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, 2022

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. ^_©2022 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

Equity markets worldwide declined during the six-month period ended February 28, 2022 (the reporting period) with investor anxiety increasing as 2022 began. Returns in 2021 were generally strong, bolstered by the global economy's emergence from pandemic and trade disruptions. But headline risks dominated January and February including Omicron, the highly contagious but thankfully milder COVID-19 variant, plus inflation, interest rates, and then war. Fears erased earlier reporting period gains, increasing volatility, and driving style and sector gyrations. In 2021, resurgent consumer demand converged with supply-chain disruptions to drive prices higher. Policymakers believed the effect would be transitory, ending as pandemic-related interruptions lessened once vaccinations increased. But supply-chain issues persisted, pushing February's inflation rate to 7.9% (as measured by the change in the Consumer Price Index for all Urban Consumers over the last 12 months, not seasonally adjusted)—before much of the impact on materials and energy prices from Russia's brutal invasion of Ukraine would be felt.

Sustained inflation creates a vicious cycle: consumers pressured by rising costs seek higher wages, which adds to business costs, reinforcing higher prices for goods and services. The U.S. Federal Reserve Board (Fed) and other central banks began to address this last year, but by January, investors worried banks would move too quickly (including expectations that the Fed would raise rates several times this year), rapidly increasing borrowing costs, and damaging economic growth.

The war in Ukraine, beyond being a humanitarian catastrophe, is another threat to the global economy, and the largest unknown facing us now. The longer it lasts, the more disruptive it will be, locally and globally. Other than Russia itself—under severe sanctions, with stocks de-listed, the ruble devalued, and global companies departing—Europe bears the most risk, given closer ties to Ukraine and Russia for food, materials, and energy.

At this time, we anticipate European growth will slow meaningfully, but remain positive. We are seeing impacts in the U.S. as well, with energy and materials prices increasing, but, at 5.7% real GDP growth in 2021, the U.S. economy was growing somewhat faster than the Eurozone's 5.2%, and likely will remain more insulated. Should input prices rise too far, they could self-correct by driving demand lower, and slower global growth would also likely lessen central banks' near-term hawkishness.

A fear-driven market is an illogical market, as emotion supersedes fundamentals. Although temporary, it presents a challenge to portfolio managers whose decisions are focused longer-term and based on measurable factors, not speculation. During this reporting period, a sharp shift from growth to value, and a narrow market emphasizing energy, commodities, and defensive stocks overlooked many solid companies that continued to execute well.

Our managers are nimble, skilled, and well-informed, and use near-term disruptions to benefit longer-term positioning. Business and consumer fundamentals are healthy, even given inflation's impacts. Valuations are more reasonable, and demand for equities—for long-term growth and income, and as a hedge against inflation—remains solid. As such, we are confident about the future while we navigate this difficult period.

We hope, for every reason, that peace will return to Ukraine soon, and as always, we thank you for your confidence in Neuberger Berman.

Sincerely,

JOSEPH V. AMATO

PRESIDENT AND CEO

NEUBERGER BERMAN EQUITY FUNDS

Neuberger Berman Dividend Growth Fund Institutional Class generated a –0.83% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a –2.62% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the reporting period, the stock market experienced headwinds as investors engaged in profit-taking. By late-February 2022, risk-aversion was widespread following Russia's invasion of Ukraine as investors grappled with the prospects of war in Eastern Europe, waning stimulus and mounting inflationary pressures impacting sentiment. Despite geopolitical headwinds, the U.S. Federal Reserve Board maintained it would embark on its first rate hike in March—marking an inflection point from their ultra-accommodative policy—to tame inflation which recently touched a forty year high. By the end of the reporting period, the U.S. dollar was stronger, while the 10-year U.S. Treasury yield settled higher at 1.83%. Energy, Consumer Staples, Financials, and Utilities were the only sectors to post gains.

The Fund seeks long term capital appreciation and current income. This approach seeks to identify companies with strong business models generating cash to both grow their business, while also providing rising dividend distributions to shareholders. We focus on companies that we believe have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies. From a portfolio construction standpoint, at the end of the reporting period, top equity sector weights as a percentage of total net assets were approximately 18% Information Technology (IT), 15% Financials, and 15% Health Care. The bulk of the Fund's returns were generated from stocks across Energy, Consumer Discretionary, and IT—while exposure to Real Estate, Communication Services, and Industrials dampened results.

