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

Neuberger Berman
Equity Funds

Semi-Annual Report

February 28, 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

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,

U.S. election results and vaccine approvals and distribution news accelerated global equity markets' performance during the six-month period ended February 28, 2021 (the reporting period). Returns ranged from the nearly 10% return of the S&P 500^® Index to over 40% for the Russell 2000^® Index for the reporting period, with emerging and developed international markets landing in between.

President Biden's victory signaled an intention to return the U.S. to more normal and predictable global trade policy, an increased likelihood of fiscal stimulus for pandemic-impacted businesses and consumers, and a more rapid and equitable mass vaccination effort, hopefully providing a quicker pathway to reopening and a return to full employment.

Beyond immediate initiatives, new policies aimed at infrastructure improvements, a commitment to domestic sourcing for government procurement, and others, if fully adopted, could bolster U.S. manufacturing, and thus, employment, tax revenues and consumer spending.

As of this writing—one year since the WHO declared COVID-19 a global pandemic, and with a death toll of 530,000 and counting in the U.S.—Congress approved a stimulus package that will bring total relief spending in the U.S. to $5.3 trillion. Similar stimulus measures have been undertaken in many nations and central banks, including the U.S. Federal Reserve Board, have loosened monetary policy and supported credit markets. Stimulus remains important to a U.S. economy that, even after significant gains, has 9.5 million fewer jobs than one year ago, and that in 2020 saw more bankruptcies than in any year since 2012, but which also added to the record $3.1 trillion deficit set in 2020.

As we look ahead, resolution of key questions will drive the shape of the recovery, which as after 2008, could take any shape from a "K" to a "V" as indications both of participation and robustness. We saw consumer savings increase and debt service decline during the pandemic, and personal income increased 10% this January alone. Should consumers continue to reign in discretionary spending, the recovery will be less dramatic. If on the other hand, they use improving employment and income numbers to fulfill pent-up demand for products and services, the economy could boom.

Risks remain, the most serious likely being the evolution of any COVID-19 virus variants that are resistant to current vaccines. If the world vaccinates quickly enough, however, there may not be time for this to happen. Inflation is another potential concern, with global central banks remaining stimulative, and savings rates rising. Equity valuations are another concern, high in many areas relative to both economic growth and earnings. But with interest rates as low as they've been for some time, investors continue to favor equities over bonds for both total return and income.

In this type of environment���where the economy is recovering, but significant unknowns remain at a macro level—we believe active managers have the ability to really excel. We've seen this already in many of the portfolios discussed within during the reporting period. We believe a focus on company fundamentals, cognizant of valuations, can uncover great opportunities, including opportunistic trading during volatility. Research can reveal unrecognized niches and trends and following time-tested disciplines can remove noise and distractions.

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 and will continue to monitor the potential long-term implications on global economies. Neuberger Berman will remain flexible and look to adapt as necessary the firm's operations and processes to most effectively manage portfolios.

Thank you for your support and trust. We look forward to continue serving your investment needs in the years to come.

Sincerely,

JOSEPH V. AMATO

PRESIDENT AND CEO

NEUBERGER BERMAN EQUITY FUNDS

Dividend Growth Fund Commentary

Neuberger Berman Dividend Growth Fund Institutional Class generated a 18.01% total return over the six-month period ended February 28, 2021 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a 9.74% 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 COVID-19 vaccine breakthroughs from Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson. The powerful market rally saw renewed optimism as investors bid-up cyclical assets, supporting a rotation into value stocks. By late-February, the U.S. House of Representatives voted to pass a $1.9 trillion coronavirus relief bill, focused on unemployment benefits and money for state and local governments. On the macro front, the unemployment rate dropped to 6.2% at the end of February as investors were encouraged by the tighter labor market that showed signs of improvement from its April 2020 doldrums. Elsewhere, the U.S. Federal Reserve Chair, Jerome Powell, vowed to remain accommodative while downplaying inflationary pressures.

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 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, top equity sector weights included 23% Information Technology (IT), 16% Financials, and 14% Health Care at the end of the reporting period. Overall, the bulk of the Fund's total returns were generated from stocks across Financials, IT, and Consumer Discretionary—while exposure to Utilities, Consumer Staples, and Real Estate dampened results.

Within Materials, the Fund generated positive returns as shares of Freeport-McMoRan advanced by triple-digits, making it the Fund's top overall performer. Shares of the copper and gold producer rallied, posting extraordinary returns as investors bid-up metals from depressed levels. We remain attracted to this business as we believe it offers a unique business model and superior dividend re-initiation potential.

On the other side, while stock selection was strong across Materials, Wheaton Precious Metals was the Fund's worst performer as shares of the precious metals streaming company experienced profit-taking following a strong 2020 calendar year performance. While recent results have been underwhelming, we remain attracted to this business given its diversification and exposure across gold, platinum, palladium, and copper. Wheaton currently has streaming agreements across 23 operating mines and 8 development stage projects where it has agreed to purchase all or a portion of the production for an upfront payment and an additional payment upon delivery. In addition, this business typically has not incurred ongoing exploration costs faced by traditional mining companies and has a strong track record of generating among the highest cash operating margins across the mining industry.

