Neuberger Berman Genesis Fund Institutional Class (NBGIX) N-CSRSCertified semi-annual shareholder report (management investment company)

Neuberger Berman
Equity Funds

Semi-Annual Report

February 29, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website www.nb.com/fundliterature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.877.9700 or by sending an e-mail request to fundinfo@nb.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.877.9700 or send an email request to fundinfo@nb.com to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Contents

THE FUNDS

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. ^_©2020 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

For most equity markets, 2019 was an excellent calendar year despite investor concerns about high valuations, relatively weak but steady global growth, volatility stemming from trade tensions, and a host of geopolitical issues that posed potential risks as this period began in September.

Few of us would have had a global pandemic among our headline risks as this period began in September, but from January onwards, the coronavirus outbreak derailed markets, underscoring both the interconnected nature of the global economy, and the potential reach of a powerful exogenous shock against a somewhat tenuous economic and market backdrop.

Oil prices tumbled on expectations of lower demand, and as producers failed to agree on a plan to limit supply. This sent energy along with cyclical sectors including materials and industrials lower. As travel and public events have been curtailed, airlines, hotels, cruise ships and restaurants—and their employees and shareholders—have suffered.

Key health concerns are focused on containment of COVID-19 and saving lives. As of this writing, some estimates are that one-third of the world's population is essentially locked down. That has enormous implications for economic activity. Key financial concerns are therefore focused on global supply chains, consumer spending, the near- and longer-term impact on business investment and earnings, and the proper functioning of financial markets.

Leadership is crucial during a crisis, and the G7 and many central banks and world governments have shown willingness to provide support and stimulus. Nonetheless, with the U.S. Federal Funds rate near zero already, along with many other official rates worldwide, there are limits to what can be done by central bankers—and businesses and consumers may need more direct forms of assistance more quickly.

Equity markets dislike uncertainty; so until we see the peak of this outbreak and understand the government response, gyrations remain probable. For the first time since 2008, the VIX (CBOE Volatility Index) has been over 50 for several days, and it is difficult to estimate earnings, and thus analyze valuations, with so much about the duration and repercussions of this "black swan" event unknown.

Active managers are accustomed to sorting through complex economic situations and seeking out the companies best positioned to be beneficiaries of a particular environment, and we remain well-resourced to do that. Our managers and research teams are working carefully and proactively to sort fear from reality, maintaining a longer-term focus while weighing real near- and medium-term business risk on a company-by-company basis.

This crisis will end. Stocks with little risk exposure may have sold off unfairly, bifurcating from their longer-term fundamentals, and that could present opportunity. Some businesses may emerge in a stronger position than before once the virus is out of the equation.

Neuberger Berman continues to monitor the ongoing developments related to COVID-19 with a particular focus on two areas: the safety and health of its employees and clients, and the ability to continue to conduct effectively its investment and business operations, including all critical services. Neuberger Berman has a dedicated Business Continuity Management team staffed with full-time professionals, who partner with over 60 Business Continuity Coordinators covering all business functions across all geographies. Neuberger Berman currently has not experienced a significant impact on its operating model. Neuberger Berman will continue to watch the effectiveness of efforts to contain the spread of the COVID-19 virus and the potential long-term implications on global economies and will continue to monitor and adapt as necessary the firm's operations and processes to most effectively manage portfolios.

We are long-term, careful, analytical investors, and our strategies—and managers—have been tested before. With an emphasis on fundamentals and research, we will continue to work to provide strong risk-adjusted returns.

Thank you for your confidence in Neuberger Berman.

Sincerely,

JOSEPH V. AMATO

PRESIDENT AND CEO

NEUBERGER BERMAN EQUITY FUNDS

Dividend Growth Fund Commentary

Neuberger Berman Dividend Growth Fund Institutional Class generated a –0.20% total return for the six months ended February 29, 2020, underperforming its benchmark, the S&P 500^® Index (the Index), which posted a 1.92% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

It is worth highlighting that over the same six-month period ending February 29, 2020, the Russell 1000^® Growth Index, which consists of stocks with limited, or in many cases, no dividend programs—outperformed the Russell 1000^® Value Index by a wide margin.¹

The Fund seeks to provide gross current income in-line with the Index, while seeking capital appreciation driven by dividend per share growth. This approach seeks to identify companies with strong business models generating cash to grow their businesses while providing rising dividend distributions to shareholders. Overall, we focus on companies with strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies.

By mid-February, the market set a new all-time high as the expansion officially became the longest in U.S. history. However, shortly thereafter equities tumbled as mounting concerns stemming from the impact of the coronavirus (COVID-19) weighed on the global economy. Several industry bellwethers issued profit warnings citing potential headwinds. In reaction, heading into March the U.S Federal Reserve Board (Fed) struck a dovish tone, keeping the door open for rate cuts, while the 10-year U.S. Treasury yield settled at a record low of 1.13%. After the reporting period ended, in a surprise move, the Fed lowered the Fed Funds rate by 50 basis points in early March and by 100 basis points on March 15^th. There has also been a significant fiscal stimulus package in the U.S. to help support the economy.

From a portfolio construction standpoint, top equity sectors included approximately 23% Information Technology (IT), 16% Financials, and 13% Health Care on average during the period. Overall, the bulk of the Fund's absolute returns were generated across IT, Health Care, and Consumer Staples—while exposure to Industrials, Energy, and Communication Services weighed on results.

Overall, Apple proved to be our biggest contributor to total return as growth was underpinned by robust sales across several segments, including the rollout of the latest iPhone 11, which proved to be a commercial success. When evaluating future growth prospects, we believe this IT name remains well positioned to benefit from new 5G smartphones that will likely be rolled out to consumers in the near future. Moreover, we believe management has the wherewithal to potentially increase its dividend policy as the tech giant currently has approximately $100bn in cash on its balance sheet, making this an ideal holding given our mandate.

