles 1.1%
General Motors Co.*		1,491,629		73,104,737
Banks 19.1%
Bank of America Corp.		4,773,686		199,301,390
Citigroup, Inc.		850,468		61,157,154
Comerica, Inc.		1,008,418		74,532,174
Fifth Third Bancorp		1,051,853		40,875,008
JPMorgan Chase & Co.		1,897,158		303,450,422
PNC Financial Services Group, Inc.		944,118		180,420,950
Regions Financial Corp.		2,482,569		50,718,885
Truist Financial Corp.		2,567,799		146,518,611
U.S. Bancorp		1,952,065		112,029,010
Zions Bancorp NA		1,069,262		61,910,270
				1,230,913,874
Beverages 1.2%
Keurig Dr Pepper, Inc.		2,209,034		78,796,243
Building Products 0.4%
Johnson Controls International PLC		335,009		25,058,673
Capital Markets 0.8%
Charles Schwab Corp.		667,558		48,631,600

	Number of Shares		Value
Chemicals 4.8%
Dow, Inc.		2,195,064	$	138,069,526
DuPont de Nemours, Inc.		625,517		46,300,768
LyondellBasell Industries NV Class A		817,731		82,059,306
Mosaic Co.		1,311,674		42,209,669
				308,639,269
Communications Equipment 2.6%
Cisco Systems, Inc.		2,848,552		168,121,539
Diversified Financial Services 2.3%
Berkshire Hathaway, Inc. Class B*		226,963		64,859,217
Equitable Holdings, Inc.		2,645,140		82,025,791
				146,885,008
Electrical Equipment 1.6%
Emerson Electric Co.		956,632		100,924,676
Equity Real Estate Investment Trusts 0.8%
Prologis, Inc.		391,036		52,656,908
Food & Staples Retailing 1.1%
Walmart, Inc.		458,972		67,973,753
Food Products 1.5%
Mondelez International, Inc. Class A		1,588,083		98,572,312
Health Care Equipment & Supplies 1.5%
Medtronic PLC		731,774		97,677,194
Health Care Providers & Services 0.7%
Anthem, Inc.		126,663		47,515,091
Hotels, Restaurants & Leisure 4.7%
Carnival Corp.*		1,456,090		35,150,013
Marriott International, Inc. Class A*		1,033,295		139,639,486
McDonald's Corp.		552,738		131,253,165
				306,042,664
Household Products 4.6%
Procter & Gamble Co.		2,061,151		293,487,291

	Number of Shares		Value
Industrial Conglomerates 5.2%
3M Co.		391,189	$	76,180,146
General Electric Co.		2,470,018		260,364,597
				336,544,743
Insurance 6.6%
Aon PLC Class A		551,078		158,082,235
Athene Holding Ltd. Class A*		1,272,157		85,196,354
Lincoln National Corp.		682,003		46,819,506
MetLife, Inc.		2,204,508		136,679,496
				426,777,591
IT Services 2.2%
IBM Corp.		1,024,354		143,757,840
Machinery 2.4%
Caterpillar, Inc.		121,899		25,704,842
Illinois Tool Works, Inc.		557,916		129,916,320
				155,621,162
Metals & Mining 9.5%
BHP Group Ltd. ADR^(a)		1,965,595		130,004,453
Freeport- McMoRan, Inc.		2,374,830		86,420,064
Newmont Corp.		1,155,673		67,017,477
Rio Tinto PLC ADR		1,867,619		140,202,158
Southern Copper Corp.		2,086,196		130,575,008
United States Steel Corp.		2,122,809		56,785,141
				611,004,301
Multi-Utilities 0.8%
Sempra Energy		371,090		49,117,472
Oil, Gas & Consumable Fuels 6.4%
Chevron Corp.		1,159,242		112,179,848
Devon Energy Corp.		1,810,669		53,505,269
EOG Resources, Inc.		809,122		54,631,918
Exxon Mobil Corp.		3,572,906		194,794,835
				415,111,870

See Notes to Financial Statements

133

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

	Number of Shares		Value
Pharmaceuticals 6.1%
Bristol-Myers Squibb Co.		1,436,936	$	96,073,541
Johnson & Johnson		530,608		91,864,163
Pfizer, Inc.		4,464,079		205,660,120
				393,597,824
Semiconductors & Semiconductor Equipment 1.0%
Analog Devices, Inc.		403,944		65,822,675
Software 1.3%
salesforce.com, Inc.*		325,094		86,237,685
Trading Companies & Distributors 1.2%
United Rentals, Inc.*		224,969		79,335,318

	Number of Shares		Value
Wireless Telecommunication Services 0.2%
T-Mobile U.S., Inc.*		98,577	$	13,507,021
Total Common Stocks (Cost $5,254,722,785)				6,119,538,524
Short-Term Investments 10.9%
Investment Companies 10.9%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b)		653,347,903		653,347,903

	Number of Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%^(b)(c)		51,839,234	$	51,839,234
Total Short-Term Investments (Cost $705,187,137)				705,187,137
Total Investments 105.7% (Cost $5,959,909,922)				6,824,725,661
Liabilities Less Other Assets (5.7)%				(368,229,185	)
Net Assets 100.0%			$	6,456,496,476

* Non-income producing security.

(a) All or a portion of this security is on loan at August 31, 2021. Total value of all such securities at August 31, 2021 amounted to $49,511,147 for the Fund (see Note A of Notes to Financial Statements).

(b) Represents 7-day effective yield as of August 31, 2021.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	6,119,538,524	$	—	$	—	$	6,119,538,524
Short-Term Investments		—		705,187,137		—		705,187,137
Total Investments	$	6,119,538,524	$	705,187,137	$	—	$	6,824,725,661

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

134

Schedule of Investments Mid Cap Growth Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 97.4%
Aerospace & Defense 1.7%
Axon Enterprise, Inc.*		105,000	$	19,096,350
HEICO Corp.		135,000		17,120,700
				36,217,050
Airlines 0.9%
Allegiant Travel Co.*		100,000		19,244,000
Auto Components 1.4%
Aptiv PLC*		125,000		19,023,750
Visteon Corp.*		100,000		10,568,000
				29,591,750
Banks 4.4%
Pinnacle Financial Partners, Inc.		225,000		21,807,000
Signature Bank		135,000		35,009,550
SVB Financial Group*		67,500		37,766,250
				94,582,800
Biotechnology 4.2%
Exact Sciences Corp.*		225,000		23,485,500
Fate Therapeutics, Inc.*		200,000		14,650,000
Horizon Therapeutics PLC*		326,500		35,291,385
Seagen, Inc.*		100,000		16,760,000
				90,186,885
Building Products 0.6%
Fortune Brands Home & Security, Inc.		125,000		12,171,250
Capital Markets 0.7%
MarketAxess Holdings, Inc.		30,000		14,277,600
Commercial Services & Supplies 3.1%
Cintas Corp.		92,500		36,608,725
Waste Connections, Inc.		230,000		29,718,300
				66,327,025
Containers & Packaging 0.9%
Ball Corp.		200,000		19,192,000

	Number of Shares		Value
Diversified Consumer Services 0.8%
Chegg, Inc.*		200,000	$	16,644,000
Electrical Equipment 3.1%
AMETEK, Inc.		205,000		27,873,850
Generac Holdings, Inc.*		90,000		39,328,200
				67,202,050
Electronic Equipment, Instruments & Components 4.9%
Amphenol Corp. Class A		230,000		17,624,900
CDW Corp.		110,000		22,067,100
Teledyne Technologies, Inc.*		65,000		30,119,700
Zebra Technologies Corp. Class A*		57,500		33,762,275
				103,573,975
Entertainment 1.5%
Lions Gate Entertainment Corp. Class A*		725,946		9,379,222
Roku, Inc.*		62,500		22,025,000
				31,404,222
Food & Staples Retailing 1.2%
BJ's Wholesale Club Holdings, Inc.*		437,500		24,788,750
Health Care Equipment & Supplies 7.4%
Align Technology, Inc.*		32,900		23,326,100
IDEXX Laboratories, Inc.*		55,000		37,056,800
Insulet Corp.*		105,000		31,270,050
Masimo Corp.*		50,000		13,577,000
Penumbra, Inc.*		100,000		27,495,000
Teleflex, Inc.		62,500		24,716,250
				157,441,200
Health Care Technology 1.2%
Veeva Systems, Inc. Class A*		80,000		26,558,400

	Number of Shares		Value
Hotels, Restaurants & Leisure 3.9%
Chipotle Mexican Grill, Inc.*		14,000	$	26,646,620
Darden Restaurants, Inc.		160,000		24,104,000
DraftKings, Inc. Class A*		350,000		20,751,500
Expedia Group, Inc.*		75,000		10,837,500
				82,339,620
Household Products 0.8%
Church & Dwight Co., Inc.		200,000		16,732,000
Interactive Media & Services 2.2%
IAC/ InterActiveCorp.*		95,000		12,544,750
Match Group, Inc.*		75,000		10,308,000
Pinterest, Inc. Class A*		425,000		23,617,250
				46,470,000
IT Services 8.4%
Cloudflare, Inc. Class A*		180,000		21,733,200
EPAM Systems, Inc.*		60,000		37,968,600
MongoDB, Inc.*		70,000		27,428,100
Okta, Inc.*		136,000		35,849,600
Twilio, Inc. Class A*		55,000		19,632,800
WEX, Inc.*		125,000		22,946,250
Wix.com Ltd.*		60,000		13,324,800
				178,883,350
Leisure Products 0.8%
Polaris, Inc.		140,000		16,766,400
Life Sciences Tools & Services 4.8%
Adaptive Biotechnologies Corp.*		300,000		10,896,000
Avantor, Inc.*		930,900		36,714,696
Bio-Rad Laboratories, Inc. Class A*		52,509		42,260,294
IQVIA Holdings, Inc.*		50,000		12,986,500
				102,857,490
Machinery 1.2%
IDEX Corp.		117,500		26,320,000

See Notes to Financial Statements

135

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

	Number of Shares		Value
Multiline Retail 0.5%
Ollie's Bargain Outlet Holdings, Inc.*		150,000	$	10,857,000
Pharmaceuticals 0.9%
Catalent, Inc.*		150,000		19,566,000
Professional Services 1.3%
CoStar Group, Inc.*		325,000		27,540,500
Road & Rail 1.3%
Old Dominion Freight Line, Inc.		95,000		27,428,400
Semiconductors & Semiconductor Equipment 9.7%
Enphase Energy, Inc.*		115,000		19,978,950
Entegris, Inc.		275,000		33,038,500
KLA Corp.		80,000		27,196,800
Lattice Semiconductor Corp.*		200,000		12,424,000
Marvell Technology, Inc.		400,000		24,476,000
Monolithic Power Systems, Inc.		75,000		37,119,750
ON Semiconductor Corp.*		650,000		28,834,000
Teradyne, Inc.		200,000		24,288,000
				207,356,000

	Number of Shares		Value
Software 14.7%
Avalara, Inc.*		150,000	$	26,955,000
Crowdstrike Holdings, Inc. Class A*		120,000		33,720,000
DocuSign, Inc.*		145,000		42,954,800
Five9, Inc.*		65,000		10,284,950
HubSpot, Inc.*		62,500		42,779,375
Manhattan Associates, Inc.*		225,000		36,672,750
Palo Alto Networks, Inc.*		25,000		11,526,000
Paylocity Holding Corp.*		105,000		28,266,000
RingCentral, Inc. Class A*		100,000		25,226,000
Trade Desk, Inc. Class A*		400,000		32,020,000
Zscaler, Inc.*		85,000		23,658,900
				314,063,775
Specialty Retail 7.2%
Best Buy Co., Inc.		105,000		12,233,550
Burlington Stores, Inc.*		95,000		28,451,550
CarMax, Inc.*		165,000		20,659,650
Dick's Sporting Goods, Inc.^(a)		230,000		32,386,300
Five Below, Inc.*		100,000		21,281,000
Foot Locker, Inc.		161,906		9,178,451
O'Reilly Automotive, Inc.*		50,000		29,704,000
				153,894,501

	Number of Shares		Value
Trading Companies & Distributors 1.7%
United Rentals, Inc.*		102,500	$	36,146,625
Total Common Stocks (Cost $1,221,204,148)				2,076,624,618
Short-Term Investments 4.2%
Investment Companies 4.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b)		70,287,990		70,287,990
State Street 19,998,110 Navigator Securities Lending Government Money Market Portfolio, 0.03%^(b)(c)				19,998,110
Total Short-Term Investments (Cost $90,286,100)				90,286,100
Total Investments 101.6% (Cost $1,311,490,248)				2,166,910,718
Liabilities Less Other Assets (1.6)%				(33,807,385	)
Net Assets 100.0%			$	2,133,103,333

* Non-income producing security.

(a)All or a portion of this security is on loan at August 31, 2021. Total value of all such securities at August 31, 2021 amounted to $19,420,234 for the Fund (see Note A of Notes to Financial Statements).

(b)Represents 7-day effective yield as of August 31, 2021.

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

See Notes to Financial Statements

136

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	2,076,624,618	$	—	$	—	$	2,076,624,618
Short-Term Investments		—		90,286,100		—		90,286,100
Total Investments	$	2,076,624,618	$	90,286,100	$	—	$	2,166,910,718

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

137

Schedule of Investments Mid Cap Intrinsic Value Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 95.7%
Aerospace & Defense 3.0%
General Dynamics Corp.		9,187	$	1,840,248
Auto Components 2.9%
Aptiv PLC*		11,524		1,753,838
Banks 9.9%
BankUnited, Inc.		26,951		1,132,751
Comerica, Inc.		16,430		1,214,341
First Horizon Corp.		51,686		847,134
Huntington Bancshares, Inc.		73,877		1,147,310
M&T Bank Corp.		5,826		815,698
Truist Financial Corp.		15,091		861,092
				6,018,326
Beverages 2.4%
Molson Coors Brewing Co. Class B		30,600		1,454,418
Biotechnology 0.7%
Emergent BioSolutions, Inc.*		6,852		432,224
Building Products 7.2%
Carlisle Cos, Inc.		7,897		1,664,214
Fortune Brands Home & Security, Inc.		9,318		907,294
Johnson Controls International PLC		23,748		1,776,350
				4,347,858
Chemicals 1.1%
Ashland Global Holdings, Inc.		7,014		639,045
Commercial Services & Supplies 2.2%
KAR Auction Services, Inc.*		44,600		754,186
Stericycle, Inc.*		8,657		602,527
				1,356,713
Communications Equipment 3.2%
Ciena Corp.*		16,400		936,932
Motorola Solutions, Inc.		4,083		997,150
				1,934,082
Containers & Packaging 1.9%
Sealed Air Corp.		19,029		1,161,340
Electric Utilities 3.5%
Evergy, Inc.		24,300		1,663,335
OGE Energy Corp.		12,100		428,461
				2,091,796

	Number of Shares		Value
Electronic Equipment, Instruments & Components 3.0%
CDW Corp.		6,031	$	1,209,879
II-VI, Inc.*		4,719		297,202
Itron, Inc.*		3,467		291,263
				1,798,344
Energy Equipment & Services 1.0%
Baker Hughes Co.		27,794		633,147
Entertainment 2.3%
Lions Gate Entertainment Corp. Class B*		117,800		1,385,328
Equity Real Estate Investment Trusts 2.9%
Regency Centers Corp.		25,972		1,782,199
Food & Staples Retailing 1.3%
BJ's Wholesale Club Holdings, Inc.*		14,300		810,238
Food Products 3.3%
Hain Celestial Group, Inc.*		21,800		815,538
TreeHouse Foods, Inc.*		31,100		1,165,317
				1,980,855
Health Care Equipment & Supplies 3.5%
Cardiovascular Systems, Inc.*		7,500		268,425
Haemonetics Corp.*		7,096		445,274
Zimmer Biomet Holdings, Inc.		9,200		1,384,140
				2,097,839
Health Care Providers & Services 1.9%
McKesson Corp.		2,900		592,006
MEDNAX, Inc.*		17,578		564,430
				1,156,436
Hotels, Restaurants & Leisure 5.9%
MGM Resorts International		53,700		2,288,694
Travel & Leisure Co.		23,613		1,293,048
				3,581,742
Independent Power and Renewable Electricity Producers 2.9%
AES Corp.		46,100		1,100,407
Vistra Corp.		34,300		654,787
				1,755,194
Insurance 1.0%
Globe Life, Inc.		6,500		624,455

	Number of Shares		Value
IT Services 2.4%
Alliance Data Systems Corp.		4,440	$	435,608
Conduent, Inc.*		143,600		1,048,280
				1,483,888
Metals & Mining 0.7%
Cleveland-Cliffs, Inc.*		16,803		394,366
Mortgage Real Estate Investment Trusts 2.3%
Starwood Property Trust, Inc.		53,200		1,372,560
Multi-Utilities 2.1%
CenterPoint Energy, Inc.		49,700		1,246,973
Multiline Retail 1.3%
Dollar Tree, Inc.*		8,700		787,698
Oil, Gas & Consumable Fuels 6.5%
Devon Energy Corp.		26,495		782,927
EOG Resources, Inc.		12,434		839,544
ONEOK, Inc.		23,323		1,224,924
Phillips 66		6,300		447,867
Williams Cos., Inc.		26,100		644,409
				3,939,671
Professional Services 1.8%
Dun & Bradstreet Holdings, Inc.*		33,426		612,699
KBR, Inc.		11,933		464,671
				1,077,370
Semiconductors & Semiconductor Equipment 4.6%
CMC Materials, Inc.		3,126		414,570
NXP Semiconductors NV		5,543		1,192,465
Skyworks Solutions, Inc.		6,334		1,162,036
				2,769,071
Software 1.5%
Dropbox, Inc. Class A*		29,579		937,950
Specialty Retail 2.5%
Chico's FAS, Inc.*		151,900		785,323
Children's Place, Inc.*		8,052		699,236
				1,484,559

See Notes to Financial Statements

138

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

	Number of Shares		Value
Trading Companies & Distributors 3.1%
AerCap Holdings NV*		35,100	$	1,892,943
Total Common Stocks (Cost $42,435,830)				58,022,714
Warrants 0.1%
Diversified Consumer Services 0.1%
OneSpaWorld Holdings Ltd. Expires 3/19/2024* (Cost $—)		18,168		55,958

	Number of Shares		Value
Short-Term Investments 3.8%
Investment Companies 3.8%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(a) (Cost $2,298,461)		2,298,461	$	2,298,461
Total Investments 99.6% (Cost $44,734,291)				60,377,133
Other Assets Less Liabilities 0.4%				212,829
Net Assets 100.0%			$	60,589,962

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 2021.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	58,022,714	$	—	$	—	$	58,022,714
Warrants^(a)		55,958		—		—		55,958
Short-Term Investments		—		2,298,461		—		2,298,461
Total Investments	$	58,078,672	$	2,298,461	$	—	$	60,377,133

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

139

Schedule of Investments Multi-Cap Opportunities Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 100.5%
Aerospace & Defense 2.9%
Raytheon Technologies Corp.		193,000	$	16,358,680
Banks 3.3%
JPMorgan Chase & Co.		117,000		18,714,150
Capital Markets 8.4%
Apollo Global Management, Inc.		65,000		3,885,700
Brookfield Asset Management, Inc. Class A		420,000		23,331,000
Charles Schwab Corp.		182,000		13,258,700
Intercontinental Exchange, Inc.		65,000		7,769,450
				48,244,850
Communications Equipment 6.2%
Cisco Systems, Inc.		250,000		14,755,000
Motorola Solutions, Inc.		85,000		20,758,700
				35,513,700
Construction Materials 1.6%
Eagle Materials, Inc.		57,000		8,939,880
Containers & Packaging 4.7%
Ball Corp.		200,000		19,192,000
Graphic Packaging Holding Co.		370,000		7,592,400
				26,784,400
Diversified Financial Services 5.0%
Berkshire Hathaway, Inc. Class B*		100,000		28,577,000
Electrical Equipment 1.9%
Rockwell Automation, Inc.		33,500		10,902,575
Entertainment 3.4%
Activision Blizzard, Inc.		90,000		7,413,300
Walt Disney Co.*		65,000		11,784,500
				19,197,800

	Number of Shares		Value
Food & Staples Retailing 2.9%
BJ's Wholesale Club Holdings, Inc.*		110,000	$	6,232,600
US Foods Holding Corp.*		310,000		10,540,000
				16,772,600
Food Products 2.5%
Lamb Weston Holdings, Inc.		80,000		5,212,000
Mondelez International, Inc. Class A		145,000		9,000,150
				14,212,150
Health Care Equipment & Supplies 2.9%
Becton, Dickinson & Co.		4,000		1,006,800
Hill-Rom Holdings, Inc.		106,500		15,504,270
				16,511,070
Health Care Providers & Services 4.4%
HCA Healthcare, Inc.		100,000		25,298,000
Hotels, Restaurants & Leisure 4.2%
Aramark		300,000		10,437,000
Booking Holdings, Inc.*		1,350		3,104,555
McDonald's Corp.		45,000		10,685,700
				24,227,255
Household Products 0.8%
WD-40 Co.		18,000		4,313,340
Independent Power and Renewable Electricity Producers 0.2%
Brookfield Renewable Corp. Class A		25,000		1,095,250
Insurance 1.6%
Chubb Ltd.		33,000		6,069,360
Progressive Corp.		31,000		2,986,540
				9,055,900
Interactive Media & Services 5.3%
Alphabet, Inc. Class C*		10,500		30,547,020

	Number of Shares		Value
Internet & Direct Marketing Retail 3.3%
Amazon.com, Inc.*		5,400	$	18,742,266
IT Services 2.7%
PayPal Holdings, Inc.*		54,000		15,587,640
Leisure Products 0.9%
Brunswick Corp.		53,000		5,134,110
Machinery 4.2%
Nordson Corp.		38,000		9,066,800
Stanley Black & Decker, Inc.		76,000		14,688,520
				23,755,320
Materials 2.0%
Sherwin- Williams Co.		38,000		11,539,460
Media 4.5%
Cable One, Inc.		3,800		7,978,442
Comcast Corp. Class A		295,000		17,900,600
				25,879,042
Pharmaceuticals 2.3%
Pfizer, Inc.		290,000		13,360,300
Road & Rail 2.7%
CSX Corp.		472,000		15,354,160
Software 4.9%
Microsoft Corp.		93,000		28,074,840
Specialty Retail 2.9%
Lowe's Cos., Inc.		80,000		16,311,200
Technology Hardware, Storage & Peripherals 4.7%
Apple, Inc.		175,000		26,570,250
Textiles, Apparel & Luxury Goods 3.2%
Columbia Sportswear Co.		45,000		4,590,450
NIKE, Inc. Class B		83,000		13,673,420
				18,263,870
Total Investments 100.5% (Cost $238,214,041)				573,838,078
Liabilities Less Other Assets (0.5)%				(2,903,370	)
Net Assets 100.0%			$	570,934,708

See Notes to Financial Statements

140

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

* Non-income producing security.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	573,838,078	$	—	$	—	$	573,838,078
Total Investments	$	573,838,078	$	—	$	—	$	573,838,078

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

141

Schedule of Investments Real Estate Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 99.4%
Apartments 11.7%
Apartment Income REIT Corp.		431,606	$	21,934,217
Camden Property Trust		113,232		16,989,329
Equity Residential		700,041		58,852,447
Essex Property Trust, Inc.		109,010		36,053,967
				133,829,960
Data Centers 11.0%
CyrusOne, Inc.		256,491		19,744,677
Digital Realty Trust, Inc.		236,429		38,753,077
Equinix, Inc.		79,575		67,117,534
				125,615,288
Free Standing 3.2%
Four Corners Property Trust, Inc.		419,355		11,997,747
National Retail Properties, Inc.		212,963		10,139,168
Spirit Realty Capital, Inc.		264,191		13,677,168
				35,814,083
Health Care 8.2%
Healthcare Trust of America, Inc. Class A		398,167		12,076,405
Healthpeak Properties, Inc.		771,659		27,779,724
Omega Healthcare Investors, Inc.		314,427		10,542,738
Welltower, Inc.		488,936		42,796,568
				93,195,435
Industrial 10.0%
Duke Realty Corp.		445,487		23,392,522
Prologis, Inc.		543,190		73,145,966
Rexford Industrial Realty, Inc.		283,455		17,554,368
				114,092,856

	Number of Shares		Value
Infrastructure 19.0%
American Tower Corp.		367,956	$	107,505,705
Crown Castle International Corp.		390,347		75,996,657
SBA Communications Corp.		91,223		32,746,320
				216,248,682
Lodging/Resorts 0.9%
Host Hotels & Resorts, Inc.*		632,596		10,475,790
Manufactured Homes 4.3%
Equity LifeStyle Properties, Inc.		358,337		30,483,729
Sun Communities, Inc.		91,811		18,498,998
				48,982,727
Office 5.9%
Boston Properties, Inc.		287,724		32,509,935
Douglas Emmett, Inc.		556,695		18,376,502
Kilroy Realty Corp.		132,982		8,730,268
Vornado Realty Trust		194,621		8,150,728
				67,767,433
Real Estate Management & Development 1.6%
Brookfield Asset Management, Inc. Class A		335,483		18,636,081
Regional Malls 3.5%
Simon Property Group, Inc.		299,927		40,325,185
Self Storage 7.4%
Extra Space Storage, Inc.		155,160		29,000,955
Public Storage		171,193		55,399,767
				84,400,722
Shopping Centers 4.9%
Kimco Realty Corp.		1,037,110		22,598,627

	Number of Shares		Value
Regency Centers Corp.		317,009	$	21,753,157
Retail Opportunity Investments Corp.		597,896		10,809,960
				55,161,744
Single Family Homes 3.7%
American Homes 4 Rent Class A		388,964		16,313,150
Invitation Homes, Inc.		625,460		25,756,443
				42,069,593
Specialty 1.4%
VICI Properties, Inc.		517,253		15,988,290
Timber 2.7%
Weyerhaeuser Co.		848,807		30,557,052
Total Common Stocks (Cost $858,578,882)				1,133,160,921
Short-Term Investments 0.6%
Investment Companies 0.6%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(a) (Cost $7,040,269)		7,040,269		7,040,269
Total Investments 100.0% (Cost $865,619,151)				1,140,201,190
Other Assets Less Liabilities 0.0%^(b)				544,664
Net Assets 100.0%			$	1,140,745,854

See Notes to Financial Statements

142

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

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 2021.

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,133,160,921	$	—	$	—	$	1,133,160,921
Short-Term Investments		—		7,040,269		—		7,040,269
Total Investments	$	1,133,160,921	$	7,040,269	$	—	$	1,140,201,190

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

143

Schedule of Investments Small Cap Growth Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 97.7%
Aerospace & Defense 0.9%
Axon Enterprise, Inc.*		20,933	$	3,807,085
Airlines 1.1%
Allegiant Travel Co.*		24,195		4,656,086
Auto Components 1.4%
Dorman Products, Inc.*		33,372		3,132,296
Visteon Corp.*		25,744		2,720,626
				5,852,922
Banks 2.9%
Pinnacle Financial Partners, Inc.		81,046		7,854,978
Seacoast Banking Corp. of Florida		133,487		4,263,575
				12,118,553
Biotechnology 16.1%
Apellis Pharmaceuticals, Inc.*		18,222		1,199,919
Arcutis Biotherapeutics, Inc.*		111,270		2,355,586
Arrowhead Pharmaceuticals, Inc.*		110,666		7,427,902
Beam Therapeutics, Inc.*		23,673		2,625,809
CareDx, Inc.*		78,925		5,783,624
Fate Therapeutics, Inc.*		111,760		8,186,420
Halozyme Therapeutics, Inc.*		101,419		4,258,584
Insmed, Inc.*		41,858		1,173,698
Intellia Therapeutics, Inc.*		25,641		4,116,150
Karuna Therapeutics, Inc.*		32,411		3,853,668
Krystal Biotech, Inc.*		41,000		2,375,540
MaxCyte, Inc.*^(a)		134,700		2,068,992
Mirati Therapeutics, Inc.*		18,382		3,119,977

	Number of Shares		Value
Natera, Inc.*		76,588	$	9,070,317
Sutro Biopharma, Inc.*		197,275		4,284,813
Turning Point Therapeutics, Inc.*		51,405		3,959,213
Twist Bioscience Corp.*		18,687		2,115,555
				67,975,767
Building Products 2.0%
Builders FirstSource, Inc.*		94,578		5,040,061
Gibraltar Industries, Inc.*		45,545		3,400,390
				8,440,451
Commercial Services & Supplies 2.1%
Casella Waste Systems, Inc. Class A*		52,441		3,880,109
Tetra Tech, Inc.		34,807		5,006,639
				8,886,748
Communications Equipment 3.1%
Calix, Inc.*		281,220		13,104,852
Construction & Engineering 0.9%
Valmont Industries, Inc.		14,700		3,658,242
Containers & Packaging 1.0%
Graphic Packaging Holding Co.		214,533		4,402,217
Diversified Consumer Services 1.3%
Chegg, Inc.*		36,318		3,022,384
OneSpaWorld Holdings Ltd.*		236,737		2,485,738
				5,508,122
Electronic Equipment, Instruments & Components 1.5%
II-VI, Inc.*		56,413		3,552,891
PAR Technology Corp.*^(a)		39,205		2,663,195
				6,216,086
Entertainment 0.5%
Lions Gate Entertainment Corp. Class A*		181,142		2,340,355

	Number of Shares		Value
Food & Staples Retailing 1.1%
Performance Food Group Co.*		94,193	$	4,730,372
Food Products 0.7%
Utz Brands, Inc.		158,475		3,077,585
Health Care Equipment & Supplies 4.0%
Axonics, Inc.*		44,465		3,333,986
CONMED Corp.		37,606		4,939,172
NuVasive, Inc.*		46,260		2,874,596
Outset Medical, Inc.*		117,755		5,804,144
				16,951,898
Health Care Providers & Services 4.8%
Amedisys, Inc.*		23,500		4,311,075
Option Care Health, Inc.*		199,355		5,332,746
R1 RCM, Inc.*		354,607		6,992,850
Select Medical Holdings Corp.		105,359		3,642,261
				20,278,932
Health Care Technology 0.9%
Inspire Medical Systems, Inc.*		16,485		3,685,387
Hotels, Restaurants & Leisure 7.0%
Boyd Gaming Corp.*		85,622		5,254,622
Churchill Downs, Inc.		27,842		5,860,741
Cracker Barrel Old Country Store, Inc.		33,850		4,860,183
Marriott Vacations Worldwide Corp.*		37,376		5,589,581
Texas Roadhouse, Inc.		39,093		3,713,835
Wingstop, Inc.		24,790		4,262,145
				29,541,107
Household Durables 1.0%
Helen of Troy Ltd.*		17,163		4,105,218

See Notes to Financial Statements

144

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

	Number of Shares		Value
Insurance 0.9%
Primerica, Inc.		26,221	$	4,010,240
IT Services 2.4%
Shift4 Payments, Inc. Class A*		119,729		10,261,973
Life Sciences Tools & Services 3.9%
Medpace Holdings, Inc.*		24,176		4,408,494
NeoGenomics, Inc.*		113,381		5,512,584
Repligen Corp.*		22,770		6,443,454
				16,364,532
Machinery 3.3%
Chart Industries, Inc.*		30,880		5,817,175
Meritor, Inc.*		122,045		2,894,907
Rexnord Corp.		87,720		5,329,867
				14,041,949
Marine 0.8%
Kirby Corp.*		61,009		3,269,472
Media 1.9%
Criteo SA ADR*		51,236		1,922,887
PubMatic, Inc. Class A*		209,867		6,117,623
				8,040,510
Multiline Retail 0.4%
Ollie's Bargain Outlet Holdings, Inc.*		24,790		1,794,300
Pharmaceuticals 0.1%
Collegium Pharmaceutical, Inc.*		26,810		550,409
Professional Services 0.9%
Exponent, Inc.		31,465		3,678,259
Road & Rail 0.9%
Landstar System, Inc.		22,407		3,765,048
Semiconductors & Semiconductor Equipment 7.4%
Brooks Automation, Inc.		59,782		5,079,078
Impinj, Inc.*		98,414		5,736,552

	Number of Shares		Value
Lattice Semiconductor Corp.*		189,332	$	11,761,304
SkyWater Technology, Inc.*^(a)		266,518		8,896,371
				31,473,305
Software 13.4%
Agilysys, Inc.*		79,123		4,496,560
Appian Corp.*^(a)		25,409		2,723,845
Descartes Systems Group, Inc.*		90,539		7,098,258
Digital Turbine, Inc.*		85,215		4,980,817
LivePerson, Inc.*		81,754		5,240,431
Manhattan Associates, Inc.*		47,745		7,781,957
Rapid7, Inc.*		53,055		6,447,244
Sprout Social, Inc. Class A*		71,806		8,731,609
Varonis Systems, Inc.*		114,232		7,883,150
Veritone, Inc.*		63,426		1,323,701
				56,707,572
Specialty Retail 3.3%
Academy Sports & Outdoors, Inc.*		135,517		5,999,338
Lithia Motors, Inc.		13,497		4,471,556
Signet Jewelers Ltd.		44,144		3,496,205
				13,967,099
Tobacco 1.2%
Turning Point Brands, Inc.		104,883		5,218,978
Trading Companies & Distributors 2.6%
Air Lease Corp.		84,831		3,371,184
H&E Equipment Services, Inc.		64,090		2,182,264
WESCO International, Inc.*		45,579		5,333,655
				10,887,103
Total Common Stocks (Cost $355,862,499)				413,368,734

	Number of Shares		Value
Rights 0.0%^(b)
Biotechnology 0.0%^(b)
Alder Biopharmaceuticals, Inc.^(c)(Cost $125,859)*		143,022	$	143,022
Short-Term Investments 3.9%
Investment Companies 3.9%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(d)		11,795,643		11,795,643
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%^(d)(e)		4,544,620		4,544,620
Total Short-Term Investments (Cost $16,340,263)				16,340,263
Total Investments 101.6% (Cost $372,328,621)				429,852,019
Liabilities Less Other Assets (1.6)%				(6,901,614	)
Net Assets 100.0%			$	422,950,405

See Notes to Financial Statements

145

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

* Non-income producing security.

(a) The security or a portion of this security is on loan at August 31, 2021. Total value of all such securities at August 31, 2021 amounted to $4,548,184 for the Fund (see Note A of Notes to Financial Statements).

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

(d) Represents 7-day effective yield as of August 31, 2021.

(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 August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	413,368,734	$	—	$	—	$	413,368,734
Rights^(a)		—		—		143,022		143,022
Short-Term Investments		—		16,340,263		—		16,340,263
Total Investments	$	413,368,734	$	16,340,263	$	143,022	$	429,852,019

(a)The Schedule of Investments provides information on the industry or sector categorization.