In closing, despite the 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 while providing an attractive inflationary hedge relative to bonds 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

Emerging Markets Equity Fund Commentary

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 20.62% for the six-month period ended February 28, 2021 (the reporting period), trailing its benchmark, the MSCI Emerging Markets (EM) Index (Net) (the Index), which reported a total return of 22.32% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

EM equities outperformed both the U.S. (S&P 500^® Index) and developed international markets (MSCI EAFE Index) during the reporting period. Nearly every market within the Index rose, as positive COVID-19 vaccine news led to optimism that economies would reopen once vaccines were broadly available, especially the more practical single-dose vaccines.

By country, Korea, Taiwan and Chile advanced the most during the reporting period. Egypt and Poland, which posted slight declines, and Qatar were weakest. All sectors closed up, with cyclical areas performing best on expectations of reopening. Information Technology (IT), Materials and Communication Services led the Index, and Consumer Staples, Health Care and Real Estate lagged.

The EM rally, which began in mid-March 2020 and accelerated this reporting period, was driven by momentum names. This has been a relative headwind for our strategy, but we believe momentum can reverse quickly as seen during the latter part of February 2021, and that the market will transition back to a more typical fundamentals-based environment as local economies open up.

For the Fund, stock selection within Financials and Health Care and an overweight to IT versus the Index were the biggest contributors to relative performance. By country, stock selection within India was our biggest advantage, followed by Malaysia. Our out of benchmark Kazakhstan exposure was also beneficial to performance.

Taiwan Semiconductor (TSMC), Samsung, and Tencent were our top contributors. TSMC, the Taiwanese semiconductor manufacturing giant, rallied after recent wins for next-generation chips, progress on investments in more advanced technologies, and new factory locations. Samsung, the Korean consumer electronics and semiconductor/memory name rallied, as investors believed its memory chip business will benefit from anticipated growth trends. Tencent, the Chinese social app and gaming provider, outperformed on investor expectations of increased gaming revenues in 2021.

Stock selection within Consumer Discretionary and Industrials and an overweight to Consumer Staples versus the Index detracted from relative results. By country, detractors included Chinese and Taiwanese holdings, and our overweight to Poland.

Alibaba, China Mobile, and A-Living detracted the most during the reporting period. Alibaba, the Chinese e-commerce giant, sold off on fears of greater Chinese regulatory scrutiny aimed at a subset of dominant Chinese Internet firms. China Mobile, the telecom service provider, has been hurt by a variety of fundamental and U.S.-China political headline issues. We exited the China Mobile position during the reporting period. A-Living, the Chinese property management firm, one of the portfolio's top performers in early 2020, was subjected to profit-taking as investors rotated into newly offered Chinese property-related names. We reviewed our position and added to the name during the reporting period.

In terms of positioning for the future, China, which is close to 40% of the Index now, is our most significant underweight, and India is our top overweight. Consumer Discretionary is our largest sector underweight versus the Index, but we pared our underweight by moving principally into Internet & Direct Marketing Retail names within the sector. Elsewhere, individual buys and sells have resulted in Financials being our top overweight, overtaking Consumer Staples and IT, where trims have lessened their share of the portfolio.

We also continue to find individual names that have been profitable serving a variety of domestic end-markets. We prefer these to the momentum-driven/thematic areas that were in favor this reporting period (such as Chinese electronic vehicle names), many of which are barely—or are not—profitable.

We believe in this strategy and the strength of the Fund's current portfolio, and believe we are well positioned to deliver strong risk-adjusted returns over the longer term.

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 10.03% total return over the six-month period ended February 28, 2021 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a 9.74% 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 COVID-19 vaccine breakthroughs from Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson. The powerful rally saw renewed optimism as investors bid-up cyclical assets, supporting a rotation into value stocks. By late-February, the U.S. House of Representatives voted to pass a $1.9 trillion coronavirus relief bill, focused on unemployment benefits and money for state and local governments. On the macro front, the unemployment rate dropped to 6.2% at the end of February as investors were encouraged by the tighter labor market that showed signs of improvement from its April 2020 doldrums. Elsewhere, the U.S. Federal Reserve Chair, Jerome Powell, vowed to remain accommodative while downplaying inflationary pressures.

The Fund is an objective-based strategy, targeting a total return between stocks and bonds with lower 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, top equity sector holdings included approximately 15% Financials, 12% Real Estate, and 11% Information Technology (IT) at the end of the reporting period. The Fund also had a roughly 6% allocation to convertible bonds, which we believe provides a differentiated approach to an equity income portfolio. Additionally, within this space, the Fund can own securities issued under Rule 144A, where retail investors often have limited exposure. Overall, during this reporting period, the bulk of total returns were generated from our allocation across Financials, IT, and Materials—while exposure to Utilities, Real Estate, and Consumer Staples stocks dampened results.

In aggregate, our overweight to Financials versus the Index generated the bulk of returns. The Fund seeks to provide a footprint to insurance providers, megabanks and asset-sensitive regionals as our factor analysis suggests exposure can potentially counterbalance rate sensitivity. PNC Financial Services Group was among our winners during the reporting period, advancing by double-digits. In November, 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. Based on our analysis, we believe cost savings will be accretive to earnings by mid-2021—setting the stage, potentially, for attractive growth prospects.