In contrast, stock selection within Communication Services weighed on results as the media giant ViacomCBS was our biggest detractor. This holding experienced intense selling pressure in the wake of its all-stock merger with CBS as the iconic media companies announced they would combine forces amid increased competition in the era of online streaming. While results remain disappointing, we remain encouraged by the prospects for this combination as our analysis suggests this newly combined media company can potentially generate significant revenue and cost synergies, which we believe could support an attractive dividend program.

In closing, we feel the recent correction serves as a reminder that stable businesses with clear capital allocation plans exhibiting attractive and growing dividend programs can serve as a defensive ballast. While manufacturing headwinds persist at home and abroad, we remain constructive on valuations across a select cohort of equities. Moreover, when evaluating investment candidates, we continue to uncover pockets of value and believe the near-to-medium term could be challenging as investors grapple with late-cycle dynamics. Overall, we believe the Fund remains positioned to navigate cross-currents given our focus on what we believe are high-quality cash-generative companies.²

We thank you for investing in our Fund.

Sincerely,

DAVID A. KIEFER AND WILLIAM D. HUNTER
PORTFOLIO MANAGERS

¹  Source: Neuberger Berman. The Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 7.09% over this six-month period.

²   Since the reporting period ended, there have, of course, been dramatic changes in the markets and in fiscal and monetary policies. We are following events closely and adjusting the portfolio as we believe appropriate.

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

Emerging Markets Equity Fund Commentary

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 2.82% for the six months ended February 29, 2020, trailing its benchmark, the MSCI Emerging Markets (EM) Index (Net) (the Index), which reported a total return of 2.93% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

EM equities performed well for the majority of this period, closing 2019 on a high note. Reduced trade tensions between the U.S. and China, along with global monetary easing and a weakened dollar boosted sentiment, and flows into EM equity funds increased significantly. In January, however, sentiment reversed. Global markets declined on fears of coronavirus; particularly in EM given the outbreak was initially centered in China. Commodities and energy prices suffered on fears of a decrease in Chinese demand, and potential disruptions to global supply chains and other economic growth concerns heightened risk aversion.

Within the Index, returns were mixed. The Information Technology (IT) sector strongly outperformed, followed by Consumer Discretionary and Health Care stocks. Utilities, Energy and Consumer Staples posted the largest losses. By country, Pakistan, Taiwan and Argentina saw the largest gains in the Index, while Chile, Thailand and Poland posted the most significant losses.

The Fund's performance this period was boosted by its sector allocation—especially our overweight to IT versus the Index—but stock selection was a headwind to relative returns. Our Industrials, Energy and Financials stocks outperformed, but our holdings within Consumer Discretionary, IT and Real Estate underperformed. By country, holdings based in Russia, India and Thailand added value. Chinese and Brazilian holdings and our underweight to Taiwan versus the Index detracted from excess returns.

Top contributors during the period included Taiwan Semiconductor, Samsung and Tencent. Taiwan Semiconductor, the Taiwanese contract semiconductor manufacturer, reported revenues and earnings above expectations and management raised guidance on stronger-than-expected demand from 5G and high performance computing. Samsung, the Korean semiconductor and consumer electronics giant, benefited from improving investor optimism toward semiconductor and memory chip pricing and demand. Tencent, the Chinese social media and gaming leader, enjoyed strong sales of its online games.

Detractors included PagSeguro, CP All and 3SBio. PagSeguro, the Brazilian digital payments processor, declined after its parent company announced a share sale. We believe this share sale to be a one-off event, and think that the company's long-term prospects are still strong. CP All, the Thai convenience store operator, fell as Thailand experienced weaker retail sales. 3SBio, the Chinese pharmaceutical firm, fell after the unexpected departure of its CFO, and an adverse change in the Chinese government's approved drug list.

As global equity markets come to terms with the impact of COVID-19, multinational corporates are highlighting three key impacts on businesses. First, lost demand in the services sector; second, a postponement of discretionary spending; and third, the potential impact to global supply chains. A retreat in oil prices added to market turbulence.

Major central banks have signaled a willingness to respond, and EM countries may have even more flexibility at their disposal to stimulate their respective domestic economies. Additionally, lower oil prices could offer respite to the many EM energy importers, including China and India.

Given this backdrop, the team, with its focus on EM countries' domestic businesses, is evaluating a variety of consumer names that sold off during the retreat, some of which we believe are fairly insulated both from the COVID-19 impact and energy turbulence. Our focus is on consumer names, where demand could rebound over the medium-term, with an emphasis on cash flow generation. Beyond the current disruption, we believe the current portfolio is well positioned to capture strong relative long-term returns driven by solid earnings trajectories.

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

Equity Income Fund Commentary

Neuberger Berman Equity Income Fund Institutional Class generated a –1.29% total return for the six months ended February 29, 2020, underperforming its benchmark, the S&P 500^® Index (the Index), which posted a 1.92% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

It is worth highlighting over the same six-month period ended February 29, 2020, the Russell 1000^® Growth Index which consists of stocks with limited, and in many cases, no dividend programs—outperformed the Russell 1000^® Value Index by a wide margin.¹

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

By mid-February, the market set a new all-time high as the expansion officially became the longest in U.S. history. However, shortly thereafter equities tumbled as mounting concerns stemming from the impact of the coronavirus (COVID-19) weighed on the global economy. Several industry bellwethers issued profit warnings citing potential headwinds. In reaction, heading into March the U.S Federal Reserve Board (Fed) struck a dovish tone, keeping the door open for rate cuts, while the 10-year U.S. Treasury yield settled at a record low of 1.13%. After the reporting period ended, in a surprise move, the Fed lowered the Fed Funds rate by 50 basis points in early March and by 100 basis points on March 15^th. There has also been a significant fiscal stimulus package in the U.S. to help support the economy.