(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:

(000's omitted)	Beginning balance, as of 9/1/2020		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 8/31/2021		Net change in unrealized appreciation/ (depreciation) from investments still held as of 8/31/2021
Investments in Securities:
Rights^(c)	$	188	$	—	$	1	$	(39	)	$	—	$	(7	)	$	—	$	—	$	143	$	(39	)
Total	$	188	$	—	$	1	$	(39	)	$	—	$	(7	)	$	—	$	—	$	143	$	(39	)

(c) Securities categorized as Level 3 were valued based on a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

146

Schedule of Investments Sustainable Equity Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 97.7%
Auto Components 2.7%
Aptiv PLC*		351,151	$	53,441,671
Banks 3.0%
JPMorgan Chase & Co.		372,402		59,565,700
Biotechnology 2.4%
Regeneron Pharmaceuticals, Inc.*		70,214		47,282,108
Capital Markets 2.9%
Inter- continental Exchange, Inc.		483,989		57,851,205
Communications Equipment 2.3%
Arista Networks, Inc.*		120,059		44,365,402
Electrical Equipment 2.2%
Vestas Wind Systems A/S		1,075,669		43,431,874
Electronic Equipment, Instruments & Components 2.7%
Zebra Technologies Corp. Class A*		89,779		52,715,535
Health Care Equipment & Supplies 7.5%
Becton, Dickinson & Co.		206,015		51,853,976
Danaher Corp.		167,401		54,264,708
Medtronic PLC		316,577		42,256,698
				148,375,382
Health Care Providers & Services 4.7%
Amerisource Bergen Corp.		329,968		40,325,389
Cigna Corp.		251,079		53,140,871
				93,466,260
Hotels, Restaurants & Leisure 4.0%
Compass Group PLC*		2,401,744		49,547,081
Starbucks Corp.		258,453		30,365,643
				79,912,724
Household Products 2.1%
Colgate- Palmolive Co.		540,318		42,117,788

	Number of Shares		Value
Insurance 2.4%
Progressive Corp.		493,487	$	47,542,538
Interactive Media & Services 5.5%
Alphabet, Inc. Class A*		37,387		108,196,109
IT Services 10.0%
Accenture PLC Class A		99,742		33,569,167
Cognizant Technology Solutions Corp. Class A		657,652		50,185,424
Fiserv, Inc.*		266,176		31,352,871
GoDaddy, Inc. Class A*		425,190		31,170,679
MasterCard, Inc. Class A		147,868		51,196,338
				197,474,479
Machinery 3.7%
Otis Worldwide Corp.		261,881		24,150,666
Stanley Black & Decker, Inc.		256,386		49,551,722
				73,702,388
Materials 1.9%
Sherwin- Williams Co.		126,077		38,285,803
Media 5.5%
Comcast Corp. Class A		1,311,851		79,603,119
Discovery, Inc. Class A*		1,034,953		29,848,044
				109,451,163
Multi-Utilities 2.2%
National Grid PLC		3,427,045		44,350,981
Personal Products 2.3%
Unilever PLC ADR		830,624		46,249,144
Pharmaceuticals 3.0%
Roche Holding AG		145,974		58,620,735
Professional Services 1.5%
CoStar Group, Inc.*		339,165		28,740,842
Road & Rail 1.9%
CSX Corp.		1,152,548		37,492,386

	Number of Shares		Value
Semiconductors & Semiconductor Equipment 4.4%
Texas Instruments, Inc.		458,279	$	87,490,044
Software 8.6%
ANSYS, Inc.*		48,281		17,639,946
Intuit, Inc.		89,231		50,514,562
Microsoft Corp.		339,957		102,626,219
				170,780,727
Specialty Retail 3.1%
Advance Auto Parts, Inc.		298,172		60,484,190
Trading Companies & Distributors 5.2%
United Rentals, Inc.*		137,119		48,355,015
W.W. Grainger, Inc.		124,975		54,201,658
				102,556,673
Total Common Stocks (Cost $1,007,775,404)				1,933,943,851
	Principal Amount
Short-Term Investments 1.7%
Certificates of Deposit 0.0%^(a)
Carver Federal Savings Bank, 0.05%, due 9/23/2021	$	100,000		100,000
Self Help Credit Union, 0.10%, due 11/16/2021		250,000		250,000
Self Help Federal Credit Union, 0.10%, due 9/9/2021		250,000		250,000
				600,000

See Notes to Financial Statements

147

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

	Number of Shares		Value
Investment Companies 1.7%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b)		33,477,036	$	33,477,036
Total Short-Term Investments (Cost $34,077,036)				34,077,036
Total Investments 99.4% (Cost $1,041,852,440)				1,968,020,887
Other Assets Less Liabilities 0.6%				11,472,647
Net Assets 100.0%			$	1,979,493,534

* Non-income producing security.

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

(b) Represents 7-day effective yield as of August 31, 2021.

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	1,691,744,036		85.4	%
United Kingdom		140,147,206		7.1	%
Switzerland		58,620,735		3.0	%
Denmark		43,431,874		2.2	%
Short-Term Investments and Other Assets—Net		45,549,683		2.3	%
	$	1,979,493,534		100.0	%

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,933,943,851	$	—	$	—	$	1,933,943,851
Short-Term Investments		—		34,077,036		—		34,077,036
Total Investments	$	1,933,943,851	$	34,077,036	$	—	$	1,968,020,887

(a)The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

148

Schedule of Investments U.S. Equity Impact Fund^ August 31, 2021

	Number of Shares		Value
Common Stocks 99.3%
Auto Components 3.3%
Aptiv PLC*		1,372	$	208,805
Building Products 3.6%
Trane Technologies PLC		1,136		225,496
Chemicals 3.2%
Ecolab, Inc.		897		202,148
Communications Equipment 3.9%
Motorola Solutions, Inc.		1,014		247,639
Containers & Packaging 7.4%
Ball Corp.		2,546		244,314
Graphic Packaging Holding Co.		10,690		219,359
				463,673
Diversified Consumer Services 2.1%
Adtalem Global Education, Inc.*		3,316		122,692
WW International, Inc.*		478		10,349
				133,041
Electric Utilities 2.4%
Avangrid, Inc.		2,719		148,593
Electrical Equipment 2.4%
Array Technologies, Inc.*		2,015		38,426
Sunrun, Inc.*		1,143		50,578
TPI Composites, Inc.*		1,737		63,070
				152,074
Electronic Equipment, Instruments & Components 3.8%
II-VI, Inc.*		2,333		146,932
Trimble, Inc.*		971		91,488
				238,420
Food Products 2.1%
Simply Good Foods Co.*		3,719		132,471
Health Care Equipment & Supplies 9.4%
ABIOMED, Inc.*		258		93,901
Boston Scientific Corp.*		3,045		137,482
DexCom, Inc.*		245		129,708
Hill-Rom Holdings, Inc.		1,593		231,909
				593,000

	Number of Shares		Value
Health Care Providers & Services 5.8%
HCA Healthcare, Inc.		1,023	$	258,798
Universal Health Services, Inc. Class B		704		109,655
				368,453
Health Care Technology 0.6%
Teladoc Health, Inc.*		237		34,227
Household Products 2.1%
Clorox Co.		772		129,734
Independent Power and Renewable Electricity Producers 3.4%
Brookfield Renewable Corp. Class A		4,902		214,757
Internet & Direct Marketing Retail 1.1%
Etsy, Inc.*		322		69,636
IT Services 3.1%
PayPal Holdings, Inc.*		677		195,423
Machinery 6.4%
Deere & Co.		261		98,666
Evoqua Water Technologies Corp.*		4,961		193,082
Xylem, Inc.		839		114,364
				406,112
Media 3.4%
Cable One, Inc.		103		216,258
Mortgage Real Estate Investment Trusts 1.6%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,696		102,387
Pharmaceuticals 8.4%
Eli Lilly & Co.		694		179,253
Merck & Co., Inc.		1,700		129,693
Organon & Co.		2,014		68,255
Pfizer, Inc.		3,277		150,971
				528,172
Professional Services 2.6%
Verisk Analytics, Inc.		818		165,040
Road & Rail 7.9%
CSX Corp.		6,753		219,675
Kansas City Southern		532		149,316
Lyft, Inc. Class A*		2,765		131,642
				500,633

	Number of Shares		Value
Semiconductors & Semiconductor Equipment 2.2%
First Solar, Inc.*		811	$	76,234
SolarEdge Technologies, Inc.*		224		64,911
				141,145
Software 7.1%
DocuSign, Inc.*		353		104,573
Everbridge, Inc.*		620		97,321
Proofpoint, Inc.*		564		99,264
Tyler Technologies, Inc.*		305		148,139
				449,297
Total Common Stocks (Cost $5,488,906)				6,266,634
Short-Term Investments 0.5%
Investment Companies 0.5%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(a)(Cost $32,476)		32,476		32,476
Total Investments 99.8% (Cost $5,521,382)				6,299,110
Other Assets Less Liabilities 0.2%				14,761
Net Assets 100.0%			$	6,313,871

See Notes to Financial Statements

149

Schedule of Investments U.S. Equity Impact Fund^ (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of August 31, 2021.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of August 31, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	6,266,634	$	—	$	—	$	6,266,634
Short-Term Investments		—		32,476		—		32,476
Total Investments	$	6,266,634	$	32,476	$	—	$	6,299,110

(a)The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

150

Statements of Assets and Liabilities

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND		GUARDIAN FUND		INTEGRATED LARGE CAP FUND		INTERNATIONAL EQUITY FUND
	August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	71,168,701	$	1,328,752,584	$	1,166,528,155	$	965,049,542	$	12,070,606,742	$	4,249,121	$	62,221,154	$	2,096,534,137	$	4,601,003	$	1,940,524,831
Affiliated issuers^(b)		—		—		—		—		836,708,885		—		—		—		—		—
		71,168,701		1,328,752,584		1,166,528,155		965,049,542		12,907,315,627		4,249,121		62,221,154		2,096,534,137		4,601,003		1,940,524,831
Cash		—		—		—		—		692,360		—		—		—		—		—
Foreign currency^(c)		—		1,676,086		—		12,554		—		1,925		2,490,248		—		579		3,449,796
Dividends and interest receivable		77,493		2,085,738		4,740,053		458,637		6,615,637		5,821		7,185		1,553,746		6,862		5,483,844
Receivable for securities sold		—		710,461		—		9,123,249		3,837,034		—		443,536		232,368		—		4,806,912
Receivable from Management—net (Note B)		13,684		—		—		—		—		28,345		17,000		—		27,960		—
Receivable for Fund shares sold		250		305,156		498,087		53,170		5,905,231		2,000		120,000		214,056		803		1,513,014
Receivable for securities lending income (Note A)		—		50		—		4,463		—		—		—		631		—		372
Prepaid expenses and other assets		12,349		50,763		60,189		69,006		342,529		11,469		31,350		145,817		24,159		73,380
Total Assets		71,272,477		1,333,580,838		1,171,826,484		974,770,621		12,924,708,418		4,298,681		65,330,473		2,098,680,755		4,661,366		1,955,852,149
Liabilities
Payable to investment manager—net (Note B)		29,846		1,044,282		525,514		411,361		7,100,966		2,867		61,455		820,792		749		1,106,902
Option contracts written, at value^(d) (Note A)		—		—		1,163,285		—		—		—		—		426,165		—		—
Due to custodian		—		—		—		—		—		—		67,522		—		—		—
Payable for securities purchased		—		3,060,337		—		7,190,388		7,398,013		—		55,097		—		—		3,606,589
Payable for Fund shares redeemed		81,000		16,152,098		331,102		268,260		6,454,950		—		—		697,032		—		1,024,632
Payable to administrator—net (Note B)		—		154,503		293,608		217,891		1,673,214		—		—		449,354		—		280,007
Payable to trustees		5,598		5,598		5,598		5,598		5,598		5,598		5,598		5,598		5,598		5,598
Payable for audit fees		45,300		52,682		55,345		53,395		59,437		48,550		49,324		55,143		50,388		54,711
Payable for custodian fees		9,844		144,125		27,157		21,738		200,279		10,693		14,684		34,471		9,097		57,715
Payable for legal fees		9,056		9,056		9,094		9,056		9,094		9,056		12,529		9,056		13,594		9,094
Payable for organization costs		—		—		—		—		—		—		—		—		—		—
Payable for loaned securities collateral (Note A)		—		—		—		15,201,104		—		—		—		4,002,321		—		—
Accrued capital gains taxes (Note A)		—		9,463,695		—		—		—		—		—		—		—		—
Other accrued expenses and payables		5,717		91,225		73,963		85,868		650,176		4,234		6,187		186,001		3,780		90,326
Total Liabilities		186,361		30,177,601		2,484,666		23,464,659		23,551,727		80,998		272,396		6,685,933		83,206		6,235,574
Net Assets	$	71,086,116	$	1,303,403,237	$	1,169,341,818	$	951,305,962	$	12,901,156,691	$	4,217,683	$	65,058,077	$	2,091,994,822	$	4,578,160	$	1,949,616,575
Net Assets consist of:
Paid-in capital	$	43,265,214	$	1,055,829,862	$	708,361,368	$	555,040,835	$	4,361,842,570	$	3,425,718	$	60,581,700	$	947,834,854	$	2,865,037	$	1,280,052,528
Total distributable earnings/(losses)		27,820,902		247,573,375		460,980,450		396,265,127		8,539,314,121		791,965		4,476,377		1,144,159,968		1,713,123		669,564,047
Net Assets	$	71,086,116	$	1,303,403,237	$	1,169,341,818	$	951,305,962	$	12,901,156,691	$	4,217,683	$	65,058,077	$	2,091,994,822	$	4,578,160	$	1,949,616,575
Net Assets
Investor Class	$	—	$	—	$	—	$	865,318,767	$	2,106,845,351	$	—	$	—	$	1,812,927,193	$	—	$	102,900,203
Trust Class		—		—		—		53,407,721		1,349,725,347		—		—		52,458,094		—		32,429,427
Advisor Class		—		—		—		2,139,838		148,244,630		—		—		8,010,886		—		—
Institutional Class		68,346,441		972,077,918		898,615,451		26,817,729		3,551,659,507		3,638,354		61,336,399		204,839,772		4,023,416		1,653,997,129
Class A		1,355,992		32,169,347		186,822,917		2,919,746		—		310,154		3,555,403		10,035,223		465,578		66,050,432
Class C		1,343,075		6,618,563		83,323,039		702,161		—		269,175		166,275		3,112,780		89,166		8,221,764
Class R3		—		840,283		580,411		—		—		—		—		400,840		—		—
Class R6		40,608		291,697,126		—		—		5,744,681,856		—		—		210,034		—		86,017,620

See Notes to Financial Statements

151

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND		GUARDIAN FUND		INTEGRATED LARGE CAP FUND		INTERNATIONAL EQUITY FUND
	August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		24,059,066		26,275,604		—		—		61,713,760		—		5,990,054
Trust Class		—		—		—		1,488,540		16,855,969		—		—		1,789,574		—		1,888,054
Advisor Class		—		—		—		59,764		1,868,739		—		—		275,783		—		—
Institutional Class		3,473,301		41,283,690		59,867,514		743,925		44,293,722		262,855		4,730,067		6,963,522		428,952		96,167,944
Class A		68,894		1,362,952		12,500,297		81,464		—		22,461		274,445		342,836		49,254		3,849,488
Class C		68,793		282,501		5,610,279		20,079		—		19,602		12,858		108,800		9,565		483,724
Class R3		—		35,667		38,842		—		—		—		—		13,798		—		—
Class R6		2,061		12,383,125		—		—		71,680,489		—		—		7,139		—		4,995,875
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	35.97	$	80.18	$	—	$	—	$	29.38	$	—	$	17.18
Trust Class		—		—		—		35.88		80.07		—		—		29.31		—		17.18
Advisor Class		—		—		—		35.80		79.33		—		—		29.05		—		—
Institutional Class		19.68		23.55		15.01		36.05		80.18		13.84		12.97		29.42		9.38		17.20
Class R3		—		23.56		14.94		—		—		—		—		29.05		—		—
Class R6		19.70		23.56		—		—		80.14		—		—		29.42		—		17.22
Net Asset Value and redemption price per share
Class A	$	19.68	$	23.60	$	14.95	$	35.84	$	—	$	13.81	$	12.95	$	29.27	$	9.45	$	17.16
Offering Price per share
Class A‡	$	20.88	$	25.04	$	15.86	$	38.03	$	—	$	14.65	$	13.74	$	31.06	$	10.03	$	18.21
Net Asset Value and offering price per share
Class C^	$	19.52	$	23.43	$	14.85	$	34.97	$	—	$	13.73	$	12.93	$	28.61	$	9.32	$	17.00
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	—	$	—	$	14,644,435	$	—	$	—	$	—	$	3,974,445	$	—	$	—
*Cost of Investments:
(a) Unaffiliated issuers	$	45,790,391	$	1,039,073,859	$	799,597,400	$	671,144,149	$	4,880,821,359	$	3,559,031	$	57,030,739	$	1,120,114,304	$	3,309,991	$	1,415,902,404
(b) Affiliated issuers		—		—		—		—		619,802,134		—		—		—		—		—
Total cost of investments	$	45,790,391	$	1,039,073,859	$	799,597,400	$	671,144,149	$	5,500,623,493	$	3,559,031	$	57,030,739	$	1,120,114,304	$	3,309,991	$	1,415,902,404
(c) Total cost of foreign currency	$	—	$	1,672,017	$	—	$	12,491	$	—	$	1,927	$	2,484,448	$	—	$	519	$	3,448,931
(d) Premium received from option contracts written	$	—	$	—	$	851,030	$	—	$	—	$	—	$	—	$	914,394	$	—	$	—

‡ 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

152

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Equity Funds

	INTERNATIONAL SELECT FUND		INTERNATIONAL SMALL CAP FUND		INTRINSIC VALUE FUND		LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND		MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND		SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	167,052,767	$	3,912,248	$	1,135,302,206	$	6,824,725,661	$	2,166,910,718	$	60,377,133	$	573,838,078	$	1,140,201,190	$	429,852,019	$	1,968,020,887
Affiliated issuers^(b)		—		—		—		—		—		—		—		—		—		—
		167,052,767		3,912,248		1,135,302,206		6,824,725,661		2,166,910,718		60,377,133		573,838,078		1,140,201,190		429,852,019		1,968,020,887
Cash		—		—		—		—		—		—		—		—		—		—
Foreign currency^(c)		306,049		7,258		—		—		—		—		—		—		—		338
Dividends and interest receivable		618,247		11,999		363,685		25,885,588		550,133		67,898		643,357		314,889		49,247		3,004,371
Receivable for securities sold		—		—		2,803,636		2,166,835		16,762,830		579,267		1,031,315		—		10,321,134		9,904,068
Receivable from Management—net (Note B)		4,165		41,097		—		—		—		18,875		—		—		18,232		—
Receivable for Fund shares sold		112,043		109		3,944,250		12,968,949		585,735		11,950		193,192		1,582,057		1,508,402		1,470,848
Receivable for securities lending income (Note A)		32		31		—		112,062		554		—		—		—		3,714		—
Prepaid expenses and other assets		46,069		12,093		56,645		358,963		98,203		45,274		22,288		71,669		57,466		85,939
Total Assets		168,139,372		3,984,835		1,142,470,422		6,866,218,058		2,184,908,173		61,100,397		575,728,230		1,142,169,805		441,810,214		1,982,486,451
Liabilities
Payable to investment manager—net (Note B)		77,719		2,628		705,914		2,301,342		845,445		28,135		283,441		753,555		284,767		789,753
Option contracts written, at value^(d) (Note A)		—		—		—		—		—		—		—		—		—		—
Due to custodian		—		—		—		—		—		—		939,935		—		—		—
Payable for securities purchased		291,915		2,696		7,189,823		349,283,050		28,656,619		364,795		—		—		13,170,312		—
Payable for Fund shares redeemed		1,635		175		1,069,054		4,740,789		1,744,679		50,599		3,370,831		490,399		759,676		1,570,656
Payable to administrator—net (Note B)		—		—		194,122		1,159,096		334,243		—		114,191		28,864		—		417,398
Payable to trustees		5,598		5,598		5,598		5,598		5,598		5,598		5,598		5,598		5,598		5,598
Payable for audit fees		55,143		43,600		26,025		53,395		26,025		26,025		26,025		53,263		26,025		26,025
Payable for custodian fees		19,022		15,219		20,639		91,710		35,920		10,793		13,627		22,132		15,003		35,919
Payable for legal fees		9,056		9,056		9,056		9,094		13,209		12,168		9,094		9,094		13,129		9,056
Payable for organization costs		144		—		—		—		—		—		—		—		—		—
Payable for loaned securities collateral (Note A)		—		71,387		—		51,839,234		19,998,110		—		—		—		4,544,620		—
Accrued capital gains taxes (Note A)		—		—		—		—		—		—		—		—		—		—
Other accrued expenses and payables		13,804		4,475		47,548		238,274		144,992		12,322		30,780		61,046		40,679		138,512
Total Liabilities		474,036		154,834		9,267,779		409,721,582		51,804,840		510,435		4,793,522		1,423,951		18,859,809		2,992,917
Net Assets	$	167,665,336	$	3,830,001	$	1,133,202,643	$	6,456,496,476	$	2,133,103,333	$	60,589,962	$	570,934,708	$	1,140,745,854	$	422,950,405	$	1,979,493,534
Net Assets consist of:
Paid-in capital	$	103,524,855	$	2,635,764	$	673,777,404	$	5,308,472,015	$	1,060,011,277	$	50,477,103	$	116,881,565	$	842,821,330	$	299,625,019	$	909,035,803
Total distributable earnings/(losses)		64,140,481		1,194,237		459,425,239		1,148,024,461		1,073,092,056		10,112,859		454,053,143		297,924,524		123,325,386		1,070,457,731
Net Assets	$	167,665,336	$	3,830,001	$	1,133,202,643	$	6,456,496,476	$	2,133,103,333	$	60,589,962	$	570,934,708	$	1,140,745,854	$	422,950,405	$	1,979,493,534
Net Assets
Investor Class	$	—	$	—	$	—	$	1,628,293,775	$	696,431,940	$	35,168,920	$	—	$	—	$	85,661,027	$	437,777,406
Trust Class		6,629,805		—		—		112,142,618		109,283,231		6,901,069		—		149,765,870		5,378,317		148,716,232
Advisor Class		—		—		—		137,966,930		13,169,346		—		—		—		3,947,355		—
Institutional Class		152,512,000		2,768,159		979,426,177		4,146,668,233		481,075,082		15,185,582		490,716,197		706,893,048		235,810,393		896,288,454
Class A		4,544,381		517,420		51,366,608		136,505,952		48,128,527		1,512,493		53,052,016		84,633,198		26,495,121		160,627,758
Class C		812,465		178,067		18,435,659		102,303,358		13,201,899		1,040,885		27,166,495		11,226,632		6,602,717		47,968,381
Class R3		1,885,657		—		—		2,027,665		18,472,524		750,949		—		20,341,542		5,959,490		23,830,750
Class R6		1,281,028		366,355		83,974,199		190,587,945		753,340,784		30,064		—		167,885,564		53,095,985		264,284,553

See Notes to Financial Statements

153

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Equity Funds

	INTERNATIONAL SELECT FUND		INTERNATIONAL SMALL CAP FUND		INTRINSIC VALUE FUND		LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND		MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND		SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021		August 31, 2021
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		36,307,705		30,570,945		1,424,567		—		—		1,510,546		8,781,021
Trust Class		376,350		—		—		2,499,998		4,799,377		280,238		—		8,273,780		94,885		2,980,529
Advisor Class		—		—		—		3,076,050		578,675		—		—		—		69,666		—
Institutional Class		8,665,830		150,897		40,788,743		92,468,384		21,112,834		616,014		26,458,707		38,911,262		4,156,801		18,004,667
Class A		260,093		28,361		2,163,917		3,041,924		2,114,094		61,400		2,859,740		4,674,961		467,433		3,222,753
Class C		47,542		10,000		794,818		2,278,690		580,925		42,614		1,489,953		618,658		116,698		975,077
Class R3		108,874		—		—		45,182		811,960		30,536		—		1,126,118		105,201		478,362
Class R6		72,737		20,000		3,485,901		4,245,560		33,056,406		1,220		—		9,242,995		935,737		5,308,461
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	44.85	$	22.78	$	24.69	$	—	$	—	$	56.71	$	49.85
Trust Class		17.62		—		—		44.86		22.77		24.63		—		18.10		56.68		49.90
Advisor Class		—		—		—		44.85		22.76		—		—		—		56.66		—
Institutional Class		17.60		18.34		24.01		44.84		22.79		24.65		18.55		18.17		56.73		49.78
Class R3		17.32		—		—		44.88		22.75		24.59		—		18.06		56.65		49.82
Class R6		17.61		18.32		24.09		44.89		22.79		24.65		—		18.16		56.74		49.79
Net Asset Value and redemption price per share
Class A	$	17.47	$	18.24	$	23.74	$	44.87	$	22.77	$	24.63	$	18.55	$	18.10	$	56.68	$	49.84
Offering Price per share
Class A‡	$	18.54	$	19.35	$	25.19	$	47.61	$	24.16	$	26.13	$	19.68	$	19.20	$	60.14	$	52.88
Net Asset Value and offering price per share
Class C^	$	17.09	$	17.81	$	23.19	$	44.90	$	22.73	$	24.43	$	18.23	$	18.15	$	56.58	$	49.19
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	69,057	$	—	$	49,511,147	$	19,420,234	$	—	$	—	$	—	$	4,548,184	$	—
*Cost of Investments:
(a) Unaffiliated issuers	$	116,410,004	$	2,880,725	$	731,633,295	$	5,959,909,922	$	1,311,490,248	$	44,734,291	$	238,214,041	$	865,619,151	$	372,328,621	$	1,041,852,440
(b) Affiliated issuers		—		—		—		—		—		—		—		—		—		—
Total cost of investments	$	116,410,004	$	2,880,725	$	731,633,295	$	5,959,909,922	$	1,311,490,248	$	44,734,291	$	238,214,041	$	865,619,151	$	372,328,621	$	1,041,852,440
(c) Total cost of foreign currency	$	305,541	$	7,212	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	333
(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

154

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Equity Funds

	U.S. EQUITY IMPACT FUND
	August 31, 2021
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	6,299,110
Affiliated issuers^(b)		—
		6,299,110
Cash		3,376
Foreign currency^(c)		—
Dividends and interest receivable		5,491
Receivable for securities sold		—
Receivable from Management—net (Note B)		17,703
Receivable for Fund shares sold		—
Receivable for securities lending income (Note A)		—
Prepaid expenses and other assets		43,381
Total Assets		6,369,061
Liabilities
Payable to investment manager—net (Note B)		3,666
Option contracts written, at value^(d) (Note A)		—
Due to custodian		—
Payable for securities purchased		3,375
Payable for Fund shares redeemed		—
Payable to administrator—net (Note B)		—
Payable to trustees		5,598
Payable for audit fees		17,400
Payable for custodian fees		3,524
Payable for legal fees		18,455
Payable for organization costs		—
Payable for loaned securities collateral (Note A)		—
Accrued capital gains taxes (Note A)		—
Other accrued expenses and payables		3,172
Total Liabilities		55,190
Net Assets	$	6,313,871
Net Assets consist of:
Paid-in capital	$	5,579,432
Total distributable earnings/(losses)		734,439
Net Assets	$	6,313,871
Net Assets
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		6,057,897
Class A		222,096
Class C		33,878
Class R3		—
Class R6		—

See Notes to Financial Statements

155

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Equity Funds

	U.S. EQUITY IMPACT FUND
	August 31, 2021
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		533,807
Class A		19,601
Class C		3,000
Class R3		—
Class R6		—
Net Asset Value, offering and redemption price per share
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		11.35
Class R3		—
Class R6		—
Net Asset Value and redemption price per share
Class A	$	11.33
Offering Price per share
Class A‡	$	12.02
Net Asset Value and offering price per share
Class C^	$	11.29
†Securities on loan, at value:
Unaffiliated issuers	$	—
*Cost of Investments:
(a) Unaffiliated issuers	$	5,521,382
(b) Affiliated issuers		—
Total cost of investments	$	5,521,382
(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

156

Statements of Operations

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTEGRATED LARGE CAP FUND			INTERNATIONAL EQUITY FUND
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	1,014,307		$	22,109,234		$	37,556,579		$	7,846,892		$	90,954,853		$	77,771		$	1,406,527		$	16,656,626		$	53,467		$	33,530,420
Dividend income—affiliated issuers (Note F)		—			—			—			—			9,017,578			—			—			—			—			—
Interest and other income—unaffiliated issuers		73			2,620			1,831,737			2,426			18,119			16			210			1,204			—			48,445
Income from securities loaned—net		—			4,061			—			12,219			—			—			—			20,261			—			140,230
Foreign taxes withheld		(21,032	)		(2,885,365	)		(600,801	)		(250,653	)		(176,058	)		(3,541	)		(106,876	)		(77,253	)		(134	)		(2,265,348	)
Total income	$	993,348		$	19,230,550		$	38,787,515		$	7,610,884		$	99,814,492		$	74,246		$	1,299,861		$	16,600,838		$	53,333		$	31,453,747
Expenses:
Investment management fees (Note B)		300,253			12,233,713			6,489,625			4,345,006			78,669,736			24,152			661,841			8,570,126			7,653			13,880,760
Administration fees (Note B):
Investor Class		—			—			—			1,978,193			5,036,921			—			—			4,028,964			—			257,208
Trust Class		—			—			—			195,031			5,231,770			—			—			179,009			—			120,545
Advisor Class		—			—			—			7,910			569,991			—			—			21,943			—			—
Institutional Class		85,206			1,467,556			1,562,193			30,718			5,000,865			3,800			83,893			253,866			5,115			2,248,977
Class A		3,648			90,349			445,859			7,795			—			660			10,567			23,437			855			156,493
Class C		4,700			17,467			231,687			2,025			—			603			454			6,977			229			20,177
Class R3		—			2,325			3,102			—			—			—			—			710			—			—
Class R6		18			134,562			—			—			2,594,550			—			—			76			—			40,163
Distribution fees (Note B):
Trust Class		—			—			—			48,759			—			—			—			44,752			—			—
Advisor Class		—			—			—			4,943			356,245			—			—			13,714			—			—
Class A		3,507			86,873			428,711			7,495			—			635			10,160			22,536			822			150,474
Class C		18,077			67,180			891,103			7,789			—			2,319			1,746			26,834			882			77,605
Class R3		—			4,470			5,966			—			—			—			—			1,366			—			—
Shareholder servicing agent fees:
Investor Class		—			—			—			257,017			877,702			—			—			595,240			—			69,498
Trust Class		—			—			—			1,551			7,205			—			—			1,613			—			1,800
Advisor Class		—			—			—			1,100			5,774			—			—			1,067			—			—
Institutional Class		649			96,408			7,492			584			19,162			330			608			1,048			209			—
Class A		1,484			4,868			8,462			516			—			543			4,226			1,871			624			3,205
Class C		243			465			3,391			326			—			204			258			335			172			776
Class R3		—			877			373			—			—			—			—			266			—			—
Class R6		144			3,123			—			—			12,742			—			—			164			—			1,651
Audit fees		45,300			52,682			54,946			54,396			60,437			48,150			49,324			56,143			50,388			55,711
Organization expense (Note A)		—			—			—			—			—			—			—			—			—			—
Custodian and accounting fees		56,897			789,780			156,480			126,909			1,175,516			66,260			85,500			201,190			53,474			327,161
Insurance		1,721			38,676			42,843			23,942			345,469			71			1,929			49,916			110			66,281
Legal fees		49,872			55,077			53,038			77,654			58,879			49,872			67,651			54,032			54,301			55,321
Registration and filing fees		60,775			100,071			84,323			104,393			231,501			47,418			51,663			149,487			49,983			109,323
Repayment to Management of expenses previously assumed by Management (Note B)		—			239,655			—			249			350,384			—			—			—			—			—
Shareholder reports		3,151			28,099			74,111			32,460			513,669			2,350			3,720			39,148			—			32,527
Trustees' fees and expenses		49,669			49,722			49,720			49,699			50,147			49,667			49,669			49,734			49,667			49,740
Interest		3,157			19,284			19,876			16,315			1,658			—			2,790			23,992			24			54,411
Miscellaneous and other fees (Note A)		13,445			132,804			94,594			56,362			651,426			23,100			19,955			108,504			13,361			162,821
Total expenses		701,916			15,716,086			10,707,895			7,439,137			101,821,749			320,134			1,105,954			14,528,060			287,869			17,942,628

See Notes to Financial Statements

157

Statements of Operations (cont'd)

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTEGRATED LARGE CAP FUND			INTERNATIONAL EQUITY FUND
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021
Expenses reimbursed by Management (Note B)		(257,319	)		(26,814	)		—			(162	)		—			(286,303	)		(182,007	)		(74	)		(270,193	)		(439,081	)
Investment management fees waived (Note B)		—			—			—			—			—			—			—			—			—			(1,776,657	)
Total net expenses		444,597			15,689,272			10,707,895			7,438,975			101,821,749			33,831			923,947			14,527,986			17,676			15,726,890
Net investment income/(loss)	$	548,751		$	3,541,278		$	28,079,620		$	171,909		$	(2,007,257	)	$	40,415		$	375,914		$	2,072,852		$	35,657		$	15,726,857
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		4,446,088			110,148,687	*		146,155,651			140,497,775			1,335,111,768			183,248			6,804,655			186,705,947			396,054			155,578,084
Transactions in investment securities of affiliated issuers		—			—			—			—			69,251,937			—			—			—			—			—
Redemption in-kind		—			—			—			—			—			—			—			—			—			—
Settlement of foreign currency transactions		(476	)		(814,245	)		53,897			(23,218	)		6,858			254			23,575			—			13			236,406
Expiration or closing of option contracts written		—			—			3,723,869			—			—			—			—			1,742,045			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		12,675,716			65,068,699	**		96,899,482			95,704,748			1,584,703,678			600,084			(202,412	)		365,433,034			634,666			274,229,354
Investment securities of affiliated issuers		—			—			—			—			350,339,909			—			—			—			—			—
Foreign currency translations		70			(15,541	)		(339	)		(187	)		—			(93	)		(4,918	)		—			(39	)		(240,365	)
Option contracts written		—			—			1,460,499			—			—			—			—			894,080			—			—
Net gain/(loss) on investments		17,121,398			174,387,600			248,293,059			236,179,118			3,339,414,150			783,493			6,620,900			554,775,106			1,030,694			429,803,479
Net increase/(decrease) in net assets resulting from operations	$	17,670,149		$	177,928,878		$	276,372,679		$	236,351,027		$	3,337,406,893		$	823,908		$	6,996,814		$	556,847,958		$	1,066,351		$	445,530,336

* Net of foreign capital gains tax of $2,699,256 for Emerging Markets Equity.