During the reporting period, our Energy names posted outsized returns driven by stocks tied to production and transportation of oil and gas. Devon Energy was our top overall performer, advancing by triple-digits over the reporting period as the upstream business posted solid results with management reporting robust earnings growth driven by cost controls. In addition, the C-suite has articulated their commitment to balance sheet improvement while increasing shareholder returns through its formalized dividend model. From a capital allocation standpoint, Devon Energy has among the most transparent return of capital frameworks focused on stock buybacks and dividend increases, making this, in our view, an ideal holding.

Stock selection among our Communication Services holdings negatively impacted relative performance as Activision Blizzard was our worst returning stock. This company is well known by millennials for their video games, Candy Crush and Call of Duty. This holding experienced intense selling pressure driven by a clampdown on gaming from Chinese officials coupled with ongoing allegations of widespread gender-based discrimination and harassment. Ultimately, after revisiting our investment assumptions, this position was sold during the reporting period with the proceeds allocated elsewhere.

We believe caution is warranted as the U.S. economy grapples with uncertainty. We believe that potential downward earnings revisions coupled with slowing growth expectations could weigh on sentiment given near-term challenges tied to geopolitics, supply chain congestion, central bank actions, global trade, manufacturing, and consumption trends. We believe value-oriented, dividend-paying stocks provide an attractive inflationary hedge.

We thank you for investing in our Fund.

Sincerely,

WILLIAM D. HUNTER AND SHAWN TRUDEAU
PORTFOLIO MANAGERS

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

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

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

Dividend Growth Fund (Unaudited)

Emerging Markets Equity Fund Commentary (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of –12.79% for the six-month period ended February 28, 2022 (the reporting period), trailing its benchmark, the MSCI Emerging Markets (EM) Index (Net) (the Index), which reported a total return of –9.81% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Emerging markets equities, as measured by the Index, underperformed developed markets, as measured by the MSCI EAFE^® Index (Net), this reporting period. Early pressures included regulatory and policy initiatives in China, a large Index component, and economic threats from new COVID-19 variants, especially in under-vaccinated nations.

By January 2022, investor focus shifted to the U.S. Federal Reserve Board's plans to combat pandemic-related inflation by raising rates, which could slow growth and increase the cost of borrowing in dollars. February saw a precipitous drop, as Russian border hostilities and then the invasion of Ukraine sent geopolitical concerns, energy prices, and risk aversion climbing.

Within the Index, Financials stocks were slightly positive during the reporting period, but all other sectors declined. The Utilities and Industrials sectors outperformed, while the Health Care, Consumer Discretionary, and Communication Services sectors declined most. By country, commodity-rich Peru, and energy-rich United Arab Emirates and Qatar outperformed. Russia lost the most value, down –58%, followed by Hungary and Poland.

Within the Fund, Materials and Energy positioning detracted from relative performance. By country, stock selection and an initial period overweight to Russia versus the Index (even given rapid selling) detracted, as did stock selection in Brazil and Taiwan.

Individual detractors included the Chinese e-commerce giant, Alibaba, which continued to face regulatory scrutiny, and Russian energy company LUKOIL, which fell precipitously along with every other Russian equity.

Stock selection within Health Care and Information Technology (IT) benefited relative performance. By country, holdings in China, India and Korea contributed most to relative returns.

Top contributors included Canadian-domiciled Colombian oil explorer, Parex Resources, and Anglo American, a British mining firm. Both benefited from commodity price increases.

Russian names were removed from the Index on March 9, 2022, with index provider MSCI revaluing them dramatically lower that day. Our team had been actively selling out of Russia, with the weighting at the end of the reporting period at 0.7%. Our team will eliminate this exposure when able, but the Russian stock exchange has been closed since late February 2022.

More broadly, we are evaluating the new geopolitical backdrop. One immediate effect has been the acceleration of a Growth to Value rotation as investors focus their bets on narrow cyclical segments of the market and short-term commodity price movements.

We are not convinced that the jump in commodity prices is sustainable, as prices are reaching levels that create "demand destruction" and more broadly dampen economic growth. Instead, the team is focused on a combination of product cycles and sustainable growth, diversified across sectors and geographies.

As such, our top sector overweight versus the Index remains IT, at the expense of cyclical Industrials. We also continue to favor India, given the diverse opportunities in EM's fastest growing economy. Our Chinese weighting has increased idiosyncratically after a long period of being underweight versus the Index, though the Fund remained slightly underweight at the end of the reporting period. This was driven by widespread stock volatility, which created compelling opportunities for us.