From a portfolio construction standpoint, top equity sectors included approximately 14% Real Estate, 13% Utilities, and 11% Financials on average during the period. Elsewhere, the Fund averaged approximately a 9% allocation to convertible bonds, which we believe provides a differentiated approach to an equity income portfolio. Additionally, the Fund's ability to own convertible bonds issued under Rule 144A, where retail investors often have limited direct exposure, allows diversified exposure to these securities.

This reporting period, the largest contributions to returns were generated from our allocation across Health Care, convertible bonds, and Communication Services—while exposure to Energy, Materials, and Consumer Discretionary stocks weighed on results.

The Fund generated attractive relative results in the Electric Utilities industry through stock selection. This area benefitted from risk-aversion as investors favored defensive sectors amid turbulent market conditions. NextEra Energy was our top performer, delivering solid results stemming from a stable regulated utility business combined with a renewable energy (solar/wind) developer. Today, we continue to view NextEra Energy as a beneficiary in a more ESG-focused² world as we believe this holding remains positioned to deliver earnings visibility and dividend growth potential.

Results across our Consumer Discretionary holdings disappointed with Genuine Parts being our largest detractor from portfolio returns as investors questioned the profitability of this business. However, when evaluating future growth prospects, we remain encouraged by an aging auto fleet as this business provides exposure to the concurrent growth in demand for replacement parts with its network of 3,000+ operations. In our view, the recent pullback could present an ideal buying opportunity as we believe Genuine Parts provides exposure to a high-quality retailer with defensive attributes.

Elsewhere, exposure to convertibles was accretive to relative results versus the Index and also dampened volatility. Throughout 2019, the Fund capitalized on an uptick of quality issuance as a number of holdings were sold in the final stretch of the year after trading well above par value, losing their defensive characteristics. Historically, this asset class has been among the most conservative aspects of the Fund as we favor convertibles trading at a discount to par value with attractive conversion premiums.

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

In closing, we feel the recent correction serves as a reminder that reaching for yield can be perilous, while carefully selected dividend stocks can provide the benefit of lower volatility. On the economic front, manufacturing headwinds persist at home and abroad, but we remain constructive on valuations across a select cohort of equities. Moreover, when evaluating investment candidates we continue to uncover pockets of value and believe the near-to-medium term could be challenging as investors grapple with late-cycle dynamics. Overall, we believe the Fund remains positioned to navigate cross-currents given our focus on what we believe are high-quality cash-generative companies.³

We thank you for investing in our Fund.

Sincerely,

RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS

¹  Source: Neuberger Berman. The Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 7.09% over this six-month period.

²  Environmental, Social and Governance practices

³   Since the reporting period ended, there have, of course, been dramatic changes in the markets and in fiscal and monetary policies. We are following events closely and adjusting the portfolio as we believe appropriate.

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

Focus Fund Commentary

Neuberger Berman Focus Fund Investor Class generated a 5.50% total return for the six months ended February 29, 2020, outperforming its benchmark, the S&P 500^® Index (the Index), which provided a 1.92% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a strong start, the overall U.S. stock market fell sharply, erasing much of its earlier gains. The market initially moved higher and reached several new all-time highs. Investor sentiment was supported by the completion of the first phase of the trade accord between the U.S. and China, continued monetary policy accommodation by the U.S. Federal Reserve Board and generally solid corporate results. However, beginning in mid-February 2020 the market experienced a rapid and severe downturn, triggered by concerns of the spreading coronavirus and its impact on the global economy.

Both stock selection and sector allocation contributed to relative performance versus the Index during the reporting period. In terms of stock selection, holdings in the Financials, Consumer Discretionary and Communication Services sectors added the most value. In Financials, several of our positions in the Capital Markets industry were positive for returns. Within Consumer Discretionary, our position in LKQ Corp., a provider of alternative and specialty parts to repair and accessorize automobiles, contributed to performance. In Communication Services, our position in entertainment company Activision Blizzard, Inc. was rewarded. From a sector allocation perspective, an underweight to Energy and an overweight to Information Technology (IT) on average versus the Index were the largest contributors to relative results.

On the downside, from a stock selection standpoint, holdings in IT and, to lesser extents, Consumer Staples and Health Care, were the largest detractors from relative returns. Within IT, the Fund's positions in Texas Instruments, a semiconductor company, and Motorola Solutions, Inc., a data communications and telecommunications equipment provider, were negative for returns. Within the Consumer Staples sector, a position in Shiseido Company, a Japanese multinational personal care company, was a headwind for results. In the Health Care sector, a lack of exposure to several strong-performing Biotechnology companies detracted from results. In terms of sector allocation, overweights to Materials and Consumer Discretionary versus the Index were the largest detractors from relative performance.

When the year began, we were seeing a general improvement in business sentiment alongside a strengthening business cycle internationally, on the back of a resumption in confidence following the "phase one" trade agreement between the U.S. and China. In recent weeks, this has been overshadowed by the spread of the coronavirus and fears that this could lead to a significant decline in global economic activity. In this uncertain environment, there has been a significant increase in capital markets volatility and a broad selloff in the equity market, exacerbated by oil-related geopolitical tensions. In our view, this backdrop presents a compelling opportunity for active managers, such as ourselves, that are focused on the drivers of intrinsic value¹ growth of our underlying holdings. In conclusion, we believe that equities remain an attractive asset class given their potential to generate long-term capital appreciation.

Sincerely,

TIMOTHY CREEDON AND HARI RAMANAN
PORTFOLIO MANAGERS

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

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

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

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

Focus Fund

Genesis Fund Commentary

Neuberger Berman Genesis Fund Investor Class generated a total return of –2.68% for the six months ended February 29, 2020, underperforming its benchmark, the Russell 2000^® Index (the Index), which provided a –0.52% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a strong start, the overall U.S. stock market fell sharply, erasing much of its earlier gains. The market initially moved higher and reached several new all-time highs. Investor sentiment was supported by the completion of the first phase of the trade accord between the U.S. and China, continued monetary policy accommodation by the U.S. Federal Reserve Board and generally solid corporate results. However, beginning in mid-February 2020 the market experienced a rapid and severe downturn, triggered by concerns of the spreading coronavirus and its impact on the global economy. All told, large-cap stocks, as measured by the S&P 500^® Index, returned 1.92% for the six-month period. In contrast, small-cap stocks produced weaker results, as the Index returned –0.52%.