On the other end of the spectrum, stock selection within Real Estate was a headwind to relative returns versus the Index, as CyrusOne was among our biggest losers. Historically, strong performance within this sleeve has been supported by investments outside the scope of traditional brick-and-mortar property-types including logistics, cell towers, and data centers (to name a few). CyrusOne fits this profile as this eclectic name operates data centers focused on protecting IT infrastructure for approximately 1,000 customers. Despite recent setbacks, we remain bullish on long term demand across the U.S. and Europe as we continue to see an attractive runway for growth across hybrid and multi-cloud deployments.

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

In closing, despite the 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 as 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

Focus Fund Commentary

Neuberger Berman Focus Fund Investor Class generated a 11.28% total return for the six-month period ended February 28, 2021 (the reporting period), underperforming the 13.04% 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.)

The global equity market generated a strong return over the reporting period. The Index declined over the first two months of the period, as an increase in COVID-19 infections, mixed economic data, and uncertainties over the 2020 U.S. Presidential Election negatively impacted investor sentiment. Equities then rallied over three of the last four months of the reporting period. Investor risk appetite was generally robust as continued monetary policy accommodation by global central banks, the resolution of the U.S. Presidential Election, and the rollout of several highly effective COVID-19 vaccines buoyed investor sentiment. These factors more than offset an increase in infections in some areas and sharply rising interest rates in February 2021.

Sector allocation drove the Fund's relative underperformance during the reporting period, whereas stock selection was effectively flat. In terms of sector allocation, an underweight to Financials versus the Index was the largest negative for relative performance. An overweight to Consumer Staples was also a headwind for returns. On the upside, underweights to the Health Care and Utilities sectors were the most additive to relative performance.

Looking at stock selection, holdings in the Consumer Staples, Industrials and Real Estate sectors added the most value. In terms of individual stocks, semiconductor company ASML, luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton, and footwear and apparel company NIKE, Inc. were the most beneficial for total returns. In contrast, stock selection in the Materials sector was the only meaningful detractor from relative returns. Individual stocks that detracted from performance included e-commerce giant Amazon.com, Inc., financial services technology company Fidelity National Information Services, Inc. and Swiss food and drink processing corporation Nestle. We exited our position in Fidelity National Information Services during the reporting period.

Treasury yields across all maturities have risen sharply since the Georgia run-off elections in the first week of January that gave Democrats control of the White House and Congress. As such, the rotation from growth to value stocks since early January is understandable—especially given several years of underperformance by the latter. At the same time, most developed country central banks have signaled a strong commitment to maintain low interest rates. Additionally, interest rates, although higher, remain near historic lows. In our view, it is challenging to make macro judgments in 2021 given the sharp contraction experienced last year due to COVID-19. While we believe GDP is likely to accelerate meaningfully going forward (in light of the stimulus, COVID-19 cases falling, and the vaccine rollout accelerating), the growth trajectory of the resilient businesses we favor may become less apparent for a certain period of time. We will not hesitate to act should the right opportunity present itself. 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 with a differentiated view around earnings power relative to market consensus, enhanced by our fundamental, research-driven approach with data-science and ESG¹ insights. The Fund does not seek to add value from macro and political events.

Sincerely,

TIMOTHY CREEDON AND HARI RAMANAN
PORTFOLIO MANAGERS

¹ Environmental, Social and Governance practices.

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)

Genesis Fund Commentary

Neuberger Berman Genesis Fund Investor Class generated a 24.12% total return for the six-month period ended February 28, 2021 (the reporting period), underperforming the 41.69% 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.)

The equity market experienced periods of volatility during the reporting period, often tied to the impact from COVID-19. The market's weakness early in the period quickly reversed course with the November 2020 announcements of several highly effective vaccines. This, coupled with the resolution of the U.S. Presidential Election and continued accommodative monetary policy, fueled investor risk appetite. Investors, anticipating an economic recovery, flocked to more cyclical companies that could benefit the most from an economic revival. All told, the S&P 500^® Index gained 9.74% during the reporting period, while the Index, composed of small cap stocks, returned 41.69%.

The Fund posted a strong absolute return during the reporting period, but underperformed the stunning ascent in the overall small-cap market. Over the reporting period, the most speculative (smallest market caps and lowest stock prices), lowest quality (least profitable and/or most levered), and most cyclical (highest risk versus the overall market) companies outperformed. In January 2021, individual investors, spurred by social media, bid up the prices of a number of extremely speculative small-cap companies, most notably GameStop. As a rule, the Fund does not invest in low quality companies that are not profitable, have above average leverage, and are possibly on the verge of extinction. Rather, the Fund focuses on what we believe to be high quality companies with above average profitability, durable business models, and generally strong balance sheets.