We continue to employ our slow and steady approach, rather than chasing thematic or headline names. While this has been frustrating in the short-term, we believe our fundamental research and diversification will benefit relative 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 (Unaudited)

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated a 5.90% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a –2.62% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the reporting period, the stock market experienced headwinds as investors engaged in profit-taking. By late-February 2022, risk-aversion was widespread following Russia's invasion of Ukraine as investors grappled with the prospects of war in Eastern Europe, waning stimulus and mounting inflationary pressures impacting sentiment. Despite geopolitical headwinds, the U.S. Federal Reserve Board maintained it would embark on its first rate hike in March—marking an inflection point from their ultra-accommodative policy—to tame inflation which recently touched a forty year high. By the end of the reporting period, the U.S. dollar was stronger, while the 10-year U.S. Treasury yield settled higher at 1.83%. Energy, Consumer Staples, Financials, and Utilities were the only sectors to post gains.

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

From a portfolio construction standpoint, at the end of the reporting period, top equity sector weights as a percentage of total net assets were approximately 15% Financials, 12% Real Estate and 11% Utilities. The bulk of the Fund's returns were generated from our allocation across Energy, Materials, and Financials—while exposure to convertible securities, Industrials, and Consumer Discretionary dampened results.

In aggregate, our overweight to Energy versus the Index contributed positively to relative returns, as did positive stock selection within the sector. We believe our diversified holdings stand to benefit from increasingly tight global energy markets while offsetting inflationary headwinds elsewhere in the Fund. Collectively, exposure to stocks tied to oil and gas production generated outsized returns as ConocoPhillips was our top overall contributor, advancing by double-digits. Strong results were supported in-part by enthusiasm behind their footprint in the Permian Basin (West Texas) which represents one of the most prolific hydrocarbon-rich shale formations. Today we remain constructive on future growth prospects as several management teams across the industry have articulated disciplined capital allocation plans focused on rewarding shareholders through variable dividend programs tied to free cash flow generation.

On the other end of the spectrum, stock selection among our Consumer Discretionary holdings negatively impacted relative performance as Leggett & Platt was our biggest loser. While healthy demand across residential markets coupled with record-low mortgage rates have supported housing, shares of the bedding components manufacturer experienced downward pressure as supply chain bottlenecks weighed on profitability. Over the reporting period the Fund reduced exposure to the company, allocating proceeds elsewhere.

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

In closing, we believe caution is warranted as the U.S. economy grapples with uncertainty. In our view, potential downward earnings revisions coupled with slowing growth expectations could weigh on sentiment given near-term challenges tied to geopolitics, supply chain congestion, central bank actions, global trade, manufacturing, and consumption trends. We believe value-oriented dividend-paying stocks provide an attractive inflationary hedge, a complement relative to traditional bonds. Our analysis suggests stocks with yields greater than 2.5% trade close to their greatest discount relative to the broader market since the late 1990s, setting the stage for potential multiple expansion among this cohort of dividend paying stocks.

We thank you for investing in our Fund.

Sincerely,

RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS

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

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

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

Equity Income Fund (Unaudited)

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a –16.50% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –5.26% 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 experienced periods of heighted volatility and generated weak results during the reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that a number of central banks would soon start raising interest rates, inflation that reached multi-decade highs, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the Index returned –5.26% for the reporting period.

Stock selection drove the Fund's relative underperformance during the reporting period, whereas sector allocation was a modest headwind to relative returns. Looking at stock selection, holdings in the Information Technology (IT), Consumer Discretionary and Financials sectors were the largest detractors from performance. Individual stocks that detracted from returns included IT services company EPAM Systems, Inc., capital markets firm Petershill Partners PLC, and electronic equipment instruments & components company Zebra Technologies Corp. We exited our position in Petershill Partners PLC during the reporting period. On the upside, positions in the Communication Services and Real Estate sectors were the largest contributors to performance. In terms of individual stocks, software company Palo Alto Networks, Inc., semiconductor firm Marvell Technology, Inc., and software company Trade Desk, Inc. were the most additive for returns.

In terms of sector allocation, a zero allocation to Energy versus the Index was the largest negative for relative performance. An overweight to Consumer Discretionary versus the Index was also a headwind for returns. On the upside, underweights to the Health Care and Industrials sectors during the reporting period added the most value to relative performance.

The war in Ukraine has introduced much uncertainty into the marketplace. As of this writing, the situation is highly fluid, and the ultimate impact cannot be predicted. We believe the Fund has modest revenue/earnings exposure from Russia, Ukraine, and Belarus. We leveraged our data insights to track job listings in the above-mentioned countries over the last 12 months for our Fund companies, as well as reviewing customer and supply chain relationships. As a reminder, we do not seek to add value from macro and political events. Rather, we maintain a disciplined approach as we seek long-term growth of capital by investing in a concentrated portfolio of what we believe are outstanding companies. In addition, Environmental, Social, and Governance diligence is a key element of our investment process, with ongoing engagement efforts focused on human capital management.