** Change in accrued foreign capital gains tax amounted to $(9,133,300) for Emerging Markets Equity.

See Notes to Financial Statements

158

Statements of Operations (cont'd)

Neuberger Berman Equity Funds

	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 Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021		For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021		For the Fiscal Year Ended August 31, 2021
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	3,060,708		$	37,685		$	3,627,406	$	94,260,400		$	4,884,605		$	915,563		$	6,821,558		$	19,008,011		$	818,827	$	22,744,428
Dividend income—affiliated issuers (Note F)		—			—			—		—			—			—			—			—			—		—
Interest and other income—unaffiliated issuers		128			589			476,217		88,551			13,630			531			92			4,384			3,664		3,070
Income from securities loaned—net		4,120			255			—		461,962			14,429			—			—			—			80,192		—
Foreign taxes withheld		(204,930	)		(4,680	)		—		(38,215	)		(26,148	)		(1,792	)		(66,692	)		(40,829	)		—		(306,882	)
Total income	$	2,860,026		$	33,849		$	4,103,623	$	94,772,698		$	4,886,516		$	914,302		$	6,754,958		$	18,971,566		$	902,683	$	22,440,616
Expenses:
Investment management fees (Note B)		863,938			22,797			6,882,684		16,758,816			9,007,742			296,043			3,442,970			6,717,626			3,311,060		8,619,698
Administration fees (Note B):
Investor Class		—			—			—		3,679,505			1,702,598			79,415			—			—			218,483		1,085,094
Trust Class		23,653			—			—		369,974			401,328			24,967			—			481,853			21,138		540,818
Advisor Class		—			—			—		497,921			50,581			—			—			—			15,630		—
Institutional Class		214,821			2,987			1,148,667		2,789,424			615,544			20,815			777,372			744,990			315,848		1,184,269
Class A		9,824			581			85,950		207,022			113,222			3,856			118,949			175,677			71,660		330,775
Class C		2,041			398			38,477		103,313			32,450			2,435			72,556			23,871			15,851		115,454
Class R3		5,026			—			—		2,920			41,852			1,866			—			44,062			12,799		66,425
Class R6		729			157			33,314		69,380			316,932			13			—			64,442			27,944		126,817
Distribution fees (Note B):
Trust Class		5,913			—			—		92,493			—			6,242			—			120,463			5,284		135,204
Advisor Class		—			—			—		311,201			31,613			—			—			—			9,769		—
Class A		9,446			559			82,645		199,059			108,868			3,707			114,374			168,920			68,904		318,053
Class C		7,849			1,531			147,988		397,358			124,809			9,366			279,060			91,813			60,965		444,055
Class R3		9,666			—			—		5,616			80,484			3,588			—			84,734			24,614		127,741
Shareholder servicing agent fees:
Investor Class		—			—			—		532,230			306,350			19,086			—			—			63,871		267,498
Trust Class		5,274			—			—		2,293			1,473			1,520			—			17,457			1,410		4,935
Advisor Class		—			—			—		2,635			761			—			—			—			1,477		—
Institutional Class		1,015			260			8,715		18,460			6,115			789			4,238			9,714			4,105		8,282
Class A		545			412			4,986		18,609			3,997			669			6,278			7,055			11,847		7,532
Class C		322			145			828		2,741			878			361			1,632			1,729			499		2,528
Class R3		479			—			—		538			2,098			388			—			2,529			1,755		1,631
Class R6		243			144			268		889			10,067			134			—			9,726			2,706		4,234
Audit fees		55,143			43,600			27,025		52,996			27,025			25,625			27,025			53,863			27,025		26,625
Organization expense (Note A)		—			—			—		—			—			—			—			—			—		—
Custodian and accounting fees		107,301			92,707			155,877		380,845			212,173			63,506			80,496			118,816			88,285		213,545
Insurance		4,895			175			21,856		85,395			51,700			1,898			22,781			22,288			9,641		54,950
Legal fees		52,155			50,046			49,898		52,224			53,877			55,896			57,354			53,038			53,796		49,724
Registration and filing fees		97,258			64,562			88,688		277,081			140,162			107,549			65,364			147,924			130,257		127,966
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			82,824		—			—			—			—			—			—		—
Shareholder reports		5,613			1,748			77,480		151,561			112,957			8,943			15,972			95,690			41,595		71,962
Trustees' fees and expenses		49,673			49,667			49,703		49,796			49,740			49,668			49,691			49,697			49,683		49,738
Interest		8,466			499			14,513		5,251			4,892			2,521			122,243			773			1,000		10,613
Miscellaneous and other fees (Note A)		36,629			20,969			53,021		167,368			113,221			15,003			41,407			53,573			34,382		107,025
Total expenses		1,577,917			353,944			9,055,407		27,284,914			13,725,509			805,869			5,299,762			9,362,323			4,703,283		14,103,191

See Notes to Financial Statements

159

Statements of Operations (cont'd)

Neuberger Berman Equity Funds

	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 Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021		For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021		For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2021
Expenses reimbursed by Management (Note B)		(254,464	)		(322,967	)		(923	)		—		—			(167,448	)		—		(1,648,568	)		(780,017	)		—
Investment management fees waived (Note B)		—			—			—			—		—			(86,674	)		—		—			—			—
Total net expenses		1,323,453			30,977			9,054,484			27,284,914		13,725,509			551,747			5,299,762		7,713,755			3,923,266			14,103,191
Net investment income/(loss)	$	1,536,573		$	2,872		$	(4,950,861	)	$	67,487,784	$	(8,838,993	)	$	362,555		$	1,455,196	$	11,257,811		$	(3,020,583	)	$	8,337,425
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		15,864,028			175,828			82,684,416			285,988,196		280,048,913			6,938,039			169,829,130		38,018,132			84,548,053			211,383,151
Transactions in investment securities of affiliated issuers		—			—			—			—		—			—			—		—			—			—
Redemption in-kind		—			—			—			—		—			—			—		—			4,925,623			—
Settlement of foreign currency transactions		17,483			2,254			—			—		(37	)		—			—		—			—			7,633
Expiration or closing of option contracts written		—			—			—			—		—			—			—		—			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		22,177,443			679,821			299,164,253			669,960,593		293,290,732			14,320,120			10,284,968		215,074,260			1,645,503			303,290,007
Investment securities of affiliated issuers		—			—			—			—		—			—			—		—			—			—
Foreign currency translations		(12,988	)		(291	)		—			—		19			—			—		—			—			(13,660	)
Option contracts written		—			—			—			—		—			—			—		—			—			—
Net gain/(loss) on investments		38,045,966			857,612			381,848,669			955,948,789		573,339,627			21,258,159			180,114,098		253,092,392			91,119,179			514,667,131
Net increase/(decrease) in net assets resulting from operations	$	39,582,539		$	860,484		$	376,897,808		$	1,023,436,573	$	564,500,634		$	21,620,714		$	181,569,294	$	264,350,203		$	88,098,596		$	523,004,556

See Notes to Financial Statements

160

Statements of Operations (cont'd)

Neuberger Berman Equity Funds

	U.S. EQUITY IMPACT FUND
	For the Period from March 23, 2021 (Commencement of Operations) to August 31, 2021
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	18,358
Dividend income—affiliated issuers (Note F)		—
Interest and other income—unaffiliated issuers		3
Income from securities loaned—net		—
Foreign taxes withheld		(411	)
Total income	$	17,950
Expenses:
Investment management fees (Note B)		17,604
Administration fees (Note B):
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		3,667
Class A		146
Class C		36
Class R3		—
Class R6		—
Distribution fees (Note B):
Trust Class		—
Advisor Class		—
Class A		140
Class C		140
Class R3		—
Shareholder servicing agent fees:
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		1,619
Class A		1,655
Class C		1,580
Class R3		—
Class R6		—
Audit fees		17,400
Organization expense (Note A)		109,010
Custodian and accounting fees		9,701
Insurance		48
Legal fees		19,890
Registration and filing fees		24,705
Repayment to Management of expenses previously assumed by Management (Note B)		—
Shareholder reports		1,500
Trustees' fees and expenses		17,806
Interest		—
Miscellaneous and other fees (Note A)		3,186
Total expenses		229,833

See Notes to Financial Statements

161

Statements of Operations (cont'd)

Neuberger Berman Equity Funds

	U.S. EQUITY IMPACT FUND
	For the Period from March 23, 2021 (Commencement of Operations) to August 31, 2021
Expenses reimbursed by Management (Note B)		(206,790	)
Investment management fees waived (Note B)		—
Total net expenses		23,043
Net investment income/(loss)	$	(5,093	)
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		(38,197	)
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		777,729
Investment securities of affiliated issuers		—
Foreign currency translations		—
Option contracts written		—
Net gain/(loss) on investments		739,532
Net increase/(decrease) in net assets resulting from operations	$	734,439

See Notes to Financial Statements

162

Statements of Changes in Net Assets

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL REAL ESTATE FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	548,751		$	797,853		$	3,541,278		$	18,599,415		$	28,079,620		$	29,830,227		$	171,909		$	848,653		$	(2,007,257	)	$	16,189,230		$	40,415		$	43,408
Net realized gain/(loss) on investments		4,445,612			(1,911,149	)		109,334,442			(65,414,318	)		149,933,417			(23,815,200	)		140,474,557			85,589,835			1,404,370,563			450,874,439			183,502			34,540
Net increase from payments by affiliates		—			—			—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments		12,675,786			7,965,269			65,053,158			137,535,878			98,359,642			(2,942,191	)		95,704,561			76,828,210			1,935,043,587			795,105,490			599,991			(456,957	)
Net increase/(decrease) in net assets resulting from operations		17,670,149			6,851,973			177,928,878			90,720,975			276,372,679			3,072,836			236,351,027			163,266,698			3,337,406,893			1,262,169,159			823,908			(379,009	)
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			—			—			—			—			(38,144,099	)		(75,252,839	)		(71,771,065	)		(93,945,287	)		—			—
Trust Class		—			—			—			—			—			—			(2,489,625	)		(5,351,763	)		(48,636,547	)		(75,018,791	)		—			—
Advisor Class		—			—			—			—			—			—			(103,205	)		(188,376	)		(5,333,753	)		(8,290,810	)		—			—
Institutional Class		(742,840	)		(804,626	)		(3,568,091	)		(20,574,096	)		(23,248,583	)		(65,159,516	)		(939,810	)		(1,293,502	)		(127,257,277	)		(167,718,230	)		(37,486	)		(149,606	)
Class A		(15,411	)		(15,065	)		(50,983	)		(702,541	)		(3,156,079	)		(7,672,862	)		(162,544	)		(314,401	)		—			—			(3,156	)		(16,113	)
Class C		(8,635	)		(6,073	)		—			(64,329	)		(955,145	)		(7,830,035	)		(35,901	)		(142,600	)		—			—			(1,598	)		(11,575	)
Class R3		—			—			—			(11,446	)		(19,034	)		(106,199	)		—			—			—			—			—			—
Class R6		(486	)		(622	)		(1,128,741	)		(4,593,292	)		—			—			—			—			(193,893,991	)		(254,709,597	)		—			—
Tax return of capital:
Institutional Class		—			—			—			—			—			—			—			—			—			—			—			(6,455	)
Class A		—			—			—			—			—			—			—			—			—			—			—			(810	)
Class C		—			—			—			—			—			—			—			—			—			—			—			(706	)
Total distributions to shareholders		(767,372	)		(826,386	)		(4,747,815	)		(25,945,704	)		(27,378,841	)		(80,768,612	)		(41,875,184	)		(82,543,481	)		(446,892,633	)		(599,682,715	)		(42,240	)		(185,265	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			—			3,347,825			4,139,817			144,737,447			102,268,952			—			—
Trust Class		—			—			—			—			—			—			1,166,888			1,053,739			129,164,606			136,697,167			—			—
Advisor Class		—			—			—			—			—			—			448,121			180,512			12,471,197			13,603,644			—			—
Institutional Class		12,665,548			3,466,772			253,341,761			399,887,559			120,356,881			136,438,292			10,079,306			6,456,482			614,864,775			773,708,973			2,255,839			423,861
Class A		76,124			166,365			9,959,942			15,390,961			30,504,003			49,580,339			289,727			210,846			—			—			53,185			123,714
Class C		263,660			41,993			861,448			799,699			2,994,173			5,678,074			49,290			87,139			—			—			2,500			25,421
Class R3		—			—			199,614			244,741			392,656			861,924			—			—			—			—			—			—
Class R6		—			—			81,483,430			33,376,229			—			—			—			—			784,360,992			484,217,840			—			—

See Notes to Financial Statements

163

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL REAL ESTATE FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			—			—			35,051,668			68,579,987			68,987,845			90,300,146			—			—
Trust Class		—			—			—			—			—			—			2,471,265			5,298,074			48,261,989			74,517,483			—			—
Advisor Class		—			—			—			—			—			—			103,087			188,151			5,168,087			8,065,695			—			—
Institutional Class		742,840			804,626			1,609,979			8,256,034			21,134,547			57,976,061			914,496			1,234,994			114,901,501			149,539,999			37,486			156,061
Class A		15,234			15,065			27,707			370,146			2,255,417			6,573,090			157,731			302,132			—			—			1,370			8,655
Class C		8,633			6,057			—			24,577			902,821			5,799,923			30,125			135,364			—			—			459			5,998
Class R3		—			—			—			7,459			19,024			86,266			—			—			—			—			—			—
Class R6		—			—			1,128,268			4,593,045			—			—			—			—			192,414,257			252,805,572			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(50,778,542	)		(63,517,841	)		(253,447,855	)		(265,797,622	)		—			—
Trust Class		—			—			—			—			—			—			(8,346,044	)		(10,528,972	)		(386,826,991	)		(451,824,046	)		—			—
Advisor Class		—			—			—			—			—			—			(706,318	)		(344,159	)		(34,533,560	)		(54,240,187	)		—			—
Institutional Class		(10,245,133	)		(11,700,532	)		(271,782,156	)		(676,546,774	)		(437,488,734	)		(285,743,568	)		(3,310,264	)		(3,966,267	)		(1,028,789,559	)		(901,003,192	)		(683,223	)		(2,186,250	)
Class A		(626,994	)		(348,697	)		(14,297,558	)		(30,800,365	)		(31,078,728	)		(39,550,918	)		(1,217,099	)		(450,261	)		—			—			(36,196	)		(235,963	)
Class C		(1,985,342	)		(587,237	)		(1,249,710	)		(4,264,529	)		(38,629,239	)		(78,670,313	)		(913,415	)		(219,461	)		—			—			(2,650	)		(124,061	)
Class R3		—			—			(288,830	)		(476,813	)		(1,673,276	)		(1,109,389	)		—			—			—			—			—			—
Class R6		—			(12,366	)		(18,202,755	)		(78,903,918	)		—			—			—			—			(903,064,717	)		(819,950,245	)		—			—
Net increase/(decrease) from Fund share transactions		914,570			(8,147,954	)		42,791,140			(328,041,949	)		(330,310,455	)		(142,080,219	)		(11,162,153	)		8,840,276			(491,329,986	)		(407,089,821	)		1,628,770			(1,802,564	)
Net Increase/(Decrease) in Net Assets		17,817,347			(2,122,367	)		215,972,203			(263,266,678	)		(81,316,617	)		(219,775,995	)		183,313,690			89,563,493			2,399,184,274			255,396,623			2,410,438			(2,366,838	)
Net Assets:
Beginning of year		53,268,769			55,391,136			1,087,431,034			1,350,697,712			1,250,658,435			1,470,434,430			767,992,272			678,428,779			10,501,972,417			10,246,575,794			1,807,245			4,174,083
End of year	$	71,086,116		$	53,268,769		$	1,303,403,237		$	1,087,431,034		$	1,169,341,818		$	1,250,658,435		$	951,305,962		$	767,992,272		$	12,901,156,691		$	10,501,972,417		$	4,217,683		$	1,807,245

See Notes to Financial Statements

164

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTEGRATED LARGE CAP FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	375,914		$	305,431		$	2,072,852		$	3,560,765		$	35,657		$	54,819		$	15,726,857		$	13,241,566		$	1,536,573		$	1,118,709		$	2,872		$	6,635
Net realized gain/(loss) on investments		6,828,230			3,712,325			188,447,992			124,961,816			396,067			405,388			155,814,490			111,589,675			15,881,511			1,897,529			178,082			566,192
Net increase from payments by affiliates		—			—			—			—			—			—			—			1,010,727			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments		(207,330	)		7,969,047			366,327,114			306,341,929			634,627			63,915			273,988,989			165,789,089			22,164,455			22,865,576			679,530			566,511
Net increase/(decrease) in net assets resulting from operations		6,996,814			11,986,803			556,847,958			434,864,510			1,066,351			524,122			445,530,336			291,631,057			39,582,539			25,881,814			860,484			1,139,338
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			(107,074,493	)		(70,548,675	)		—			—			(4,496,265	)		(2,478,769	)		—			—			—			—
Trust Class		—			—			(3,015,692	)		(2,133,084	)		—			—			(1,340,247	)		(743,711	)		(63,437	)		(148,073	)		—			—
Advisor Class		—			—			(442,228	)		(9,889	)		—			—			—			—			—			—			—			—
Institutional Class		(299,749	)		(423,155	)		(11,590,742	)		(6,402,335	)		(41,740	)		(730,795	)		(68,692,513	)		(45,951,233	)		(2,063,050	)		(4,271,772	)		(54,106	)		(48,086	)
Class A		(5,815	)		(30,448	)		(660,372	)		(273,588	)		(2,873	)		(63,558	)		(2,631,060	)		(1,332,657	)		(39,418	)		(97,131	)		(5,639	)		(581	)
Class C		—			—			(180,384	)		(107,584	)		(703	)		(21,450	)		(317,340	)		(169,333	)		(6,061	)		(37,380	)		(4,387	)		—
Class R3		—			—			(12,381	)		(6,645	)		—			—			—			—			(16,174	)		(58,043	)		—			—
Class R6		—			—			(8,182	)		(1,818	)		—			—			(3,831,586	)		(2,444,715	)		(29,867	)		(1,151,998	)		(11,360	)		(2,238	)
Tax return of capital:
Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
Class A		—			—			—			—			—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—			—			—			—			—
Total distributions to shareholders		(305,564	)		(453,603	)		(122,984,474	)		(79,483,618	)		(45,316	)		(815,803	)		(81,309,011	)		(53,120,418	)		(2,218,007	)		(5,764,397	)		(75,492	)		(50,905	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			19,374,758			14,003,256			—			—			3,102,270			1,799,889			—			—			—			—
Trust Class		—			—			2,840,108			3,789,973			—			—			1,036,142			1,565,793			139,742			220,557			—			—
Advisor Class		—			—			6,816,834			47,798			—			—			—			—			—			—			—			—
Institutional Class		17,025,211			10,128,281			30,918,935			51,904,203			10,091			761,952			255,795,695			716,689,277			9,898,820			16,705,060			733,340			271,428
Class A		—			—			5,448,853			6,649,437			111,635			83,308			10,684,206			17,436,239			1,327,077			1,069,501			296,114			5,503
Class C		—			—			578,065			587,042			—			—			1,291,950			678,952			342,465			88,945			—			—
Class R3		—			—			291,382			17,195			—			—			—			—			364,416			451,427			—			—
Class R6		—			—			136,190			—			—			—			9,851,318			17,794,708			410,307			4,115,978			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			100,836,713			66,427,262			—			—			4,336,539			2,386,570			—			—			—			—
Trust Class		—			—			2,995,621			2,120,471			—			—			1,218,086			690,385			60,282			140,859			—			—
Advisor Class		—			—			442,229			9,889			—			—			—			—			—			—			—			—
Institutional Class		246,922			353,427			11,503,934			6,347,905			41,739			730,795			54,430,100			29,465,628			2,013,108			4,171,081			54,106			48,086
Class A		5,364			29,170			605,922			245,649			2,198			45,987			412,845			270,092			24,117			70,428			732			100
Class C		—			—			173,939			98,908			135			6,279			249,091			124,890			5,118			21,435			—			—
Class R3		—			—			12,381			6,644			—			—			—			—			11,352			40,982			—			—
Class R6		—			—			5,449			—			—			—			3,828,300			2,442,802			29,353			1,151,026			—			—

See Notes to Financial Statements

165

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTEGRATED LARGE CAP FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020
Payments for shares redeemed:
Investor Class		—			—			(103,454,629	)		(96,681,184	)		—			—			(17,541,865	)		(15,124,817	)		—			—			—			—
Trust Class		—			—			(6,930,177	)		(19,012,250	)		—			—			(4,687,933	)		(7,092,659	)		(299,960	)		(601,433	)		—			—
Advisor Class		—			—			(889,700	)		(67,873	)		—			—			—			—			—			—			—			—
Institutional Class		(14,385,935	)		(13,861,055	)		(29,152,453	)		(26,568,727	)		(202	)		(1,331,885	)		(282,988,235	)		(1,154,631,654	)		(32,462,356	)		(27,943,432	)		(49,552	)		(5,200,163	)
Class A		(1,213,651	)		(2,850,612	)		(4,335,243	)		(5,295,136	)		(28,644	)		(103,265	)		(13,124,846	)		(20,057,743	)		(894,880	)		(1,418,753	)		(4,667	)		(16,907	)
Class C		(51,969	)		(6,913	)		(598,462	)		(707,947	)		(19,655	)		(9,343	)		(2,286,150	)		(3,801,042	)		(619,228	)		(865,456	)		—			(10,644	)
Class R3		—			—			(142,607	)		(44,563	)		—			—			—			—			(1,168,286	)		(844,478	)		—			—
Class R6		—			—			(11,244	)		—			—			—			(20,138,246	)		(33,638,342	)		(1,395,055	)		(33,984,514	)		—			—
Net increase/(decrease) from Fund share transactions		1,625,942			(6,207,702	)		37,466,798			3,877,952			117,297			183,828			5,469,267			(443,001,032	)		(22,213,608	)		(37,410,787	)		1,030,073			(4,902,597	)
Net Increase/(Decrease) in Net Assets		8,317,192			5,325,498			471,330,282			359,258,844			1,138,332			(107,853	)		369,690,592			(204,490,393	)		15,150,924			(17,293,370	)		1,815,065			(3,814,164	)
Net Assets:
Beginning of year		56,740,885			51,415,387			1,620,664,540			1,261,405,696			3,439,828			3,547,681			1,579,925,983			1,784,416,376			152,514,412			169,807,782			2,014,936			5,829,100
End of year	$	65,058,077		$	56,740,885		$	2,091,994,822		$	1,620,664,540		$	4,578,160		$	3,439,828		$	1,949,616,575		$	1,579,925,983		$	167,665,336		$	152,514,412		$	3,830,001		$	2,014,936

See Notes to Financial Statements

166

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	(4,950,861	)	$	(1,885,142	)	$	67,487,784		$	35,124,428		$	(8,838,993	)	$	(4,132,501	)	$	362,555		$	937,838		$	1,455,196		$	4,464,668		$	11,257,811		$	7,094,696
Net realized gain/(loss) on investments		82,684,416			8,476,391			285,988,196			(9,990,578	)		280,048,876			154,260,338			6,938,039			(10,309,239	)		169,829,130			217,155,413			38,018,132			10,488,410
Net increase from payments by affiliates		—			—			—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments		299,164,253			31,792,267			669,960,593			15,231,759			293,290,751			141,191,962			14,320,120			(2,158,411	)		10,284,968			(166,400,834	)		215,074,260			(41,527,845	)
Net increase/(decrease) in net assets resulting from operations		376,897,808			38,383,516			1,023,436,573			40,365,609			564,500,634			291,319,799			21,620,714			(11,529,812	)		181,569,294			55,219,247			264,350,203			(23,944,739	)
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			(20,430,235	)		(46,697,641	)		(58,050,416	)		(26,846,037	)		(11,425	)		(368,800	)		—			—			—			—
Trust Class		—			—			(1,078,681	)		(3,072,303	)		(8,892,266	)		(4,113,798	)		(4,162	)		(78,507	)		—			—			(2,198,156	)		(6,188,410	)
Advisor Class		—			—			(1,468,008	)		(4,213,347	)		(1,154,080	)		(614,615	)		—			—			—			—			—			—
Institutional Class		(10,917,361	)		(17,230,373	)		(8,164,733	)		(16,662,037	)		(34,989,272	)		(14,438,770	)		(37,826	)		(498,013	)		(115,191,642	)		(200,706,891	)		(9,593,060	)		(12,276,671	)
Class A		(438,276	)		(610,091	)		(370,906	)		(2,657,602	)		(3,702,867	)		(1,808,431	)		(807	)		(50,959	)		(8,383,410	)		(8,114,216	)		(1,119,427	)		(3,294,196	)
Class C		(225,758	)		(487,777	)		(38,911	)		(819,948	)		(1,143,834	)		(596,459	)		—			(4,534	)		(5,779,393	)		(6,809,522	)		(89,071	)		(478,535	)
Class R3		—			—			(8,965	)		(26,674	)		(1,395,759	)		(2,940,823	)		(78	)		(7,197	)		—			—			(244,645	)		(889,106	)
Class R6		(1,051,407	)		(5,721	)		(2,120,487	)		(3,363,793	)		(52,695,641	)		(24,076,088	)		(102	)		(371	)		—			—			(2,684,462	)		(4,945,273	)
Tax return of capital:
Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
Class A		—			—			—			—			—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—			—			—			—			—
Total distributions to shareholders		(12,632,802	)		(18,333,962	)		(33,680,926	)		(77,513,345	)		(162,024,135	)		(75,435,021	)		(54,400	)		(1,008,381	)		(129,354,445	)		(215,630,629	)		(15,928,821	)		(28,072,191	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			181,721,255			21,973,394			8,427,112			7,662,038			2,605,124			1,339,854			—			—			—			—
Trust Class		—			—			38,659,593			7,261,960			14,641,683			11,240,993			407,063			218,636			—			—			25,470,008			26,231,662
Advisor Class		—			—			34,170,739			6,711,198			4,393,464			2,575,403			—			—			—			—			—			—
Institutional Class		411,294,676			158,508,399			4,014,187,453			231,763,696			110,644,195			88,459,369			1,639,298			6,241,860			45,743,956			143,585,948			349,440,252			271,791,923
Class A		30,536,745			11,162,084			150,482,658			32,432,910			12,205,286			8,395,486			152,672			701,730			10,055,868			11,512,018			28,468,974			32,906,523
Class C		6,497,288			2,041,070			87,614,778			7,025,508			1,107,474			1,379,107			143,747			166,683			2,189,068			4,241,249			3,120,369			5,276,711
Class R3		—			—			1,697,270			47,320			5,366,627			5,501,528			347,826			289,245			—			—			5,317,825			5,925,863
Class R6		70,343,766			38,908			59,105,641			95,242,456			200,567,729			91,657,921			—			—			—			—			62,761,594			64,676,493
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			19,601,816			44,935,853			55,465,169			25,529,038			10,798			348,989			—			—			—			—
Trust Class		—			—			1,023,865			2,908,857			8,891,643			4,112,974			4,096			76,684			—			—			2,175,437			6,120,465
Advisor Class		—			—			1,465,423			4,194,554			784,013			420,031			—			—			—			—			—			—
Institutional Class		9,932,068			14,983,837			6,385,077			12,926,537			34,670,570			14,161,776			37,825			498,013			108,174,760			180,707,254			8,292,727			10,458,036
Class A		378,854			569,699			202,660			2,135,745			3,254,839			1,666,053			705			37,549			7,411,395			7,132,839			1,026,529			3,118,157
Class C		199,167			419,712			22,767			421,383			1,091,464			575,702			—			3,898			5,304,954			6,068,379			85,494			427,559
Class R3		—			—			8,610			25,595			1,371,835			2,904,941			69			5,002			—			—			243,941			871,789
Class R6		1,050,853			4,939			2,119,897			3,362,619			50,323,184			22,949,077			—			—			—			—			2,676,754			4,945,248

See Notes to Financial Statements

167

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020
Payments for shares redeemed:
Investor Class		—			—			(173,343,216	)		(141,379,869	)		(76,486,949	)		(51,645,252	)		(2,644,136	)		(8,267,814	)		—			—			—			—
Trust Class		—			—			(24,141,015	)		(24,245,862	)		(21,181,230	)		(18,986,114	)		(988,992	)		(2,181,027	)		—			—			(20,816,568	)		(41,416,649	)
Advisor Class		—			—			(41,803,744	)		(24,531,557	)		(4,905,939	)		(5,754,654	)		—			—			—			—			—			—
Institutional Class		(312,262,059	)		(212,115,226	)		(568,756,731	)		(203,718,206	)		(99,159,527	)		(89,293,824	)		(4,634,426	)		(28,878,354	)		(316,953,452	)		(661,218,541	)		(145,292,786	)		(132,413,740	)
Class A		(13,639,389	)		(10,904,319	)		(53,784,445	)		(64,528,418	)		(12,250,293	)		(11,718,186	)		(940,752	)		(4,565,647	)		(11,570,881	)		(22,829,964	)		(24,700,337	)		(32,399,632	)
Class C		(5,606,735	)		(7,795,495	)		(7,254,222	)		(11,426,103	)		(2,773,040	)		(2,863,607	)		(306,563	)		(579,206	)		(13,212,368	)		(14,630,103	)		(3,586,968	)		(5,777,646	)
Class R3		—			—			(627,631	)		(160,165	)		(5,258,817	)		(39,814,821	)		(436,957	)		(1,595,587	)		—			—			(5,669,905	)		(9,990,276	)
Class R6		(17,399,031	)		(140,417	)		(9,619,225	)		(2,222,639	)		(159,835,132	)		(123,332,489	)		—			—			—			—			(41,889,221	)		(26,465,104	)
Net increase/(decrease) from Fund share transactions		181,326,203			(43,226,809	)		3,719,139,273			1,156,766			131,355,360			(54,217,510	)		(4,602,603	)		(36,139,492	)		(162,856,700	)		(345,430,921	)		247,124,119			184,287,382
Net Increase/(Decrease) in Net Assets		545,591,209			(23,177,255	)		4,708,894,920			(35,990,970	)		533,831,859			161,667,268			16,963,711			(48,677,685	)		(110,641,851	)		(505,842,303	)		495,545,501			132,270,452
Net Assets:
Beginning of year		587,611,434			610,788,689			1,747,601,556			1,783,592,526			1,599,271,474			1,437,604,206			43,626,251			92,303,936			681,576,559			1,187,418,862			645,200,353			512,929,901
End of year	$	1,133,202,643		$	587,611,434		$	6,456,496,476		$	1,747,601,556		$	2,133,103,333		$	1,599,271,474		$	60,589,962		$	43,626,251		$	570,934,708		$	681,576,559		$	1,140,745,854		$	645,200,353

See Notes to Financial Statements

168

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	SMALL CAP GROWTH FUND						SUSTAINABLE EQUITY FUND						U.S. EQUITY IMPACT FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Period from March 23, 2021 (Commencement of Operations) to August 31, 2021
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	(3,020,583	)	$	(1,552,094	)	$	8,337,425		$	10,866,289		$	(5,093	)
Net realized gain/(loss) on investments		89,473,676			5,562,877			211,390,784			64,181,966			(38,197	)
Net increase from payments by affiliates		—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments		1,645,503			48,380,953			303,276,347			165,175,329			777,729
Net increase/(decrease) in net assets resulting from operations		88,098,596			52,391,736			523,004,556			240,223,584			734,439
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(918,631	)		(2,595,094	)		(24,529,117	)		(39,991,579	)		—
Trust Class		(57,855	)		(180,321	)		(7,540,489	)		(13,436,402	)		—
Advisor Class		(42,672	)		(110,899	)		—			—			—
Institutional Class		(2,177,438	)		(3,818,421	)		(47,256,605	)		(70,956,106	)		—
Class A		(296,389	)		(1,158,204	)		(5,982,035	)		(8,167,976	)		—
Class C		(62,596	)		(182,145	)		(2,383,226	)		(3,811,205	)		—
Class R3		(47,892	)		(98,288	)		(1,549,909	)		(2,679,806	)		—
Class R6		(599,444	)		(842,788	)		(15,797,953	)		(19,113,173	)
Tax return of capital:
Institutional Class		—			—			—			—			—
Class A		—			—			—			—			—
Class C		—			—			—			—			—
Total distributions to shareholders		(4,202,917	)		(8,986,160	)		(105,039,334	)		(158,156,247	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		3,247,751			2,907,583			56,659,705			32,153,952			—
Trust Class		242,499			140,270			18,321,793			12,221,022			—
Advisor Class		802,448			682,224			—			—			—
Institutional Class		111,080,915			104,169,857			194,252,822			142,867,928			5,346,069
Class A		9,404,702			10,078,973			53,333,094			17,506,200			203,363
Class C		1,715,123			1,534,966			5,416,990			3,851,028			30,000
Class R3		3,596,155			1,875,473			4,467,511			6,062,242			—
Class R6		47,160,598			19,318,647			142,685,592			108,933,404			—

See Notes to Financial Statements

169

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	SMALL CAP GROWTH FUND						SUSTAINABLE EQUITY FUND						U.S. EQUITY IMPACT FUND
	Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Fiscal Year Ended August 31, 2021			Fiscal Year Ended August 31, 2020			Period from March 23, 2021 (Commencement of Operations) to August 31, 2021
Proceeds from reinvestment of dividends and distributions:
Investor Class		902,822			2,558,816			23,325,011			38,305,688			—
Trust Class		53,533			163,896			7,492,180			13,361,172			—
Advisor Class		42,672			110,899			—			—			—
Institutional Class		2,173,942			3,809,945			43,404,634			64,321,004			—
Class A		291,535			1,124,046			5,347,193			7,522,495			—
Class C		62,596			180,348			2,183,695			3,319,170			—
Class R3		47,374			92,624			1,531,321			2,542,907			—
Class R6		599,116			841,917			15,797,954			19,113,173			—
Payments for shares redeemed:
Investor Class		(9,869,961	)		(9,661,465	)		(168,889,177	)		(109,262,754	)		—
Trust Class		(676,038	)		(1,019,101	)		(31,876,980	)		(71,581,151	)		—
Advisor Class		(945,169	)		(832,128	)		—			—			—
Institutional Class		(80,195,379	)		(59,530,888	)		(215,483,275	)		(318,730,973	)		—
Class A		(12,360,984	)		(41,076,867	)		(25,837,252	)		(27,467,966	)		—
Class C		(931,767	)		(2,136,117	)		(10,252,728	)		(16,254,483	)		—
Class R3		(2,224,519	)		(1,146,247	)		(16,054,522	)		(14,062,796	)		—
Class R6		(42,304,712	)		(8,920,749	)		(186,725,154	)		(142,407,894	)		—
Net increase/(decrease) from Fund share transactions		31,915,252			25,266,922			(80,899,593	)		(227,686,632	)		5,579,432
Net Increase/(Decrease) in Net Assets		115,810,931			68,672,498			337,065,629			(145,619,295	)		6,313,871
Net Assets:
Beginning of year		307,139,474			238,466,976			1,642,427,905			1,788,047,200			—
End of year	$	422,950,405		$	307,139,474		$	1,979,493,534		$	1,642,427,905		$	6,313,871

See Notes to Financial Statements

170

Notes to Financial Statements Equity Funds

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended. 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 Real Estate Fund ("Global Real Estate"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman Integrated Large Cap Fund ("Integrated Large Cap"), 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 U.S. Equity Impact Fund ("U.S. Equity Impact") (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 fourteen offer Class R6 shares. U.S. Equity Impact had no operations until March 23, 2021, other than matters relating to its organization and its 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 "—", reflects either a zero balance or a balance that rounds to less than 1.

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 series of the Trust.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board 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 ("Management" or "NBIA") 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.

171

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 – unadjusted 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, warrants, rights, master limited partnerships and limited partnerships, and exchange-traded options purchased and written, 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 debt securities 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 based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit specific details, relative listed bond and preferred stock prices and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, 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).

Publicly traded securities acquired via a private investment in public equity ("PIPE") transaction are typically valued at a discount to the market price of an issuer's common stock. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security (Level 2 inputs).

Investments in non-exchange traded investment companies with a readily determinable fair value 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

172

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. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

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 Services ("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 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.

In December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act, which is the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating this guidance.

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 a 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 (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as

173

a class member. The amounts of such proceeds for the year ended August 31, 2021, were $1,539, $1,229, $25,822, $182,896, $4,104, $59,297, $323, $2,237,490, $166,280, $1,390, $1,726,630, $4,468, $325,231 $124,351, $115,941 and $41,254 for Emerging Markets Equity, Equity Income, Focus, Genesis, Greater China Equity, Guardian, Integrated Large Cap, International Equity, International Select, Intrinsic Value, Large Cap Value, Mid Cap Growth, Multi-Cap Opportunities, Real Estate, Small Cap Growth and Sustainable Equity, 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, and the intention of U.S. Equity Impact to, qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of August 31, 2021, the Funds did not have any unrecognized tax positions.