The Fund underperformed the Index during the six-month reporting period as a whole. While this is uncharacteristic during a market downturn, this period actually consisted of two up markets and two down markets. As is typically the case, the Fund outperformed the Index when the market declined and lagged the Index when it rallied. All told, stock selection detracted from relative results, whereas sector allocation contributed to performance. As always, we focus on investing in high quality companies, which we characterize as companies with the ability to generate significant free cash flow, above-average profitability supported by competitive barriers to entry, generally strong balance sheets, and less volatile/less economically sensitive businesses. Our style of investing was not in favor during the period as a whole, as lower quality (lowest levels of profitability/non-earners), speculative (market caps under $1 billion) and more cyclical/risky (higher volatility relative to the overall market) companies outperformed. Against this backdrop, stock selection was negative in seven of the ten sectors in which we invest. Stock selection was by far the weakest in Health Care, where our lack of Biotechnology companies hurt relative performance versus the Index. In addition, our high quality holdings in the Health Care Equipment & Supplies and Health Care Providers & Services industries underperformed. On the upside, stock selection was strong in the Industrials sector, where our long held positions in the Commercial Services & Supplies and Professional Service industries outperformed.

From a sector allocation perspective, an overweight to Information Technology versus the Index, coupled with a lack of exposure to bond proxies, specifically real estate investment trusts (REITs) and Utilities, contributed to relative performance. This was partially offset by a lack of exposure to low quality Biotechnology and Pharmaceutical companies, as they rallied during the period.

While the coronavirus has introduced risk to global economic growth and led to heightened market volatility, history suggests the panic will eventually pass. We anticipate market volatility to remain elevated as the number of coronavirus cases continues to climb globally. Until recently, the U.S. economy has been quite strong, driven by low unemployment, healthy corporate profits and tame inflation. While it is very difficult to time the market and call the bottom, we believe that a diversified portfolio of what we believe to be financially strong companies, with superior returns on capital and defendable barriers to entry will weather the storm relatively well. Overall, this has been the case, thus far, since the market's peak in mid-February.

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

Global Real Estate Fund Commentary

Neuberger Berman Global Real Estate Fund Institutional Class generated a –1.73% total return for the six months ended February 29, 2020, outperforming its benchmark, the FTSE EPRA/Nareit Developed Index (Net) (the Index), which generated a –3.64% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a strong start, the global stock market fell sharply, erasing much of its earlier gains. The market initially moved higher and reached several new all-time highs. Investor sentiment was supported by the completion of the first phase of the trade accord between the U.S. and China, continued monetary policy accommodation by the U.S. Federal Reserve Board (Fed) and generally solid corporate results. However, beginning in mid-February 2020 the market experienced a rapid and severe downturn, triggered by concerns of the spreading coronavirus and its impact on the global economy. All told, global equities, as measured by the MSCI All Country World Index (Net), returned 1.13% for the six-month period. Comparatively, global real estate investment trusts (REITs) generated weaker results.

The Fund outperformed the Index during the reporting period. Stock selection, overall, was the largest contributor to the Fund's relative results versus the Index. In particular, holdings in the Specialty REITs, Hotel & Lodging REITs and Industrial & Office REITs sectors were the most additive for returns. In terms of individual holdings, UNITE Group PLC., Safestore Holdings PLC, SEGRO PLC, ICADE SA and Brookfield Asset Management Inc. were the largest contributors to performance. The only sectors that detracted from relative results were the Fund's holdings in Real Estate Holding & Development and Retail REITs. Several individual holdings were also negative for results during the period, including Public Storage, Sumitomo Realty & Development Co., Ltd., Welltower, Inc., Equity Residential and CyrusOne, Inc.

The Fund's positioning from a country perspective contributed to relative results. In particular versus the Index, overweights to the UK and Belgium on average during the period, along with an underweight to the U.S., were the most additive for results. On the downside, underweights in Germany, Switzerland and Sweden versus the Index were the largest detractors from relative performance.

Market uncertainty and volatility has increased, spurred by increasing coronavirus concerns as more countries, including the U.S., announce additional infections. We believe first half 2020 economic growth is likely to be severely impacted. In a surprise move, the Fed lowered the Fed Funds rate by 50 basis points in early March and by 100 basis points on March 15^th. There has also been a significant fiscal stimulus package in the U.S. to help support the economy (all after the reporting period ended). We will be monitoring indicators closely in the weeks and months ahead for signs of economic weakness. A possible extended global economic slowdown triggered by the coronavirus outbreak, the coming U.S. election, and lingering concerns from U.S.-China trade tension has us re-doubling our effort to position the Fund to better withstand these headwinds. We believe synchronized global monetary easing should help reduce the impact on markets. We also believe that stable cash flows anchored by some long-term leases and conservative capital structures (lower leverage) should allow the U.S. listed real estate market to perform more defensively than the broader market.

Overseas, the UK and European equity markets are facing pressure from disruption due to the coronavirus. As was the case with the Fed, the European Central Bank and Bank of England, among other central banks, have recently introduced accommodative monetary policies in an attempt to ward off the impact from the coronavirus. In order to position for these challenging times, we continue to focus on businesses where we see a structural growth angle and a strong rental growth profile. UK and European leases are among the most secure lease structures globally and, while the recent rise in Company Voluntary Arrangements (CVA)¹ may have undermined income security in retail, contagion to other sectors has been limited. Our preferred strategy is to concentrate on owning companies investing in sectors with robust fundamentals, with business models that can handle both near term disruption, and potential longer-term structural changes that could emerge. For Asia, the business disruptions caused by the coronavirus added to the existing concerns posed by decelerating growth, the strengthening yen, political unrest in Hong Kong and the effect of softening commodity prices on Australia. Nevertheless, Asia's real estate market fundamentals remain sound, with demand mostly

outstripping supply, except for the retail sector. Amid the near term challenges, we retain our preference for what we believe to be high quality companies that are more resilient to any macro downturn.