Sincerely,

TIMOTHY CREEDON AND HARI RAMANAN
PORTFOLIO MANAGERS

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

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

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

Focus Fund (Unaudited)

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class generated a –7.05% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming the –9.46% 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 heighted volatility and generated weak results during the reporting period. There were several challenges impacting investor sentiment, including the U.S. Federal Reserve Board indicating it would soon start raising interest rates, inflation reaching a 40-year high, the COVID-19 variants, and Russia's invasion of Ukraine. However, the market tended to rally on days when there was better than expected corporate earnings and on news of resilient economic growth. All told, the S&P 500^® Index returned –2.62% during the reporting period. Small-cap stocks, as measured by the Index, generated even weaker results, returning –9.46%.

Within the Index, companies with the lowest valuations significantly outperformed their more richly valued counterparts. Meanwhile, companies without earnings experienced the largest losses. After strong performance in 2021, companies in the Fund that were trading at higher valuations came under increased selling pressure in 2022 and were a drag on absolute and relative performance. During 2021, we trimmed the position sizes of many of our more richly valued positions in an attempt to pare the Fund's overall risk exposure should the market experience a sharp decline.

Within the Index, less speculative (larger capitalization) and higher quality companies (with higher levels of profitability) outperformed. The Fund, with its high-quality focus on durable and highly differentiated business models that enjoy attractive financial characteristics, such as above average profitability, consistent free cash flow generation and conservative balance sheets, was unable to avoid the market's downturn, but it outperformed the Index on a relative basis. This was driven by positive stock selection, whereas sector allocation was a headwind for relative returns. In terms of stock selection, the Fund's strongest relative results were in the Information Technology (IT), Health Care and Consumer Discretionary sectors. Stock selection in the Industrials, Materials and Real Estate sectors were drags on relative results during the reporting period.

From a sector allocation perspective, the lack of Energy exposure was the largest drag on relative results. Oil prices were up strongly due to falling oil stockpiles in the U.S. and Russia's invasion of Ukraine. Our lack of Energy exposure is a reflection on the lack of what we believe to be high quality small-cap investments in the sector, rather than an attempt to express a bearish bet on commodity prices. The Fund's overweight in IT versus the Index was also a drag on results. This was partially offset by our lack of exposure to traditional Biotechnology companies, many of which are speculative non-earning companies whose stocks were down sharply during the reporting period.

Russia's invasion of Ukraine has led to heightened volatility, global uncertainty and increased geopolitical risk. Increasing oil prices act as a tax on consumers around the globe and could serve to slow the global economy and potentially push it into recession. As it relates to the Fund, small-caps tend to tilt domestic in their operations, as does our portfolio, providing some insulation from global events. The companies in the Fund are not immune from rising input costs. However, we believe that our companies are in relatively good shape to raise prices to offset rising costs, albeit with a lag. Additionally, we are confident that investing in a diversified portfolio of financially strong companies, with sustainable and highly differentiated business models, is a prudent approach for long-term investment success.

Sincerely,

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

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

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

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

Genesis Fund (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a –5.74% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –4.60% 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, as measured by the MSCI All Country World Index (ACWI) (Net), experienced periods of heighted volatility and generated weak results during the reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that the U.S. Federal Reserve Board (Fed) would soon start raising interest rates, inflation that reached a 40-year high, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the reporting period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the MSCI ACWI (Net) returned –5.26% for the reporting period. Comparatively, global real estate investment trusts (REITs), as measured by the Index, generated modestly better results.

The Fund lagged the Index during the reporting period. This was largely driven by our out-of-benchmark allocation to the Infrastructure segment, as it generated weak results. From a stock selection perspective, holdings in the Real Estate Holding & Development, Specialty REITs and Office REITs sectors were the most additive for relative returns. In terms of individual holdings, Prologis, Inc., Public Storage and Safestore Holdings PLC were the largest contributors to performance. On the downside, holdings in the Residential REITs, Industrial REITs and Hotel & Lodging REITs sectors were the largest detractors from relative returns. Several individual holdings were headwinds for performance, including American Tower Corp., Mitsui Fudosan Logistics Park, Inc. and Equinix, Inc.

In terms of the Fund's positioning from a country perspective, underweights in Sweden and Germany versus the Index, along with an out-of-benchmark allocation to China, were the most beneficial for relative returns. On the downside, an overweight in Spain, an underweight in the U.S., and an overweight in Japan were the largest detractors from relative performance.