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at August 31, 2021 were as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Dividend Growth	$	45,793,431	$	25,844,563	$	469,293	$	25,375,270
Emerging Markets Equity		1,041,888,144		364,877,419		87,469,889		277,407,530
Equity Income		799,438,258		367,251,612		473,970		366,777,642
Focus		671,274,720		295,263,629		1,487,989		293,775,640
Genesis		5,507,918,207		7,502,256,837		102,859,417		7,399,397,420
Global Real Estate		3,619,084		737,387		107,350		630,037
Greater China Equity		57,461,332		10,115,510		5,355,688		4,759,822
Guardian		1,119,804,896		984,196,412		6,978,942		977,217,470
Integrated Large Cap		3,312,472		1,309,111		20,580		1,288,531
International Equity		1,418,511,262		530,846,283		8,829,970		522,016,313
International Select		116,524,695		50,751,707		223,635		50,528,072
International Small Cap		2,895,407		1,099,095		82,254		1,016,841
Intrinsic Value		740,163,913		424,956,168		29,817,875		395,138,293
Large Cap Value		5,974,963,105		873,006,163		23,243,607		849,762,556
Mid Cap Growth		1,312,413,513		876,182,088		21,684,883		854,497,205
Mid Cap Intrinsic Value		44,651,040		18,288,723		2,562,630		15,726,093
Multi-Cap Opportunities		238,137,191		335,796,744		95,857		335,700,887
Real Estate		870,702,685		279,424,713		9,926,208		269,498,505
Small Cap Growth		372,536,330		77,935,632		20,619,943		57,315,689
Sustainable Equity		1,043,970,919		931,955,954		7,905,898		924,050,056
U.S. Equity Impact		5,522,897		886,418		110,205		776,213

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

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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, 2021, the Funds recorded permanent reclassifications primarily related to one or more of the following: deemed distributions on shareholder redemptions, prior year true up adjustment, net operating losses written off and gains (losses) & tax adjustments on securities redeemed in kind. For the year ended August 31, 2021, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Total Distributable Earnings/(Losses)
Dividend Growth	$	59,146		$	(59,146	)
Emerging Markets Equity		—			—
Equity Income		23,912,350			(23,912,350	)
Focus		3,128,844			(3,128,844	)
Genesis		128,109,281			(128,109,281	)
Global Real Estate		7,972			(7,972	)
Greater China Equity		147,966			(147,966	)
Guardian		7,429,874			(7,429,874	)
Integrated Large Cap		—			—
International Equity		13,118,211			(13,118,211	)
International Select		1,018,108			(1,018,108	)
International Small Cap		—			—
Intrinsic Value		6,190,713			(6,190,713	)
Large Cap Value		25,094,687			(25,094,687	)
Mid Cap Growth		20,286,398			(20,286,398	)
Mid Cap Intrinsic Value		(3,921	)		3,921
Multi-Cap Opportunities		47,423,722			(47,423,722	)
Real Estate		5,714,205			(5,714,205	)
Small Cap Growth		19,416,170			(19,416,170	)
Sustainable Equity		28,315,488			(28,315,488	)
U.S. Equity Impact		—			—

The tax character of distributions paid during the years ended August 31, 2021, and August 31, 2020, was as follows:

	Distributions Paid From:
	Ordinary Income				Long-Term Capital Gain				Return of Capital				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Dividend Growth	$	767,372	$	826,386	$	—	$	—	$	—	$	—	$	767,372	$	826,386
Emerging Markets Equity		4,747,815		25,945,704		—		—		—		—		4,747,815		25,945,704
Equity Income		27,378,841		33,695,072		—		47,073,540		—		—		27,378,841		80,768,612
Focus		—		12,478,831		41,875,184		70,064,650		—		—		41,875,184		82,543,481
Genesis		6,270,056		19,901,125		440,622,577		579,781,590		—		—		446,892,633		599,682,715
Global Real Estate		42,240		106,937		—		70,357		—		7,971		42,240		185,265
Greater China Equity		305,564		453,603		—		—		—		—		305,564		453,603
Guardian		29,507,447		33,517,939		93,477,027		45,965,679		—		—		122,984,474		79,483,618

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	Distributions Paid From:
	Ordinary Income					Long-Term Capital Gain					Return of Capital					Total
	2021			2020		2021			2020		2021			2020		2021			2020
Integrated Large Cap	$	15,617		$	70,376	$	29,699		$	745,427	$	—		$	—	$	45,316		$	815,803
International Equity		17,001,303			23,260,718		64,307,708			29,859,700		—			—		81,309,011			53,120,418
International Select		1,262,624			3,198,388		955,383			2,566,009		—			—		2,218,007			5,764,397
International Small Cap		10,984			50,905		64,508			—		—			—		75,492			50,905
Intrinsic Value		—			2,242,126		12,632,802			16,091,836		—			—		12,632,802			18,333,962
Large Cap Value		28,452,253			36,925,536		5,228,673			40,587,809		—			—		33,680,926			77,513,345
Mid Cap Growth		2,963,183			—		159,060,952			75,435,021		—			—		162,024,135			75,435,021
Mid Cap Intrinsic Value		54,400			1,008,381		—			—		—			—		54,400			1,008,381
Multi-Cap Opportunities		1,439,115			10,073,130		127,915,330			205,557,499		—			—		129,354,445			215,630,629
Real Estate		13,773,899			8,647,648		2,154,922			19,424,543		—			—		15,928,821			28,072,191
Small Cap Growth		—			7,190,578		4,202,917			1,795,582		—			—		4,202,917			8,986,160
Sustainable Equity		11,979,850			12,102,329		93,059,484			146,053,918		—			—		105,039,334			158,156,247
U.S. Equity Impact		—	^(a)		—		—	^(a)		—		—	^(a)		—		—	^(a)		—

(a) Period from March 23, 2021 (Commencement of Operations) to August 31, 2021.

As of August 31, 2021, 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	$	483,173	$	1,962,388	$	25,375,341	$	—		$	—		$	27,820,902
Emerging Markets Equity		2,474,325		—		277,417,491		(32,308,450	)		(9,991	)		247,573,375
Equity Income		779,548		93,424,225		366,776,677		—			—			460,980,450
Focus		27,196,926		75,293,566		293,774,635		—			—			396,265,127
Genesis		—		1,146,133,239		7,399,397,420		(6,216,537	)		(1	)		8,539,314,121
Global Real Estate		42,328		121,024		630,050		—			(1,437	)		791,965
Greater China Equity		978,112		2,376,951		4,766,103		(3,631,196	)		(13,593	)		4,476,377
Guardian		68,892,395		98,243,478		977,217,470		(193,376	)		1			1,144,159,968
Integrated Large Cap		113,532		310,813		1,288,778		—			—			1,713,123
International Equity		19,719,359		127,720,564		522,124,124		—			—			669,564,047
International Select		1,620,873		11,976,344		50,543,264		—			—			64,140,481
International Small Cap		11,289		165,535		1,017,413		—			—			1,194,237
Intrinsic Value		—		68,350,050		395,138,293		(4,015,095	)		(48,009	)		459,425,239
Large Cap Value		134,394,255		163,867,651		849,762,556		—			(1	)		1,148,024,461
Mid Cap Growth		19,485,079		199,109,753		854,497,224		—			—			1,073,092,056
Mid Cap Intrinsic Value		176,422		—		15,726,093		(5,789,654	)		(2	)		10,112,859
Multi-Cap Opportunities		4,680,974		113,671,283		335,700,887		—			(1	)		454,053,143
Real Estate		6,610,849		21,815,172		269,498,505		—			(2	)		297,924,524
Small Cap Growth		35,159,167		30,850,531		57,315,689		—			(1	)		123,325,386
Sustainable Equity		11,350,340		134,963,564		924,143,827		—			—			1,070,457,731
U.S. Equity Impact		808		—		776,213		(36,682	)		(5,900	)		734,439

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The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and/or recognized on wash sales and straddles, capital loss carryforwards, amortization of organization expenses, tax adjustments related to nontaxable distributions from corporate stock, partnership basis adjustments and mark-to-market adjustments on forwards and passive foreign investment companies ("PFICs") 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, 2021, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

	Capital Loss Carryforwards
	Long-Term			Short-Term
Emerging Markets Equity	$	—		$	32,308,450
Greater China Equity		523,972	*		3,107,224	*
Mid Cap Intrinsic Value		5,789,654			—
U.S. Equity Impact		—			36,682

* Future utilization is limited under current tax regulation.

During the year ended August 31, 2021, Dividend Growth, Emerging Markets Equity, Greater China Equity and Mid Cap Intrinsic Value utilized capital loss carryforwards of $2,473,840, $107,297,301, $3,053,881 and $7,075,150, respectively.

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under current tax rules, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net PFIC mark to market losses) realized on investment transactions after October 31. For the year ended August 31, 2021, the Funds elected to defer the following late-year ordinary losses and post October capital losses:

	Late Year Ordinary Loss Deferral		Post October Capital Loss Deferral
Genesis	$	6,216,537	$	—
Intrinsic Value		4,015,095		—

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

Foreign capital gains on certain foreign securities may be subject to foreign taxes, which are accrued as applicable. Emerging Markets Equity accrues capital gains tax on unrealized and realized gains for certain securities. At August 31, 2021, Emerging Markets Equity had accrued capital gains taxes of $9,463,695, which is reflected in the Statements of Assets and Liabilities. For the year ended August 31, 2021, Emerging Markets Equity had realized capital gains taxes of $2,699,256, which is reflected in the Statements of Operations.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), certain of the Funds have filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected as "Interest and other income—unaffiliated issuers" in the

177

Statements of Operations and the cost to file these additional ECJ tax reclaims is reflected as "Miscellaneous and other fees" in the Statements of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the Statements of Assets and Liabilities.

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.

For Funds that invest in REITs, these Funds pass through to their shareholders substantially all REIT distributions and other income they receive, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At August 31, 2021, these Funds estimated these amounts for the period January 1, 2021 to August 31, 2021 within the financial statements because the 2021 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, 2021, the character of distributions paid to shareholders of these Funds, if any, 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 to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds shareholders on IRS Form 1099-DIV.

8 Organization expenses: Costs incurred by U.S. Equity Impact in connection with its organization, which amounted to $109,010 are disclosed within the Statements of Operations under Organization expense and have been expensed as incurred.

9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA 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 its classes based upon the relative net assets of each class.

10 Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United

178

States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

11 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by (a) the 1940 Act, (b) the 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, subject to the terms and conditions of such order, or (c) the ETF's exemptive order or other relief. 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 decrease returns.

In October 2020, the SEC adopted Rule 12d1-4, which permits a Fund to exceed the limits prescribed by Section 12 of the 1940 Act in the absence of an exemptive order, if the Fund complies with the adopted framework for fund of funds arrangements. Rule 12d1-4 contains elements from the SEC's current exemptive orders and rules permitting fund of funds arrangements, and includes (i) limits on control and voting; (ii) required evaluations and findings; (iii) required fund of funds investment agreements; and (iv) limits on complex structures. In connection with the new rule, on or about January 19, 2022, the SEC is expected to rescind the Funds' current exemptive order and Rule 12d1-2 under the 1940 Act. After this occurs, a Fund seeking to exceed the limits in Section 12 of the 1940 Act will need to rely on Rule 12d1-4.

12 Derivative instruments: Certain Funds' use of derivatives during the year ended August 31, 2021, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at August 31, 2021. 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.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a Fund will use derivatives, may adversely affect a Fund's performance and may increase costs related to a Fund's use of derivatives.

Options: Equity Income used options written to generate incremental returns. 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.

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Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the asset is eliminated. For purchased call options, 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 writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a call or put option that a Fund has written expires unexercised, a Fund will realize a gain for the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

At August 31, 2021, 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

Derivative Type

Statements of Assets and Liabilities Location

Equity Risk

Total

Guardian

Options purchased

Investments in securities, at value

299,612

Total Value—Assets

299,612

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk			Total
Equity Income
Options written	Option contracts written, at value	$	(1,163,285	)	$	(1,163,285	)
Total Value-Liabilities		$	(1,163,285	)	$	(1,163,285	)
Guardian
Options written	Option contracts written, at value	$	(426,165	)	$	(426,165	)
Total Value—Liabilities		$	(426,165	)	$	(426,165	)

The impact of the use of derivative instruments on the Statements of Operations during the year ended August 31, 2021, was as follows:

Realized Gain/(Loss)

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	$	3,723,869	$	3,723,869
Total Realized Gain/(Loss)		$	3,723,869	$	3,723,869
Guardian
Options purchased	Net realized gain/(loss) on: Transactions in investment securities of unaffiliated issuers	$	2,452,679	$	2,452,679
Options written	Net realized gain/(loss) on: Expiration or closing of option contracts written		1,742,045		1,742,045
Total Realized Gain/(Loss)		$	4,194,724	$	4,194,724

180

Change in Appreciation/(Depreciation)

Derivative Type	Statements of Operations Location	Equity Risk			Total
Equity Income
Options written	Change in net unrealized appreciation/(depreciation) in value of: Option contracts written	$	1,460,499		$	1,460,499
Total Change in Appreciation/(Depreciation)		$	1,460,499		$	1,460,499
Guardian
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: Investment securities of unaffiliated issuers	$	(3,094,043	)	$	(3,094,043	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: Option contracts written		894,080			894,080
Total Change in Appreciation/(Depreciation)		$	(2,199,963	)	$	(2,199,963	)

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 Dividend Growth, Emerging Markets Equity, Focus, Genesis, Global Real Estate, Greater China Equity, Integrated Large Cap, International Equity, International Select, International Small Cap, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Real Estate, Small Cap Growth, Sustainable Equity and U.S. Equity Impact did not hold any derivative instruments during the year ended August 31, 2021 that require additional disclosures pursuant to ASC 815.

13 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.

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

As of August 31, 2021, the Funds listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

	Value of Securities Loaned
Focus	$	14,644,435
Guardian		3,974,445
International Small Cap		69,057
Large Cap Value		49,511,147
Mid Cap Growth		19,420,234
Small Cap Growth		4,548,184

181

As of August 31, 2021, 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
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Securities Lending Transactions^(a)
Common Stocks
Focus	$	15,201,104	$	—	$	—	$	—	$	15,201,104
Guardian		4,002,321		—		—		—		4,002,321
International Small Cap		71,387		—		—		—		71,387
Large Cap Value		51,839,234		—		—		—		51,839,234
Mid Cap Growth		19,998,110		—		—		—		19,998,110
Small Cap Growth		4,544,620		—		—		—		4,544,620

(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 over-the-counter 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. Focus, Guardian, International Small Cap, Large Cap Value, Mid Cap Growth and Small Cap Growth held one or more of these investments at August 31, 2021. The Funds' securities lending assets at fair value are reported gross in the Statements of Assets and Liabilities. The following tables present securities lending assets by counterparty and net of the related collateral received by a Fund as of August 31, 2021.

Description	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
Focus
Securities Lending	$	14,644,435	$	—	$	14,644,435
Total	$	14,644,435	$	—	$	14,644,435
Guardian
Securities Lending	$	3,974,445	$	—	$	3,974,445
Total	$	3,974,445	$	—	$	3,974,445
International Small Cap
Securities Lending	$	69,057	$	—	$	69,057
Total	$	69,057	$	—	$	69,057
Large Cap Value
Securities Lending	$	49,511,147	$	—	$	49,511,147
Total	$	49,511,147	$	—	$	49,511,147
Mid Cap Growth
Securities Lending	$	19,420,234	$	—	$	19,420,234
Total	$	19,420,234	$	—	$	19,420,234
Small Cap Growth
Securities Lending	$	4,548,184	$	—	$	4,548,184
Total	$	4,548,184	$	—	$	4,548,184

182

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset		Cash Collateral Received^(a)			Net Amount^(b)
Focus
SSB	$	14,644,435	$	—	$	(14,644,435	)	$	—
Total	$	14,644,435	$	—	$	(14,644,435	)	$	—
Guardian
SSB	$	3,974,445	$	—	$	(3,974,445	)	$	—
Total	$	3,974,445	$	—	$	(3,974,445	)	$	—
International Small Cap
SSB	$	69,057	$	—	$	(69,057	)	$	—
Total	$	69,057	$	—	$	(69,057	)	$	—
Large Cap Value
SSB	$	49,511,147	$	—	$	(49,511,147	)	$	—
Total	$	49,511,147	$	—	$	(49,511,147	)	$	—
Mid Cap Growth
SSB	$	19,420,234	$	—	$	(19,420,234	)	$	—
Total	$	19,420,234	$	—	$	(19,420,234	)	$	—
Small Cap Growth
SSB	$	4,548,184	$	—	$	(4,548,184	)	$	—
Total	$	4,548,184	$	—	$	(4,548,184	)	$	—

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

(b) Net Amount represents amounts subject to loss at August 31, 2021, in the event of a counterparty failure.

14 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.

15 In-kind redemption: 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, 2021, Small Cap Growth realized net gains of $4,925,623 on $18,488,890 of in-kind redemptions. During the year ended August 31, 2020, International Select realized net losses of $(191,436) on $30,830,767 of in-kind redemptions.

16 Special purpose acquisition company: The Funds may acquire an interest in a special purpose acquisition company ("SPAC") in an Initial Public Offering ("IPO"), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an initial public offering for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund's performance if the Fund is invested in the SPAC during such period. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable

183

acquisition. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. These transactions will require the approval of the respective shareholders and are subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the SPAC's acquisition may not close and, to the extent a Fund had committed to participate in a private placement (i.e, PIPE transaction), such Fund will no longer be obligated to fulfill its commitment.

17 Private investment in public equity: The Funds may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. A Fund will generally earmark an amount of cash or high quality securities equal (on a daily mark to market basis) to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company's securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund's investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last an uncertain amount of time and may be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. Certain PIPE transactions could be treated and presented as derivatives or commitments on the statement of assets and liabilities based on the terms and considerations of each agreement.

18 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.

19 Other matters—Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Funds.

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

Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services, each Fund pays NBIA an investment management fee as a percentage of average daily net assets according to the following table:

	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			Next $10 billion			Thereafter
For Genesis:
		0.85	%		0.80	%		0.75	%		0.70	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.60	%
For Intrinsic Value and Small Cap Growth:
		0.85	%		0.80	%		0.75	%		0.70	%		0.65	%		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	%		0.85	%

184

	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			Next $10 billion			Thereafter
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	%		0.80	%
For International Equity^(a):
		0.85	%		0.825	%		0.80	%		0.775	%		0.75	%		0.725	%		0.725	%		0.70	%		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	%		0.70	%
For Equity Income, Focus, Guardian, International Select, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value^(a) and Sustainable Equity:
		0.55	%		0.525	%		0.50	%		0.475	%		0.45	%		0.425	%		0.425	%		0.425	%		0.40	%		0.40	%
For Multi-Cap Opportunities:
		0.60	%		0.575	%		0.55	%		0.525	%		0.50	%		0.475	%		0.475	%		0.475	%		0.45	%		0.45	%
For Integrated Large Cap:
		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
For Greater China Equity:
		1.10	%		1.10	%		1.10	%		1.10	%		0.95	%		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	%		0.45	%
For U.S. Equity Impact
		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%

(a) NBIA has voluntarily agreed to waive and/or reimburse its management fee for the below Funds. NBIA may, at its sole discretion, modify or terminate the voluntary waiver and/or reimbursement without notice to these respective Funds. Fees voluntarily waived and/or reimbursed are not subject to recovery by NBIA.

Fund	Percentage of Average Daily Net Assets Waived and/or Reimbursed			Effective date(s)	Management Fees Waived and/or Reimbursed for the Year Ended August 31, 2021
International Equity		0.10	%	10/22/19	$	1,776,657
Mid Cap Intrinsic Value		8.93	%	1/15/21 – 1/18/21	$	86,674
		0.21	%	9/1/20 – 1/14/21

Accordingly, for the year ended August 31, 2021, 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		0.78	%
Equity Income		0.50	%	Large Cap Value		0.45	%
Focus		0.52	%	Mid Cap Growth		0.48	%
Genesis		0.66	%	Mid Cap Intrinsic Value		0.55	%^(b)
Greater China Equity		1.10	%	Multi-Cap Opportunities		0.58	%
Guardian		0.48	%	Small Cap Growth		0.83	%
International Equity		0.78	%^(a)	Sustainable Equity		0.48	%
International Select		0.55	%

185

(a) 0.68% annual effective net rate of the Fund's average daily net assets.

(b) 0.39% annual effective net rate of the Fund's average daily net assets.

Each Fund retains NBIA as its administrator under an Administration Agreement. The administration fee is assessed at the class level and each share class of a Fund, as applicable, pays NBIA 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 Trust Class and Advisor Class; 0.15% for Institutional Class; and 0.05% for Class R6, each as a percentage of its average daily net assets. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

NBIA 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.

At August 31, 2021, contingent liabilities to NBIA under the agreements were as follows:

					Expenses Reimbursed in Year Ended August 31,
					2019		2020		2021
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022		2023		2024
Dividend Growth Institutional Class		0.69	%	8/31/24	$	253,857	$	233,246	$	241,524
Dividend Growth Class A		1.05	%	8/31/24		9,695		7,746		7,463
Dividend Growth Class C		1.80	%	8/31/24		15,075		11,655		8,038
Dividend Growth Class R6		0.59	%^(b)	8/31/24		158		191		294
Emerging Markets Equity Institutional Class		1.25	%	8/31/24		—		—		—
Emerging Markets Equity Class A		1.50	%	8/31/24		51,901		34,659		22,865
Emerging Markets Equity Class C		2.25	%	8/31/24		9,302		6,296		3,949
Emerging Markets Equity Class R3		1.91	%	8/31/24		177		508		—
Emerging Markets Equity Class R6		1.15	%^(b)	8/31/24		—		—		—
Equity Income Institutional Class		0.80	%	8/31/24		—		—		—
Equity Income Class A		1.16	%	8/31/24
Equity Income Class C		1.91	%	8/31/24		—		—		—
Equity Income Class R3		1.41	%	8/31/24		—		—		—
Focus Trust Class		1.50	%	8/31/24		—		—		—
Focus Advisor Class		1.50	%	8/31/24		—		—		—
Focus Institutional Class		0.75	%	8/31/24		—		—		—
Focus Class A		1.11	%	8/31/24		261		272		—
Focus Class C		1.86	%	8/31/24		193		96		162

186

					Expenses Reimbursed in Year Ended August 31,
					2019		2020		2021
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022		2023		2024
Genesis Trust Class		1.50	%	8/31/24	$	—	$	—	$	—
Genesis Advisor Class		1.50	%	8/31/24		—		—		—
Genesis Institutional Class		0.85	%	8/31/24		—		—		—
Genesis Class R6		0.75	%	8/31/24		—		—		—
Global Real Estate Institutional Class		1.00	%	8/31/24		227,837		205,632		239,478
Global Real Estate Class A		1.36	%	8/31/24		27,482		26,471		24,623
Global Real Estate Class C		2.11	%	8/31/24		26,045		22,306		22,202
Greater China Equity Institutional Class		1.50	%	8/31/24		173,901		144,843		165,224
Greater China Equity Class A		1.86	%	8/31/24		30,826		21,307		16,015
Greater China Equity Class C		2.61	%	8/31/24		801		603		768
Guardian Trust Class		1.50	%	8/31/24		—		—		—
Guardian Advisor Class		1.50	%	8/31/24		—		—		—
Guardian Institutional Class		0.75	%	8/31/24		—		—		—
Guardian Class A		1.11	%	8/31/24		—		—		—
Guardian Class C		1.86	%	8/31/24		—		—		—
Guardian Class R3		1.36	%	8/31/24		91		—		37
Guardian Class R6		0.65	%	8/31/24		8		—		37
Integrated Large Cap Institutional Class		0.40	%^(b)(e)	8/31/24		286,177		253,491		240,053
Integrated Large Cap Class A		0.76	%^(b)(e)	8/31/24		23,143		21,140		23,755
Integrated Large Cap Class C		1.51	%^(b)(e)	8/31/24		7,214		7,187		6,385
International Equity Investor Class		1.40	%	8/31/24		—		—		—
International Equity Trust Class		2.00	%	8/31/24		—		—		—
International Equity Institutional Class		0.85	%	8/31/24		877,385		342,202		394,617
International Equity Class A		1.21	%	8/31/24		35,772		11,946		18,701
International Equity Class C		1.96	%	8/31/24		7,523		2,115		2,857
International Equity Class R6		0.75	%^(b)	8/31/24		48,635		15,901		22,906
International Select Trust Class		1.15	%	8/31/24		17,860		12,734		14,610
International Select Institutional Class		0.80	%	8/31/24		223,768		176,566		225,741
International Select Class A		1.16	%	8/31/24		5,946		4,320		6,545
International Select Class C		1.91	%	8/31/24		3,369		2,173		1,554
International Select Class R3		1.41	%	8/31/24		5,140		3,284		3,504
International Select Class R6		0.70	%^(b)	8/31/24		31,580		24,937		2,510
International Small Cap Institutional Class		1.05	%	8/31/24		281,758		259,992		239,386
International Small Cap Class A		1.41	%	8/31/24		9,070		6,925		27,225
International Small Cap Class C		2.16	%	8/31/24		6,779		5,773		18,529
International Small Cap Class R6		0.95	%^(b)	8/31/24		11,852		11,384		37,827
Intrinsic Value Institutional Class		1.00	%	8/31/24		246,027		238,438		—

187

					Expenses Reimbursed in Year Ended August 31,
					2019			2020		2021
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022			2023		2024
Intrinsic Value Class A		1.36	%	8/31/24	$	15,978		$	11,833	$	923
Intrinsic Value Class C		2.11	%	8/31/24		8,765			6,344		—
Intrinsic Value Class R6		0.90	%	8/31/24		—			—		—
Large Cap Value Trust Class		1.50	%	8/31/24		—			—		—
Large Cap Value Advisor Class		1.50	%	8/31/24		—			—		—
Large Cap Value Institutional Class		0.70	%	8/31/24		—			—		—
Large Cap Value Class A		1.11	%	8/31/24		—			—		—
Large Cap Value Class C		1.86	%	8/31/24		—			—		—
Large Cap Value Class R3		1.36	%	8/31/24		—			—		—
Large Cap Value Class R6		0.60	%	8/31/24		—			—		—
Mid Cap Growth Trust Class		1.50	%	8/31/24		—			—		—
Mid Cap Growth Advisor Class		1.50	%	8/31/24		—			—		—
Mid Cap Growth Institutional Class		0.75	%	8/31/24		—			—		—
Mid Cap Growth Class A		1.11	%	8/31/24		—			—		—
Mid Cap Growth Class C		1.86	%	8/31/24		—			—		—
Mid Cap Growth Class R3		1.36	%	8/31/24		—			—		—
Mid Cap Growth Class R6		0.65	%^(b)	8/31/24		—			—		—
Mid Cap Intrinsic Value Investor Class		1.50	%^(e)	8/31/24		—			—		—
Mid Cap Intrinsic Value Trust Class		1.25	%^(e)	8/31/24		5,026			1,060		16,735
Mid Cap Intrinsic Value Institutional Class		0.85	%	8/31/24		47,471			21,517		41,436
Mid Cap Intrinsic Value Class A		1.21	%	8/31/24		9,892			2,553		5,029
Mid Cap Intrinsic Value Class C		1.96	%	8/31/24		2,255			1,036		3,113
Mid Cap Intrinsic Value Class R3		1.46	%	8/31/24		2,681			551		2,485
Mid Cap Intrinsic Value Class R6		0.75	%	8/31/24		41	^(c)		—		211
Multi-Cap Opportunities Institutional Class		1.00	%	8/31/24		—			—		—
Multi-Cap Opportunities Class A		1.36	%	8/31/24		—			—		—
Multi-Cap Opportunities Class C		2.11	%	8/31/24		—			—		—
Real Estate Trust Class		1.50	%^(e)	8/31/24		—			—		—
Real Estate Institutional Class		0.85	%	8/31/24		367,084			466,267		844,090
Real Estate Class A		1.21	%	8/31/24		122,879			119,449		119,798
Real Estate Class C		1.96	%	8/31/24		25,121			21,506		17,083
Real Estate Class R3		1.46	%	8/31/24		41,328			35,992		30,796
Real Estate Class R6		0.75	%^(b)	8/31/24		127,316			180,533		225,255
Small Cap Growth Investor Class		1.30	%^(e)	8/31/24		176,976			68,298		—
Small Cap Growth Trust Class		1.40	%^(e)	8/31/24		13,037			5,823		3,373
Small Cap Growth Advisor Class		1.60	%^(e)	8/31/24		6,659			2,721		964
Small Cap Growth Institutional Class		0.90	%	8/31/24		153,070			299,687		399,798

188

					Expenses Reimbursed in Year Ended August 31,
					2019			2020		2021
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022			2023		2024
Small Cap Growth Class A		1.26	%	8/31/24	$	87,247		$	94,216	$	63,269
Small Cap Growth Class C		2.01	%	8/31/24		16,005			12,391		11,925
Small Cap Growth Class R3		1.51	%	8/31/24		14,401			8,531		11,036
Small Cap Growth Class R6		0.80	%^(b)	8/31/24		5,523	^(f)		70,197		105,409
Sustainable Equity Trust Class		1.50	%	8/31/24		—			—		—
Sustainable Equity Institutional Class		0.75	%	8/31/24		—			—		—
Sustainable Equity Class A		1.11	%	8/31/24		—			—		—
Sustainable Equity Class C		1.86	%	8/31/24		—			—		—
Sustainable Equity Class R3		1.36	%	8/31/24		—			—		—
Sustainable Equity Class R6		0.65	%^(b)	8/31/24		—			—		—
U.S. Equity Impact Institutional Class		0.90	%	8/31/24		—			—		197,957	^(g)
U.S. Equity Impact Class A		1.26	%	8/31/24		—			—		6,127	^(g)
U.S. Equity Impact Class C		2.01	%	8/31/24		—			—		2,706	^(g)

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

(b) Classes that have had changes to their respective limitations are noted below.

Class	Expense limitation			Prior to
Dividend Growth Class R6		0.62	%	12/6/18
Emerging Markets Equity Class R6		1.18	%	12/6/18
Integrated Large Cap Institutional Class		0.75	%	9/3/19
Integrated Large Cap Class A		1.11	%	9/3/19
Integrated Large Cap Class C		1.86	%	9/3/19
International Equity Class R6		0.78	%	12/6/18
International Select Class R6		0.73	%	12/6/18
International Small Cap Class R6		0.98	%	12/6/18
Mid Cap Growth Class R6		0.68	%	12/6/18
Real Estate Class R6		0.78	%	12/6/18
Small Cap Growth Class R6		0.83	%	12/6/18
Sustainable Equity Class R6		0.68	%	12/6/18

(d) Period from January 18, 2019 (Commencement of Operations) to August 31, 2019.

(e) In addition to the contractual undertaking described above, NBIA has voluntarily undertaken to waive 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. Voluntary reimbursements are not subject to recovery by NBIA and are terminable by NBIA upon notice to the Fund.

189

Class	Voluntary Expense Limitation			Effective Date(s)	Fees Voluntarily Waived for Year Ended August 31, 2021
Integrated Large Cap Institutional Class		0.40	%	9/1/19 – 9/2/19	$	—
Integrated Large Cap Class A		0.76	%	9/1/19 – 9/2/19		—
Integrated Large Cap Class C		1.51	%	9/1/19 – 9/2/19		—
Mid Cap Intrinsic Value Investor Class		0.96	%	1/19/21	$	96,337
Mid Cap Intrinsic Value Trust Class		1.20	%	1/19/21		2,102
Real Estate Trust Class		1.04	%	12/16/11		411,546
Small Cap Growth Investor Class		1.01	%	1/19/21		169,764
Small Cap Growth Investor Class		1.18	%	11/15/18 – 1/18/21
Small Cap Growth Investor Class		1.20	%	9/7/18 – 11/14/18		—
Small Cap Growth Investor Class		1.21	%	9/1/18 – 9/6/18		—
Small Cap Growth Trust Class		1.25	%	1/19/21		7,162
Small Cap Growth Trust Class		1.29	%	9/7/18 – 1/18/21
Small Cap Growth Trust Class		1.37	%	9/1/18 – 9/6/18
Small Cap Growth Advisor Class		1.40	%	1/27/21		7,317
Small Cap Growth Advisor Class		1.35	%	1/19/21 – 1/26/21
Small Cap Growth Advisor Class		1.44	%	9/7/18 – 1/18/21
Small Cap Growth Advisor Class		1.51	%	9/1/18 – 9/6/18		—

(f) Period from September 7, 2018 (Commencement of Operations) to August 31, 2019.

(g) Period from March 23, 2021 (Commencement of Operations) to August 31, 2021.

Each Fund has agreed that each of its respective classes will repay NBIA 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 NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the year ended August 31, 2021, the following classes repaid NBIA under their respective contractual expense limitation agreements as follows:

Class	Expenses Repaid to NBIA
Emerging Markets Equity Institutional Class	$	231,794
Emerging Markets Equity Class R3		92
Emerging Markets Equity Class R6		7,769
Focus Institutional Class		169
Focus Class A		80
Genesis Class R6		350,384
Intrinsic Value Institutional Class		81,853
Intrinsic Value Class C		833
Intrinsic Value Class R6		138

NBIA retains Green Court Capital Management Limited ("Green Court") as the subadviser to Greater China Equity. Green Court is responsible for making and implementing investment decisions and for the day-to-day management of the Fund.

190

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 year ended August 31, 2021, the Distributor, 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	$	409	$	—	$	—	$	—
Dividend Growth Class C		—		25		—		—
Emerging Markets Equity Class A		666		—		—		—
Emerging Markets Equity Class C		—		677		—		—
Equity Income Class A		8,609		—		—		—
Equity Income Class C		—		1,296		—		—
Focus Class A		374		—		—		—
Focus Class C		—		—		—		—
Global Real Estate Class A		—		—		—		—
Global Real Estate Class C		—		—		—		—
Greater China Equity Class A		—		—		—		—
Greater China Equity Class C		—		—		—		—
Guardian Class A		2,424		—		—		—
Guardian Class C		—		—		—		—
Integrated Large Cap Class A		65		—		—		—
Integrated Large Cap Class C		—		—		—		—
International Equity Class A		431		—		—		—
International Equity Class C		—		1,159		—		—

191

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
International Select Class A	$	1,823	$	—	$	—	$	—
International Select Class C		—		—		—		—
International Small Cap Class A		—		—		—		—
International Small Cap Class C		—		—		—		—
Intrinsic Value Class A		19,855		—		—		—
Intrinsic Value Class C		—		1,130		—		—
Large Cap Value Class A		143,058		—		—		—
Large Cap Value Class C		—		7,636		—		—
Mid Cap Growth Class A		4,073		—		—		—
Mid Cap Growth Class C		—		77		—		—
Mid Cap Intrinsic Value Class A		214		—		—		—
Mid Cap Intrinsic Value Class C		—		220		—		—
Multi-Cap Opportunities Class A		5,139		—		—		—
Multi-Cap Opportunities Class C		—		1,078		—		—
Real Estate Class A		21,880		—		—		—
Real Estate Class C		—		2,606		—		—
Small Cap Growth Class A		11,800		—		—		—
Small Cap Growth Class C		—		554		—		—
Sustainable Equity Class A		12,728		—		—		—
Sustainable Equity Class C		—		1,643		—		—
U.S. Equity Impact Class A		—		—		—		—
U.S. Equity Impact Class C		—		—		—		—

Note C—Securities Transactions:

During the year ended August 31, 2021, there were purchase and sale transactions of long-term securities (excluding written option contracts) as follows:

	Purchases		Sales			Purchases		Sales
Dividend Growth	$	18,702,628	$	19,768,739	International Small Cap	$	1,520,306	$	569,726
Emerging Markets Equity		636,582,156		584,185,378	Intrinsic Value		288,456,833		192,580,895
Equity Income		445,930,453		774,493,870	Large Cap Value		6,649,719,191		3,138,566,261
Focus		1,018,051,678		1,071,292,170	Mid Cap Growth		774,855,824		846,014,192
Genesis		1,349,480,141		2,260,753,074	Mid Cap Intrinsic Value		15,905,594		20,927,090
Global Real Estate		3,131,822		1,515,973	Multi-Cap Opportunities		87,857,639		371,796,448
Greater China Equity		48,584,061		47,153,674	Real Estate		437,766,422		182,755,639
Guardian		493,959,087		569,748,830	Small Cap Growth		525,806,717		486,357,164
Integrated Large Cap		2,151,155		2,119,079	Sustainable Equity		276,028,294		483,303,928
International Equity		445,222,724		493,579,310	U.S. Equity Impact		5,935,159		406,933
International Select		32,206,228		54,045,406

During the year ended August 31, 2021, no brokerage commissions on securities transactions were paid to affiliated brokers.