Sincerely,

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

¹  A CVA is a form of composition, where an insolvency procedure allows a company with debt problems, or that is insolvent, to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period of time.

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

Greater China Equity Fund Commentary

Neuberger Berman Greater China Equity Fund Institutional Class generated a 7.97% total return for the six months ended February 29, 2020, underperforming its benchmark, the MSCI China Index (Net) (the Index), which generated 10.24% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

For the six months ended February 29, 2020, the Fund's main contributors to returns relative to the Index included Materials (overweight and stock selection within the Construction Materials industry), Utilities (underweight versus the Index) and Communication Services (stock selection, primarily within Interactive Media & Services). Detractors from performance relative to the Index included Consumer Discretionary (stock selection, primarily within the Automobiles, Internet & Direct Marketing Retail, Household Durables and Diversified Consumer Services industries), Information Technology (IT) (underweight versus the Index) and Financials (stock selection within the Insurance industry).

The Fund continues to focus on companies that have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 29, 2020, the Fund's largest sector overweight relative to the Index was Consumer Staples, and the largest sector underweight was Communication Services. The Fund also held overweight positions in Industrials and Materials, and underweight positions in IT and Financials. The Fund's top 10 positions comprised more than 52% of total portfolio assets at the end of February.

Over the past six months, the China equity markets remained volatile, as indicated by both the MSCI China Index, which is a proxy for offshore listed Chinese equities, as well as the domestic China A-shares market. In September, the China equity markets rebounded as China-U.S. trade talks resumed, the State Council signalled targeted reserve requirement ratio (RRR) cuts—China's Central Bank announced a 0.5% RRR cut effective mid-September 2019 as well as targeted 0.5% RRR cuts in both October and November 2019—and the State Administration of Foreign Exchange announced the removal of certain foreign institutional investor quotas, but most of the gains reversed ahead of the China National Day holidays amid ongoing trade tensions, policy easing and continued social unrest in Hong Kong. After the Golden Week holidays in October, both offshore and onshore markets rallied strongly because of solid third quarter earnings results, and investors awaited guidance from the 4^th Plenary Session of the 19^th Central Committee of the Communist Party of China.

Markets extended gains into November as China and the U.S. both stated plans to lift tariffs as part of a phase one trade deal, but corrected sharply later in the month after the U.S. passed a bill in support of the Hong Kong protest movement. In December, Chinese equities rallied strongly as China and the U.S. reached a phase one trade deal which prevented additional U.S. tariffs on U.S.$160 billion worth of Chinese imports from coming into effect and both countries agreeing to scale back existing tariffs. Encouraging China macroeconomic data and expectations of additional fiscal and monetary stimulus from Beijing further lifted investor sentiment which led markets to end 2019 on a strong note.

Going into 2020, China equity markets extended gains as the government announced a broad-based RRR cut and trade tensions eased after China and the U.S. signed the trade deal, but markets took a downturn later in January as investors turned risk-off ahead of the Lunar New Year holidays and assessed the impact of the coronavirus outbreak on the global economy. Throughout February, investors were focused on the coronavirus outbreak and Chinese equities were sold off after resuming trading from the extended New Year holidays, and global markets declined as the outbreak spread to more countries such as the U.S., Korea, Japan, Italy and Iran, and the spike in number of infections heightened concerns over disruptions to global supply chains.

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

Guardian Fund Commentary

Neuberger Berman Guardian Fund Investor Class posted a 6.55% total return for the six months ended February 29, 2020, outperforming the 1.92% total return of its benchmark, the S&P 500^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a strong start, the overall U.S. stock market fell sharply, erasing much of its earlier gains. The market initially moved higher and reached several new all-time highs. Investor sentiment was supported by the completion of the first phase of the trade accord between the U.S. and China, continued monetary policy accommodation by the U.S. Federal Reserve Board (Fed) and generally solid corporate results. However, beginning in mid-February 2020 the market experienced a rapid and severe downturn, triggered by concerns of the spreading coronavirus and its impact on the global economy. All told, the Index returned 1.92% for the six-month period.

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

Stock selection drove the Fund's outperformance relative to the Index during the period. In particular, holdings in the Financials, Communication Services and Information Technology (IT) sectors were the most beneficial for returns. Conversely, stock selection in the Industrials sector was the only detractor from the Fund's relative selection results.

Sector allocation, overall, also contributed to the Fund's results during the reporting period. This was primarily driven by an underweight to Energy versus the Index, and lack of exposure to the Real Estate sector. Conversely, the Fund's overweight to Consumer Discretionary and underweight to IT versus the Index were the largest relative detractors from an allocation perspective.

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

Looking ahead, we believe that when combining expected earnings and dividends within today's interest rate environment (real rates are at the very low end of historical standards), prospects for attractive risk-adjusted equity returns over time remain intact. After all, expectations of inflation remain anchored at low levels, helping to contain long term interest rates and heightening the competition between equities and the bond market. Core inflation hit a 10 year high in mid-2018 before falling back below 2% in recent months and we believe inflation expectations hover below the Fed's 2% target rate. Importantly, the speed of technological advances and price transparency (largely driven by the internet) in our view are keeping a lid on inflation. We believe that the key market debate continues to revolve around the magnitude of the global deceleration of growth—coupled with the decisions around interest rates and tariff activity and how much this will impede the growth of corporate earnings in the U.S. and elsewhere. It takes time for accommodative monetary policies to flow through the real economy. In the interim, it will be up to the consumer sector to carry the economy until the manufacturing sector gains stability.