The Fund generated double-digit gains in eight of the 10 sectors in which it was invested in during the reporting period, but lagged the Index on a relative basis in all 10 sectors. Relative stock selection was the weakest in the Health Care, Information Technology (IT) and Consumer Discretionary sectors. Within Health Care, our names underperformed in several industries. Within IT, our Software and Semiconductors stocks were headwinds for performance. Within Consumer Discretionary, our Specialty Retail positions negatively impacted results. Meanwhile, sector allocation was a modest headwind for performance, largely driven by an underweight to Energy and our small cash position. On the upside, not owning real estate investment trusts (REITs) and Utilities were the most additive for results.

Positive news on the COVID-19 vaccine front has added visibility to returning to some form of economic normalization. The markets have moved rapidly in response, by bidding up the companies and industries that were previously the most negatively impacted by COVID-19. To varying degrees, this left behind companies that previously benefited from the repercussions from the pandemic. Most of the former fall into the cyclical/value camp, while the latter tend to be growth/non-cyclical companies. One question facing investors at this juncture is the potential for rising inflation. Some of this could prove transitory. However, a case can be made that a more durable shift towards inflation could be underway. As such, we are "stress testing" all of the Fund's holdings to project how they may handle such a transition should it materialize. It stands to reason that financially strong companies, many with dominant market shares and highly differentiated business models, should enjoy strong pricing power in an inflationary environment. That said, we are taking nothing for granted as we analyze this potentially significant shift and the potential impact on the Fund's holdings.

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 5.63% total return for the six-month period ended February 28, 2021 (the reporting period), underperforming the 12.88% 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.)

The global equity market generated a strong return over the reporting period. The market declined over the first two months of the period, as an increase in COVID-19 infections, mixed economic data, and uncertainties over the U.S. November 2020 elections negatively impacted investor sentiment. Equities then rallied over three of the last four months of the period. Investor risk appetite was generally robust as continued monetary policy accommodation by global central banks, the resolution of the U.S. Presidential Election, and the rollout of several highly effective COVID-19 vaccines buoyed investor sentiment. These factors more than offset an increase in infections in some areas and sharply rising interest rates in February 2021. All told, global equities, as measured by the MSCI All Country World Index (Net), returned 13.04% for the reporting period. Comparatively, global real estate investment trusts (REITs) and real estate companies measured by the Index also generated strong results.

The Fund underperformed the Index during the reporting period. Stock selection, overall, was the largest drag to the Fund's relative results, driven by its holdings in the Specialty REITs sector. Stock selection in the Diversified REITs sector was also a headwind for returns. Several individual holdings detracted from performance, including Equinix, Inc., American Tower Corp. and Digital Realty Trust, Inc. On the upside, holdings in the Real Estate Holding & Development and Retail REITs sectors were the most additive for relative returns. In terms of individual holdings, Simon Property Group, Inc., Regency Centers Corp. and Mitsui Fudosan Logistics Park, Inc. were the largest contributors to performance.

The Fund's positioning from a country perspective also contributed to relative results. In particular versus the Index, an underweight in Germany and an overweight to Australia were the most beneficial for returns. On the downside, underweights in Norway and France and an overweight in Singapore versus the Index were the largest detractors from relative performance.

The pandemic and the effects of a U.S. and global recession remain the primary risks to the market. Although it will take time, we believe increased visibility to a post-COVID-19 environment may lead to a sustainable market recovery. In the meantime, measures including additional monetary and fiscal stimulus should, in our opinion, help buoy the economy until potential self-sustaining economic growth opportunities return. Overall, we remain cautious on the fundamental outlook for challenged sectors, and are looking for opportunities to make investments in what we believe are the highest quality companies, trading at sizable discounts, in anticipation of an end to the pandemic and fuller recovery in 2021.

Overseas, in the UK and Europe, 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. The Asia markets saw a relatively calm reaction to the resurgence of COVID-19 daily cases during the fourth quarter. Investors appear to be willing to look beyond the near term news to focus on the normalization scenario anticipated after vaccinations become available and widely adopted. We retain our bias for what we believe are high-quality companies in defensive sectors that are more resilient to a macro downturn and are at attractive valuations.

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

Greater China Equity Fund Commentary

Neuberger Berman Greater China Equity Fund Institutional Class generated a 21.25% total return for the six-month period ended February 28, 2021 (the reporting period), outperforming its benchmark, the MSCI China Index (Net) (the Index), which generated a 14.93% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

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. Chinese equities retreated in September as Chinese regulators curbed expectations on the ChiNext Board, geopolitical tensions with the U.S. and India increased and investors de-risked ahead of the China National Holidays. After the Golden Week holidays, China equity markets rallied strongly from positive sentiment as statistics indicated a consumption-led recovery and the State Council announced plans to develop Shenzhen as the "core engine" of reform in the Greater Bay Area. Despite the Fifth Plenum of the 19^th Party Congress revealing proposals for the 14^th Five-Year Plan in late October, investors remained cautious at month-end because of uncertainties over the upcoming U.S. elections, third quarter earnings results for Chinese companies and Ant Group's blockbuster initial public offering impacting liquidity.