192

Note D—Fund Share Transactions:

Share activity for the years ended August 31, 2021, and August 31, 2020, was as follows:

	For the Year Ended August 31, 2021										For the Year Ended August 31, 2020
	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		701,714		46,399		(612,456	)		135,657			265,103		58,222		(988,022	)		(664,697	)
Class A		4,529		949		(37,543	)		(32,065	)		13,274		1,090		(26,008	)		(11,644	)
Class C		15,755		539		(117,804	)		(101,510	)		3,900		435		(42,823	)		(38,488	)
Class R6		—		—		—			—			—		—		(864	)		(864	)
Emerging Markets Equity
Institutional Class		10,786,746		71,081		(11,523,548	)		(665,721	)		21,134,967		410,953		(37,001,256	)		(15,455,336	)
Class A		428,664		1,218		(619,405	)		(189,523	)		817,722		18,342		(1,652,098	)		(816,034	)
Class C		36,627		—		(53,824	)		(17,197	)		39,805		1,213		(224,200	)		(183,182	)
Class R3		8,594		—		(11,968	)		(3,374	)		12,600		368		(24,986	)		(12,018	)
Class R6		3,573,474		49,835		(770,740	)		2,852,569			1,754,547		228,737		(4,123,220	)		(2,139,936	)
Equity Income
Institutional Class		8,807,196		1,593,759		(30,626,069	)		(20,225,114	)		11,247,353		4,674,484		(24,197,398	)		(8,275,561	)
Class A		2,242,167		170,226		(2,291,839	)		120,554			4,083,332		528,850		(3,265,732	)		1,346,450
Class C		211,038		69,016		(2,899,275	)		(2,619,221	)		467,370		464,608		(6,608,532	)		(5,676,554	)
Class R3		29,454		1,478		(120,381	)		(89,449	)		69,726		6,955		(93,448	)		(16,767	)
Focus
Investor Class		108,704		1,224,726		(1,635,972	)		(302,542	)		165,478		2,745,462		(2,537,695	)		373,245
Trust Class		38,119		86,438		(271,787	)		(147,230	)		42,847		211,923		(424,820	)		(170,050	)
Advisor Class		13,997		3,607		(22,236	)		(4,632	)		7,156		7,517		(13,608	)		1,065
Institutional Class		327,126		31,909		(103,706	)		255,329			261,668		49,459		(168,003	)		143,124
Class A		8,983		5,521		(38,615	)		(24,111	)		7,946		12,090		(17,660	)		2,376
Class C		1,720		1,075		(32,090	)		(29,295	)		3,853		5,476		(8,836	)		493
Genesis
Investor Class		2,031,072		1,017,520		(3,507,339	)		(458,747	)		1,832,620		1,556,094		(4,828,105	)		(1,439,391	)
Trust Class		1,789,790		712,249		(5,412,514	)		(2,910,475	)		2,436,160		1,283,899		(8,026,116	)		(4,306,057	)
Advisor Class		174,572		76,849		(489,389	)		(237,968	)		242,155		139,617		(967,347	)		(585,575	)
Institutional Class		8,536,526		1,696,464		(14,339,384	)		(4,106,394	)		13,932,495		2,583,175		(16,165,018	)		350,652
Class R6		10,774,140		2,844,261		(12,532,462	)		1,085,939			8,851,372		4,372,286		(14,851,484	)		(1,627,826	)
Global Real Estate
Institutional Class		188,306		3,101		(52,666	)		138,741			37,033		13,877		(215,176	)		(164,266	)
Class A		4,268		116		(3,125	)		1,259			10,866		757		(22,897	)		(11,274	)
Class C		198		39		(247	)		(10	)		2,816		521		(12,485	)		(9,148	)

193

	For the Year Ended August 31, 2021										For the Year Ended August 31, 2020
	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
Greater China Equity^(a)
Institutional Class		1,273,004		20,577		(1,112,044	)		181,537			1,058,154		34,993		(1,410,209	)		(317,062	)
Class A		—		446		(97,121	)		(96,675	)		—		2,885		(289,850	)		(286,965	)
Class C		—		—		(4,501	)		(4,501	)		—		—		(750	)		(750	)
Guardian
Investor Class		766,585		4,409,197		(4,179,916	)		995,866			749,150		3,550,084		(5,107,798	)		(808,564	)
Trust Class		112,262		131,099		(282,507	)		(39,146	)		206,075		113,273		(982,194	)		(662,846	)
Advisor Class		283,200		19,507		(35,173	)		267,534			2,488		531		(3,390	)		(371	)
Institutional Class		1,253,615		503,014		(1,186,128	)		570,501			2,853,280		339,279		(1,381,225	)		1,811,334
Class A		227,442		26,552		(173,566	)		80,428			333,281		13,129		(306,737	)		39,673
Class C		22,983		7,755		(22,971	)		7,767			30,574		5,344		(36,513	)		(595	)
Class R3		12,304		546		(6,030	)		6,820			926		356		(2,326	)		(1,044	)
Class R6		5,880		238		(473	)		5,645			—		—		—			—
Integrated Large Cap
Institutional Class		1,280		5,663		(27	)		6,916			114,017		110,895		(213,788	)		11,124
Class A		12,588		295		(3,567	)		9,316			12,230		6,905		(15,577	)		3,558
Class C		—		18		(2,341	)		(2,323	)		—		944		(1,865	)		(921	)
International Equity
Investor Class		204,397		300,522		(1,121,553	)		(616,634	)		144,782		174,329		(1,197,372	)		(878,261	)
Trust Class		67,822		84,355		(310,856	)		(158,679	)		132,520		50,430		(550,480	)		(367,530	)
Institutional Class		16,835,379		3,772,010		(18,264,219	)		2,343,170			58,221,663		2,153,920		(88,238,680	)		(27,863,097	)
Class A		710,522		28,610		(867,800	)		(128,668	)		1,367,720		19,729		(1,596,766	)		(209,317	)
Class C		85,153		17,334		(151,448	)		(48,961	)		52,508		9,136		(305,626	)		(243,982	)
Class R6		647,867		265,301		(1,325,623	)		(412,455	)		1,420,437		178,437		(2,626,329	)		(1,027,455	)
International Select
Trust Class		8,872		4,073		(19,586	)		(6,641	)		17,970		10,528		(48,830	)		(20,332	)
Institutional Class		645,941		136,482		(2,116,945	)		(1,334,522	)		1,498,164		312,909		(2,242,929	)		(431,856	)
Class A		85,087		1,643		(57,838	)		28,892			81,072		5,307		(120,404	)		(34,025	)
Class C		22,402		355		(41,804	)		(19,047	)		7,139		1,637		(69,777	)		(61,001	)
Class R3		24,296		779		(79,767	)		(54,692	)		37,780		3,112		(68,151	)		(27,259	)
Class R6		24,751		1,989		(92,497	)		(65,757	)		332,887		86,349		(2,690,919	)		(2,271,683	)
International Small Cap
Institutional Class		46,472		3,706		(3,375	)		46,803			23,474		3,730		(396,829	)		(369,625	)
Class A		17,117		50		(287	)		16,880			489		8		(1,351	)		(854	)
Class C		—		—		—			—			—		—		(970	)		(970	)
Class R6		—		—		—			—			—		—		—			—

194

	For the Year Ended August 31, 2021										For the Year Ended August 31, 2020
	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
Intrinsic Value
Institutional Class		18,981,360		544,222		(15,425,942	)		4,099,640			12,205,423		972,976		(16,081,683	)		(2,903,284	)
Class A		1,404,670		20,943		(663,137	)		762,476			808,186		37,187		(805,477	)		39,896
Class C		298,905		11,208		(279,084	)		31,029			149,914		27,667		(586,692	)		(409,111	)
Class R6		4,159,611		57,424		(736,243	)		3,480,792			2,736		320		(9,629	)		(6,573	)
Large Cap Value
Investor Class		4,233,504		552,320		(4,261,448	)		524,376			753,034		1,407,324		(4,778,325	)		(2,617,967	)
Trust Class		912,096		28,800		(590,982	)		349,914			239,611		90,959		(850,438	)		(519,868	)
Advisor Class		795,455		41,187		(1,039,633	)		(202,991	)		229,784		130,998		(835,350	)		(474,568	)
Institutional Class		93,605,662		180,115		(13,340,594	)		80,445,183			7,849,287		405,348		(7,339,563	)		915,072
Class A		3,533,705		5,697		(1,267,702	)		2,271,700			1,045,621		66,763		(2,057,060	)		(944,676	)
Class C		2,002,950		636		(208,832	)		1,794,754			228,957		13,148		(400,689	)		(158,584	)
Class R3		39,712		242		(15,848	)		24,106			1,596		798		(5,659	)		(3,265	)
Class R6		1,410,552		59,783		(229,829	)		1,240,506			2,967,811		105,444		(76,691	)		2,996,564
Mid Cap Growth^(a)
Investor Class		411,936		2,861,980		(3,640,572	)		(366,656	)		493,803		1,643,853		(3,360,116	)		(1,222,460	)
Trust Class		719,919		458,559		(1,022,593	)		155,885			721,674		264,663		(1,205,897	)		(219,560	)
Advisor Class		217,171		40,383		(237,204	)		20,350			163,577		26,900		(376,231	)		(185,754	)
Institutional Class		5,274,574		1,790,010		(4,820,898	)		2,243,686			6,518,476		914,887		(5,765,187	)		1,668,176
Class A		590,560		167,798		(592,332	)		166,026			527,195		106,946		(744,723	)		(110,582	)
Class C		54,023		56,072		(135,011	)		(24,916	)		85,633		36,448		(178,069	)		(55,988	)
Class R3		260,579		70,636		(258,125	)		73,090			347,006		185,486		(3,290,688	)		(2,758,196	)
Class R6		9,724,103		2,600,459		(7,768,052	)		4,556,510			5,904,398		1,485,597		(7,961,068	)		(571,073	)
Mid Cap Intrinsic Value
Investor Class		113,399		566		(125,594	)		(11,629	)		88,884		17,074		(454,349	)		(348,391	)
Trust Class		17,482		215		(45,363	)		(27,666	)		12,821		3,750		(120,465	)		(103,894	)
Institutional Class		73,138		1,987		(243,369	)		(168,244	)		387,192		24,436		(1,709,930	)		(1,298,302	)
Class A		7,358		36		(52,882	)		(45,488	)		42,984		1,836		(260,443	)		(215,623	)
Class C		6,342		—		(15,633	)		(9,291	)		10,157		190		(35,262	)		(24,915	)
Class R3		15,154		4		(18,537	)		(3,379	)		17,504		244		(82,812	)		(65,064	)
Class R6		—		—		—			—			—		—		—			—
Multi-Cap Opportunities
Institutional Class		2,794,722		7,333,881		(19,467,812	)		(9,339,209	)		8,525,872		10,775,626		(42,431,436	)		(23,129,938	)
Class A		616,854		501,109		(695,807	)		422,156			728,136		423,817		(1,388,564	)		(236,611	)
Class C		134,731		362,856		(802,113	)		(304,526	)		254,020		361,428		(938,914	)		(323,466	)

195

	For the Year Ended August 31, 2021										For the Year Ended August 31, 2020
	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
Real Estate
Trust Class		1,619,852		151,415		(1,385,808	)		385,459			1,868,407		443,651		(3,036,103	)		(724,045	)
Institutional Class		23,182,866		568,839		(9,753,444	)		13,998,261			19,704,283		762,009		(9,617,448	)		10,848,844
Class A		1,864,479		71,530		(1,667,781	)		268,228			2,278,641		225,239		(2,322,448	)		181,432
Class C		197,165		6,009		(243,168	)		(39,994	)		367,096		30,603		(431,625	)		(33,926	)
Class R3		352,253		17,048		(384,783	)		(15,482	)		417,190		62,841		(697,720	)		(217,689	)
Class R6		4,139,019		184,437		(2,837,956	)		1,485,500			4,465,217		361,928		(1,943,414	)		2,883,731
Small Cap Growth^(a)
Investor Class		59,354		17,073		(183,868	)		(107,441	)		77,344		66,584		(259,189	)		(115,261	)
Trust Class		4,272		1,011		(12,446	)		(7,163	)		3,808		4,255		(26,939	)		(18,876	)
Advisor Class		15,039		805		(17,583	)		(1,739	)		18,177		2,873		(22,898	)		(1,848	)
Institutional Class		2,039,306		41,131		(1,457,165	)		623,272			2,773,323		99,482		(1,669,144	)		1,203,661
Class A		172,476		5,506		(230,474	)		(52,492	)		274,307		29,190		(1,103,503	)		(800,006	)
Class C		30,996		1,178		(17,187	)		14,987			41,317		4,630		(54,660	)		(8,713	)
Class R3		64,163		894		(41,133	)		23,924			46,868		2,397		(32,211	)		17,054
Class R6		884,027		11,341		(790,972	)		104,396			488,177		22,014		(238,212	)		271,979
Sustainable Equity
Investor Class		1,322,883		570,294		(4,004,115	)		(2,110,938	)		890,116		1,026,137		(3,056,489	)		(1,140,236	)
Trust Class		409,142		182,781		(726,298	)		(134,375	)		340,429		357,251		(1,929,246	)		(1,231,566	)
Institutional Class		4,371,109		1,064,100		(4,941,667	)		493,542			3,993,402		1,727,202		(8,963,237	)		(3,242,633	)
Class A		1,193,313		130,579		(587,044	)		736,848			482,477		201,298		(761,647	)		(77,872	)
Class C		121,227		53,746		(233,004	)		(58,031	)		109,252		89,153		(452,392	)		(253,987	)
Class R3		101,121		37,349		(369,979	)		(231,509	)		166,305		67,956		(382,213	)		(147,952	)
Class R6		3,282,238		387,490		(4,287,956	)		(618,228	)		2,941,315		513,381		(3,960,111	)		(505,415	)
U.S. Equity Impact^(b)
Institutional Class		533,807		—		—			533,807			—		—		—			—
Class A		19,601		—		—			19,601			—		—		—			—
Class C		3,000		—		—			3,000			—		—		—			—

(a) After the close of business on July 23, 2021, the Funds' applicable classes underwent a stock split or reverse stock split. The capital share activity presented here for the year ended August 31, 2020, has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

(b) Period from March 23, 2021 (Commencement of Operations) to August 31, 2021.

196

Note E—Line of Credit:

At August 31, 2021, 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 NBIA 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; provided that should the Administrative Agent of the Credit Facility determine that the Eurodollar rate is unavailable, then the interest rate option described in (b) shall be replaced with a benchmark replacement determined to be applicable by such Administrative Agent. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at August 31, 2021. During the year ended August 31, 2021, no Fund utilized the Credit Facility.

Note F—Investments in Affiliates^(a):

Genesis	Value at August 31, 2020		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Persons			Net Realized Gain/(Loss) from Investments in Affiliated Persons			Distributions from Investments in Affiliated Persons			Shares Held at August 31, 2021		Value at August 31, 2021
American Software, Inc.	$	—	$	31,777,549	$	—	$	14,259,614		$	—		$	611,821			1,814,630	$	46,037,163
AMERISAFE, Inc.		75,083,929		387,994		6,711,203		(10,070,380	)		2,833			5,065,841			1,019,864		58,693,173
Atrion Corp.		73,879,022		13,971,901		1,781,068		7,812,224			197,060			847,612			135,549		94,079,139
Chase Corp.		48,619,619		9,684,231		—		9,323,629			—			426,532			590,633		67,627,479
Lindsay Corp.		46,087,216		18,625,684		1,614,343		32,117,765			380,854			707,112			580,256		95,597,176
Model N, Inc.		64,572,719		23,397,055		5,972,202		(10,405,130	)		1,600,157			—	*		2,158,437		73,192,599
NetScout Systems, Inc.		103,335,627		720,840		16,715,955		21,482,954			(2,905,846	)		—	*		3,862,787		105,917,620
Rogers Corp.		124,905,692		1,272,196		17,754,251		95,340,294			8,468,919			—	*		999,166		212,232,850
Transcat, Inc.		—		22,457,853		—		10,369,021			—			—	*		484,458		32,826,874
Vertex, Inc.		—		62,031,422		1,140,425		(10,204,428	)		(181,757	)		—	*		2,439,846		50,504,812
Sub-total for affiliates held as of 8/31/21^(b)	$	536,483,824	$	184,326,725	$	51,689,447	$	160,025,563		$	7,562,220		$	7,658,918				$	836,708,885

197

Genesis	Value at August 31, 2020		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Persons		Net Realized Gain/(Loss) from Investments in Affiliated Persons		Distributions from Investments in Affiliated Persons			Shares Held at August 31, 2021		Value at August 31, 2021
Fox Factory Holding Corp.	$	213,126,050	$	1,880,630	$	46,453,373	$	74,386,820	$	29,250,473	$	—	*		1,771,267	$	272,190,600
Power Integrations, Inc.		179,997,505		1,678,128		47,301,045		115,927,526		32,439,244		1,358,660			2,602,553		282,741,358
Sub-total for securities no longer affiliated as of 8/31/21^(c)	$	393,123,555	$	3,558,758	$	93,754,418	$	190,314,346	$	61,689,717	$	1,358,660				$	554,931,958
Total	$	929,607,379	$	187,885,483	$	145,443,865	$	350,339,909	$	69,251,937	$	9,017,578				$	1,391,640,843

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

(b) At August 31, 2021, these securities amounted to 6.49% of net assets of Genesis.

* Non-income producing security.

Other: At August 31, 2021, affiliated persons owned outstanding shares of the following Funds:

	Affiliated person(s) percentage ownership of outstanding shares				Affiliated person(s) percentage ownership of outstanding shares
Dividend Growth		0.07	%	International Select		0.02	%
Emerging Markets Equity		2.90	%	International Small Cap		45.98	%
Equity Income		0.00	%	Intrinsic Value		0.00	%
Focus		0.00	%	Large Cap Value		0.00	%
Genesis		0.19	%	Mid Cap Growth		0.00	%
Global Real Estate		36.03	%	Mid Cap Intrinsic Value		0.10	%
Greater China Equity		0.08	%	Real Estate		0.00	%
Guardian		0.00	%	Small Cap Growth		0.01	%
Integrated Large Cap		87.41	%	Sustainable Equity		0.00	%
International Equity		0.00	%	U.S. Equity Impact		89.86	%

Note G—Stock Splits:

In 2021, the Board approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Greater China Equity, Mid Cap Growth and Small Cap Growth (collectively, the "Stock Split Funds"). The Stock Split occurred after the close of business on July 23, 2021. 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 Stock Split Funds.

198

After the close of business on July 23, 2021, the following classes of the 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)

Greater China Equity Class A

: 0.9942

Mid Cap Growth
Trust Class

: 0.9974

Small Cap Growth
Trust Class

: 0.9950

Greater China Equity Class C

: 0.9311

Mid Cap Growth
Advisor Class

: 0.9869

Small Cap Growth
Advisor Class

: 0.9893

Mid Cap Growth
Institutional Class

: 1.0078

Small Cap Growth
Institutional Class

: 1.0105

Mid Cap Growth
Class A

: 0.9924

Small Cap Growth
Class A

: 0.9967

Mid Cap Growth
Class C

: 0.9617

Small Cap Growth
Class C

: 0.9687

Mid Cap Growth
Class R3

: 0.9814

Small Cap Growth
Class R3

: 0.9872

Mid Cap Growth
Class R6

: 1.0118

Small Cap Growth
Class R6

: 1.0135

199

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200

Financial Highlights

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 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 Assets with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Dividend Growth Fund
Institutional Class
8/31/2021	$	14.76	$	0.17		$	4.97		$	5.14		$	(0.22	)	$	—		$	—	$	(0.22	)	$	—	$	19.68		35.18	%	$	68.3		1.12	%		0.70	%		0.96	%		32	%
8/31/2020	$	12.81	$	0.21		$	1.94		$	2.15		$	(0.20	)	$	—		$	—	$	(0.20	)	$	—	$	14.76		16.91	%	$	49.3		1.17	%		0.69	%		1.57	%		39	%
8/31/2019	$	13.93	$	0.21		$	(0.64	)	$	(0.43	)	$	(0.13	)	$	(0.56	)	$	—	$	(0.69	)	$	—	$	12.81		(2.45	)%	$	51.3		1.20	%		0.69	%		1.63	%		45	%
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	%
Class A
8/31/2021	$	14.76	$	0.10		$	4.99		$	5.09		$	(0.17	)	$	—		$	—	$	(0.17	)	$	—	$	19.68		34.73	%	$	1.4		1.59	%		1.06	%		0.60	%		32	%
8/31/2020	$	12.81	$	0.16		$	1.93		$	2.09		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	14.76		16.41	%	$	1.5		1.62	%		1.05	%		1.19	%		39	%
8/31/2019	$	13.93	$	0.16		$	(0.62	)	$	(0.46	)	$	(0.10	)	$	(0.56	)	$	—	$	(0.66	)	$	—	$	12.81		(2.75	)%	$	1.4		1.65	%		1.05	%		1.28	%		45	%
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	%
Class C
8/31/2021	$	14.65	$	(0.03	)	$	4.95		$	4.92		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	19.52		33.69	%	$	1.3		2.25	%		1.81	%		(0.16	)%		32	%
8/31/2020	$	12.70	$	0.06		$	1.92		$	1.98		$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	14.65		15.63	%	$	2.5		2.28	%		1.80	%		0.44	%		39	%
8/31/2019	$	13.85	$	0.07		$	(0.63	)	$	(0.56	)	$	(0.03	)	$	(0.56	)	$	—	$	(0.59	)	$	—	$	12.70		(3.55	)%	$	2.7		2.32	%		1.80	%		0.51	%		45	%
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	%
Class R6
8/31/2021	$	14.77	$	0.18		$	4.99		$	5.17		$	(0.24	)	$	—		$	—	$	(0.24	)	$	—	$	19.70		35.34	%	$	0.0		1.42	%		0.60	%		1.06	%		32	%
8/31/2020	$	12.82	$	0.21		$	1.95		$	2.16		$	(0.21	)	$	—		$	—	$	(0.21	)	$	—	$	14.77		16.98	%	$	0.0		1.18	%		0.59	%		1.61	%		39	%
8/31/2019	$	13.93	$	0.22		$	(0.63	)	$	(0.41	)	$	(0.14	)	$	(0.56	)	$	—	$	(0.70	)	$	—	$	12.82		(2.33	)%	$	0.0		1.17	%		0.60	%		1.70	%		45	%
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	%

See Notes to Financial Highlights

201

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Equity Fund
Institutional Class
8/31/2021	$	20.37	$	0.06		$	3.20		$	3.26		$	(0.08	)	$	—	$	—	$	(0.08	)	$	—	$	23.55		16.04	%	$	972.1		1.23	%		1.23	%^§		0.25	%		47	%
8/31/2020	$	18.76	$	0.28		$	1.70		$	1.98		$	(0.37	)	$	—	$	—	$	(0.37	)	$	—	$	20.37		10.59	%	$	854.6		1.25	%		1.25	%^§		1.45	%		41	%
8/31/2019	$	19.25	$	0.23		$	(0.54	)	$	(0.31	)	$	(0.18	)	$	—	$	—	$	(0.18	)	$	—	$	18.76		(1.56	)%	$	1,077.0		1.25	%		1.25	%^§		1.22	%		37	%
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	%
Class A
8/31/2021	$	20.43	$	(0.01	)	$	3.21		$	3.20		$	(0.03	)	$	—	$	—	$	(0.03	)	$	—	$	23.60		15.68	%	$	32.2		1.57	%		1.50	%		(0.03	)%		47	%
8/31/2020	$	18.82	$	0.24		$	1.69		$	1.93		$	(0.32	)	$	—	$	—	$	(0.32	)	$	—	$	20.43		10.28	%	$	31.7		1.60	%		1.50	%		1.27	%		41	%
8/31/2019ⁱ	$	19.26	$	0.17		$	(0.52	)	$	(0.35	)	$	(0.09	)	$	—	$	—	$	(0.09	)	$	—	$	18.82		(1.77	)%	$	44.6		1.62	%		1.50	%		0.91	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class C
8/31/2021	$	20.40	$	(0.18	)	$	3.21		$	3.03		$	—		$	—	$	—	$	—		$	—	$	23.43		14.85	%	$	6.6		2.31	%		2.25	%		(0.78	)%		47	%
8/31/2020	$	18.77	$	0.10		$	1.68		$	1.78		$	(0.15	)	$	—	$	—	$	(0.15	)	$	—	$	20.40		9.47	%	$	6.1		2.33	%		2.25	%		0.53	%		41	%
8/31/2019ⁱ	$	19.25	$	0.03		$	(0.51	)	$	(0.48	)	$	—		$	—	$	—	$	—		$	—	$	18.77		(2.50	)%	$	9.1		2.35	%		2.25	%		0.18	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	16.18	$	(0.03	)	$	3.85		$	3.82		$	—		$	—	$	—	$	—		$	—	$	20.00		23.57	%	$	7.4		2.45	%		2.25	%		(0.18	)%		25	%
Class R3
8/31/2021	$	20.45	$	(0.11	)	$	3.22		$	3.11		$	—		$	—	$	—	$	—		$	—	$	23.56		15.21	%	$	0.8		1.91	%		1.91	%^§		(0.47	)%		47	%
8/31/2020	$	18.83	$	0.16		$	1.69		$	1.85		$	(0.23	)	$	—	$	—	$	(0.23	)	$	—	$	20.45		9.85	%	$	0.8		1.97	%		1.91	%		0.81	%		41	%
8/31/2019ⁱ	$	19.26	$	0.09		$	(0.51	)	$	(0.42	)	$	(0.01	)	$	—	$	—	$	(0.01	)	$	—	$	18.83		(2.19	)%	$	1.0		1.94	%		1.91	%		0.50	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class R6
8/31/2021	$	20.38	$	0.10		$	3.19		$	3.29		$	(0.11	)	$	—	$	—	$	(0.11	)	$	—	$	23.56		16.17	%	$	291.7		1.10	%		1.10	%^§		0.43	%		47	%
8/31/2020	$	18.77	$	0.30		$	1.71		$	2.01		$	(0.40	)	$	—	$	—	$	(0.40	)	$	—	$	20.38		10.72	%	$	194.2		1.15	%		1.15	%^§		1.58	%		41	%
8/31/2019ⁱ	$	19.25	$	0.27		$	(0.56	)	$	(0.29	)	$	(0.19	)	$	—	$	—	$	(0.19	)	$	—	$	18.77		(1.45	)%	$	219.1		1.16	%		1.16	%^§		1.42	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%

See Notes to Financial Highlights

202

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Income Fund
Institutional Class
8/31/2021	$	12.42	$	0.31	$	2.58		$	2.89		$	(0.30	)	$	—		$	—	$	(0.30	)	$	—	$	15.01		23.62	%	$	898.6		0.70	%		0.70	%		2.28	%		35	%
8/31/2020	$	12.98	$	0.29	$	(0.11	)	$	0.18		$	(0.32	)	$	(0.42	)	$	—	$	(0.74	)	$	—	$	12.42		1.53	%	$	994.9		0.69	%		0.69	%		2.35	%		56	%
8/31/2019	$	13.53	$	0.33	$	0.00		$	0.33		$	(0.32	)	$	(0.56	)	$	—	$	(0.88	)	$	—	$	12.98		3.06	%	$	1,147.4		0.70	%		0.70	%		2.58	%		37	%
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	%^hj	$	1,208.7		0.69	%		0.69	%^e		2.99	%^e		53	%
Class A
8/31/2021	$	12.37	$	0.27	$	2.56		$	2.83		$	(0.25	)	$	—		$	—	$	(0.25	)	$	—	$	14.95		23.19	%	$	186.8		1.06	%		1.06	%		1.93	%		35	%
8/31/2020	$	12.93	$	0.24	$	(0.10	)	$	0.14		$	(0.28	)	$	(0.42	)	$	—	$	(0.70	)	$	—	$	12.37		1.14	%	$	153.1		1.06	%		1.06	%		1.99	%		56	%
8/31/2019	$	13.48	$	0.28	$	0.01		$	0.29		$	(0.28	)	$	(0.56	)	$	—	$	(0.84	)	$	—	$	12.93		2.68	%	$	142.7		1.06	%		1.06	%		2.17	%		37	%
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	%^hj	$	200.3		1.05	%		1.05	%^e		2.56	%^e		53	%
Class C
8/31/2021	$	12.28	$	0.16	$	2.55		$	2.71		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	14.85		22.26	%	$	83.3		1.81	%		1.81	%		1.15	%		35	%
8/31/2020	$	12.83	$	0.15	$	(0.10	)	$	0.05		$	(0.18	)	$	(0.42	)	$	—	$	(0.60	)	$	—	$	12.28		0.38	%	$	101.1		1.81	%		1.81	%		1.24	%		56	%
8/31/2019	$	13.38	$	0.18	$	0.01		$	0.19		$	(0.18	)	$	(0.56	)	$	—	$	(0.74	)	$	—	$	12.83		1.91	%	$	178.5		1.81	%		1.81	%		1.45	%		37	%
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	%^hj	$	282.3		1.80	%		1.80	%^e		1.82	%^e		53	%
Class R3
8/31/2021	$	12.34	$	0.22	$	2.57		$	2.79		$	(0.19	)	$	—		$	—	$	(0.19	)	$	—	$	14.94		22.82	%	$	0.6		1.34	%		1.34	%		1.61	%		35	%
8/31/2020	$	12.90	$	0.21	$	(0.11	)	$	0.10		$	(0.24	)	$	(0.42	)	$	—	$	(0.66	)	$	—	$	12.34		0.82	%	$	1.6		1.33	%		1.33	%		1.71	%		56	%
8/31/2019	$	13.45	$	0.24	$	0.01		$	0.25		$	(0.24	)	$	(0.56	)	$	—	$	(0.80	)	$	—	$	12.90		2.40	%	$	1.9		1.34	%		1.34	%		1.91	%		37	%
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	%^hj	$	1.8		1.34	%		1.34	%^e		2.27	%^e		53	%
Focus Fund
Investor Class
8/31/2021	$	28.76	$	0.01	$	8.80		$	8.81		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.97		32.06	%	$	865.3		0.88	%		0.88	%		0.03	%		123	%
8/31/2020	$	25.74	$	0.03	$	6.22		$	6.25		$	(0.17	)	$	(3.06	)	$	—	$	(3.23	)	$	—	$	28.76		26.17	%	$	700.6		0.92	%		0.92	%		0.14	%		130	%
8/31/2019	$	28.69	$	0.13	$	(1.06	)	$	(0.93	)	$	(0.10	)	$	(1.92	)	$	—	$	(2.02	)	$	—	$	25.74		(2.35	)%	$	617.6		0.92	%		0.92	%		0.50	%		20	%
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	%^hj	$	667.7		0.92	%		0.91	%^e		0.28	%^e		72	%

See Notes to Financial Highlights

203

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Focus Fund (cont'd)
Trust Class
8/31/2021	$	28.75	$	(0.05	)	$	8.78		$	8.73		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.88		31.78	%	$	53.4		1.09	%		1.09	%		(0.18	)%		123	%
8/31/2020	$	25.71	$	(0.01	)	$	6.20		$	6.19		$	(0.09	)	$	(3.06	)	$	—	$	(3.15	)	$	—	$	28.75		25.90	%	$	47.0		1.10	%		1.10	%		(0.04	)%		130	%
8/31/2019	$	28.66	$	0.08		$	(1.05	)	$	(0.97	)	$	(0.06	)	$	(1.92	)	$	—	$	(1.98	)	$	—	$	25.71		(2.52	)%	$	46.4		1.10	%		1.10	%		0.32	%		20	%
8/31/2018^g	$	29.18	$	0.07		$	3.35		$	3.42		$	(0.06	)	$	(3.88	)	$	—	$	(3.94	)	$	—	$	28.66		12.88	%	$	57.7		1.10	%		1.10	%		0.25	%		59	%
8/31/2017^g	$	29.14	$	0.04		$	4.19		$	4.23		$	(0.14	)	$	(4.05	)	$	—	$	(4.19	)	$	0.00	$	29.18		16.61	%^hj	$	63.0		1.10	%		1.09	%^e		0.10	%^e		72	%
Advisor Class
8/31/2021	$	28.75	$	(0.12	)	$	8.77		$	8.65		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.80		31.49	%	$	2.1		1.29	%		1.29	%		(0.38	)%		123	%
8/31/2020	$	25.69	$	(0.05	)	$	6.19		$	6.14		$	(0.02	)	$	(3.06	)	$	—	$	(3.08	)	$	—	$	28.75		25.70	%	$	1.9		1.27	%		1.27	%		(0.22	)%		130	%
8/31/2019	$	28.62	$	0.04		$	(1.05	)	$	(1.01	)	$	—		$	(1.92	)	$	—	$	(1.92	)	$	—	$	25.69		(2.68	)%	$	1.6		1.27	%		1.27	%		0.14	%		20	%
8/31/2018^g	$	37.33	$	0.03		$	3.63		$	3.66		$	—		$	(12.37	)	$	—	$	(12.37	)	$	—	$	28.62		12.62	%	$	2.3		1.26	%		1.26	%		0.09	%		59	%
8/31/2017^g	$	45.35	$	(0.00	)	$	5.52		$	5.52		$	(0.64	)	$	(12.90	)	$	—	$	(13.54	)	$	0.00	$	37.33		16.51	%^hj	$	3.5		1.26	%		1.23	%^e		(0.04	)%^e		72	%
Institutional Class
8/31/2021	$	28.78	$	0.06		$	8.81		$	8.87		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	36.05		32.25	%	$	26.8		0.74	%		0.74	%^§		0.17	%		123	%
8/31/2020	$	25.79	$	0.07		$	6.22		$	6.29		$	(0.24	)	$	(3.06	)	$	—	$	(3.30	)	$	—	$	28.78		26.32	%	$	14.1		0.75	%		0.75	%		0.26	%		130	%
8/31/2019	$	28.72	$	0.17		$	(1.05	)	$	(0.88	)	$	(0.13	)	$	(1.92	)	$	—	$	(2.05	)	$	—	$	25.79		(2.15	)%	$	8.9		0.76	%		0.75	%		0.67	%		20	%
8/31/2018^g	$	27.53	$	0.16		$	3.27		$	3.43		$	(0.12	)	$	(2.12	)	$	—	$	(2.24	)	$	—	$	28.72		13.20	%	$	8.6		0.75	%		0.75	%^§		0.60	%		59	%
8/31/2017^g	$	25.83	$	0.11		$	3.95		$	4.06		$	(0.14	)	$	(2.22	)	$	—	$	(2.36	)	$	0.00	$	27.53		17.04	%^j	$	7.8		0.76	%		0.75	%		0.44	%		72	%
Class A
8/31/2021	$	28.73	$	(0.06	)	$	8.77		$	8.71		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.84		31.73	%	$	2.9		1.11	%		1.11	%^§		(0.19	)%		123	%
8/31/2020	$	25.69	$	(0.02	)	$	6.20		$	6.18		$	(0.08	)	$	(3.06	)	$	—	$	(3.14	)	$	—	$	28.73		25.90	%	$	3.0		1.12	%		1.11	%		(0.06	)%		130	%
8/31/2019	$	28.65	$	0.08		$	(1.05	)	$	(0.97	)	$	(0.07	)	$	(1.92	)	$	—	$	(1.99	)	$	—	$	25.69		(2.51	)%	$	2.7		1.12	%		1.11	%		0.32	%		20	%
8/31/2018^g	$	29.24	$	0.07		$	3.34		$	3.41		$	(0.06	)	$	(3.94	)	$	—	$	(4.00	)	$	—	$	28.65		12.80	%	$	3.4		1.12	%		1.11	%		0.23	%		59	%
8/31/2017^g	$	29.28	$	0.02		$	4.22		$	4.24		$	(0.17	)	$	(4.11	)	$	—	$	(4.28	)	$	0.00	$	29.24		16.58	%^j	$	3.1		1.13	%		1.11	%		0.07	%		72	%
Class C
8/31/2021	$	28.27	$	(0.30	)	$	8.60		$	8.30		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	34.97		30.76	%	$	0.7		1.89	%		1.86	%		(1.00	)%		123	%
8/31/2020	$	25.42	$	(0.20	)	$	6.11		$	5.91		$	—		$	(3.06	)	$	—	$	(3.06	)	$	—	$	28.27		24.96	%	$	1.4		1.87	%		1.86	%		(0.81	)%		130	%
8/31/2019	$	28.50	$	(0.11	)	$	(1.05	)	$	(1.16	)	$	—		$	(1.92	)	$	—	$	(1.92	)	$	—	$	25.42		(3.25	)%	$	1.2		1.88	%		1.86	%		(0.43	)%		20	%
8/31/2018^g	$	38.78	$	(0.16	)	$	3.68		$	3.52		$	—		$	(13.80	)	$	—	$	(13.80	)	$	—	$	28.50		11.92	%	$	1.7		1.87	%		1.86	%		(0.52	)%		59	%
8/31/2017^g	$	48.05	$	(0.25	)	$	5.77		$	5.52		$	(0.39	)	$	(14.40	)	$	—	$	(14.79	)	$	0.00	$	38.78		15.76	%^j	$	1.9		1.88	%		1.86	%		(0.67	)%		72	%