Since the end of the reporting period, the uncertainty over global growth concerns, driven by the abrupt halt in economic activity from the COVID-19 outbreak, has led to periods of heightened market volatility. The key debate continues to revolve around the magnitude of the global deceleration of growth, coupled with the permanent loss of corporate cash flows from the slowdown in economic activity, and how much this will impede the growth in corporate earnings in the U.S. and elsewhere. We believe that recent volatility and oscillations of the stock market will continue to occur due to the interconnectivity and tight correlations of both the global economy and the credit and equity markets. As market dynamics change, this can cause company market values to dislocate from their long-term potential values. We are very mindful of the complex world in which we live and invest. We remain mindful that our constructive view on risk assets is

not without challenges. Given the vicissitudes of an increasingly global economy, we will remain flexible in our decisions and open-minded to new ideas across different sectors, asset classes and geographies.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

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

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

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

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

Guardian Fund

Integrated Large Cap Fund* Commentary

Neuberger Berman Integrated Large Cap Fund Institutional Class generated a 0.10% total return for the six months ended February 29, 2020, trailing the 1.97% total return of its benchmark, the Russell 1000^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

At the start of September 2019, the Fund transitioned to the Integrated Large Cap strategy focusing on U.S. Large Cap securities using a combination of Fundamental and Quantitative investing approaches, and began comparing its performance to the Index, rather than its prior benchmark, the MSCI All Country World Index (Net), to correspond with the Fund's revised principal investment strategy. From the close of September 3, 2019 (the effective date of the changes) through the end of the reporting period, the Fund's Institutional Class returned 0.62% versus a 2.71% total return for the Index. For the six-month reporting period, the Fund's Institutional Class returned 0.10% versus a 1.13% total return for the prior benchmark.

From September 2019 through mid-January 2020, markets grinded higher as trade tensions eased and the U.S. Federal Reserve Board struck a largely dovish tone. The market environment rapidly downshifted in late January. The coronavirus dominated headlines and impaired growth prospects across the globe, causing cyclical industries, particularly airlines and cruise lines, to tumble. A price war in the global oil markets exacerbated the sell-off.

The Fund benefitted from diverse factor and thematic exposure throughout the period with security selection in Industrials and Materials contributing positively to relative performance. From a factor perspective, Momentum was the strongest performer. Across sectors, the Fund takes relatively small tilts away from Index sector weights so allocation effects were relatively muted during the period.

In this market environment, our security selection in Communication Services, Information Technology and Health Care struggled towards the end of 2019 with high growth tech securities leading the market upward, and value names struggling to keep pace. The February sell-off was largely indiscriminant with low-risk securities, traditionally a resilient factor in periods of market stress, selling off in tandem with their high-risk counterparts.

Looking ahead, we foresee continued market volatility as equities sell off from recent highs and concerns over the coronavirus and energy prices accelerate. Given market dynamics following previous sharp market declines, we anticipate seeing the strategy perform well on a relative basis as selling pressures normalize and long-term themes and factors take hold once again.

Sincerely,

SIMON GRIFFITHS AND JACOB GAMERMAN
PORTFOLIO MANAGERS

*  As previously announced, effective September 3, 2019, Neuberger Berman Global Equity Fund changed its name to Neuberger Berman Integrated Large Cap Fund, and changed its investment strategy, portfolio management team, benchmark and fees and expenses.

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

International Equity Fund Commentary

Neuberger Berman International Equity Fund Institutional Class generated a total return of 2.98% for the six months ended February 29, 2020, outperforming its benchmark, the MSCI EAFE^® Index (Net) (the Index), which generated a total return of –0.91% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equities performed well through mid-January. U.S. and Eurozone manufacturing surveys picked up slightly after September, the service sector improved, and employment remained stable. These factors, plus an avoided round of U.S.-China and U.S.-Europe tariff wars helped restore confidence that recessions in the U.S. and Europe were not imminent. The market reversed course in February, however, declining sharply on fears of the global economic impact of coronavirus against an already subpar global growth rate.

Within the Index, Energy declined most as fears pushed oil prices lower. Consumer Staples and Communication Services also declined. Utilities outperformed most as investors sought safety in yield. Information Technology (IT) and Health Care also posted strong results. By country, New Zealand, Portugal and Ireland outperformed the Index the most, while Belgium, Norway and Austria saw the largest declines.

The most significant factor in the Fund's outperformance was stock selection, especially in Financials, IT and Materials, but sector allocation also helped; primarily our overweight IT and underweight Energy versus the Index. By country, the largest relative benefit came from holdings in the UK, Switzerland and Germany.

Top individual contributors included ASML, Kinaxis and Nexi. ASML, the Netherlands-based semiconductor equipment manufacturer, reported strong results. It also began shipping its newest extreme ultraviolet lithography tool, (an advanced technology used in chipmaking), priced at a 30% premium to its previous version. Kinaxis, the Canadian software company focused on supply chain management, also reported solid earnings, and Nexi, an innovative Italian payments firm, was boosted by M&A activity in the space.

Stock selection within Consumer Staples and Real Estate, and our underweight to Utilities versus the Index were a headwind. By country, holdings in Japan and France, and a zero allocation to the outperforming Danish market were detriments.

Individually, Fevertree, Kose and Ichigo detracted most. Fevertree, the UK beverage firm, revised guidance downward based on weaker consumer spending in the UK, though other regions continued showing strong growth. Kose, the Japanese cosmetics player, reported weaker-than-expected results mainly due to weakness in skin and hair-care products, where margins were squeezed by higher input costs. (Kose was sold during the period.) Ichigo, the Japanese real estate owner/operator, suffered due to concerns around the impact that the fallout from the coronavirus will have on its hotel and retail assets.