In November, in spite of President Trump signing an executive order prohibiting U.S. investors from holding shares of companies with suspected Chinese military ties, Chinese equities rallied on the back of positive vaccine developments, positive macroeconomic data and the signing of the Regional Comprehensive Economic Partnership agreement by 15 Asia-Pacific countries. In December, both MSCI and FTSE announced the removal of blacklisted companies in the U.S. executive order from their respective benchmark indices. Both the domestic A-shares market and offshore market ended the year strongly after the People's Bank of China unexpectedly injected the most cash within a day via medium-term lending facility operations and China's Central Economic Work Conference provided positive policy plans in 2021.

Going into 2021, the China equity markets started on a strong rally due to increasing investment by Chinese households as evidenced from onshore mutual funds raising money at record pace, elevated turnover volume of the A-shares market and record levels of inflows into the Hong Kong market from China. Investor sentiment was further buoyed because of the bullish outlook of Chinese equities, anticipation of global recovery from the launch of COVID-19 vaccines and additional U.S. stimulus by the incoming Biden administration. Markets continued to rally in early February, primarily due to macroeconomic data indicating China's V-shape recovery to be on track, MSCI's plans to include STAR Board stocks in its May review and several successful IPOs and placement deals, including that of Kuaishou Technology, an operator of a popular short-video service. After the Chinese New Year holidays, both onshore and offshore markets corrected sharply and the sell-off further extended into month-end after the benchmark 10-Year U.S. Treasury yield surged to its highest level in over a year.

For the reporting period, the Fund's main contributors to return (relative to the Index) included Financials (stock selection in Banks and Insurance), Industrials (stock selection, primarily in Capital Goods) and Materials (a significant overweight versus the Index). Detractors from relative performance included Communication Services (a significant underweight versus the Index), Real Estate (an overweight) and Consumer Staples (a significant overweight).

At the end of the reporting period, the Fund's largest sector overweight relative to the Index was Materials, and the largest sector underweight was Communication Services. The Fund also held overweight positions in Industrials and Consumer Staples, and underweight positions in Information Technology and Financials. The Fund's top 10 positions comprised more than 54% of net portfolio assets at the end of February. The Fund continues to focus on identifying and owning companies that we think have sustainable top and bottom line growth.

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 an 8.42% total return for the six-month period ended February 28, 2021 (the reporting period), underperforming the 9.74% total return of its benchmark, the S&P 500^® Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall equity market generated a strong return over the reporting period. The market declined over the first two months of the reporting period, as an increase in COVID-19 infections, mixed economic data, and uncertainties over the November 2020 U.S. Presidential Election negatively impacted investor sentiment. Equities then rallied over three of the last four months of the reporting period. Investor risk appetite was generally robust, as the resolution of the U.S. Presidential Election, continued monetary policy accommodation by the U.S. Federal Reserve Board and the rollout of several highly effective COVID-19 vaccines buoyed investor sentiment. These factors more than offset an increase in infections in some areas and sharply rising interest rates in February 2021. All told, the Index gained 9.74% during the reporting period.

Stock selection, overall, drove the Fund's relative underperformance during the reporting period. In particular, holdings in the Industrials, Health Care and Materials sectors were the largest detractors from relative returns. On the upside, holdings in the Consumer Discretionary, Communication Services and Consumer Staples sectors were the most beneficial for returns. Sector allocation, overall, was effectively flat during the reporting period. This was primarily driven by underweights to Consumer Staples and Real Estate versus the Index, which added to relative returns and offset the negative impact of the Fund's underweights to Energy and Financials.

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

We believe we are in the nascent stages of an economic recovery. After a period of elevated risks, the outlook for economic growth appears brighter. This is being driven by an upswing in the business cycle, less volatility from the executive branch, and a vaccine distribution program underway—all supported by large amounts of fiscal and monetary policy support. We now face early cycle dynamics not seen for a decade—above trend GDP and corporate earnings growth, declining unemployment and ultra-low interest rates. While the current S&P 500 forward price to earnings valuation multiple¹ of over 20 times earnings may appear expensive at face value, it is much less extreme when measured against the 10-year U.S. Treasury bond yield, negative real rates, and solid earnings growth. 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. The myriad of ongoing geopolitical issues around the world remain top of mind. The current environment necessitates a flexible approach in the complex, global world in which we operate. We remain dedicated to thinking deeply and creatively as we seek to deliver attractive risk-adjusted returns. 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

Integrated Large Cap Fund Commentary

Neuberger Berman Integrated Large Cap Fund Institutional Class generated a 7.49% total return for the six-month period ended February 28, 2021 (the reporting period), trailing its benchmark, the Russell 1000^® Index (the Index), which returned 11.78% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

U.S. equity markets, as measured by the Index, ended the 2020 calendar year with strong positive performance after a year of heightened volatility. The COVID-19 pandemic prompted a severe market sell-off and economic turmoil to start the year followed by a strong rally in technology stocks as people across the globe adjusted to extended lockdown orders and remote working arrangements. Towards the end of the year, calls for further stimulus and vaccine optimism drove a rebound in cyclical and distressed industries, despite a surge in cases and the discovery of new virus strains. Economic data varied throughout calendar year 2020, as global economic growth fluctuated in the first half of the year with manufacturing Purchasing Managers Index (PMIs) sharply declining and then accelerating off the lows, while the second half of the year saw overall growth with much less variation. U.S. unemployment spiked in March and decreased steadily until plateauing in November and December. The 10-year U.S. Treasury yield remained below 1% after the first calendar quarter of 2020 before surging in early 2021 as government bonds rapidly sold off. The start of the new year saw Democrats win the Senate and President Biden officially take office announcing aggressive plans to accelerate pandemic response and boost fiscal stimulus. Meanwhile, market disruption from retail traders and rising inflation fears sparked increased market volatility and a continued rotation from long duration, high multiple stocks into cheaper cyclicals and financials.