Looking ahead, the challenges presented by the war in Ukraine remind us that elevated uncertainty and market volatility could persist. While the invasion of Ukraine by Russia is heartbreaking and tragic, at this point, we anticipate a limited impact on the U.S. economy due to minimal trade between the U.S. and Russia/Ukraine, and because the U.S. can access many of the commodities exported by Russia from other sources. Although it may be premature to say the COVID-19 crisis has ended, we believe the vaccination of the majority of the U.S. population increases the possibility of moving to a post-COVID-19 environment. Market attention has shifted to the long-term implications of inflationary pressures. As a result, the Fed has pivoted to a more hawkish position. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising rents. In particular, shorter lease duration sectors, such as Residential, Self-Storage, and Industrial, are seeing higher than expected rents. We are monitoring the potential long-term effects of pandemic-driven changes in the way people work and live on real estate. We anticipate that over the long-term, hybrid work arrangements are likely to temper overall demand for office space. Elsewhere, we believe advancements in technology, such as 5G cellular and cloud computing, will lead to significant investments in network and information technology infrastructure that may benefit Data Center and Infrastructure REITs. We also favor the Residential sectors due to what we believe are attractive demographic/demand trends.

Sincerely,

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

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

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

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

Global Real Estate Fund (Unaudited)

Greater China Equity Fund Commentary (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a –12.05% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming its benchmark, the MSCI China All Shares Index (Net) (the Index), which was down –11.32% over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

For the reporting period, the Fund's main detractors from return relative to the Index included Industrials (underweight versus the Index and stock selection in the Road & Rail and Machinery industries), Health Care (stock selection in the Pharmaceuticals and Biotechnology industries) and Financials (significant underweight versus the Index). Contributors to performance relative to the Index included Consumer Discretionary (stock selection in the Internet & Direct Marketing Retail and Household Durables industries), Real Estate (stock selection in the Real Estate Management & Development industry) and Consumer Staples (stock selection in the Food Products industry).

The Fund continues to focus on companies that it believes have sustainable top- and bottom-line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 28, 2022, the Fund's largest sector overweight relative to the Index was Materials, and the largest sector underweight was Financials. The Fund's largest 10 positions comprised more than 53% of total net assets of the Fund at the end of February.

Over the reporting period, the China equity markets remained volatile given uncertainties on the government's regulatory reform within the Internet and Education segments, as well as moderating economic growth driven by the property market slowdown and resurgence of local COVID-19 outbreaks. There were also heightened concerns about power supply shortages and de-listing risk for US-listed ADRs. Top leadership in China has affirmed a dovish stance and called for coordinated policies to secure reasonable growth. In December 2021, the People's Bank of China (PBoC) cut the required reserve ratio, releasing liquidity into the interbank system, and cut the relending facility rate for small businesses and rural sectors. In January 2022, the PBoC cut policy interest rates and banks' 1-year and 5-year loan prime rate. China's Ministry of Finance also announced that they will frontload the issuance of local construction bonds in the first quarter of 2022. Additionally, policymakers' tone on the property sector has softened with improvements in property financing and support measures for financial institutions to facilitate asset sales by troubled developers. However, China equity markets sold off further in the first two months of 2022 on concerns over a faster pace of U.S. Federal Reserve Board policy tightening and escalating Russia-Ukraine tensions.

While we continue to be in a very fluid environment with possible downside scenarios given rising geopolitical risks, we hold a constructive view on the outlook for Greater China equities. We believe that valuations of China's equity markets have become reasonably attractive with the Index trading at a price-to-earnings ratio (P/E) of 12.2x and the CSI 300 Index at 13.5x on a forward-looking basis¹, versus the MSCI World Index at 17.6x and the S&P 500^® Index at 19.6x. In our view, this arguably provides the market with a better buffer for potential downside risks, especially in view of the policy easing cycle backdrop within China. More importantly, we believe there is no indication of material impact to the fundamentals of the companies within the portfolio as a direct result of the Russia-Ukraine conflict. We continue to identify what we believe are high quality companies with good earnings visibility and strong long-term growth prospects capable of weathering the uncertain environment in the horizon.

Sincerely,

LIHUI TANG AND FRANK YAO
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.

Greater China Equity Fund (Unaudited)

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class posted a –8.56% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –2.62% 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 equity market experienced periods of heighted volatility and generated weak results during the six-month reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that the U.S. Federal Reserve Board would soon start raising interest rates, inflation that reached a 40-year high, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the reporting period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the Index returned –2.62% during the reporting period.