Looking ahead, it is difficult to estimate the impact coronavirus may have on an interconnected and already somewhat weak global economy. If it's contained relatively quickly, we may see first and second quarter impacts. If it continues to spread, it could pose a larger risk, especially given that central banks have already deployed much of their stimulus firepower. As with any crisis in the past, the more we know, the less fearfully investors will respond.

Because this Fund follows a quality-at-a reasonable-price discipline, we had already been avoiding areas of the market that appeared to us overheated, including sectors where equity prices had far surpassed earnings, and we are pleased to have delivered a positive return this period against the negative return of the Index. We will continue to focus on companies that we believe offer the best opportunities for long-term outperformance. As always, we look for secular growth, niche product offerings, solid recurring revenues, and/or strong management teams that we believe can enhance shareholder value.

Sincerely,

BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS

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

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

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

International Equity Fund

International Select Fund Commentary

Neuberger Berman International Select Fund Trust Class generated a total return of 2.73% for the six months ended February 29, 2020, outperforming its benchmark, the MSCI EAFE^® Index (Net) (the Index), which generated a total return of –0.91% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equities performed well through mid-January. U.S. and Eurozone manufacturing surveys picked up slightly after September, the service sector improved, and employment remained stable. These factors, plus an avoided round of U.S.-China and U.S.-Europe tariff wars helped restore confidence that recessions in the U.S. and Europe were not imminent. The market reversed course in February, however, declining sharply on fears of the global economic impact of coronavirus against an already subpar global growth rate.

Within the Index, Energy declined most as fears pushed oil prices lower. Consumer Staples and Communication Services also declined. Utilities outperformed most as investors sought safety in yield. Information Technology (IT) and Health Care also posted strong results. By country, New Zealand, Portugal and Ireland outperformed the Index the most, while Belgium, Norway and Austria saw the largest declines.

The most significant factor in the Fund's outperformance relative to the Index was stock selection, especially in Financials, IT and Materials; but sector allocation, primarily our overweight to IT, also helped. By country, the largest relative benefit came from holdings in the UK, Switzerland and the Netherlands.

Top contributors included ASML, Nexi and Alibaba. ASML, the Netherlands-based semiconductor equipment manufacturer, reported strong results. It also began shipping its newest extreme ultraviolet lithography tool, (an advanced technology used in chipmaking), priced at a 30% premium to its previous version. Nexi, an innovative Italian payments firm, was boosted by M&A activity in the space. Alibaba, the Chinese e-commerce giant, beat earnings expectations on solid growth across all business units and good cost control. Despite the trade war between the U.S. and China, the fundamental drivers of China's domestic commerce business remained strong.

Stock selection and an overweight to Consumer Staples versus the Index, and a zero allocation to Utilities detracted. By country, holdings in Japan and Israel and a zero weighting to Denmark were a minor detriment.

Individual detractors included Fevertree, PERSOL and Kose. Fevertree, the UK beverage firm, revised guidance downward based on weaker consumer spending in the UK, though other regions continue to exhibit strong growth. PERSOL, a Japanese temporary staffing firm, suffered weak results due to the slowdown in the domestic economy. Kose, the Japanese cosmetics player, reported weaker-than-expected results mainly due to weakness in skin and hair-care products, where margins were squeezed by higher input costs. (Kose was sold during the period.)

Looking ahead, it is difficult to estimate the impact coronavirus may have on an interconnected and already somewhat weak global economy. If it's contained relatively quickly, we may see first and second quarter impacts. If it continues to spread, it could pose a larger risk, especially given that central banks have already deployed much of their stimulus firepower. As with any crisis in the past, the more we know, the less fearfully investors will respond.

Because this Fund follows a quality-at-a-reasonable-price discipline, we had already been avoiding areas of the market that appeared to us overheated, including sectors where equity prices had far surpassed earnings, and we are pleased to have delivered a positive return this period against the negative return of the Index. We will continue to focus on companies that we believe offer the best opportunities for long-term outperformance. As always, we look for secular growth, niche product offerings, solid recurring revenues, and/or strong management teams that we believe can enhance shareholder value.

Sincerely,

BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS

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

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

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

International Select Fund

International Small Cap Fund Commentary

Neuberger Berman International Small Cap Fund Institutional Class reported a total return of 4.09% for the six months ended February 29, 2020, outperforming the 0.42% 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 equity markets performed well though mid-January, as the manufacturing sector, which had been weak, and the service sector in both the U.S. and Europe improved, and as employment data remained steady. Several political risks were reduced as well, including the avoidance of a threatened December round of U.S. tariffs aimed at China and Europe. In February, however, the market gave back much of its earlier gains on investor fears about the economic impact a coronavirus pandemic could have on an already strained global growth rate. Over the whole period, small-cap international stocks, as measured by the Index, outperformed large-cap international stocks, as measured by the MSCI EAFE® Index, which returned –0.91%.

Within the Index, the sharpest loss occurred in Energy, as the price of oil declined on both growth concerns and oversupply. Consumer Staples and Materials also fell, albeit on a smaller scale. Utilities, Financials and Information Technology (IT) were among the outperforming sectors. By country, Portugal, Australia and New Zealand lost the most, while Denmark, Finland and Sweden led.

The Fund's outperformance relative to the Index resulted primarily from stock selection—most notably within Industrials, Financials and Consumer Discretionary. Sector allocation was a secondary positive, especially our overweight to IT versus the Index. By country, holdings in the UK and France, and our opportunistic allocation to non-Index country Canada, were positives.

Top contributors included Kinaxis, Games Workshop Group and Sweco. Kinaxis, the Canadian software company focused on supply chain management, reported solid earnings. Games Workshop Group, a UK manufacturer of miniatures and table top game systems, continues to deliver very strong results while implementing an achievable growth strategy in a variety of end markets. Sweco, a Swedish engineering and environmental technology firm, reported strong revenues and earnings.