For the reporting period, the vast majority of the Fund's underperformance versus the Index was driven by style exposure, with low volatility, trade activity and quality being the biggest detractors. The early stages of the recovery saw more speculative growth stocks outperform followed by a massive rally in distressed value names in the fourth quarter of 2020 as vaccine headlines hit the news cycle. This was a challenging environment for the Fund as our process uses a combination of quantitative and fundamental views that seeks to build a portfolio of high quality secular winners in each sector available at a reasonable price; unfortunately, these themes were not rewarded during the reporting period. Consumer Discretionary, Financials and Health Care were the largest sources of underperformance with our underexposure to Banks, Retailing and a particular electric vehicle manufacturer having an outsized impact on performance. The Fund posted gains from selection within the Industrials sector and asset-heavy Telecommunication stocks during the reporting period.

In terms of portfolio positioning, the team took an active response to vaccine developments by increasing exposure to Banks and more cyclically geared Industrials in order to incrementally position the Fund for a reflationary market environment (where both growth and inflation are accelerating). As the market continues to develop in 2021, we are confident that profitable companies with more resilient business models will be rewarded should markets return to some level of normalcy.

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

International Equity Fund Commentary

Neuberger Berman International Equity Fund Institutional Class generated a total return of 10.30% for the six-month period ended February 28, 2021 (the reporting period), trailing its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a 14.33% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Positive momentum in international equities has continued since the U.S. Presidential Election concluded, with investors reacting favorably to a return to global cooperation instead of confrontation on trade. Approvals of COVID-19 vaccines added fuel to this risk-on rally, as investors anticipated a move toward economic reopening. In Europe, a Brexit deal and an EU fiscal support package were additional positives. Developed international markets (as measured by the Index) outperformed the U.S. (as measured by the S&P 500^® Index) for the reporting period, but lagged the sharp rally in emerging markets.

Within the Index by country, Austria, the Netherlands and Spain performed the best. New Zealand declined and Switzerland and Finland underperformed. By sector, economically sensitive areas including Energy, Consumer Discretionary and Materials outperformed. Defensive sectors such as Consumer Staples and Health Care declined slightly and Utilities lagged as the market sought growth momentum.

Investors' emphasis on momentum was at odds with our long-term "quality at a reasonable price" discipline this reporting period. However, stock selection within Health Care and Consumer Staples, and a zero weighting to Utilities benefited relative performance. By country, our overweight versus the Index to the Netherlands, stock selection in Switzerland, and an opportunistic investment in India added the most to excess returns.

Key contributors included ASML Holdings and AIA Group. ASML, a Netherlands-based semiconductor equipment manufacturer, reported strong new sales for extreme ultraviolet lithography tools (an advanced technology used in chipmaking), and fulfilled previous orders delayed by COVID-19. AIA Group, a Hong Kong based insurance company began to see improving momentum, in particular in short-term savings products.

Our Communication Services, Consumer Discretionary, and Financials sector holdings detracted from relative returns. By country, German, Japanese and UK-based holdings lagged. Individual detractors included Roche and Reckitt Benckiser. Roche, the Swiss global pharmaceuticals leader, reported soft results in its oncology franchise. 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.

Looking ahead, while the Index lagged the S&P 500 Index in calendar year 2020, it outperformed in the fourth quarter and through this reporting period's close. We believe that could be a harbinger for the future, given concerns over valuations of large cap U.S. growth stocks, the potential for further dollar weakness, and fund flows into international equities. These factors, plus the potential for faster earnings growth in EAFE markets, may help close the gap between developed international and U.S. valuations in 2021.

In the immediate term, however, we think the sentiment driving momentum in international markets is less fundamentals-focused than an expression of demand for growth at any price, and a relief rally in cyclical segments of the market given vaccine and U.S. election news. Our discipline identifies what we believe to be high quality names, but also prevents our overpaying for them. As such, where we believe it is prudent to do so, we will continue to look to use any ongoing volatility to recycle realized gains from top performers into names we want to own.

We have high conviction in our current portfolio companies. They have shown great resilience in a challenging period. As we emerge from the pandemic, we anticipate a more typical global economic backdrop and market, so we are increasingly focused on ensuring we own the right businesses at the right price. These are the stocks that we believe will reward investors in the months and quarters ahead.