See Notes to Financial Highlights

204

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Genesis Fund
Investor Class
8/31/2021	$	62.74	$	(0.11	)	$	20.25		$	20.14		$	—		$	(2.70	)	$	—	$	(2.70	)	$	—	$	80.18		32.89	%	$	2,106.8		0.99	%		0.99	%		(0.15	)%		12	%
8/31/2020	$	58.54	$	0.02		$	7.59		$	7.61		$	(0.03	)	$	(3.38	)	$	—	$	(3.41	)	$	—	$	62.74		13.48	%	$	1,677.3		1.01	%		1.01	%		0.03	%		11	%
8/31/2019	$	65.27	$	0.05		$	(0.91	)	$	(0.86	)	$	(0.03	)	$	(5.84	)	$	—	$	(5.87	)	$	—	$	58.54		0.53	%	$	1,649.3		1.01	%		1.01	%		0.08	%		14	%
8/31/2018^f	$	58.73	$	0.07		$	14.47		$	14.54		$	(0.11	)	$	(7.89	)	$	—	$	(8.00	)	$	—	$	65.27		26.73	%	$	1,919.1		1.02	%		1.02	%		0.11	%		13	%
8/31/2017^f	$	59.25	$	0.12		$	5.73		$	5.85		$	(0.26	)	$	(6.11	)	$	—	$	(6.37	)	$	—	$	58.73		10.19	%^h	$	1,786.0		1.02	%		1.01	%^e		0.21	%^e		20	%
Trust Class
8/31/2021	$	62.71	$	(0.18	)	$	20.24		$	20.06		$	—		$	(2.70	)	$	—	$	(2.70	)	$	—	$	80.07		32.77	%	$	1,349.7		1.09	%		1.09	%		(0.25	)%		12	%
8/31/2020	$	58.54	$	(0.03	)	$	7.59		$	7.56		$	(0.01	)	$	(3.38	)	$	—	$	(3.39	)	$	—	$	62.71		13.38	%	$	1,239.6		1.09	%		1.09	%		(0.06	)%		11	%
8/31/2019	$	65.30	$	(0.00	)	$	(0.91	)	$	(0.91	)	$	(0.01	)	$	(5.84	)	$	—	$	(5.85	)	$	—	$	58.54		0.43	%	$	1,409.3		1.10	%		1.10	%		(0.01	)%		14	%
8/31/2018^f	$	58.73	$	0.02		$	14.49		$	14.51		$	(0.05	)	$	(7.89	)	$	—	$	(7.94	)	$	—	$	65.30		26.64	%	$	1,561.6		1.10	%		1.10	%		0.03	%		13	%
8/31/2017^f	$	56.48	$	0.08		$	5.54		$	5.62		$	(0.03	)	$	(3.34	)	$	—	$	(3.37	)	$	—	$	58.73		10.11	%^h	$	1,576.2		1.09	%		1.08	%^e		0.13	%^e		20	%
Advisor Class
8/31/2021	$	62.31	$	(0.36	)	$	20.08		$	19.72		$	—		$	(2.70	)	$	—	$	(2.70	)	$	—	$	79.33		32.43	%	$	148.2		1.34	%		1.34	%		(0.50	)%		12	%
8/31/2020	$	58.32	$	(0.18	)	$	7.55		$	7.37		$	—		$	(3.38	)	$	—	$	(3.38	)	$	—	$	62.31		13.10	%	$	131.3		1.35	%		1.35	%		(0.31	)%		11	%
8/31/2019	$	65.23	$	(0.15	)	$	(0.92	)	$	(1.07	)	$	—		$	(5.84	)	$	—	$	(5.84	)	$	—	$	58.32		0.18	%	$	157.0		1.35	%		1.35	%		(0.26	)%		14	%
8/31/2018^f	$	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	%
8/31/2017^f	$	62.10	$	(0.08	)	$	5.93		$	5.85		$	(0.19	)	$	(8.99	)	$	—	$	(9.18	)	$	—	$	58.77		9.81	%^h	$	203.8		1.36	%		1.35	%^e		(0.13	)%^e		20	%
Institutional Class
8/31/2021	$	62.66	$	0.00		$	20.24		$	20.24		$	(0.02	)	$	(2.70	)	$	—	$	(2.72	)	$	—	$	80.18		33.11	%	$	3,551.7		0.84	%		0.84	%		0.00	%		12	%
8/31/2020	$	58.48	$	0.11		$	7.58		$	7.69		$	(0.13	)	$	(3.38	)	$	—	$	(3.51	)	$	—	$	62.66		13.65	%	$	3,032.9		0.84	%		0.84	%		0.19	%		11	%
8/31/2019	$	65.24	$	0.14		$	(0.92	)	$	(0.78	)	$	(0.14	)	$	(5.84	)	$	—	$	(5.98	)	$	—	$	58.48		0.69	%	$	2,809.8		0.85	%		0.85	%		0.25	%		14	%
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	%^h	$	3,650.3		0.85	%		0.84	%^e§		0.38	%^e		20	%
Class R6
8/31/2021	$	62.62	$	0.07		$	20.23		$	20.30		$	(0.08	)	$	(2.70	)	$	—	$	(2.78	)	$	—	$	80.14		33.23	%	$	5,744.7		0.74	%		0.74	%^§		0.09	%		12	%
8/31/2020	$	58.45	$	0.16		$	7.58		$	7.74		$	(0.19	)	$	(3.38	)	$	—	$	(3.57	)	$	—	$	62.62		13.74	%	$	4,420.9		0.75	%		0.75	%^§		0.28	%		11	%
8/31/2019	$	65.23	$	0.19		$	(0.93	)	$	(0.74	)	$	(0.20	)	$	(5.84	)	$	—	$	(6.04	)	$	—	$	58.45		0.80	%	$	4,221.1		0.75	%		0.75	%		0.34	%		14	%
8/31/2018^f	$	58.70	$	0.23		$	14.46		$	14.69		$	(0.27	)	$	(7.89	)	$	—	$	(8.16	)	$	—	$	65.23		27.07	%	$	4,372.3		0.78	%		0.75	%		0.38	%		13	%
8/31/2017^f	$	56.63	$	0.26		$	5.56		$	5.82		$	(0.23	)	$	(3.52	)	$	—	$	(3.75	)	$	—	$	58.70		10.47	%^h	$	3,603.6		0.77	%		0.77	%^e§		0.45	%^e		20	%

See Notes to Financial Highlights

205

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Real Estate Fund
Institutional Class
8/31/2021	$	10.97	$	0.17		$	2.88		$	3.05		$	(0.18	)	$	—		$	—		$	(0.18	)	$	—	$	13.84		28.06	%	$	3.6		10.46	%		1.01	%		1.41	%		51	%
8/31/2020	$	11.94	$	0.17		$	(0.58	)	$	(0.41	)	$	(0.32	)	$	(0.21	)	$	(0.03	)	$	(0.56	)	$	—	$	10.97		(3.48	)%	$	1.4		8.80	%		1.01	%		1.47	%		49	%
8/31/2019	$	10.85	$	0.16		$	1.31		$	1.47		$	(0.26	)	$	(0.12	)	$	—		$	(0.38	)	$	—	$	11.94		14.01	%	$	3.4		9.11	%		1.01	%		1.46	%		38	%
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	%
Class A
8/31/2021	$	10.95	$	0.16		$	2.85		$	3.01		$	(0.15	)	$	—		$	—		$	(0.15	)	$	—	$	13.81		27.70	%	$	0.3		11.06	%		1.36	%		1.32	%		51	%
8/31/2020	$	11.93	$	0.12		$	(0.58	)	$	(0.46	)	$	(0.28	)	$	(0.21	)	$	(0.03	)	$	(0.52	)	$	—	$	10.95		(3.93	)%	$	0.2		9.28	%		1.37	%		1.10	%		49	%
8/31/2019	$	10.84	$	0.12		$	1.31		$	1.43		$	(0.22	)	$	(0.12	)	$	—		$	(0.34	)	$	—	$	11.93		13.65	%	$	0.4		9.72	%		1.37	%		1.07	%		38	%
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	%
Class C
8/31/2021	$	10.91	$	0.06		$	2.84		$	2.90		$	(0.08	)	$	—		$	—		$	(0.08	)	$	—	$	13.73		26.73	%	$	0.3		11.69	%		2.11	%		0.54	%		51	%
8/31/2020	$	11.89	$	0.04		$	(0.58	)	$	(0.54	)	$	(0.20	)	$	(0.21	)	$	(0.03	)	$	(0.44	)	$	—	$	10.91		(4.65	)%	$	0.2		9.88	%		2.12	%		0.35	%		49	%
8/31/2019	$	10.81	$	0.04		$	1.30		$	1.34		$	(0.14	)	$	(0.12	)	$	—		$	(0.26	)	$	—	$	11.89		12.75	%	$	0.3		10.43	%		2.12	%		0.32	%		38	%
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	%
Greater China Equity Fund
Institutional Class
8/31/2021	$	11.49	$	0.09		$	1.46		$	1.55		$	(0.07	)	$	—		$	—		$	(0.07	)	$	—	$	12.97		13.54	%	$	61.3		1.80	%		1.51	%		0.66	%		81	%
8/31/2020	$	9.28	$	0.06		$	2.24		$	2.30		$	(0.09	)	$	—		$	—		$	(0.09	)	$	—	$	11.49		24.93	%	$	52.3		1.81	%		1.51	%		0.64	%		82	%
8/31/2019	$	14.80	$	0.09		$	(0.96	)	$	(0.87	)	$	—		$	(4.65	)	$	—		$	(4.65	)	$	—	$	9.28		(1.03	)%	$	45.2		1.84	%		1.52	%^{^^}		0.85	%		46	%
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	%
Class A
8/31/2021^l	$	11.48	$	0.02		$	1.47		$	1.49		$	(0.02	)	$	—		$	—		$	(0.02	)	$	—	$	12.95		13.01	%	$	3.6		2.26	%		1.87	%		0.14	%		81	%
8/31/2020^l	$	9.26	$	(0.00	)	$	2.27		$	2.27		$	(0.05	)	$	—		$	—		$	(0.05	)	$	—	$	11.48		24.51	%	$	4.3		2.29	%		1.87	%		(0.04	)%		82	%
8/31/2019^l	$	14.86	$	0.06		$	(0.98	)	$	(0.92	)	$	—		$	(4.68	)	$	—		$	(4.68	)	$	—	$	9.26		(1.40	)%	$	6.1		2.32	%		1.88	%^{^^}		0.54	%		46	%
8/31/2018^l	$	15.95	$	(0.08	)	$	0.81		$	0.73		$	(0.17	)	$	(1.65	)	$	—		$	(1.82	)	$	—	$	14.86		4.02	%	$	10.2		2.01	%		1.87	%		(0.47	)%		60	%
8/31/2017^l	$	11.57	$	0.19		$	4.19		$	4.38		$	(0.00	)	$	—		$	—		$	(0.00	)	$	—	$	15.95		37.95	%	$	21.7		2.07	%		1.86	%^{^^}		1.38	%		116	%

See Notes to Financial Highlights

206

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater China Equity Fund (cont'd)
Class C
8/31/2021^l	$	11.52	$	(0.07	)	$	1.48		$	1.41		$	—		$	—		$	—	$	—		$	—	$	12.93		12.20	%	$	0.2		3.06	%		2.62	%		(0.55	)%		81	%
8/31/2020^l	$	9.32	$	(0.05	)	$	2.25		$	2.20		$	—		$	—		$	—	$	—		$	—	$	11.52		23.62	%	$	0.2		2.95	%		2.62	%		(0.53	)%		82	%
8/31/2019^l	$	15.37	$	(0.02	)	$	(1.04	)	$	(1.06	)	$	—		$	(4.99	)	$	—	$	(4.99	)	$	—	$	9.32		(2.13	)%	$	0.2		3.07	%		2.63	%^{^^}		(0.19	)%		46	%
8/31/2018^l	$	16.57	$	(0.17	)	$	0.81		$	0.64		$	(0.08	)	$	(1.76	)	$	—	$	(1.84	)	$	—	$	15.37		3.26	%	$	0.3		2.80	%		2.62	%		(0.99	)%		60	%
8/31/2017^l	$	12.10	$	(0.15	)	$	4.62		$	4.47		$	—		$	—		$	—	$	—		$	—	$	16.57		36.91	%	$	0.3		2.80	%		2.62	%^{^^}		(1.18	)%		116	%
Guardian Fund
Investor Class
8/31/2021	$	23.38	$	0.03		$	7.76		$	7.79		$	(0.05	)	$	(1.74	)	$	—	$	(1.79	)	$	—	$	29.38		35.49	%	$	1,812.9		0.82	%		0.82	%		0.11	%		28	%
8/31/2020	$	18.30	$	0.05		$	6.20		$	6.25		$	(0.07	)	$	(1.10	)	$	—	$	(1.17	)	$	—	$	23.38		35.76	%	$	1,419.5		0.87	%		0.87	%		0.26	%		49	%
8/31/2019	$	19.52	$	0.10		$	0.32		$	0.42		$	(0.11	)	$	(1.53	)	$	—	$	(1.64	)	$	—	$	18.30		4.03	%	$	1,125.5		0.89	%		0.89	%		0.56	%		37	%
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	%^h	$	1,052.4		0.90	%		0.89	%^e		0.77	%^e		37	%
Trust Class
8/31/2021	$	23.36	$	(0.02	)	$	7.74		$	7.72		$	(0.03	)	$	(1.74	)	$	—	$	(1.77	)	$	—	$	29.31		35.21	%	$	52.5		1.03	%		1.03	%		(0.09	)%		28	%
8/31/2020	$	18.28	$	0.02		$	6.20		$	6.22		$	(0.04	)	$	(1.10	)	$	—	$	(1.14	)	$	—	$	23.36		35.55	%	$	42.7		1.05	%		1.05	%		0.08	%		49	%
8/31/2019	$	19.51	$	0.07		$	0.31		$	0.38		$	(0.08	)	$	(1.53	)	$	—	$	(1.61	)	$	—	$	18.28		3.77	%	$	45.5		1.06	%		1.06	%		0.38	%		37	%
8/31/2018^g	$	17.82	$	0.08		$	3.57		$	3.65		$	(0.13	)	$	(1.83	)	$	—	$	(1.96	)	$	—	$	19.51		21.76	%	$	56.6		1.06	%		1.06	%		0.44	%		41	%
8/31/2017^g	$	18.34	$	0.10		$	2.64		$	2.74		$	(0.16	)	$	(3.10	)	$	—	$	(3.26	)	$	—	$	17.82		17.37	%^h	$	57.8		1.07	%		1.04	%^e		0.60	%^e		37	%
Advisor Class
8/31/2021	$	23.20	$	(0.05	)	$	7.66		$	7.61		$	(0.02	)	$	(1.74	)	$	—	$	(1.76	)	$	—	$	29.05		34.95	%	$	8.0		1.19	%		1.19	%		(0.18	)%		28	%
8/31/2020	$	18.20	$	(0.04	)	$	6.17		$	6.13		$	(0.03	)	$	(1.10	)	$	—	$	(1.13	)	$	—	$	23.20		35.18	%	$	0.2		1.32	%		1.32	%		(0.21	)%		49	%
8/31/2019	$	19.46	$	0.01		$	0.31		$	0.32		$	(0.05	)	$	(1.53	)	$	—	$	(1.58	)	$	—	$	18.20		3.41	%	$	0.2		1.40	%		1.40	%		0.05	%		37	%
8/31/2018^g	$	17.36	$	0.02		$	3.52		$	3.54		$	(0.05	)	$	(1.39	)	$	—	$	(1.44	)	$	—	$	19.46		21.34	%	$	0.2		1.40	%		1.40	%		0.12	%		41	%
8/31/2017^g	$	17.14	$	0.09		$	2.54		$	2.63		$	(0.06	)	$	(2.35	)	$	—	$	(2.41	)	$	—	$	17.36		17.26	%^h	$	0.1		1.38	%		1.18	%^e		0.51	%^e		37	%
Institutional Class
8/31/2021	$	23.41	$	0.06		$	7.77		$	7.83		$	(0.08	)	$	(1.74	)	$	—	$	(1.82	)	$	—	$	29.42		35.68	%	$	204.8		0.67	%		0.67	%		0.26	%		28	%
8/31/2020	$	18.32	$	0.08		$	6.22		$	6.30		$	(0.11	)	$	(1.10	)	$	—	$	(1.21	)	$	—	$	23.41		36.03	%	$	149.6		0.70	%		0.70	%		0.43	%		49	%
8/31/2019	$	19.55	$	0.13		$	0.32		$	0.45		$	(0.15	)	$	(1.53	)	$	—	$	(1.68	)	$	—	$	18.32		4.19	%	$	83.9		0.71	%		0.71	%		0.74	%		37	%
8/31/2018^g	$	17.13	$	0.14		$	3.51		$	3.65		$	(0.14	)	$	(1.09	)	$	—	$	(1.23	)	$	—	$	19.55		22.15	%	$	82.5		0.71	%		0.71	%		0.80	%		41	%
8/31/2017^g	$	16.47	$	0.15		$	2.50		$	2.65		$	(0.14	)	$	(1.85	)	$	—	$	(1.99	)	$	—	$	17.13		17.72	%^h	$	70.2		0.72	%		0.71	%^e		0.94	%^e		37	%

See Notes to Financial Highlights

207

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Guardian Fund (cont'd)
Class A
8/31/2021	$	23.34	$	(0.03	)	$	7.73		$	7.70		$	(0.03	)	$	(1.74	)	$	—	$	(1.77	)	$	—	$	29.27		35.15	%	$	10.0		1.05	%		1.05	%		(0.12	)%		28	%
8/31/2020	$	18.28	$	0.02		$	6.19		$	6.21		$	(0.05	)	$	(1.10	)	$	—	$	(1.15	)	$	—	$	23.34		35.49	%	$	6.1		1.07	%		1.07	%		0.12	%		49	%
8/31/2019	$	19.50	$	0.06		$	0.33		$	0.39		$	(0.08	)	$	(1.53	)	$	—	$	(1.61	)	$	—	$	18.28		3.79	%	$	4.1		1.09	%		1.09	%		0.34	%		37	%
8/31/2018^g	$	17.85	$	0.07		$	3.57		$	3.64		$	(0.13	)	$	(1.86	)	$	—	$	(1.99	)	$	—	$	19.50		21.67	%	$	5.5		1.09	%		1.09	%		0.41	%		41	%
8/31/2017^g	$	18.43	$	0.10		$	2.64		$	2.74		$	(0.17	)	$	(3.15	)	$	—	$	(3.32	)	$	—	$	17.85		17.28	%^h	$	5.6		1.10	%		1.09	%^e		0.56	%^e		37	%
Class C
8/31/2021	$	22.98	$	(0.21	)	$	7.58		$	7.37		$	—		$	(1.74	)	$	—	$	(1.74	)	$	—	$	28.61		34.17	%	$	3.1		1.79	%		1.79	%		(0.86	)%		28	%
8/31/2020	$	18.10	$	(0.13	)	$	6.11		$	5.98		$	—		$	(1.10	)	$	—	$	(1.10	)	$	—	$	22.98		34.53	%	$	2.3		1.81	%		1.81	%		(0.70	)%		49	%
8/31/2019	$	19.40	$	(0.06	)	$	0.31		$	0.25		$	(0.02	)	$	(1.53	)	$	—	$	(1.55	)	$	—	$	18.10		3.00	%	$	1.8		1.84	%		1.84	%		(0.38	)%		37	%
8/31/2018^g	$	17.42	$	(0.06	)	$	3.51		$	3.45		$	(0.01	)	$	(1.46	)	$	—	$	(1.47	)	$	—	$	19.40		20.74	%	$	1.8		1.83	%		1.83	%		(0.32	)%		41	%
8/31/2017^g	$	17.38	$	(0.03	)	$	2.58		$	2.55		$	(0.04	)	$	(2.47	)	$	—	$	(2.51	)	$	—	$	17.42		16.53	%^h	$	1.6		1.84	%		1.84	%^e		(0.20	)%^e		37	%
Class R3
8/31/2021	$	23.22	$	(0.11	)	$	7.69		$	7.58		$	(0.01	)	$	(1.74	)	$	—	$	(1.75	)	$	—	$	29.05		34.77	%	$	0.4		1.38	%		1.36	%		(0.45	)%		28	%
8/31/2020	$	18.22	$	(0.05	)	$	6.16		$	6.11		$	(0.01	)	$	(1.10	)	$	—	$	(1.11	)	$	—	$	23.22		35.06	%	$	0.2		1.36	%		1.36	%^§		(0.25	)%		49	%
8/31/2019	$	19.46	$	0.01		$	0.33		$	0.34		$	(0.05	)	$	(1.53	)	$	—	$	(1.58	)	$	—	$	18.22		3.51	%	$	0.1		1.40	%		1.36	%		0.06	%		37	%
8/31/2018^g	$	17.37	$	0.02		$	3.52		$	3.54		$	(0.05	)	$	(1.40	)	$	—	$	(1.45	)	$	—	$	19.46		21.33	%	$	0.4		1.37	%		1.36	%		0.13	%		41	%
8/31/2017^g	$	17.20	$	0.05		$	2.55		$	2.60		$	(0.06	)	$	(2.37	)	$	—	$	(2.43	)	$	—	$	17.37		17.02	%^h	$	0.5		1.38	%		1.36	%^e		0.28	%^e		37	%
Class R6
8/31/2021	$	23.41	$	0.07		$	7.77		$	7.84		$	(0.09	)	$	(1.74	)	$	—	$	(1.83	)	$	—	$	29.42		35.72	%	$	0.2		0.68	%		0.65	%		0.26	%		28	%
8/31/2020	$	18.32	$	0.09		$	6.22		$	6.31		$	(0.12	)	$	(1.10	)	$	—	$	(1.22	)	$	—	$	23.41		36.09	%	$	0.0		0.65	%		0.65	%^§		0.47	%		49	%
Period from 3/29/2019^ to 8/31/2019	$	16.73	$	0.06		$	1.53		$	1.59		$	—		$	—		$	—	$	—		$	—	$	18.32		9.50	%*	$	0.0		0.97	%**		0.65	%**		0.75	%**		37	%^c
Integrated Large Cap Fund
Institutional Class
8/31/2021	$	7.25	$	0.08		$	2.15		$	2.23		$	(0.04	)	$	(0.06	)	$	—	$	(0.10	)	$	—	$	9.38		31.12	%	$	4.0		7.45	%		0.41	%		0.99	%		56	%
8/31/2020	$	7.71	$	0.11		$	1.19		$	1.30		$	(0.15	)	$	(1.61	)	$	—	$	(1.76	)	$	—	$	7.25		19.16	%	$	3.1		8.67	%		0.41	%		1.66	%		155	%
8/31/2019	$	8.61	$	0.06		$	(0.45	)	$	(0.39	)	$	(0.07	)	$	(0.44	)	$	—	$	(0.51	)	$	—	$	7.71		(3.74	)%	$	3.2		7.48	%		0.76	%		0.78	%		18	%
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	%

See Notes to Financial Highlights

208

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Integrated Large Cap Fund (cont'd)
Class A
8/31/2021	$	7.31	$	0.05		$	2.16		$	2.21		$	(0.01	)	$	(0.06	)	$	—	$	(0.07	)	$	—	$	9.45		30.51	%	$	0.5		7.99	%		0.77	%		0.63	%		56	%
8/31/2020	$	7.75	$	0.09		$	1.20		$	1.29		$	(0.12	)	$	(1.61	)	$	—	$	(1.73	)	$	—	$	7.31		18.86	%	$	0.3		9.15	%		0.77	%		1.29	%		155	%
8/31/2019ⁱ	$	8.62	$	0.03		$	(0.45	)	$	(0.42	)	$	(0.01	)	$	(0.44	)	$	—	$	(0.45	)	$	—	$	7.75		(4.19	)%	$	0.3		7.96	%		1.12	%		0.37	%		18	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class C
8/31/2021	$	7.25	$	(0.01	)	$	2.14		$	2.13		$	—		$	(0.06	)	$	—	$	(0.06	)	$	—	$	9.32		29.64	%	$	0.1		8.76	%		1.52	%		(0.12	)%		56	%
8/31/2020	$	7.70	$	0.04		$	1.18		$	1.22		$	(0.06	)	$	(1.61	)	$	—	$	(1.67	)	$	—	$	7.25		17.87	%	$	0.1		9.78	%		1.52	%		0.55	%		155	%
8/31/2019ⁱ	$	8.61	$	(0.03	)	$	(0.44	)	$	(0.47	)	$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	7.70		(4.84	)%	$	0.1		8.64	%		1.87	%		(0.34	)%		18	%
8/31/2018ⁱ	$	7.61	$	(0.04	)	$	1.04		$	1.00		$	—		$	(0.00	)	$	—	$	—		$	—	$	8.61		13.22	%	$	0.1		7.61	%		1.86	%		(0.40	)%		33	%
8/31/2017ⁱ	$	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	%
International Equity Fund
Investor Class
8/31/2021	$	14.04	$	0.11		$	3.72		$	3.83		$	(0.09	)	$	(0.60	)	$	—	$	(0.69	)	$	—	$	17.18		28.24	%	$	102.9		1.16	%		1.06	%		0.70	%		26	%
8/31/2020	$	12.47	$	0.06		$	1.84		$	1.90		$	(0.12	)	$	(0.22	)	$	—	$	(0.34	)	$	0.01	$	14.04		15.39	%^d	$	92.8		1.19	%		1.08	%		0.43	%		45	%
8/31/2019	$	13.16	$	0.11		$	(0.68	)	$	(0.57	)	$	(0.09	)	$	(0.03	)	$	—	$	(0.12	)	$	—	$	12.47		(4.23	)%	$	93.3		1.22	%		1.13	%		0.87	%		34	%
8/31/2018^g	$	12.58	$	0.10		$	0.51		$	0.61		$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	13.16		4.88	%	$	106.7		1.20	%		1.14	%		0.74	%		32	%
8/31/2017^g	$	10.90	$	0.15		$	1.58		$	1.73		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	12.58		15.97	%^h	$	110.4		1.23	%		0.73	%^e		1.34	%^e		27	%
Trust Class
8/31/2021	$	14.04	$	0.09		$	3.73		$	3.82		$	(0.08	)	$	(0.60	)	$	—	$	(0.68	)	$	—	$	17.18		28.17	%	$	32.4		1.24	%		1.14	%		0.61	%		26	%
8/31/2020	$	12.46	$	0.05		$	1.85		$	1.90		$	(0.11	)	$	(0.22	)	$	—	$	(0.33	)	$	0.01	$	14.04		15.41	%^d	$	28.7		1.23	%		1.13	%		0.40	%		45	%
8/31/2019	$	13.16	$	0.10		$	(0.69	)	$	(0.59	)	$	(0.08	)	$	(0.03	)	$	—	$	(0.11	)	$	—	$	12.46		(4.35	)%	$	30.1		1.26	%		1.17	%		0.80	%		34	%
8/31/2018^g	$	12.57	$	0.09		$	0.52		$	0.61		$	(0.02	)	$	—		$	—	$	(0.02	)	$	—	$	13.16		4.84	%	$	40.9		1.24	%		1.18	%		0.71	%		32	%
8/31/2017^g	$	10.88	$	0.15		$	1.58		$	1.73		$	(0.04	)	$	—		$	—	$	(0.04	)	$	—	$	12.57		15.92	%^h	$	45.7		1.27	%		0.74	%^e		1.29	%^e		27	%
Institutional Class
8/31/2021	$	14.06	$	0.14		$	3.72		$	3.86		$	(0.12	)	$	(0.60	)	$	—	$	(0.72	)	$	—	$	17.20		28.45	%	$	1,654.0		0.98	%		0.86	%		0.92	%		26	%
8/31/2020	$	12.48	$	0.09		$	1.85		$	1.94		$	(0.15	)	$	(0.22	)	$	—	$	(0.37	)	$	0.01	$	14.06		15.74	%^d	$	1,319.0		0.98	%		0.85	%		0.71	%		45	%
8/31/2019	$	13.18	$	0.13		$	(0.67	)	$	(0.54	)	$	(0.13	)	$	(0.03	)	$	—	$	(0.16	)	$	—	$	12.48		(3.95	)%	$	1,518.8		1.00	%		0.85	%		1.08	%		34	%
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	%^h	$	1,449.0		1.02	%		0.85	%^e§		1.19	%^e		27	%

See Notes to Financial Highlights

209

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund (cont'd)
Class A
8/31/2021	$	14.03	$	0.08		$	3.73		$	3.81		$	(0.08	)	$	(0.60	)	$	—	$	(0.68	)	$	—	$	17.16		28.05	%	$	66.1		1.35	%		1.22	%		0.54	%		26	%
8/31/2020	$	12.46	$	0.04		$	1.85		$	1.89		$	(0.11	)	$	(0.22	)	$	—	$	(0.33	)	$	0.01	$	14.03		15.27	%^d	$	55.8		1.34	%		1.21	%		0.30	%		45	%
8/31/2019	$	13.15	$	0.09		$	(0.67	)	$	(0.58	)	$	(0.08	)	$	(0.03	)	$	—	$	(0.11	)	$	—	$	12.46		(4.30	)%	$	52.2		1.37	%		1.21	%		0.76	%		34	%
8/31/2018^g	$	12.56	$	0.08		$	0.52		$	0.60		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	13.15		4.77	%	$	67.2		1.35	%		1.21	%		0.63	%		32	%
8/31/2017^g	$	10.91	$	0.07		$	1.60		$	1.67		$	(0.02	)	$	—		$	—	$	(0.02	)	$	—	$	12.56		15.32	%	$	71.9		1.39	%		1.21	%^§		0.65	%^e		27	%
Class C
8/31/2021	$	13.94	$	(0.03	)	$	3.69		$	3.66		$	—		$	(0.60	)	$	—	$	(0.60	)	$	—	$	17.00		27.07	%	$	8.2		2.10	%		1.97	%		(0.22	)%		26	%
8/31/2020	$	12.39	$	(0.06	)	$	1.83		$	1.77		$	(0.01	)	$	(0.22	)	$	—	$	(0.23	)	$	0.01	$	13.94		14.41	%^d	$	7.4		2.09	%		1.96	%		(0.47	)%		45	%
8/31/2019	$	13.09	$	(0.00	)	$	(0.67	)	$	(0.67	)	$	(0.00	)	$	(0.03	)	$	—	$	(0.03	)	$	—	$	12.39		(5.05	)%	$	9.6		2.12	%		1.96	%		(0.02	)%		34	%
8/31/2018^g	$	12.58	$	(0.01	)	$	0.52		$	0.51		$	—		$	—		$	—	$	—		$	—	$	13.09		4.05	%	$	14.3		2.11	%		1.96	%		(0.06	)%		32	%
8/31/2017^g	$	10.99	$	0.00		$	1.59		$	1.59		$	—		$	—		$	—	$	—		$	—	$	12.58		14.48	%	$	13.2		2.14	%		1.96	%^§		0.04	%^e		27	%
Class R6
8/31/2021	$	14.08	$	0.15		$	3.73		$	3.88		$	(0.14	)	$	(0.60	)	$	—	$	(0.74	)	$	—	$	17.22		28.57	%	$	86.0		0.88	%		0.76	%		1.00	%		26	%
8/31/2020	$	12.49	$	0.10		$	1.87		$	1.97		$	(0.17	)	$	(0.22	)	$	—	$	(0.39	)	$	0.01	$	14.08		15.91	%^d	$	76.1		0.88	%		0.75	%		0.77	%		45	%
8/31/2019	$	13.20	$	0.16		$	(0.70	)	$	(0.54	)	$	(0.14	)	$	(0.03	)	$	—	$	(0.17	)	$	—	$	12.49		(3.95	)%	$	80.4		0.92	%		0.76	%		1.28	%		34	%
8/31/2018^g	$	12.67	$	0.15		$	0.52		$	0.67		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	13.20		5.26	%	$	74.3		0.92	%		0.78	%		1.15	%		32	%
8/31/2017^g	$	11.11	$	0.15		$	1.57		$	1.72		$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	12.67		15.85	%	$	134.6		0.94	%		0.77	%		1.31	%^e		27	%
International Select Fund
Trust Class
8/31/2021	$	13.91	$	0.10		$	3.78		$	3.88		$	(0.07	)	$	(0.10	)	$	—	$	(0.17	)	$	—	$	17.62		28.12	%	$	6.6		1.41	%		1.16	%		0.67	%		21	%
8/31/2020	$	12.30	$	0.05		$	1.94		$	1.99		$	(0.19	)	$	(0.19	)	$	—	$	(0.38	)	$	—	$	13.91		16.28	%	$	5.3		1.41	%		1.15	%		0.41	%		33	%
8/31/2019	$	12.97	$	0.12		$	(0.61	)	$	(0.49	)	$	(0.05	)	$	(0.13	)	$	—	$	(0.18	)	$	—	$	12.30		(3.58	)%	$	5.0		1.42	%		1.15	%		0.97	%		32	%
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	%
Institutional Class
8/31/2021	$	13.89	$	0.16		$	3.77		$	3.93		$	(0.12	)	$	(0.10	)	$	—	$	(0.22	)	$	—	$	17.60		28.57	%	$	152.5		0.97	%		0.81	%		1.01	%		21	%
8/31/2020	$	12.28	$	0.10		$	1.93		$	2.03		$	(0.23	)	$	(0.19	)	$	—	$	(0.42	)	$	—	$	13.89		16.68	%	$	138.9		0.94	%		0.80	%		0.79	%		33	%
8/31/2019	$	12.96	$	0.15		$	(0.60	)	$	(0.45	)	$	(0.10	)	$	(0.13	)	$	—	$	(0.23	)	$	—	$	12.28		(3.29	)%	$	128.1		0.97	%		0.80	%		1.27	%		32	%
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	%

See Notes to Financial Highlights

210

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Select Fund (cont'd)
Class A
8/31/2021	$	13.80	$	0.10		$	3.74		$	3.84		$	(0.07	)	$	(0.10	)	$	—	$	(0.17	)	$	—	$	17.47		28.07	%	$	4.5		1.34	%		1.17	%		0.66	%		21	%
8/31/2020	$	12.21	$	0.05		$	1.92		$	1.97		$	(0.19	)	$	(0.19	)	$	—	$	(0.38	)	$	—	$	13.80		16.22	%	$	3.2		1.31	%		1.16	%		0.36	%		33	%
8/31/2019	$	12.87	$	0.10		$	(0.58	)	$	(0.48	)	$	(0.05	)	$	(0.13	)	$	—	$	(0.18	)	$	—	$	12.21		(3.58	)%	$	3.2		1.35	%		1.16	%		0.85	%		32	%
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	%
Class C
8/31/2021	$	13.54	$	(0.02	)	$	3.67		$	3.65		$	—		$	(0.10	)	$	—	$	(0.10	)	$	—	$	17.09		27.11	%	$	0.8		2.12	%		1.92	%		(0.11	)%		21	%
8/31/2020	$	11.99	$	(0.04	)	$	1.87		$	1.83		$	(0.09	)	$	(0.19	)	$	—	$	(0.28	)	$	—	$	13.54		15.37	%	$	0.9		2.06	%		1.91	%		(0.34	)%		33	%
8/31/2019	$	12.68	$	0.01		$	(0.57	)	$	(0.56	)	$	—		$	(0.13	)	$	—	$	(0.13	)	$	—	$	11.99		(4.32	)%	$	1.5		2.09	%		1.91	%		0.10	%		32	%
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	%
Class R3
8/31/2021	$	13.67	$	0.06		$	3.71		$	3.77		$	(0.02	)	$	(0.10	)	$	—	$	(0.12	)	$	—	$	17.32		27.74	%	$	1.9		1.60	%		1.42	%		0.38	%		21	%
8/31/2020	$	12.10	$	0.02		$	1.89		$	1.91		$	(0.15	)	$	(0.19	)	$	—	$	(0.34	)	$	—	$	13.67		15.93	%	$	2.2		1.57	%		1.41	%		0.18	%		33	%
8/31/2019	$	12.75	$	0.08		$	(0.58	)	$	(0.50	)	$	(0.02	)	$	(0.13	)	$	—	$	(0.15	)	$	—	$	12.10		(3.81	)%	$	2.3		1.60	%		1.41	%		0.66	%		32	%
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	%
Class R6
8/31/2021	$	13.90	$	0.13		$	3.81		$	3.94		$	(0.13	)	$	(0.10	)	$	—	$	(0.23	)	$	—	$	17.61		28.65	%	$	1.3		0.88	%		0.71	%		0.83	%		21	%
8/31/2020	$	12.29	$	0.04		$	2.00		$	2.04		$	(0.24	)	$	(0.19	)	$	—	$	(0.43	)	$	—	$	13.90		16.77	%	$	1.9		0.84	%		0.70	%		0.28	%		33	%
8/31/2019	$	12.96	$	0.23		$	(0.66	)	$	(0.43	)	$	(0.11	)	$	(0.13	)	$	—	$	(0.24	)	$	—	$	12.29		(3.11	)%	$	29.6		0.87	%		0.71	%		1.88	%		32	%
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	%^c
International Small Cap Fund
Institutional Class
8/31/2021	$	13.86	$	0.03		$	4.96		$	4.99		$	(0.07	)	$	(0.44	)	$	—	$	(0.51	)	$	—	$	18.34		36.97	%	$	2.8		13.09	%		1.07	%		0.20	%		22	%
8/31/2020	$	11.28	$	0.02		$	2.66		$	2.68		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	13.86		23.84	%	$	1.4		5.81	%		1.05	%^{^^}		0.14	%		14	%
8/31/2019	$	12.98	$	0.11		$	(1.60	)	$	(1.49	)	$	(0.03	)	$	(0.18	)	$	—	$	(0.21	)	$	—	$	11.28		(11.26	)%	$	5.3		6.24	%		1.05	%		1.00	%		32	%
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