Stock selection and an underweight to Real Estate, an underweight to Financials versus the Index, and a zero allocation to Utilities detracted from relative performance. On a country basis our allocation to non-Index country Korea and stock selection in Sweden and Austria were detrimental.

Individual detractors included Sensyne Health, Lumibird and Schoeller-Bleckmann Oilfield Equipment. Sensyne, a UK provider of analytical tools for pharmaceuticals and hospitals, saw its stock under pressure with a struggling asset manager quickly selling its shares. We believe the fundamental outlook remains solid. Lumibird, a French high tech laser manufacturer, fell as its management team pushed out future revenue growth estimates by 12 months given delayed orders. Schoeller-Bleckmann, a leading Austrian directional drilling technology firm, declined due to the deteriorating outlook for capex in the Energy industry given the sharp fall in oil prices.

It's difficult at this stage to estimate the eventual impact coronavirus may have on the global economy and the markets. If it's contained relatively quickly, as we hope, impacts should be somewhat limited. If it continues to spread, it could pose a larger risk, from supply chain disruption to restrictions on travel and meetings cascading throughout all sectors against an already subdued global growth rate. Central banks have been responsive, but much of their stimulus toolkit has already been used.

Because the Fund follows a quality-at-a-reasonable-price discipline, we had already been avoiding areas of the market that appeared to us overheated, including sectors where equity prices had far surpassed earnings, and we are pleased to have delivered a solid positive return this period, and to have outperformed the Index. We will continue to focus on companies that we believe offer the best opportunities for long-term outperformance. As always, we look for secular

growth, niche product offerings, solid recurring revenues, and/or strong management teams that we believe can enhance shareholder value.

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

Intrinsic Value Fund Commentary

Neuberger Berman Intrinsic Value Fund Institutional Class generated a –0.23% total return for the six months ended February 29, 2020, outperforming its benchmark, the Russell 2000^® Value Index (the Index), which provided a total return of –2.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The market experienced a robust recovery in calendar year 2019. As with the broader market, consistent growth was responsible for the Fund's best performers while traditional, deep value investments drove most but not all of the underperformers. Even though growth drove returns, all of the Fund's outperformers were laggards when initially purchased. In our experience, new investment ideas will always come from out of favor, underperforming companies. This remains a cornerstone of our investment process.

Fiscal year to date through early February, business was accelerating in the companies held by the Fund, however, the potential for deceleration now exists due to the spread of the coronavirus. The question now is how quickly can the science catch up and provide relief? We are focusing on two components—supply side and demand side. We are not overly concerned with the supply side, however, demand side issues could be more systemic and long-term in nature.

In terms of the potential long-term economic ramifications resulting from COVID-19, containment is inherently recessionary in nature. If we continue down a path of potentially having long-term containment, it will negatively impact economic activity in the short-term and will likely lead to a recession. The questions are: How long will it last? Will it be V, L or U shaped? It's way too early to give an accurate answer. We are stress testing our portfolio across all three scenarios. We are eliminating companies that we determine are unable to handle any of the three scenarios.

Broadly, the question is, is this a buy into the dip, stay on sidelines, or sell opportunity? We believe it is still too early to predict. There are companies in our portfolio that are very cheap, however we are more cyclical than the Index and we have limited exposure to banks and yield-oriented investments. The more growth-centric a company is, the better it has performed in this environment, but those types of companies are generally not cheap. While "value" stocks are less expensive, they are more cyclical and have greater exposure to economic sensitivity. They are likely to perform better when there is more of an all-clear signal.

As noted above, we are materially underweight Financials (less than 5% exposure versus more than 30% for the Index as of the end of the reporting period). We have approximately a 3.5% exposure to travel-related companies (Avis, Hertz, SeaWorld). All three of these companies performed very well prior to the coronavirus panic and we have not changed our viewpoint on these investments. We also currently have a very small allocation to Energy stocks (under 2%). We believe this is going to be a very challenged sector, particularly in the small cap space. We have decided not to make additional investments in this area as Energy companies tend to be leveraged and depending on the severity of a potential recession, will have difficulty refinancing.

Every negative period comes from a different trigger. We have been running this strategy since 1997 and have seen many different severe market sell-offs over the last 23 years. Potential tax cuts, targeted financial relief and more Fed Funds rate cuts will likely provide significant stimulus. With new technology and breakthroughs on testing and therapies, we believe this will become manageable. The ultimate question is, how severe will the recession be?

We thank you for your investment in our Fund and look forward to reporting our future results.

Sincerely,

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

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

Large Cap Value Fund Commentary

Neuberger Berman Large Cap Value Fund Investor Class generated a –3.83% total return for the six months ended February 29, 2020, underperforming the Russell 1000^® Value Index (the Index), which returned –1.69% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After a strong start, the overall U.S. stock market fell sharply, erasing much of its earlier gains. The market initially moved higher and reached several new all-time highs. Investor sentiment was supported by the completion of the first phase of the trade accord between the U.S. and China, continued monetary policy accommodation by the U.S. Federal Reserve Board (Fed) and generally solid corporate results. However, beginning in mid-February 2020 the market experienced a rapid and severe downturn, triggered by concerns of the spreading coronavirus and its impact on the global economy. After being up over the first five months of the reporting period, those gains were then erased in February. All told, large-cap value stocks, as measured by the Index, returned –1.69% for the six months ended February 29, 2020.

The Fund underperformed the Index during the reporting period. An overweight versus the Index and stock selection in the Energy sector detracted from relative performance. Elsewhere, an underweight to Health Care was a headwind for relative returns, as the benchmark's sector outperformed the overall Index over the period. On the upside, stock selection in Consumer Discretionary contributed to returns. In particular, the Fund had a position in Tiffany & Co., whose shares rallied sharply as it was acquired at a premium to its previous share price. The Fund's positioning in the Materials sector was also additive for performance. Within the sector, stock selection and an overweight in the Metals & Mining industry were beneficial for results.