Sincerely,

BENJAMIN SEGAL, ELIAS COHEN AND THOMAS HOGAN
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 10.09% for the six-month period ended February 28, 2021 (the reporting period), trailing its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a 14.33% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Positive momentum in international equities has continued since the U.S. Presidential Election concluded, with investors reacting favorably to a return to global cooperation instead of confrontation on trade. Approvals of COVID-19 vaccines added fuel to this risk-on rally, as investors anticipated a move toward economic reopening. In Europe, a Brexit deal and an EU fiscal support package were additional positives. Developed international markets (as measured by the Index) outperformed the U.S. (as measured by the S&P 500^® Index) during the reporting period, but lagged the sharp rally in emerging markets.

Within the Index by country, Austria, the Netherlands and Spain performed best. New Zealand declined and Switzerland and Finland underperformed. By sector, economically sensitive areas including Energy, Consumer Discretionary and Materials outperformed. Defensive sectors such as Consumer Staples and Health Care declined slightly and Utilities lagged as the market sought growth momentum.

Investors' emphasis on momentum was at odds with our long-term "quality at a reasonable price" discipline this reporting period. However, stock selection within Health Care and Consumer Staples, and a zero weighting to Utilities benefited relative performance. By country, our overweight to the Netherlands versus the Index, stock selection in Switzerland, and an opportunistic investment in India added the most to relative returns.

Key contributors included ASML Holdings and AIA Group. ASML, a Netherlands-based semiconductor equipment manufacturer, reported strong new sales for extreme-ultraviolet lithography tools and fulfilled previous orders delayed by COVID-19. AIA Group, a Hong Kong based insurance company, began to see improving momentum, in particular in short-term savings products.

Our Consumer Discretionary, Communication Services and Materials sector holdings detracted from relative returns. By country, German, Japanese and UK-based holdings lagged.

Individual detractors included Roche and Reckitt Benckiser. Roche, the Swiss global pharmaceuticals leader, reported soft results in its oncology franchise. 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.

Looking ahead, while the Index lagged the S&P 500 Index in calendar year 2020, it outperformed in the fourth quarter and through this reporting period's close. We believe that could be a harbinger for the future, given concerns over valuations of large cap U.S. growth stocks, the potential for further dollar weakness, and fund flows into international equities. These factors, plus the potential for faster earnings growth in EAFE markets, may help close the gap between developed international and U.S. valuations in 2021.

In the immediate term, however, we believe the sentiment driving momentum in international markets is less fundamentals-focused than an expression of demand for growth at any price, and a relief rally in cyclical segments of the market given vaccine and U.S. election news. Our discipline identifies what we believe to be high quality names, but also prevents our overpaying for them. As such, we will use any ongoing volatility to recycle profits from top performers into names we want to own, just as we did so successfully in calendar year 2020.

We have high conviction in our current portfolio companies. They have shown great resilience in a challenging period. As we emerge from the pandemic, we anticipate a more typical global economic backdrop and market, so we are increasingly focused on ensuring we own the right businesses at the right price. These are the stocks that we believe will reward investors in the months and quarters ahead.

Sincerely,

BENJAMIN SEGAL, ELIAS COHEN AND THOMAS HOGAN
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 14.49% for the six-month period ended February 28, 2021 (the reporting period), trailing the 19.04% total return of the MSCI EAFE^® Small Cap Index (Net) (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equities advanced this reporting period, accelerating on President Biden's victory in the U.S. election—a positive for trade, economic stimulus, and global cooperation—and hopes that vaccine approvals and distribution programs will bring the world closer to reopening. A Brexit deal and an EU fiscal support package were additional positives. International small cap stocks (as measured by the Index) outperformed the larger-cap MSCI EAFE^® Index, after a long period of large-cap growth dominance. Emerging markets outperformed international developed markets, which in turn outperformed the U.S., as measured by the S&P 500^® Index.

Given anticipation of renewed growth, the Index was led by cyclical sectors: Materials, Consumer Discretionary and Industrials. Defensive sectors in the Index including Health Care, Consumer Staples and Utilities, while positive, underperformed. All countries posted positive results, with the Netherlands, Ireland and Austria advancing most, and Portugal, Singapore and Belgium lagging.

The cyclical rally heavily favored Value market segments, which was a relative performance headwind to the Fund's core approach, but stock selection in areas including Communication Services, Real Estate and Health Care, and holdings based in Germany, Australia and France benefited relative performance.

Key contributors included Colliers International and Genus. Colliers, a Canada-based global real estate firm, reported better-than-expected results, aided by its strategy of increasing recurring revenue streams. Genus, the British animal healthcare consultancy, raised their medium-term earnings outlook due to greater end-market demand, notably in China, and global rollout of new products.

The Fund lagged the Index within Industrials, Financials and Information Technology, and by country, within Sweden and Switzerland and on an opportunistic allocation to Canada.

Detractors included Sweco and Carel Industries. Sweco, a Swedish engineering and consulting company, announced a write down in its German project portfolio, and then reported quarterly sales that missed expectations on weaker demand driven by the pandemic's economic effects. We anticipate activity to pick up in the next quarters. Carel Industries, an Italian manufacturer of control solutions for HVAC and humidification systems, corrected after a strong price rebound in the spring/summer of 2020.