211

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Small Cap Fund (cont'd)
Class A
8/31/2021	$	13.82	$	(0.03	)	$	4.94		$	4.91		$	(0.05	)	$	(0.44	)	$	—	$	(0.49	)	$	—	$	18.24		36.43	%	$	0.5		13.62	%		1.43	%		(0.17	)%		22	%
8/31/2020	$	11.24	$	(0.03	)	$	2.66		$	2.63		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	13.82		23.41	%	$	0.2		6.40	%		1.42	%^^		(0.23	)%		14	%
8/31/2019	$	12.93	$	0.06		$	(1.57	)	$	(1.51	)	$	—		$	(0.18	)	$	—	$	(0.18	)	$	—	$	11.24		(11.49	)%	$	0.1		6.77	%		1.41	%		0.54	%		32	%
8/31/2018	$	12.70	$	0.02		$	1.05		$	1.07		$	(0.30	)	$	(0.54	)	$	—	$	(0.84	)	$	—	$	12.93		8.60	%	$	0.2		7.56	%		1.41	%		0.16	%		48	%
Period from 12/8/2016^ to 8/31/2017	$	10.00	$	0.11		$	2.59		$	2.70		$	—		$	—		$	—	$	—		$	—	$	12.70		27.00	%*	$	0.3		29.48	%‡**		1.41	%‡**		1.21	%‡**		43	%*
Class C
8/31/2021	$	13.55	$	(0.15	)	$	4.85		$	4.70		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	17.81		35.48	%	$	0.2		14.29	%		2.19	%		(0.96	)%		22	%
8/31/2020	$	11.06	$	(0.11	)	$	2.60		$	2.49		$	—		$	—		$	—	$	—		$	—	$	13.55		22.51	%	$	0.1		6.93	%		2.17	%^^		(0.97	)%		14	%
8/31/2019	$	12.83	$	(0.01	)	$	(1.58	)	$	(1.59	)	$	—		$	(0.18	)	$	—	$	(0.18	)	$	—	$	11.06		(12.22	)%	$	0.1		7.38	%		2.16	%		(0.10	)%		32	%
8/31/2018	$	12.63	$	(0.07	)	$	1.05		$	0.98		$	(0.24	)	$	(0.54	)	$	—	$	(0.78	)	$	—	$	12.83		7.89	%	$	0.2		8.15	%		2.16	%		(0.53	)%		48	%
Period from 12/8/2016^ to 8/31/2017	$	10.00	$	(0.02	)	$	2.65		$	2.63		$	—		$	—		$	—	$	—		$	—	$	12.63		26.30	%*	$	0.1		30.21	%‡**		2.16	%‡**		(0.19	)%‡**		43	%*
Class R6
8/31/2021	$	13.88	$	0.04		$	4.97		$	5.01		$	(0.13	)	$	(0.44	)	$	—	$	(0.57	)	$	—	$	18.32		37.14	%	$	0.4		13.03	%		0.98	%		0.25	%		22	%
8/31/2020	$	11.29	$	0.03		$	2.67		$	2.70		$	(0.11	)	$	—		$	—	$	(0.11	)	$	—	$	13.88		24.01	%	$	0.3		5.71	%		0.96	%^^		0.24	%		14	%
8/31/2019	$	12.98	$	0.12		$	(1.59	)	$	(1.47	)	$	(0.04	)	$	(0.18	)	$	—	$	(0.22	)	$	—	$	11.29		(11.13	)%	$	0.2		6.16	%		0.96	%		1.09	%		32	%
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
8/31/2021	$	15.13	$	(0.11	)	$	9.31		$	9.20		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	24.01		61.43	%	$	979.4		1.01	%		1.01	%§		(0.54	)%		23	%
8/31/2020	$	14.50	$	(0.04	)	$	1.11		$	1.07		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	15.13		7.36	%	$	555.2		1.05	%		1.00	%		(0.29	)%		19	%
8/31/2019	$	18.54	$	(0.03	)	$	(2.14	)	$	(2.17	)	$	—		$	(1.87	)	$	—	$	(1.87	)	$	—	$	14.50		(10.83	)%	$	574.1		1.05	%		1.01	%		(0.20	)%		22	%
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	%
Class A
8/31/2021	$	15.02	$	(0.19	)	$	9.23		$	9.04		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	23.74		60.81	%	$	51.4		1.37	%		1.37	%		(0.90	)%		23	%
8/31/2020	$	14.44	$	(0.09	)	$	1.11		$	1.02		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	15.02		7.04	%	$	21.0		1.43	%		1.36	%		(0.65	)%		19	%
8/31/2019ⁱ	$	18.54	$	(0.09	)	$	(2.14	)	$	(2.23	)	$	—		$	(1.87	)	$	—	$	(1.87	)	$	—	$	14.44		(11.18	)%	$	19.7		1.44	%		1.37	%		(0.56	)%		22	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%

See Notes to Financial Highlights

212

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Intrinsic Value Fund (cont'd)
Class C
8/31/2021	$	14.79	$	(0.33	)	$	9.05		$	8.72		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	23.19		59.58	%	$	18.4		2.12	%		2.12	%^§		(1.65	)%		23	%
8/31/2020	$	14.34	$	(0.19	)	$	1.08		$	0.89		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	14.79		6.16	%	$	11.3		2.16	%		2.11	%		(1.38	)%		19	%
8/31/2019ⁱ	$	18.54	$	(0.20	)	$	(2.13	)	$	(2.33	)	$	—		$	(1.87	)	$	—	$	(1.87	)	$	—	$	14.34		(11.78	)%	$	16.8		2.16	%		2.12	%		(1.30	)%		22	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class R6
8/31/2021	$	15.17	$	(0.09	)	$	9.33		$	9.24		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	24.09		61.54	%	$	84.0		0.89	%		0.89	%^§		(0.44	)%		23	%
8/31/2020	$	14.52	$	(0.02	)	$	1.11		$	1.09		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	15.17		7.49	%	$	0.1		0.97	%		0.90	%		(0.17	)%		19	%
Period from 1/18/2019^ to 8/31/2019	$	14.22	$	(0.01	)	$	0.31		$	0.30		$	—		$	—		$	—	$	—		$	—	$	14.52		2.11	%*	$	0.2		1.00	%**		0.91	%**		(0.10	)%**		22	%^c
Large Cap Value Fund
Investor Class
8/31/2021	$	30.38	$	0.66		$	14.39		$	15.05		$	(0.49	)	$	(0.09	)	$	—	$	(0.58	)	$	—	$	44.85		50.05	%	$	1,628.3		0.78	%		0.78	%		1.67	%		89	%
8/31/2020	$	30.58	$	0.59		$	0.46		$	1.05		$	(0.60	)	$	(0.65	)	$	—	$	(1.25	)	$	—	$	30.38		3.23	%	$	1,087.2		0.85	%		0.85	%		1.99	%		157	%
8/31/2019	$	32.87	$	0.59		$	1.03		$	1.62		$	(0.53	)	$	(3.38	)	$	—	$	(3.91	)	$	—	$	30.58		6.25	%	$	1,174.3		0.86	%		0.86	%		1.93	%		109	%^k
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	%^h	$	1,148.5		0.87	%		0.86	%^e		1.31	%^e		74	%
Trust Class
8/31/2021	$	30.39	$	0.58		$	14.41		$	14.99		$	(0.43	)	$	(0.09	)	$	—	$	(0.52	)	$	—	$	44.86		49.76	%	$	112.1		0.99	%		0.99	%		1.47	%		89	%
8/31/2020	$	30.59	$	0.54		$	0.45		$	0.99		$	(0.54	)	$	(0.65	)	$	—	$	(1.19	)	$	—	$	30.39		3.05	%	$	65.4		1.03	%		1.03	%		1.82	%		157	%
8/31/2019	$	32.88	$	0.54		$	1.03		$	1.57		$	(0.48	)	$	(3.38	)	$	—	$	(3.86	)	$	—	$	30.59		6.04	%	$	81.7		1.04	%		1.04	%		1.75	%		109	%^k
8/31/2018^f	$	31.63	$	0.40		$	3.47		$	3.87		$	(0.35	)	$	(2.27	)	$	—	$	(2.62	)	$	—	$	32.88		12.68	%	$	68.4		1.05	%		1.05	%		1.26	%		153	%
8/31/2017^f	$	28.84	$	0.36		$	4.10		$	4.46		$	(0.30	)	$	(1.37	)	$	—	$	(1.67	)	$	—	$	31.63		15.77	%^h	$	75.0		1.05	%		1.01	%^e		1.16	%^e		74	%
Advisor Class
8/31/2021	$	30.40	$	0.51		$	14.41		$	14.92		$	(0.38	)	$	(0.09	)	$	—	$	(0.47	)	$	—	$	44.85		49.48	%	$	138.0		1.14	%		1.14	%		1.31	%		89	%
8/31/2020	$	30.60	$	0.49		$	0.46		$	0.95		$	(0.50	)	$	(0.65	)	$	—	$	(1.15	)	$	—	$	30.40		2.90	%	$	99.7		1.18	%		1.18	%		1.66	%		157	%
8/31/2019	$	32.88	$	0.49		$	1.04		$	1.53		$	(0.43	)	$	(3.38	)	$	—	$	(3.81	)	$	—	$	30.60		5.90	%	$	114.8		1.19	%		1.19	%		1.58	%		109	%^k
8/31/2018^f	$	31.62	$	0.35		$	3.49		$	3.84		$	(0.31	)	$	(2.27	)	$	—	$	(2.58	)	$	—	$	32.88		12.56	%	$	125.2		1.20	%		1.20	%		1.11	%		153	%
8/31/2017^f	$	29.45	$	0.30		$	4.15		$	4.45		$	(0.41	)	$	(1.87	)	$	—	$	(2.28	)	$	—	$	31.62		15.51	%^h	$	144.1		1.20	%		1.19	%^e		0.98	%^e		74	%

See Notes to Financial Highlights

213

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@		Net Gains or (Losses) on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund (cont'd)
Institutional Class
8/31/2021	$	30.38	$	0.84	$	14.26	$	15.10	$	(0.55	)	$	(0.09	)	$	—	$	(0.64	)	$	—	$	44.84		50.25	%	$	4,146.7		0.62	%		0.62	%		1.96	%		89	%
8/31/2020	$	30.57	$	0.64	$	0.47	$	1.11	$	(0.65	)	$	(0.65	)	$	—	$	(1.30	)	$	—	$	30.38		3.42	%	$	365.3		0.68	%		0.68	%		2.15	%		157	%
8/31/2019^l	$	32.87	$	0.66	$	1.01	$	1.67	$	(0.59	)	$	(3.38	)	$	—	$	(3.97	)	$	—	$	30.57		6.41	%	$	339.6		0.69	%		0.69	%		2.17	%		109	%^k
8/31/2018^f	$	31.60	$	0.52	$	3.47	$	3.99	$	(0.45	)	$	(2.27	)	$	—	$	(2.72	)	$	—	$	32.87		13.11	%	$	98.5		0.70	%		0.70	%^§		1.64	%		153	%
8/31/2017^f	$	28.25	$	0.45	$	4.02	$	4.47	$	(0.26	)	$	(0.86	)	$	—	$	(1.12	)	$	—	$	31.60		16.04	%^h	$	80.6		0.70	%		0.69	%^e§		1.50	%^e		74	%
Class A
8/31/2021	$	30.39	$	0.64	$	14.33	$	14.97	$	(0.40	)	$	(0.09	)	$	—	$	(0.49	)	$	—	$	44.87		49.67	%	$	136.5		1.01	%		1.01	%		1.51	%		89	%
8/31/2020	$	30.59	$	0.53	$	0.45	$	0.98	$	(0.53	)	$	(0.65	)	$	—	$	(1.18	)	$	—	$	30.39		3.03	%	$	23.4		1.05	%		1.05	%		1.73	%		157	%
8/31/2019	$	32.88	$	0.58	$	0.97	$	1.55	$	(0.46	)	$	(3.38	)	$	—	$	(3.84	)	$	—	$	30.59		5.99	%	$	52.5		1.08	%		1.08	%		1.89	%		109	%^k
8/31/2018^f	$	31.62	$	0.39	$	3.48	$	3.87	$	(0.34	)	$	(2.27	)	$	—	$	(2.61	)	$	—	$	32.88		12.68	%	$	4.1		1.08	%		1.08	%		1.24	%		153	%
8/31/2017^f	$	28.87	$	0.34	$	4.09	$	4.43	$	(0.31	)	$	(1.37	)	$	—	$	(1.68	)	$	—	$	31.62		15.65	%^h	$	3.8		1.07	%		1.07	%^e		1.11	%^e		74	%
Class C
8/31/2021	$	30.30	$	0.40	$	14.30	$	14.70	$	(0.01	)	$	(0.09	)	$	—	$	(0.10	)	$	—	$	44.90		48.59	%	$	102.3		1.74	%		1.74	%		0.94	%		89	%
8/31/2020	$	30.61	$	0.31	$	0.44	$	0.75	$	(0.41	)	$	(0.65	)	$	—	$	(1.06	)	$	—	$	30.30		2.27	%	$	14.7		1.81	%		1.81	%		1.04	%		157	%
8/31/2019	$	32.87	$	0.33	$	1.02	$	1.35	$	(0.23	)	$	(3.38	)	$	—	$	(3.61	)	$	—	$	30.61		5.24	%	$	19.7		1.82	%		1.82	%		1.08	%		109	%^k
8/31/2018^f	$	31.67	$	0.15	$	3.48	$	3.63	$	(0.16	)	$	(2.27	)	$	—	$	(2.43	)	$	—	$	32.87		11.83	%	$	1.9		1.82	%		1.82	%		0.48	%		153	%
8/31/2017^f	$	29.66	$	0.11	$	4.18	$	4.29	$	(0.29	)	$	(1.99	)	$	—	$	(2.28	)	$	—	$	31.67		14.84	%^h	$	2.3		1.81	%		1.81	%^e		0.36	%^e		74	%
Class R3
8/31/2021	$	30.42	$	0.52	$	14.36	$	14.88	$	(0.33	)	$	(0.09	)	$	—	$	(0.42	)	$	—	$	44.88		49.26	%	$	2.0		1.29	%		1.29	%		1.29	%		89	%
8/31/2020	$	30.62	$	0.45	$	0.45	$	0.90	$	(0.45	)	$	(0.65	)	$	—	$	(1.10	)	$	—	$	30.42		2.74	%	$	0.6		1.34	%		1.34	%^§		1.51	%		157	%
8/31/2019	$	32.89	$	0.43	$	1.06	$	1.49	$	(0.38	)	$	(3.38	)	$	—	$	(3.76	)	$	—	$	30.62		5.74	%	$	0.7		1.37	%		1.37	%^§		1.42	%		109	%^k
8/31/2018^f	$	31.63	$	0.32	$	3.47	$	3.79	$	(0.26	)	$	(2.27	)	$	—	$	(2.53	)	$	—	$	32.89		12.39	%	$	0.3		1.37	%		1.36	%		1.00	%		153	%
8/31/2017^f	$	29.46	$	0.28	$	4.12	$	4.40	$	(0.39	)	$	(1.84	)	$	—	$	(2.23	)	$	—	$	31.63		15.27	%^h	$	0.2		1.43	%		1.36	%^e		0.90	%^e		74	%
Class R6
8/31/2021	$	30.41	$	0.78	$	14.37	$	15.15	$	(0.58	)	$	(0.09	)	$	—	$	(0.67	)	$	—	$	44.89		50.39	%	$	190.6		0.53	%		0.53	%		1.95	%		89	%
8/31/2020	$	30.59	$	0.63	$	0.51	$	1.14	$	(0.67	)	$	(0.65	)	$	—	$	(1.32	)	$	—	$	30.41		3.54	%	$	91.4		0.59	%		0.59	%^§		2.19	%		157	%
Period from 1/18/2019^ to 8/31/2019	$	28.19	$	0.45	$	1.95	$	2.40	$	—		$	—		$	—	$	—		$	—	$	30.59		8.51	%*	$	0.3		0.67	%**		0.61	%**		2.39	%**		109	%^ck

See Notes to Financial Highlights

214

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund
Investor Class
8/31/2021	$	18.45	$	(0.12	)	$	6.36	$	6.24	$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.78		35.63	%	$	696.4		0.83	%		0.83	%		(0.57	)%		42	%
8/31/2020	$	15.96	$	(0.06	)	$	3.40	$	3.34	$	—	$	(0.85	)	$	—	$	(0.85	)	$	—	$	18.45		21.95	%	$	570.7		0.88	%		0.88	%		(0.39	)%		55	%
8/31/2019	$	16.99	$	(0.05	)	$	0.47	$	0.42	$	—	$	(1.45	)	$	—	$	(1.45	)	$	—	$	15.96		4.84	%	$	513.3		0.90	%		0.90	%		(0.31	)%		48	%
8/31/2018^f	$	14.61	$	(0.04	)	$	3.74	$	3.70	$	—	$	(1.32	)	$	—	$	(1.32	)	$	—	$	16.99		26.75	%	$	528.1		0.90	%		0.90	%		(0.25	)%		50	%
8/31/2017^f	$	13.25	$	(0.04	)	$	2.04	$	2.00	$	—	$	(0.64	)	$	—	$	(0.64	)	$	—	$	14.61		15.80	%^h	$	445.9		0.93	%		0.91	%^e		(0.28	)%^e		47	%
Trust Class
8/31/2021^l	$	18.46	$	(0.14	)	$	6.36	$	6.22	$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.77		35.53	%	$	109.3		0.92	%		0.92	%		(0.66	)%		42	%
8/31/2020^l	$	15.98	$	(0.07	)	$	3.40	$	3.33	$	—	$	(0.85	)	$	—	$	(0.85	)	$	—	$	18.46		21.85	%	$	85.7		0.94	%		0.94	%		(0.46	)%		55	%
8/31/2019^l	$	17.02	$	(0.06	)	$	0.47	$	0.41	$	—	$	(1.45	)	$	—	$	(1.45	)	$	—	$	15.98		4.78	%	$	77.7		0.95	%		0.95	%		(0.37	)%		48	%
8/31/2018^fl	$	14.66	$	(0.05	)	$	3.73	$	3.68	$	—	$	(1.32	)	$	—	$	(1.32	)	$	—	$	17.02		26.65	%	$	77.6		0.95	%		0.95	%		(0.30	)%		50	%
8/31/2017^fl	$	13.01	$	(0.04	)	$	2.05	$	2.01	$	—	$	(0.36	)	$	—	$	(0.36	)	$	—	$	14.66		15.75	%^h	$	52.0		0.97	%		0.97	%^e		(0.34	)%^e		47	%
Advisor Class
8/31/2021^l	$	18.51	$	(0.19	)	$	6.35	$	6.16	$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.76		35.19	%	$	13.2		1.17	%		1.17	%		(0.92	)%		42	%
8/31/2020^l	$	16.07	$	(0.11	)	$	3.41	$	3.30	$	—	$	(0.86	)	$	—	$	(0.86	)	$	—	$	18.51		21.57	%	$	10.3		1.20	%		1.20	%		(0.70	)%		55	%
8/31/2019^l	$	17.16	$	(0.09	)	$	0.47	$	0.38	$	—	$	(1.47	)	$	—	$	(1.47	)	$	—	$	16.07		4.53	%	$	12.0		1.21	%		1.21	%		(0.62	)%		48	%
8/31/2018^fl	$	14.81	$	(0.09	)	$	3.78	$	3.69	$	—	$	(1.34	)	$	—	$	(1.34	)	$	—	$	17.16		26.32	%	$	15.4		1.21	%		1.21	%		(0.56	)%		50	%
8/31/2017^fl	$	13.18	$	(0.08	)	$	2.07	$	1.99	$	—	$	(0.36	)	$	—	$	(0.36	)	$	—	$	14.81		15.47	%^h	$	12.4		1.23	%		1.23	%^e		(0.60	)%^e		47	%
Institutional Class
8/31/2021^l	$	18.41	$	(0.08	)	$	6.37	$	6.29	$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.79		35.91	%	$	481.1		0.67	%		0.67	%		(0.41	)%		42	%
8/31/2020^l	$	15.90	$	(0.03	)	$	3.38	$	3.35	$	—	$	(0.84	)	$	—	$	(0.84	)	$	—	$	18.41		22.12	%	$	347.4		0.70	%		0.70	%		(0.22	)%		55	%
8/31/2019^l	$	16.88	$	(0.02	)	$	0.48	$	0.46	$	—	$	(1.44	)	$	—	$	(1.44	)	$	—	$	15.90		5.09	%	$	273.4		0.70	%		0.70	%		(0.11	)%		48	%
8/31/2018^l	$	14.50	$	(0.01	)	$	3.70	$	3.69	$	—	$	(1.31	)	$	—	$	(1.31	)	$	—	$	16.88		26.93	%	$	353.7		0.70	%		0.70	%		(0.05	)%		50	%
8/31/2017^l	$	13.10	$	(0.01	)	$	2.03	$	2.02	$	—	$	(0.62	)	$	—	$	(0.62	)	$	—	$	14.50		16.03	%^h	$	321.5		0.72	%		0.72	%^e		(0.09	)%^e		47	%
Class A
8/31/2021^l	$	18.48	$	(0.16	)	$	6.36	$	6.20	$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.77		35.42	%	$	48.1		1.04	%		1.04	%		(0.78	)%		42	%
8/31/2020^l	$	16.02	$	(0.09	)	$	3.41	$	3.32	$	—	$	(0.86	)	$	—	$	(0.86	)	$	—	$	18.48		21.70	%	$	36.0		1.06	%		1.06	%		(0.57	)%		55	%
8/31/2019^l	$	17.09	$	(0.07	)	$	0.46	$	0.39	$	—	$	(1.46	)	$	—	$	(1.46	)	$	—	$	16.02		4.65	%	$	33.0		1.07	%		1.07	%		(0.47	)%		48	%
8/31/2018^fl	$	14.73	$	(0.07	)	$	3.76	$	3.69	$	—	$	(1.33	)	$	—	$	(1.33	)	$	—	$	17.09		26.48	%	$	52.1		1.07	%		1.07	%		(0.42	)%		50	%
8/31/2017^fl	$	13.10	$	(0.06	)	$	2.05	$	1.99	$	—	$	(0.36	)	$	—	$	(0.36	)	$	—	$	14.73		15.58	%^h	$	54.4		1.11	%		1.11	%^e§		(0.49	)%^e		47	%

See Notes to Financial Highlights

215

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund (cont'd)
Class C
8/31/2021^l	$	18.63	$	(0.32	)	$	6.33		$	6.01		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.73		34.42	%	$	13.2		1.79	%		1.79	%		(1.53	)%		42	%
8/31/2020^l	$	16.29	$	(0.21	)	$	3.43		$	3.22		$	—		$	(0.88	)	$	—	$	(0.88	)	$	—	$	18.63		20.77	%	$	11.3		1.81	%		1.81	%		(1.32	)%		55	%
8/31/2019^l	$	17.52	$	(0.19	)	$	0.47		$	0.28		$	—		$	(1.51	)	$	—	$	(1.51	)	$	—	$	16.29		3.91	%	$	10.8		1.82	%		1.82	%		(1.24	)%		48	%
8/31/2018^fl	$	15.22	$	(0.20	)	$	3.87		$	3.67		$	—		$	(1.37	)	$	—	$	(1.37	)	$	—	$	17.52		25.49	%	$	11.6		1.85	%		1.85	%^§		(1.20	)%		50	%
8/31/2017^fl	$	13.65	$	(0.18	)	$	2.13		$	1.95		$	—		$	(0.38	)	$	—	$	(0.38	)	$	—	$	15.22		14.69	%	$	9.7		1.86	%		1.86	%^§		(1.24	)%		47	%
Class R3
8/31/2021^l	$	18.53	$	(0.21	)	$	6.34		$	6.13		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.75		35.03	%	$	18.5		1.29	%		1.29	%		(1.03	)%		42	%
8/31/2020^l	$	16.12	$	(0.12	)	$	3.40		$	3.28		$	—		$	(0.87	)	$	—	$	(0.87	)	$	—	$	18.53		21.36	%	$	13.7		1.31	%		1.31	%		(0.77	)%		55	%
8/31/2019^l	$	17.24	$	(0.12	)	$	0.48		$	0.36		$	—		$	(1.48	)	$	—	$	(1.48	)	$	—	$	16.12		4.41	%	$	56.4		1.33	%		1.33	%^§		(0.79	)%		48	%
8/31/2018^fl	$	14.91	$	(0.11	)	$	3.79		$	3.68		$	—		$	(1.35	)	$	—	$	(1.35	)	$	—	$	17.24		26.11	%	$	15.6		1.36	%		1.36	%^§		(0.71	)%		50	%
8/31/2017^fl	$	13.29	$	(0.10	)	$	2.09		$	1.99		$	—		$	(0.37	)	$	—	$	(0.37	)	$	—	$	14.91		15.30	%	$	13.2		1.36	%		1.36	%		(0.73	)%		47	%
Class R6
8/31/2021^l	$	18.39	$	(0.06	)	$	6.37		$	6.31		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.79		35.99	%	$	753.3		0.57	%		0.57	%		(0.31	)%		42	%
8/31/2020^l	$	15.86	$	(0.02	)	$	3.39		$	3.37		$	—		$	(0.84	)	$	—	$	(0.84	)	$	—	$	18.39		22.27	%	$	524.1		0.60	%		0.60	%		(0.11	)%		55	%
8/31/2019^l	$	16.82	$	(0.00	)	$	0.47		$	0.47		$	—		$	(1.43	)	$	—	$	(1.43	)	$	—	$	15.86		5.20	%	$	461.1		0.61	%		0.61	%		(0.03	)%		48	%
8/31/2018^fl	$	14.44	$	0.00		$	3.68		$	3.68		$	—		$	(1.30	)	$	—	$	(1.30	)	$	—	$	16.82		26.99	%	$	433.5		0.63	%		0.63	%		0.02	%		50	%
8/31/2017^fl	$	13.04	$	(0.00	)	$	2.01		$	2.01		$	—		$	(0.61	)	$	—	$	(0.61	)	$	—	$	14.44		16.13	%^h	$	262.4		0.65	%		0.65	%^e		(0.02	)%^e		47	%
Mid Cap Intrinsic Value Fund
Investor Class
8/31/2021	$	16.03	$	0.15		$	8.52		$	8.67		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	24.69		54.09	%	$	35.2		1.49	%		1.01	%		0.68	%		31	%
8/31/2020	$	19.32	$	0.22		$	(3.28	)	$	(3.06	)	$	(0.23	)	$	—		$	—	$	(0.23	)	$	—	$	16.03		(16.10	)%	$	23.0		1.37	%		1.11	%		1.26	%		16	%
8/31/2019ⁱ	$	24.16	$	0.19		$	(3.39	)	$	(3.20	)	$	(0.13	)	$	(1.51	)	$	—	$	(1.64	)	$	—	$	19.32		(12.97	)%	$	34.5		1.27	%		1.17	%		0.93	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	19.75	$	0.23		$	3.16		$	3.39		$	(0.12	)	$	—		$	—	$	(0.12	)	$	—	$	23.02		17.19	%^h	$	40.3		1.25	%		1.01	%^e		1.06	%^e		31	%
Trust Class
8/31/2021	$	16.02	$	0.10		$	8.52		$	8.62		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	24.63		53.86	%	$	6.9		1.69	%		1.22	%		0.48	%		31	%
8/31/2020	$	19.32	$	0.20		$	(3.30	)	$	(3.10	)	$	(0.20	)	$	—		$	—	$	(0.20	)	$	—	$	16.02		(16.26	)%	$	4.9		1.53	%		1.26	%		1.12	%		16	%
8/31/2019ⁱ	$	24.16	$	0.17		$	(3.38	)	$	(3.21	)	$	(0.12	)	$	(1.51	)	$	—	$	(1.63	)	$	—	$	19.32		(13.03	)%	$	8.0		1.42	%		1.27	%		0.82	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	20.10	$	0.19		$	3.19		$	3.38		$	(0.13	)	$	—		$	—	$	(0.13	)	$	—	$	23.35		16.85	%^h	$	10.9		1.43	%		1.25	%^§e		0.82	%^e		31	%

See Notes to Financial Highlights

216

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund (cont'd)
Institutional Class
8/31/2021	$	16.02	$	0.18		$	8.51		$	8.69		$	(0.06	)	$	—		$	—	$	(0.06	)	$	—	$	24.65		54.34	%	$	15.2		1.32	%		0.86	%		0.84	%		31	%
8/31/2020	$	19.31	$	0.27		$	(3.28	)	$	(3.01	)	$	(0.28	)	$	—		$	—	$	(0.28	)	$	—	$	16.02		(15.88	)%	$	12.6		1.19	%		0.86	%		1.52	%		16	%
8/31/2019	$	24.17	$	0.25		$	(3.40	)	$	(3.15	)	$	(0.20	)	$	(1.51	)	$	—	$	(1.71	)	$	—	$	19.31		(12.70	)%	$	40.2		1.07	%		0.86	%		1.21	%		56	%
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	%^h	$	29.1		1.05	%		0.85	%^e		1.19	%^e		31	%
Class A
8/31/2021	$	16.03	$	0.11		$	8.50		$	8.61		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	24.63		53.74	%	$	1.5		1.73	%		1.22	%		0.50	%		31	%
8/31/2020	$	19.32	$	0.21		$	(3.29	)	$	(3.08	)	$	(0.21	)	$	—		$	—	$	(0.21	)	$	—	$	16.03		(16.17	)%	$	1.7		1.54	%		1.22	%		1.15	%		16	%
8/31/2019ⁱ	$	24.17	$	0.19		$	(3.41	)	$	(3.22	)	$	(0.12	)	$	(1.51	)	$	—	$	(1.63	)	$	—	$	19.32		(13.03	)%	$	6.2		1.40	%		1.22	%		0.91	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	20.08	$	0.20		$	3.20		$	3.40		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	23.34		16.95	%^h	$	8.6		1.43	%		1.21	%^e		0.89	%^e		31	%
Class C
8/31/2021	$	16.00	$	(0.06	)	$	8.49		$	8.43		$	—		$	—		$	—	$	—		$	—	$	24.43		52.69	%	$	1.0		2.47	%		1.97	%		(0.26	)%		31	%
8/31/2020	$	19.29	$	0.07		$	(3.30	)	$	(3.23	)	$	(0.06	)	$	—		$	—	$	(0.06	)	$	—	$	16.00		(16.81	)%	$	0.8		2.31	%		1.97	%		0.41	%		16	%
8/31/2019ⁱ	$	24.18	$	0.02		$	(3.39	)	$	(3.37	)	$	(0.01	)	$	(1.51	)	$	—	$	(1.52	)	$	—	$	19.29		(13.69	)%	$	1.5		2.19	%		1.97	%		0.10	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	20.29	$	0.04		$	3.22		$	3.26		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	23.47		16.09	%^h	$	2.5		2.18	%		1.96	%^e		0.15	%^e		31	%
Class R3
8/31/2021	$	16.03	$	0.05		$	8.51		$	8.56		$	(0.00	)	$	—		$	—	$	(0.00	)	$	—	$	24.59		53.42	%	$	0.8		1.98	%		1.47	%		0.22	%		31	%
8/31/2020	$	19.33	$	0.18		$	(3.32	)	$	(3.14	)	$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	16.03		(16.42	)%	$	0.5		1.80	%		1.47	%		0.96	%		16	%
8/31/2019ⁱ	$	24.17	$	0.13		$	(3.39	)	$	(3.26	)	$	(0.07	)	$	(1.51	)	$	—	$	(1.58	)	$	—	$	19.33		(13.21	)%	$	1.9		1.70	%		1.48	%		0.61	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class R6
8/31/2021	$	16.03	$	0.20		$	8.50		$	8.70		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	24.65		54.45	%	$	0.0		1.72	%		0.76	%		0.94	%		31	%
8/31/2020	$	19.32	$	0.28		$	(3.27	)	$	(2.99	)	$	(0.30	)	$	—		$	—	$	(0.30	)	$	—	$	16.03		(15.79	)%	$	0.0		1.02	%		0.76	%^§		1.62	%		16	%
Period from 3/29/2019^ to 8/31/2019	$	20.50	$	0.10		$	(1.28	)	$	(1.18	)	$	—		$	—		$	—	$	—		$	—	$	19.32		(5.76	)%*	$	0.0		1.44	%**		0.78	%**		1.14	%**		56	%^c

See Notes to Financial Highlights

217

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Multi-Cap Opportunities Fund
Institutional Class
8/31/2021	$	17.03	$	0.05		$	5.17		$	5.22		$	(0.05	)	$	(3.65	)	$	—	$	(3.70	)	$	—	$	18.55		36.24	%	$	490.7		0.81	%		0.81	%		0.33	%		15	%
8/31/2020	$	18.64	$	0.09		$	1.76		$	1.85		$	(0.14	)	$	(3.32	)	$	—	$	(3.46	)	$	—	$	17.03		10.23	%	$	609.7		0.76	%		0.76	%		0.53	%		27	%
8/31/2019	$	20.12	$	0.14		$	0.17		$	0.31		$	(0.14	)	$	(1.65	)	$	—	$	(1.79	)	$	—	$	18.64		2.91	%	$	1,098.2		0.74	%		0.74	%		0.75	%		36	%
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	%^h	$	1,828.2		0.75	%		0.75	%^e		0.68	%^e		23	%
Class A
8/31/2021	$	17.05	$	(0.01	)	$	5.16		$	5.15		$	(0.00	)	$	(3.65	)	$	—	$	(3.65	)	$	—	$	18.55		35.69	%	$	53.1		1.18	%		1.18	%		(0.04	)%		15	%
8/31/2020	$	18.65	$	0.03		$	1.76		$	1.79		$	(0.07	)	$	(3.32	)	$	—	$	(3.39	)	$	—	$	17.05		9.83	%	$	41.6		1.14	%		1.14	%		0.17	%		27	%
8/31/2019ⁱ	$	20.12	$	0.07		$	0.18		$	0.25		$	(0.07	)	$	(1.65	)	$	—	$	(1.72	)	$	—	$	18.65		2.54	%	$	49.9		1.12	%		1.12	%		0.38	%		36	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	16.09	$	0.06		$	3.06		$	3.12		$	(0.07	)	$	(0.45	)	$	—	$	(0.52	)	$	—	$	18.69		19.85	%^h	$	53.5		1.10	%		1.10	%^e		0.32	%^e		23	%
Class C
8/31/2021	$	16.92	$	(0.13	)	$	5.09		$	4.96		$	—		$	(3.65	)	$	—	$	(3.65	)	$	—	$	18.23		34.66	%	$	27.2		1.93	%		1.93	%		(0.78	)%		15	%
8/31/2020	$	18.59	$	(0.09	)	$	1.74		$	1.65		$	—		$	(3.32	)	$	—	$	(3.32	)	$	—	$	16.92		9.04	%	$	30.4		1.88	%		1.88	%		(0.57	)%		27	%
8/31/2019ⁱ	$	20.13	$	(0.06	)	$	0.17		$	0.11		$	—		$	(1.65	)	$	—	$	(1.65	)	$	—	$	18.59		1.78	%	$	39.4		1.86	%		1.86	%		(0.35	)%		36	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	16.31	$	(0.07	)	$	3.11		$	3.04		$	(0.00	)	$	(0.48	)	$	—	$	(0.48	)	$	—	$	18.87		18.95	%^h	$	40.7		1.84	%		1.84	%^e		(0.40	)%^e		23	%
Real Estate Fund
Trust Class
8/31/2021	$	13.76	$	0.21		$	4.41		$	4.62		$	(0.20	)	$	(0.08	)	$	—	$	(0.28	)	$	—	$	18.10		34.12	%	$	149.8		1.38	%		1.04	%		1.37	%		22	%
8/31/2020	$	15.13	$	0.17		$	(0.80	)	$	(0.63	)	$	(0.17	)	$	(0.57	)	$	—	$	(0.74	)	$	—	$	13.76		(4.13	)%	$	108.6		1.40	%		1.04	%		1.21	%		26	%
8/31/2019	$	13.34	$	0.18		$	2.45		$	2.63		$	(0.18	)	$	(0.66	)	$	—	$	(0.84	)	$	—	$	15.13		21.21	%	$	130.3		1.43	%		1.04	%		1.32	%		38	%
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	%
Institutional Class
8/31/2021	$	13.81	$	0.20		$	4.47		$	4.67		$	(0.23	)	$	(0.08	)	$	—	$	(0.31	)	$	—	$	18.17		34.40	%	$	706.9		1.02	%		0.85	%		1.32	%		22	%
8/31/2020	$	15.19	$	0.19		$	(0.80	)	$	(0.61	)	$	(0.20	)	$	(0.57	)	$	—	$	(0.77	)	$	—	$	13.81		(3.97	)%	$	344.1		1.04	%		0.85	%		1.37	%		26	%
8/31/2019	$	13.39	$	0.20		$	2.46		$	2.66		$	(0.20	)	$	(0.66	)	$	—	$	(0.86	)	$	—	$	15.19		21.44	%	$	213.6		1.06	%		0.85	%		1.49	%		38	%
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	%