Both stock selection and sector allocation detracted from the Fund's relative performance. From a stock selection perspective, holdings in the Information Technology sector were the largest detractor from performance. Positions in the Consumer Discretionary and Industrials sectors were also negative for relative returns. On the upside, stock selection in the Communication Services and Health Care sectors were the most beneficial for returns.

Looking at sector allocation, the Fund's underweight to Energy versus the Index was the largest detractor from results. Out-of-benchmark positions in several privately held companies were also headwinds for performance in aggregate. Conversely, underweights to the Communication Services and Health Care sectors were additive for relative returns.

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

Looking ahead, the war in Ukraine has introduced much uncertainty into the marketplace. The situation is highly fluid, and the ultimate impact cannot be predicted. As a reminder, we are investors with a relatively longer-term view and remain unwilling to bet against the skills and ingenuity of the corporate managers that lead our businesses. In our view, corporate managers' willingness to drive innovation, enhance productivity, allocate capital to the best risk-adjusted return, and compete on a global scale could provide investors with suitable long-term return potential for the risks they bear. Nevertheless, we are mindful of the complex world in which we live and invest. The myriad of ongoing geopolitical issues around the world remains top of mind. In these difficult economic and financial conditions, we remain dedicated to thinking deeply and creatively and strive always 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

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

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

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

Guardian Fund (Unaudited)

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a total return of –11.89% for the six-month period ended February 28, 2022 (the reporting period), trailing its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a –6.78% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International developed markets, as measured by the Index, were up at the close of 2021, but began losing ground in January 2022, on investors' fears that global central banks would increase interest rates quickly to fight inflation. Markets fell further through February, as a French-brokered deal to avert tensions between Russia and Ukraine failed, and then as war began, creating a humanitarian crisis locally, and driving energy and commodity prices higher globally.

All major global markets declined this period, with emerging markets down most. The U.S. market, as measured by the S&P 500^® Index, outperformed the Index, being more insulated from repercussions of the war. Within the Index, Norway and the UK outperformed, posting positive results. Israel followed, slightly down. The Netherlands, Finland and Ireland lagged. By sector, only Energy was up, posting double-digit returns. Utilities and Financials saw the smallest losses, while Information Technology (IT), Industrials, and Communication Services stocks declined most.

As fears shifted the market from growth to value, stock selection detracted from the portfolio's relative performance versus the Index, particularly within Materials and IT. Sector allocation, particularly our lack of exposure to Energy and overweight to Industrials versus the Index, was a secondary factor. By country, stock selection within the UK, Germany, and Japan detracted from relative returns.

Individually, Techtronic and adidas detracted most. Techtronic, the Hong Kong-based power tool maker sold off following weak results from a key competitor. German sportswear giant, adidas, faced challenges in China and elsewhere in Asia due to pandemic-related supply chain issues.

Stock selection in Industrials and an overweight in Materials versus the Index were relative benefits this period, and by country, holdings based in Sweden, Singapore and the Netherlands added value.

Bunzl and Tokio Marine contributed most. Bunzl, a UK distribution specialist, reported solid quarterly results and upgraded revenue guidance driven by strength in all business areas. Japan-based global insurer, Tokio Marine (sold prior to period end when the stock reached our price target), saw positive trends across business lines.

Looking ahead, the longer the war in Ukraine continues, the more likely we will see widespread effects on the global economy. Interrupted supplies of energy, critical and rare metals, and other commodities will cause higher prices to ripple across global supply chains. Higher inflation would reduce real incomes and add to any sense of economic insecurity and discontent.

While concerns over a sharp slowdown are rising, earlier forecasts expected the European economy to grow approximately 4%. If higher prices and weakening consumer sentiment reduce growth by 1-2 percentage points this year, we believe that the economy should still grow close to pre-pandemic levels.

We will continue monitoring our companies for potential supply chain-related disruptions as the situation evolves. In general, we are confident in our companies' medium- to long-term prospects regardless of potential short-term disruptions.

While recent performance has been impacted by the rotation into value stocks, our Quality at a Reasonable Price discipline helped us reduce some of the impact. But, as we are not value investors, the environment has not been ideal.

Overall, we are comfortable with the diversification, quality and valuations of the Fund. While short-term style rotations can be challenging, we remain focused on owning what we believe are the right businesses at the right price and believe this approach can deliver attractive risk-adjusted returns over the longer term.