Looking forward, we anticipate that mass vaccination should gradually allow a normalization of business activity, governments will likely enact supportive fiscal policies, and central banks will likely maintain low interest rates, assuming inflation remains subdued. In this context, we anticipate profit margins and returns on capital to gradually recover to pre-pandemic levels. We believe the shape of the recovery will hinge on consumer behavior. Government support resulted in increased savings, which, if spent, could create incremental demand for goods and services.

We are also mindful of risks to this scenario, including any severe or vaccine-resistant virus mutations; uncertainty about post-pandemic consumer behavior with a possible preference for greater savings; and, finally, reduced capability for further fiscal stimulus measures given many developed market governments have reached high debt-to-GDP ratios and budget deficits.

We believe the Fund remains well balanced, with potential downside mitigation from positioning in companies owning specific niches—which typically are less correlated to macroeconomic changes—and upside potential from industrial and technology automation names, which should benefit if manufacturers increase capital investment to meet incremental demand.

Given our portfolio companies' successful navigation of the tricky first half of 2020 and these characteristics, we believe the Fund is well positioned to deliver strong risk-adjusted returns in the years ahead.

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 48.52% total return for the six-month period ended February 28, 2021 (the reporting period), outperforming its benchmark, the Russell 2000^® Value Index (the Index) which returned 46.42% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

COVID-19 upended and redefined in nearly every way how we work, play, and connect with our peers, family, and friends. Financial markets, which are reflections of investor expectations and psychology gyrated wildly. From fear and anxiety to hope and inspiration, from disappointment and self-doubt to pride and exuberance, no state of heart or mind was left unexplored and unfelt. And, if COVID-19 wasn't enough, the U.S. Presidential Election revealed deep and seemingly irreconcilable differences in people's perception of our nation and the appropriate role of our government.

Work-from-home and stay-in-place orders highlighted the ability of technology companies to provide "virtual solutions" for the pandemic-driven lockdowns. Traditional businesses, where many value investors find their opportunities, were hurt badly. Ultra-low interest rates made growth all the more valuable, while the recession took a heavy toll on earnings for value stocks. Value took the lead in January and February but after four years of growth outperforming value, the gap between styles is now so vast only a significant correction in growth can return the styles back to performance parity.

Relative to other value strategies, the Fund's portfolio was well-positioned and performed satisfactorily. Throughout the reporting period, one, three and five years, the Fund's total returns are all solidly in double-digit territory and are outperforming the Index. With more than half of the Fund's portfolio invested in Health Care and Information Technology stocks, the portfolio has significantly more exposure to what we see as major themes of the "future" than investments in businesses experiencing secular disruption or economic downturns.

Throughout the reporting period our strategy has remained straightforward: harvest our winners and redeploy capital into portfolio positions that remain undervalued, in our opinion, as well as new ideas. While simple on the surface the hard decision was timing and tempo. We made investments in several of the sectors most affected by the pandemic—banks, energy, travel, and casino gaming equipment.

Have we moved aggressively enough? It's too early to tell but comparing the current portfolio to a static one that made no changes from the end of the COVID-19 related downturn at the end of March 2020 shows that we added to the Fund's return. In spite of the repositioning, the current discount to intrinsic value¹ is underwhelming at 24%. Accelerating the transition to deeper value and more economically sensitive investments would help resolve the valuation issue but also, in our view, increases the risk should the recovery falter.

In thinking about the merits of a faster transition from growth to value, much depends on the outlook for the economy, inflation and implicitly interest rates, let alone any setbacks with the virus or the COVID-19 vaccine rollout. Additionally, there are technology-driven opportunities and macro trends that simply are not present in many of the underperforming value stocks. There is always a certain portion of the portfolio invested in inexpensive, out-of-favor mundane businesses. Since inception, our best long-term performers have been out of-favor companies where we can capture a low cost "growth" option.

Looking forward, we will invest with prudence, consistent with our thoughtful contrarian approach but also mindful of the accelerating changes around every aspect of our lives. Not a simple task but one which we humbly believe the team is capable of. We thank you for your investment in the Fund and look forward to reporting our future results.

Sincerely,

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

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

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

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

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

Intrinsic Value Fund

Large Cap Value Fund Commentary

Neuberger Berman Large Cap Value Fund Investor Class generated a 36.57% total return for the six-month period ended February 28, 2021 (the reporting period), outperforming the 19.15% 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.)

The overall equity market generated a strong return over the reporting period. The market declined over the first two months of the reporting period, as an increase in COVID-19 infections, mixed economic data, and uncertainties over the November 2020 elections negatively impacted investor sentiment. Equities then rallied over three of the last four months of the reporting period. Investor risk appetite was generally robust, as the resolution of the presidential election, continued monetary policy accommodation by the U.S. Federal Reserve Board (Fed) and the rollout of several highly effective COVID-19 vaccines buoyed investor sentiment. These factors more than offset an increase in infections in some areas and sharply rising interest rates in February 2021. All told, the S&P 500^® Index gained 9.74% during the reporting period. Meanwhile, large-cap value stocks, as measured by the Index, returned 19.15% over the reporting period. In contrast, large-cap growth stocks, as measured by the Russell 1000^® Growth Index, returned a modest 5.34% over the reporting period.