See Notes to Financial Highlights

218

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Real Estate Fund (cont'd)
Class A
8/31/2021	$	13.76	$	0.18		$	4.41		$	4.59		$	(0.17	)	$	(0.08	)	$	—	$	(0.25	)	$	—	$	18.10		33.89	%	$	84.6		1.39	%		1.21	%		1.18	%		22	%
8/31/2020	$	15.13	$	0.15		$	(0.81	)	$	(0.66	)	$	(0.14	)	$	(0.57	)	$	—	$	(0.71	)	$	—	$	13.76		(4.31	)%	$	60.7		1.40	%		1.21	%		1.04	%		26	%
8/31/2019	$	13.34	$	0.15		$	2.46		$	2.61		$	(0.16	)	$	(0.66	)	$	—	$	(0.82	)	$	—	$	15.13		21.01	%	$	63.9		1.42	%		1.21	%		1.13	%		38	%
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	%
Class C
8/31/2021	$	13.79	$	0.08		$	4.42		$	4.50		$	(0.06	)	$	(0.08	)	$	—	$	(0.14	)	$	—	$	18.15		32.94	%	$	11.2		2.15	%		1.96	%		0.56	%		22	%
8/31/2020	$	15.16	$	0.04		$	(0.80	)	$	(0.76	)	$	(0.04	)	$	(0.57	)	$	—	$	(0.61	)	$	—	$	13.79		(5.08	)%	$	9.1		2.16	%		1.96	%		0.28	%		26	%
8/31/2019	$	13.36	$	0.06		$	2.45		$	2.51		$	(0.05	)	$	(0.66	)	$	—	$	(0.71	)	$	—	$	15.16		20.12	%	$	10.5		2.18	%		1.96	%		0.43	%		38	%
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	%
Class R3
8/31/2021	$	13.73	$	0.15		$	4.40		$	4.55		$	(0.14	)	$	(0.08	)	$	—	$	(0.22	)	$	—	$	18.06		33.55	%	$	20.3		1.64	%		1.46	%		0.98	%		22	%
8/31/2020	$	15.10	$	0.11		$	(0.80	)	$	(0.69	)	$	(0.11	)	$	(0.57	)	$	—	$	(0.68	)	$	—	$	13.73		(4.58	)%	$	15.7		1.67	%		1.46	%		0.81	%		26	%
8/31/2019	$	13.31	$	0.12		$	2.45		$	2.57		$	(0.12	)	$	(0.66	)	$	—	$	(0.78	)	$	—	$	15.10		20.76	%	$	20.5		1.69	%		1.46	%		0.87	%		38	%
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	%
Class R6
8/31/2021	$	13.81	$	0.24		$	4.43		$	4.67		$	(0.24	)	$	(0.08	)	$	—	$	(0.32	)	$	—	$	18.16		34.45	%	$	167.9		0.93	%		0.75	%		1.59	%		22	%
8/31/2020	$	15.19	$	0.20		$	(0.80	)	$	(0.60	)	$	(0.21	)	$	(0.57	)	$	—	$	(0.78	)	$	—	$	13.81		(3.87	)%	$	107.1		0.94	%		0.75	%		1.45	%		26	%
8/31/2019	$	13.39	$	0.21		$	2.47		$	2.68		$	(0.22	)	$	(0.66	)	$	—	$	(0.88	)	$	—	$	15.19		21.55	%	$	74.0		0.97	%		0.76	%		1.55	%		38	%
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	%
Small Cap Growth Fund
Investor Class
8/31/2021	$	44.81	$	(0.45	)	$	12.93		$	12.48		$	—		$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.71		27.95	%	$	85.7		1.28	%		1.07	%		(0.85	)%		127	%
8/31/2020	$	37.83	$	(0.30	)	$	8.82		$	8.52		$	—		$	(1.54	)	$	—	$	(1.54	)	$	—	$	44.81		23.20	%	$	72.5		1.41	%		1.18	%		(0.78	)%		128	%
8/31/2019	$	44.96	$	(0.30	)	$	0.29		$	(0.01	)	$	—		$	(7.12	)	$	—	$	(7.12	)	$	—	$	37.83		4.06	%	$	65.6		1.58	%		1.19	%		(0.78	)%		161	%
8/31/2018	$	32.90	$	(0.37	)	$	12.94		$	12.57		$	—		$	(0.51	)	$	—	$	(0.51	)	$	—	$	44.96		38.67	%	$	66.1		1.75	%		1.21	%		(0.97	)%		217	%
8/31/2017	$	26.97	$	(0.26	)	$	6.19		$	5.93		$	—		$	—		$	—	$	—		$	—	$	32.90		21.99	%^h	$	49.8		1.78	%		1.20	%^e		(0.86	)%^e		215	%

See Notes to Financial Highlights

219

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)		Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Trust Class																																							��
8/31/2021^l	$	44.87	$	(0.56	)	$	12.95	$	12.39		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.68		27.70	%	$	5.4		1.47	%		1.27	%		(1.04	)%		127	%
8/31/2020^l	$	37.94	$	(0.34	)	$	8.82	$	8.48		$	—	$	(1.55	)	$	—	$	(1.55	)	$	—	$	44.87		23.04	%	$	4.6		1.54	%		1.29	%		(0.89	)%		128	%
8/31/2019^l	$	45.14	$	(0.34	)	$	0.30	$	(0.04	)	$	—	$	(7.16	)	$	—	$	(7.16	)	$	—	$	37.94		3.99	%	$	4.6		1.70	%		1.29	%		(0.89	)%		161	%
8/31/2018^gl	$	33.05	$	(0.43	)	$	12.99	$	12.56		$	—	$	(0.47	)	$	—	$	(0.47	)	$	—	$	45.14		38.45	%	$	4.4		1.86	%		1.37	%		(1.13	)%		217	%
8/31/2017^gl	$	27.15	$	(0.30	)	$	6.20	$	5.90		$	—	$	—		$	—	$	—		$	—	$	33.05		21.74	%	$	3.9		1.88	%		1.37	%		(1.04	)%		215	%
Advisor Class
8/31/2021^l	$	44.93	$	(0.64	)	$	12.95	$	12.31		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.66		27.50	%	$	3.9		1.63	%		1.42	%		(1.19	)%		127	%
8/31/2020^l	$	38.05	$	(0.39	)	$	8.83	$	8.44		$	—	$	(1.56	)	$	—	$	(1.56	)	$	—	$	44.93		22.86	%	$	3.2		1.70	%		1.44	%		(1.04	)%		128	%
8/31/2019^l	$	45.36	$	(0.40	)	$	0.29	$	(0.11	)	$	—	$	(7.20	)	$	—	$	(7.20	)	$	—	$	38.05		3.81	%	$	2.8		1.87	%		1.44	%		(1.04	)%		161	%
8/31/2018^gl	$	33.51	$	(0.49	)	$	13.09	$	12.60		$	—	$	(0.75	)	$	—	$	(0.75	)	$	—	$	45.36		38.26	%	$	2.5		2.03	%		1.51	%		(1.27	)%		217	%
8/31/2017^gl	$	27.56	$	(0.35	)	$	6.30	$	5.95		$	—	$	—		$	—	$	—		$	—	$	33.51		21.58	%^h	$	1.7		2.05	%		1.51	%^e		(1.18	)%^e		215	%
Institutional Class
8/31/2021^l	$	44.74	$	(0.36	)	$	12.93	$	12.57		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.73		28.18	%	$	235.8		1.09	%		0.90	%		(0.68	)%		127	%
8/31/2020^l	$	37.66	$	(0.20	)	$	8.80	$	8.60		$	—	$	(1.52	)	$	—	$	(1.52	)	$	—	$	44.74		23.52	%	$	158.1		1.18	%		0.90	%		(0.51	)%		128	%
8/31/2019^l	$	44.59	$	(0.17	)	$	0.29	$	0.12		$	—	$	(7.05	)	$	—	$	(7.05	)	$	—	$	37.66		4.38	%	$	87.7		1.28	%		0.90	%		(0.43	)%		161	%
8/31/2018^gl	$	32.51	$	(0.25	)	$	12.81	$	12.56		$	—	$	(0.48	)	$	—	$	(0.48	)	$	—	$	44.59		39.12	%	$	16.4		1.50	%		0.90	%		(0.66	)%		217	%
8/31/2017^gl	$	26.58	$	(0.17	)	$	6.10	$	5.93		$	—	$	—		$	—	$	—		$	—	$	32.51		22.31	%	$	11.8		1.50	%		0.90	%		(0.57	)%		215	%
Class A
8/31/2021^l	$	44.88	$	(0.56	)	$	12.94	$	12.38		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.68		27.69	%	$	26.5		1.49	%		1.26	%		(1.04	)%		127	%
8/31/2020^l	$	37.93	$	(0.32	)	$	8.82	$	8.50		$	—	$	(1.55	)	$	—	$	(1.55	)	$	—	$	44.88		23.09	%	$	23.3		1.60	%		1.26	%		(0.86	)%		128	%
8/31/2019^l	$	45.10	$	(0.29	)	$	0.26	$	(0.03	)	$	—	$	(7.14	)	$	—	$	(7.14	)	$	—	$	37.93		4.01	%	$	50.1		1.65	%		1.26	%		(0.76	)%		161	%
8/31/2018^gl	$	32.98	$	(0.39	)	$	12.97	$	12.58		$	—	$	(0.46	)	$	—	$	(0.46	)	$	—	$	45.10		38.60	%	$	5.3		1.88	%		1.26	%		(1.02	)%		217	%
8/31/2017^gl	$	27.06	$	(0.27	)	$	6.19	$	5.92		$	—	$	—		$	—	$	—		$	—	$	32.98		21.88	%	$	3.3		1.90	%		1.26	%		(0.93	)%		215	%
Class C
8/31/2021^l	$	45.14	$	(0.97	)	$	12.99	$	12.02		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.58		26.75	%	$	6.6		2.21	%		2.01	%		(1.79	)%		127	%
8/31/2020^l	$	38.45	$	(0.62	)	$	8.90	$	8.28		$	—	$	(1.59	)	$	—	$	(1.59	)	$	—	$	45.14		22.19	%	$	4.6		2.30	%		2.01	%		(1.61	)%		128	%
8/31/2019^l	$	46.16	$	(0.63	)	$	0.27	$	(0.36	)	$	—	$	(7.35	)	$	—	$	(7.35	)	$	—	$	38.45		3.20	%	$	4.2		2.45	%		2.01	%		(1.60	)%		161	%
8/31/2018^gl	$	34.31	$	(0.69	)	$	13.33	$	12.64		$	—	$	(0.79	)	$	—	$	(0.79	)	$	—	$	46.16		37.56	%	$	3.1		2.62	%		2.01	%		(1.77	)%		217	%
8/31/2017^gl	$	28.36	$	(0.52	)	$	6.47	$	5.95		$	—	$	—		$	—	$	—		$	—	$	34.31		21.00	%	$	2.0		2.63	%		2.01	%		(1.68	)%		215	%

See Notes to Financial Highlights

220

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Class R3
8/31/2021^l	$	44.97	$	(0.70	)	$	12.96		$	12.26		$	—		$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.65		27.38	%	$	6.0		1.74	%		1.51	%		(1.29	)%		127	%
8/31/2020^l	$	38.10	$	(0.43	)	$	8.86		$	8.43		$	—		$	(1.56	)	$	—	$	(1.56	)	$	—	$	44.97		22.80	%	$	3.7		1.86	%		1.51	%		(1.11	)%		128	%
8/31/2019^l	$	45.45	$	(0.43	)	$	0.29		$	(0.14	)	$	—		$	(7.21	)	$	—	$	(7.21	)	$	—	$	38.10		3.73	%	$	2.4		2.01	%		1.51	%		(1.10	)%		161	%
8/31/2018^gl	$	33.57	$	(0.49	)	$	13.12		$	12.63		$	—		$	(0.75	)	$	—	$	(0.75	)	$	—	$	45.45		38.29	%	$	2.2		2.17	%		1.51	%		(1.27	)%		217	%
8/31/2017^gl	$	27.61	$	(0.35	)	$	6.31		$	5.96		$	—		$	—		$	—	$	—		$	—	$	33.57		21.58	%	$	1.0		2.19	%		1.51	%		(1.17	)%		215	%
Class R6
8/31/2021^l	$	44.71	$	(0.31	)	$	12.92		$	12.61		$	—		$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.74		28.29	%	$	53.1		0.99	%		0.80	%		(0.58	)%		127	%
8/31/2020^l	$	37.59	$	(0.15	)	$	8.79		$	8.64		$	—		$	(1.52	)	$	—	$	(1.52	)	$	—	$	44.71		23.65	%	$	37.2		1.08	%		0.80	%		(0.40	)%		128	%
Period from 9/7/2018^ to 8/31/2019^l	$	43.68	$	0.06		$	0.88		$	0.94		$	—		$	(7.03	)	$	—	$	(7.03	)	$	—	$	37.59		6.35	%*	$	21.0		1.15	%**		0.81	%**		0.15	%**		161	%^c
Sustainable Equity Fund
Investor Class
8/31/2021	$	39.44	$	0.18		$	12.84		$	13.02		$	(0.26	)	$	(2.35	)	$	—	$	(2.61	)	$	—	$	49.85		34.45	%	$	437.8		0.84	%		0.84	%		0.40	%		16	%
8/31/2020	$	37.08	$	0.22		$	5.56		$	5.78		$	(0.25	)	$	(3.17	)	$	—	$	(3.42	)	$	—	$	39.44		16.12	%	$	429.6		0.86	%		0.86	%		0.59	%		21	%
8/31/2019	$	41.86	$	0.30		$	(1.80	)	$	(1.50	)	$	(0.16	)	$	(3.12	)	$	—	$	(3.28	)	$	—	$	37.08		(2.70	)%	$	446.1		0.86	%		0.86	%		0.80	%		20	%
8/31/2018^f	$	37.56	$	0.23		$	6.41		$	6.64		$	(0.31	)	$	(2.03	)	$	—	$	(2.34	)	$	—	$	41.86		18.36	%	$	679.3		0.85	%		0.85	%		0.59	%		12	%
8/31/2017^f	$	34.56	$	0.24		$	4.31		$	4.55		$	(0.23	)	$	(1.32	)	$	—	$	(1.55	)	$	—	$	37.56		13.54	%^h	$	732.6		0.85	%		0.84	%^e		0.66	%^e		26	%
Trust Class
8/31/2021	$	39.47	$	0.10		$	12.85		$	12.95		$	(0.17	)	$	(2.35	)	$	—	$	(2.52	)	$	—	$	49.90		34.21	%	$	148.7		1.02	%		1.02	%		0.23	%		16	%
8/31/2020	$	37.10	$	0.15		$	5.58		$	5.73		$	(0.19	)	$	(3.17	)	$	—	$	(3.36	)	$	—	$	39.47		15.95	%	$	122.9		1.03	%		1.03	%		0.42	%		21	%
8/31/2019	$	41.88	$	0.24		$	(1.80	)	$	(1.56	)	$	(0.10	)	$	(3.12	)	$	—	$	(3.22	)	$	—	$	37.10		(2.86	)%	$	161.3		1.03	%		1.03	%		0.65	%		20	%
8/31/2018^f	$	37.58	$	0.16		$	6.41		$	6.57		$	(0.24	)	$	(2.03	)	$	—	$	(2.27	)	$	—	$	41.88		18.13	%	$	230.8		1.02	%		1.02	%		0.42	%		12	%
8/31/2017^f	$	35.74	$	0.18		$	4.38		$	4.56		$	(0.40	)	$	(2.32	)	$	—	$	(2.72	)	$	—	$	37.58		13.41	%^h	$	234.6		1.02	%		1.01	%^e		0.51	%^e		26	%
Institutional Class
8/31/2021	$	39.40	$	0.26		$	12.81		$	13.07		$	(0.34	)	$	(2.35	)	$	—	$	(2.69	)	$	—	$	49.78		34.68	%	$	896.3		0.67	%		0.67	%		0.58	%		16	%
8/31/2020	$	37.02	$	0.28		$	5.57		$	5.85		$	(0.30	)	$	(3.17	)	$	—	$	(3.47	)	$	—	$	39.40		16.35	%	$	689.9		0.68	%		0.68	%		0.77	%		21	%
8/31/2019	$	41.84	$	0.37		$	(1.81	)	$	(1.44	)	$	(0.26	)	$	(3.12	)	$	—	$	(3.38	)	$	—	$	37.02		(2.52	)%	$	768.3		0.68	%		0.68	%		1.00	%		20	%
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	%^h	$	848.8		0.66	%		0.66	%^e		0.84	%^e		26	%

See Notes to Financial Highlights

221

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)^@			Net Gains or (Losses) on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Year		Total Return^ab			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Sustainable Equity Fund (cont'd)
Class A
8/31/2021	$	39.43	$	0.10		$	12.83		$	12.93		$	(0.17	)	$	(2.35	)	$	—	$	(2.52	)	$	—	$	49.84		34.17	%	$	160.6		1.04	%		1.04	%		0.21	%		16	%
8/31/2020	$	37.08	$	0.15		$	5.57		$	5.72		$	(0.20	)	$	(3.17	)	$	—	$	(3.37	)	$	—	$	39.43		15.94	%	$	98.0		1.05	%		1.05	%		0.41	%		21	%
8/31/2019	$	41.88	$	0.23		$	(1.81	)	$	(1.58	)	$	(0.10	)	$	(3.12	)	$	—	$	(3.22	)	$	—	$	37.08		(2.90	)%	$	95.1		1.05	%		1.05	%		0.61	%		20	%
8/31/2018^f	$	37.58	$	0.16		$	6.41		$	6.57		$	(0.24	)	$	(2.03	)	$	—	$	(2.27	)	$	—	$	41.88		18.14	%	$	126.4		1.04	%		1.04	%		0.40	%		12	%
8/31/2017^f	$	35.78	$	0.18		$	4.37		$	4.55		$	(0.41	)	$	(2.34	)	$	—	$	(2.75	)	$	—	$	37.58		13.36	%^h	$	118.0		1.03	%		1.03	%^e		0.48	%^e		26	%
Class C
8/31/2021	$	39.07	$	(0.23	)	$	12.70		$	12.47		$	—		$	(2.35	)	$	—	$	(2.35	)	$	—	$	49.19		33.19	%	$	48.0		1.79	%		1.79	%		(0.53	)%		16	%
8/31/2020	$	36.85	$	(0.12	)	$	5.51		$	5.39		$	—		$	(3.17	)	$	—	$	(3.17	)	$	—	$	39.07		15.06	%	$	40.4		1.79	%		1.79	%		(0.34	)%		21	%
8/31/2019	$	41.81	$	(0.04	)	$	(1.80	)	$	(1.84	)	$	—		$	(3.12	)	$	—	$	(3.12	)	$	—	$	36.85		(3.62	)%	$	47.4		1.79	%		1.79	%		(0.12	)%		20	%
8/31/2018^f	$	37.63	$	(0.14	)	$	6.42		$	6.28		$	(0.07	)	$	(2.03	)	$	—	$	(2.10	)	$	—	$	41.81		17.26	%	$	62.4		1.78	%		1.78	%		(0.35	)%		12	%
8/31/2017^f	$	35.92	$	(0.09	)	$	4.39		$	4.30		$	(0.17	)	$	(2.42	)	$	—	$	(2.59	)	$	—	$	37.63		12.53	%^h	$	56.6		1.78	%		1.78	%^e		(0.27	)%^e		26	%
Class R3
8/31/2021	$	39.41	$	(0.01	)	$	12.84		$	12.83		$	(0.07	)	$	(2.35	)	$	—	$	(2.42	)	$	—	$	49.82		33.87	%	$	23.8		1.29	%		1.29	%		(0.03	)%		16	%
8/31/2020	$	37.10	$	0.06		$	5.56		$	5.62		$	(0.14	)	$	(3.17	)	$	—	$	(3.31	)	$	—	$	39.41		15.63	%	$	28.0		1.30	%		1.30	%		0.16	%		21	%
8/31/2019	$	41.90	$	0.14		$	(1.79	)	$	(1.65	)	$	(0.03	)	$	(3.12	)	$	—	$	(3.15	)	$	—	$	37.10		(3.12	)%	$	31.8		1.29	%		1.29	%		0.36	%		20	%
8/31/2018^f	$	37.59	$	0.06		$	6.42		$	6.48		$	(0.14	)	$	(2.03	)	$	—	$	(2.17	)	$	—	$	41.90		17.85	%	$	36.4		1.28	%		1.28	%		0.15	%		12	%
8/31/2017^f	$	35.86	$	0.07		$	4.37		$	4.44		$	(0.34	)	$	(2.37	)	$	—	$	(2.71	)	$	—	$	37.59		13.04	%^h	$	41.3		1.28	%		1.28	%^e		0.21	%^e		26	%
Class R6
8/31/2021	$	39.41	$	0.30		$	12.82		$	13.12		$	(0.39	)	$	(2.35	)	$	—	$	(2.74	)	$	—	$	49.79		34.82	%	$	264.3		0.57	%		0.57	%		0.68	%		16	%
8/31/2020	$	37.01	$	0.32		$	5.58		$	5.90		$	(0.33	)	$	(3.17	)	$	—	$	(3.50	)	$	—	$	39.41		16.48	%	$	233.6		0.58	%		0.58	%		0.88	%		21	%
8/31/2019	$	41.83	$	0.40		$	(1.81	)	$	(1.41	)	$	(0.29	)	$	(3.12	)	$	—	$	(3.41	)	$	—	$	37.01		(2.44	)%	$	238.1		0.59	%		0.59	%		1.08	%		20	%
8/31/2018^f	$	37.54	$	0.32		$	6.41		$	6.73		$	(0.41	)	$	(2.03	)	$	—	$	(2.44	)	$	—	$	41.83		18.65	%	$	321.1		0.60	%		0.60	%		0.83	%		12	%
8/31/2017^f	$	34.54	$	0.33		$	4.31		$	4.64		$	(0.32	)	$	(1.32	)	$	—	$	(1.64	)	$	—	$	37.54		13.84	%^h	$	361.3		0.59	%		0.59	%^e		0.91	%^e		26	%
U.S. Equity Impact Fund
Institutional Class
Period from 3/23/2021^ to 8/31/2021	$	10.00	$	(0.01	)	$	1.36		$	1.35		$	—		$	—		$	—	$	—		$	—	$	11.35		13.50	%*	$	6.1		6.59	%‡**		0.90	%‡**		(0.19	)%‡**		7	%*
Class A
Period from 3/23/2021^ to 8/31/2021	$	10.00	$	(0.02	)	$	1.35		$	1.33		$	—		$	—		$	—	$	—		$	—	$	11.33		13.30	%*	$	0.2		9.83	%‡**		1.26	%‡**		(0.48	)%‡**		7	%*
Class C
Period from 3/23/2021^ to 8/31/2021	$	10.00	$	(0.06	)	$	1.35		$	1.29		$	—		$	—		$	—	$	—		$	—	$	11.29		12.90	%*	$	0.0		18.90	%‡**		2.01	%‡**		(1.30	)%‡**		7	%*

See Notes to Financial Highlights

222

Notes to Financial Highlights Equity Funds

@ 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 had not received refunds, plus interest, from State Street noted in (h) below for custodian out-of-pocket expenses previously paid 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 pursuant to the terms of the contractual expense limitation agreements 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:

	Year Ended August 31,
	2021			2020			2019			2018			2017
Emerging Markets Equity Institutional Class		1.21	%		1.24	%		1.25	%		—			—
Emerging Markets Equity Class R3		1.90	%		—			—			—			—
Emerging Markets Equity Class R6		1.10	%		1.11	%		1.15	%		—			—
Focus Institutional Class		0.74	%		—			—			0.75	%		—
Focus Class A		1.11	%		—			—			—			—
Genesis Institutional Class		—			—			—			—			0.84	%
Genesis Class R6		0.74	%		0.74	%		—			—			0.77	%
Guardian Advisor Class		—			—			—			—			—
Guardian Class R3		—			1.31	%		—			—			—
Guardian Class R6		—			0.56	%		—			—			—
International Equity Institutional Class		—			—			—			—			0.84	%
International Equity Class A		—			—			—			—			1.20	%
International Equity Class C		—			—			—			—			1.96	%
Intrinsic Value Institutional Class		0.99	%		—			—			—			—
Intrinsic Value Class C		2.11	%		—			—			—			—
Intrinsic Value Class R6		0.89	%		—			—			—			—
Large Cap Value Institutional Class		—			—			—			0.70	%		0.69	%
Large Cap Value Class R3		—			1.33	%		1.33	%		—			—
Large Cap Value Class R6		—			0.59	%		—			—			—
Mid Cap Growth Class A		—			—			—			—			1.09	%
Mid Cap Growth Class C		—			—			—			1.82	%		1.86	%
Mid Cap Growth Class R3		—			—			1.33	%		1.34	%		—
Mid Cap Intrinsic Value Trust Class		—			—			—			—			1.24	%
Mid Cap Intrinsic Value Class R6		—			0.74	%		—			—			—

223

Notes to Financial Highlights Equity Funds (cont'd)

^^ Represents the annualized ratio of net expenses to average daily net assets after utilization of the line of credit by Greater China Equity (2019 and 2017) and International Small Cap (2020) and/or reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. Had Greater China Equity and International Small Cap not utilized the line of credit, and/or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:

	Year Ended August 31,
	2020			2019			2018		2017
Greater China Equity Institutional Class		—			1.50	%		—		1.50	%
Greater China Equity Class A		—			1.86	%		—		1.86	%
Greater China Equity Class C		—			2.61	%		—		2.61	%
International Small Cap Institutional Class		1.05	%		—			—		—
International Small Cap Class A		1.42	%		—			—		—
International Small Cap Class C		2.17	%		—			—		—
International Small Cap Class R6		0.96	%		—			—		—

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 year ended August 31, 2021. Had the Fund classes listed below not received class action proceeds in 2021, total return based on per share NAV for the year ended August 31, 2021 would have been:

International Equity Investor Class	28.10	%
International Equity Trust Class	28.02	%
International Equity Institutional Class	28.30	%
International Equity Class A	27.90	%
International Equity Class C	26.92	%
International Equity Class R6	28.42	%
International Select Trust Class	27.98	%
International Select Institutional Class	28.42	%
International Select Class A	28.00	%
International Select Class C	26.96	%
International Select Class R3	27.59	%
International Select Class R6	28.43	%
Large Cap Value Investor Class	49.98	%
Large Cap Value Trust Class	49.69	%
Large Cap Value Advisor Class	49.41	%
Large Cap Value Class A	49.63	%
Large Cap Value Class R3	49.23	%

224

Notes to Financial Highlights Equity Funds (cont'd)

Multi-Cap Opportunities Institutional Class	36.16	%
Small Cap Growth Investor Class	27.90	%
Small Cap Growth Trust Class	27.66	%
Small Cap Growth Advisor Class	27.46	%
Small Cap Growth Institutional Class	28.16	%
Small Cap Growth Class A	27.64	%
Small Cap Growth Class C	26.71	%
Small Cap Growth Class R3	27.36	%
Small Cap Growth Class R6	28.25	%

Except for the Fund classes listed below, the class action proceeds received in 2020, 2019, 2018 and/or 2017, if any, had no impact on the Funds' total returns for the years ended August 31, 2020, 2019, 2018 and/or 2017. Had the Fund classes listed below not received class action proceeds in 2019 and/or 2017, total return based on per share NAV for the years ended August 31, 2019 and/or 2017 would have been:

	Year Ended August 31,
	2019			2017
Large Cap Value Investor Class		6.21	%		—
Large Cap Value Trust Class		6.00	%		—
Large Cap Value Advisor Class		5.86	%		—
Mid Cap Intrinsic Value Class A		—			16.89	%
Small Cap Growth Investor Class		3.98	%		21.91	%
Small Cap Growth Trust Class		3.90	%		21.68	%
Small Cap Growth Advisor Class		3.73	%		21.47	%
Small Cap Growth Institutional Class		4.35	%		22.23	%
Small Cap Growth Class A		3.98	%		21.81	%
Small Cap Growth Class C		3.11	%		20.94	%
Small Cap Growth Class R3		3.62	%		21.47	%

c Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended August 31, 2017, for International Select and for the year ended August 31, 2019, for Guardian, Intrinsic Value, Large Cap Value, Mid Cap Intrinsic Value and Small Cap Growth.

d Had International Equity not received the voluntary contribution in 2020, the total return based on per share NAV for the year ended August 31, 2020 would have been:

	Year Ended August 31, 2020
International Equity Investor Class		15.31	%
International Equity Trust Class		15.33	%
International Equity Institutional Class		15.66	%
International Equity Class A		15.19	%
International Equity Class C		14.33	%
International Equity Class R6		15.83	%

225

Notes to Financial Highlights Equity Funds (cont'd)

e The custodian expenses refund noted in (h) below is non-recurring and is included in these ratios. Had certain Funds not received the refund, the annualized ratio of net expenses to average net assets and the annualized ratio of net investment income/(loss) to average net assets would have been:

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Equity Income Institutional Class		0.69	%		2.99	%
Equity Income Class A		1.05	%		2.56	%
Equity Income Class C		1.80	%		1.82	%
Equity Income Class R3		1.34	%		2.27	%
Focus Investor Class		0.92	%		0.27	%
Focus Trust Class		1.10	%		0.09	%
Focus Advisor Class		1.26	%		(0.08	)%
Genesis Investor Class		1.02	%		0.21	%
Genesis Trust Class		1.09	%		0.12	%
Genesis Advisor Class		1.36	%		(0.14	)%
Genesis Institutional Class		0.85	%		0.38	%
Genesis Class R6		0.77	%		0.45	%
Guardian Investor Class		0.90	%		0.75	%
Guardian Trust Class		1.07	%		0.57	%
Guardian Advisor Class		1.38	%		0.25	%
Guardian Institutional Class		0.72	%		0.94	%
Guardian Class A		1.10	%		0.55	%
Guardian Class C		1.84	%		(0.20	)%
Guardian Class R3		1.36	%		0.28	%
International Equity Investor Class		1.05	%		0.97	%
International Equity Trust Class		1.09	%		0.91	%
International Equity Institutional Class		0.85	%		1.19	%
International Equity Class A		—			0.65	%
International Equity Class C		—			0.04	%
International Equity Class R6		—			1.31	%
Large Cap Value Investor Class		0.87	%		1.30	%
Large Cap Value Trust Class		1.05	%		1.11	%
Large Cap Value Advisor Class		1.20	%		0.97	%
Large Cap Value Institutional Class		0.70	%		1.49	%
Large Cap Value Class A		1.07	%		1.11	%

226

Notes to Financial Highlights Equity Funds (cont'd)

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Large Cap Value Class C		1.81	%		0.36	%
Large Cap Value Class R3		1.36	%		0.90	%
Mid Cap Growth Investor Class		0.93	%		(0.30	)%
Mid Cap Growth Trust Class		0.97	%		(0.34	)%
Mid Cap Growth Advisor Class		1.23	%		(0.60	)%
Mid Cap Growth Institutional Class		0.72	%		(0.09	)%
Mid Cap Growth Class A		1.11	%		(0.49	)%
Mid Cap Growth Class R6		0.65	%		(0.02	)%
Mid Cap Intrinsic Value Investor Class		1.07	%		1.00	%
Mid Cap Intrinsic Value Trust Class		1.25	%		0.82	%
Mid Cap Intrinsic Value Institutional Class		0.85	%		1.19	%
Mid Cap Intrinsic Value Class A		1.21	%		0.89	%
Mid Cap Intrinsic Value Class C		1.96	%		0.15	%
Multi-Cap Opportunities Institutional Class		0.75	%		0.68	%
Multi-Cap Opportunities Class A		1.10	%		0.32	%
Multi-Cap Opportunities Class C		1.84	%		(0.40	)%
Small Cap Growth Investor Class		1.21	%		(0.87	)%
Small Cap Growth Advisor Class		1.51	%		(1.18	)%
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	%

f 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.

g 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.

h In May 2016, the Fund's custodian, State Street, announced that it had identified inconsistencies in the way in which certain Funds were invoiced for categories of expenses, particularly those deemed "out-of-pocket" costs, from 1998 through November 2015, and refunded to those Funds certain expenses, plus interest, determined to be payable to the Funds for the period in question. These amounts were refunded to those Funds by State Street

227

Notes to Financial Highlights Equity Funds (cont'd)

during the year ended August 31, 2017. Except for the Fund classes listed below, these amounts had no impact on the Fund's total return for the year ended August 31, 2017. Had the below Funds not received the refund, the total return based on per share NAV 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	%

i 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.

j Equity Income and Focus each received a voluntary contribution in 2017. These contributions had no impact on the total returns for Equity Income or Focus for the year ended August 31, 2017.

k After the close of business on August 16, 2019, Large Cap Value acquired all of the net assets of Neuberger Berman Value Fund in a tax-free exchange of shares pursuant to a Plan of Reorganization and Dissolution approved by the Board. Portfolio turnover excludes purchases of $30,333,739 of securities acquired, and there were no sales made following a purchase-of-assets transaction relative to the merger.

l After the close of business on July 23, 2021, 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.

228

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of
Neuberger Berman Equity Funds and Shareholders of:
Neuberger Berman Dividend Growth Fund
Neuberger Berman Emerging Markets Equity Fund
Neuberger Berman Equity Income Fund
Neuberger Berman Focus Fund
Neuberger Berman Genesis Fund
Neuberger Berman Global Real Estate Fund
Neuberger Berman Greater China Equity Fund
Neuberger Berman Guardian Fund
Neuberger Berman Integrated Large Cap Fund
Neuberger Berman International Equity Fund
Neuberger Berman International Select Fund
Neuberger Berman International Small Cap Fund
Neuberger Berman Large Cap Value Fund
Neuberger Berman Real Estate Fund
Neuberger Berman U.S. Equity Impact Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman Global Real Estate Fund, Neuberger Berman Greater China Equity Fund, Neuberger Berman Guardian Fund, Neuberger Berman Integrated Large Cap Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman International Small Cap Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Real Estate Fund and Neuberger Berman U.S. Equity Impact Fund (collectively referred to as the "Funds") (Fifteen of the series constituting Neuberger Berman Equity Funds (the "Trust")), including the schedules of investments, as of August 31, 2021 and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (Fifteen of the series constituting Neuberger Berman Equity Funds) at August 31, 2021, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

229

Individual Fund constituting
Neuberger Berman
Equity Funds

Statement of
operations

Statement of
changes in net assets

Financial highlights

Neuberger Berman Dividend Growth Fund
Neuberger Berman Emerging Markets Equity Fund
Neuberger Berman Equity Income Fund
Neuberger Berman Focus Fund
Neuberger Berman Genesis Fund
Neuberger Berman Global Real Estate Fund
Neuberger Berman Greater China Equity Fund
Neuberger Berman Guardian Fund
Neuberger Berman Integrated Large Cap Fund
Neuberger Berman International Equity Fund
Neuberger Berman International Select Fund
Neuberger Berman Large Cap Value Fund
Neuberger Berman Real Estate Fund

For the year ended August 31, 2021

For each of the two years in the period ended August 31, 2021

For each of the five years in the period ended August 31, 2021

Neuberger Berman International Small Cap Fund

For the year ended August 31, 2021

For each of the two years in the period ended August 31, 2021

For each of the four years in the period ended August 31, 2021 and the period from December 8, 2016 (commencement of operations) through August 31, 2017

Neuberger Berman U.S. Equity Impact Fund

For the period from March 23, 2021 (commencement of operations) through August 31, 2021

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding

230

of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts
October 20, 2021

231

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
Neuberger Berman Equity Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Neuberger Berman Intrinsic Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Small Cap Growth Fund, and Neuberger Berman Sustainable Equity Fund (the "Funds"), each a series of Neuberger Berman Equity Funds (the "Trust"), including the schedules of investments, as of August 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2004.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian, transfer agent, and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania
October 20, 2021

232

Neuberger Berman Sustainable Equity Fund (NBSRX) N-CSRCertified annual shareholder report (management investment company)