Sincerely,

ELIAS COHEN
PORTFOLIO MANAGER

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

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

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

International Equity Fund (Unaudited)

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class generated a total return of –11.40% for the six-month period ended February 28, 2022 (the reporting period), trailing its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a –6.78% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International developed markets, as measured by the Index, were up at the close of 2021, but began losing ground in January 2022, on investors' fears that global central banks would increase interest rates quickly to fight inflation. Markets fell further through February, as a French-brokered deal to avert tensions between Russia and Ukraine failed, and then as war began, creating a humanitarian crisis locally, and driving energy and commodity prices higher globally.

All major global markets declined this period, with emerging markets down most. The U.S. market, as measured by the S&P 500^® Index, outperformed the Index, being more insulated from repercussions of the war. Within the Index, Norway and the UK outperformed, posting positive results. Israel followed, slightly down. The Netherlands, Finland and Ireland lagged. By sector, only Energy was up, posting double-digit returns. Utilities and Financials saw the smallest losses, while Information Technology, Industrials, and Communication Services stocks declined most.

As fears shifted the market from growth to value, stock selection detracted from the portfolio's relative performance versus the Index, particularly within Materials and Health Care. Sector allocation, particularly our lack of exposure to Energy and overweight to Industrials, was a secondary factor. By country, stock selection within the UK, Germany, and Japan detracted from relative returns.

Individually, Techtronic and adidas detracted most. Techtronic, the Hong Kong-based power tool maker sold off following weak results from a key competitor. German sportswear giant, adidas, faced challenges in China and elsewhere in Asia due to pandemic-related supply chain issues.

Stock selection in Industrials and an overweight in Materials versus the Index were relative benefits this period, and by country, holdings based in Sweden, Singapore, and the Netherlands added value.

Bunzl and Ferguson contributed most. Bunzl, a UK distribution specialist, reported solid quarterly results and upgraded revenue guidance driven by strength in all business areas. Ferguson, a UK-listed building supplies distributor, reported strong growth in U.S. residential and non-residential markets.

Looking ahead, the longer the war in Ukraine continues, the more likely we will see widespread effects on the global economy. Interrupted supplies of energy, critical and rare metals, and other commodities will cause higher prices to ripple across global supply chains. Higher inflation would reduce real incomes and add to any sense of economic insecurity and discontent.

While concerns over a sharp slowdown are rising, earlier forecasts expected the European economy to grow approximately 4%. If higher prices and weakening consumer sentiment reduce growth by 1-2 percentage points this year, we believe that the economy should still grow close to pre-pandemic levels.

We will continue monitoring our companies for potential supply chain-related disruptions as the situation evolves. In general, we are confident in our companies' medium- to long-term prospects regardless of potential short-term disruptions.

While recent performance has been impacted by the rotation into value stocks, our Quality at a Reasonable Price discipline helped us reduce some of the impact. But, as we are not value investors, the environment has not been ideal.

Overall, we are comfortable with the diversification, quality and valuations of the Fund. While short-term style rotations can be challenging, we remain focused on owning what we believe are the right businesses at the right price and believe this approach can deliver attractive risk-adjusted returns over the longer term.

Sincerely,

ELIAS COHEN
PORTFOLIO MANAGER

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

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

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

International Select Fund (Unaudited)

International Small Cap Fund Commentary (Unaudited)

Neuberger Berman International Small Cap Fund Institutional Class reported a total return of –15.95% for the six-month period ended February 28, 2022 (the reporting period), trailing the –11.70% 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 developed markets, as measured by the MSCI EAFE^® Index (Net), were up at the close of 2021, but began losing ground in January, on fears that global interest rates would begin rising quickly to address inflation. Markets fell further through February, first as tensions between Russia and Ukraine increased, and later as Russia's invasion of Ukraine began, creating a humanitarian crisis locally, and driving energy and commodity prices higher globally.

All major global markets declined during the reporting period. The U.S., as measured by the S&P 500^® Index, outperformed developed international markets, being more insulated from the conflict's repercussions. Emerging markets declined most. As risk aversion increased, value stocks outperformed growth, and large caps outperformed small caps, a reversal from recent months.

Within the Index, Energy strongly outperformed, joining Utilities as the only positive returning sectors. Among decliners, Materials performed best, while Health Care, Information Technology (IT) and Consumer Discretionary stocks lost most. By country, Israel posted positive results, and Portugal and Singapore had small losses. Sweden, Finland, and Denmark declined most.

The Fund underperformed the Index on the basis of stock selection within Materials, Consumer Discretionary, and Communications Services, and overweights to the weak Health Care and IT sectors versus the Index. By country, holdings based in Japan, the UK, and Australia detracted.

Individual detractors included British media name Future, as investor sentiment soured toward UK consumer spending and advertising; and Games Workshop Group, the British war game miniatures company, which was hurt by supply chain disruptions, which should dissipate over time.

Stock selection within Health Care and IT added value, as did being underweight Consumer Discretionary and overweight Industrials versus the Index. French, Swiss, and Finnish stocks added to relative results.

Top contributors included Clinigen, a British company offering services to pharmaceutical companies, that received a purchase offer from Triton Advisers in December 2021; and Intertrust, the Netherlands-based corporate and trust services firm, which also received a bid in December 2021.

Looking ahead, the longer the war in Ukraine continues, the more likely we will see widespread effects on the global economy. Interrupted supplies of energy, critical and rare metals, and other commodities will cause higher prices to ripple across global supply chains.

We are following European leading indicators closely to see the severity of the impact on companies' capital expenditures and on consumer confidence. For now, we would anticipate, lower—but still positive—growth in Europe for the full year, and higher inflation for longer. But elsewhere, we believe we could see stability in Japan, as well as a recovery in China. Longer-term, European moves toward energy independence and onshoring, given supply chain security issues, could bode well for numerous smaller capitalization firms.

The near term may see continued market volatility, but we believe we have a broad set of names that for the most part are positioned to manage their way through the quarters ahead. As always, we seek companies that can pass on higher costs, and seek to diversify across industry and geography. While the Fund may lag in the short-term, we believe this combination can deliver strong risk-adjusted returns over the longer-term, as it has done over past cycles.

Sincerely,

DAVID BUNAN
PORTFOLIO MANAGER

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

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

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

International Small Cap Fund (Unaudited)

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a –2.70% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming its benchmark, the Russell 2000^® Value Index (the Index), which generated a –2.10% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

2021 was another year of robust performance as good fortune continued to shine on investors. However, equity markets sold off in January and February 2022 amid high volatility. Risk-off sentiment was driven by many factors including inflation, the U.S. Federal Reserve Board's policy shift, geopolitical tensions, a surge in Omicron cases, and supply chain issues. Russia's invasion of Ukraine in late February brought a new source of unease. Small cap and value stocks fared better in February recouping some of January's losses.

Fund performance was largely driven by the strategy's historic sector biases. An overweight in Information Technology (IT) and an underweight in Financials were detrimental to performance relative to the Index. Energy led the market as oil prices surged and our oil and gas stocks generated strong returns. Our leisure stocks also performed well as the economy continued to reopen. Importantly, M&A activity has been robust and three of our companies agreed to be acquired at attractive premiums.

The challenge of labor, both wages and availability of skilled workers, and inflation from raw materials is pervasive in the portfolio. We continue to monitor supply chains, risks of component shortages, inflation, and labor, and assess the risks they present to profits. While running a business without encountering operating problems will be difficult in 2022, this has not prevented us from uncovering attractive long-term investment ideas. Since the onset of the pandemic, we have moved in a balanced direction between return to normal themes and IT, Health Care and Consumer names that have been our historic bailiwick.

While the pandemic rendered our usual on-site face-to-face research approach impossible to execute and productivity as measured by new ideas was impacted, we are now back on the road, engaged in face-to-face Q&A with management teams and our pipeline of actionable investment ideas is growing. After a strong five-year investment cycle, refreshing the portfolio and improving our risk/reward balance could not be more important. Therefore, during the reporting period, we added 11 new names to the portfolio and eliminated the same number, and the portfolio's intrinsic value¹ discount is above its historic average and median.

Beyond the dislocation to our personal and work lives, we have seen other pandemic induced changes. For the last three decades China exported deflation and COVID-19 abruptly ended this trend. Now inflation is on the rise and shows little sign of slowing. The manufacturing models of lowest cost production geographies combined with just in time inventory management are giving way to "old" school manufacturing ideas based on resilience, reliability, and redundancy. All of this is taking place while investors are asking companies to make environmental commitments to net "zero" carbon footprints and sustainability. We believe that the trends of deglobalization and decarbonization will affect most every business for years to come.

In our view, the prolonged and persistent inflationary pressures exacerbated by the invasion of Ukraine are hurting the performance of Consumer Discretionary stocks. Looking ahead, in our view traditional Energy, Industrials and Materials companies will have longer and more robust profit cycles and there will be a push to accelerate green and alternative energy investment. We firmly believe there will be plenty of interesting opportunities for our eclectic contrarian style. While performance has taken a step back, we believe it is short term and that an exciting portfolio for the long term can emerge.

Sincerely,

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

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

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

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

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

Intrinsic Value Fund (Unaudited)